Document:

Exhibit 10.7

 

LEASE AGREEMENT

 

THIS LEASE AGREEMENT is made
and entered into this day of September 3, 2021 (“Effective Date”) by and between The Lower Ranch LLC, a Colorado
limited liability company (“Landlord”) and Eurasia Energy Ltd., a corporation formed under the laws of the British
West Indies (“Tenant”).

 

1. PREMISES
AND TERM.

 

a. In
consideration of the terms, provisions and covenants hereof, Landlord hereby demises and leases to Tenant, and Tenant hereby leases from
Landlord, those certain premises on two portions consisting of approximately 13 acres located on the real property legally described on
Exhibit A (the “Property” or “Premises”, and the improvements located thereon, including
the buildings consisting of approximately 27,000 square feet (the “Buildings”).

 

b. The
“Term” of this Lease shall commence on December 1, 2021 (the “Commencement Date”)
and end on the date which is ten (10) years after the Commencement Date (the “Expiration Date”). If Tenant should
remain in possession of the Premises after the Expiration Date, without the execution of a new lease, Tenant shall be deemed to be occupying
the Premises as a tenant from month-to-month, subject to all the covenants and obligations of this Lease. Such month-to month tenancy
may be terminated by either party upon thirty (30) days’ notice to the other.

 

c. Tenant
accepts the Premises in “AS-IS” condition and waives all claims related to the condition of the Premises. Tenant further acknowledges
that neither Landlord nor any agent of Landlord has made (i) any representation or warranty with respect to the Premises or the suitability
of the Premises for the conduct of Tenant’s business, including but not limited to, representations respecting the condition of
the Premises or the existence or non-existence of Hazardous Materials (defined in Section 13 hereof) in, on, or about the Premises, or
(ii) any representation or agreement to alter, remodel, improve, or in any way prepare the Premises for Tenant.

 

d. Tenant
and its employees, customers and licensees shall have the non-exclusive right to use the parking areas, if any, as may be designated by
Landlord in writing, subject to such reasonable rules and regulations as Landlord may from time to time prescribe and subject to rights
of ingress and egress of other tenants.

 

2. BASE
RENT, ADDITIONAL RENT AND SECURITY DEPOSIT.

 

a. Tenant
agrees to pay to Landlord monthly installments of base rent in the amount of $175,000.00 per month (the “Base Rent”)
for the Premises, each month in advance. The first monthly installment of Rent shall be due and payable on the date hereof and on the
first day of each calendar month thereafter during the Term. Payment of Base Rent for any fractional calendar month at the commencement
or end of the Term shall be prorated on the basis of a 30-day month. In addition to Base Rent, Tenant shall pay any and all other sums
as are required by the terms of this Lease to be paid by Tenant, which sums shall be in addition to, and not a part of, or in lieu of,
all or any portion of Minimum Rent (such sums being sometimes referred to herein as “Additional Rent”). Base
Rent and any Additional Rent shall be referred to herein as “Rent.” Rent shall be paid to Landlord without notice,
demand, deduction or setoff, for the entire Term, at Landlord’s notice address as set forth herein.

 

b. In
addition, Tenant shall deposit with Landlord on the date hereof a security deposit in the amount of $175,000.00 (the “Security
Deposit”), which shall be held by Landlord during the Term, including any holdover tenancy or tenancy at will thereafter,
without obligation for interest. The Security Deposit shall be held as security for the performance of Tenant's covenants and obligations
under this Lease, it being expressly understood and agreed that the Security Deposit is not an advance rental deposit, not the last month’s
rent nor a measure of Landlord’s damages in the event of Tenant’s default. Upon the occurrence of any event of default by
Tenant, Landlord may, from time to time, without prejudice to any other remedy or a limitation on any of Landlord’s damages provided
herein or provided by law, use the Security Deposit to the extent necessary to make good any arrears of Rent or other payments due Landlord
hereunder, and any other damage, injury, expense or liability caused by such event of default; or to perform any obligation required of
Tenant under this Lease; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to
its original amount. Although the Security Deposit shall be deemed the property of Landlord, any remaining balance of the Security Deposit
shall be returned by Landlord to Tenant at such time after termination of this Lease that all of Tenant's obligations under this Lease
have been fulfilled. Landlord may deposit the Security Deposit in any accounts it determines, in its sole discretion, is appropriate.
All or any part of the Security Deposit may be assigned by Landlord to any successor of Landlord under this Lease, and upon such assignment
Landlord shall have no liability to Tenant for the Security Deposit.

 

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3. USE.

 

a. The
Premises shall be used only for the growing, cultivating, storing, weighing, packaging, selling or processing for sale of hemp and hemp
related products as described in and in accordance with 7 CFR 990, as may be amended from time to time, and for such other lawful purposes
as may be directly related thereto (the “Permitted Use”). Tenant shall at its own cost and expense obtain any
and all licenses and permits necessary for its use of the Premises.

 

b. Provided
Tenant, at Tenant’s sole cost and expense, obtains all required and lawful licenses and permits under the all federal, state, county
or municipal laws, ordinances, statutes, rules, regulations, codes, permits, licenses, certificates of occupancy, covenants, conditions,
restrictions, easements and all other matters of record affecting the Premises and applicable to the use of the Premises (collectively,
“Laws”) (subject to the Federal Law Exceptions, defined below) (the “Required Licenses”),
Tenant shall use the Premises solely for the Permitted Use set forth in Section 3.a and for no other purpose without obtaining the prior
written consent of Landlord, which shall not be unreasonably withheld for uses consistent with Landlord’s then existing use criteria
for the Buildings. Tenant shall not permit any disorderly conduct or nuisance having a tendency to annoy or disturb any persons occupying
adjacent premises. Copies of the Required Licenses shall be provided to Landlord prior to Tenant conducting any business at the Premises.
Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the Premises
or with respect to the suitability of the Premises or the Buildings for the conduct of Tenant’s business, nor has Landlord agreed
to undertake any modification, alteration or improvement to the Premises or the Buildings, except as provided in writing in this Lease.
Tenant acknowledges that Landlord may from time to time, at its sole discretion, make such modifications, alterations, repairs, deletions
or improvements to the Buildings or Property as Landlord may deem necessary or desirable, without compensation or notice to Tenant, provided
that such alterations, repairs, deletions or improvements shall not materially adversely affect Tenant’s use of the Premises during
normal daytime business hours and in no event shall Landlord be liable for any consequential damages. Tenant shall promptly comply with
all Laws affecting the Premises and the Buildings. Notwithstanding anything contained in this Lease to the contrary, it shall not be an
event of default if Tenant violates a federal law, rule, order, ordinance, regulation or requirement (collectively, “Federal
Law”) which Federal Law prohibits the Permitted Use, provided that Tenant is in compliance with all other Laws (collectively,
the “Federal Law Exceptions”). Tenant acknowledges that Tenant is solely responsible for ensuring that the Premises
comply with any and all Laws applicable to Tenant’s use of and conduct of business on the Premises, and that Tenant is solely responsible
for any alterations or improvements that may be required by such Laws, now existing or hereafter adopted. Tenant shall not do or permit
anything to be done in or about the Premises or bring or keep anything in the Premises that will in any way increase the premiums paid
by Landlord on its insurance related to the Buildings or which will in any way increase the premiums for fire or casualty insurance carried
by other tenants in the Buildings. Tenant will not perform any act or carry on any practices that may injure the Premises or the Buildings
that may be a nuisance or menace to other tenants in the Buildings or that shall in any way interfere with the quiet enjoyment of such
other tenants. Tenant shall not do anything on the Premises which will overload any existing parking or service to the Premises. In addition
to any other remedies Landlord may have for a breach by Tenant of the terms of this Section 3, Landlord shall have the right to evict
Tenant from the Premises.

 

4. TAXES.
Tenant shall be liable for all taxes, assessments, license taxes, fees and other charges levied against any leasehold improvements, equipment,
inventory, furniture, appliances, personal property and trade fixtures placed by Tenant in the Premises. If any such taxes are levied
against Landlord or Landlord’s property, and if Landlord elects to pay the same, or if the assessed value of Landlord’s property
is increased by inclusion of personal property and trade fixtures placed by Tenant in the Premises and Landlord elects to pay the taxes
based on such increase, Tenant shall pay to Landlord upon demand that part of such taxes for which Tenant is primarily liable hereunder.

 

5. TENANT’S
MAINTENANCE.

 

a. Tenant
shall, at its own cost and expense, keep and maintain all parts of the Premises in good condition and repair, promptly making all necessary
repairs and replacements, including but not limited to, foundation, exterior walls, roof, windows, glass and plate glass, doors, any special
office entry, interior walls and finish work, floors and floor coverings, downspouts, gutters, heating and air conditioning systems, dock
boards, truck doors, dock bumpers, paving, plumbing work and fixtures, termite and pest extermination, regular removal of trash and debris,
and keeping the parking areas, driveways, alleys and the whole of the Premises in a clean and sanitary condition.

 

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b. Tenant
shall not damage any demising wall or disturb the integrity and support provided by any demising wall and shall, at its sole cost and
expense, promptly repair any damage or injury to any demising wall caused by Tenant or its employees, agents, licensees or invitees.

 

6. ALTERATIONS.

 

a. Tenant
shall not make any alterations, additions or improvements to the Premises (including but not limited to roof and wall penetrations) (collectively
“Alterations”) without the prior written consent of Landlord, which consent may be granted or withheld in Landlord’s
sole discretion. All Alterations erected by Tenant shall be and remain the property of Tenant during the Term, and shall be removed by
Tenant from the Premises prior to Tenant’s vacation of the Premises. Notwithstanding the foregoing, if Landlord so elects prior
to the Expiration Date or Tenant’s earlier vacation of the Premises, all such Alterations shall become the property of Landlord,
at no cost or expense to Landlord, and shall be delivered to Landlord with the Premises.

 

b. Tenant
may, without the consent of Landlord, but at its own cost and expense and in a good and workmanlike manner, erect such shelves, bins,
machinery and trade fixtures within the Premises as it may deem advisable (collectively “Tenant’s Personal Property”),
without altering the basic character of the Buildings or improvements and without overloading or damaging the Buildings or improvements,
and in each case in compliance with all Laws. All of Tenant’s Personal Property shall be removed by Tenant prior to Tenant’s
vacation of the Premises.

 

c. Upon
removal by Tenant of all Alterations, if applicable, and Tenant’s Personal Property, Tenant shall restore the Premises to their
original condition, reasonable wear and tear excepted. All such removals and restoration shall be accomplished in a good and workmanlike
manner so as not to damage the primary structure or structural qualities of the Buildings and other improvements situated within the Premises.

 

7. NOTICE.
As required herein, notice shall be provided to Landlord and Tenant in writing and delivered via hand delivery or by reputable overnight
courier service (such as FedEx or UPS) at the addresses below. Notice shall be deemed to be received the day after delivery of such notice,
whether or not such day is a business day.

 

	LANDLORD:	TENANT:
	 	 
	The Lower Ranch LLC	1714 Duchess Drive
	2612 N. College Drive	Longmont, CO 80501
	Durango, CO 81301	Attention: legal@rhinobiotech.com

 

8. INSPECTION.
Landlord and Landlord’s agents and representatives shall have the right to enter and inspect the Premises at any reasonable time
during business hours, for the purpose of ascertaining the condition of the Premises, to determine Tenant’s compliance with the
terms of this Lease, or in order to make such repairs as may be required or permitted to be made by Landlord under the terms of this Lease.

 

9. UTILITIES.
Tenant shall provide, at its sole cost and expense, water, electricity and gas service connections into the Premises and to pay all connection
fees therefore. Tenant shall also pay for all water, gas, heat, light, power, telephone, sewer, sprinkler charges and other utilities
and services used on or from the Premises during the Term, together with any taxes, penalties, surcharges or the like pertaining thereto
and any maintenance charges for utilities, and shall furnish all electric light bulbs and tubes. Landlord shall in no event be liable
for any interruption or failure of utility services at the Premises.

 

10. ASSIGNMENT
AND SUBLETTING. Tenant may not, voluntarily or involuntarily, assign, convey, transfer or mortgage this Lease or sublet the whole
or any part of the Premises without Landlord’s prior written consent, which may be granted or withheld in Landlord’s sole
and absolute discretion.

 

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11. REGULATORY
AND LEGISLATIVE REQUIREMENTS.

 

a. Subject
to Section 11.b, either Landlord or Tenant shall have the right to terminate this Lease upon sixty (60) days written notice to the other
party in the event that any of the following shall occur (each, a “Termination Event”):

 

i. The
Permitted Use becomes illegal due to any revocation or modification of 7 CFR 990 or any other applicable state or federal law;

 

ii. The
Laws and/or the enforcement of such Laws change such that Tenant cannot operate its business from the Premises;

 

iii. The
Laws significantly impair or materially interfere with Tenant’s use of the Premises; or

 

iv. The
Permitted Use presents a material threat to Landlord’s ownership interest in the Premises, as evidenced by Landlord’s receipt
of a letter or similar communication from the state or federal government or other governmental authority threatening seizure, confiscation
or other similar impairment of Landlord’s ownership interest in the Premises;

 

v. provided,
however, Tenant shall not have the right to terminate this Lease if an act omission of Tenant or default by Tenant under this Lease, including,
without limitation, a violation by Tenant of any Laws caused the Termination Event. Upon any such termination, Tenant shall immediately
vacate and surrender the Premises, this Lease shall terminate and the parties shall be released hereunder, except for such obligations
that expressly survive the expiration or earlier termination of this Lease. In addition, Tenant shall restore the Premises upon such termination
to their condition as of the Commencement Date.

 

b. Notwithstanding
the terms and provisions of Section 11.a, upon the occurrence of any Termination Event which shall make this Lease unlawful in whole or
in material part, the parties shall immediately enter into good faith negotiations regarding a lease arrangement which is consistent and
in compliance with the Laws and approximates as closely as possible the economic position of the parties hereunder prior to the Termination
Event. If the parties are unable to reach an agreement within fifteen (15) days following the occurrence of a Termination Event, then
either party may terminate this Lease in accordance with and subject to the terms of Section 11.a.

 

12. INSURANCE.

 

a. Tenant,
at its sole cost and expense, shall maintain during the Term a policy or policies of worker’s compensation and comprehensive general
liability insurance, including personal injury and property damage, with contractual liability endorsement, in the amounts required by
Landlord in writing from time to time (“Tenant’s General Liability Insurance”). Tenant may use a combination
of primary and umbrella policies to achieve the limits listed above. Tenant, at its sole cost and expense, also shall maintain during
the Term, fire and extended coverage property insurance covering (i) the replacement cost of all alterations, additions, partitions and
improvements installed or placed on the Property by Tenant and (ii) the replacement cost of all of Tenant’s personal property contained
within the Premises or on the Property and (iii) business interruption of Tenant (“Tenant’s Property Insurance”).
In the event Tenant intends to or does in fact store, use or handle, Hazardous Materials on the Property, Landlord may require prior to
such use, storage or handling, that Tenant obtain pollution legal liability insurance in the minimum amounts required by Landlord in writing
from time to time (“Tenant’s Pollution Legal Liability Insurance”) and name Landlord and Landlord’s
affiliates as additional insureds. The policies of Tenant’s General Liability Insurance, Tenant’s Property Insurance and Tenant’s
Pollution Legal Liability Insurance shall be referred to herein as “Tenant’s Insurance”.

 

b. Tenant’s
General Liability Insurance shall (i) name Landlord and Landlord’s lenders or Landlord’s affiliates’ lenders, asset
and property managers, and investors as additional insureds, (ii) be issued by an insurance company with a minimum A.M. Best Rating of
A-VIII, (iii) provide that said insurance shall not be canceled unless thirty (30) days prior written notice shall have been given to
Landlord, and (iv) provide primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and
in such circumstance Landlord’s coverage under Landlord’s policy shall be deemed excess over and above the coverage provided
by Tenant’s policy. Said policy or policies or certificates thereof shall be delivered to Landlord by Tenant before commencement
of the Term and upon each renewal of said insurance. If Tenant fails to deliver a policy, certificate or renewal to Landlord required
under this Lease within the prescribed time period or if any such policy is cancelled or modified during the Term without Landlord’s
prior written consent, Landlord may obtain any of Tenant’s Insurance, in which case Tenant shall reimburse Landlord for the cost
of Tenant’s Insurance within fifteen (15) days after receipt of a statement that indicates the cost of such insurance.

