Document:

Exhibit 10.1

 

NUVECTIS
PHARMA, Inc.

 

Global
Equity Incentive Plan (2021)

 

		1.	Name
                                            And Purpose.

 

1.1            This
plan, which has been adopted by the Board of Directors of Nuvectis Pharma, Inc. (the “Corporation”), shall
be known as the Nuvectis Pharma, Inc. Global Equity Incentive Plan (2021), as amended from time to time (the “Plan”).

 

1.2            The
purposes of the Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional
incentive to Service Providers of the Corporation and its Affiliates, Parents and Subsidiaries, if any, and to promote the Corporation’s
business by providing such individuals with opportunities to receive Awards pursuant to the Plan and to strengthen the sense of common
interest between such individuals and the Corporation’s stockholders.

 

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

 

		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 “corporation”
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:

 

“Additional
Rights” means any distribution of rights, including an issuance of bonus shares and stock dividends (but excluding cash
dividends), in connection with Awards and/or the Shares issued upon exercise or vesting of Awards.

 

“Administrator”
means the Board of Directors or a Committee.

 

“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, such person, including, without limitation, any parent or subsidiary.

 

“Applicable
Law” means 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 Corporation’s Shares are
then traded or listed.

 

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

 

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

 

“Award
Agreement” means a written or electronic instrument setting forth the terms applicable to a particular Award.

 

“Beneficial
Owner” shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934
Act.

 

“Board
of Directors” or “Board” means the board of directors of the Corporation.

 

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“Cause”
shall, with regard to each specific Participant, have the same meaning ascribed to such term or a similar term as set forth in any agreements
(including the Participant’s employment agreement) or other documents to which the Corporation or any of its Parents, Subsidiaries
and/or Affiliates and the Participant are a party concerning the provision of services by the Participant to the Corporation or any of
its Parents, Subsidiaries and/or Affiliates, or, in the absence of such a definition, “Cause” shall mean, as determined by
the Board:

 

(i) the
Participant’s indictment, conviction of or plea of guilty or nolo contendere to, or a judgment against the Participant in any quasi-criminal
judicial or administrative proceeding (including without limitation, any proceeding by a federal, state or local regulatory agency or
body) with respect to, any crime constituting a felony, or a crime which involves the Participant’s moral turpitude, fraud, theft
or embezzlement. For this purpose, a judgment shall include any consent decree, settlement, cease and desist order or similar conclusion
to any quasi-criminal judicial or administrative proceeding;

 

(ii)             The
Participant’s commission of any other act of theft, dishonesty, fraud, or falsification of an employment record in connection with
the performance of his or her duties as an employee or director of the Corporation or any of its Parents, Subsidiaries and/or Affiliates;

 

(iii)            The
Participant’s refusal to perform his duties to the Corporation or any of its Parents, Subsidiaries and/or Affiliates or to obey
the lawful and reasonable directives of the Board (so long as such lawful and reasonable directives are also consistent with the Participant’s
duties, title and reporting order);

 

(iv)            The
Participant’s gross negligence, willful misconduct or willful malfeasance in connection with the Participant’s services to
the Corporation or any of its Parents, Subsidiaries and/or Affiliates;

 

(v)              The
Participant’s material violation of reasonable business standards, legal requirements or any written policy of the Corporation
or any of its Parents, Subsidiaries and/or Affiliates applicable to the Participant, including but not limited to those that relate to
equal employment opportunity, discrimination, harassment or retaliation; or

 

(vi)            The
Participant’s material breach of any confidentiality or non-disclosure obligations under any other written agreement between the
Participant and the Corporation or any of its Parents, Subsidiaries and/or Affiliates.

 

Notwithstanding
the foregoing, in the case of any conduct described in clauses (iii), (v) or (vi) of the immediately preceding sentence, if
such conduct is reasonably susceptible of being cured, then the Participant’s termination shall be for “Cause” only
if the Participant fails to cure such conduct to the Board’s reasonable satisfaction within ten (10) days after receiving
written notice from the Corporation describing such conduct in reasonable detail; provided that the conduct in clause (iii) may
only be cured by the Participant on two separate occasions, and no cure shall be applicable to such conduct thereafter.

 

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“Code”
means the Internal Revenue Code of 1986, as amended. For purposes of this Plan, references to sections of the Code shall be deemed to
include references to any applicable regulations thereunder and any successor or similar provision.

 

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

 

“Consideration”
means with respect to outstanding Awards, the right to receive, for each Share subject to the Award immediately prior to the Transaction,
the consideration (whether shares, cash, or other securities or property) received in the Transaction by holders of Shares of the Corporation
for each Share held on the effective date of the Transaction (and if holders were offered a choice of consideration, the type of consideration
determined by the Administrator, at its sole discretion); provided, however, that if the consideration received in the Transaction
is not solely Shares (or the equivalent), the Administrator may provide for the per Share consideration to be received for an outstanding
Award to be solely Shares or other type of awards (or the equivalent) of the successor corporation or its direct or indirect parent equal
in fair market value to the per Share consideration received by holders of Shares in the Transaction, all as determined by the Administrator.

 

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

 

“Corporate
Charter” means the Articles of Association or Certificate of Incorporation of the Corporation or any similar document,
and any subsequent amendments or replacements thereto.

 

“Date
of Termination” means, unless otherwise set forth in the relevant Award
Agreement, the effective date of termination of the Participant’s employment or engagement as a Service Provider.

 

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

 

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

 

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

 

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(b)            In
the absence of such exchanges for the Shares, or in case of any other securities, property or rights, the Fair Market Value shall be
determined in good faith by the Board in its sole discretion in compliance with Code Section 409A, with full authority to determine
the method for making such determination and which determination shall be conclusive and binding on all parties.

 

“Grant
Date” of an Award means the first date on which all necessary corporate action has been taken to approve the grant of the
Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the
grant shall be provided to the grantee within a reasonable time after the Grant Date

 

“IPO”
means an initial offering of the Corporation’s Shares to the public in an underwritten
offering under an applicable registration statement.

 

“Incentive
Stock Option” means an Option that is intended to be an incentive stock option and meets the requirements of Section 422
of the Code or any successor provision thereto.

 

“Liquidation”
means the liquidation, dissolution or winding up of the Corporation, whether voluntary
or involuntary.

 

“Nonstatutory
Stock Option” means an Option that is not an Incentive Stock Option.

 

“Options”
means options to purchase Shares awarded under the Plan subject to the terms and conditions
of Section 9.

 

“Parent”
means any corporation (other than the Corporation), which now exists or is hereafter organized, in an unbroken chain of companies ending
with the Corporation if, at the time of granting an Award, each of the companies (other than the Corporation) owns shares possessing
fifty percent (50%) or more of the total combined voting power of all classes of shares in one of the other companies in such chain.

 

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

 

“Person”
means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or
14(d)(2) of the 1934 Act.

 

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

 

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

 

“Service
Provider” means an employee, director, office holder or Consultant of the Corporation or any of its Parents, Subsidiaries
or Affiliates.

 

“Shares”
means shares of common stock of the Corporation, nominal value US$ 0.00001 per share (as adjusted for share split, reverse share split,
bonus shares, combination or other recapitalization events), or shares of such other class of shares of the Corporation as shall be designated
by the Board in respect of the relevant Award(s). Shares include any securities, property or rights issued or distributed with respect
thereto.

