Document:

smlp-ex101_6.htm

 

EXHIBIT 10.1

 

 

SUMMIT MIDSTREAM PARTNERS, LP
2012 LONG-TERM INCENTIVE PLAN

(As Amended and Restated on March 19, 2020)

SECTION 1.Background of the Plan.

The Summit Midstream Partners, LP 2012 Long-Term Incentive Plan (the “Plan”), originally adopted on August 15, 2012, is hereby amended and restated as follows, as of March 19, 2020 (the “Effective Date”), by Summit Midstream GP, LLC, a Delaware limited liability company (the “Company”), the general partner of Summit Midstream Partners, LP, a Delaware limited partnership (the “Partnership”).  

SECTION 2.Purpose of the Plan.

The Plan is intended to promote the interests of the Partnership, the Company and their Affiliates by providing incentive compensation awards denominated in, or based on, Units to Employees, Consultants and Directors to encourage superior performance.  The Plan is also intended to enhance the ability of the Partnership, the Company and their Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of the Partnership, the Company and their Affiliates and to encourage them to devote their best efforts to advancing the business of the Partnership, the Company and their Affiliates. 

SECTION 3.Definitions.

As used in the Plan, the following terms shall have the meanings set forth below:

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question.  As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

“ASC Topic 718” means Accounting Standards Codification Topic 718, Compensation – Stock Compensation, or any successor accounting standard.

“Award” means an Option, Restricted Unit, Phantom Unit, DER, Substitute Award, Unit Appreciation Right, Unit Award or Profits Interest Unit granted under the Plan.

“Award Agreement” means the written or electronic agreement by which an Award shall be evidenced.

“Board” means the board of directors or board of managers, as the case may be, of the Company.

 

 

“Cause” means, unless otherwise set forth in an Award Agreement or other written agreement between the applicable Participant and the Company, Partnership or any of their Affiliates (as in effect on the date the applicable Award is granted to such Participant), a finding by the Committee, before or after the Participant’s termination of Service, of: (i) any material failure by the Participant to perform the Participant’s duties and responsibilities under any written agreement between the Participant and the Company, Partnership or any of their Affiliates; (ii) any act of fraud, embezzlement, theft or misappropriation by the Participant relating to the Company, the Partnership or any of their Affiliates; (iii) the Participant’s commission of a felony or a crime involving moral turpitude; (iv) any gross negligence or intentional misconduct on the part of the Participant in the conduct of the Participant’s duties and responsibilities with the Company, the Partnership or any of their Affiliates or which adversely affects the image, reputation or business of the Company, the Partnership or their Affiliates; or (v) any material breach by the Participant of any agreement between the Company, Partnership or any of their Affiliates, on the one hand, and the Participant on the other. The findings and decision of the Committee with respect to such matter, including those regarding the acts of the Participant and the impact thereof, will be final for all purposes.  

“Change in Control” means, and shall be deemed to have occurred upon one or more of the following events:

	
(i)
	
any “person” or “group” within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act, other than the Company or an Affiliate of the Company (as determined immediately prior to such event), shall become the beneficial owner, by way of merger, acquisition, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the combined voting power of the equity interests in the Company or the Partnership;

	
(ii)
	
the limited partners of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership;

	
(iii)
	
the sale or other disposition by either the Company or the Partnership of all or substantially all of its assets in one or more transactions to any Person other than the Company, the Partnership or an Affiliate of the Company or the Partnership; or

	
(iv)
	
a transaction resulting in a Person other than the Company or an Affiliate of the Company (as determined immediately prior to such event) being the sole general partner of the Partnership.

Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A, then, to the extent required to comply with Section 409A, the transaction or event described in subsection (i), (ii), (iii) or (iv) above with respect to such Award must also constitute a “change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5), and as relates to the holder of such Award, to the extent required to comply with Section 409A.

“Code” means the Internal Revenue Code of 1986, as amended.

-2-

 

“Committee” means the Board, except that it shall mean such committee of the Board as is appointed by the Board to administer the Plan, or as necessary to comply with applicable legal requirements or listing standards.

“Consultant” means an individual who renders consulting services to the Company, the Partnership or any of their Affiliates.

“DER” means a distribution equivalent right, representing a contingent right to receive an amount in cash, Units, Restricted Units and/or Phantom Units equal in value to the distributions made by the Partnership with respect to a Unit during the period such Award is outstanding.

“Director” means a member of the board of directors or board of managers, as the case may be, of the Company, the Partnership or any of their Affiliates who is not an Employee or a Consultant (other than in that individual’s capacity as a Director).

“Disability” means, unless otherwise set forth in an Award Agreement or other written agreement between the applicable Participant and the Company, Partnership or any of their Affiliates (as in effect on the date the applicable Award is granted to such Participant), as determined by the Committee in its discretion exercised in good faith, a physical or mental condition of a Participant that would entitle him or her to payment of disability income payments under the Company’s, the Partnership’s or one of their Affiliates’ long-term disability insurance policy or plan, as applicable, for employees as then in effect; or in the event that a Participant is not covered, for whatever reason, under any such long-term disability insurance policy or plan for employees of the Company, the Partnership, or one of their Affiliates or the Company, the Partnership or one of their Affiliates does not maintain such a long-term disability insurance policy, “Disability” means a total and permanent disability within the meaning of Section 22(e)(3) of the Code; provided, however, that if a Disability constitutes a payment event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A, then, to the extent required to comply with Section 409A, the Participant must also be considered “disabled” within the meaning of Section 409A(a)(2)(C) of the Code.  A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect, Participants shall submit to an examination by such physician upon request by the Committee.

“Employee” means an employee of the Company, the Partnership or any of their Affiliates.

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

“Fair Market Value” means, as of any given date, the closing sales price on such date during normal trading hours (or, if there are no reported sales on such date, on the last date prior to such date on which there were sales) of the Units on the New York Stock Exchange or, if not listed on such exchange, on any other national securities exchange on which the Units are listed or on an inter-dealer quotation system, in any case, as reported in such source as the Committee shall select.  If there is no regular public trading market for the Units, the Fair Market Value of the Units shall be determined by the Committee in good faith and, to the extent applicable, in compliance with the requirements of Section 409A. 

-3-

 

“Option” means an option to purchase Units granted pursuant to Section 7(a) of the Plan.

“Other Unit-Based Award” means an award granted pursuant to Section 7(f) of the Plan.

“Participant” means an Employee, Consultant or Director granted an Award under the Plan and any authorized transferee of such individual.

“Partnership Agreement” means the Agreement of Limited Partnership of the Partnership, as it may be amended or amended and restated from time to time.

“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof.

“Phantom Unit” means a notional interest granted under the Plan that, to the extent vested, entitles the Participant to receive a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its discretion.

“Profits Interest Unit” means to the extent authorized by the Partnership Agreement, an interest in the Partnership that is intended to constitute a “profits interest” within the meaning of the Code, Treasury Regulations promulgated thereunder, and any published guidance by the Internal Revenue Service with respect thereto.

“Restricted Period” means the period established by the Committee with respect to an Award during which the Award remains subject to forfeiture and is either not exercisable by or payable to the Participant, as the case may be.

“Restricted Unit” means a Unit granted pursuant to Section 7(b) of the Plan that is subject to a Restricted Period.

“Securities Act” means the Securities Act of 1933, as amended.

“SEC” means the Securities and Exchange Commission, or any successor thereto.

“Section 409A” means Section 409A of the Code and the Treasury Regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that are in effect at any given time or that may be issued thereafter.

“Service” means service as an Employee, Consultant or Director.  The Committee, in its sole discretion, shall determine the effect of all matters and questions relating to terminations of Service, including, without limitation, the questions of whether and when a termination of Service occurred and/or resulted from a discharge for Cause, and all questions of whether particular changes in status or leaves of absence constitute a termination of Service.  The Committee, in its sole discretion and subject to the terms of any applicable Award Agreement, may determine that a termination of Service has not occurred in the event of (i) a termination where there is simultaneous commencement by the Participant of a relationship with the Partnership, the Company or any of their Affiliates as an Employee, Director or Consultant or (ii) a termination which results in a temporary severance of the service relationship. 

-4-

 

“Substitute Award” means an award granted pursuant to Section 7(g) of the Plan.

“Unit” means a Common Unit of the Partnership.

“Unit Appreciation Right” or “UAR” means a contingent right that entitles the holder to receive the excess of the Fair Market Value of a Unit on the exercise date of the UAR over the exercise price of the UAR.

“Unit Award” means an award granted pursuant to Section 7(d) of the Plan. 

SECTION 4.Administration. 

	
(a)
	
The Plan shall be administered by the Committee, subject to subsection (b) below; provided, however, that in the event that the Board is not also serving as the Committee, the Board, in its sole discretion, may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan.  The governance of the Committee shall be subject to the charter, if any, of the Committee as approved by the Board.  Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled, exercised, canceled, or forfeited or vesting of Awards may be accelerated; (vi) interpret, construe, and administer the Plan, any Award Agreement and any related instrument or agreement made under the Plan; (vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.  The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or an Award Agreement in such manner and to such extent as the Committee deems necessary or appropriate.  Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan, any Award Agreement or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including the Company, the Partnership, any of their Affiliates, any Participant and any beneficiary of any Participant.

	
(b)
	
To the extent permitted by applicable law and the rules of any securities exchange on which the Units are listed, quoted or traded, the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to Section 4(a); provided, however, that in no event shall an officer of the Company be delegated the authority to grant awards to, or amend awards held by, the following individuals: (i) individuals who are subject to Section 16 of the Exchange Act, or (ii) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder; provided, further, that any delegation of administrative authority shall only be permitted to the extent that it is permissible under applicable provisions of the Code and applicable securities laws and the rules of any securities exchange on which the Units are listed, quoted or traded.  Any delegation hereunder shall be subject to such restrictions and limitations as the Board or 

-5-

 

		
Committee, as applicable, specifies at the time of such delegation, and the Board or Committee, as applicable, may at any time rescind the authority so delegated or appoint a new delegatee.  At all times, the delegatee appointed under this Section 4(b) shall serve in such capacity at the pleasure of the Board and the Committee.

SECTION 5.Units.

	
(a)
	
Limits on Units Deliverable.  Subject to adjustment as provided in Section 5(c), the number of Units that may be delivered with respect to Awards under the Plan is 15,000,000.  If any Award or portion thereof is forfeited, cancelled, exercised, paid, or otherwise terminates or expires without the actual delivery of Units pursuant to such Award (for the avoidance of doubt, the grant of Restricted Units is not a delivery of Units for this purpose unless and until such Restricted Units vest and any restrictions placed upon them under the Plan lapse), the Units subject to such Award that are not actually delivered pursuant to such Award shall again be available for Awards under the Plan.  Units under an Award that are withheld from issuance in connection with a Participant’s payment of tax withholding liability shall again be available for Awards under the Plan.  To the extent permitted by applicable law and securities exchange rules, Substitute Awards and Units issued in assumption of, or in substitution for, any outstanding awards of any entity in connection with a merger, consolidation or acquisition of such entity by the Partnership or any Affiliate thereof shall not be counted against the Units available for issuance pursuant to the Plan.  There shall not be any limitation on the number of Awards that may be paid in cash.

	
(b)
	
Sources of Units Deliverable Under Awards.  Any Units delivered pursuant to an Award shall consist, in whole or in part, of Units acquired in the open market, from the Partnership, any Affiliate thereof or any other Person, or Units otherwise issuable by the Partnership, or any combination of the foregoing, as determined by the Committee in its discretion.

	
(c)
	
Anti-dilution Adjustments.  

	

	
(i)Equity Restructuring.  With respect to any “equity restructuring” event (within the meaning of ASC Topic 718) that could result in an additional compensation expense to the Company or the Partnership pursuant to the provisions of ASC Topic 718 if adjustments to Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type of Units covered by each outstanding Award and the terms and conditions, including the exercise price and performance criteria (if any), of such Award to equitably reflect such event and shall adjust the number and type of Units (or other securities or property) with respect to which Awards may be granted under the Plan after such event.  With respect to any other similar event that would not result in an ASC Topic 718 accounting charge if the adjustment to Awards with respect to such event were subject to discretionary action, the Committee shall have complete discretion to adjust Awards and the number and type of Units (or other securities or property) with respect to which Awards may be granted under the Plan in such manner as it deems appropriate with respect to such other event.

	

	
(ii)Other Changes in Capitalization.  In the event of any non-cash distribution, Unit split, combination or exchange of Units, merger, consolidation or distribution (other than normal cash distributions) of Partnership assets to unitholders, or any other change 

-6-

 

		
affecting the Units of the Partnership, other than an “equity restructuring,” the Committee may make equitable adjustments, if any, to reflect such change with respect to (A) the aggregate number and kind of Units that may be issued under the Plan; (B) the number and kind of Units (or other securities or property) subject to outstanding Awards; (C) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (D) the grant or exercise price per Unit for any outstanding Awards under the Plan.

SECTION 6.Eligibility.

Any Employee, Consultant or Director shall be eligible to be designated a Participant and receive an Award under the Plan.  

SECTION 7.Awards.

	
(a)
	
Options and UARs.  The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Options and/or UARs may be granted, the number of Units to be covered by each Option or UAR, the exercise price therefor, the Restricted Period and other conditions and limitations applicable to the exercise of the Option or UAR, including the following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan.  Options which are intended to comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(A) and UARs which are intended to comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(B) or, in each case, any successor regulation, may be granted only if the requirements of Treasury Regulation Section 1.409A-1(b)(5)(iii), or any successor regulation, are satisfied.  Options and UARs that are otherwise exempt from or compliant with Section 409A may be granted to any eligible Employee, Consultant or Director.

	
(i)
	
Exercise Price.  The exercise price per Unit purchasable under an Option or subject to a UAR shall be determined by the Committee at the time the Option or UAR is granted but, except with respect to a Substitute Award, may not be less than the Fair Market Value of a Unit as of the date of grant of the Option or UAR.

	
(ii)
	
Time and Method of Exercise.  The Committee shall determine the exercise terms and any applicable Restricted Period with respect to an Option or UAR, which may include, without limitation, provisions for accelerated vesting upon the achievement of specified performance goals and/or other events, and the method or methods by which payment of the exercise price with respect to an Option or UAR may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the Company, withholding Units having a Fair Market Value on the exercise date equal to the relevant exercise price from the Award, a “cashless” exercise through procedures approved by the Company, or any combination of the foregoing methods.  

	
(iii)
	
Exercise of Options and UARs on Termination of Service.  Each Option and UAR Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the Option or UAR following a termination of the Participant’s Service.  Unless otherwise determined by the Committee, if the Participant’s Service is 

-7-

 

		
terminated for Cause, the Participant’s right to exercise the Option or UAR shall terminate as of the start of business on the effective date of the Participant’s termination.  Unless otherwise determined by the Committee, to the extent the Option or UAR is not vested and exercisable as of the termination of Service, the Option or UAR shall terminate when the Participant’s Service terminates.  

	
(iv)
	
Term of Options and UARs.  The term of each Option and UAR shall be stated in the Award Agreement, provided, that the term shall be no more than ten (10) years from the date of grant thereof.  

	
(b)
	
Restricted Units and Phantom Units.  The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Restricted Units and/or Phantom Units may be granted, the number of Restricted Units or Phantom Units to be granted to each such Participant, the applicable Restricted Period, the conditions under which the Restricted Units or Phantom Units may become vested or forfeited and such other terms and conditions, including, without limitation, restrictions on transferability, as the Committee may establish with respect to such Awards.     

	
(i)
	
Payment of Phantom Units.  The Committee shall specify, or permit the Participant to elect in accordance with the requirements of Section 409A, the conditions and dates or events upon which the cash or Units underlying an award of Phantom Units shall be issued, which dates or events shall not be earlier than the date on which the Phantom Units vest and become nonforfeitable and which conditions and dates or events shall be subject to compliance with Section 409A (unless the Phantom Units are exempt therefrom).

	
(ii)
	
Vesting of Restricted Units.  Upon or as soon as reasonably practicable following the vesting of each Restricted Unit, subject to satisfying the tax withholding obligations of Section 9(b), the Participant shall be entitled to have the restrictions removed from his or her Unit certificate (or book-entry account, as applicable) so that the Participant then holds an unrestricted Unit.

	
(c)
	
DERs.  The Committee shall have the authority to determine the Employees, Consultants and/or Directors to whom DERs may be granted, whether such DERs are tandem or separate Awards, whether the DERs shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest in the discretion of the Committee), any vesting restrictions and payment provisions applicable to the DERs, and such other provisions or restrictions as determined by the Committee in its discretion, all of which shall be specified in the applicable Award Agreements.  Distributions in respect of DERs shall be credited as of the distribution dates during the period between the date an Award is granted to a Participant and the date such Award vests, is exercised, is distributed, is forfeited or expires, as determined by the Committee.  Such DERs shall be converted to cash, Units, Restricted Units and/or Phantom Units by such formula and at such time and subject to such limitations as may be determined by the Committee.  Tandem DERs may be subject to the same or different vesting restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. Notwithstanding the foregoing, DERs shall only be paid in a manner that is either exempt from or in compliance with Section 409A.

-8-

 

	
(d)
	
Unit Awards.  Awards of Units may be granted under the Plan (i) to such Employees, Consultants and/or Directors and in such amounts as the Committee, in its discretion, may select, and (ii) subject to such other terms and conditions, including, without limitation, restrictions on transferability, as the Committee may establish with respect to such Awards.  