 

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c. Tenant
will not permit the Property to be used for any purpose or in any manner that would (i) void either Landlord’s or Tenant’s
Insurance thereon, (ii) increase Landlord’s or Tenant’s insurance risk or premium, or (iii) cause the disallowance of any
sprinkler credits, including without limitation, use of the Premises for the receipt, storage or handling of any product, material or
merchandise that is explosive or highly flammable. If any increase in the cost of any insurance obtained by Landlord on the Property is
caused by Tenant’s use of the Premises or the Property, or any other activity of Tenant, Tenant’s employees, agents or invitees
on the Property, or because Tenant vacates the Property, then Tenant shall promptly pay the amount of such increase to Landlord upon demand.

 

13. HAZARDOUS
MATERIALS.

 

a. The
term “Hazardous Materials,” as used in this Lease shall mean (i) pollutants, contaminants, toxic or hazardous
wastes, or any other substances, the use, storage, handling, disposal, transportation or removal of which is regulated, restricted, prohibited
or penalized by any Environmental Law, as defined below, including any substance expressly designated, defined, classified or regulated
as a hazardous substance, hazardous material, hazardous waste, pollutant or contaminant under any other Environmental Law, (ii) a petroleum
hydrocarbon, including crude oil or any fraction thereof and all petroleum products, (iii) PCBs, (iv) lead, (v) asbestos, (vi) flammable
explosives, (vii) infectious materials, (viii) radioactive materials and (ix) mold. “Environmental Laws” shall
mean any federal, state or local law, ordinance or other statute of a governmental or quasi-governmental authority relating to pollution
or protection of health or the environment, as currently in effect or hereunder amended or enacted, including the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, the Resource Conservation and Recovery Act of 1976, the Toxic Substances Control Act,
the Hazardous Materials Transportation Act, the Clean Water Act, and any other federal, state or local law, statute, rule, regulation,
order or ordinance which imposes liability or standards of conduct, regulates or proscribes the use, storage, disposal, presence, clean-up,
transportation or release or threatened release into the environment of Hazardous Materials, and the regulations promulgated in connection
with such laws.

 

b. Tenant
shall comply with all Environmental Laws in connection with its use of the Premises and the Property.

 

c. Without
limiting any of the foregoing, Tenant hereby agrees that Tenant will not engage in, allow, permit or suffer the following: (i) any activity
on the Property, or any part thereof, that will produce, generate, treat or use any Hazardous Material, except for such activities that
are part of the ordinary course for Tenant’s business activities (the “Permitted Activities”) provided
said Permitted Activities are conducted in strict compliance with all Environmental Laws and have been approved in advance in writing
by Landlord (which approval Landlord may grant or withhold in its sole discretion); (ii) the storage on the Property, or any part thereof,
of any Hazardous Materials except for the temporary storage by Tenant in connection with Permitted Activities; (iii) the use of the Property,
or any part thereof as a landfill or dump; (iv) the installing of any underground or aboveground tank of any type on the Property, or
any part thereof; (v) any surface or subsurface conditions to exist or come into existence that constitute, or with the passage of time,
may constitute a public or private nuisance or may violate any Environmental Laws; or (vi) bringing any Hazardous Materials onto the Property,
or any part thereof, except in accordance with the terms and conditions hereof.

 

d. If
any of (i) through (vi) in subsection c above shall occur, Tenant, at its sole cost and expense, shall promptly take all actions required
to immediately (A) remove and properly dispose of any Hazardous Materials, (B) diligently undertake all actions necessary to return the
Property to its condition existing prior to such occurrence, and (C) comply with all Environmental Laws. All of Tenant’s actions
shall be conducted in strict compliance with all Environmental Laws and at Tenant’s sole cost and expense. Except where urgent action
may be required to prevent, mitigate or remediate any releases, spills, or contamination, Tenant shall first obtain Landlord’s written
approval of all such actions.

 

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e. Prior
to any Hazardous Materials being brought upon or into the Property (including Hazardous Materials in connection with Permitted Activities
and storage of Hazardous Materials in connection with Permitted Activities), Tenant will (i) provide to Landlord any applicable material
safety data sheets regarding said Hazardous Materials, as well as a written description of the amount of such Hazardous Materials to be
brought upon or into the Property and the common and recognized chemical name of such Hazardous Materials, and (ii) obtain, at its sole
cost and expense, any permits, pay any fees and provide any testing, monitoring or reporting required by laws, including Environmental
Laws, relating to such Hazardous Materials. Tenant shall bear responsibility for insuring that all record keeping, reporting and remediation
responsibilities of Tenant under all Environmental Laws are met and Tenant assumes all such responsibility and liability for such legal
compliance. Tenant will deliver to Landlord copies of any documents received from, or sent by Tenant to, the United States Environmental
Protection Agency and/or any state, county or municipal environmental or health agency concerning Tenant’s operations or any Hazardous
Materials on the Property.

 

f. Landlord
or Landlord’s representative shall have the right, but not the obligation, to enter the Property for, among other purposes, the
purposes of inspecting the storage, use and disposal of any Hazardous Materials and to review compliance with all Environmental Laws.
Should it be determined, whether as a result of such inspection or otherwise, in Landlord’s sole opinion, that any Hazardous Materials
are being improperly stored, used, or disposed of, or if any of Tenant’s actions or failures to act otherwise have resulted or could
reasonably be expected to result in a failure to comply with any Environmental Law, Landlord shall have the right, but not the obligation,
to notify Tenant, and upon such notice Tenant shall immediately take such action as required by applicable Environmental Laws. Tenant
will provide Landlord written notification of any spill, release or disposal of any Hazardous Material either within the Property or outside
of the Property and will also provide Landlord written notice of any pending or threatened litigation concerning the breach or purported
breach of any Environmental Laws.

 

g. If
at any time during or after the Term, (i) the Property is found to be contaminated by Hazardous Materials arising from or as a result
of Tenant’s action or failure to act (whether in whole or in part), or Tenant, or its agents, employees, invitees, assigns or subtenant’s
use of the Property or any Hazardous Materials, or (ii) Tenant otherwise breaches any of its obligations under this Section 13, Tenant
shall indemnify and hold Landlord harmless from all claims, demands, actions, liabilities, costs, expenses, damages, fines, reimbursement,
restitution, losses (including diminution in value of the Property, damages for the loss or restriction on the use of rentable or usable
space or of any adverse impact on marketing of space on the Property, and sums paid in settlement of claims, attorneys’ fees, laboratory
fees, consultant fees and expert fees), remediation costs, restoration costs, response costs, cleanup costs and other obligations.

 

14. CASUALTY
AND CONDEMNATION. If any part of the Premises is damaged or destroyed by fire or other casualty, Tenant shall immediately give written
notice to Landlord (“Tenant’s Damage Notice”). If the Landlord determines, in its reasonable discretion,
that it will take longer than 90 days to repair the damage or destruction to the Premises, then either party may thereafter terminate
this Lease by providing written notice of such termination to the other party hereto within thirty (30) days after the date of Tenant’s
Damage Notice (the “Casualty Termination Date”), in which event both parties shall be released from all further
obligations or liabilities hereunder except those that expressly survive such termination. If neither party terminates this Lease on or
before the Casualty Termination Date, or if the damage or destruction will take less than 90 days to repair, as determined by Landlord
in its reasonable discretion, this Lease shall continue in full force and effect, and subject to the terms of any mortgage or deed of
trust encumbering the Property, Force Majeure (as defined herein), receipt of insurance proceeds and receipt of municipal approvals and
permits, Landlord shall rebuild the Premises to substantially the same condition that it was in prior to the occurrence of the casualty.

 

15. CONDEMNATION.
If the whole or any substantial part of the Premises should be taken for any public or quasi-public use under governmental law, ordinance
or regulation, or by right of eminent domain, or by private purchase in lieu thereof (each a “Taking”), such
that Landlord is unable to restore the Premises within 90 days after the date of such Taking, as determined by Landlord in its reasonable
discretion, this Lease shall terminate and the Base Rent shall be abated during the unexpired portion of the Term, effective when the
physical taking of the Premises shall occur. If a Taking occurs with respect to a portion of the Premises, and Landlord is able to restore
the Premises within 90 days after the date of such Taking, as determined by Landlord in its reasonable discretion, this Lease shall not
terminate but the Base Rent payable hereunder during the unexpired portion of this Lease shall be reduced to such extent as may be fair
and reasonable under all of the circumstances, and subject to the terms of any mortgage or deed of trust encumbering the Property, Force
Majeure (as defined in herein), receipt of condemnation proceeds and receipt of municipal approvals and permits, Landlord shall restore
the Premises to a complete unit of like quality and character as existed prior to such Taking. In the event of any such Taking, Landlord
shall be entitled to receive the entire award. Tenant shall be entitled to make a claim in any condemnation proceedings which does not
reduce the amount of Landlord’s award, for the value of any furniture, furnishings and fixtures installed by and at the sole expense
of Tenant.

 

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16. RELEASE
AND INDEMNIFICATION. Landlord shall not be liable to Tenant or Tenant’s employees, agents, servants, guests, invitees or visitors,
or to any other person whomsoever, for any injury to person or damage to property on or about the Premises, resulting from or caused in
part or whole by (i) the actions or omissions of Tenant, its employees, agents, servants, guests, invitees or visitors, or of any other
person entering upon the Premises, or (ii) the Buildings and improvements located on the Premises becoming out of repair, or (iii) leakage
of gas, oil, water or steam or by electricity emanating from the Premises, or (iv) any other cause whatsoever. Tenant hereby covenants
and agrees that it will at all times indemnify and hold safe and harmless the Property, the Landlord (including the trustee and beneficiaries
if Landlord is a trust), Landlord’s affiliates, Landlord’s employees, agents, servants, guests, invitees, and visitors from
any losses, liabilities, claims, suits, costs, expenses, including attorneys’ fees and damages, both real and alleged, arising out
of any such damage or injury.

 

17. INTENTIONALLY
OMITTED.

 

18. QUIET
ENJOYMENT. Landlord represents and warrants that it has full right and authority to enter into this Lease and that Tenant, upon paying
the Rent and performing its other covenants and obligations herein set forth, shall peaceably and quietly have, hold and enjoy the Premises
for the term hereof without hindrance from Landlord, subject to the terms and provisions of this Lease.

 

19. EVENTS
OF DEFAULT. The following events shall be deemed to be events of default by Tenant under this Lease:

 

a. Tenant
shall fail to pay any installment of the Rent when due, or make any other payments required to be made hereunder when due, and such failure
shall continue for a period of five (5) days from the date such payment was due.

 

b. Tenant
shall fail to comply with any term, provision or covenant of this Lease (other than as set forth above), and shall not cure such failure
within ten (10) days after dispatch of written notice thereof to Tenant.

 

c. There
shall occur an event of default pursuant to the terms of that certain Promissory Note dated on or around the date hereof, between Eurasia
Energy Ltd., as Maker, in favor of Ron D. Guffey.

 

20. REMEDIES.
Upon the occurrence of any such events of default described in Paragraph 19 hereof, Landlord shall have the option to pursue any one or
more of the following remedies without any notice or demand whatsoever.

 

a. Landlord
may accelerate all Rent payments due hereunder which shall then become immediately due and payable.

 

b. Terminate
this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord may, without
prejudice to any other remedy which it may have for possession or arrearages in Rent, enter upon and take possession of the Premises and
expel or remove Tenant and any other person who may be occupying such Premises or any part thereof, by force if necessary, without being
liable for prosecution or any claim of damages therefor, and Tenant agrees to pay to Landlord on demand the amount of all loss and damage
which Landlord may suffer by reason of such termination, whether through inability to relet the Premises on satisfactory terms or otherwise.

 

c. Enter
upon and take possession of the Premises, without terminating this Lease, and expel or remove Tenant and any other person who may be occupying
such Premises or any part thereof, by force if necessary, without being liable for prosecution or any claim for damages therefor, and
relet the Premises for such terms ending before, on or after the Expiration Date, at such rent and upon such other conditions (including
concessions and prior occupancy periods) as Landlord in its sole discretion may determine, and receive the rent therefor; and Tenant agrees
to pay to the Landlord on demand any deficiency that may arise by reason of such reletting. Landlord shall have no obligation to relet
the Premises or any part thereof and shall not be liable for refusal or failure to relet or in the event of reletting for refusal or failure
to collect any rent due upon such reletting. In the event Landlord is successful in reletting the Premises at a rent in excess of that
agreed to be paid by Tenant pursuant to the terms of this Lease, Landlord and Tenant each mutually agree that Tenant shall not be entitled,
under any circumstances, to such excess rent, and Tenant does hereby specifically waive any claim to such excess rent.

 

    7

    

    

 

d. Enter
upon the Premises, by force if necessary, without being liable for prosecution or any claim for damages therefor, and do whatever Tenant
is obligated to do under the terms of this Lease; and Tenant agrees to reimburse Landlord on demand for any expenses which Landlord may
incur in effecting compliance with Tenant’s obligations under this Lease, and Tenant further agrees that Landlord shall not be liable
for any damages resulting to the Tenant from such action, whether caused by the negligence of Landlord or otherwise.

 

e. Whether
or not Landlord retakes possession of or relets the Premises, Landlord shall have the right to recover unpaid Rent and all damages caused
by Tenant’s default, including attorneys’ fees. Damages shall include, but shall not be limited to, all lost Rent, all legal
expenses and other related costs incurred by Landlord following Tenant’s default, all costs incurred by Landlord in restoring the
Premises to good order and condition, or in remodeling, renovating or otherwise preparing the Premises for reletting, all costs (including
any brokerage commissions and the value of Landlord’s time) incurred by Landlord in connection with such default, plus interest
thereon from the date of expenditure (in the case of a reimbursement owing by Tenant to Landlord hereunder), or from the date due (in
the case of any installment of Rent or other payment owing by Tenant to Landlord hereunder other than a reimbursement) until fully repaid
at the rate of eighteen percent (18%) per annum.

 

f. In
the event Tenant fails to pay any installment of Rent or other charges hereunder as and when such installment is due, to help defray the
additional cost to Landlord for processing such late payments, Tenant shall pay to Landlord on demand a late charge in an amount equal
to five percent (5%) of such installment; and the failure to pay such late charge within five (5) days after demand therefor shall be
an event of default hereunder. The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies
hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any manner.

 

g. Pursuit
of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies provided
by law, such remedies being cumulative and non-exclusive, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver
of any Rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, provisions
and covenants herein contained. No act or thing done by Landlord or its agents during the Term hereby granted shall be deemed a termination
of this Lease or an acceptance of the surrender of the Premises, and no agreement to terminate this Lease or accept a surrender of said
Premises shall be valid unless in writing signed by Landlord. No waiver or forbearance by Landlord of any violation or breach of any of
the terms, provisions and covenants herein contained shall be deemed or construed to constitute a waiver of any other violation or breach
of any of the terms, provisions and covenants herein contained. Landlord’s acceptance of the payment of Rent or other payments hereunder
after the occurrence of an event of default shall not be construed as a waiver of such default, unless Landlord so notifies Tenant in
writing.

 

21. INTENTIONALLY
DELETED.

 

22. MORTGAGES.
Tenant accepts this Lease subject and subordinate to any mortgages and deeds of trust now or at any time hereafter constituting a lien
or charge upon the Premises or the improvements situated thereon, provided, however, that if the mortgagee, trustee, or holder of any
such mortgage or deed of trust elects to have Tenant’s interest in this Lease superior to any such instrument, then by notice to
Tenant from such mortgagee, trustee or holder, this Lease shall be deemed superior to such lien, whether this Lease was executed before
or after said mortgage or deed of trust. Tenant shall at any time hereafter on demand execute any instruments, releases or other documents
which may be required by any mortgagee for the purpose of subjecting and subordinating this Lease to the lien of any such mortgage.