 

“Subsidiary”
means any corporation (other than the Corporation), which now exists or is hereafter organized or acquired by the Corporation, in an
unbroken chain of companies beginning with the Corporation if, at the time of granting an Award, each of the companies other than the
last corporation in the unbroken chain owns shares possessing fifty percent (50%) or more of the total combined voting power of all classes
of shares in one of the other companies in such chain.

 

“Transaction”
means and includes the occurrence of any one of the following events but shall specifically exclude a public offering of any class or
series of the Corporation’s equity securities pursuant to a registration statement filed by the Corporation under the 1933 Act:

 

(i) during
any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Board (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director after the beginning
of such 12-month period and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent
Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a
director of the Corporation as a result of an actual or threatened election contest with respect to the election or removal of directors
(“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other
than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or
Proxy Contest, shall be deemed an Incumbent Director; or

 

(ii) any
Person becomes a Beneficial Owner, directly or indirectly, of either (A) 50% or more of the then-outstanding shares of common stock
of the Corporation (“Corporation Common Stock”) or (B) securities of the Corporation representing 50% or more of the
combined voting power of the Corporation’s then outstanding securities eligible to vote for the election of directors (the “Corporation
Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of Corporation Common
Stock or Corporation Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Corporation,
(x) an acquisition by the Corporation or a Parent or Subsidiary, (y) an acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Corporation or any Parent or Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying
Transaction (as defined in subsection (iii) below); or

 

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(iii) the
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Corporation or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of the
Corporation’s assets (a “Sale”) or the acquisition of assets or stock of another corporation or other entity (an “Acquisition”),
unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities
who were the Beneficial Owners, respectively, of the outstanding Corporation Common Stock and outstanding Corporation Voting Securities
immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 50% of, respectively,
the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the entity resulting from such Reorganization, Sale or Acquisition (including,
without limitation, an entity which as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s
assets or stock either directly or through one or more subsidiaries, the “Surviving Entity”) in substantially the same proportions
as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Corporation Common Stock and the
outstanding Corporation Voting Securities, as the case may be, and (B) no Person (other than (x) the Corporation or any Subsidiary,
(y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained
by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 50% or more of the total common stock or 50% or more of
the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at least
a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at the time of the Board’s
approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or
Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying
Transaction”).

 

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

 

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

 

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		3.	Administration
                                            of the Plan.

 

3.1            The
Plan will be administered by the Administrator. If the Administrator is a Committee, such Committee will consist of such number of members
of the Board of Directors of the Corporation (not less than two in number), as may be determined from time to time by the Board of Directors.
The Board of Directors shall appoint such members of the Committee, may from time to time remove members from, or add members to, the
Committee, and shall fill vacancies in the Committee however caused.

 

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

 

3.3            Subject
to the general terms and conditions of the Plan, and in particular Section 3.4 below, the Administrator shall have full authority
in its discretion, from time to time and at any time, to determine (i) eligible Participants, (ii) grants
of Awards, including the number of Options, Shares, Restricted Stock Units or other equity based awards to be covered by each Award,
(iii) the time or times at which the Award shall be granted, (iv) the vesting schedule and other
terms and conditions applying to Awards, including acceleration provisions, (v) the form(s) of written agreements
applying to Awards, (vi) to accelerate, continue, extend or defer the exercisability of any Award or the vesting thereof,
including with respect to the period following a Participant’s termination of employment or other service, (vii) the
interpretation of this Plan and any Award Agreement and the meaning, interpretation and applicability of terms referred to in Applicable
Law, (viii) The Fair Market Value of the Shares or other securities, property or rights, (ix) the
authorization and approval of conversion, substitution, cancellation or suspension under and in accordance with this Plan of any or all
Awards or Shares, (x) the amendment, modification, waiver or supplement of the terms of each outstanding Award, unless
otherwise provided under the terms of this Plan, (xi) 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 (xii) any
other matter which is necessary or desirable for, or incidental to, the administration of the Plan and the granting of Awards. The Administrator
may, in its sole discretion, delegate some or all of the powers listed above pursuant to Section 3.8.

 

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

 

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

 

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

 

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

 

3.8            The
Administrator may delegate to one or more of the Committee’s members or to one or more officers of the Corporation or an Affiliate
or to one or more agents or advisors such administrative duties or powers as it may deem advisable, and the Administrator or any individuals
to whom it has delegated duties or powers as aforesaid may employ one or more individuals to render advice with respect to any responsibility
the Administrator or such individuals may have under this Plan. In addition, the Administrator may, by resolution, expressly delegate
to one or more of the Committee’s members or to one or more officers of the Corporation, the authority, within specified parameters
as to the number and terms of Awards, to (i) designate employees or Consultants of the Corporation or any of its Affiliates to be
recipients of Awards under the Plan, and (ii) to determine the number of such Awards to be received by any such Participants; provided,
however, that such delegation of duties and responsibilities may not be made with respect to the grant of Awards to eligible participants
who are subject to Section 16(a) of the 1934 Act at the Grant Date. The acts of such delegates shall be treated hereunder as
acts of the Administrator and such delegates shall report regularly to the Administrator regarding the delegated duties and responsibilities
and any Awards so granted.

 

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		4.	Eligible
                                            Participants.

 

4.1            Subject
to any restriction imposed by Applicable Law, Awards may be granted to any Service Provider of the Corporation or its Affiliates. The
grant of an Award to a Participant hereunder shall neither entitle such Participant to receive an additional Award or participate in
other incentive plans of the Corporation, nor disqualify such Participant from receiving an additional Award or participating in other
incentive plans of the Corporation. Awards may differ in number of Shares covered thereby, the terms and conditions applying to them
or on the Participant or in any other respect as determined by the Administrator.

 

		5.	Reserved
                                            Shares.

 

5.1            Subject
to adjustment as provided in Section 11.2, the aggregate number of Shares reserved and available for issuance pursuant to Awards
granted under the Plan shall be 35,000, any or all of which may be issued upon exercise of Incentive Stock Options. Until termination
of the Plan the Corporation shall at all times reserve a sufficient number of Shares to meet the requirements of the Plan.

 

5.2            Shares
covered by an Award shall be subtracted from the Plan share reserve as of the Grant Date, but shall be added back to the Plan share reserve
in accordance with this Section 5.2.

 

(a)            To
the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued, repurchased, or forfeited
Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards
granted under the Plan.

 

(b)            Shares
subject to Awards settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to Awards
granted under the Plan.

 

(c)            Shares
withheld or repurchased from an Award or delivered by a Participant to satisfy tax withholding requirements will be added back to the
Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

 

(d)            If
the exercise price of an Option is satisfied in whole or in part by delivering Shares to the Corporation (by either actual delivery or
attestation), the number of Shares so tendered (by delivery or attestation) shall be added to the Plan share reserve and will be available
for issuance pursuant to Awards granted under the Plan.

 

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(e)            To
the extent that the full number of Shares subject to an Option is not issued upon exercise of the Option for any reason, including by
reason of net-settlement of the Award, the unissued Shares originally subject to the Award will be added back to the Plan share reserve
and again be available for issuance pursuant to other Awards granted under the Plan.

 

(f)            To
the extent that the full number of Shares subject to an Award other than an Option is not issued for any reason, including by reason
of failure to achieve maximum performance goals, the unissued Shares originally subject to the Award will be added back to the Plan share
reserve and again be available for issuance pursuant to Awards granted under the Plan.