	
(e)
	
Profits Interest Units.  Any Award consisting of Profits Interest Units may be granted to an Employee, Consultant or Director for the performance of services to or for the benefit of the Partnership (i) in the Participant’s capacity as a partner of the Partnership, (ii) in anticipation of the Participant becoming a partner of the Partnership, or (iii) as otherwise determined by the Committee.  At the time of grant, the Committee shall specify the date or dates on which the Profits Interest Units shall vest and become nonforfeitable, and may specify such conditions to vesting as it deems appropriate.  Profits Interest Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose.

	
(f)
	
Other Unit-Based Awards.  Other Unit-Based Awards may be granted under the Plan to such Employees, Consultants and/or Directors as the Committee, in its discretion, may select.  An Other Unit-Based Award shall be an award denominated or payable in, valued in or otherwise based on or related to Units, in whole or in part.  The Committee shall determine the terms and conditions of any Other Unit-Based Award.  Upon vesting, an Other Unit-Based Award may be paid in cash, Units (including Restricted Units) or any combination thereof as provided in the Award Agreement.

	
(g)
	
Substitute Awards.  Awards may be granted under the Plan in assumption of, or in substitution for, similar awards held by individuals who are or who become Employees, Consultants or Directors in connection with a merger, consolidation or acquisition, by the Partnership or an Affiliate, of another entity or the securities or assets of another entity.  Such Substitute Awards that are Options or UARs may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution if such substitution complies with Section 409A and other applicable laws and securities exchange rules.

	
(h)
	
General.

	
(i)
	
Award Agreements. Each Award shall be evidenced by an Award Agreement that shall reflect any vesting conditions and shall also contain such other terms, conditions and limitations as shall be determined by the Committee in its sole discretion. Where signature or electronic acceptance of the Award Agreement by the Participant is required, any such Awards for which the Award Agreement is not signed or electronically accepted shall be forfeited.

	
(ii)
	
Forfeitures.  Except as otherwise provided in the terms of an Award Agreement, upon termination of a Participant’s Service for any reason during an applicable Restricted Period, all outstanding, unvested Awards held by such Participant shall be automatically forfeited by the Participant for no consideration. Notwithstanding the immediately preceding sentence, the Committee may, in its discretion, waive in whole or in part such forfeiture with respect to any such Award; provided, that any such waiver shall be effective only to the extent that such waiver will not cause any Award intended to satisfy the requirements of Section 409A to fail to satisfy such requirements 

-9-

 

		
or any Award intended to be exempt from Section 409A to become subject to and fail to satisfy such requirements. 

	
(iii) 
	
Awards May Be Granted Separately or Together.  Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Company or any Affiliate thereof.  Awards granted in addition to or in tandem with other Awards or awards granted under any other plan of the Company or any Affiliate thereof may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

	
(iv)
	
Limits on Transfer of Awards. 

	
 
	
(A)
	
Except as provided in paragraph (C) below, each Option and UAR shall be exercisable only by the Participant (or the Participant’s legal representative in the case of the Participant’s Disability or incapacitation) during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 

	
 
	
(B)
	
Except as provided in paragraph (C) below, no Award and no right under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company, the Partnership or any Affiliate thereof. 

	
 
	
(C)
	
The Committee may provide in an Award Agreement or, in its discretion, that an Award may, on such terms and conditions as the Committee may from time to time establish, be transferred by a Participant without consideration to any “family member” of the Participant, as defined in the instructions to use of the Form S-8 Registration Statement under the Securities Act, as applicable, or any other transferee specifically approved by the Committee after taking into account any state, federal, local or foreign tax and securities laws applicable to transferable Awards.  In addition, vested Units may be transferred to the extent permitted by the Partnership Agreement and not otherwise prohibited by the Award Agreement or any other agreement or policy restricting the transfer of such Units.

	
(v)
	
Term of Awards.  Subject to Section 7(a)(iv) above, the term of each Award, if any, shall be for such period as may be determined by the Committee.

	
(vi)
	
Unit Certificates.  Unless otherwise determined by the Committee or required by any applicable law, rule or regulation, neither the Company nor the Partnership shall deliver to any Participant certificates evidencing Units issued in connection with any Award and instead such Units shall be recorded in the books of the Partnership (or, as applicable, its transfer agent or equity plan administrator).  All certificates for Units or other securities of the Partnership delivered under the Plan and all Units issued pursuant to book entry procedures pursuant to any Award or the exercise 

-10-

 

		
thereof shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and/or other requirements of the SEC, any securities exchange upon which such Units or other securities are then listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be inscribed on any such certificates or book entry to make appropriate reference to such restrictions. 

	
(vii)
	
Consideration for Grants.  To the extent permitted by applicable law, Awards may be granted for such consideration, including services, as the Committee shall determine.

	
(viii)
	
Delivery of Units or other Securities and Payment by Participant of Consideration.  Notwithstanding anything in the Plan or any Award Agreement to the contrary, subject to compliance with Section 409A, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Units pursuant to the exercise or vesting of any Award, unless and until the Board or the Committee has determined, with advice of counsel, that the issuance of such Units is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange on which the Units are listed or traded, and the Units are covered by an effective registration statement or applicable exemption from registration.  In addition to the terms and conditions provided herein, the Board or the Committee may require that a Participant make such reasonable covenants, agreements, and representations as the Board or the Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.  Without limiting the generality of the foregoing, the delivery of Units pursuant to the exercise or vesting of an Award may be deferred for any period during which, in the good faith determination of the Committee, the Company is not reasonably able to obtain or deliver Units pursuant to such Award without violating applicable law or the applicable rules or regulations of any governmental agency or authority or securities exchange.  No Units or other securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including, without limitation, any exercise price or tax withholding) is received by the Company. 

	
SECTION 8.
	
Amendment and Termination; Certain Transactions.

Except to the extent prohibited by applicable law:

	
(a)
	
Amendments to the Plan.  Except as required by applicable law or the rules of the principal securities exchange, if any, on which the Units are traded and subject to Section 8(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner, at any time, for any reason, or for no reason, without the consent of any partner, Participant, other holder or beneficiary of an Award, or any other Person.  The Board shall obtain securityholder approval of any Plan amendment to the extent necessary to comply with applicable law or securities exchange listing standards or rules.

	
(b)
	
Amendments to Awards.  Subject to Section 8(a) above, the Committee may waive any conditions or rights under, amend any terms of, or alter any Award or Award Agreement theretofore granted, provided that no change, other than pursuant to Section 8(c) 

-11-

 

		
below, in any Award shall materially reduce the rights or benefits of a Participant with respect to an Award without the consent of such Participant.

	
(c)
	
Actions Upon the Occurrence of Certain Events.  Upon the occurrence of a Change in Control, any transaction or event described in Section 5(c) above, any change in applicable laws or regulations affecting the Plan or Awards hereunder, or any change in accounting principles affecting the financial statements of the Company or the Partnership, the Committee, in its sole discretion, without the consent of any Participant or holder of an Award, and on such terms and conditions as it deems appropriate, which need not be uniform with respect to all Participants or all Awards, may take any one or more of the following actions:

	
(i)
	
provide for either (A) the termination of any Award in exchange for a payment in an amount, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights under such Award (and, for the avoidance of doubt, if as of the date of the occurrence of such transaction or event, the Committee determines in good faith that no amount would have been payable 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 (B) the replacement of such Award with other rights or property selected by the Committee in its sole discretion having an aggregate value not exceeding the amount that could have been attained upon the exercise of such Award or realization of the Participant’s rights had such Award been currently exercisable or payable or fully vested; 

	
(ii)
	
provide that such Award be assumed by the successor or survivor entity, or a parent or subsidiary thereof, or be exchanged for similar options, rights or awards covering the equity of the successor or survivor, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of equity interests and prices; 

	
(iii)
	
make adjustments in the number and type of Units (or other securities or property) subject to outstanding Awards, the number and kind of outstanding Awards, the terms and conditions of (including the exercise price), and/or the vesting  and performance criteria included in, outstanding Awards; 

	
(iv)
	
provide that such Award shall vest or become exercisable or payable, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; and

	
(v)
	
provide that the Award cannot be exercised or become payable after such event and shall terminate upon such event.

Notwithstanding the foregoing, (i) with respect to an above event that constitutes an “equity restructuring” that would be subject to a compensation expense pursuant ASC Topic 718, the provisions in Section 5(c) above shall control to the extent they are in conflict with the discretionary provisions of this Section 8, provided, however, that nothing in this Section 8(c) or Section 5(c) above shall be construed as providing any Participant or any beneficiary of an Award any rights with respect to the “time value,” “economic opportunity” or “intrinsic value” of an Award or limiting in any manner the Committee’s actions that may be taken with respect to an Award as set forth in this Section 8 or in Section 5(c) above; and (ii) no action shall be taken 

-12-

 

under this Section 8 which shall cause an Award to result in taxation under Section 409A, to the extent applicable to such Award.

SECTION 9.General Provisions.

	
(a)
	
No Rights to Award.  No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants, including the treatment upon termination of Service or pursuant to Section 8(c).  The terms and conditions of Awards need not be the same with respect to each recipient.

	
(b)
	
Tax Withholding.  Unless other arrangements have been made that are acceptable to the Company, the Company or any Affiliate thereof is authorized to deduct or withhold, or cause to be deducted or withheld, from any Award, from any payment due or transfer made under any Award, or from any compensation or other amount owing to a Participant the amount (in cash or Units, including Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of an Award, including its grant, its exercise, the lapse of restrictions thereon, or any payment or transfer thereunder or under the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy its withholding obligations for the payment of such taxes.  In the event that Units that would otherwise be issued pursuant to an Award are used to satisfy such withholding obligations, the number of Units which may be so withheld or surrendered shall be limited to the number of Units which have a Fair Market Value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 

	
(c)
	
No Right to Employment or Services.  The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company, the Partnership or any of their Affiliates, or to continue to serve as a Consultant or a Director, as applicable.  Furthermore, the Company, the Partnership and/or an Affiliate thereof may at any time dismiss a Participant from employment or consulting free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award Agreement or other written agreement between any such entity and the Participant.

	
(d)
	
No Rights as Unitholder.  Except as otherwise provided herein, a Participant shall have none of the rights of a unitholder with respect to Units covered by any Award unless and until the Participant becomes the record owner of such Units.

	
(e)
	
Section 409A.  To the extent that the Committee determines that any Award granted under the Plan is subject to Section 409A, the Award Agreement evidencing such Award shall be drafted with the intention to include the terms and conditions required by Section 409A.  To the extent applicable, the Plan and Award Agreements shall be construed and interpreted in accordance with Section 409A.  Notwithstanding any provision of the Plan to the contrary, in the event the Committee determines, at any time, that any Award may be subject to Section 409A, the Committee may adopt such amendments to the Plan and the applicable Award Agreement, adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), and/or take any other actions that the Committee determines are necessary or appropriate to preserve the intended tax treatment of the Award, including without limitation, 

-13-

 

		
actions intended to (i) exempt the Award from Section 409A, or (ii) comply with the requirements of Section 409A; provided, however, that nothing herein shall create any obligation on the part of the Committee, the Partnership, the Company or any of their Affiliates to adopt any such amendment, policy or procedure or take any such other action, nor shall the Committee, the Partnership, the Company or any of their Affiliates have any liability for failing to do so.  If any termination of Service constitutes a vesting or payment event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A, such termination of Service must also constitute a “separation from service” within the meaning of Section 409A.  Notwithstanding any provision in the Plan to the contrary, the time of payment with respect to any Award that is subject to Section 409A shall not be accelerated, except as permitted under Treasury Regulation Section 1.409A-3(j)(4).  Notwithstanding any provision of this Plan to the contrary, if a Participant is a “specified employee” within the meaning of Section 409A as of the date of such Participant’s termination of Service and the Company determines that immediate payment of any amounts or benefits under this Plan would cause a violation of Section 409A, then any amounts or benefits which are payable under this Plan upon the Participant’s “separation from service” within the meaning of Section 409A that: (A) are subject to the provisions of Section 409A; (B) are not otherwise exempt under Section 409A; and (C) would otherwise be payable during the first six-month period following such separation from service, shall be paid, without interest, on the first business day following the earlier of: (1) the date that is six months and one day following the date of termination; or (2) the date of the Participant’s death. Each payment or amount due to a Participant under this Plan shall be considered a separate payment, and a Participant’s entitlement to a series of payments under this Plan is to be treated as an entitlement to a series of separate payments.

	
(f)
	
Lock-Up Agreement.  Each Participant shall agree, if so requested by the Company or the Partnership and any underwriter in connection with any public offering of securities of the Partnership or any Affiliate, not to directly or indirectly offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of or transfer any Units held by it for such period, not to exceed one hundred eighty (180) days following the effective date of the relevant registration statement filed under the Securities Act in connection with such public offering, as such underwriter shall specify reasonably and in good faith.  The Company or the Partnership may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such 180-day period.  

	
(g)
	
Compliance with Laws.  The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Units and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including but not limited to state, federal and foreign securities law and margin requirements), the rules of any securities exchange or automated quotation system on which the Units are listed, quoted or traded, and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company or the Partnership, be necessary or advisable in connection therewith.  Any securities delivered under the Plan shall be subject to such restrictions, and the Person acquiring such securities shall, if requested by the Company or the Partnership, provide such assurances and representations to the Company or the Partnership as the Company or the Partnership may deem necessary or desirable to assure compliance with all applicable legal requirements.  To the 

-14-

 

		
extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.  In the event an Award is granted to or held by a Participant who is employed or providing services outside the United States, the Committee may, in its sole discretion, modify the provisions of the Plan or of such Award as they pertain to such Participant to comply with applicable foreign law or to recognize differences in local law, currency or tax policy.  The Committee may also impose conditions on the grant, issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to minimize the Company’s or the Partnership’s obligations with respect to tax equalization for Participants employed outside their home country.

	
(h)
	
Governing Law.  The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles.

	
(i)
	
Severability.  If any provision of the Plan or any Award is or becomes, or is deemed to be, invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

	
(j)
	
Other Laws.  The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole discretion, it determines that the issuance or transfer of such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which the Units are then traded, or entitle the Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary.

	
(k)
	
No Trust or Fund Created.  Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company, the Partnership or any of their Affiliates, on the one hand, and a Participant or any other Person, on the other hand.  To the extent that any Person acquires a right to receive payments pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Partnership or any participating Affiliate of the Partnership.

	
(l)
	
No Fractional Units.  No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated.

	
(m)
	
Headings.  Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision hereof.

-15-

 

	
(n)
	
No Guarantee of Tax Consequences.  None of the Board, the Committee, the Company or the Partnership provides or has provided any tax advice to any Participant or any other Person or makes or has made any assurance, commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be available to any Participant or other Person and assumes no liability with respect to any tax or associated liabilities to which any Participant or other Person may be subject.

	
(o)
	
Clawback.  To the extent required by applicable law or any applicable securities exchange listing standards, or as otherwise determined by the Committee, Awards and amounts paid or payable pursuant to or with respect to Awards shall be subject to the provisions of any clawback policy implemented by the Company or the Partnership or any of their Affiliates, which clawback policy may provide for forfeiture, repurchase and/or recoupment of Awards and amounts paid or payable pursuant to or with respect to Awards.  Notwithstanding any provision of this Plan or any Award Agreement to the contrary, the Company and the Partnership and their Affiliates reserve the right, without the consent of any Participant, to adopt any such clawback policies and procedures, including such policies and procedures applicable to this Plan or any Award Agreement with retroactive effect.  

	
(p)
	
Limitation of Liability. No member of the Board or the Committee or Employee to whom the Board or the Committee has delegated authority in accordance with the provisions of Section 4 of this Plan shall be liable for anything done or omitted to be done by him or her by any member of the Board or the Committee or by any employee in connection with the performance of any duties under this Plan, except for his or her own willful misconduct or as expressly provided by statute.

	
(q)
	
Facility Payment.  Any amounts payable hereunder to any Person under legal disability or who, in the judgment of the Committee, is unable to manage properly his or her financial affairs, may be paid to the legal representative of such Person, or may be applied for the benefit of such Person in any manner that the Committee may select, and the Partnership, the Company and all of their Affiliates shall be relieved of any further liability for payment of such amounts.

	
SECTION 10.
	
Term of the Plan.

The Plan, as amended and restated herein, shall be effective as of the Effective Date and shall continue until the earliest of (i) the date terminated by the Board, or (ii) the tenth (10th) anniversary of the Effective Date, it being understood that the Plan, as amended and restated herein, shall be submitted for approval by a majority of the outstanding Units of the Partnership entitled to vote.  The Plan, as amended and restated herein, shall be null and void and of no effect if such unitholder approval is not attained within twelve (12) months after the date on which the amended and restated Plan is adopted by the Board.  In the event such unitholder approval is not attained, the terms and provisions of the Plan that were in effect prior to the amendment and restatement set forth herein (referred to in this Section 10 as the “predecessor plan”) shall constitute the Plan.  For the avoidance of doubt, the predecessor plan shall continue to apply to Awards granted prior to such time that the unitholder approval (described in this Section 10) becomes effective.  In addition, the terms and provisions of the Plan, as amended and restated herein, shall apply to Awards granted after such time that the unitholder approval (described in 

-16-

 

this Section 10) becomes effective.  Upon termination of the Plan, the applicable terms and provisions of the Plan shall, notwithstanding such termination, continue to apply to Awards granted prior to such termination.  