 

23. MECHANICS
LIENS. Tenant shall have no authority, express or implied, to create or place any lien or encumbrance of any kind or nature whatsoever
upon, or in any manner to bind, the interest of Landlord in the Premises or to offset the Rent for any claim in favor of any person dealing
with Tenant, including those who may furnish materials or perform labor for any construction or repairs, and each such claim shall affect
and each such lien shall attach to, if at all, only the leasehold interest granted to Tenant by this instrument. Tenant covenants and
agrees that it will pay or cause to be paid all sums legally due and payable by it on account of any labor performed or materials furnished
in connection with any work performed on the Premises on which any lien is or can be validly and legally asserted against its leasehold
interest in the Premises or the improvements thereon and that it will save and hold Landlord harmless from and against any and all loss,
cost or expense based on or arising out of asserted claims or liens against the leasehold estate or against the right, title and interest
of the Landlord in the Premises or under the terms of this Lease.

 

    8

    

    

 

24. EXCULPATION.
It is expressly understood and agreed that notwithstanding anything in this Lease to the contrary, and notwithstanding any applicable
law to the contrary, the liability of Landlord hereunder (including any successor to Landlord) and any recourse by Tenant against Landlord
shall be limited solely and exclusively to the equity interest of Landlord in and to the Premises, Landlord shall not have any personal
liability therefor, and Tenant hereby expressly waives and releases such personal liability on behalf of itself and all persons claiming
by, through or under Tenant. Tenant hereby waives and releases any and all personal liability and recourse against any officer, director,
employee, trustee, member, investment manager or agent of Tenant under or in connection with this Lease. The limitations of liability
provided in this Paragraph are in addition to, and not in limitation of, any limitation on liability applicable to Landlord provided by
law or in any other contract, agreement or instrument.

 

25. BROKERAGE;
AGENCY DISCLOSURE. Tenant represents and warrants that it has dealt with no broker, agent or other person in connection with this
transaction and that no other broker, agent or other person brought about this transaction. Tenant further indemnifies and holds Landlord
harmless from and against any claims by any other broker, agent or other person claiming a commission or other form of compensation by
virtue of having dealt with Tenant with regard to any subsequent modification, extension, expansion of the Premises or other change in
the terms of this Lease. The provisions of this Paragraph shall survive the termination of this Lease.

 

26. ATTORNEYS’
FEES, COSTS. In the event either party requires the services of an attorney in connection with enforcing the terms of this Lease,
or in the event suit is brought for the recovery of any sums due under this Lease or for the breach of any covenant or condition of this
Lease, or for the restitution of the Premises to Landlord or eviction of Tenant during said term or after the expiration thereof, the
substantially prevailing party shall be entitled to reasonable attorneys’ fees and all costs incurred in connection therewith, including
the fees of accountants, appraisers and other professionals, whether at trial, on appeal or without resort to suit.

 

27. MISCELLANEOUS.

 

a. Words
of any gender used in this Lease shall be held and construed to include any other gender, and words in the singular number shall be held
to include the plural, unless the context otherwise requires. Words of inclusion in this Lease, such as “including” or “includes,”
shall not, unless the context makes explicit, imply exclusion and shall mean “including (or includes as the context requires), but
is not limited to.”

 

b. The
terms, provisions and covenants and conditions contained in this Lease shall apply to, inure to the benefit of, and be binding upon, the
parties hereto and upon their respective successors and permitted assigns, except as otherwise herein expressly provided. Landlord shall
have the right to assign any of it rights and obligations under this Lease. Tenant agrees to furnish to Landlord, promptly upon demand,
a corporate resolution, proof of due authorization by partners, or other appropriate documentation evidencing the due authorization of
Tenant to enter into this Lease.

 

c. The
captions inserted in this Lease are for convenience only and in no way define, limit or otherwise describe the scope or intent of this
Lease, or any provision hereof, or in any way affect the interpretation of this Lease. This Lease may not be altered, changed or amended
except by an instrument in writing signed by both parties hereto.

 

d. Tenant
agrees from time to time within ten (10) days after request of Landlord, to deliver to Landlord, or Landlord’s designee, an estoppel
certificate stating that this Lease is in full force and effect, the date to which Rent has been paid, the unexpired Term and such other
matters pertaining to this Lease as may be requested by Landlord. It is understood and agreed that Tenant’s obligation to furnish
such estoppel certificates in a timely fashion is a material inducement for Landlord’s execution of this Lease.

 

    9

    

    

 

e. Tenant
agrees from time to time within ten (10) days after request of Landlord, to deliver to Landlord, or Landlord’s designee, copies
of Tenant’s then-current financial statements and balance sheet in reasonable detail.

 

f. If
any clause or provision of this Lease is illegal, invalid or unenforceable under present or future laws effective during the Term, then
and in that event, it is the intention of the parties hereto that the remainder of the Term shall not be affected thereby, and it is also
the intention of the parties to this Lease that in lieu of each clause or provision of this Lease that is illegal, invalid or unenforceable,
there be added as part of this Lease a clause or provision as similar in terms to such illegal, invalid or unenforceable clause or provision
as may be possible and be legal, valid and enforceable.

 

g. All
references in this Lease to “the date hereof” or similar references shall be deemed to refer to the last date, in point of
time, on which all parties hereto have executed this Lease.

 

h. All
exhibits and addenda attached hereto shall be incorporated into and made a part of this Lease.

 

[signatures on following pages]

 

    10

    

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Lease as
of the date first above written.

 

	LANDLORD:	 
	 	 	 
	The Lower Ranch LLC,	 
	a Colorado limited liability company	 
	 	 	 
	By:	/s/ Ronnie Dale Guffey_	 
	Name: 	Ronnie Dale Guffey	 
	Title:	Sole Member	 

 

    

    

    

 

	TENANT: 	 
	 	 
	Eurasia Energy Ltd.,	 
	a corporation formed under the laws of the British West Indies	 
	 	 	 
	By:	/s/ Marilyn Giulia Roosevelt	 
	Name: 	Marilyn Giulia Roosevelt	 
	Title:	Director (Duly Authorized)Exhibit 10.30

 

TENON MEDICAL, INC.

 

2022 EQUITY INCENTIVE PLAN

 

1.           Purposes
of the Plan. The purposes of this Plan are:

 

		·	to attract and retain the best available personnel for positions of substantial responsibility,

 

		·	to provide additional incentive to Employees, Directors and Consultants, and

 

		·	to promote the success of the Company’s business.

 

The Plan permits the grant
of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units and
Performance Awards.

 

2.           Definitions.
As used herein, the following definitions will apply:

 

2.1        “Administrator”
means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.

 

2.2        “Applicable
Laws” means the legal and regulatory requirements relating to the administration of equity-based awards, including but
not limited to the related issuance of shares of Common Stock, including but not limited to, under U.S. federal and state corporate
laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed
or quoted and the applicable laws of any non-U.S. country or jurisdiction where Awards are, or will be, granted under the Plan.

 

2.3        “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units, or Performance Awards.

 

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

 

2.5        “Board”
means the Board of Directors of the Company.

 

2.6        “Change
in Control” means the occurrence of any of the following events:

 

(a)       Change
in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more
than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together
with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the
Company; provided, however, that for purposes of this subsection (a), the acquisition of additional stock by any one Person,
who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be
considered a Change in Control; provided, further, that any change in the ownership of the stock of the Company as a result of
a private financing of the Company that is approved by the Board also will not be considered a Change in Control. Further, if
the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in
ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately
prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power
of the stock of the Company or of the ultimate parent entity of the Company, such event will not be considered a Change in Control
under this subsection (a). For this purpose, indirect beneficial ownership will include, without limitation, an interest resulting
from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case
may be, either directly or through one or more subsidiary corporations or other business entities; or

 

    	 		 

     

    

 

(b)       Change
in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the Exchange
Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced
during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of
the Board prior to the date of the appointment or election. For purposes of this subsection (b), if any Person is considered to
be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered
a Change in Control; or

 

(c)       Change in Ownership of a Substantial Portion of the Company’s
Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any
Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by
such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent
(50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions;
provided, however, that for purposes of this subsection (c), the following will not constitute a change in the ownership of a
substantial portion of the Company’s assets: (i) a transfer to an entity that is controlled by the Company’s
stockholders immediately after the transfer, or (ii) a transfer of assets by the Company to: (A) a stockholder of the
Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (B) an
entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the
Company, (C) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power
of all the outstanding stock of the Company, or (D) an entity, at least fifty percent (50%) of the total value or voting
power of which is owned, directly or indirectly, by a Person described in this subsection (c)(ii)(C). For purposes of this subsection
(c), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined
without regard to any liabilities associated with such assets.

  

For
purposes of this Section 2.6, persons will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event
within the meaning of Section 409A.

 

    	 	-2-	 

     

    

 

Further and for the avoidance
of doubt, a transaction will not constitute a Change in Control if: (x) its primary purpose is to change the jurisdiction of the
Company’s incorporation, or (y) its primary purpose is to create a holding company that will be owned in substantially the
same proportions by the persons who held the Company’s securities immediately before such transaction.

 

2.7        “Clawback
Policy” has the meaning set forth in Section 24.

 

2.8        “Code”
means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder
will include such section or regulation, any valid regulation or other formal guidance of general or direct applicability promulgated
under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding
such section or regulation.

 

2.9        “Committee”
means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by a duly authorized
committee of the Board, in accordance with Section 4 hereof.

 

2.10      “Common
Stock” means the common stock of the Company.

 

2.11      “Company”
means Tenon Medical, Inc., a Delaware corporation, or any successor thereto.

 

2.12      “Consultant”
means any natural person, including an advisor, engaged by the Company or any of its Parent or Subsidiaries to render bona fide
services to such entity, provided the services (a) are not in connection with the offer or sale of securities in a capital-raising
transaction, and (b) do not directly promote or maintain a market for the Company’s securities, in each case, within
the meaning of Form S-8 promulgated under the Securities Act, and provided further, that a Consultant will include only those persons
to whom the issuance of Shares may be registered under Form S-8 promulgated under the Securities Act.

 

2.13      “Director”
means a member of the Board.

 

2.14      “Disability”
means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive
Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance
with uniform and non-discriminatory standards adopted by the Administrator from time to time.

 

2.15      “Employee”
means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither
service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment”
by the Company.

 

2.16      “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, including the rules and regulations promulgated thereunder.

 

2.17      “Exchange
Program” means a program under which (a) outstanding Awards are surrendered or cancelled in exchange for awards of the
same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (b) Participants
would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by
the Administrator, and/or (c) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine
the terms and conditions of any Exchange Program in its sole discretion.

 

    	 	-3-	 

     

    

 

2.18      “Fair
Market Value” means, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined
as follows:

 

(a)       If
the Common Stock is listed on any established stock exchange or a national market system, including without limitation the New
York Stock Exchange or the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market of The Nasdaq Stock
Market, its Fair Market Value will be the closing sales price for such stock (or, if no closing sales price was reported on that
date, as applicable, on the last Trading Day such closing sales price was reported) as quoted on such exchange or system on the
date of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

 

(b)       If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value
of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if
no bids and asks were reported on that date, as applicable, on the last Trading Day such bids and asks were reported), as reported
in The Wall Street Journal or such other source as the Administrator deems reliable; or

 

(c)       For
purposes of any Awards granted on the Registration Date, the Fair Market Value will be the initial price to the public as set forth
in the final prospectus included within the registration statement on Form S-1 filed with the Securities and Exchange Commission
for the initial public offering of the Common Stock; or

 

(d)       In
the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.

 

In addition, for purposes
of determining the fair market value of shares for any reason other than the determination of the exercise price of Options or
Stock Appreciation Rights, fair market value will be determined by the Administrator in a manner compliant with Applicable Laws
and applied consistently for such purpose. The determination of fair market value for purposes of tax withholding may be made in
the Administrator’s sole discretion subject to Applicable Laws and is not required to be consistent with the determination
of fair market value for other purposes.

 

2.19       “Fiscal
Year” means the fiscal year of the Company.

 

2.20      “Incentive
Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock
option within the meaning of Code Section 422 and the regulations promulgated thereunder.

 

2.21      “Legal
Representative” has the meaning set forth in Section 6.6.4.

 

    	 	-4-	 

     

    

 

2.22      “Nonstatutory
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock
Option.

 

2.23      “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

 

2.24      “Option”
means a stock option granted pursuant to the Plan.

 

2.25      “Outside
Director” means a Director who is not an Employee. Any member of the Board who is designated as the Executive Chairperson
(or its equivalent) will not be considered an Outside Director for purposes of the Plan.

 

2.26      “Parent”
means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).

 

2.27      “Participant”
means the holder of an outstanding Award.

 

2.28      “Performance
Awards” means an Award which may be earned in whole or in part upon attainment of performance goals
or other vesting criteria as the Administrator may determine and which may be cash- or stock-denominated
and may be settled for cash, Shares or other securities or a combination of the foregoing under
Section 10.

 

2.29      “Performance
Period” means has the meaning set forth in Section 10.1.

 

2.30      “Period
of Restriction” means the period (if any) during which the transfer of Shares of Restricted Stock are subject to restrictions
and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time,
the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

 

2.31      “Person”
has the meaning set forth in Section 2.6(a).

 

2.32      “Plan”
means this Tenon Medical, Inc. 2022 Equity Incentive Plan, as may be amended from time to time.

 

2.33      “Registration
Date” means the effective date of the first registration statement that is filed by the Company and declared effective
pursuant to Section 12(b) of the Exchange Act, with respect to any class of the Company’s securities.

 

2.34      “Restricted
Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or issued pursuant
to the early exercise of an Option.

 

2.35      “Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant
to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

2.36      “Rule 16b-3”
means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised
with respect to the Plan.

 

    	 	-5-	 

     

    

 

2.37      “Section 16b”
means Section 16(b) of the Exchange Act.

 

2.38      “Section
409A” means Code Section 409A and the U.S. Treasury Regulations and guidance thereunder, and any applicable state
law equivalent, as each may be promulgated, amended or modified from time to time.

 

2.39      “Securities
Act” means the U.S. Securities Act of 1933, as amended, including the rules and regulations promulgated thereunder.

 

2.40      “Service
Provider” means an Employee, Director or Consultant.

 

2.41      “Share”
means a share of the Common Stock, as adjusted in accordance with Section 15 of the Plan.

 

2.42      “Stock
Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is
designated as a Stock Appreciation Right.

 

2.43      “Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).

 

2.44      “Trading
Day” means a day that the primary stock exchange, national market system, or other trading platform, as applicable, upon
which the Common Stock is listed (or otherwise trades regularly, as determined by the Administrator, in its sole discretion) is
open for trading.

 

2.45      “U.S.
Treasury Regulations” means the Treasury Regulations of the Code. Reference to a specific Treasury Regulation or Section
of the Code will include such Treasury Regulation or Section, any valid regulation promulgated under such Section, and any comparable
provision of any future legislation or regulation amending, supplementing or superseding such Section or regulation.

 

3.           Stock Subject to the Plan.

 

3.1        Stock
Subject to the Plan. Subject to adjustment upon changes in capitalization of the Company as provided in Section 15 of the Plan
and the automatic increase set forth in Section 3.2 of the Plan, the maximum aggregate number of Shares that may be subject
to Awards and sold under the Plan will be equal to (a) 3,200,000 Shares, plus (b) a number of Shares equal to any shares
of the Company’s common stock subject to awards granted under the Company’s 2012 Equity Incentive Plan (the “Prior Plan”)
that, after the date the Prior Plan is terminated, are cancelled, expired or otherwise terminated without having been exercised
in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are
forfeited to or repurchased by the Company due to failure to vest, with the maximum number of Shares to be added to the Plan pursuant
to clause (b) equal to 1,500,000 Shares. In addition, Shares may become available for issuance under Sections 3.2 and 3.2
of the Plan. The Shares may be authorized but unissued, or reacquired Common Stock.