 

		6.	Award
                                            Agreement.

 

6.1            The
Administrator in its discretion may award to Participants Awards available under the Plan. Each Award granted pursuant to this Plan shall
be evidenced by an Award Agreement which will be set forth the terms of the Award. The Award Agreement shall comply with and be subject
to the following general terms and conditions and the provisions of this Plan, unless otherwise specifically provided in such Award Agreement
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.

 

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

 

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

 

		7.	Restricted
                                            Stock.

 

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

 

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7.2            Terms.
The purchase price (if any) of Restricted Stock shall be determined by the Administrator but shall not be less than as permitted under
Applicable Law. Awards of Restricted Stock must be accepted by executing an Award Agreement, if required by the Administrator, and by
paying whatever price (if any) the Administrator has designated thereunder.

 

7.3            Legend.
Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such Restricted Stock, unless the Administrator
elects to use another system, such as book entries by the transfer agent, as evidencing ownership of Restricted Stock. Such certificate
(or book entry) shall be registered in the name of such Participant, and shall bear an appropriate legend referring to the terms, conditions,
and restrictions applicable to such Award.

 

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

 

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

 

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

 

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

 

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

 

8.2            Vesting
of Restricted Stock Units. Shares shall be issued to or for the benefit of Participant promptly following each vesting date determined
by the Administrator, provided that Participant is still a Service Provider on the applicable vesting date. After each such vesting date,
and subject to Section 17, the Corporation shall promptly cause to be issued for the benefit of Participant Shares with respect
to Restricted Stock Units that became vested on such vesting date. It is clarified that no Shares shall be issued pursuant to the Restricted
Stock Units to Participant until the vesting criteria determined by the Administrator is met.

 

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

 

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

 

8.5            Custody.
The Administrator may require that any Restricted Stock Unit and/or Additional Rights thereunder be held in custody by the Corporation
or any third party determined by the Corporation until the lapse of the vesting period thereof and the issuance of Shares.

 

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

 

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		9.	Options.

 

9.1            Eligibility.
Options may be issued to Participants at any time, either alone or in addition to other Awards granted under the Plan. The Administrator
shall determine the eligible Participants to whom, and the time or times at which, grants of Options will be made, the number of shares
to be subject to the Options, the exercise price to be paid by the Participant (subject to Section 9.3), the vesting schedule and
rights to acceleration thereof, and all other terms and conditions of the Awards as shall be set forth in the Award Agreement. The Administrator
may condition the grant or vesting of Options upon the attainment of specified performance targets or such other factors as the Administrator
may determine, in its sole discretion. Unless otherwise determined by the Administrator, the Participant shall not be permitted to sell,
assign, transfer, pledge, hypothecate or otherwise dispose of, except by will or the laws of descent and distribution (in which case
the transfer shall be subject to all restrictions then or thereafter applicable thereto), Options awarded under this Plan.

 

9.2            Vesting.
Options shall be exercisable pursuant to the terms of the Award Agreement and subject to the terms and conditions of the Plan and
any applicable Appendix, as specified in the Award Agreement. The Administrator 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 Administrator and stated in the Award Agreement, Options shall vest and become exercisable under the
following schedule: thirty-four percent (34.0 %) of the Shares covered by the Options, on the first anniversary of the vesting commencement
date determined by the Administrator (and in the absence of such determination, of date on which such Options were granted), and thirty-three
percent (33.0%) of the Shares covered by the Options at the second and third anniversaries of the vesting commencement each; provided
that the Participant remains continuously as a Service Provider of the Corporation or its Affiliates throughout such vesting dates. The
Administrator may condition the vesting of Options upon the attainment of specified performance targets or such other factors as the
Administrator may determine, in its sole discretion.

 

9.3            Exercise
Price. The exercise price for each share to be issued upon exercise of an Option shall be such price as is determined by the Board
of Directors in its discretion, provided that the price per Share is not less than 100% of the Fair Market Value of a Share on the Grant
Date.

 

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

 

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9.5            Payment
of Exercise Price. Each payment for Shares under an Option shall be in respect of a whole number of Shares, shall be affected in
(i) cash, or (ii) by check payable to the order of the Corporation, or (iii) if
the Corporation’s shares are listed for trading on any securities exchange or over-the-counter market, and if the Administrator
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 Corporation)
of an irrevocable direction to a securities broker approved by the Corporation to sell Shares and to deliver all or part of the sales
proceeds to the Corporation or the Trustee, or (iv) such other method of payment acceptable to the Corporation as
determined by the Administrator, and shall be accompanied by a notice stating the number of Shares being paid for thereby.

 

9.6            Rights
as Stockholder. Until the Shares are issued (as evidenced by the appropriate entry in the share register of the Corporation or of
a duly authorized transfer agent of the Corporation) a Participant shall have no right to vote or right to receive dividends or any other
rights as a stockholder with respect to such Shares, notwithstanding the exercise of the Option. Subject to Section 17, The Corporation
shall issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or
other right for which the record date is prior to the date the Shares are issued, except as provided in Section 11 of the Plan.
No Shares shall be issued until payment has been made or provided for, as provided herein.

 

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

 

9.8            Custody.
The Administrator may require that any Option and any Share issued thereunder, and any Additional Rights be held in custody by the Corporation
or any third party determined by the Corporation.

 

9.9            Exercise
Term. No Option granted under the Plan shall be exercisable for more than ten years from the Grant Date.

 

9.10            Incentive
Stock Options. The terms of any Option granted under the Plan that is intended to be an Incentive Stock Option must comply with the
requirements of Section 422 of the Code or any successor provision thereto. Without limiting the foregoing, any Incentive Stock
Option granted to a Participant who at the Grant Date owns more than 10% of the voting power of all classes of shares of the Corporation
must have an exercise price per Share of not less than 110% of the Fair Market Value per Share on the Grant Date and an Option term of
not more than five years. If all of the requirements of Section 422 of the Code are not met, the Option shall automatically become
a Nonstatutory Stock Option.

 

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		10.	Termination
                                            of Relationship as Service Provider.

 

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

 

10.2            Change
of Status. A Service Provider shall not cease to be considered as such in the case of any (i) leave of absence
either approved by the Corporation or its Affiliates, provided that such leave of absence was approved by entity for which the Service
Provider is engaged with, or pursuant to Applicable Law, or (ii) transfers between locations of the Corporation and/or
its Affiliates or between the Corporation, and any of its Parents, Subsidiaries, Affiliates, or any successor thereof; or (iii) changes
in status (employee to director, employee to Consultant, etc.), although such change may affect the specific terms applying to the
Service Provider’s Award, provided, in case of the foregoing clauses (ii) and (iii) above, that the Participant has remained
continuously employed by and/or in the service of the Corporation and its Affiliates since the date of grant of the Award and throughout
the vesting period. Notwithstanding the foregoing, for purposes of Incentive Stock Options, no such leave may exceed 90 days, unless
reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence
approved by the Corporation is not so guaranteed, on the 91st day of such leave any Incentive Stock Option held by the Participant shall
cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option

 

10.3            Extension
of Exercise Period. The Administrator may, on such terms and conditions as it may determine appropriate but subject to Section 9.9,
extend the periods for which Awards held by any Participant 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 such modification.

 

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		11.	Adjustments.