 

 

-17-Exhibit 4.1

 

	 
	Brainsway
    Ltd. 
	Amended
    and restated 2019 Share Incentive Plan
	 

 

Unless otherwise defined, terms used herein shall have the
meaning ascribed to them in Section 2 hereof.

 

1. PURPOSE;
TYPES OF AWARDS; CONSTRUCTION.

 

1.1
Purpose. The purpose of this Amended and Restated 2019 Share Incentive Plan (as amended, this “Plan”) is
to afford an incentive to Service Providers of Brainsway Ltd., an Israeli company (together with any successor corporation thereto,
the “Company”), or any Affiliate of the Company, which now exists or hereafter is organized or acquired by the Company,
to continue as Service Providers, to increase their efforts on behalf of the Company or its Affiliates and to promote the success
of the Company’s business, by providing such Service Providers with opportunities to acquire a proprietary interest in the Company
by the issuance of Shares or restricted Shares (“Restricted Shares”) of the Company, and by the grant of options to
purchase Shares (“Options”), Restricted Share Units (“RSUs”) and other Share-based Awards pursuant to
Sections ‎11 through ‎13 of this Plan.

 

1.2
Types of Awards. This Plan is intended to enable the Company to issue Awards under various tax regimes, including:

 

(i)
pursuant and subject to the provisions of Section 102 of the Ordinance (or the corresponding provision of any subsequently enacted
statute, as amended from time to time), and all regulations and interpretations adopted by any competent authority, including
the Israeli Income Tax Authority (the “ITA”), including the Income Tax Rules (Tax Benefits in Stock Issuance to Employees)
5763-2003 or such other rules so adopted from time to time (the “Rules”) (such Awards that are intended to be (as
set forth in the Award Agreement) and which qualify as such under Section 102 of the Ordinance and the Rules, “102 Awards”);

 

(ii)
pursuant to Section 3(9) of the Ordinance or the corresponding provision of any subsequently enacted statute, as amended from
time to time (such Awards, “3(9) Awards”);

 

(iii)
Incentive Stock Options within the meaning of Section 422 of the Code, or the corresponding provision of any subsequently enacted
United States federal tax statute, as amended from time to time, to be granted to Employees who are deemed to be residents of
the United States, for purposes of taxation (such Awards that are intended to be (as set forth in the Award Agreement) and which
qualify as an incentive stock option within the meaning of Section 422(b) of the Code, “Incentive Stock Options”);
and

 

(iv)
Awards not intended to be (as set forth in the Award Agreement) or which do not qualify as an Incentive Stock Option to be granted
to Service Providers who are deemed to be residents of the United States for purposes of taxation (“Nonqualified Stock Options”).

 

In addition to the issuance of Awards under the relevant tax
regimes in the United States of America and the State of Israel, and without derogating from the generality of Section ‎25,
this Plan contemplates issuances to Grantees in other jurisdictions or under other tax regimes with respect to which the Committee
is empowered to make the requisite adjustments in this Plan and set forth the relevant conditions in an appendix to this Plan
or in the Company’s agreement with the Grantee in order to comply with the requirements of such other tax regimes.

 

1.3
Company Status. This Plan contemplates the issuance of Awards by the Company, both as a private and public company.

 

1.4
Construction. To the extent any provision herein conflicts with the conditions of any relevant tax law, rule or regulation
which are relied upon for tax relief in respect of a particular Award to a Grantee, the Committee is empowered, but is not required,
hereunder to determine that the provisions of such law, rule or regulation shall prevail over those of this Plan and to interpret
and enforce such prevailing provisions.

 

     

     

    

 

2. DEFINITIONS.

 

2.1
Terms Generally. Except when otherwise indicated by the context, (i) the singular shall include the plural and
the plural shall include the singular; (ii) any pronoun shall include the corresponding masculine, feminine and neuter forms;
(iii) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to
such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject
to any restrictions on such amendments, restatements, supplements or modifications set forth therein or herein), (iv) references
to any law, constitution, statute, treaty, regulation, rule or ordinance, including any section or other part thereof shall refer
to it as amended from time to time and shall include any successor thereof, (v) reference to a “company” or “entity”
shall include a, partnership, corporation, limited liability company, association, trust, unincorporated organization, or a government
or agency or political subdivision thereof, and reference to a “person” shall mean any of the foregoing or an individual,
(vi) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Plan in its entirety, and not to any particular provision hereof, (vii) all references herein to Sections
shall be construed to refer to Sections to this Plan; (viii) the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”; and (ix) use of the term “or” is not
intended to be exclusive.

 

2.2
Defined Terms. The following terms shall have the meanings ascribed to them in this Section 2:

 

2.2.1
“Affiliate” shall mean, (i) with respect to any person, any other person that, directly or indirectly through
one or more intermediaries, controls, is controlled by, or is under common control with, such person (with the term “control”
or “controlled by” within the meaning of Rule 405 of Regulation C under the Securities Act), including, without limitation,
any Parent or Subsidiary, or (ii) for the purpose of 102 Awards, “Affiliate” shall only mean an “employing company”
within the meaning and subject to the conditions of Section 102(a) of the Ordinance.

 

2.2.2
 “Applicable Law” shall mean any applicable law, rule, regulation, statute, pronouncement, policy, interpretation,
judgment, order or decree of any federal, provincial, state or local governmental, regulatory or adjudicative authority or agency,
of any jurisdiction, and the rules and regulations of any stock exchange, over-the-counter market or trading system on which the
Company’s shares are then traded or listed.

 

2.2.3
“Award” shall mean any Option, Restricted Share, RSUs or any other Share-based award granted under this Plan.

 

2.2.4
“Board” shall mean the Board of Directors of the Company.

 

2.2.5
“Code” shall mean the United States Internal Revenue Code of 1986, and any applicable regulations promulgated
thereunder, all as amended.

 

2.2.6
“Committee” shall mean a committee established or appointed by the Board to administer this Plan, subject to Section
‎3.1.

 

2.2.7
“Companies Law” shall mean the Israel Companies Law, 5759-1999, and the regulations promulgated thereunder, all
as amended from time to time.

 

2.2.8
“Controlling Shareholder” shall have the meaning set forth in Section 32(9) of the Ordinance.

 

2.2.9
“Disability” shall mean (i) the inability of a Grantee to engage in any substantial gainful activity or to perform
the major duties of the Grantee’s position with the Company or its Affiliates by reason of any medically determinable physical
or mental impairment, as determined by a qualified doctor acceptable to the Company, (ii) if applicable, a “permanent and
total disability” as defined in Section 22(e)(3) of the Code or Section 409A(a)(2)(c)(i) of the Code, as amended from time
to time, or (iii) as defined in a policy of the Company that the Committee deems applicable to this Plan, or that makes reference
to this Plan, for purposes of this definition.

 

    - 2 -

     

    

 

2.2.10
“Employee” shall mean any person treated as an employee (including an officer or a director who is also treated
as an employee) in the records of the Company or any of its Affiliates (and in the case of 102 Awards, subject to Section ‎9.3
or in the case of Incentive Stock Options, who is an employee for purposes of Section 422 of the Code); provided, however, that
neither service as a director nor payment of a director’s fee shall be sufficient to constitute employment for purposes
of this Plan. The Company shall determine in good faith and in the exercise of its discretion whether an individual has become
or has ceased to be an Employee and the effective date of such individual’s employment or termination of employment, as
the case may be. For purposes of a person’s rights, if any, under this Plan as of the time of the Company’s determination,
all such determinations by the Company shall be final, binding and conclusive, notwithstanding that the Company or any court of
law or governmental agency subsequently makes a contrary determination.

 

2.2.11
“employment”, “employed” and words of similar import shall be deemed to refer to the employment of
Employees or to the services of any other Service Provider, as the case may be.

 

2.2.12
“exercise” “exercised” and words of similar import, when referring to an Award that does not require
exercise or that is settled upon vesting (such as may be the case with RSUs or Restricted Shares, if so determined in their terms),
shall be deemed to refer to the vesting of such an Award (regardless of whether or not the wording included reference to vesting
of such an Awards explicitly).

 

2.2.13
“Exercise Period” shall mean the period, commencing on the date of grant of an Award, during which an Award shall
be exercisable, subject to any vesting provisions thereof (including any acceleration thereof, if any) and subject to the termination
provisions hereof.

 

2.2.14
“Exercise Price” shall mean the exercise price for each Share covered by an Option or the purchase price for each
Share covered by any other Award.

 

2.2.15
“Fair Market Value” shall mean, as of any date, the value of a Share or other property as determined by the Board,
in its discretion, subject to the following: (i) if, on such date, the Shares are listed on any securities exchange, the average
closing sales price per Share on which the Shares are principally traded over the thirty (30) day calendar period preceding the
subject date (utilizing all trading days during such 30 calendar day period), as reported in The Wall Street Journal or such other
source as the Company deems reliable; (ii) if, on such date, the Shares are then quoted in an over-the-counter market, the average
of the closing bid and asked prices for the Shares in that market during the thirty (30) day calendar period preceding the subject
date (utilizing all trading days during such 30 calendar day period), as reported in The Wall Street Journal or such other source
as the Company deems reliable; (iii) if, on such date, the Shares are not then listed on a securities exchange or quoted in an
over-the-counter market, or in case of any other property, such value as the Committee, in its sole discretion, shall determine,
with full authority to determine the method for making such determination and which determination shall be conclusive and binding
on all parties, and shall be made after such consultations with outside legal, accounting and other experts as the Committee may
deem advisable; provided, however, that, if applicable, the Fair Market Value of the Shares shall be determined in a manner that
satisfies the applicable requirements of and subject to Section 409A of the Code, and with respect to Incentive Stock Options,
in a manner that satisfies the applicable requirements of and subject to Section 422 of the Code, subject to Section 422(c)(7)
of the Code. The Committee shall maintain a written record of its method of determining such value. If the Shares are listed or
quoted on more than one established stock exchange or over-the-counter market, the Committee shall determine the principal such
exchange or market and utilize the price of the Shares on that exchange or market (determined as per the method described in clauses
(i) or (ii) above, as applicable) for the purpose of determining Fair Market Value.

 

    - 3 -

     

    

 

2.2.16
“Grantee” shall mean a person who has been granted an Award(s) under this Plan.

 

2.2.17
“Ordinance” shall mean the Israeli Income Tax Ordinance (New Version) 1961, and the regulations and rules (including
the Rules) promulgated thereunder, all as amended from time to time.

 

2.2.18
“Parent” shall mean any company (other than the Company), which now exists or is hereafter organized, (i) in an
unbroken chain of companies ending with the Company if, at the time of granting an Award, each of the companies (other than the
Company) owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of
the other companies in such chain, or (ii) if applicable and for purposes of Incentive Stock Options, as defined in Section 424(e)
of the Code.

 

2.2.19
“Prior Plan” shall mean the Brainsway LTD. 2014 Share Incentive Plan.

 

2.2.20
“Prior Plan Awards” shall mean (i) awards that were granted under the Prior Plan and were outstanding on the Effective
Date and that, on or after the Effective Date, are forfeited, expire, or are canceled in accordance with the terms of the Prior
Plan and the applicable award agreement or (ii) any shares subject to awards relating to our ordinary shares under the Prior Plan
that, on or after the Effective Date, are settled in cash.

 

2.2.21
“Retirement” shall mean a Grantee’s retirement pursuant to Applicable Law or in accordance with the terms of any
tax-qualified retirement plan maintained by the Company or any of its Affiliates in which the Grantee participates or is subject
to.

 

2.2.22
“Securities Act” shall mean the U.S. Securities Act of 1933, and the rules and regulations promulgated thereunder,
all as amended from time to time.

 

2.2.23
“Service Provider” shall mean an Employee, director, officer, consultant, advisor and any other person or entity
who provides services to the Company or any Parent, Subsidiary or Affiliate thereof. Service Providers shall include prospective
Service Providers to whom Awards are granted in connection with written offers of an employment or other service relationship
with the Company or any Parent, Subsidiary or any Affiliates thereof, provided however that such employment or service shall have
actually commenced.

 

2.2.24
 “Shares” shall mean Ordinary Shares, par value NIS 0.04, of the Company (as adjusted for stock split, reverse
stock split, bonus shares, combination or other recapitalization events), or shares of such other class of shares of the Company
as shall be designated by the Board in respect of the relevant Award(s). “Shares” include any securities or property
issued or distributed with respect thereto.

 

2.2.25
“Subsidiary” shall mean any company (other than the Company), which now exists or is hereafter organized or acquired
by the Company, (i) in an unbroken chain of companies beginning with the Company if, at the time of granting an Award, each of
the companies other than the last company in the unbroken chain owns stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other companies in such chain, or (ii) if applicable and for purposes
of Incentive Stock Options, as defined in Section 424(f) of the Code.

 

2.2.26
“Ten Percent Shareholder” shall mean a Grantee who, at the time an Award is granted to the Grantee, owns shares
possessing more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or any Parent
or Subsidiary, within the meaning of Section 422(b)(6) of the Code.

 

2.2.27
“Trustee” shall mean the trustee appointed by the Committee to hold the Awards (and, in relation with 102 Awards,
approved by the ITA), if so appointed.

 

    - 4 -

     

    

 

2.3
Other Defined Terms. The following terms shall have the meanings ascribed to them in the Sections set forth below:

 

	Term	 	Section
	102 Awards	 	‎1.2‎(i)
	102 Capital Gains Track Awards	 	‎9.1
	102 Non-Trustee Awards	 	‎9.2
	102 Ordinary Income Track Awards	 	‎9.1
	102 Trustee Awards	 	‎9.1
	3(9) Awards	 	‎1.2‎(ii)
	Award Agreement	 	‎6
	Cause	 	‎6.6.4.4
	Company	 	‎1.1
	Effective Date	 	‎24.1
	Election	 	‎9.2
	Eligible 102 Grantees	 	‎9.3.1
	Incentive Stock Options	 	‎1.2(iii)
	ISO Share Issuance Limit	 	‎5
	ITA	 	‎1.1‎(i)
	Market Stand-Off	 	‎17.1
	Market Stand-Off Period	 	‎17.1
	Merger/Sale	 	‎14.2
	Nonqualified Stock Options	 	‎1.2‎(iv)
	Plan	 	‎1.1
	Recapitalization	 	‎14.1
	Required Holding Period	 	‎9.5
	Restricted Period	 	‎11.2
	Restricted Share Agreement	 	‎11
	Restricted Share Unit Agreement	 	‎12
	Restricted Shares	 	‎1.1
	RSUs	 	‎1.1
	Rules	 	‎1.1‎(i)
	Securities	 	‎17.1
	Successor Corporation	 	‎14.2.1
	Withholding Obligations	 	‎18.5

 

3. ADMINISTRATION.

 

3.1
To the extent permitted under Applicable Law, the Articles of Association and any other governing document of the Company,
this Plan shall be administered by the Committee. In the event that the Board does not appoint or establish a committee to administer
this Plan, this Plan shall be administered by the Board. In the event that an action necessary for the administration of this
Plan is required under Applicable Law to be taken by the Board without the right of delegation, or if such action or power was
explicitly reserved by the Board in appointing, establishing and empowering the Committee, then such action shall be so taken
by the Board. In any such event, all references herein to the Committee shall be construed as references to the Board. Even if
such a Committee was appointed or established, the Board may take any action that are stated to be vested in the Committee, and
shall not be restricted or limited from exercising all rights, powers and authorities under this Plan or Applicable Law.

 

    - 5 -

     

    

 

3.2
The Board shall appoint the members of the Committee, may from time to time remove members from, or add members to, the Committee,
and shall fill vacancies in the Committee, however caused, provided that the composition of the Committee shall at all times be
in compliance with any mandatory requirements of Applicable Law, the Articles of Association and any other governing document
of the Company. The Committee may select one of its members as its Chairman and shall hold its meetings at such times and places
as it shall determine. The Committee may appoint a Secretary, who shall keep records of its meetings, and shall make such rules
and regulations for the conduct of its business as it shall deem advisable and subject to mandatory requirements of Applicable
Law.