 

3.2        Automatic
Share Reserve Increase. Subject to adjustment upon changes in capitalization of the Company as provided in Section 15, the
number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the
2023 Fiscal Year, in an amount equal to the least of (a) 2,200,00 Shares, (b) a number of Shares equal to four percent
(4%) of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately
preceding Fiscal Year, or (c) such number of Shares determined by the Administrator no later than the last day of the immediately
preceding Fiscal Year.

 

    	 	-6-	 

     

    

 

3.3        Lapsed
Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange
Program, or, with respect to Restricted Stock, Restricted Stock Units, or Performance Awards is forfeited to or repurchased by
the Company due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the
forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless
the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually issued (i.e., the net Shares issued)
pursuant to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation
Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that actually have
been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution
under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock, Restricted Stock Units or Performance
Awards are repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available
for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax liabilities or withholdings
related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid
out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under
the Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 15, the maximum number of Shares that
may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section 3.1, plus, to
the extent allowable under Code Section 422 and the U.S. Treasury Regulations promulgated thereunder, any Shares that become available
for issuance under the Plan pursuant to Sections 3.2 and 3.3.

 

3.4        Share
Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will
be sufficient to satisfy the requirements of the Plan.

 

4.           Administration
of the Plan.

 

4.1        Procedure.

 

4.1.1       Multiple
Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan.
The Compensation Committee of the Board initiall be the Administrator of the Plan.

 

4.1.2       Rule
16b-3. To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated
hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3.

 

4.1.3       Other
Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee,
which Committee will be constituted to comply with Applicable Laws.

 

    	 	-7-	 

     

    

 

4.2        Powers
of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties
delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

(a)       to
determine the Fair Market Value;

 

(b)       to
select the Service Providers to whom Awards may be granted hereunder;

 

(c)       to
determine the number of Shares or dollar amounts to be covered by each Award granted hereunder;

 

(d)       to
approve forms of Award Agreements for use under the Plan;

 

(e)       to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based
on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding
any Award or the Shares relating thereto (including but not limited to, temporarily suspending the exercisability of an Award if
the Administrator deems such suspension to be necessary or appropriate for administrative purposes or to comply with Applicable
Laws, provided that such suspension must be lifted prior to the expiration of the maximum term and post-termination exercisability
period of an Award), based in each case on such factors as the Administrator will determine;

 

(f)        to
institute and determine the terms and conditions of an Exchange Program, including, subject to Section 20.3, to unilaterally implement
an Exchange Program without the consent of the applicable Award holder;

 

(g)        to
construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

 

(h)       to
prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of facilitating compliance with applicable non-U.S. laws, easing the administration of the Plan and/or
for qualifying for favorable tax treatment under applicable non-U.S. laws, in each case as the Administrator may deem necessary
or advisable;

 

(i)        to
modify or amend each Award (subject to Section 20.3), including but not limited to the discretionary authority to extend the
post-termination exercisability period of Awards and to extend the maximum term of an Option or Stock Appreciation Right (subject
to Sections 6.4 and 7.5);

 

(j)        to
allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 16;

 

(k)       to
authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
by the Administrator;

 

    	 	-8-	 

     

    

 

(l)        to
allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such Participant
under an Award; and

 

(m)      to
make all other determinations deemed necessary or advisable for administering the Plan.

 

4.3        Effect
of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final
and binding on all Participants and any other holders of Awards and will be given the maximum deference permitted by Applicable
Laws.

 

5.           Eligibility.
Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units and Performance Awards may be
granted to Service Providers. Incentive Stock Options may be granted only to Employees.

 

6.           Stock
Options.

 

6.1        Grant
of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant
Options to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

6.2        Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of
the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other
terms and conditions as the Administrator, in its sole discretion, will determine.

 

6.3        Limitations.
Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding
such designation, however, to the extent that the aggregate fair market value of the shares with respect to which incentive stock
options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any
Parent or Subsidiary) exceeds One Hundred Thousand Dollars ($100,000), such Options will be treated as nonstatutory stock options.
For purposes of this Section 6.3, incentive stock options will be taken into account in the order in which they were granted,
the fair market value of the Shares will be determined as of the time the Option with respect to such Shares is granted, and calculation
will be performed in accordance with Code Section 422 and the U.S. Treasury Regulations promulgated thereunder.

 

6.4        Term
of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more
than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at the
time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company or any Parent or Subsidiary of the Company, the term of the Incentive Stock Option will
be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

 

6.5        Option
Exercise Price and Consideration.

 

6.5.1       Exercise
Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by
the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.
In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary of the Company, the per Share exercise
price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. Notwithstanding
the foregoing provisions of this Section 6.5.1, Options may be granted with a per Share exercise price of less than one hundred
percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner
consistent with, Code Section 424(a).

 

    	 	-9-	 

     

    

 

6.5.2       Waiting
Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which the Option
may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.

 

6.5.3       Form
of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration
at the time of grant. Such consideration may consist entirely of: (a) cash (including cash equivalents); (b) check; (c) promissory
note, to the extent permitted by Applicable Laws, (d) other Shares, provided that such Shares have a Fair Market Value on the date
of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided further
that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines
in its sole discretion; (e) consideration received by the Company under a cashless exercise program (whether through a broker or
otherwise) implemented by the Company in connection with the Plan; (f) by net exercise; (g) such other consideration and method
of payment for the issuance of Shares to the extent permitted by Applicable Laws, or (h) any combination of the foregoing methods
of payment. In making its determination as to the type of consideration to accept, the Administrator will consider if acceptance
of such consideration may be reasonably expected to benefit the Company.

 

6.6       Exercise
of Option.

 

6.6.1       Procedure
for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan
and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option
may not be exercised for a fraction of a Share.

 

An Option will be deemed
exercised when the Company receives: (a) notice of exercise (in such form as the Administrator may specify from time to time)
from the person entitled to exercise the Option, and (b) full payment for the Shares with respect to which the Option is exercised
(together with applicable tax withholdings). Full payment may consist of any consideration and method of payment authorized by
the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in
the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse. Until the
Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of
the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares
subject to an Option, notwithstanding the exercise of the Option. The Company will 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 15 of the Plan.

 

    	 	-10-	 

     

    

 

Exercising an Option in
any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option,
by the number of Shares as to which the Option is exercised.

 

6.6.2       Termination
of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon such cessation as
the result of the Participant’s death or Disability, the Participant may exercise his or her Option within three (3)
months of such cessation, or such shorter or longer period of time, as is specified in the Award Agreement, in no event later than
the expiration of the term of such Option as set forth in the Award Agreement or Section 6.4. Unless otherwise provided by
the Administrator or set forth in the Award Agreement or other written agreement authorized by the Administrator between the Participant
and the Company or any of its Subsidiaries or Parents, as applicable, if on such date of cessation the Participant is not vested
as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan immediately. If
after such cessation the Participant does not exercise his or her Option within the time specified by the Administrator, the Option
will terminate, and the Shares covered by such Option will revert to the Plan.

 

6.6.3       Disability
of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant
may exercise his or her Option within six (6) months of such cessation, or such longer or shorter period of time as is specified
in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement
or Section 6.4, as applicable) to the extent the Option is vested on such date of cessation. Unless otherwise provided by
the Administrator or set forth in the Award Agreement or other written agreement authorized by the Administrator between the Participant
and the Company or any of its Subsidiaries or Parents, as applicable, if on the date of such cessation the Participant is not vested
as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan immediately. If
after such cessation the Participant does not exercise his or her Option within the time specified herein, the Option will terminate,
and the Shares covered by such Option will revert to the Plan.

 

6.6.4       Death
of Participant. If a Participant dies while a Service Provider, the Option may be exercised within six (6) months following
the Participant’s death, or within such longer or shorter period of time as is specified in the Award Agreement (but in no
event later than the expiration of the term of such Option as set forth in the Award Agreement or Section 6.4, as applicable),
by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to the Participant’s
death in a form (if any) acceptable to the Administrator. If the Administrator has not permitted the designation of a beneficiary
or if no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative
of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will
or in accordance with the laws of descent and distribution (each, a “Legal Representative”). If the Option is
exercised pursuant to this Section 6.6.4, Participant’s designated beneficiary or Legal Representative shall be subject to
the terms of this Plan and the Award Agreement, including but not limited to the restrictions on transferability and forfeitability
applicable to the Service Provider. Unless otherwise provided by the Administrator or set forth in the Award Agreement or other
written agreement authorized by the Administrator between the Participant and the Company or any of its Subsidiaries or Parents,
as applicable, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested
portion of the Option will revert to the Plan immediately. If the Option is not so exercised within the time specified herein,
the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

    	 	-11-	 

     

    

 

6.6.5       Tolling
Expiration. A Participant’s Award Agreement may also provide that:

 

(a)       if
the exercise of the Option following the cessation of Participant’s status as a Service Provider (other than upon the Participant’s
death or Disability) would result in liability under Section 16b, then the Option will terminate on the earlier of (i) the expiration
of the term of the Option set forth in the Award Agreement, or (ii) the tenth (10th) day after the last date on which
such exercise would result in liability under Section 16b; or

 

(b)       if
the exercise of the Option following the cessation of the Participant’s status as a Service Provider (other than upon the
Participant’s death or Disability) would be prohibited at any time solely because the issuance of Shares would violate the
registration requirements under the Securities Act, then the Option will terminate on the earlier of (i) the expiration of the
term of the Option or (ii) the expiration of a period of thirty (30) days after the cessation of the Participant’s status
as a Service Provider during which the exercise of the Option would not be in violation of such registration requirements.

 

7.           Stock
Appreciation Rights.

 

7.1        Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to
Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

7.2        Number
of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock
Appreciation Rights.

 

7.3        Exercise
Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be received
upon exercise of a Stock Appreciation Right as set forth in Section 7.6 will be determined by the Administrator and will be no
less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject
to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights
granted under the Plan.

 

7.4        Stock
Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify
the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as
the Administrator, in its sole discretion, will determine.

 

7.5        Expiration
of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the
Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section
6.4 relating to the maximum term and Section 6.6 relating to exercise also will apply to Stock Appreciation Rights.

 

    	 	-12-	 

     

    

 

7.6        Payment
of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive
payment from the Company in an amount determined by multiplying:

 

(a)       The
difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

 

(b)        The
number of Shares with respect to which the Stock Appreciation Right is exercised.

 

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

 

8.           Restricted
Stock.

 

8.1        Grant
of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

8.2        Restricted
Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction
(if any), the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will
determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until
the restrictions on such Shares have lapsed. The Administrator, in its sole discretion, may determine that an Award of Restricted
Stock will not be subject to any Period of Restriction and consideration for such Award is paid for by past services rendered as
a Service Provider.

 

8.3        Transferability.
Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

 

8.4        Other
Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as
it may deem advisable or appropriate.

 

8.5        Removal
of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock
grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or
at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any
restrictions will lapse or be removed.

 

8.6        Voting
Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise
full voting rights with respect to those Shares, unless the Administrator determines otherwise.

 

8.7        Dividends
and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled
to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise.
If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability
and forfeitability as the Shares of Restricted Stock with respect to which they were paid.

    	 	-13-	 

     

    

 

8.8        Return
of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have
not lapsed will revert to the Company and again will become available for grant under the Plan.

 

9.           Restricted
Stock Units.

 

9.1        Grant.
Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator
determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions,
and restrictions related to the grant, including the number of Restricted Stock Units.

 

9.2        Vesting
Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to
which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator
may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or individual goals (including,
but not limited to, continued employment or service), applicable federal or state securities laws or any other basis determined
by the Administrator in its discretion.

 

9.3        Earning
Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout
as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator,
in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

 

9.4        Form
and Timing of Payment. Payment of earned Restricted Stock Units will be made at the time(s) determined by the Administrator
and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted Stock Units in cash,
Shares, or a combination of both.

 

9.5        Cancellation.
On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 

10.         Performance
Awards.

 

10.1      Award
Agreement. Each Performance Award will be evidenced by an Award Agreement that will specify any time period during which any
performance objectives or other vesting provisions will be measured (“Performance Period”), and such other terms and
conditions as the Administrator determines. Each Performance Award will have an initial value that is determined by the Administrator
on or before its date of grant.

 

10.2      Objectives
or Vesting Provisions and Other Terms. The Administrator will set any objectives or vesting provisions that, depending
on the extent to which any such objectives or vesting provisions are met, will determine
the value of the payout for the Performance Awards. The Administrator may set vesting criteria based upon the achievement
of Company-wide, divisional, business unit, or individual goals (including, but not limited to, continued employment or service),
applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion.

    	 	-14-	 

     

    

 

10.3      Earning
Performance Awards. After an applicable Performance Period has ended, the holder of a Performance Award will be entitled
to receive a payout for the Performance Award earned by the Participant over the Performance Period. The Administrator, in its
discretion, may reduce or waive any performance objectives or other vesting provisions for such Performance Award.

 

10.4      Form
and Timing of Payment. Payment of earned Performance Awards will be made at the time(s) determined by the Administrator and
set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Performance Awards in cash, Shares,
or a combination of both.

 

10.5      Cancellation
of Performance Awards. On the date set forth in the Award Agreement, all unearned or unvested Performance Awards will be forfeited
to the Company, and again will be available for grant under the Plan.

 

11.         Outside
Director Award Limitations. No Outside Director may be granted, in any Fiscal Year, equity awards (including any Awards granted
under this Plan), the value of which will be based on their grant date fair value determined in accordance with U.S. generally
accepted accounting principles, and be provided any other compensation (including without limitation any cash retainers or fees)
in amounts that, in the aggregate, exceed $500,000, provided that such amount is increased to $750,000 in the Fiscal Year
of such individual’s initial service as an Outside Director. Any Awards granted or other compensation provided to an individual
(a) for such individual’s services as an Employee, or for such individual’s services as a Consultant (other than
as an Outside Director), or (b) prior to the Registration Date, will be excluded for purposes of this Section 11.

 

12.         Compliance
With Section 409A. Awards will be designed and operated in such a manner that they are either exempt from the application
of, or comply with, the requirements of Section 409A such that the grant, payment, settlement or deferral will not be subject
to the additional tax or interest applicable under Section 409A, except as otherwise determined in the sole discretion of
the Administrator. The Plan and each Award Agreement under the Plan is intended to be exempt from or meet the requirements
of Section 409A and will be construed and interpreted in accordance with such intent (including with respect to any ambiguities
or ambiguous terms), except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or
payment, or the settlement or deferral thereof, is subject to Section 409A the Award will be granted, paid, settled or deferred
in a manner that will meet the requirements of Section 409A, such that the grant, payment, settlement or deferral will not
be subject to the additional tax or interest applicable under Section 409A. In no event will the Company or any of its Parent
or Subsidiaries have any responsibility, liability, or obligation to reimburse, indemnify, or hold harmless a Participant (or any
other person) in respect of Awards, for any taxes, penalties or interest that may be imposed on, or other costs incurred by, Participant
(or any other person) as a result of Section 409A.

 

13.         Leaves
of Absence/Transfer Between Locations. Unless the Administrator provides otherwise or as otherwise required by Applicable
Laws, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to
be an Employee in the case of (a) any leave of absence approved by the Company or (b) transfers between locations of
the Company or between the Company, its Parent, or any of its Subsidiaries. For purposes of Incentive Stock Options, no such leave
may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment
upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st)
day of such leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and
will be treated for tax purposes as a Nonstatutory Stock Option.

 

    	 	-15-	 

     

    

 

14.         Limited
Transferability of Awards. Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of descent and distribution (which, for purposes of
clarification, shall be deemed to include through a beneficiary designation if available in accordance with Section 6.6.4), and
may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable,
such Award will contain such additional terms and conditions as the Administrator deems appropriate.

 

15.         Adjustments;
Dissolution or Liquidation; Merger or Change in Control.

 

15.1      Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, reclassification,
repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company
affecting the Shares occurs (other than any ordinary dividends or other ordinary distributions), the Administrator, in order to
prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust
the number and class of shares of stock that may be delivered under the Plan and/or the number, class, and price of shares of stock
covered by each outstanding Award, and numerical Share limits in Section 3.