 

Upon
the occurrence of any of the following described events, a Participant’s rights to purchase Shares under the Plan shall be adjusted
as hereinafter provided:

 

11.1            Mandatory
Adjustments. In the event of a nonreciprocal transaction between the Corporation and its stockholders that causes the per-share value
of the Shares to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring
cash dividend), the authorization limits under Section 5.1 shall be adjusted proportionately, and the Committee shall make such
adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately
resulting from such transaction. Action by the Committee may include: (i) adjustment of the number and kind of shares that may be
delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment
of the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit payable on an Award; and
(iv) any other adjustments that the Committee determines to be equitable. Notwithstanding the foregoing, the Committee shall not
make any adjustments to outstanding Options that would constitute a modification or substitution of the stock right under Treas. Reg.
Sections 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or change in the form of payment for purposes
of Code Section 409A. Without limiting the foregoing, in the event of a subdivision of the outstanding Shares (stock-split), a declaration
of a dividend payable in Shares, or a combination or consolidation of the outstanding Shares into a lesser number of Shares, the authorization
limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically,
without the necessity for any additional action by the Committee, be adjusted proportionately without any change in the aggregate purchase
price therefor.

 

11.2            Discretionary
Adjustments. Upon the occurrence or in anticipation of any corporate event or transaction involving the Corporation (including, without
limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in Section 11.1),
the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Shares, (ii) that Awards
will become immediately vested and non-forfeitable and exercisable (in whole or in part) and will expire after a designated period of
time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably
converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or
cash equivalents equal to the excess of the Fair Market Value of the underlying Shares, as of a specified date associated with the transaction,
over the aggregate exercise or base price of the Award, (v) that performance targets and performance periods for performance-based
Awards will be modified, or (vi) any combination of the foregoing. The Committee’s determination need not be uniform and may
be different for different Participants whether or not such Participants are similarly situated.

 

11.3            Effect
of a Transaction. Except as otherwise provided in the Award Agreement or any special Plan document governing an Award, upon the occurrence
of a Transaction, (i) all outstanding Options and other Awards in the nature of rights that may be exercised shall become fully
vested and exercisable, (ii) all time-based vesting requirements on outstanding Awards shall be deemed to have been met, and (iii) all
performance-based vesting requirements on outstanding Awards shall be deemed to have been met, as of the date of the Transaction.

 

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

 

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

 

11.6            Administrator’s
Authority. It is the intention that the Administrator’s authority to make determinations, adjustments and clarifications in
connection with the treatment of Awards shall be interpreted as widely as possible, to allow the Administrator maximal power and flexibility
to interpret and implement the provisions of the Plan in the event of a recapitalization, Transaction or Liquidation, provided that the
Administrator shall determine in good faith that a Participant’s vested rights are not thereby adversely affected without the Participant’s
express written consent. Without derogating from the generality of the foregoing, the Administrator shall have the authority, at its
sole discretion, to change the vesting schedule of Awards, accelerate Awards, and determine that the treatment of Awards, whether vested
or unvested, in a Transaction or Liquidation, may differ among individual Participants or groups of Participants.

 

		12.	Non-Transferability
                                            of Awards and Shares.

 

12.1            Unless
otherwise explicitly approved by the Administrator, no Award may be assigned, transferred, pledged or mortgaged, other than by will or
by the laws of descent and distribution or unless otherwise required under Applicable Law, and during the Participant’s lifetime
an Award may be exercised and the Shares subject to the Award may be purchased only by such Participant and any transfer of an Award
not permitted hereunder shall be null and void and shall not confer upon any party or person, other than the Participant, any rights.
In the event of any transfer of an Award permitted hereunder, 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 Participant.

 

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12.2            The
transfer of Shares to be issued upon the exercise of the Options shall be limited as set forth in the Plan including, without limitation,
pursuant to Section 19.3 and as may be described in the Award Agreement.

 

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

 

12.4            For
avoidance of doubt, the foregoing shall not be deemed to restrict the transfer of a Participant’s rights in respect of Awards or
Shares (including Restricted Stock) purchasable pursuant to the exercise thereof upon the death of such Participant to such Participant’s
estate or other successors by operation of law or will, whose rights therein shall be governed as determined by the Administrator, or
as otherwise required under Applicable Law.

 

		13.	Term
                                            and Amendment of the Plan.

 

13.1            The
Plan shall expire on the date which is ten (10) years from the date of its adoption by the Board of Directors (except as to Awards
outstanding on that date). Awards may be granted at any time after this Plan has been adopted by the Board and the shares reserved for
the Plan effectively created, but not later than the date that is ten (10) years from the date of adoption of the Plan by the Board.

 

13.2            Notwithstanding
any other provision of the Plan, the Administrator may at any time, and from time to time, amend, in whole or in part, any or all of
the provisions of the Plan (including any amendment deemed necessary to ensure that the Corporation may comply with any regulatory requirement),
or suspend or terminate it entirely, retroactively or otherwise; provided, however, that, except (i) to correct
obvious drafting errors or as otherwise required by law or (ii) as specifically provided herein, the rights of a Participant
with respect to vested Awards granted prior to such amendment, suspension or termination, may not be reduced without the consent of such
Participant. The Administrator may amend the terms of any Award theretofore granted, prospectively or retroactively, but except (i) to
correct obvious drafting errors or as otherwise required by law or applicable accounting rules, or (ii) as specifically
provided herein, no such amendment or other action by the Administrator shall reduce the rights of any Participant with respect to vested
Awards without the Participant’s consent.

 

		14.	Term
                                            of Option.

 

Unless
otherwise explicitly provided in an Award Agreement, if any Option, or any part thereof, has not been exercised and the Shares covered
thereby not paid for within ten (10) years after the date on which the Option was granted, as set forth in the Award Agreement (or
any other shorter period set forth in the instrument granting such Option pursuant to Section 9), such Option, or such part thereof,
and the right to acquire such Shares shall terminate, all interests and rights of the Participant in and to the same shall expire, and,
in the event that in connection therewith any Shares are held in trust as aforesaid, such trust shall expire.

 

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		15.	Continuance
                                            of Engagement.

 

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

 

		16.	Application
                                            of Funds.

 

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

 

		17.	Taxes.

 

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

 

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17.2            The
Corporation and its Affiliates do 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 tax advantage of any type and the Corporation and
its Affiliates shall bear no liability in connection with the manner in which any award is treated for tax purposes, regardless of whether
the Award was granted or intended to qualify under any particular tax regime or treatment. The Corporation and its Affiliates do not
undertake and shall not be required to take any action in order to qualify any Award with the requirements of any particular tax treatment
and no indication in any documents to the effect that any Award is intended to qualify for any tax treatment shall imply such undertaking.
Moreover, no assurance is made by the Corporation 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
Corporation 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 Corporation could have or should have taken any action to cause such qualification
to be met.

 

17.3            In
the event a Participant obtains knowledge of any tax authority inquiry, audit, assertion, determination, investigation, or question relating
in any manner to the Awards granted hereunder and/or Shares and/or Additional Rights issued thereunder the Participant shall immediately
notify the Corporation in writing and shall continuously inform the Corporation of any developments, proceedings, discussions and negotiations
relating to such matter, and shall allow the Corporation and its representatives to participate in any proceedings and discussions concerning
such matters and shall provide to the Corporation any information or document relating to any matter hereof, which the Corporation, in
its discretion, requires.

 

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

 

17.5            THE
PARTICIPANT IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING OR EXERCISING ANY AWARD IN LIGHT
OF HIS OR HER PARTICULAR CIRCUMSTANCES. THE CORPORATION DOES NOT ASSUME ANY RESPONSIBILITY TO ADVISE THE PARTICIPANT ON SUCH MATTERS,
WHICH SHALL REMAIN SOLELY THE RESPONSIBILITY OF THE PARTICIPANT.

 

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		18.	Market
                                            Stand-Off.