 

3.3
Subject to the terms and conditions of this Plan, any mandatory provisions of Applicable Law and any provisions of any Company
policy required under mandatory provisions of Applicable Law, and in addition to the Committee’s powers contained elsewhere in
this Plan, the Committee shall have full authority, in its discretion, from time to time and at any time, to determine any of
the following, or to recommend to the Board any of the following if it is not authorized to take such action according to Applicable
Law:

 

(i)
eligible Grantees,

 

(ii)
grants of Awards and setting the terms and provisions of Award Agreements (which need not be identical) and any other agreements
or instruments under which Awards are made, including, but not limited to, the number of Shares underlying each Award,

 

(iii)
the time or times at which Awards shall be granted,

 

(iv)
the terms, conditions and restrictions applicable to each Award (which need not be identical) and any Shares acquired upon the
exercise or (if applicable) vesting thereof, including, without limitation, (1) designating Awards under Section ‎1.2; (2)
the vesting schedule, the acceleration thereof and terms and conditions upon which Awards may be exercised or become vested, (3)
the Exercise Price, (4) the method of payment for Shares purchased upon the exercise or (if applicable) vesting of the Awards,
(5) the method for satisfaction of any tax withholding obligation arising in connection with the Awards or such Shares, including
by the withholding or delivery of Shares, (6) the time of the expiration of the Awards, (7) the effect of the Grantee’s
termination of employment with the Company or any of its Affiliates, and (8) all other terms, conditions and restrictions applicable
to the Award or the Shares not inconsistent with the terms of this Plan,

 

(v)
to accelerate, continue, extend or defer the exercisability of any Award or the vesting thereof, including with respect to the
period following a Grantee’s termination of employment,

 

(vi)
the interpretation of this Plan and the meaning, interpretation and applicability of terms referred to in Applicable Laws,

 

(vii)
policies, guidelines, rules and regulations relating to and for carrying out this Plan, and any amendment, supplement or rescission
thereof, as it may deem appropriate,

 

(viii)
to adopt supplements to, or alternative versions of, this Plan, including, without limitation, as it deems necessary or desirable
to comply with the laws of, or to accommodate the tax regime or custom of, foreign jurisdictions whose citizens or residents may
be granted Awards,

 

(ix)
the Fair Market Value of the Shares or other property,

 

(x)
the tax track (capital gains, ordinary income track or any other track available under the Section 102 of the Ordinance) for the
purpose of 102 Awards,

 

    - 6 -

     

    

 

(xi)
the authorization and approval of conversion, substitution, cancellation or suspension under and in accordance with this Plan
of any or all Awards or Shares,

 

(xii)
the amendment, modification, waiver or supplement of the terms of each outstanding Award (with the consent of the applicable Grantee,
if such amendments refers to the increase of the Exercise Price of Awards or reduction of the number of Shared underlying an Award
(but, in each case, other than as a result of an adjustment or exercise of rights in accordance with Section ‎14)) unless
otherwise provided under the terms of this Plan,

 

(xiii)
without limiting the generality of the foregoing, and subject to the provisions of Applicable Law, to grant to a Grantee the holder
of an outstanding Award, in exchange for the cancellation of such Award, a new Award having an Exercise Price lower than that
provided in the Award so canceled and containing such other terms and conditions as the Committee may prescribe in accordance
with the provisions of this Plan or to set a new Exercise Price for the same Award lower than that previously provided in the
Award,

 

(xiv)
to correct any defect, supply any omission or reconcile any inconsistency in this Plan or any Award Agreement and all other determinations
and take such other actions with respect to this Plan or any Award as it may deem advisable to the extent not inconsistent with
the provisions of this Plan or Applicable Law, and

 

(xv)
any other matter which is necessary or desirable for, or incidental to, the administration of this Plan and any Award thereunder.

 

3.4
The authority granted hereunder includes the authority to modify Awards to eligible individuals who are foreign nationals
or are individuals who are employed outside Israel to recognize differences in local law, tax policy or custom, in order to effectuate
the purposes of this Plan but without amending this Plan.

 

3.5
The Board and the Committee shall be free at all times to make such determination and take such actions as they deem fit.
The Board and the Committee need not take the same action or determination with respect to all Awards, with respect to certain
types of Awards, with respect to all Service Providers or any certain type of Service Providers and actions and determinations
may differ as among the Grantees, and as between the Grantees and any other holders of securities of the Company.

 

3.6
All decisions, determinations, and interpretations of the Committee, the Board and the Company under this Plan shall be final
and binding on all Grantees (whether before or after the issuance of Shares pursuant to Awards), unless otherwise determined by
the Committee, the Board or the Company, respectively. The Committee shall have the authority (but not the obligation) to determine
the interpretation and applicability of Applicable Laws to any Grantee or any Awards. No member of the Committee or the Board
shall be liable to any Grantee for any action taken or determination made in good faith with respect to this Plan or any Award
granted hereunder.

 

3.7
Any officer of the Company shall have the authority to act on behalf of the Company with respect to any matter, right, obligation,
determination or election which is the responsibility of or which is allocated to the Company herein, provided the officer has
apparent authority with respect to such matter, right, obligation, determination or election.

 

4. ELIGIBILITY.

 

4.1
Awards may be granted to Service Providers of the Company or any Affiliate thereof, taking into account the qualification
under each tax regime pursuant to which such Awards are granted. A person who has been granted an Award hereunder may be granted
additional Awards, if the Committee shall so determine, subject to the limitations herein. However, eligibility in accordance
with this Section ‎4 shall not entitle any person to be granted an Award, or, having been granted an Award, to be granted
an additional Award.

 

    - 7 -

     

    

 

4.2
Awards may differ in number of Shares covered thereby, the terms and conditions applying to them or on the Grantees or in
any other respect (including, that there should not be any expectation (and it is hereby disclaimed) that a certain treatment,
interpretation or position granted to one shall be applied to the other, regardless of whether or not the facts or circumstances
are the same or similar).

 

5. SHARES.

 

5.1
The maximum aggregate number of Shares that may be issued under this Plan shall initially be 3,500,000 authorized but unissued
Shares (the “Pool”) (except and as adjusted pursuant to Section ‎14.1 of this Plan and for Prior Plan Awards eligible
for reuse pursuant to the following paragraph), or such other number as the Board may determine from time to time (without the
need to amend the Plan in case of such determination). However, except as adjusted pursuant to Section ‎14.1, in no event
shall more than such number of Shares included in the Pool be available for issuance pursuant to the exercise of Incentive Stock
Options (the “ISO Share Issuance Limit”).

 

5.2
Any Share underlying an Award granted hereunder or any Prior Plan Award that has expired or was cancelled, terminated, forfeited
or repurchased, for any reason, without having been exercised, shall, automatically and without any further action on the part
of the Company or any Grantee, again be available for grant of Awards and Shares issued upon exercise or (if applicable) vesting
thereof for the purposes of this Plan (unless this Plan shall have been terminated) or unless the Board determines otherwise.
Such Shares may, in whole or in part, be authorized but unissued Shares, treasury shares (dormant shares) or Shares otherwise
that shall have been or may be repurchased by the Company (to the extent permitted pursuant to the Companies Law). Any Shares
under the Pool that are not subject to outstanding or exercised Awards at the termination of this Plan shall cease to be reserved
for the purpose of this Plan.

 

6. TERMS
AND CONDITIONS OF AWARDS.

 

Each Award granted
pursuant to this Plan shall be evidenced by a written agreement between the Company and the Grantee or a written notice delivered
by the Company (the “Award Agreement”), in substantially such form or forms and containing such terms and conditions,
as the Committee shall from time to time approve. The Award Agreement shall comply with and be subject to the following general
terms and conditions and the provisions of this Plan (except for any provisions applying to Awards under different tax regimes),
unless otherwise specifically provided in such Award Agreement, or the terms referred to in other Sections of this Plan applying
to Awards under such applicable tax regimes, or terms prescribed by Applicable Law. Award Agreements need not be in the same form
and may differ in the terms and conditions included therein.

 

6.1
Number of Shares. Each Award Agreement shall state the number of Shares covered by the Award.

 

6.2
Type of Award. Each Award Agreement may state the type of Award granted thereunder, provided that the tax treatment
of any Award, whether or not stated in the Award Agreement, shall be as determined in accordance with Applicable Laws.

 

6.3
Exercise Price. Each Award Agreement shall state the Exercise Price, which shall not be less than NIS 0.1. Unless otherwise
set forth in this Plan, an Exercise Price of an Award of less than the par value of the Shares shall comply with Section 304 of
the Companies Law, 1999, as amended. Subject to Section 3 and to the foregoing, the Committee may reduce the Exercise Price of
any outstanding Award, on terms and subject to such conditions as it deems advisable. The Exercise Price shall also be subject
to adjustment as provided in Section ‎14 hereof.

 

    - 8 -

     

    

 

6.4
Manner of Exercise. An Award may be exercised, as to any or all Shares as to which the Award has become exercisable,
by written notice delivered in person or by mail (or such other methods of delivery prescribed by the Company) to the Chief Financial
Officer of the Company or to such other person as determined by the Committee, or in any other manner as the Committee shall prescribe
from time to time, specifying the number of Shares with respect to which the Award is being exercised (which may be equal to or
lower than the aggregate number of Shares that have become exercisable at such time, subject to the last sentence of this Section),
accompanied by payment of the aggregate Exercise Price for such Shares in the manner specified in the following sentence. The
Exercise Price shall be paid in full with respect to each Share, at the time of exercise, either in (i) cash, (ii) if the Company’s
shares are listed for trading on any securities exchange or over-the-counter market, all or part of the Exercise Price and any
withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities
broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company or the Trustee,
(iii) if the Company’s shares are listed for trading on any securities exchange or over-the-counter market, and if the Committee
so determines, all or part of the Exercise Price and any withholding taxes may be paid by the delivery (on a form prescribed by
the Company) of an irrevocable direction to pledge Shares to a securities broker or lender approved by the Company, as security
for a loan, and to deliver all or part of the loan proceeds to the Company or the Trustee, or (iv) in such other manner as the
Committee shall determine, which may include procedures for cashless exercise. A Grantee may not exercise Awards unless the aggregate
Exercise Price thereof is equal to or in excess of the lower of: (a) the aggregate Exercise Price for all Shares as to which the
Award has become exercisable at such time; or (b) US$2,000.

 

Notwithstanding the above, as long
as the Company’s Shares are listed for trading on Tel-Aviv Stock Exchange Ltd. conversion shall not be executed on the record
date for the distribution of bonus shares, offer by way of rights, distribution of a dividend, consolidation of capital, splitting
of capital or reduction of capital (each of the aforesaid hereinafter referred to as “company event”).

 

6.5
Term and Vesting of Awards.

 

6.5.1
Each Award Agreement shall provide the vesting schedule for the Award as determined by the Committee. The Committee shall
have the authority to determine the vesting schedule and accelerate the vesting of any outstanding Award at such time and under
such circumstances as it, in its sole discretion, deems appropriate. Unless otherwise resolved by the Committee and stated in
the Award Agreement, and subject to Sections ‎6.6 and ‎6.7 hereof, Awards shall vest and become exercisable under the
following schedule: twenty-five percent (25%) of the Shares covered by the Award, on the first anniversary of the vesting commencement
date determine by the Committee (and in the absence of such determination, of date on which such Award was granted), and six and
one-quarter percent (6.25%) of the Shares covered by the Award at the end of each subsequent three-month period thereafter over
the course of the following three (3) years; provided that the Grantee remains continuously as a Service Provider of the Company
or its Affiliates throughout such vesting dates.

 

6.5.2
The Award Agreement may contain performance goals and measurements (which, in case of 102 Awards, shall, if then required,
be subject to obtaining a specific tax ruling or determination from the ITA), and the provisions with respect to any Award need
not be the same as the provisions with respect to any other Award. Such performance goals may include, but are not limited to,
sales, earnings before interest and taxes, return on investment, earnings per share, any combination of the foregoing or rate
of growth of any of the foregoing, as determined by the Committee. The Committee may adjust performance goals pursuant to Awards
previously granted to take into account changes in law and accounting and tax rules and to make such adjustments as the Committee
deems necessary or appropriate to reflect the inclusion or the exclusion of the impact of extraordinary or unusual items, events
or circumstances.

 

6.5.3
The Exercise Period of an Award will be 10 years from the date of grant of the Award, unless otherwise determined by the Committee,
but subject to the vesting provisions described above and the early termination provisions set forth in Sections ‎6.6 and
‎6.7 hereof. At the expiration of the Exercise Period, any Award, or any part thereof, that has not been exercised within
the term of the Award and the Shares covered thereby not paid for in accordance with this Plan and the Award Agreement shall terminate
and become null and void, and all interests and rights of the Grantee in and to the same shall expire.

 

    - 9 -

     

    

 

6.6
Termination.

 

6.6.1
Unless otherwise determined by the Committee, and subject to Section ‎6.7 hereof, an Award may not be exercised unless
the Grantee is then a Service Provider of the Company or an Affiliate thereof or, in the case of an Incentive Stock Option, a
company or a parent or subsidiary company of such company issuing or assuming the Option in a transaction to which Section 424(a)
of the Code applies, and unless the Grantee has remained continuously so employed since the date of grant of the Award and throughout
the vesting dates.

 

6.6.2
In the event that the employment or service of a Grantee shall terminate (other than by reason of death, Disability or Retirement),
all Awards of such Grantee that are unvested at the time of such termination shall terminate on the date of such termination,
and all Awards of such Grantee that are vested and exercisable at the time of such termination may be exercised within up to three
(3) months after the date of such termination (or such different period as the Committee shall prescribe), but in any event no
later than the date of expiration of the Award’s term as set forth in the Award Agreement or pursuant to this Plan; provided,
however, that if the Company (or the Subsidiary or Affiliate, when applicable) shall terminate the Grantee’s employment
or service for Cause (as defined below) or if at any time during the Exercise Period (whether prior to and after termination of
employment or service, and whether or not the Grantee’s employment or service is terminated by either party as a result
thereof), facts or circumstances arise or are discovered with respect to the Grantee that would have constituted Cause, all Awards
theretofore granted to such Grantee (whether vested or not) shall, to the extent not theretofore exercised, terminate on the date
of such termination (or on such subsequent date on which such facts or circumstances arise or are discovered, as the case may
be) unless otherwise determined by the Committee.

 

6.6.3
Notwithstanding anything to the contrary, the Committee, in its absolute discretion, may, on such terms and conditions as
it may determine appropriate, extend the periods for which Awards held by any Grantee may continue to vest and be exercisable;
it being clarified that such Awards may lose their entitlement to certain tax benefits under Applicable Law as a result of the
modification of such Awards and/or in the event that the Award is exercised beyond the later of: (i) three (3) months after the
date of termination of the employment or service relationship; or (ii) the applicable period under Section ‎6.7 below with
respect to a termination of the employment or service relationship because of the death, Disability or Retirement of Grantee.

 

6.6.4
For purposes of this Plan:

 

6.6.4.1
a termination of employment or service of a Grantee shall not be deemed to occur in case of (i) a transition or transfer of
a Grantee among the Company and its Affiliates, (ii) a change in the capacity in which the Grantee is employed or renders service
to the Company or any of its Affiliates or a change in the identity of the employing or engagement entity among the Company and
its Affiliates, provided, in case of (i) and (ii) above, that the Grantee has remained continuously employed by and/or in the
service of the Company and its Affiliates since the date of grant of the Award and throughout the vesting period; (iii) if the
Grantee takes any unpaid leave as set forth in Section ‎6.8(i) below.

 

6.6.4.2
An entity or an Affiliate thereof assuming an Award or issuing in substitution thereof in a transaction to which Section 424(a)
of the Code applies or in a Merger/Sale in accordance with Section ‎14 shall be deemed as an Affiliate of the Company for
purposes of this Section ‎6.6, unless the Committee determines otherwise.

 

6.6.4.3
In the case of a Grantee whose principal employer or service recipient is a Subsidiary or Affiliate, the Grantee’s employment
shall also be deemed terminated for purposes of this Section 6.6 as of the date on which such principal employer or service recipient
ceases to be a Subsidiary or Affiliate.

 

    - 10 -

     

    

 

6.6.4.4
The term “Cause” shall mean (irrespective of, and in addition to, any definition included in any other agreement
or instrument applicable to the Grantee, and unless otherwise determined by the Committee) any of the following: (i) any theft,
fraud, embezzlement, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, falsification of any documents
or records of the Company or any of its Affiliates, felony or similar act by the Grantee (whether or not related to the Grantee’s
relationship with the Company); (ii) an act of moral turpitude by the Grantee, or any act that causes significant injury to, or
is otherwise adversely affecting, the reputation, business, assets, operations or business relationship of the Company (or a Subsidiary
or Affiliate, when applicable); (iii) any breach by the Grantee of any material agreement with or of any material duty of the
Grantee to the Company or any Subsidiary or Affiliate thereof (including breach of confidentiality, non-disclosure, non-use non-competition
or non-solicitation covenants towards the Company or any of its Affiliates) or failure to abide by code of conduct or other policies
(including, without limitation, policies relating to confidentiality and reasonable workplace conduct); or (iv) any act which
constitutes a breach of a Grantee’s fiduciary duty towards the Company or an Affiliate or Subsidiary, including disclosure
of confidential or proprietary information thereof or acceptance or solicitation to receive unauthorized or undisclosed benefits,
irrespective of their nature, or funds, or promises to receive either, from individuals, consultants or corporate entities that
the Company or a Subsidiary does business with; (v) the Grantee’s unauthorized use, misappropriation, destruction, or diversion
of any tangible or intangible asset or corporate opportunity of a Company or any of its Affiliates (including, without limitation,
the improper use or disclosure of confidential or proprietary information); or (vi) any circumstances that constitute grounds
for termination for cause under the Grantee’s employment or service agreement with the Company or Affiliate, to the extent
applicable. For the avoidance of doubt, the determination as to whether a termination is for Cause for purposes of this Plan,
shall be made in good faith by the Committee and shall be final and binding on the Grantee.