 

15.2      Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each
Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously
exercised, an Award will terminate immediately prior to the consummation of such proposed action.

 

15.3      Merger
or Change in Control. In the event of a merger of the Company with or into another corporation or other entity or a Change
in Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the following
paragraph) without a Participant’s consent, including, without limitation, that (a) Awards will be assumed, or substantially
equivalent awards will be substituted, by the acquiring or successor corporation (or an affiliate thereof) with appropriate adjustments
as to the number and kind of shares and prices; (b) upon written notice to a Participant, that the Participant’s Awards will
terminate upon or immediately prior to the consummation of such merger or Change in Control; (c) outstanding Awards will vest
and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to
or upon consummation of such merger or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately
prior to the effectiveness of such merger or Change in Control; (d) (i) the termination of an Award in exchange for an amount of
cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization
of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of
the date of the occurrence of the transaction the Administrator determines in good faith that no amount would have been attained
upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company
without payment), or (ii) the replacement of such Award with other rights or property selected by the Administrator in its
sole discretion; or (e) any combination of the foregoing. In taking any of the actions permitted under this Section 15.3,
the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, all Awards of the same type, or
all portions of Awards, similarly.

 

    	 	-16-	 

     

    

 

In the event that the acquiring
or successor corporation (or an affiliate thereof) does not assume the Award (or portion thereof) as described below or substitute
for the Award (or portion thereof) as described above, then the Participant will fully vest in and have the right to exercise his
or her outstanding Options and Stock Appreciation Rights (or portions thereof) not assumed or substituted for, including Shares
as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock, Restricted Stock Units,
or Performance Awards (or portions thereof) not assumed or substituted for will lapse, and, with respect to Awards with performance-based
vesting (or portions thereof) not assumed or substituted for, all performance goals or other vesting criteria will be deemed achieved
at one hundred percent (100%) of target levels and all other terms and conditions met, in each case, unless specifically provided
otherwise under the applicable Award Agreement or other written agreement authorized by the Administrator between the Participant
and the Company or any of its Subsidiaries or Parents, as applicable. In addition, unless specifically provided otherwise under
the applicable Award Agreement or other written agreement authorized by the Administrator between the Participant and the Company
or any of its Subsidiaries or Parents, as applicable, if an Option or Stock Appreciation Right (or portion thereof) is not assumed
or substituted in the event of a merger or Change in Control, the Administrator will notify the Participant in writing or electronically
that the Option or Stock Appreciation Right (or its applicable portion) will be exercisable for a period of time determined by
the Administrator in its sole discretion, and the Option or Stock Appreciation Right (or its applicable portion) will terminate
upon the expiration of such period.

 

For the purposes of this
Section 15.3 and Section 15.4 below, an Award will be considered assumed if, following the merger or Change in Control,
the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change
in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control
by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that
if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its
Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon
the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit or Performance Award, for each
Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to
the per share consideration received by holders of Common Stock in the merger or Change in Control.

 

Notwithstanding anything
in this Section 15.3 to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance
goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s
consent, in all cases, unless specifically provided otherwise under the applicable Award Agreement or other written agreement authorized
by the Administrator between the Participant and the Company or any of its Subsidiaries or Parents, as applicable; provided, however,
a modification to such performance goals only to reflect the successor corporation’s post-Change in Control corporate structure
will not be deemed to invalidate an otherwise valid Award assumption.

 

    	 	-17-	 

     

    

 

Notwithstanding anything
in this Section 15.3 to the contrary, and unless otherwise provided in an Award Agreement, if an Award that vests, is earned
or paid-out under an Award Agreement is subject to Section 409A and if the change in control definition contained in the Award
Agreement (or other agreement related to the Award, as applicable) does not comply with the definition of “change in control”
for purposes of a distribution under Section 409A, then any payment of an amount that is otherwise accelerated under this Section
15.3 will be delayed until the earliest time that such payment would be permissible under Section 409A without triggering any penalties
applicable under Section 409A.

 

15.4      
Outside Director Awards. With respect to Awards granted to an Outside Director, in the event of a Change in Control, the
Participant will fully vest in and have the right to exercise Options and/or Stock Appreciation Rights as to all of the Shares
underlying such Award, including those Shares which would not be vested or exercisable, all restrictions on Restricted Stock and
Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting
criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met, unless
specifically provided otherwise under the applicable Award Agreement or other written agreement between the Participant and the
Company or any of its Subsidiaries or Parents, as applicable.

 

16.         Tax
Withholding.

 

16.1      Withholding
Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof) or such earlier time as
any tax withholdings are due, the Company (or any of its Parent, Subsidiaries, or affiliates employing or retaining the services
of a Participant, as applicable) will have the power and the right to deduct or withhold, or require a Participant to remit to
the Company (or any of its Parent, Subsidiaries, or affiliates, as applicable) or a relevant tax authority, an amount sufficient
to satisfy U.S. federal, state, local, non-U.S., and other taxes (including the Participant’s FICA or other social insurance
contribution obligation) required to be withheld or paid with respect to such Award (or exercise thereof).

 

16.2      Withholding
Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time,
may permit a Participant to satisfy such tax liability or withholding obligation, in whole or in part by such methods as the Administrator
shall determine, including, without limitation, (a) paying cash, check or other cash equivalents, (b) electing to have the
Company withhold otherwise deliverable cash or Shares having a fair market value equal to the minimum statutory amount required
to be withheld or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences,
as the Administrator determines in its sole discretion, (c) delivering to the Company already-owned Shares having a fair market
value equal to the minimum statutory amount required to be withheld or such greater amount as the Administrator may determine,
in each case, provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator
determines in its sole discretion, (d) selling a sufficient number of Shares otherwise deliverable to the Participant through
such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount
required to be withheld or paid, (e) such other consideration and method of payment for the meeting of tax liabilities or withholding
obligations as the Administrator may determine to the extent permitted by Applicable Laws, or (f) any combination of the foregoing
methods of payment. The amount of the withholding obligation will be deemed to include any amount which the Administrator agrees
may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local
marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld
is to be determined or such greater amount as the Administrator may determine if such amount would not have adverse accounting
consequences, as the Administrator determines in its sole discretion. The fair market value of the Shares to be withheld or delivered
will be determined as of the date that the taxes are required to be withheld.

 

    	 	-18-	 

     

    

 

17.         No
Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing
the Participant’s relationship as a Service Provider with the Company or its Subsidiaries or Parents, as applicable, nor
will they interfere in any way with the Participant’s right or the right of the Company and its Subsidiaries or Parents,
as applicable, to terminate such relationship at any time, free from any liability or claim under the Plan.

 

18.         Date
of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination
granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided
to each Participant within a reasonable time after the date of such grant.

 

19.         Effective
Date; Term of Plan. Subject to Section 23 of the Plan, the Plan will become effective upon the later to occur of (i) its
adoption by the Board or (ii) the business day immediately prior to the Registration Date. It will continue in effect until
terminated under Section 20, but no Incentive Stock Options may be granted after 10 years from the date adopted by the Board
and Section 3.2 will operate only until the 10th anniversary of the date the Plan is adopted by the Board.

 

20.         Amendment
and Termination of the Plan.

 

20.1      Amendment
and Termination. The Administrator, in its sole discretion, may amend, alter, suspend or terminate the Plan, or any part thereof,
at any time and for any reason.

 

20.2      Stockholder
Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply
with Applicable Laws.

 

20.3      Effect
of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will materially impair the rights
of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in
writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability
to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

    	 	-19-	 

     

    

 

21.         Conditions
Upon Issuance of Shares.

 

21.1      Legal
Compliance. Shares will not be issued pursuant to an Award unless the exercise or vesting of such Award and the issuance and
delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company
with respect to such compliance.

 

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

 

22.         Inability
to Obtain Authority. If the Company determines it to be impossible or impractical to obtain authority from any regulatory body
having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under
any U.S. state or federal law or non-U.S. law or under the rules and regulations of the U.S. Securities and Exchange Commission,
the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority,
registration, qualification or rule compliance is deemed by the Company’s counsel to be necessary or advisable for the issuance
and sale of any Shares hereunder, the Company will be relieved of any liability in respect of the failure to issue or sell such
Shares as to which such requisite authority, registration, qualification or rule compliance will not have been obtained.

 

23.         Stockholder
Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date
the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable
Laws.

 

24.         Forfeiture
Events. The Administrator may specify in an Award Agreement that the Participant’s rights, payments, and benefits with
respect to an Award will be subject to the reduction, cancellation, forfeiture, recoupment, reimbursement, or reacquisition upon
the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award.
Such events may include, without limitation, termination of such Participant’s status as an employee and/or other service
provider for cause or any specified action or inaction by a Participant, whether before or after such termination of employment
and/or other service, that would constitute cause for termination of such Participant’s status as an employee and/or other
service provider. Notwithstanding any provisions to the contrary under this Plan, all Awards granted under the Plan will
be subject to reduction, cancellation, forfeiture, recoupment, reimbursement,
or reacquisition under any clawback policy that the Company is required to adopt pursuant to the listing standards of any
national securities exchange or association on which the Company’s securities are listed or as is otherwise required by
the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Laws (the
“Clawback Policy”). The Administrator may require a Participant to forfeit, or return to the Company, or reimburse
the Company for, all or a portion of the Award and any amounts paid thereunder pursuant to the terms of the Clawback Policy or
as necessary or appropriate to comply with Applicable Laws, including without limitation any reacquisition right regarding previously
acquired Shares or other cash or property. Unless this Section 24 specifically is mentioned and waived in an Award Agreement or
other document, no recovery of compensation under a Clawback Policy or otherwise will constitute an event that triggers or contributes
to any right of a Participant to resign for “good reason” or “constructive termination” (or similar term)
under any agreement with the Company or any Parent or Subsidiary of the Company.

 

*          *          *

 

    	 	-20-	 

     

    

  

TENON MEDICAL, INC.

 

2022 EQUITY INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

NOTICE OF STOCK OPTION
GRANT

 

Unless otherwise defined
herein, the terms defined in the Tenon Medical, Inc. 2022 Equity Incentive Plan (the “Plan”) will have
the same defined meanings in this Stock Option Agreement, which includes the Notice of Stock Option Grant (the “Notice
of Grant”), the Terms and Conditions of Stock Option Grant, attached hereto as Exhibit A, the Exercise Notice,
attached hereto as Exhibit B, and all other exhibits, appendices, and addenda attached hereto (the “Option
Agreement”).

 

Participant Name:

 

Address:

 

The undersigned Participant
has been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Option
Agreement, as follows:

 

	Grant Number:	 	 
	 	 	 
	Date of Grant:	 	 
	 	 	 
	Vesting Commencement Date:	 	 
	 	 	 
	Exercise Price per Share:	$	 
	 	 	 
	Total Number of Shares Subject to Option:	 	 
	 	 	 
	Total Exercise Price:	$	                
	 	 	 
	Type of Option:	___ Incentive Stock Option
	 	 	 
	 	___ Nonstatutory Stock Option
	 	 	 
	Term/Expiration Date:	 	 

 

Vesting Schedule:

 

Subject to any acceleration
provisions contained in the Plan, this Option Agreement or any other written agreement authorized by the Administrator between
Participant and the Company (or any Parent or Subsidiary of the Company, as applicable) governing the terms of this Option, this
Option will vest and be exercisable, in whole or in part, according to the following vesting schedule:

 

    	 	 	 

     

    

 

[[Insert
Vesting Schedule], in each case subject to Participant continuing to be a Service Provider through the applicable vesting date.]

 

[Standard
Vesting: Twenty-five percent (25%) of the Total Number of Shares Subject to Option (as set forth above) subject to this Award
Agreement will be scheduled to vest on the one (1) year anniversary of the Vesting Commencement Date, and one forty-eighth (1/48th)
of the Total Number of Shares Subject to Option will be scheduled to vest each month thereafter on the same day of the month as
the Vesting Commencement Date (and if there is no corresponding day in a particular month, on the last day of the month), in each
case subject to Participant continuing to be a Service Provider through each such date.]

 

Termination Period:

 

This Option shall be exercisable,
to the extent vested, for [three (3)]
months after Participant ceases to be a Service Provider, unless such termination is due to Participant’s death or Disability.
If Participant ceases to be a Service Provider due to Participant’s death or Disability, this Option shall be exercisable,
to the extent vested, for [twelve (12)]
months after Participant ceases to be a Service Provider. Notwithstanding the foregoing, in the event that Participant’s
status as a Service Provider is terminated by the Company (or any of its Parents or Subsidiaries, as applicable) for Cause, this
Option shall terminate immediately upon such termination of Participant’s Service Provider status. Further, and notwithstanding
the foregoing, in no event may this Option be exercised after the Term/Expiration Date as provided above and this Option may be
subject to earlier termination as provided in Section 15 of the Plan.

 

By Participant’s
signature and the signature of the representative of the Company below, Participant and the Company agree that this Option is granted
under and governed by the terms and conditions of the Plan and this Option Agreement, including the Terms and Conditions of Stock
Option Grant, attached hereto as Exhibit A, the Exercise Notice, attached hereto as Exhibit B, and all other
exhibits, appendices and addenda attached hereto, all of which are made a part of this document. Participant acknowledges receipt
of a copy of the Plan. Participant has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to
obtain the advice of counsel prior to executing this Option Agreement and fully understands all provisions of the Plan and the
Option Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions relating to the Plan or this Option Agreement. Participant further agrees to notify the Company
upon any change in Participant’s residence address indicated below.

 

    	 	-2-	 

     

    

 

	PARTICIPANT	 	TENON MEDICAL, INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	Residence Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	-3-	 

     

    

 

EXHIBIT A

 

TENON MEDICAL, INC.

 

2022 EQUITY INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

TERMS AND CONDITIONS OF
STOCK OPTION GRANT

 

1.       
    Grant of Option.

 

(a)       
The Company hereby grants to the individual (“Participant”) named in the Notice of Stock Option Grant of this
Option Agreement (the “Notice of Grant”), an option (the “Option”) to purchase the number
of Shares set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise
Price”), subject to all of the terms and conditions in this Option Agreement and the Plan, which is incorporated herein
by reference. Subject to Section 20 of the Plan, in the event of a conflict between the terms and conditions of the Plan and
this Option Agreement, the terms and conditions of the Plan shall prevail.

 

(b)        For
U.S. taxpayers, if designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this Option is intended
to qualify as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds
the $100,000 rule of Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”).
Further, if for any reason this Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification,
such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company,
or any Parent or Subsidiary of the Company or any of their respective employees or directors have any liability to Participant
(or any other person) due to the failure of the Option to qualify for any reason as an ISO.

 

(c)        For
non-U.S. taxpayers, the Option will be designated as an NSO.

 

2.            Vesting
Schedule. Except as provided in Section 3, the Option awarded by this Option Agreement will vest in accordance
with the vesting provisions set forth in the Notice of Grant. Unless specifically provided otherwise in this Option Agreement or
other written agreement authorized by the Administrator between Participant and the Company or any Parent or Subsidiary of the
Company, as applicable, Shares subject to this Option that are scheduled to vest on a certain date or upon the occurrence of a
certain condition will not vest in accordance with any of the provisions of this Option Agreement, unless Participant will have
been continuously a Service Provider from the Date of Grant until the date such vesting occurs.

 

3.            Administrator
Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the
balance, of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option will be considered
as having vested as of the date specified by the Administrator.

 

    	 	 	 

     

    

 

4.            Exercise
of Option.

 

(a)       Right
to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice
of Grant and with the applicable provisions of the Plan and this Option Agreement.

 

(b)       Method
of Exercise. This Option shall be exercisable by delivery of an exercise notice (the “Exercise Notice”)
in the form attached as Exhibit B to the Notice of Grant or in a manner and pursuant to such procedures as the Administrator
may determine, which shall state the election to exercise the Option, the number of Shares with respect to which the Option is
being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by
the Company. The Exercise Notice shall be completed by Participant and delivered to the Company, accompanied by payment of the
aggregate Exercise Price as to all Exercised Shares, together with any applicable Withholding Obligations (as defined below). This
Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate
Exercise Price, together with any applicable Withholding Obligations.