 

If
so requested by the Corporation or any representative of the underwriters (the “Managing Underwriter”) in connection
with any registration of the offering of any securities of the Corporation under the securities laws of any jurisdiction, the Participant
shall not sell or otherwise transfer any Shares or other securities of the Corporation during a 180-day period or such other period as
may be requested in writing by the Managing Underwriter and agreed to in writing by the Corporation (the “Market Standoff
Period”) following the effective date of registration statement of the Corporation filed under such securities laws. The
Corporation may require the Participant to execute a form of undertaking to this effect or impose stop transfer instructions with respect
to securities subject to the foregoing restrictions until the end of such Market Standoff Period.

 

		19.	Conditions
                                            Upon Issuance of Shares.

 

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

 

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

 

19.3            Provisions
Governing Shares. Any Shares issued pursuant to an Award shall be subject to this Plan and shall be subject to the Corporate Charter,
any limitation, restriction or obligation included in any stockholders agreement applicable to all or substantially all of the holders
of shares (regardless of whether or not the Participant is a formal party to such stockholders agreement), any other governing documents
of the Corporation, all policies, manuals and internal regulations adopted by the Corporation from time to time, as may be amended from
time to time, including any provisions included therein concerning restrictions or limitations on disposition of Shares or grant of any
rights with respect thereto, forced sale and bring along/drag along provisions, any provisions concerning restrictions on the use of
inside information and other provisions deemed by the Corporation to be appropriate in order to ensure compliance with Applicable Law.
Each Participant shall execute such separate agreement(s) as may be requested by the Corporation relating to matters set forth in
or otherwise for the purpose of implementing this Section. The Participant may be required to execute such separate agreement(s) as
a condition to the exercise of any Award or the issuance of any Share.

 

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

 

		20.	Proxy.

 

The
Corporation, at its sole discretion, may require that as a condition of grant of an Award, exercise of an Option or issuance of Shares,
the Participant will be required to grant an irrevocable proxy and power of attorney (“Proxy”) to any appropriate
person designated by the Corporation, to vote all Shares obtained by the Participant pursuant to an Award at all general meetings of
Corporation, and to sign all written resolutions, waivers, consents etc. of the stockholders of the Corporation on behalf of the Participant,
including the right to waive on behalf of the Participant all minimum notice requirements for meetings of stockholders of the Corporation,
and to otherwise exercise every right, power and authority with respect to the Shares as shall be detailed in the Proxy. Such Proxy shall
remain in effect until the consummation of an IPO and shall be irrevocable as the rights of third parties, including investors in the
Corporation, depend upon such Proxy. The Proxy shall be personal to the Participant and shall not survive the transfer of the Participant’s
Shares to a third-party transferee; provided, however, that upon a transfer of the Participant’s Shares to such a transferee
(subject to the terms and conditions of the Plan concerning any such transfer), the transferee may be required to grant an irrevocable
Proxy to such appropriate person as the Corporation, in giving its approval to the transfer, so requires. The Proxy may be included in
the Award Agreement of each Participant or otherwise as the Administrator determines. If contained in the Award Agreement, no further
document shall be required to implement such Proxy, and the signature of the Participant on the Award Agreement shall indicate approval
of the Proxy thereby granted. WHAT ABOUT LOCKUP POST IPO FOR GRANTS DONE PRIOR TO IPO?

 

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		21.	Right
                                            as a Stockholder.

 

Subject
to Section 7.5, a Participant shall have no rights as a stockholder of the Corporation with respect to any Shares covered by an
Award until the Participant shall have exercised the Award, paid the exercise price therefor and becomes the record holder of the subject
Shares. No adjustment shall be made for dividends (ordinary or extraordinary, whether in shares or other securities, cash or other property,
or rights, or any combination thereof) or distribution of other rights for which the record date is prior to the date on which the Participant
becomes the record holder of the Shares covered by an Award, except as provided in Section 11 hereof. Any and all voting rights
attached to such Shares shall be subject to Section 20.

 

		22.	Additional
                                            Restrictions on Transfer of Shares.

 

Until
such time as the Shares are registered for trade to the public, a Participant shall not be permitted to transfer, sell, assign, pledge,
hypothecate, or otherwise encumber or dispose of any Shares in any way to one or more third parties other than with the prior approval
of the Board of Directors and/or in accordance with Applicable Law, and in any event, subject to any relevant provisions of the
Corporation’s corporate documents, as in effect from time to time, and/or the Award Agreement.

 

		23.	Miscellaneous.

 

23.1            Data
Privacy; Data Transfer. Information related to Participant and Awards hereunder, as shall be received from Participant or others,
and/or held by, the Corporation or its Affiliates from time to time, and which information may include sensitive and personal information
related to Participant (“Information”), will be used by the Corporation or its Affiliates (or third parties
appointed by any of them) to comply with any applicable legal requirement, or for administration of the Plan as they deems necessary
or advisable, or for the respective business purposes of the Corporation or its Affiliates. The Corporation and its Affiliates shall
be entitled to transfer the Information among the Corporation or its Affiliates, and to third parties for the purposes set forth above,
which may include persons located abroad (including, any person administering the Plan or providing services in respect of the Plan or
in order to comply with legal requirements, their respective officers, directors, employees and representatives, and the respective successors
and assigns of any of the foregoing), and any person so receiving Information shall be entitled to transfer it for the purposes set forth
above. The Corporation shall use commercially reasonable efforts to ensure that the transfer of such Information shall be limited to
the reasonable and necessary scope. By receiving an Award hereunder, Participant acknowledges and agrees that the Information is provided
at Participant’s free will and Participant consents to the storage and transfer of the Information as set forth above.

 

    24 

     

    

 

23.2            Governing
Law. This Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of Delaware, 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. The competent courts located in the state of Delaware 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 Participant irrevocably submits to such exclusive jurisdiction.

 

23.3            Non-Exclusivity
of the Plan. The adoption of this Plan shall not be construed as creating any limitations on the power or authority of the Corporation
to adopt such other or additional incentive or other compensation arrangements of whatever nature as the Corporation 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 Corporation or any Affiliate now has lawfully put into
effect.

 

23.4            Survival.
The Participant 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 Participant is then or at any time thereafter employed or engaged by the Corporation or any of its Affiliates

 

23.5            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 any Share remaining at the last vesting date due to such rounding to be issued upon exercise
at such last vesting date.

 

23.6            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.

 

*          *          *

 

    25Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into as of [●], 2021 (the “Effective Date”) by and between Ron
Bentsur (“Employee”) and Nuvectis Pharma, Inc., a Delaware corporation (the “Company”). The
Employee and the Company are hereinafter referred to individually as a “Party” and together as the “Parties.”

 

WITNESSETH:

 

WHEREAS,
the Company and the Employee entered into an Employment Term Sheet dated May 1, 2021 (attached as Exhibit A), which outlines
the key financial terms of the Employee’s employment by the Company;

 

WHEREAS, the Parties wish
to formalize the Employment Term Sheet into this Employment Agreement;

 

WHEREAS,
the Company desires to employ Employee in the capacity hereinafter stated, and Employee desires to be in the employ of the Company
in such capacity for the period and on the terms and conditions set forth in this Agreement;

 

NOW THEREFORE, in consideration
of the foregoing, and the mutual agreements and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

1.            Employment.
Subject to the provisions of Section 6, the Company hereby employs Employee and Employee accepts such employment upon the terms
and conditions hereinafter set forth (the “Employment”).