 

6.7
Death, Disability or Retirement of Grantee.

 

6.7.1
If a Grantee shall die while employed by, or performing service for, the Company or its Affiliates, or within the three (3)
month period (or such longer period of time as determined by the Board, in its discretion) after the date of termination of such
Grantee’s employment or service (or within such different period as the Committee may have provided pursuant to Section ‎6.6
hereof), or if the Grantee’s employment or service shall terminate by reason of Disability, all Awards theretofore granted to
such Grantee may (to the extent otherwise vested and exercisable and unless earlier terminated in accordance with their terms)
be exercised by the Grantee or by the Grantee’s estate or by a person who acquired the legal right to exercise such Awards by
bequest or inheritance, or by a person who acquired the legal right to exercise such Awards in accordance with Applicable Law
in the case of Disability of the Grantee, as the case may be, at any time within one (1) year (or such longer period of time as
determined by the Board, in its discretion) after the death or Disability of the Grantee (or such different period as the Committee
shall prescribe), but in any event no later than the date of expiration of the Award’s term as set forth in the Award Agreement
or pursuant to this Plan. In the event that an Award granted hereunder shall be exercised as set forth above by any person other
than the Grantee, written notice of such exercise shall be accompanied by a certified copy of letters testamentary or proof satisfactory
to the Committee of the right of such person to exercise such Award.

 

6.7.2
In the event that the employment or service of a Grantee shall terminate on account of such Grantee’s Retirement, all Awards
of such Grantee that are exercisable at the time of such Retirement may, unless earlier terminated in accordance with their terms,
be exercised at any time within the three (3) month period after the date of such Retirement (or such different period as the
Committee shall prescribe).

 

6.8
Suspension of Vesting. Unless the Committee provides otherwise, vesting of Awards granted hereunder shall be suspended
during any unpaid leave of absence, other than in the case of any (i) leave of absence which was pre-approved by the Company explicitly
for purposes of continuing the vesting of Awards, or (ii) transfers between locations of the Company or any of its Affiliates,
or between the Company and any of its Affiliates, or any respective successor thereof. For clarify, for purposes of this Plan,
military leave, statutory maternity or paternity leave or sick leave are not deemed unpaid leave of absence.

 

    - 11 -

     

    

 

6.9
Securities Law Restrictions. Except as otherwise provided in the applicable Award Agreement or other agreement between
the Service Provider and the Company, if the exercise of an Award following the termination of the Service Provider’s employment
or service (other than for Cause) would be prohibited at any time solely because the issuance of Shares would violate the registration
requirements under the Securities Act or equivalent requirements under equivalent laws of other applicable jurisdictions, then
the Award shall remain exercisable and terminate on the earlier of (i) the expiration of a period of three (3) months
(or such longer period of time as determined by the Board, in its discretion) after the termination of the Service Provider’s
employment or service during which the exercise of the Award would not be in such violation, or (ii) the expiration of the
term of the Award as set forth in the Award Agreement or pursuant to this Plan. In addition, unless otherwise provided in a Grantee’s
Award Agreement, if the sale of any Shares received upon exercise or (if applicable) vesting of an Award following the termination
of the Grantee’s employment or service (other than for Cause) would violate the Company’s insider trading policy, then the
Award shall terminate on the earlier of (i) the expiration of a period equal to the applicable post-termination exercise
period after the termination of the Grantee’s employment or service during which the exercise of the Award would not be in violation
of the Company’s insider trading policy, or (ii) the expiration of the term of the Award as set forth in the applicable
Award Agreement or pursuant to this Plan.

 

6.10
Voting Proxy. Until immediately after the listing for trading on a stock exchange or market or trading system of the
Company’s (or the Successor Corporation’s) shares, the Shares subject to an Award or to be issued pursuant to an Award
or any other Securities, shall, unless otherwise determined by the Committee, be subject to an irrevocable proxy and power of
attorney by the Grantee or the Trustee (if so requested from the Trustee), as the case may be, to the Company, which shall designate
such person or persons (with a right of substitution) from time to time as determined by the Committee (and in the absence of
such determination, the CEO or Chairman of the Board, ex officio). The Trustee is deemed to be instructed by the Grantee to sign
such proxy, as requested by the Company. The proxy shall entitle the holder thereof to receive notices, vote and take such other
actions in respect of the Shares or other Securities. Any person holding or exercising such voting proxies shall do so solely
in his capacity as the proxy holder and not individually. All Awards granted hereunder shall be conditioned upon the execution
of such irrevocable proxy in substantially the form prescribed by the Committee from time to time. So long as any such Shares
are subject to such irrevocable proxy and power of attorney or held by a Trustee (and unless a proxy was given by the Trustee
as aforesaid), (i) in any shareholders meeting or written consent in lieu thereof, such Shares shall be voted by the proxy holder,
unless directed otherwise by the Board, in the same proportion as the result of the vote at the shareholders’ meeting (or
written consent in lieu thereof) in respect of which the Shares are being voted (whether an extraordinary or annual meeting),
and (ii) or in any act or consent of shareholders under the Company’s Articles of Association or otherwise, such Shares
shall be cast by the proxy holder, unless directed otherwise by the Board, in the same proportion as the result of the shareholders’
act or consent. The provisions of this Section shall apply to the Grantee and to any purchaser, assignee or transferee of any
Shares.

 

6.11
Other Provisions. The Award Agreement evidencing Awards under this Plan shall contain such other terms and conditions
not inconsistent with this Plan as the Committee may determine, at or after the date of grant, including provisions in connection
with the restrictions on transferring the Awards or Shares covered by such Awards, which shall be binding upon the Grantees and
any purchaser, assignee or transferee of any Awards, and other terms and conditions as the Committee shall deem appropriate.

 

7. NONQUALIFIED
STOCK OPTIONS.

 

Awards granted pursuant
to this Section ‎7 are intended to constitute Nonqualified Stock Options and shall be subject to the general terms and conditions
specified in Section ‎6 hereof and other provisions of this Plan, except for any provisions of this Plan applying to Awards
under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of this Section
‎7 and the other terms of this Plan, this Section ‎7 shall prevail.

 

7.1
Eligibility for Awards. Nonqualified Stock Options may not be granted to Service Providers who is deemed to be a resident
of the United States for purposes of taxation and who are providing services only to a “parent” of the Company, as
such term is defined in Rule 405 of Regulation C under the Securities Act, unless the Shares underlying such Awards are treated
as “service recipient stock” under Section 409A of the Code because the Awards are granted pursuant to a corporate
transaction (such as a spin off transaction) or unless such Awards comply with the distribution requirements of Section 409A of
the Code.

 

    - 12 -

     

    

 

7.2
Exercise Price. The Exercise Price of a Nonqualified Stock Option shall not be less than 100% of the Fair Market Value
of the Shares on the date of grant unless the Committee specifically indicates that the Awards will have a lower Exercise Price
and the Award complies with Section 409A of the Code. Notwithstanding the foregoing, Nonqualified Stock Option may be granted
with an exercise price lower than the minimum exercise price set forth above if such Award is granted pursuant to an assumption
or substitution for another option in a manner qualifying under the provisions of Section 424(a) of the Code.

 

8. INCENTIVE
STOCK OPTIONS.

 

Awards granted pursuant
to this Section 8 are intended to constitute Incentive Stock Options and shall be granted subject to the following special terms
and conditions, the general terms and conditions specified in Section 6 hereof and other provisions of this Plan, except for any
provisions of this Plan applying to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions
between the provisions of this Section 8 and the other terms of this Plan, this Section 8 shall prevail.

 

8.1
Eligibility for Awards. Incentive Stock Options may be granted only to Employees of the Company, or to Employees of
a Parent or Subsidiary corporation thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Any person who
is not an Employee on the effective date of the grant of an Award to such person may be granted only a Nonqualifed Stock Option.
An Incentive Stock Option granted to a prospective Employee upon the condition that such person become an Employee shall be deemed
granted effective on the date such person commences employment, with an exercise price determined as of such date in accordance
with Section ‎8.2.

 

8.2
Exercise Price. The Exercise Price of Incentive Stock Option shall not be less than one hundred percent (100%) of the
Fair Market Value of the Shares covered by the Awards on the date of grant or such other price as may be determined pursuant to
the Code. No Incentive Stock Option granted to any Ten-Percent Shareholder shall have an Exercise Price less than 110% of the
Fair Market Value of a Share covered by the Awards on the effective date of grant. Notwithstanding the foregoing, Incentive Stock
Option may be granted with an exercise price lower than the minimum exercise price set forth above if such Award is granted pursuant
to an assumption or substitution for another option in a manner qualifying under the provisions of Section 424(a) of the Code.

 

8.3
Date of Grant. Incentive Stock Option shall be granted within 10 years from the date this Plan is adopted, or the date
this Plan is approved by the shareholders, whichever is earlier.

 

8.4
Exercise Period. No Incentive Stock Option shall be exercisable after the expiration of ten (10) years after the effective
date of grant of such Award, subject to Section ‎8.6. No Incentive Stock Option granted to a prospective Employee may become
exercisable prior to the date on which such person commences employment.

 

8.5
Value of Shares. The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted)
of the Shares with respect to which all Incentive Stock Options granted under this Plan and all other option plans of any Parent
or Subsidiary or Affiliate become exercisable for the first time by each Grantee during any calendar year shall not exceed one
hundred thousand United States dollars ($100,000) with respect to such Grantee. To the extent that the aggregate Fair Market Value
of Shares with respect to which the Incentive Stock Options are exercisable for the first time by any Grantee during any calendar
years as mentioned above exceeds one hundred thousand United States dollars ($100,000), such Awards shall be treated as Nonqualified
Stock Options. The foregoing shall be applied by taking Awards into account in the order in which they were granted, and the Fair
Market Value of any Share to be determined at the time of the grant of the Awards. If the Code is amended to provide for a different
limitation from that set forth in this Section ‎8.5, such different limitation shall be deemed incorporated herein effective
as of the date and with respect to such Awards as required or permitted by such amendment to the Code. If an Award is treated
as an Incentive Stock Option in part and as a Nonqualifed Stock Option in part by reason of the limitation set forth in this Section
‎8.5, the Grantee may designate which portion of such Award the Grantee is exercising. In the absence of such designation,
the Grantee shall be deemed to have exercised the Incentive Stock Option portion of the Award first. Separate certificates representing
each such portion may be issued upon the exercise of the Award.

 

    - 13 -

     

    

 

8.6
Ten Percent Shareholder. In the case of an Incentive Stock Option granted to a Ten Percent Shareholder, (i) the Exercise
Price shall not be less than one hundred and ten percent (110%) of the Fair Market Value of the Shares on the date of grant of
such Incentive Stock Option, and (ii) the Exercise Period shall not exceed five (5) years from the effective date of grant of
such Incentive Stock Option.

 

8.7
Incentive Stock Option Lock-Up Period. No disposition of Shares received pursuant to the exercise of Incentive Stock
Options, shall be made by the Grantee within 2 years from the date of grant, nor within 1 year after the transfer of such Shares
to him. To the extent that the Grantee violates the aforementioned limitations, the Incentive Stock Options shall be deemed to
be Nonqualified Stock Options.

 

8.8
Approval. To the extent required by Applicable Law, the status of any Shares issued upon exercise of Incentive Stock
Options shall be subject to approval of this Plan and any amendment thereto by the Company’s shareholders, such approval
to be provided 12 months before or after the date of adoption of this Plan or its amendment (if applicable), as the case may be,
by the Board.

 

8.9
Leave of Absence. Notwithstanding Section ‎6.8, a Grantee’s employment shall not be deemed to have terminated
if the Grantee takes any leave as set forth in Section ‎6.8(i); provided, however, that if any such leave exceeds ninety (90)
days, on the one hundred eighty-first (181st) day following the commencement of such leave any Incentive Stock Option held by
the Grantee shall cease to be treated as an Incentive Stock Option and instead shall be treated thereafter as a Nonqualifed Stock
Option, unless the Grantee’s right to return to employment is guaranteed by statute or contract.

 

8.10
Exercise Following Termination for Disability. Notwithstanding anything else in this Plan to the contrary, Incentive
Stock Options that are not exercised within three (3) months following termination of Grantee’s employment with the Company
or its Parent or Subsidiary or a corporation or a Parent or Subsidiary of such corporation issuing or assuming a Award in a transaction
to which Section 424(a) of the Code applies, or within one year in case of termination of Grantee’s employment with the
Company or its Parent or Subsidiary due to a disability (within the meaning of Section 22(e)(3) of the Code), shall be deemed
to be Nonqualified Stock Options.

 

8.11
Adjustments to Incentive Stock Options. Any Awards Agreement providing for the grant of Incentive Stock Options shall
indicate that adjustments made pursuant to this Plan with respect to Incentive Stock Options could constitute a “modification”
of such Incentive Stock Options (as that term is defined in Section 424(h) of the Code) or could cause adverse tax consequences
for the holder of such Incentive Stock Options and that the holder should consult with his or her tax advisor regarding the consequences
of such “modification” on his or her income tax treatment with respect to the Incentive Stock Option.

 

8.12
Notice to Company of Disqualifying Disposition. Each Grantee who receives an Incentive Stock Option must agree to notify
the Company in writing immediately after the Grantee makes a Disqualifying Disposition of any Shares received pursuant to the
exercise of Incentive Stock Options. A “Disqualifying Disposition” is any disposition (including any sale) of such
Shares before the later of (i) two years after the date the Grantee was granted the Incentive Stock Option, or (ii) one
year after the date the Grantee acquired Shares by exercising the Incentive Stock Option. If the Grantee dies before such Shares
are sold, these holding period requirements do not apply and no disposition of the Shares will be deemed a Disqualifying Disposition.

 

    - 14 -

     

    

 

9. 102
AWARDS.

 

Awards granted pursuant
to this Section ‎9 are intended to constitute 102 Awards and shall be granted subject to the following special terms and conditions,
the general terms and conditions specified in Section 6 hereof and other provisions of this Plan, except for any provisions of
this Plan applying to Awards under different tax laws or regulations. In the event of any inconsistency or contradictions between
the provisions of this Section ‎9 and the other terms of this Plan, this Section ‎9 shall prevail.

 

9.1
Tracks. Awards granted pursuant to this Section ‎9 are intended to be granted pursuant to Section 102 of the Ordinance
pursuant to either (i) Section 102(b)(2) thereof, under the capital gain track (“102 Capital Gain Track Awards”),
or (ii) Section 102(b)(1) thereof under the ordinary income track (“102 Ordinary Income Track Awards”, and together
with 102 Capital Gain Track Awards, “102 Trustee Awards”). 102 Trustee Awards shall be granted subject to the special
terms and conditions contained in this Section ‎9, the general terms and conditions specified in Section ‎6 hereof and
other provisions of this Plan, except for any provisions of this Plan applying to Options under different tax laws or regulations.

 

9.2
Election of Track. Subject to Applicable Law, the Company may grant only one type of 102 Trustee Awards at any given
time to all Grantees who are to be granted 102 Trustee Awards pursuant to this Plan, and shall file an election with the ITA regarding
the type of 102 Trustee Awards it elects to grant before the date of grant of any 102 Trustee Awards (the “Election”).
Such Election shall also apply to any other securities, including bonus shares, received by any Grantee as a result of holding
the 102 Trustee Awards. The Company may change the type of 102 Trustee Awards that it elects to grant only after the expiration
of at least 12 months from the end of the year in which the first grant was made in accordance with the previous Election, or
as otherwise provided by Applicable Law. Any Election shall not prevent the Company from granting Awards, pursuant to Section
102(c) of the Ordinance without a Trustee (“102 Non-Trustee Awards”).

 

9.3
Eligibility for Awards.

 

Subject
to Applicable Law, 102 Awards may only be granted to an “employee” within the meaning of Section 102(a) of the Ordinance
(which as of the date of the adoption of this Plan means (i) individuals employed by an Israeli company being the Company or any
of its Affiliates, and (ii) individuals who are serving and are engaged personally (and not through an entity) as “office
holders” by such an Israeli company), but may not be granted to a Controlling Shareholder (“Eligible 102 Grantees”).
Eligible 102 Grantees may receive only 102 Awards, which may either be granted to a Trustee or granted under Section 102 of the
Ordinance without a Trustee.

 

9.4
102 Award Grant Date.

 

9.4.1
Each 102 Award will be deemed granted on the date determined by the Committee, subject to Section ‎9.4.2, provided that
(i) the Grantee has signed all documents required by the Company or pursuant to Applicable Law, and (ii) with respect to 102 Trustee
Award, the Company has provided all applicable documents to the Trustee in accordance with the guidelines published by the ITA.

 

9.4.2
Unless otherwise permitted by the Ordinance, any grants of 102 Trustee Awards that are made on or after the date of the adoption
of this Plan or an amendment to this Plan, as the case may be, that may become effective only at the expiration of thirty (30)
days after the filing of this Plan or any amendment thereof (as the case may be) with the ITA in accordance with the Ordinance
shall be conditional upon the expiration of such 30-day period, such condition shall be read and is incorporated by reference
into any corporate resolutions approving such grants and into any Award Agreement evidencing such grants (whether or not explicitly
referring to such condition), and the date of grant shall be at the expiration of such 30-day period, whether or not the date
of grant indicated therein corresponds with this Section. In the case of any contradiction, this provision and the date of grant
determined pursuant hereto shall supersede and be deemed to amend any date of grant indicating in any corporate resolution or
Award Agreement.

 

    - 15 -

     

    

 

9.5
102 Trustee Awards.