 

No Shares shall be issued
pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance,
for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Option is exercised
with respect to such Shares.

 

5.           Method
of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election
of Participant:

 

(a)        cash
or check;

 

(b)        consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 

(c)        if
Participant is a U.S. employee, surrender of other Shares which (i) shall be valued at its fair market value on the date of surrender,
and (ii) must be owned free and clear of any liens, claims, encumbrances, or security interests, if accepting such Shares, in the
sole discretion of the Administrator, shall not result in any adverse accounting consequences to the Company.

 

A non-U.S. resident’s
methods of exercise may be restricted by the terms and conditions of any appendix to this Agreement for Participant’s country
(including the Country Addendum, as defined below). The Company from time to time may engage a stock plan service provider to assist
the Company with the implementation, administration, and management of the Plan and Awards granted thereunder. For clarity, the
Administrator may establish procedures that require any exercise of this Option, including without limitation the method of payment
of the applicable Exercise Price and any applicable Withholding Obligations, to be satisfied through such stock plan service provider.

 

6.            Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Participant only by Participant.

 

7.            Term
of Option. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such
term only in accordance with the Plan and the terms of this Option Agreement.

 

    	 	-2-	 

     

    

 

8.            Tax
Obligations.

 

(a)        Responsibility
for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant’s
employer or any Parent or Subsidiary of the Company to which Participant is providing services (together, the “Service
Recipients”), the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection
with the Option, including, without limitation, (i) all federal, state, and local taxes (including Participant’s Federal
Insurance Contributions Act (FICA) obligations) that are required to be withheld by any Service Recipient or other payment of tax-related
items related to Participant’s participation in the Plan and legally applicable to Participant, (ii) Participant’s
and, to the extent required by any Service Recipient, the Service Recipient’s fringe benefit tax liability, if any, associated
with the grant, vesting, or exercise of the Option or sale of Shares, and (iii) any other Service Recipient taxes the responsibility
for which Participant has, or has agreed to bear, with respect to the Option (or exercise thereof or issuance of Shares thereunder)
(collectively, the “Tax Obligations”), is and remains Participant’s sole responsibility and may exceed
the amount actually withheld by the applicable Service Recipient(s). Participant further acknowledges that no Service Recipient
(A) makes any representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the
Option, including, but not limited to, the grant, vesting, or exercise of the Option, the subsequent sale of Shares acquired pursuant
to such exercise and the receipt of any dividends or other distributions, and (B) makes any commitment to and is under any obligation
to structure the terms of the grant or any aspect of the Option to reduce or eliminate Participant’s liability for Tax Obligations
or achieve any particular tax result. Further, if Participant is subject to Tax Obligations in more than one jurisdiction between
the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the
applicable Service Recipient(s) (or former employer, as applicable) may be required to withhold or account for Withholding Obligations
(as defined below) in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of any
required Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the Company
may refuse to issue or deliver the Shares.

 

(b)        Tax
Withholding. Pursuant to such procedures as the Administrator may specify from time to time, the applicable Service Recipient(s)
will withhold the amount required to be withheld for the payment of Tax Obligations (the “Withholding Obligations”).
The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit or require
Participant to satisfy such Withholding Obligations, in whole or in part (without limitation), if permissible by applicable local
law, by: (i) paying cash, (ii) having the Company withhold otherwise deliverable Shares having a fair market value equal to
the minimum amount that is necessary to meet the withholding requirement for such Withholding Obligations (or such greater amount
as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting
consequences) (“Net Share Withholding”), (iii) withholding the amount of such Withholding Obligations from Participant’s
wages or other cash compensation paid to Participant by the applicable Service Recipient(s), (iv) delivering to the Company
Shares that Participant owns and that already have vested with a fair market value equal to the Withholding Obligations (or such
greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial
accounting consequences), or (v) selling a sufficient number of such Shares otherwise deliverable to Participant, through
such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the minimum amount
that is necessary to meet the withholding requirement for such Withholding Obligations (or such greater amount as Participant may
elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences)
(“Sell to Cover”). If the Withholding Obligations are satisfied by withholding in Shares, for tax purposes,
Participant is deemed to have been issued the full number of Shares exercised under the Option, notwithstanding that a number of
Shares are held back solely for purposes of paying the Withholding Obligations. To the extent determined appropriate by the Administrator
in its discretion, the Administrator will have the right (but not the obligation) to satisfy any Withholding Obligations by Net
Share Withholding. If Net Share Withholding is the method by which such Withholding Obligations are satisfied, the Company will
not withhold on a fractional Share basis to satisfy any portion of the Withholding Obligations and, unless the Company determines
otherwise, no refund will be made to Participant for the value of the portion of a Share, if any, withheld in excess of the Withholding
Obligations. If a Sell to Cover is the method by which Withholding Obligations are satisfied, Participant agrees that as part of
the Sell to Cover, additional Shares may be sold to satisfy any associated broker or other fees. Only whole Shares will be sold
pursuant to a Sell to Cover. Any proceeds from the sale of Shares pursuant to a Sell to Cover that are in excess of the Withholding
Obligations and any associated broker or other fees will be paid to Participant in accordance with procedures the Company may specify
from time to time.

 

    	 	-3-	 

     

    

 

(c)        Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years
after the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant shall immediately notify the
Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company
on the compensation income recognized by Participant.

 

(d)        Section
409A. Under Section 409A, a stock right (such as the Option) that vests after December 31, 2004 (or that vested on or prior
to such date but which was materially modified after October 3, 2004), that was granted with a per share exercise price that is
determined by the Internal Revenue Service (the “IRS”) to be less than the fair market value of an underlying
share on the date of grant (a “discount option”) may be considered “deferred compensation.” A stock
right that is a “discount option” may result in (i) income recognition by the recipient of the stock right prior to
the exercise of the stock right, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest
charges. The “discount option” may also result in additional state income, penalty, and interest tax to the recipient
of the stock right. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per
Share exercise price of this Option equals or exceeds the fair market value of a Share on the date of grant in a later examination.
Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the
fair market value of a Share on the date of grant, Participant shall be solely responsible for Participant’s costs related
to such a determination. In no event will the Company or any of its Parent or Subsidiaries have any responsibility, liability,
or obligation to reimburse, indemnify, or hold harmless Participant (or any other person) in respect of this Option or any other
Awards, for any taxes, penalties, or interest that may be imposed on, or other costs incurred by, Participant (or any other person)
as a result of Section 409A.

 

9.            Rights
as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges
of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such
Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its transfer agents or
registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation,
and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt
of dividends and distributions on such Shares.

 

    	 	-4-	 

     

    

 

10.          Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements
of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to Participant’s
interest except by means of a writing signed by the Company and Participant. This Option Agreement is governed by the internal
substantive laws but not the choice of law rules of the State of Delaware.

 

11.         No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER, WHICH UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAWS IS AT THE WILL
OF THE APPLICABLE SERVICE RECIPIENT AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER.
PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING
SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE
VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF ANY
SERVICE RECIPIENT TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER, SUBJECT TO APPLICABLE LAW, WHICH TERMINATION,
UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, MAY BE AT ANY TIME, WITH OR WITHOUT CAUSE.

 

12.          Nature
of Grant. In accepting the Option, Participant acknowledges, understands, and agrees that:

 

(a)       the
grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of
options, or benefits in lieu of options, even if options have been granted in the past;

 

(b)        all
decisions with respect to future option or other grants, if any, will be at the sole discretion of the Administrator;

 

(c)        Participant
is voluntarily participating in the Plan;

 

(d)        the
Option and any Shares acquired under the Plan are not intended to replace any pension rights or compensation;

 

(e)        the
Option and Shares acquired under the Plan and the income and value of same, are not part of normal or expected compensation for
purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service
awards, pension or retirement or welfare benefits or similar payments;

 

    	 	-5-	 

     

    

 

(f)       the
future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted;

 

(g)        if
the underlying Shares do not increase in value, the Option will have no value;

 

(h)        if
Participant exercises the Option and acquires Shares, the value of such Shares may increase or decrease in value, even below the
Exercise Price;

 

(i)        for
purposes of the Option, Participant’s status as a Service Provider will be considered terminated as of the date Participant
is no longer actively providing services to the Company or any Parent or Subsidiary (regardless of the reason for such termination
and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service
Provider or the terms of Participant’s employment or service agreement, if any), and unless otherwise expressly provided
in this Option Agreement (including by reference in the Notice of Grant to other arrangements or contracts) or determined by the
Administrator, (i) Participant’s right to vest in the Option under the Plan, if any, will terminate as of such date and will
not be extended by any notice period (e.g., Participant’s period of service would not include any contractual notice period
or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant
is a Service Provider or the terms of Participant’s employment or service agreement, if any, unless Participant is providing
bona fide services during such time); and (ii) the period (if any) during which Participant may exercise the Option after such
termination of Participant’s engagement as a Service Provider will commence on the date Participant ceases to actively provide
services and will not be extended by any notice period mandated under employment laws in the jurisdiction where Participant is
employed or terms of Participant’s engagement agreement, if any; the Administrator shall have the exclusive discretion to
determine when Participant is no longer actively providing services for purposes of this Option grant (including whether Participant
may still be considered to be providing services while on a leave of absence and consistent with local law); and

 

(j)        unless
otherwise provided in the Plan or by the Administrator in its discretion, the Option and the benefits evidenced by this Option
Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company
nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares.

 

13.          No
Advice Regarding Grant. The Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendations
regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the Shares underlying the
Option. Participant is hereby advised to consult with Participant’s own personal tax, legal, and financial advisers regarding
Participant’s participation in the Plan before taking any action related to the Plan.

 

14.          Address
for Notices. Any notice to be given to the Company under the terms of this Option Agreement will be addressed to the Company
at Tenon Medical, Inc., 104 Cooper Court, Los Gatos, CA 95032, or at such other address as the Company may hereafter designate
in writing.

 

15.          Successors
and Assigns. The Company may assign any of its rights under this Option Agreement to single or multiple assignees, and this
Option Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Option Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators,
successors, and assigns. The rights and obligations of Participant under this Option Agreement may be assigned only with the prior
written consent of the Company.

 

    	 	-6-	 

     

    

 

16.          Additional
Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration,
qualification, or rule compliance of the Shares upon any securities exchange or under any state, federal, or non-U.S. law, the
tax code and related regulations or under the rulings or regulations of the U.S. Securities and Exchange Commission or any other
governmental regulatory body or the clearance, consent, or approval of the U.S. Securities and Exchange Commission or any other
governmental regulatory authority is necessary or desirable as a condition to the exercise of the Options or the purchase by, or
issuance of Shares, to Participant (or Participant’s estate) hereunder, such exercise, purchase, or issuance will not occur
unless and until such listing, registration, qualification, rule compliance, clearance, consent, or approval will have been completed,
effected, or obtained free of any conditions not acceptable to the Company. Subject to the terms of the Option Agreement and the
Plan, the Company will not be required to issue any certificate or certificates for (or make any entry on the books of the Company
or of a duly authorized transfer agent of the Company of) the Shares hereunder prior to the lapse of such reasonable period of
time following the date of exercise of the Option as the Administrator may establish from time to time for reasons of administrative
convenience.

 

17.          Interpretation.
The Administrator will have the power to interpret the Plan and this Option Agreement and to adopt such rules for the administration,
interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but
not limited to, the determination of whether or not any Shares subject to the Option have vested). All actions taken and all interpretations
and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other
interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for
any action, determination, or interpretation made in good faith with respect to the Plan or this Option Agreement.

 

18.         Electronic
Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to the Option awarded
under the Plan or future options that may be awarded under the Plan by electronic means or require Participant to participate in
the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate
in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the
Company.

 

19.         Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Option
Agreement.

 

20.          Option
Agreement Severable. In the event that any provision in this Option Agreement will be held invalid or unenforceable, such provision
will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions
of this Option Agreement.

 

21.         Amendment,
Suspension or Termination of the Plan. By accepting this Option, Participant expressly warrants that Participant has received
an Option under the Plan, and has received, read, and understood a description of the Plan. Participant understands that the Plan
is discretionary in nature and may be amended, suspended, or terminated by the Administrator at any time.

 

    	 	-7-	 

     

    

 

22.          Country
Addendum. Notwithstanding any provisions in this Option Agreement, this Option shall be subject to any special terms and conditions
set forth in an appendix (if any) to this Option Agreement for any country whose laws are applicable to Participant and this Option
(as determined by the Administrator in its sole discretion) (the “Country Addendum”). Moreover, if Participant
relocates to one of the countries included in the Country Addendum (if any), the special terms and conditions for such country
will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary
or advisable for legal or administrative reasons. The Country Addendum (if any) constitutes a part of this Option Agreement.

 

23.          Modifications
to the Option Agreement. This Option Agreement constitutes the entire understanding of the parties on the subjects covered.
Participant expressly warrants that Participant is not accepting this Option Agreement in reliance on any promises, representations,
or inducements other than those contained herein. Modifications to this Option Agreement can be made only in an express written
contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Option
Agreement, the Company reserves the right to revise this Option Agreement as it deems necessary or advisable, in its sole discretion
and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income
recognition under Section 409A in connection with the Option.

 

24.          No
Waiver. Either party’s failure to enforce any provision or provisions of this Option Agreement shall not in any way be
construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other
provision of this Option Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver of
either party’s right to assert all other legal remedies available to it under the circumstances.

 

25.          Tax
Consequences. Participant has reviewed with Participant’s own tax advisers the U.S. federal, state, local, and non-U.S.
tax consequences of this investment and the transactions contemplated by this Option Agreement. With respect to such matters, Participant
relies solely on such advisers and not on any statements or representations of the Company or any of its agents, written or oral.
Participant understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that
may arise as a result of this investment or the transactions contemplated by this Option Agreement.

 

*          *          *

 

    	 	-8-	 

     

    

 

EXHIBIT B

 

TENON MEDICAL, INC.

 

2022 EQUITY INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

EXERCISE NOTICE

 

Tenon Medical, Inc.

104 Cooper
Ct 

Los Gatos,
CA 95032

 

Attention: Stock Administration

 

1.            Exercise
of Option. Effective as of today, ________________, ____, the undersigned (“Participant”) hereby elects
to exercise Participant’s option (the “Option”) to purchase ________________ shares of the Common
Stock (the “Shares”) of Tenon Medical, Inc. (the “Company”) under and pursuant to the Tenon Medical,
Inc. 2022 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement dated ______________, _____, including
the Notice of Stock Option Grant, and the Terms and Conditions of Stock Option Grant attached as Exhibit A thereto and other
exhibits, appendices, and addenda attached thereto (the “Option Agreement”). Unless otherwise defined herein,
capitalized terms used in this Exercise Notice will be ascribed the same defined meanings as set forth in the Option Agreement
(or the Plan or other written agreement as specified in the Option Agreement).

 

2.            Delivery
of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any Withholding Obligations to be paid in connection with the exercise of the Option.

 

3.            Representations
of Participant. Participant acknowledges that Participant has received, read, and understood the Plan and the Option Agreement
and agrees to abide by and be bound by their terms and conditions.

 

4.            Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall
exist with respect to the Common Stock subject to the Option, notwithstanding the exercise of the Option. The Shares so acquired
shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No
adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided
in Section 15 of the Plan.

 

5.            Tax
Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant
deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company
for any tax advice.

 

    	 	 	 

     

    

 

6.            Interpretation.
Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Company forthwith
to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator
shall be final and binding on all parties to the maximum extent permitted by law.

 

7.            Governing
Law; Severability. This Exercise Notice is governed by the internal substantive laws, but not the choice of law rules, of the
State of Delaware. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Exercise Notice shall continue in full force and effect.

 

8.            Entire
Agreement. The Plan and Option Agreement are incorporated herein by reference. The Plan and the Option Agreement (including
this Exercise Notice and any exhibits, appendices, and addenda attached to the Notice of Stock Option Grant of the Option Agreement)
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely
to Participant’s interest except by means of a writing signed by the Company and Participant.