 

2.            Term
of Employment.  This Agreement shall be effective as of the Effective Date. Employee’s Employment hereunder shall be “at
will” and may be terminated as provided in Section 6.

 

3.            Duties;
Extent of Service.

 

(a)            During
the Employment, Employee shall serve as an employee of the Company with the title and position of Chief Executive Officer. In this capacity,
Employee shall have all the authority and responsibility customarily associated with such position in a company of the size and nature
of the Company. Employee shall report directly to the Board of Directors of the Company (the “Board”). In addition,
Employee may be asked from time to time to serve as a director or officer of one or more of the Company’s current or future direct
and indirect subsidiaries, and Employee shall serve in such capacities without further compensation. Employee agrees to comply with all
applicable laws and the Company’s policies and procedures as may be adopted and changed from time to time and that are provided
to Employee, including those described in the Company’s employee handbook, provided that if this Agreement conflicts with such policies
or procedures, this Agreement will control. Employee hereby accepts such Employment, agrees to serve the Company in the capacity indicated,
and agrees to use Employee’s reasonable efforts in, and devote Employee’s full working time, attention, skill and energies
to, the advancement of the interests of the Company and its direct and indirect subsidiaries (collectively, the “Company Group”)
and the performance of Employee’s duties and responsibilities hereunder.

 

     

     

    

 

(b)            The
foregoing, however, shall not be construed as preventing Employee from engaging in religious, charitable or other community or non-profit
activities, or, with the prior approval of the Board, from serving on the board of directors of other companies, provided such service
does not interfere with or impair Employee’s ability to fulfill Employee’s duties and responsibilities under this Agreement.

 

(c)            During
the Employment, Employee shall be expected to perform his duties from his home or as otherwise agreed by the Company and the Employee,
subject to required travel.

 

4.            Compensation.

 

(a)            During
the Employment, the Company shall pay Employee a salary at the annual rate of $575,000 (the “Base Salary”). The Base
Salary shall be subject to withholding under applicable law, shall be prorated for partial years and shall be payable in semi-monthly
or biweekly installments in accordance with the Company’s usual practice as in effect from time to time. The Base Salary shall be
reviewed by the Board or a committee thereof on an annual basis and may be increased at any time by the Board or a committee thereof in
its sole and absolute discretion. The Base Salary will begin to be paid once the Company raises at least $20 million in aggregate in private
placements or completes an initial public offering. On an annual basis, commencing effective as of January 1, 2022, and as of each
January 1 thereafter, the Base Salary shall be increased by no less than the greater of (1) the amount determined by the Board
or a committee thereof, or (2) the percentage by which the Bureau of Labor Statistics Consumer Price Index for All Urban Consumers
(CPI-U) All Items Index, New York–Northern New Jersey–Long Island, NY-NJ-CT-PA (the “Relevant CPI Index”)
for the calendar year ending December 31 immediately preceding the January 1 in question, increased over the Relevant CPI Index
for the previous calendar year.

 

(b)            During
the Employment, Employee shall be eligible to earn an annual bonus (the “Annual Bonus”), targeted
to be an amount equal to 75% of the Base Salary at target performance (the “Target Bonus”), based upon the Company’s
and the Employee’s achievement of performance goals established by the Board or a committee thereof, with opportunities above (and,
in the Board or such committee’s discretion, below) such amount based on a range of performance goals established by the Board or
a committee thereof. The Annual Bonus, if any, for any year shall be paid by the Company no
later than March 15 of the immediately succeeding fiscal year. The Board or a committee thereof shall
have the discretion to pay the Employee an Annual Bonus in excess of the Target Bonus for performance exceeding goals, however, the Annual
Bonus cannot exceed 100% of the Base Salary. The Board or a committee thereof shall have the discretion to award an Annual Bonus with
or without proration in the event of a partial contract year. Employee shall be eligible to receive a prorated Annual Bonus with respect
to fiscal year 2021.

 

(c)            During
the Employment, Employee will be eligible for grants of equity awards under the Company’s long-term equity incentive plan, as determined
by the Board or a committee thereof in its sole discretion. In addition, upon the Company’s attaining an average market capitalization
of $350 million or more over a thirty-day period, the Company shall grant Employee a number of shares of fully vested common stock equal
to 1% of the Company’s then-current fully diluted share count (the “Market Cap Milestone Shares”).

 

5.            Benefits.

 

(a)            During
the Employment, Employee shall be entitled to participate in any and all benefit plans of general application to the executives of the
Company, as may be in effect from time to time in the discretion of the Board (the “Benefit Plans”), including, by
way of example only, medical, dental and life insurance plans and disability income plans, retirement arrangements and other employee
benefits plans the Board deems appropriate; provided that Employee shall not be entitled to participate in any severance program or policy
of the Company other than as specifically set forth herein. Such participation shall be subject to (i) the terms of the applicable
Benefit Plan documents (including, as applicable, provisions granting discretion to the Board or any administrative or other committee
provided for therein or contemplated thereby) and (ii) generally applicable policies of the Company.

 

    2 

     

    

 

(b)            During
the Employment, Employee shall be entitled to paid vacation annually in accordance with the Company’s vacation policy, as in effect
from time to time; provided that, such vacation entitlement shall not be less than twenty (20) days.

 

(c)            The
Company shall promptly reimburse Employee for all reasonable, documented business expenses incurred by Employee in connection with the
business of the Company, in accordance with the Company’s practices, as in effect from time to time, subject to Section 17(d) (“Expenses”).

 

(d)            Compliance
with the provisions of this Section 5 shall in no way create or be deemed to create any obligation, express or implied, on the part
of the Company Group with respect to the continuation of any particular benefit or other plan or arrangement maintained by them or their
subsidiaries as of or prior to the date hereof or the creation and maintenance of any particular benefit or other plan or arrangement
at any time after the date hereof.

 

6.            Termination
and Termination Benefits. Notwithstanding the provisions of Section 2, the Employment shall terminate under the circumstances
set forth in this Section 6.

 

(a)            Termination
by the Company for Cause. The Employment may be terminated by the Company for Cause (as defined below) without further liability on
the part of the Company Group, effective immediately upon written notice to Employee specifying in reasonable detail the grounds for termination
for Cause (subject to any cure periods expressly provided for in this Section 6(a)). Only the following, as determined by the Board,
shall constitute “Cause” for such termination:

 

(i)            Employee’s
indictment, conviction of or plea of guilty or nolo contendere to, or a judgment against Employee in any quasi-criminal judicial or administrative
proceeding (including without limitation, any proceeding by a federal, state or local regulatory agency or body) with respect to, any
crime constituting a felony, or a crime which involves Employee’s moral turpitude, fraud, theft or embezzlement. For this purpose,
a judgment shall include any consent decree, settlement admitting fault on the part of the Employee, cease and desist order or similar
conclusion to any quasi-criminal judicial or administrative proceeding;

 

(ii)           Employee’s
commission of any other act of theft, dishonesty, fraud, or falsification of an employment record in connection with the performance of
his duties as an employee or director of the Company Group;

 

(iii)          Employee’s
refusal to perform his duties to the Company Group or to obey the lawful and reasonable directives of the Board (so long as such lawful
and reasonable directives are also consistent with Employee’s duties, title and reporting order provided elsewhere this Agreement);

 

(iv)          Employee’s
gross negligence, willful misconduct or willful malfeasance in connection with Employee’s services to the Company Group;

 

(v)           Employee’s
material violation of reasonable business standards, legal requirements or any written policy of the Company applicable to Employee, including
but not limited to those that relate to equal employment opportunity, discrimination, harassment or retaliation; or

 

    3 

     

    

 

(vi)          Employee’s
material breach of this Agreement or any confidentiality or non-disclosure obligations under any other written agreement between Employee
and any member of the Company Group.