 

9.5.1
Each 102 Trustee Award, each Share issued pursuant to the exercise of any 102 Trustee Award, and any rights granted thereunder,
including bonus shares, shall be issued to and registered in the name of the Trustee and shall be held in trust for the benefit
of the Grantee for the requisite period prescribed by the Ordinance or such longer period as set by the Committee (the “Required
Holding Period”). In the event that the requirements under Section 102 of the Ordinance to qualify an Award as a 102 Trustee
Award are not met, then the Award may be treated as a 102 Non-Trustee Award or 3(9) Award, all in accordance with the provisions
of the Ordinance. After termination of the Required Holding Period, the Trustee may release such 102 Trustee Awards and any such
Shares, provided that (i) the Trustee has received an acknowledgment from the ITA that the Grantee has paid any applicable taxes
due pursuant to the Ordinance, or (ii) the Trustee and/or the Company and/or its Affiliate withholds all applicable taxes and
compulsory payments due pursuant to the Ordinance arising from the 102 Trustee Awards and/or any Shares issued upon exercise or
(if applicable) vesting of such 102 Trustee Awards. The Trustee shall not release any 102 Trustee Awards or Shares issued upon
exercise or (if applicable) vesting thereof prior to the payment in full of the Grantee’s tax and compulsory payments arising
from such 102 Trustee Awards and/or Shares or the withholding referred to in (ii) above.

 

9.5.2
Each 102 Trustee Award shall be subject to the relevant terms of the Ordinance, the Rules and any determinations, rulings
or approvals issued by the ITA, which shall be deemed an integral part of the 102 Trustee Awards and shall prevail over any term
contained in this Plan or Award Agreement that is not consistent therewith. Any provision of the Ordinance, the Rules and any
determinations, rulings or approvals by the ITA not expressly specified in this Plan or Award Agreement that are necessary to
receive or maintain any tax benefit pursuant to Section 102 of the Ordinance shall be binding on the Grantee. The Grantee granted
a 102 Trustee Awards shall comply with the Ordinance and the terms and conditions of the Trust Agreement entered into between
the Company and the Trustee. The Grantee shall execute any and all documents that the Company and/or its Affiliates and/or the
Trustee determine from time to time to be necessary in order to comply with the Ordinance and the Rules.

 

9.5.3
During the Required Holding Period, the Grantee shall not release from trust or sell, assign, transfer or give as collateral,
the Shares issuable upon the exercise or (if applicable) vesting of a 102 Trustee Awards and/or any securities issued or distributed
with respect thereto, until the expiration of the Required Holding Period. Notwithstanding the above, if any such sale, release
or other action occurs during the Required Holding Period it may result in adverse tax consequences to the Grantee under Section
102 of the Ordinance and the Rules, which shall apply to and shall be borne solely by such Grantee. Subject to the foregoing,
the Trustee may, pursuant to a written request from the Grantee, but subject to the terms of this Plan, release and transfer such
Shares to a designated third party, provided that both of the following conditions have been fulfilled prior to such release or
transfer: (i) payment has been made to the ITA of all taxes and compulsory payments required to be paid upon the release and transfer
of the Shares, and confirmation of such payment has been received by the Trustee and the Company, and (ii) the Trustee has received
written confirmation from the Company that all requirements for such release and transfer have been fulfilled according to the
terms of the Company’s corporate documents, any agreement governing the Shares, this Plan, the Award Agreement and any Applicable
Law.

 

9.5.4
If a 102 Trustee Award is exercised or (if applicable) vested, the Shares issued upon such exercise or (if applicable) vesting
shall be issued in the name of the Trustee for the benefit of the Grantee.

 

9.5.5
Upon or after receipt of a 102 Trustee Award, if required, the Grantee may be required to sign an undertaking to release the
Trustee from any liability with respect to any action or decision duly taken and executed in good faith by the Trustee in relation
to this Plan, or any 102 Trustee Awards or Share granted to such Grantee thereunder.

 

    - 16 -

     

    

 

9.6
102 Non-Trustee Awards. The foregoing provisions of this Section ‎9 relating to 102 Trustee Awards shall not apply
with respect to 102 Non-Trustee Awards, which shall, however, be subject to the relevant provisions of Section 102 of the Ordinance
and the applicable Rules. The Committee may determine that 102 Non-Trustee Awards, the Shares issuable upon the exercise or (if
applicable) vesting of a 102 Non-Trustee Awards and/or any securities issued or distributed with respect thereto, shall be allocated
or issued to the Trustee, who shall hold such 102 Non-Trustee Awards and all accrued rights thereon (if any), in trust for the
benefit of the Grantee and/or the Company, as the case may be, until the full payment of tax arising from the 102 Non-Trustee
Awards, the Shares issuable upon the exercise or (if applicable) vesting of a 102 Non-Trustee Awards and/or any securities issued
or distributed with respect thereto. The Company may choose, alternatively, to force the Grantee to provide it with a guarantee
or other security, to the satisfaction of each of the Trustee and the Company, until the full payment of the applicable taxes.

 

9.7
Israeli Index Base for 102 Awards. Each 102 Award will be subject to the Israeli index base of the Value of Benefit,
as defined in Section 102(a) of the Ordinance, as determined by the Committee in its discretion, pursuant to the Rules, from time
to time. The Committee may amend (which may have a retroactive effect) the Israeli index base, pursuant to the Ordinance, without
the Grantee’s consent.

 

9.8
Written Grantee Undertaking. To the extent and with respect to any 102 Trustee Award, and as required by Section 102
of the Ordinance and the Rules, by virtue of the receipt of such Award, the Grantee is deemed to have undertaken and confirm in
writing the following (and such undertaking is deemed incorporated into any documents signed by the Grantee in connection with
the employment or service of the Grantee and/or the grant of such Award). The following written undertaking shall be deemed to
apply and relate to all Awards granted to the Grantee, whether under this Plan or other plans maintained by the Company, and whether
prior to or after the date hereof.

 

9.8.1
The Grantee shall comply with all terms and conditions set forth in Section 102 of the Ordinance with regard to the “Capital
Gain Track” or the “Ordinary Income Track”, as applicable, and the applicable rules and regulations promulgated
thereunder, as amended from time to time;

 

9.8.2
The Grantee is familiar with, and understand the provisions of, Section 102 of the Ordinance in general, and the tax arrangement
under the “Capital Gain Track” or the “Ordinary Income Track” in particular, and its tax consequences;
the Grantee agrees that the Awards and Shares that may be issued upon exercise or (if applicable) vesting of the Awards (or otherwise
in relation to the Awards), will be held by a trustee appointed pursuant to Section 102 of the Ordinance for at least the duration
of the “Holding Period” (as such term is defined in Section 102) under the “Capital Gain Track” or the “Ordinary
Income Track”, as applicable. The Grantee understands that any release of such Awards or Shares from trust, or any sale
of the Share prior to the termination of the Holding Period, as defined above, will result in taxation at marginal tax rate, in
addition to deductions of appropriate social security, health tax contributions or other compulsory payments; and

 

9.8.3
The Grantee agrees to the trust deed signed between the Company, his employing company and the trustee appointed pursuant
to Section 102 of the Ordinance.

 

10. 3(9)
AWARDS.

 

Awards granted pursuant
to this Section ‎10 are intended to constitute 3(9) Awards and shall be granted subject to the general terms and conditions
specified in Section ‎6 hereof and other provisions of this Plan, except for any provisions of this Plan applying to Awards
under different tax laws or regulations. In the event of any inconsistency or contradictions between the provisions of this Section
‎10 and the other terms of this Plan, this Section ‎10 shall prevail.

 

10.1
To the extent required by the Ordinance or the ITA or otherwise deemed by the Committee to be advisable, the 3(9) Awards and/or
any shares or other securities issued or distributed with respect thereto granted pursuant to this Plan shall be issued to a Trustee
nominated by the Committee in accordance with the provisions of the Ordinance. In such event, the Trustee shall hold such Awards
and/or any shares or other securities issued or distributed with respect thereto in trust, until exercised or (if applicable)
vested by the Grantee and the full payment of tax arising therefrom, pursuant to the Company’s instructions from time to time
as set forth in a trust agreement, which will have been entered into between the Company and the Trustee. If determined by the
Board or the Committee, and subject to such trust agreement, the Trustee shall be responsible for withholding any taxes to which
a Grantee may become liable upon issuance of Shares, whether due to the exercise or (if applicable) vesting of Awards.

 

    - 17 -

     

    

 

10.2
Shares pursuant to a 3(9) Award shall not be issued, unless the Grantee delivers to the Company payment in cash or by bank
check or such other form acceptable to the Committee of all withholding taxes due, if any, on account of the Grantee acquired
Shares under the Award or gives other assurance satisfactory to the Committee of the payment of those withholding taxes.

 

11. RESTRICTED
SHARES.

 

The Committee may
award Restricted Shares to any eligible Grantee, including under Section 102 of the Ordinance. Each Award of Restricted Shares
under this Plan shall be evidenced by a written agreement between the Company and the Grantee (the “Restricted Share Agreement”),
in such form as the Committee shall from time to time approve. The Restricted Shares shall be subject to all applicable terms
of this Plan, which in the case of Restricted Shares granted under Section 102 of the Ordinance shall include Section ‎9 hereof,
and may be subject to any other terms that are not inconsistent with this Plan. The provisions of the various Restricted Shares
Agreements entered into under this Plan need not be identical. The Restricted Share Agreement shall comply with and be subject
to Section ‎6 and the following terms and conditions, unless otherwise specifically provided in such Agreement and not inconsistent
with this Plan, or Applicable Law:

 

11.1
Purchase Price. Section ‎6.4 shall not apply. Each Restricted Share Agreement shall state an amount of Exercise
Price to be paid by the Grantee, if any, in consideration for the issuance of the Restricted Shares and the terms of payment thereof,
which may include, payment in cash or by issuance of promissory notes or other evidence of indebtedness on such terms and conditions
as determined by the Committee.

 

11.2
Restrictions. Restricted Shares may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed
of, except by will or the laws of descent and distribution (in which case they shall be transferred subject to all restrictions
then or thereafter applicable thereto), until such Restricted Shares shall have vested (the period from the date on which the
Award is granted until the date of vesting of the Restricted Share thereunder being referred to herein as the “Restricted
Period”). The Committee may also impose such additional or alternative restrictions and conditions on the Restricted Shares,
as it deems appropriate, including the satisfaction of performance criteria. Such performance criteria may include, but are not
limited to, sales, earnings before interest and taxes, return on investment, earnings per share, any combination of the foregoing
or rate of growth of any of the foregoing, as determined by the Committee or pursuant to the provisions of any Company policy
required under mandatory provisions of Applicable Law. Certificates for shares issued pursuant to Restricted Share Awards shall
bear an appropriate legend referring to such restrictions, and any attempt to dispose of any such shares in contravention of such
restrictions shall be null and void and without effect. Such certificates may, if so determined by the Committee, be held in escrow
by an escrow agent appointed by the Committee, or, if a Restricted Share Award is made pursuant to Section 102 of the Ordinance,
by the Trustee. In determining the Restricted Period of an Award the Committee may provide that the foregoing restrictions shall
lapse with respect to specified percentages of the awarded Restricted Shares on successive anniversaries of the date of such Award.
To the extent required by the Ordinance or the ITA, the Restricted Shares issued pursuant to Section 102 of the Ordinance shall
be issued to the Trustee in accordance with the provisions of the Ordinance and the Restricted Shares shall be held for the benefit
of the Grantee for such period as may be required by the Ordinance.

 

11.3
Forfeiture; Repurchase. Subject to such exceptions as may be determined by the Committee, if the Grantee’s continuous
employment with or service to the Company or any Affiliate thereof shall terminate for any reason prior to the expiration of the
Restricted Period of an Award or prior to the timely payment in full of the Exercise Price of any Restricted Shares, any Shares
remaining subject to vesting or with respect to which the purchase price has not been paid in full, shall thereupon be forfeited,
transferred to, and redeemed, repurchased or cancelled by, as the case may be, in any manner as set forth in Section ‎6.6.2(i)
thought (v), subject to Applicable Laws and the Grantee shall have no further rights with respect to such Restricted Shares.

 

    - 18 -

     

    

 

11.4
Ownership. During the Restricted Period the Grantee shall possess all incidents of ownership of such Restricted Shares,
subject to Section ‎6.10 and Section ‎11.2, including the right to vote and receive dividends with respect to such Shares.
All securities, if any, received by a Grantee with respect to Restricted Shares as a result of any stock split, stock dividend,
combination of shares, or other similar transaction shall be subject to the restrictions applicable to the original Award.

 

12. RESTRICTED
SHARE UNITS.

 

An RSU is an Award
covering a number of Shares that is settled, if vested and (if applicable) exercised, by issuance of those Shares. An RSU may
be awarded to any eligible Grantee, including under Section 102 of the Ordinance, provided that, to the extent required
by Applicable Laws, a specific ruling is obtained from the ITA to grant RSUs as 102 Trustee Awards. The Award Agreement relating
to the grant of RSUs under this Plan (the “Restricted Share Unit Agreement”), shall be in such form as the Committee
shall from time to time approve. The RSUs shall be subject to all applicable terms of this Plan, which in the case of RSUs granted
under Section 102 of the Ordinance shall include Section ‎9 hereof, and may be subject to any other terms that are not inconsistent
with this Plan. The provisions of the various Restricted Share Unit Agreements entered into under this Plan need not be identical.
RSUs may be granted in consideration of a reduction in the recipient’s other compensation.

 

12.1
Exercise Price. No payment of Exercise Price shall be required as consideration for RSUs, unless included in the Award
Agreement or as required by Applicable Law (including, Section 304 of the Companies Law, 1999, as amended), and Section ‎6.4
shall apply, if applicable.

 

12.2
Shareholders’ Rights. The Grantee shall not possess or own any ownership rights in the Shares underlying the
RSUs and no rights as a shareholder shall exist prior to the actual issuance of Shares in the name of the Grantee.

 

12.3
Settlements of Awards. Settlement of vested RSUs shall be made in the form of Shares. Distribution to a Grantee of
an amount (or amounts) from settlement of vested RSUs can be deferred to a date after settlement as determined by the Committee.
The amount of a deferred distribution may be increased by an interest factor or by dividend equivalents. Until the grant of RSUs
is settled, the number of Shares underlying such RSUs shall be subject to adjustment pursuant hereto.

 

12.4
Section 409A Restrictions. Notwithstanding anything to the contrary set forth herein, any RSUs granted under this
Plan that are not exempt from the requirements of Section 409A of the Code shall contain such restrictions or other provisions
so that such RSUs will comply with the requirements of Section 409A of the Code, if applicable to the Company. Such restrictions,
if any, shall be determined by the Committee and contained in the Restricted Share Unit Agreement evidencing such RSU. For example,
such restrictions may include a requirement that any Shares that are to be issued in a year following the year in which the RSU
vests must be issued in accordance with a fixed, pre-determined schedule.

 

13. OTHER
SHARE OR SHARE-BASED AWARDS.

 

13.1
The Committee may grant other Awards under this Plan pursuant to which Shares (which may, but need not, be Restricted Shares
pursuant to Section 11 hereof), cash (in settlement of Share-based Awards) or a combination thereof, are or may in the
future be acquired or received, or Awards denominated in stock units, including units valued on the basis of measures other than
market value.

 

13.2
The Committee may also grant stock appreciation rights without the grant of an accompanying option, which rights shall permit
the Grantees to receive, at the time of any exercise of such rights, cash equal to the amount by which the Fair Market Value of
all Shares in respect to which the right was granted exceed the exercise price thereof.

 

13.3
Such other Share-based Awards as set forth above may be granted alone, in addition to, or in tandem with any Award
of any type granted under this Plan.

 

    - 19 -

     

    

 

14. EFFECT
OF CERTAIN CHANGES.

 

14.1
General. In the event of a divisions or subdivision of the outstanding share capital of the Company, any distribution
of bonus shares (stock split), consolidation or combination of share capital of the Company (reverse stock split), reclassification
with respect to the Shares or any similar recapitalization events (each, a “Recapitalization”), reorganization (which
may include a combination or exchange of shares, spin-off or other corporate divestiture or division, or other similar occurrences)
then (i) the number of Shares reserved and available for grants of Awards and (ii) the number of Shares covered by outstanding
Awards, , will be proportionately adjusted. Any fractional shares resulting from such adjustment shall be treated as determined
by the Committee, and in the absence of such determination shall be rounded to the nearest whole share, and the Company shall
have no obligation to make any cash or other payment with respect to such fractional shares. No adjustment shall be made by reason
of the distribution of subscription rights or rights offering to outstanding shares or distribution of dividends to outstanding
shareholders or other issuance of shares by the Company, unless the Committee determines otherwise. The adjustments determined
pursuant to this Section ‎14.1 (including a determination that no adjustment is to be made) shall be final, binding and conclusive.