 

	Submitted by:	 	Accepted by:
	PARTICIPANT	 	TENON MEDICAL, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	Address:	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Date Received

 

    	 	-2-	 

     

    

 

APPENDIX A

 

TENON MEDICAL, INC.

 

2022 EQUITY INCENTIVE PLAN

 

COUNTRY ADDENDUM TO STOCK OPTION AGREEMENT

 

Unless
otherwise defined herein, capitalized terms used in this Country Addendum to Stock Option Agreement (the “Country
Addendum”) will be ascribed the same defined meanings as set forth in the Option Agreement
of which this Country Addendum forms a part (or the Plan or other written agreement as specified in the Option Agreement).

 

Terms and Conditions

 

This Country Addendum includes
additional terms and conditions that govern this Option granted pursuant to the terms and conditions of the Tenon Medical, Inc.
2022 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement to which this Country Addendum is attached
(the “Option Agreement”) to the extent the individual to whom the Option was granted (“Participant”)
resides and/or works in one of the countries listed below. If Participant is a citizen or resident (or is considered as such for
local law purposes) of a country other than the country in which Participant is currently residing and/or working, or if Participant
relocates to another country after the Option is granted, the Company, in its discretion, will determine to what extent the terms
and conditions contained herein will apply to Participant.

 

Notifications

 

This Country Addendum also
may include information regarding exchange controls and certain other issues of which Participant should be aware with respect
to Participant’s participation in the Plan. The information is based on the securities, exchange control, and other Applicable
Laws in effect in the respective countries as of [______], 20[__]. Such Applicable Laws often are complex and change frequently.
As a result, the Company strongly recommends that Participant not rely on the information in this Country Addendum as the only
source of information relating to the consequences of Participant’s participation in the Plan because the information may
be out of date at the time Participant vests in or exercises the Option or sells Shares acquired under the Option.

 

In addition, the information
contained in this Country Addendum is general in nature and may not apply to Participant’s particular situation, and the
Company is not in a position to assure Participant of any particular result. Participant should seek appropriate professional advice
as to how the Applicable Laws in Participant’s country may apply to Participant’s situation.

 

Finally, if Participant
is a citizen or resident of a country other than the one in which Participant currently is residing and/or working, transfers residence
and/or employment to another country after this Option is awarded, or is considered a resident of another country for local law
purposes, the information in this Country Addendum may not apply to Participant in the same manner.

 

    	 	 	 

     

    

 

		I.	GLOBAL PROVISIONS APPLICABLE TO PARTICIPANTS IN ALL COUNTRIES
OTHER THAN THE UNITED STATES

 

1.            Nature
of Grant. The following provisions supplement Section 12 of the Option Agreement:

 

(a)       the
Option and the Shares subject to the Option are not part of normal or expected compensation or salary for any purpose;

 

(b)        Participant
acknowledges and agrees that no Service Recipient shall be liable for any foreign exchange rate fluctuation between Participant's
local currency and the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant
to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise; and

 

(c)        no
claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from the termination of Participant’s
status as a Service Provider (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws
in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement,
if any), and in consideration of the grant of the Option to which Participant is otherwise not entitled, Participant irrevocably
agrees never to institute any claim against any Service Recipient, waives Participant’s ability, if any, to bring any such
claim, and releases each Service Recipient from any such claim; if, notwithstanding the foregoing, any such claim is allowed by
a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not
to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim.

 

2.            Data
Privacy. Participant hereby acknowledges the collection, use, and transfer, in electronic or other form, of Participant’s
personal data as described in this Option Agreement and any other Option grant materials by and among, as applicable, the Service
Recipients for the exclusive purpose of implementing, administering, and managing Participant’s participation in the Plan.

 

Participant understands
that the Company and the Service Recipient may hold certain personal information about Participant, including, but not limited
to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification
number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Options or any other entitlement
to Shares awarded, canceled, exercised, vested, unvested, or outstanding in Participant’s favor (“Data”), for
the exclusive purpose of implementing, administering and managing the Plan. 

 

Participant understands
that Data may be transferred to a stock plan service provider, as may be selected by the Company in the future, assisting the Company
with the implementation, administration, and management of the Plan. Participant understands that the recipients of the Data may
be located in the United States or elsewhere, and that the recipients’ country of operation (e.g., the United States) may
have different data privacy laws and protections than Participant’s country. Participant understands that Participant may
request information about sharing, processing, and storage of Data and may exercise their rights with respect to the Data, which
may include the right to terminate sharing, processing, and storage, by following instructions in the Company’s Personnel
Privacy Notice or by contacting Participant’s local human resources representative. Participant authorizes the Company, any
stock plan service provider selected by the Company, and any other possible recipients which may assist the Company (presently
or in the future) with implementing, administering, and managing the Plan to receive, possess, use, retain, and transfer the Data,
in electronic or other form, for the sole purpose of implementing, administering, and managing Participant’s participation
in the Plan. Participant understands that Data will be held only as long as is necessary to implement, administer, and manage Participant’s
participation in the Plan.

 

    	 	-2-	 

     

    

 

3.            Language.
If Participant has received this Option Agreement or any other document related to the Plan translated into a language other than
English and if the meaning of the translated version is different than the English version, the English version will control.

 

[Insert country-specific
provisions.]

 

    	 	-3-	 

     

    

 

TENON MEDICAL, INC.

 

2022 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

NOTICE OF RESTRICTED STOCK
UNIT GRANT

 

Unless otherwise defined
herein, the terms defined in the Tenon Medical, Inc. 2022 Equity Incentive Plan (the “Plan”) will have
the same defined meanings in this Restricted Stock Unit Agreement which includes the Notice of Restricted Stock Unit Grant (the
“Notice of Grant”), the Terms and Conditions of Restricted Stock Unit Grant, attached hereto as Exhibit A,
and all other exhibits, appendices, and addenda attached hereto (the “Award Agreement”).

 

	Participant Name:	 
	 	 
	Address:	 

 

The undersigned Participant
has been granted an Award of Restricted Stock Units, subject to the terms and conditions of the Plan and this Award Agreement,
as follows:

 

	Grant Number:	 
	 	 
	Date of Grant:	 
	 	 
	Vesting Commencement Date:	 
	 	 
	Total Number of Restricted Stock Units:	 

 

Vesting Schedule:

 

[For
purposes of this Agreement, “Quarterly Vesting Dates” with respect to any calendar year means February 20,
May 20, August 20, and November 20.]

 

Subject to any acceleration
provisions contained in the Plan, this Award Agreement or any other written agreement authorized by the Administrator between Participant
and the Company (or any Parent or Subsidiary of the Company, as applicable) governing the terms of this Award, the Restricted Stock
Units will be scheduled to vest according to the following vesting schedule:

 

[[Insert
Vesting Schedule], in each case subject to Participant continuing to be a Service Provider through the applicable vesting date.]

 

[Standard
Vesting Schedule: One-fourth (1/4th) of the Total Number of Restricted Stock Units (as set forth above) subject
to this Award Agreement will be scheduled to vest on the first Quarterly Vesting Date on or immediately following the one (1) year
anniversary of the Vesting Commencement Date (such first vesting date, the “First Vesting Date”), and thereafter,
one-sixteenth (1/16th) of the Total Number of Restricted Stock Units subject to this Award Agreement will be scheduled
to vest on each of the twelve (12), consecutive Quarterly Vesting Dates that occur after the First Vesting Date, in each case subject
to Participant continuing to be a Service Provider through the applicable vesting date.]

 

    	 	 	 

     

    

 

By Participant’s
signature and the signature of the representative of the Company below, Participant and the Company agree that this Award of Restricted
Stock Units is granted under and governed by the terms and conditions of the Plan and this Award Agreement, including the Terms
and Conditions of Restricted Stock Unit Grant, attached hereto as Exhibit A, and all other exhibits, appendices, and addenda
attached hereto, all of which are made a part of this document. Participant acknowledges receipt of a copy of the Plan. Participant
has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior
to executing this Award Agreement and fully understands all provisions of the Plan and this Award Agreement. Participant hereby
agrees to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating
to the Plan or this Award Agreement. Participant further agrees to notify the Company upon any change in Participant’s residence
address indicated below.

 

	PARTICIPANT	 	TENON MEDICAL, INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	Residence Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	 -2-	 

     

    

 

EXHIBIT A

 

TENON MEDICAL, INC.

 

2022 EQUITY INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

TERMS AND CONDITIONS OF RESTRICTED STOCK
UNIT GRANT

 

1.           Grant
of Restricted Stock Units. The Company hereby grants to the individual (“Participant”) named in the Notice
of Restricted Stock Unit Grant of this Award Agreement (the “Notice of Grant”) under the Plan an Award of Restricted
Stock Units, and subject to the terms and conditions of this Award Agreement and the Plan, which is incorporated herein by reference.
Subject to Section 20 of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Award
Agreement, the terms and conditions of the Plan shall prevail.

 

2.           Company’s
Obligation to Pay. Each Restricted Stock Unit represents the right to receive a Share on the date it vests. Unless and until
the Restricted Stock Units will have vested in the manner set forth in Section 3 or 4, Participant will have no right
to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock
Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

 

3.           Vesting
Schedule. Except as provided in Section 4, and subject to Section 5, the Restricted Stock Units awarded by this
Award Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Unless specifically provided
otherwise in this Award Agreement or other written agreement authorized by the Administrator between Participant and the Company
or any Parent or Subsidiary of the Company, as applicable, governing the terms of this Award, Restricted Stock Units scheduled
to vest on a certain date or upon the occurrence of a certain condition will not vest in accordance with any of the provisions
of this Award Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date
such vesting occurs.

 

4.            Payment
after Vesting.

 

(a)            General
Rule. Subject to Section 7, any Restricted Stock Units that vest will be paid to Participant (or in the event of Participant’s
death, to Participant’s properly designated beneficiary or estate) in whole Shares. Subject to the provisions of Section
4(c), such vested Restricted Stock Units shall be paid in whole Shares as soon as practicable after vesting, but in each such
case within sixty (60) days following the vesting date. In no event will Participant be permitted, directly or indirectly, to specify
the taxable year of payment of any Restricted Stock Units payable under this Award Agreement.

 

(b)           Administrator
Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the
balance, of the unvested Restricted Stock Units at any time, subject to the terms of the Plan. If so accelerated, such Restricted
Stock Units will be considered as having vested as of the date specified by the Administrator.

 

    	 	 	 

     

    

 

(c)           Section
409A.

 

(i)        If
Participant is a U.S. taxpayer, the payment of Shares vesting pursuant to this Award Agreement (including any discretionary acceleration
under Section 4(b)) shall in all cases be paid at a time or in a manner that is exempt from, or complies with, Section 409A.
The prior sentence may be superseded in a future agreement or amendment to this Award Agreement only by direct and specific reference
to such sentence.

 

(ii)        Notwithstanding
anything in the Plan or this Award Agreement or any other agreement (whether entered into before, on or after the Date of Grant),
if the vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated in connection
with the termination of Participant’s status as a Service Provider (provided that such termination is a “separation
from service” within the meaning of Section 409A, as determined by the Administrator), other than due to Participant’s
death, and if (x) Participant is a U.S. taxpayer and a “specified employee” within the meaning of Section 409A at the
time of such termination as a Service Provider and (y) the payment of such accelerated Restricted Stock Units will result in the
imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following the cessation
of Participant’s status as a Service Provider, then the payment of such accelerated Restricted Stock Units will not be made
until the date six (6) months and one (1) day following the date of cessation of Participant’s status as a Service Provider,
unless Participant dies following Participant’s termination as a Service Provider, in which case, the Restricted Stock Units
will be paid in Shares to Participant’s estate as soon as practicable following Participant’s death.

 

(iii)         It
is the intent of this Award Agreement that it and all payments and benefits to U.S. taxpayers hereunder be exempt from, or comply
with, the requirements of Section 409A so that none of the Restricted Stock Units provided under this Award Agreement or Shares
issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms
herein will be interpreted to be so exempt or so comply. Each payment payable under this Award Agreement is intended to constitute
a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2). To the extent necessary to comply with Section 409A,
references to termination of Participant’s status as a Service Provider, termination of employment, or similar phrases will
be references to Participant’s “separation from service” within the meaning of Section 409A. In no event
will the Company or any Parent or Subsidiary of the Company have any responsibility, liability, or obligation to reimburse, indemnify,
or hold harmless Participant (or any other person) for any taxes, penalties and interest that may be imposed, or other costs that
may be incurred, as a result of Section 409A.

 

5.           Forfeiture
Upon Termination as a Service Provider. Unless specifically provided otherwise in this Award Agreement or other written agreement
authorized by the Administrator between Participant and the Company or any of its Subsidiaries or Parents, as applicable, governing
the terms of this Award, if Participant ceases to be a Service Provider for any or no reason, the then-unvested Restricted Stock
Units awarded by this Award Agreement will thereupon be forfeited at no cost to the Company upon the date of such cessation and
Participant will have no further rights thereunder.

 

    	 	 -2-	 

     

    

 

6.           Death
of Participant. Any distribution or delivery to be made to Participant under this Award Agreement, if Participant is then deceased,
will be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor
of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of such transferee’s
status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with
any laws or regulations pertaining to said transfer.

 

7.           Tax
Obligations

 

(a)        Responsibility
for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant’s
employer or any Parent or Subsidiary of the Company to which Participant is providing services (together, the “Service
Recipients”), the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection
with the Restricted Stock Units, including, without limitation, (i) all federal, state, and local taxes (including Participant’s
Federal Insurance Contributions Act (FICA) obligations) that are required to be withheld by any Service Recipient or other payment
of tax-related items related to Participant’s participation in the Plan and legally applicable to Participant, (ii) Participant’s
and, to the extent required by any Service Recipient, the Service Recipient’s fringe benefit tax liability, if any, associated
with the grant, vesting, or settlement of the Restricted Stock Units or sale of Shares, and (iii) any other Service Recipient
taxes the responsibility for which Participant has, or has agreed to bear, with respect to the Restricted Stock Units (or settlement
thereof or issuance of Shares thereunder) (collectively, the “Tax Obligations”), is and remains Participant’s
sole responsibility and may exceed the amount actually withheld by the applicable Service Recipient(s). Participant further acknowledges
that no Service Recipient (A) makes any representations or undertakings regarding the treatment of any Tax Obligations in connection
with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting, or settlement of the Restricted
Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends or other distributions,
and (B) makes any commitment to and is under any obligation to structure the terms of the grant or any aspect of the Restricted
Stock Units to reduce or eliminate Participant’s liability for Tax Obligations or achieve any particular tax result. Further,
if Participant is subject to Tax Obligations in more than one jurisdiction between the Date of Grant and the date of any relevant
taxable or tax withholding event, as applicable, Participant acknowledges that the applicable Service Recipient(s) (or former employer,
as applicable) may be required to withhold or account for Withholding Obligations (as defined below) in more than one jurisdiction.