 

Notwithstanding the foregoing, in the case of
any conduct described in clauses (iii), (v) or (vi) of the immediately preceding sentence, if such conduct is reasonably susceptible
of being cured, then Employee’s termination shall be for “Cause” only if Employee fails to cure such conduct to the
Board’s reasonable satisfaction within ten (10) days after receiving written notice from Company describing such conduct in
reasonable detail; provided that the conduct in clause (iii) may only be cured by Employee on two separate occasions, and no cure
shall be applicable to such conduct thereafter.

 

(b)            Termination
by the Company Without Cause. The Employment may be terminated without Cause by the Company upon written notice to Employee, and upon
any such termination and subject to Section 17, Employee shall be entitled to the payment of Termination Benefits (as defined below).
It is expressly agreed and understood that if this Agreement is terminated by the Company without Cause as provided in this Section 6(b),
it shall not impair or otherwise affect Employee’s Continuing Obligations (as defined below).

 

(c)            Termination
by Employee for Good Reason. The Employment may be terminated by Employee for Good Reason (as defined below), and upon any such termination
and subject to Section 17, Employee shall be entitled to the payment of Termination Benefits, provided that Employee first
delivers to the Company prior written notice, no later than sixty (60) days after the initial occurrence of any such event, of such intended
termination, and provided further that the Company fails to cure any such events indicated in such notice (to the extent such cure
is reasonably possible) within thirty (30) days from the date of such notice. If such event has not been cured within such 30-day period,
the termination of Employment by Employee for Good Reason shall be effective as of a date chosen by Employee within the sixty (60) day
period immediately following the expiration of the 30-day cure period. Only the following, without Employee’s consent, shall constitute
 “Good Reason:

 

(i)            a
material reduction in the Base Salary or Target Bonus (which, for the avoidance of doubt, shall mean a 5% or greater reduction in the
Base Salary or Target Bonus); provided that a reduction in Base Salary and/or Target Bonus that is made in connection with general
reduction in the base salary and/or target bonus of all senior executives of the Company shall not be considered a reduction in Base Salary
or Target Bonus giving rise to Good Reason;

 

(ii)           any
material diminution in Employee’s title, authority, duties or responsibilities as Chief Executive Officer;

 

(iii)          any
change in the reporting structure of Employee’s position such that Employee is required to report, directly or indirectly, to a
person other than the Board; or

 

(iv)          any
material breach by the Company of this Agreement, including but not limited to a failure to require any successor of the Company to assume
the obligations of the Company under this Agreement pursuant to Section 15.

 

(d)            Termination
by Employee other than for Good Reason. The Employment under this Agreement may be terminated by Employee other than for Good Reason
by written notice to the Board at least sixty (60) days prior to such termination. During the notice period, Employee shall diligently
perform any assigned duties. The Company may make such resignation effective at any point during the notice period.

 

    4 

     

    

 

(e)            Disability.
If Employee shall be disabled so as to be unable to perform the essential functions of Employee’s then-existing position or positions
under this Agreement, with reasonable accommodation, for a period of one non-consecutive hundred twenty (120) days in any twelve-month
period (“Disability”), the Board may terminate the Employment. In the event of such termination on account of Employee’s
Disability, subject to Section 17, Employee shall be entitled to the payment of Termination Benefits. If any question shall arise
as to whether during any period Employee is disabled so as to be unable to perform the essential functions of Employee’s then-existing
position or positions with reasonable accommodation, Employee may, and at the request of the Company shall, submit to the Company a certification
in reasonable detail by a physician mutually acceptable to the Company and Employee or Employee’s guardian as to whether Employee
is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be
conclusive of the issue. Employee shall cooperate with any reasonable request of the physician in connection with such certification.
If such question shall arise and Employee shall fail to submit such certification, the Company’s determination of such issue shall
be binding on Employee. Nothing in this Section 6(e) shall be construed to waive Employee’s rights, if any, under existing
law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities
Act, 42 U.S.C. §12101 et seq.

 

(f)            Death.
The Employment shall terminate in the event of the death of Employee. In the event of such termination on account of Employee’s
death, subject to Section 17, Employee shall be entitled to the payment of Termination Benefits.

 

(g)            Certain
Termination Benefits. Unless otherwise specifically provided in this Agreement or otherwise required by law, all compensation and
benefits payable to Employee under this Agreement shall terminate on the date of termination of the Employment; provided, however,
(a) Employee shall be entitled to receive any earned but unpaid Base Salary through the date of termination, (b) Employee shall
be entitled to receive any earned but unused vacation days for the year of termination, (c) Employee shall be entitled to receive
any Expenses incurred and unpaid through the date of termination, and (d) Employee’s rights under the Benefit Plans shall be
determined under the provisions of such Benefit Plans (the amounts and rights described in clauses (a) through (d), collectively,
the “Accrued Obligations”). Notwithstanding the foregoing, in the event of a termination of the Employment without
Cause pursuant to Section 6(b), a termination of the Employment with the Company for Good Reason pursuant to Section 6(c), or
a termination due to Employee’s Disability or death pursuant to Section 6(e) or Section 6(f), then, subject to Section 17,
the Company shall provide to Employee the following termination benefits (“Termination Benefits”) in addition to the
Accrued Obligations:

 

(i)            an
amount equal to two (2) times Employee’s Base Salary, payable in a single lump sum cash payment following the date of termination,
as provided below;

 

(ii)           an
amount equal to Employee’s Annual Bonus earned in the year immediately prior to the year in which the termination occurs, provided
that such bonus was not already paid prior to the termination date, payable in a single lump sum cash payment following the date of termination,
as provided below;

 

(iii)          payment
of a pro-rated Target Bonus with respect to the fiscal year in which such termination occurs, payable in a single lump sum cash payment
following the date of termination, as provided below;

 

    5 

     

    

 

(iv)          for
a period of eighteen (18) months following Employee’s Termination Date (the “Termination Benefits Period”) in
periodic installments, in accordance with the Company’s usual payroll practice as in effect from time to time, a cash payment equal
to the cost the Company would have incurred had Employee continued group medical, dental, vision and/or prescription drug benefit coverage
for himself and his eligible dependents under the group health plan(s) sponsored by Company covering Employee and his eligible dependents
at the time of the termination of employment (the “Health Coverage”) for the Termination Benefits Period; provided,
however, that (A) the cost of such Health Coverage shall be determined at the same level of benefits as is generally available to
similarly situated employees and is subject to any modifications made to the same coverage provided to similarly situated employees, including
but not limited to termination of the group health plans sponsored by Company; (B) the Company shall pay the excess of the COBRA
cost of such coverage over the amount that Employee would have had to pay for such coverage if he had remained employed during the Termination
Benefits Period and paid the active employee rate for such coverage (the “COBRA Cost”); and (C) the time during
which Employee receives the payments pursuant to this Section 6(g)(iv) shall run concurrently with any period for which Employee
is eligible to elect health coverage under COBRA; and

 

(v)          All
unvested shares of restricted stock, stock options, or other equity awards issued to Employee by the Company, including the Market Cap
Milestone Shares, shall become fully vested and exercisable.