 

14.2
Merger/Sale of Company. In the event of (i) a sale of all or substantially all of the assets of the Company, or a sale
(including an exchange) of all or substantially all of the shares of the Company, to any person, or a purchase by a shareholder
of the Company or by an Affiliate of such shareholder, of all the shares of the Company held by all or substantially all other
shareholders or by other shareholders who are not Affiliated with such acquiring party; (ii) a merger (including, a reverse merger
and a reverse triangular merger), consolidation, amalgamation or like transaction of the Company with or into another corporation;
(iii) a scheme of arrangement for the purpose of effecting such sale, merger, consolidation, amalgamation or other transaction;
or (iv) such other transaction or set of circumstances that is determined by the Board, in its discretion, to be a transaction
subject to the provisions of this Section ‎14.2; excluding any of the above transactions in clauses (i) through (iii) if the
Committee determines that such transaction should be excluded from the definition hereof and the applicability of this Section
‎14.2 (such transaction, a “Merger/Sale”), then, without derogating from the Committee’s general authority
and power under this Plan, without the Grantee’s consent and action and without any prior notice requirement:

 

14.2.1
Unless otherwise determined by the Committee in its sole and absolute discretion, any Award then outstanding shall be assumed
or be substituted by the Company, or by the successor corporation in such Merger/Sale or by any parent or Affiliate thereof, as
determined by the Committee in its discretion (the “Successor Corporation”), under terms as determined by the Committee
or the terms of this Plan applied by the Successor Corporation to such assumed or substituted Awards;

 

For
the purposes of this Section 14.2.1, the Award shall be considered assumed or substituted if, following a Merger/Sale, the Award
confers on the holder thereof the right to purchase or receive, for each Share underlying an Award immediately prior to the Merger/Sale,
either (i) the consideration (whether stock, cash, or other securities or property, or any combination thereof) distributed to
or received by holders of Shares in the Merger/Sale for each Share held on the effective date of the Merger/Sale (and if holders
were offered a choice or several types of consideration, the type of consideration as determined by the Committee), or (ii) regardless
of the consideration received by the holders of Shares in the Merger/Sale, solely shares or any type of Awards (or their equivalent)
of the Successor Corporation at a value to be determined by the Committee in its discretion, or a certain type of consideration
(whether stock, cash, or other securities or property, or any combination thereof) as determined by the Committee. Any of the
above consideration referred to clauses (i) and (ii) shall be subject to the same vesting and expiration terms of the Awards applying
immediately prior to the Merger/Sale, unless the Committee determines in its discretion that the consideration shall be subject
to different vesting and expiration terms, or other terms. The foregoing shall not limit the Committee’s authority to determine,
in its sole discretion, that in lieu of such assumption or substitution of Awards for Awards of the Successor Corporation, such
Award will be substituted for any other type of asset or property, including as set forth in Section 14.2.2 hereunder.

 

    - 20 -

     

    

 

14.2.2
Regardless of whether or not Awards are assumed or substituted, the Committee may (but shall not be obligated to), in its
sole discretion:

 

14.2.2.1
provide for the Grantee to have the right to exercise the Award in respect of Shares covered by the Award which would otherwise
be exercisable or vested, under such terms and conditions as the Committee shall determine, and the cancellation of all unexercised
and unvested Awards upon or immediately prior to the closing of the Merger/Sale, unless the Committee provides for the Grantee
to have the right to exercise the Award, or otherwise for the acceleration of vesting of such Award, as to all or part of the
Shares covered by the Award which would not otherwise be exercisable or vested, under such terms and conditions as the Committee
shall determine; and/or

 

14.2.2.2
provide for the cancellation of each outstanding Award at or immediately prior to the closing of such Merger/Sale, and payment
to the Grantee of an amount in cash, shares of the Company, the acquiror or of a corporation or other business entity which is
a party to the Merger/Sale or other property, as determined by the Committee to be fair in the circumstances, and subject to such
terms and conditions as determined by the Committee. The Committee shall have full authority to select the method for determining
the payment (being the Black-Scholes model or any other method). The Committee’s determination may further provide that
payment shall be set to zero if the value of the Shares is determined to be less than the Exercise Price or in respect of Shares
covered by the Award which would not otherwise be exercisable or vested, or that payment may be made only in excess of the Exercise
Price.

 

14.2.3
The Committee may determine that any payments made in respect of Awards shall be made or delayed to the same extent that payment
of consideration to the holders of the Shares in connection with the Merger/Sale is made or delayed as a result of escrows, indemnification,
earn outs, holdbacks or any other contingencies; and the terms and conditions applying to the payment made to the Grantees, including
participation in escrow, indemnification, releases, earn-outs, holdbacks or any other contingencies.

 

14.2.4
Notwithstanding the foregoing, in the event of a Merger/Sale, the Committee may determine, in its sole discretion that upon
completion of such Merger/Sale the terms of any Award be otherwise amended, modified or terminated, as the Committee shall deem
in good faith to be appropriate and without any liability to the Company or its Affiliates and to their respective its officers,
directors, employees and representatives and the respective successors and assigns of any of the foregoing in connection with
the method of treatment or chosen course of action permitted hereunder.

 

14.2.5
Neither the authorities and powers of the Committee under this Section 14.2, nor the exercise or implementation thereof, shall
(i) be restricted or limited in any way by any adverse consequences (tax or otherwise) that may result to any holder of an Award,
and (ii) as, inter alia, being a feature of the Award upon its grant, be deemed to constitute a change or an amendment of the
rights of such holder under this Plan, nor shall any such adverse consequences (as well as any adverse tax consequences that may
result from any tax ruling or other approval or determination of any relevant tax authority) be deemed to constitute a change
or an amendment of the rights of such holder under this Plan, and may be effected without consent of any Grantee and without any
liability to the Company or its Affiliates and to their respective its officers, directors, employees and representatives and
the respective successors and assigns of any of the foregoing. The Committee need not take the same action with respect to all
Awards or with respect to all Service Providers. The Committee may take different actions with respect to the vested and unvested
portions of an Award. The Committee may determine an amount or type of consideration to be received or distributed in a Merger/Sale
which may differ as among the Grantees, and as between the Grantees and any other holders of shares of the Company.

 

14.2.6
The Committee’s determinations pursuant to this Section ‎14 shall be conclusive and binding on all Grantees.

 

    - 21 -

     

    

 

14.2.7
If determined by the Committee, the Grantees shall be subject to the definitive agreement(s) in connection with the Merger/Sale
as applying to holders of Shares including, such terms, conditions, representations, undertakings, liabilities, limitations, releases,
indemnities, participating in transaction expenses and escrow arrangement, in each case as determined by the Committee. Each Grantee
shall execute such separate agreement(s) or instruments as may be requested by the Company, the Successor Corporation or the acquiror
in connection with such in such Merger/Sale and in the form required by them. The execution of such separate agreement(s) may
be a condition to the receipt of assumed or substituted Awards, payment in lieu of the Award or the exercise of any Award.

 

14.3
Reservation of Rights. Except as expressly provided in this Section ‎14 (if any), the Grantee of an Award hereunder
shall have no rights by reason of any Recapitalization of shares of any class, any increase or decrease in the number of shares
of any class, any dissolution, liquidation, reorganization (which may include a combination or exchange of shares, spin-off or
other corporate divestiture or division, or other similar occurrences), Merger/Sale. Any issue by the Company of shares of any
class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall
be made with respect to, the number, type or price of shares subject to an Award. The grant of an Award pursuant to this Plan
shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes
of its capital or business structures or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or part
of its business or assets or engage in any similar transactions.

 

15. NON-TRANSFERABILITY
OF AWARDS; SURVIVING BENEFICIARY.

 

15.1
All Awards granted under this Plan by their terms shall not be transferable otherwise than by will or by the laws of descent
and distribution, unless otherwise determined by the Committee or under this Plan, provided that with respect to Shares issued
upon exercise or (if applicable) the vesting of Awards the restrictions on transfer shall be the restrictions referred to in Section
16 (Conditions upon Issuance of Shares) hereof. Subject to the above provisions, the terms of such Award, this Plan and any applicable
Award Agreement shall be binding upon the beneficiaries, executors, administrators, heirs and successors of such Grantee. Awards
may be exercised or otherwise realized, during the lifetime of the Grantee, only by the Grantee or by his guardian or legal representative,
to the extent provided for herein. Any transfer of an Award not permitted hereunder (including transfers pursuant to any decree
of divorce, dissolution or separate maintenance, any property settlement, any separation agreement or any other agreement with
a spouse) and any grant of any interest in any Award to, or creation in any way of any direct or indirect interest in any Award
by, any party other than the Grantee shall be null and void and shall not confer upon any party or person, other than the Grantee,
any rights. Notwithstanding the foregoing, upon the request of the Grantee and subject to Applicable Law the Committee, at its
sole discretion, may permit the Grantee to transfer the Award to a trust whose beneficiaries are the Grantee and/or the Grantee’s
immediate family members (all or several of them).

 

15.2
As long as the Shares are held by the Trustee in favor of the Grantee, all rights possessed by the Grantee over the Shares
are personal, and may not be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.

 

15.3
The provisions of this Section ‎15 shall apply to the Grantee and to any purchaser, assignee or transferee of any Shares.

 

    - 22 -

     

    

 

16. CONDITIONS
UPON ISSUANCE OF SHARES; GOVERNING PROVISIONS.

 

16.1
Legal Compliance. The grant of Awards and the issuance or Shares upon exercise or settlement of Awards shall be subject
to compliance with all Applicable Laws as determined by the Company, including, applicable requirements of federal, state and
foreign law with respect to such securities. The Company shall have no obligations to issue Shares pursuant to the exercise or
settlement of an Award and Awards may not be exercised or settled, if the issuance of Shares upon exercise or settlement would
constitute a violation of any Applicable Laws as determined by the Company, including, applicable federal, state or foreign securities
laws or other law or regulations or the requirements of any stock exchange or market system upon which the Shares may then be
listed. In addition, no Award may be exercised unless (i) a registration statement under the Securities Act shall at the time
of exercise or settlement of the Award be in effect with respect to the shares issuable upon exercise of the Award, or (ii) in
the opinion of legal counsel to the Company, the shares issuable upon exercise of the Award may be issued in accordance with the
terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain
authority from any regulatory body having jurisdiction, if any, deemed by the Company to be necessary to the lawful issuance and
sale of any Shares hereunder, and the inability to issue Shares hereunder due to non-compliance with any Company policies with
respect to the sale of Shares, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares
as to which such requisite authority or compliance shall not have been obtained or achieved. As a condition to the exercise of
an Award, the Company may require the person exercising such Award to satisfy any qualifications that may be necessary or appropriate,
to evidence compliance with any Applicable Law or regulation and to make any representation or warranty with respect thereto as
may be requested by the Company, including to represent and warrant at the time of any such exercise that the Shares are being
purchased only for investment and without any present intention to sell or distribute such Shares, all in form and content specified
by the Company.

 

16.2
Provisions Governing Shares. Shares issued pursuant to an Award shall be subject to the Articles of Association of
the Company, any limitation, restriction or obligation included in any shareholders agreement applicable to all or substantially
all of the holders of shares (regardless of whether or not the Grantee is a formal party to such shareholders agreement), any
other governing documents of the Company, all policies, manuals and internal regulations adopted by the Company from time to time,
in each case, as may be amended from time to time, including any provisions included therein concerning restrictions or limitations
on disposition of Shares (such as, but not limited to, right of first refusal and lock up/market stand-off) or grant of any rights
with respect thereto, forced sale and bring along provisions, any provisions concerning restrictions on the use of inside information
and other provisions deemed by the Company to be appropriate in order to ensure compliance with Applicable Laws. Each Grantee
shall execute such separate agreement(s) as may be requested by the Company relating to matters set forth in this Section ‎16.2.
The execution of such separate agreement(s) may be a condition by the Company to the exercise of any Award.

 

16.3
Forced Sale. In the event the that Board approves a Merger/Sale effected by way of a forced or compulsory sale (whether
pursuant to the Company’s Articles of Association or pursuant to Section 341 of the Companies Law), then, without derogating
from such provisions and in addition thereto, the Grantee shall be obligated, and shall be deemed to have agreed to the offer
to effect the Merger/Sale on the terms approved by the Board (and the Shares held by or for the benefit of the Grantee shall be
included in the shares of the Company approving the terms of such Merger/Sale for the purpose of satisfying the required majority),
and shall sell all of the Shares held by or for the benefit of the Grantee on the terms and conditions applying to the holders
of Shares, in accordance with the instructions then issued by the Board, whose determination shall be final. No Grantee shall
contest, bring any claims or demands, or exercise any appraisal rights related to any of the foregoing. The proxy pursuant to
Section ‎6.10 includes an authorization of the holder of such proxy to sign, by and on behalf of any Grantee, such documents
and agreements as are required to affect the sale of Shares in connection with such Merger/Sale.

 

    - 23 -

     

    

 

17. MARKET
STAND-OFF

 

17.1
In connection with any underwritten public offering of equity securities of the Company pursuant to an effective registration
statement filed under the Securities Act or equivalent law in another jurisdiction, the Grantee shall not directly or indirectly,
without the prior written consent of the Company or its underwriters, (i) lend, offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or
otherwise transfer or dispose of, directly or indirectly, any Shares or other Awards, any securities of the Company (whether or
not such Shares were acquired under this Plan), or any securities convertible into or exercisable or exchangeable (directly or
indirectly) for Shares or securities of the Company and any other shares or securities issued or distributed in respect thereto
or in substitution thereof (collectively, “Securities”), or (ii) enter into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of the Securities, whether any such transaction
described in clauses (i) or (ii) is to be settled by delivery of Securities, in cash or otherwise. The foregoing provisions of
this Section ‎17.1 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement.
Such restrictions (the “Market Stand-Off”) shall be in effect for such period of time (the “Market Stand-Off
Period”): (A) following the first public filing of the registration statement relating to the underwritten public offering
until the extirpation of 180 days following the effective date of such registration statement relating to the Company’s
initial public offering or 90 days following the effective date of such registration statement relating to any other public offering,
in each case, provided, however, that if (1) during the last 17 days of the initial Market Stand-Off Period, the Company releases
earnings results or announces material news or a material event or (2) prior to the expiration of the initial Market Stand-Off
Period, the Company announces that it will release earnings results during the 15-day period following the last day of the initial
Market Stand-Off Period, then in each case the Market Stand-Off Period will be automatically extended until the expiration of
the 18-day period beginning on the date of release of the earnings results or the announcement of the material news or material
event; or (B) such other period as shall be requested by the Company or the underwriters. Notwithstanding anything herein to the
contrary, if the underwriter(s) and the Company agree on a termination date of the Market Stand-Off Period in the event of failure
to consummation a certain public offering, then such termination shall apply also to the Market Stand-Off Period hereunder with
respect to that particular public offering.

 

17.2
In the event of a subdivision of the outstanding share capital of the Company, the distribution of any securities (whether
or not of the Company), whether as bonus shares or otherwise, and whether as dividend or otherwise, a recapitalization, a reorganization
(which may include a combination or exchange of shares or a similar transaction affecting the Company’s outstanding securities
without receipt of consideration), a consolidation, a spin-off or other corporate divestiture or division, a reclassification
or other similar occurrence, any new, substituted or additional securities which are by reason of such transaction distributed
with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately
be subject to the Market Stand-Off.

 

17.3
In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares acquired
under this Plan until the end of the applicable Market Stand-Off period.

 

17.4
The underwriters in connection with a registration statement so filed are intended third party beneficiaries of this Section
17 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Grantee
shall execute such separate agreement(s) as may be requested by the Company or the underwriters in connection with such registration
statement and in the form required by them, relating to Market Stand-Off (which need not be identical to the provisions of this
Section 17, and may include such additional provisions and restrictions as the underwriters deem advisable) or that are necessary
to give further effect thereto. The execution of such separate agreement(s) may be a condition by the Company to the exercise
of any Award.

 

17.5
Without derogating from the above provisions of this Section 17 or elsewhere in this Plan, the provisions of this Section
17 shall apply to the Grantee and the Grantee’s heirs, legal representatives, successors, assigns, and to any purchaser,
assignee or transferee of any Awards or Shares.

 

18. AGREEMENT
REGARDING TAXES; DISCLAIMER.

 

18.1
If the Committee shall so require, as a condition of exercise of an Award, the release of Shares by the Trustee or the expiration
of the Restricted Period, a Grantee shall agree that, no later than the date of such occurrence, the Grantee will pay to the Company
(or the Trustee, as applicable) or make arrangements satisfactory to the Committee and the Trustee (if applicable) regarding payment
of any applicable taxes and compulsory payments of any kind required by Applicable Law to be withheld or paid.

 

    - 24 -

     

    

 

18.2
TAX LIABILITY. ALL TAX CONSEQUENCES UNDER ANY APPLICABLE LAW WHICH MAY ARISE FROM THE GRANT OF ANY AWARDS OR THE EXERCISE
THEREOF, THE SALE OR DISPOSITION OF ANY SHARES GRANTED HEREUNDER OR ISSUED UPON EXERCISE OR (IF APPLICABLE) THE VESTING OF ANY
AWARD, THE ASSUMPTION, SUBSTITUTION, CANCELLATION OR PAYMENT IN LIEU OF AWARDS OR FROM ANY OTHER ACTION IN CONNECTION WITH THE
FOREGOING (INCLUDING WITHOUT LIMITATION ANY TAXES AND COMPULSORY PAYMENTS, SUCH AS SOCIAL SECURITY OR HEALTH TAX PAYABLE BY THE
GRANTEE OR THE COMPANY IN CONNECTION THEREWITH) SHALL BE BORNE AND PAID SOLELY BY THE GRANTEE, AND THE GRANTEE SHALL INDEMNIFY
THE COMPANY, ITS SUBSIDIARIES AND AFFILIATES AND THE TRUSTEE, AND SHALL HOLD THEM HARMLESS AGAINST AND FROM ANY LIABILITY FOR
ANY SUCH TAX OR PAYMENT OR ANY PENALTY, INTEREST OR INDEXATION THEREON. EACH GRANTEE AGREES TO, AND UNDERTAKES TO COMPLY WITH,
ANY RULING, SETTLEMENT, CLOSING AGREEMENT OR OTHER SIMILAR AGREEMENT OR ARRANGEMENT WITH ANY TAX AUTHORITY IN CONNECTION WITH
THE FOREGOING WHICH IS APPROVED BY THE COMPANY.