 

(b)        Tax
Withholding. Pursuant to such procedures as the Administrator may specify from time to time, the applicable Service Recipient(s)
will withhold the amount required to be withheld for the payment of Tax Obligations (the “Withholding Obligations”).
The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit or require
Participant to satisfy such Withholding Obligations, in whole or in part (without limitation), if permissible by applicable local
law, by: (i) paying cash, (ii) having the Company withhold otherwise deliverable Shares having a fair market value equal
to the minimum amount that is necessary to meet the withholding requirement for such Withholding Obligations (or such greater amount
as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting
consequences) (“Net Share Withholding”), (iii) withholding the amount of such Withholding Obligations from Participant’s
wages or other cash compensation paid to Participant by the applicable Service Recipient(s), (iv) delivering to the Company
Shares that Participant owns and that already have vested with a fair market value equal to the Withholding Obligations (or such
greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial
accounting consequences), (v) selling a sufficient number of such Shares otherwise deliverable to Participant, through such
means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the minimum amount that
is necessary to meet the withholding requirement for such Withholding Obligations (or such greater amount as Participant may elect
if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences) (“Sell
to Cover”), or (vi) such other means as the Administrator deems appropriate. If the Withholding Obligations are satisfied
by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Shares subject to the
vested Restricted Stock Units, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Withholding
Obligations. To the extent determined appropriate by the Administrator in its discretion, the Administrator will have the right
(but not the obligation) to satisfy any Withholding Obligations by Net Share Withholding. If Net Share Withholding is the method
by which such Withholding Obligations are satisfied, the Company will not withhold on a fractional Share basis to satisfy any portion
of the Withholding Obligations and, unless the Company determines otherwise, no refund will be made to Participant for the value
of the portion of a Share, if any, withheld in excess of the Withholding Obligations. If a Sell to Cover is the method by which
Withholding Obligations are satisfied, Participant agrees that as part of the Sell to Cover, additional Shares may be sold to satisfy
any associated broker or other fees. Only whole Shares will be sold pursuant to a Sell to Cover. Any proceeds from the sale of
Shares pursuant to a Sell to Cover that are in excess of the Withholding Obligations and any associated broker or other fees will
be paid to Participant in accordance with procedures the Company may specify from time to time.

 

    	 	 -3-	 

     

    

 

(c)        Tax
Consequences. Participant has reviewed with Participant’s own tax advisers the U.S. federal, state, local, and non-U.S.
tax consequences of this investment and the transactions contemplated by this Award Agreement. With respect to such matters, Participant
relies solely on such advisers and not on any statements or representations of the Company or any of its agents, written or oral.
Participant understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that
may arise as a result of this investment or the transactions contemplated by this Award Agreement.

 

(d)         Company’s
Obligation to Deliver Shares. For clarification purposes, in no event will the Company issue Participant any Shares unless
and until arrangements satisfactory to the Administrator have been made for the payment of Participant’s Withholding Obligations.
If Participant fails to make satisfactory arrangements for the payment of such Withholding Obligations hereunder at the time any
applicable Restricted Stock Units otherwise are scheduled to vest pursuant to Sections 3 or 4 or Participant’s
Withholding Obligations otherwise become due, Participant permanently will forfeit such Restricted Stock Units to which Participant’s
Withholding Obligation relates and any right to receive Shares thereunder and such Restricted Stock Units will be returned to the
Company at no cost to the Company. Participant acknowledges and agrees that the Company may permanently refuse to issue or deliver
the Shares if such Withholding Obligations are not delivered at the time they are due.

 

8.           Rights
as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges
of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such
Shares (which may be in book entry form) will have been issued, recorded on the records of the Company, or its transfer agents
or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance,
recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares
and receipt of dividends and distributions on such Shares.

 

    	 	 -4-	 

     

    

 

9.          No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED STOCK UNITS PURSUANT
TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER, WHICH UNLESS PROVIDED OTHERWISE UNDER APPLICABLE
LAWS IS AT THE WILL OF THE APPLICABLE SERVICE RECIPIENT AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS RESTRICTED STOCK
UNIT AWARD, OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREUNDER, AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED
ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S
RIGHT OR THE RIGHT OF ANY SERVICE RECIPIENT TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER, SUBJECT TO APPLICABLE
LAW, WHICH TERMINATION, UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, MAY BE AT ANY TIME, WITH OR WITHOUT CAUSE.

 

10.         Grant
is Not Transferable. Except to the limited extent provided in Section 6, this Award and the rights and privileges
conferred hereby will not be transferred, assigned, pledged, or hypothecated in any way (whether by operation of law or otherwise)
and will not be subject to sale under execution, attachment, or similar process. Upon any attempt to transfer, assign, pledge,
hypothecate, or otherwise dispose of this Award, or any right or privilege conferred hereby, or upon any attempted sale under any
execution, attachment, or similar process, this Award and the rights and privileges conferred hereby immediately will become null
and void.

 

11.         Nature
of Grant. In accepting this Award of Restricted Stock Units, Participant acknowledges, understands, and agrees that:

 

(a)        the
grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future
grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted
in the past;

 

(b)         all
decisions with respect to future Restricted Stock Units or other grants, if any, will be at the sole discretion of the Administrator;

 

(c)         Participant
is voluntarily participating in the Plan;

 

(d)         the
Restricted Stock Units and the Shares subject to the Restricted Stock Units are not intended to replace any pension rights or compensation;

 

(e)         the
Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income and value of same, are not part of
normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service
payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

 

    	 	 -5-	 

     

    

 

(f)          the
future value of the Shares underlying the Restricted Stock Units is unknown, indeterminable, and cannot be predicted;

 

(g)         for purposes of the Restricted Stock Units, Participant’s status as a Service Provider will be considered terminated as of
the date Participant is no longer actively providing services to the Company or any Parent or Subsidiary (regardless of the reason
for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant
is a Service Provider or the terms of Participant’s employment or service agreement, if any), and unless otherwise expressly
provided in this Award Agreement (including by reference in the Notice of Grant to other arrangements or contracts) or determined
by the Administrator, Participant’s right to vest in the Restricted Stock Units under the Plan, if any, will terminate as
of such date and will not be extended by any notice period (e.g., Participant’s period of service would not include
any contractual notice period or any period of “garden leave” or similar period mandated under employment laws
in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement,
if any, unless Participant is providing bona fide services during such time); the Administrator shall have the exclusive discretion
to determine when Participant is no longer actively providing services for purposes of this Award of Restricted Stock Units (including
whether Participant may still be considered to be providing services while on a leave of absence and consistent with local law);
and

 

(h)         
unless otherwise provided in the Plan or by the Administrator in its discretion, the Restricted Stock Units and the benefits evidenced
by this Award Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or
assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting
the Shares.

 

12.         No
Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the Shares underlying the
Restricted Stock Units. Participant is hereby advised to consult with Participant’s own personal tax, legal, and financial
advisers regarding Participant’s participation in the Plan before taking any action related to the Plan.

 

13.         Address
for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company
at Tenon Medical, Inc., 104 Cooper Court, Los Gatos, CA 95032, or at such other address as the Company may hereafter designate
in writing.

 

14.         Successors
and Assigns. The Company may assign any of its rights under this Award Agreement to single or multiple assignees, and this
Award Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Award Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators,
successors, and assigns. The rights and obligations of Participant under this Award Agreement may be assigned only with the prior
written consent of the Company.

 

    	 	 -6-	 

     

    

 

15.         Additional
Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration,
qualification, or rule compliance of the Shares upon any securities exchange or under any state, federal, or non-U.S. law, the
tax code and related regulations or under the rulings or regulations of the U.S. Securities and Exchange Commission or any other
governmental regulatory body or the clearance, consent, or approval of the U.S. Securities and Exchange Commission or any other
governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or Participant’s
estate) hereunder, such issuance will not occur unless and until such listing, registration, qualification, rule compliance, clearance,
consent, or approval will have been completed, effected, or obtained free of any conditions not acceptable to the Company. Subject
to the terms of the Award Agreement and the Plan, the Company will not be required to issue any certificate or certificates for
(or make any entry on the books of the Company or of a duly authorized transfer agent of the Company of) the Shares hereunder prior
to the lapse of such reasonable period of time following the date of vesting of the Restricted Stock Units as the Administrator
may establish from time to time for reasons of administrative convenience.

 

16.         Interpretation.
The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration,
interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but
not limited to, the determination of whether or not any Restricted Stock Units have vested). All actions taken and all interpretations
and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company, and all other
interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for
any action, determination, or interpretation made in good faith with respect to the Plan or this Award Agreement.

 

17.        Electronic
Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to the Restricted
Stock Units awarded under the Plan or future Restricted Stock Units that may be awarded under the Plan by electronic means or require
Participant to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic
delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company
or a third party designated by the Company.

 

18.         Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award
Agreement.

 

19.        Amendment,
Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that Participant has received
an Award of Restricted Stock Units under the Plan, and has received, read, and understood a description of the Plan. Participant
understands that the Plan is discretionary in nature and may be amended, suspended, or terminated by the Administrator at any time.

 

20.        Country
Addendum. Notwithstanding any provisions in this Award Agreement, the Restricted Stock Unit grant shall be subject to any special
terms and conditions set forth in an appendix (if any) to this Award Agreement for any country whose laws are applicable to Participant
and this Award of Restricted Stock Units (as determined by the Administrator in its sole discretion) (the “Country Addendum”).
Moreover, if Participant relocates to one of the countries included in the Country Addendum (if any), the special terms and conditions
for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions
is necessary or advisable for legal or administrative reasons. The Country Addendum (if any) constitutes a part of this Award Agreement.

 

    	 	 -7-	 

     

    

 

21.         Modifications
to the Award Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects covered. Participant
expressly warrants that Participant is not accepting this Award Agreement in reliance on any promises, representations, or inducements
other than those contained herein. Modifications to this Award Agreement can be made only in an express written contract executed
by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the
Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole discretion and without
the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition
under Section 409A in connection with this Award of Restricted Stock Units.

 

22.         No
Waiver. Either party’s failure to enforce any provision or provisions of this Award Agreement shall not in any way be
construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other
provision of this Award Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver of either
party’s right to assert all other legal remedies available to it under the circumstances.

 

23.         Governing
Law; Severability. This Award Agreement and the Restricted Stock Units are governed by the internal substantive laws, but not
the choice of law rules, of the State of Delaware. In the event that any provision hereof becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable, or void, this Award Agreement shall continue in full force and effect.

 

24.        Entire
Agreement. The Plan is incorporated herein by reference. The Plan and this Award Agreement (including the exhibits, appendices,
and addenda attached to the Notice of Grant) constitute the entire agreement of the parties with respect to the subject matter
hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the
subject matter hereof, and may not be modified adversely to Participant’s interest except by means of a writing signed by
the Company and Participant.

 

*          *          *

 

    	 	 -8-	 

     

    

 

APPENDIX A

 

TENON MEDICAL, INC.

 

2022 EQUITY INCENTIVE PLAN

 

COUNTRY ADDENDUM TO RESTRICTED STOCK UNIT
AGREEMENT

 

Unless otherwise defined
herein, capitalized terms used in this Country Addendum to Restricted Stock Unit Agreement (this “Country Addendum”)
will be ascribed the same defined meanings as set forth in the Restricted Stock Unit Agreement of which this Country Addendum forms
a part (or the Plan or other written agreement as specified in the Restricted Stock Unit Agreement).

 

Terms and Conditions

 

This Country Addendum includes
additional terms and conditions that govern the Award of Restricted Stock Units granted pursuant to the terms and conditions of
the Tenon Medical, Inc. 2022 Equity Incentive Plan (the “Plan”) and the Restricted Stock Unit Agreement to which
this Country Addendum is attached (the “Restricted Stock Unit Agreement”) to the extent the individual to whom
the Restricted Stock Units were granted (“Participant”) resides and/or works in one of the countries listed
below. If Participant is a citizen or resident (or is considered as such for local law purposes) of a country other than the country
in which Participant is currently residing and/or working, or if Participant relocates to another country after the Award of Restricted
Stock Units is granted, the Company, in its discretion, will determine to what extent the terms and conditions contained herein
will apply to Participant.

 

Notifications

 

This Country Addendum also
may include information regarding exchange controls and certain other issues of which Participant should be aware with respect
to Participant’s participation in the Plan. The information is based on the securities, exchange control, and other Applicable
Laws in effect in the respective countries as of [_____], 20[__]. Such Applicable Laws often are complex and change frequently.
As a result, the Company strongly recommends that Participant not rely on the information in this Country Addendum as the only
source of information relating to the consequences of Participant’s participation in the Plan because the information may
be out of date at the time Participant vests in or receives or sells the Shares covered by the Restricted Stock Units.

 

In addition, the information
contained in this Country Addendum is general in nature and may not apply to Participant’s particular situation, and the
Company is not in a position to assure Participant of any particular result. Participant should seek appropriate professional advice
as to how the Applicable Laws in Participant’s country may apply to Participant’s situation.

 

Finally, if Participant
is a citizen or resident of a country other than the one in which Participant currently is residing and/or working, transfers residence
and/or employment to another country after the grant of the Restricted Stock Units, or is considered a resident of another country
for local law purposes, the information in this Country Addendum may not apply to Participant in the same manner.

 

    	 	 	 

     

    

 

		I.	GLOBAL PROVISIONS APPLICABLE TO PARTICIPANTS IN ALL COUNTRIES
OTHER THAN THE UNITED STATES

 

1.          
Foreign Exchange Considerations. Participant understands and agrees that neither the Company nor any Parent, Subsidiary,
or the Service Recipient shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and
the U.S. dollar that may affect the value of the Restricted Stock Units, or of any amounts due to Participant under the Plan or
as a result of vesting in his or her Restricted Stock Units and/or the subsequent sale of any Shares acquired under the Plan. Participant
agrees and acknowledges that he or she will bear any and all risk associated with the exchange or fluctuation of currency associated
with his or her participation in the Plan. Participant acknowledges and agrees that Participant may be responsible for reporting
inbound transactions or fund transfers that exceed a certain amount. Participant is advised to seek appropriate professional advice
as to how the exchange control regulations apply to his or her Restricted Stock Units and Participant’s specific situation
and understands that the relevant laws and regulations can change frequently and occasionally on a retroactive basis.

 

2.            Nature
of Grant. The following provisions supplement Section 11 of the Restricted Stock Unit Agreement:

 

(a)      
the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not part of normal or expected compensation
or salary for any purpose;

 

(b)       
Participant acknowledges and agrees that no Service Recipient shall be liable for any foreign exchange rate fluctuation between
Participant’s local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any
amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the subsequent sale of any Shares acquired
upon settlement; and

 

(c)       
no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from the
termination of Participant’s status as a Service Provider (for any reason whatsoever whether or not later found to be invalid
or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s
employment or service agreement, if any), and in consideration of the grant of the Restricted Stock Units to which Participant
is otherwise not entitled, Participant irrevocably agrees never to institute any claim against any Service Recipient, waives
Participant’s ability, if any, to bring any such claim, and releases each Service Recipient from any such claim; if, notwithstanding
the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant
shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request
dismissal or withdrawal of such claim.

 

3.           Data
Privacy. Participant hereby acknowledges the collection, use, and transfer, in electronic or other form, of Participant’s
personal data as described in this Award Agreement and any other Restricted Stock Unit grant materials by and among, as applicable,
the Service Recipients for the exclusive purpose of implementing, administering, and managing Participant’s participation
in the Plan. 

 

    	 	 -2-	 

     

    

 

Participant understands
that the Company and the Service Recipient may hold certain personal information about Participant, including, but not limited
to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification
number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Restricted Stock Units
or any other entitlement to Shares awarded, canceled, exercised, vested, unvested, or outstanding in Participant’s favor
(“Data”), for the exclusive purpose of implementing, administering, and managing the Plan. 

 

Participant understands
that Data may be transferred to a stock plan service provider, as may be selected by the Company in the future, assisting the Company
with the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may
be located in the United States or elsewhere, and that the recipients’ country of operation (e.g., the United States) may
have different data privacy laws and protections than Participant’s country. Participant understands that Participant may
request information about sharing, processing, and storage of Data and may exercise their rights with respect to the Data, which
may include the right to terminate sharing, processing, and storage, by following instructions in the Company’s Personnel
Privacy Notice or by contacting Participant’s local human resources representative. Participant authorizes the Company, any
stock plan service provider selected by the Company, and any other possible recipients which may assist the Company (presently
or in the future) with implementing, administering, and managing the Plan to receive, possess, use, retain, and transfer the Data,
in electronic or other form, for the sole purpose of implementing, administering, and managing Participant’s participation
in the Plan. Participant understands that Data will be held only as long as is necessary to implement, administer, and manage Participant’s
participation in the Plan.

 

4.            Language.
If Participant has received the Restricted Stock Unit Agreement or any other document related to the Plan translated into a language
other than English and if the meaning of the translated version is different than the English version, the English version will
control.

 

[Insert country-specific
provisions.]

 

    	 	 -3-

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