 

18.3
NO TAX ADVISE. THE GRANTEE IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING,
EXERCISING OR DISPOSING OF AWARDS HEREUNDER. THE COMPANY DOES NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE GRANTEE ON SUCH MATTERS,
WHICH SHALL REMAIN SOLELY THE RESPONSIBILITY OF THE GRANTEE.

 

18.4
TAX TREATMENT. THE COMPANY DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY OR RESPONSIBILITY TO THE EFFECT THAT ANY AWARD
SHALL QUALIFY WITH ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT, OR BENEFIT FROM ANY PARTICULAR TAX
TREATMENT OR TAX ADVANTAGE OF ANY TYPE AND THE COMPANY SHALL BEAR NO LIABILITY IN CONNECTION WITH THE MANNER IN WHICH ANY AWARD
IS EVENTUALLY TREATED FOR TAX PURPOSES, REGARDLESS OF WHETHER THE AWARD WAS GRANTED OR WAS INTENDED TO QUALIFY UNDER ANY PARTICULAR
TAX REGIME OR TREATMENT. THIS PROVISION SHALL SUPERSEDE ANY TYPE OF AWARDS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE RESOLUTION
OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF APPLICABLE LAW. THE COMPANY DOES NOT UNDERTAKE
AND SHALL NOT BE REQUIRED TO TAKE ANY ACTION IN ORDER TO QUALIFY THE AWARD WITH THE REQUIREMENT OF ANY PARTICULAR TAX TREATMENT
AND NO INDICATION IN ANY DOCUMENT TO THE EFFECT THE ANY AWARD IS INTENDED TO QUALIFY FOR ANY TAX TREATMENT SHALL IMPLY SUCH AN
UNDERTAKING. NO ASSURANCE IS MADE BY THE COMPANY OR ANY OF ITS AFFILIATES THAT ANY PARTICULAR TAX TREATMENT ON THE DATE OF GRANT
WILL CONTINUE TO EXIST OR THAT THE AWARD WOULD QUALIFY AT THE TIME OF EXERCISE OR DISPOSITION THEREOF WITH ANY PARTICULAR TAX
TREATMENT. THE COMPANY AND ITS AFFILIATES SHALL NOT HAVE ANY LIABILITY OR OBLIGATION OF ANY NATURE IN THE EVENT THAT AN AWARD
DOES NOT QUALIFY FOR ANY PARTICULAR TAX TREATMENT, REGARDLESS WHETHER THE COMPANY COULD HAVE OR SHOULD HAVE TAKEN ANY ACTION TO
CAUSE SUCH QUALIFICATION TO BE MET AND SUCH QUALIFICATION REMAINS AT ALL TIMES AND UNDER ALL CIRCUMSTANCES AT THE RISK OF THE
GRANTEE. THE COMPANY DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY TO CONTEST A DETERMINATION OR INTERPRETATION (WHETHER WRITTEN
OR UNWRITTEN) OF ANY TAX AUTHORITIES, INCLUDING IN RESPECT OF THE QUALIFICATION UNDER ANY PARTICULAR TAX REGIME OR RULES APPLYING
TO PARTICULAR TAX TREATMENT. IF THE AWARDS DO NOT QUALIFY UNDER ANY PARTICULAR TAX TREATMENT IT COULD RESULT IN ADVERSE TAX CONSEQUENCES
TO THE GRANTEE.

 

    - 25 -

     

    

 

18.5
The Company or any Subsidiary or Affiliate may take such action as it may deem necessary or appropriate, in its discretion,
for the purpose of or in connection with withholding of any taxes and compulsory payments which the Trustee, the Company or any
Subsidiary or Affiliate is required by any Applicable Law to withhold in connection with any Awards (collectively, “Withholding
Obligations”). Such actions may include (i) requiring a Grantees to remit to the Company in cash an amount sufficient to
satisfy such Withholding Obligations and any other taxes and compulsory payments, payable by the Company in connection with the
Award or the exercise or (if applicable) the vesting thereof; (ii) subject to Applicable Law, allowing the Grantees to provide
Shares to the Company, in an amount that at such time, reflects a value that the Committee determines to be sufficient to satisfy
such Withholding Obligations; (iii) withholding Shares otherwise issuable upon the exercise of an Award at a value which is determined
by the Committee to be sufficient to satisfy such Withholding Obligations; or (iv) any combination of the foregoing. The Company
shall not be obligated to allow the exercise of any Award by or on behalf of a Grantee until all tax consequences arising from
the exercise of such Award are resolved in a manner acceptable to the Company.

 

18.6
Each Grantee shall notify the Company in writing promptly and in any event within ten (10) days after the date on which such
Grantee first obtains knowledge of any tax bureau inquiry, audit, assertion, determination, investigation, or question relating
in any manner to the Awards granted or received hereunder or Shares issued thereunder and shall continuously inform the Company
of any developments, proceedings, discussions and negotiations relating to such matter, and shall allow the Company and its representatives
to participate in any proceedings and discussions concerning such matters. Upon request, a Grantee shall provide to the Company
any information or document relating to any matter described in the preceding sentence, which the Company, in its discretion,
requires.

 

18.7
With respect to 102 Non-Trustee Options, if the Grantee ceases to be employed by the Company or any Affiliate, the Grantee
shall extend to the Company and/or its Affiliate with whom the Grantee is employed a security or guarantee for the payment of
taxes due at the time of sale of Shares, all in accordance with the provisions of Section 102 of the Ordinance and the Rules.

 

18.8
For the purpose hereof “tax(es)” means (a) all federal, state, local or foreign taxes, charges, fees, imposts,
levies or other assessments, including all income, capital gains, transfer, withholding, payroll, employment, social security,
national security, health tax, wealth surtax, stamp, registration and estimated taxes, customs duties, fees, assessments and charges
of any similar kind whatsoever (including under Section 280G of the Code), (b) all interest, indexation differentials, penalties,
fines, additions to tax or additional amounts imposed by any taxing authority in connection with any item described in clause
(a), (c) any transferee or successor liability in respect of any items described in clauses (a) or (b) payable by reason of contract,
assumption, transferee liability, successor liability, operation of Applicable Law, or as a result of any express or implied obligation
to assume Taxes or to indemnify any other person, and (d) any liability for the payment of any amounts of the type described in
clause (a) or (b) payable as a result of being a member of an affiliated, consolidated, combined, unitary or aggregate group for
any taxable period, including under U.S. Treasury Regulations Section 1.1502-6(a) (or any predecessor or successor thereof of
any analogous or similar provision under Law) or otherwise.

 

19. RIGHTS
AS A SHAREHOLDER; VOTING AND DIVIDENDS.

 

19.1
Subject to Section ‎11.4, a Grantee shall have no rights as a shareholder of the Company with respect to any Shares covered
by an Award until the Grantee shall have exercised the Award, paid the Exercise Price therefor and becomes the record holder of
the subject Shares. In the case of 102 Awards or 3(9) Awards (if such Awards are being held by a Trustee), the Trustee shall have
no rights as a shareholder of the Company with respect to the Shares covered by such Award until the Trustee becomes the record
holder for such Shares for the Grantee’s benefit, and the Grantee shall not be deemed to be a shareholder and shall have
no rights as a shareholder of the Company with respect to the Shares covered by the Award until the date of the release of such
Shares from the Trustee to the Grantee and the transfer of record ownership of such Shares to the Grantee (provided however that
the Grantee shall be entitled to receive from the Trustee any cash dividend or distribution made on account of the Shares held
by the Trustee for such Grantee’s benefit, subject to any tax withholding and compulsory payment). No adjustment shall be
made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distribution of other rights
for which the record date is prior to the date on which the Grantee or Trustee (as applicable) becomes the record holder of the
Shares covered by an Award, except as provided in Section 14 hereof.

 

    - 26 -

     

    

 

19.2
With respect to all Awards issued in the form of Shares hereunder or upon the exercise or (if applicable) the vesting of Awards
hereunder, any and all voting rights attached to such Shares shall be subject to Section 6.9, and the Grantee shall be entitled
to receive dividends distributed with respect to such Shares, subject to the provisions of the Company’s Articles of Association,
as amended from time to time, and subject to any Applicable Law.

 

19.3
The Company may, but shall not be obligated to, register or qualify the sale of Shares under any applicable securities law
or any other Applicable Law.

 

20. NO
REPRESENTATION BY COMPANY.

 

By granting the
Awards, the Company is not, and shall not be deemed as, making any representation or warranties to the Grantee regarding the Company,
its business affairs, its prospects or the future value of its Shares. The Company shall not be required to provide to any Grantee
any information, documents or material in connection with the Grantee’s considering an exercise of an Award. To the extent
that any information, documents or materials are provided, the Company shall have no liability with respect thereto. Any decision
by a Grantee to exercise an Award shall solely be at the risk of the Grantee.

 

21. NO
RETENTION RIGHTS.

 

Nothing in this
Plan, any Award Agreement or in any Award granted or agreement entered into pursuant hereto shall confer upon any Grantee the
right to continue in the employ of, or be in the service of the Company or any Subsidiary or Affiliate thereof as a Service Provider
or to be entitled to any remuneration or benefits not set forth in this Plan or such agreement, or to interfere with or limit
in any way the right of the Company or any such Subsidiary or Affiliate to terminate such Grantee’s employment or service (including,
any right of the Company or any of its Affiliates to immediately cease the Grantee’s employment or service or to shorten
all or part of the notice period, regardless of whether notice of termination was given by the Company or its Affiliates or by
the Grantee). Awards granted under this Plan shall not be affected by any change in duties or position of a Grantee, subject to
Sections ‎6.6 through ‎6.8. No Grantee shall be entitled to claim and the Grantee hereby waives any claim against the
Company or any Subsidiary or Affiliate that he or she was prevented from continuing to vest Awards as of the date of termination
of his or her employment with, or services to, the Company or any Subsidiary or Affiliate. No Grantee shall be entitled to any
compensation in respect of the Awards which would have vested had such Grantee’s employment or engagement with the Company
(or any Subsidiary or Affiliate) not been terminated.

 

22. PERIOD
DURING WHICH AWARDS MAY BE GRANTED.

 

Awards may be granted
pursuant to this Plan from time to time within a period of ten (10) years from the Effective Date, which period may be extended
from time to time by the Board. From and after such date (as extended) no grants of Awards may be made and this Plan shall continue
to be in full force and effect with respect to Awards or Shares issued thereunder that remain outstanding.

 

23. AMENDMENT
OF THIS PLAN.

 

23.1
The Board at any time and from time to time may suspend, terminate, modify or amend this Plan, whether retroactively or prospectively.
Any amendment effected in accordance with this Section shall be binding upon all Grantees and all Awards, whether granted prior
to or after the date of such amendment, and without the need to obtain the consent of any Grantee. No termination or amendment
of this Plan shall affect any then outstanding Award unless expressly provided by the Board.

 

23.2
Subject to changes in Applicable Law that would permit otherwise, without the approval of the Company’s shareholders,
there shall be (i) no increase in the maximum aggregate number of Shares that may be issued under this Plan as Incentive Stock
Options (except by operation of the provisions of Section ‎14.1), (ii) no change in the class of persons eligible to receive
Incentive Stock Options, and (iii) no other amendment of this Plan that would require approval of the Company’s shareholders
under any Applicable Law. Unless not permitted by Applicable Law, if the grant of an Award is subject to approval by shareholders,
the date of grant of the Award shall be determined as if the Award had not been subject to such approval. Failure to obtain approval
by the shareholders shall not in any way derogate from the valid and binding effect of any grant of an Award, which is not an
Incentive Stock Option. Upon approval of an amendment to this Plan by the shareholders of the Company as set forth above, all
Incentive Stock Options granted under this Plan on or after such amendment shall be fully effective as if the shareholders of
the Company had approved the amendment on the same date.

 

    - 27 -

     

    

 

24. APPROVAL.

 

24.1
This Plan shall take effect upon its adoption by the Board (the “Effective Date”).

 

24.2
Solely with respect to grants of Incentive Stock Options, this Plan shall also be subject to shareholders’ approval,
within one year of the Effective Date, by the required majority (however, if the grant of an Award is subject to approval by shareholders,
the date of grant of the Award shall be determined as if the Award had not been subject to such approval). Failure to obtain approval
by the shareholders shall not in any way derogate from the valid and binding effect of any grant of an Award, which is not an
Incentive Stock Option. Upon approval of this Plan by the shareholders of the Company as set forth above, all Incentive Stock
Options granted under this Plan on or after the Effective Date shall be fully effective as if the shareholders of the Company
had approved this Plan on the Effective Date.

 

24.3
102 Awards are conditional upon the filing with or approval by the ITA, if required, as set forth in Section ‎9.4‎9.
Failure to so file or obtain such approval shall not in any way derogate from the valid and binding effect of any grant of an
Award, which is not an 102 Award.

 

25. RULES
PARTICULAR TO SPECIFIC COUNTRIES; SECTION 409A.

 

25.1
Notwithstanding anything herein to the contrary, the terms and conditions of this Plan may be supplemented or amended with
respect to a particular country or tax regime by means of an appendix to this Plan, and to the extent that the terms and conditions
set forth in any appendix conflict with any provisions of this Plan, the provisions of such appendix shall govern. Terms and conditions
set forth in such appendix shall apply only to Awards granted to Grantees under the jurisdiction of the specific country or such
other tax regime that is the subject of such appendix and shall not apply to Awards issued to a Grantee not under the jurisdiction
of such country or such other tax regime. The adoption of any such appendix shall be subject to the approval of the Board or the
Committee, and if determined by the Committee to be required in connection with the application of certain tax treatment, pursuant
to applicable stock exchange rules or regulations or otherwise, then also the approval of the shareholders of the Company at the
required majority.

 

25.2
The Company intends that this Plan comply with Section 409A of the Code, including any amendments or replacements of
such section, and this Plan shall be so construed. To the extent applicable, this Plan and any agreement hereunder shall be interpreted
in accordance with Section 409A of the Code. Notwithstanding any provision of this Plan to the contrary, in the event that, following
the Effective Date, the Board determines that any Award may be subject to Section 409A of the Code, the Board may adopt such amendments
to this Plan and such agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive
effect), or take any other actions, that the Board determines are necessary or appropriate to (a) exempt the Award from Section
409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award or (b) comply with
the requirements of Section 409A of the Code.

 

26. GOVERNING
LAW; JURISDICTION.

 

This Plan and all
determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Israel, except with respect
to matters that are subject to tax laws, regulations and rules of any specific jurisdiction, which shall be governed by the respective
laws, regulations and rules of such jurisdiction. Certain definitions, which refer to laws other than the laws of such jurisdiction,
shall be construed in accordance with such other laws. The competent courts located in Tel-Aviv-Jaffa, Israel shall have exclusive
jurisdiction over any dispute arising out of or in connection with this Plan and any Award granted hereunder. By signing any Award
Agreement or any other agreement relating to an Award, each Grantee irrevocably submits to such exclusive jurisdiction.

 

    - 28 -

     

    

 

27. NON-EXCLUSIVITY
OF THIS PLAN.

 

The adoption of
this Plan shall not be construed as creating any limitations on the power or authority of the Company to adopt such other or additional
incentive or other compensation arrangements of whatever nature as the Company may deem necessary or desirable or preclude or
limit the continuation of any other plan, practice or arrangement for the payment of compensation or fringe benefits to employees
generally, or to any class or group of employees, which the Company or any Affiliate now has lawfully put into effect, including
any retirement, pension, savings and stock purchase plan, insurance, death and disability benefits and executive short-term or
long-term incentive plans.

 

28. MISCELLANEOUS.

 

28.1
Survival. The Grantee shall be bound by and the Shares issued upon exercise or (if applicable) the vesting of any Awards
granted hereunder shall remain subject to this Plan after the exercise or (if applicable) the vesting of Awards, in accordance
with the terms of this Plan, whether or not the Grantee is then or at any time thereafter employed or engaged by the Company or
any of its Affiliates.

 

28.2
Additional Terms. Each Award awarded under this Plan may contain such other terms and conditions not inconsistent with
this Plan as may be determined by the Committee, in its sole discretion.

 

28.3
Fractional Shares. No fractional Share shall be issuable upon exercise or vesting of any Award and the number of Shares
to be issued shall be rounded down to the nearest whole Share, with in any Share remaining at the last vesting date due to such
rounding to be issued upon exercise at such last vesting date.

 

28.4
Severability. If any provision of this Plan, any Award Agreement or any other agreement entered into in connection
with an Award shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions
hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable
in any other jurisdiction. In addition, if any particular provision contained in this Plan, any Award Agreement or any other agreement
entered into in connection with an Award shall for any reason be held to be excessively broad as to duration, geographic scope,
activity or subject, it shall be construed by limiting and reducing such provision as to such characteristic so that the provision
is enforceable to fullest extent compatible with Applicable Law as it shall then appear.

 

28.5
Captions and Titles. The use of captions and titles in this Plan or any Award Agreement or any other agreement entered
into in connection with an Award is for the convenience of reference only and shall not affect the meaning or interpretation of
any provision of this Plan or such agreement.

 

 

 

*              *              *

 

 

- 29 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]