 

The Termination Benefits set forth in (i), (ii),
(iii), (iv) and (v) above shall be conditioned upon Employee’s compliance with Employee’s Continuing Obligations
under this Agreement. Notwithstanding the foregoing, nothing in this Section 6(g) shall be construed to affect Employee’s
right to receive COBRA continuation entirely at Employee’s own cost to the extent that Employee may continue to be entitled to COBRA
continuation after Employee’s right to receive payments under Section 6(g)(iv) ceases.

 

The Company and Employee agree that the Termination
Benefits paid by the Company to Employee under this Section 6(g) shall be in full satisfaction, compromise and release of any
claims arising out of any termination of the Employment pursuant to Section 6(b), 6(c), 6(e), or 6(f).  The payment of the Termination
Benefits shall be contingent upon Employee’s (or Employee’s guardian or estate, a the case may be) timely delivery as provided
below of a separation agreement containing a general release of any and all claims (other than those arising or otherwise provided for
under this Agreement) in a customary form reasonably satisfactory to the Company (and without any additional obligations upon Employee
beyond those provided for in, or otherwise inconsistent with, this Agreement) (the “Release”), it being understood
that no Termination Benefits shall be provided unless and until Employee (or Employee’s guardian or estate, a the case may be) timely
executes and delivers, and does not rescind, the Release, except that the Release shall not require a waiver of any of the Accrued Obligations. 
The Release must be executed, and all revocation periods must have expired, within sixty (60) days after the date of termination of Employment,
failing which such payment or benefit shall be forfeited.  The Company may elect to commence payment of Termination Benefits at any
time during such sixty (60)-day period; provided, however, that if such sixty (60)-day period begins in one taxable year and ends in the
following taxable year, then the Company shall commence payment of Termination Benefits in the second taxable year.  If such payment
or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment of Termination Benefits at
any time during such sixty (60)-day period.

 

(h)            Change
in Control. In the event that a “Transaction” (as such term is defined in the Company’s Global Equity Incentive
Plan, as amended from time to time, or a successor plan) occurs during the Employment, then regardless of whether the Employment is terminated,
Employee shall receive payment of the Termination Benefits set forth in Section 6(g)(i), (ii), (iii) and (v) above, as
if the Employment had been terminated pursuant to Section 6(c) on the effective date of the Transaction. Following the Transaction,
Employee shall not be entitled to receive such Termination Benefits upon a future termination of the Employment; provided that Employee
shall remain eligible to receive (i) the Accrued Benefits upon any subsequent termination of the Employment as provided under this
Section 6, and (ii) the Termination Benefits set forth in Section 6(g)(iv) upon a subsequent termination of the Employment
to the extent provided under Section 6(b), 6(c), 6(e) or 6(f), subject to the terms and conditions of this Section 6.

 

    6 

     

    

 

(i)             Continuing
Obligations. Notwithstanding termination of this Agreement as provided in this Section 6 (other than Section 6(f)) or any
other termination of the Employment with the Company, Employee’s obligations under Sections 7 and 8 hereof (the “Continuing
Obligations”) shall survive any termination of the Employment with the Company at any time and for any reason.

 

7.            Restrictive
Covenants. In consideration of the Employment hereunder, Employee agrees to the following restrictions.

 

(a)            Acknowledgments.

 

(i)            Access
to Confidential Information and Relationships. Employee acknowledges and agrees that as a result of Employee’s employment with
the Company, Employee’s knowledge of and access to confidential and proprietary information, and Employee’s relationships
with the Company Group’s customers and employees, Employee would have an unfair competitive advantage if Employee were to engage
in activities in violation of the Restrictive Covenants. Employee also acknowledges and agrees that these Restrictive Covenants are necessary
to protect the trade secrets of Company.

 

(ii)           No
Undue Hardship. Employee acknowledges and agrees that, in the event that his employment with the Company terminates, Employee possesses
marketable skills and abilities that will enable Employee to find suitable employment without violating the Restrictive Covenants.

 

(iii)          Voluntary
Execution. Employee acknowledges and affirms that he is entering into the Agreement voluntarily and that he has read the Agreement
carefully and had a full and reasonable opportunity to consider the Restrictive Covenants (including an opportunity to consult with legal
counsel).

 

(b)            Definitions.
The following capitalized terms used in this Agreement shall have the meanings assigned to them below, which definitions shall apply to
both the singular and the plural forms of such terms:

 

(i)            “Competitive
Services” means the business of conducting research and development or sales and marketing operations specifically in the same
disease(s) that the Company Group is involved in as of Employee’s Termination Date, or during the one (1) year immediately
prior to Employee’s Termination Date.

 

    7 

     

    

 

(ii)            “Confidential
Information” means any and all data and information relating to the Company Group, their activities, business, or clients that
(i) is disclosed to Employee or of which Employee becomes aware as a consequence of his employment with the Company; (ii) has
value to the Company Group; and (iii) is not generally known outside of the Company Group. “Confidential Information”
shall include, but is not limited to the following types of information regarding, related to, or concerning the Company Group: trade
secrets; financial plans and data; management planning information; business plans; operational methods; market studies; marketing plans
or strategies; pricing information; product development techniques or plans; customer lists; customer files, data and financial information;
details of customer contracts; current and anticipated customer requirements; identifying and other information pertaining to business
referral sources; past, current and planned research and development; computer aided systems, software, strategies and programs; business
acquisition plans; management organization and related information (including, without limitation, data and other information concerning
the compensation and benefits paid to officers, directors, employees and management); personnel and compensation policies; new personnel
acquisition plans; and other similar information. “Confidential Information” also includes combinations of information or
materials which individually may be generally known outside of the Company Group, but for which the nature, method, or procedure for combining
such information or materials is not generally known outside of the Company Group. In addition to data and information relating to the
Company Group, “Confidential Information” also includes any and all data and information relating to or concerning a third
party that otherwise meets the definition set forth above, that was provided or made available to the Company Group by such third party,
and that the Company Group has a duty or obligation to keep confidential. This definition shall not limit any definition of “confidential
information” or any equivalent term under state or federal law. “Confidential Information” shall not include information
that (a) is or has become generally available to the public by the act of one who has the right to disclose such information without
violating any right or privilege of the Company Group, or (b) Employee knew without restriction on disclosure before its disclosure
to Employee by the Company. Further, nothing in this Agreement shall be construed to limit or preclude the Employee’s use of any
Confidential Material in any dispute between the Parties, including litigation, arbitration or mediation.

 

(iii)          “Principal
or Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director, officer,
manager, employee, agent, representative or consultant.

 

(iv)          “Protected
Customer” means any Person to whom the Company Group has sold its products or services or actively solicited to sell its products
or services.

 

(v)           “Restrictive
Covenants” means the restrictive covenants contained in Section 7 of this Agreement.

 

(vi)          “Restricted
Period” means any time during Employee’s employment with the Company, as well as one (1) year from Employee’s
Termination Date.

 

(vii)         “Termination”
means the termination of Employee’s employment with the Company, for any reason, whether with or without Cause, Good Reason, death
or Disability, upon the initiative of either party.

 

(viii)        “Termination
Date” means the date of Employee’s Termination.

 

(ix)           “Work
Product” means all ideas, formulas, recipes, discoveries, trade secrets, inventions, innovations, improvements, developments,
methods of doing business, processes, programs, designs, analyses, drawings, reports, blueprints, data, software, source code, object
code, firmware, logos and all similar or related information (whether or not patentable and whether or not reduced to practice) which
relate to the Company Group’s business that are conceived, developed, acquired, contributed to, made or reduced to practice by Employee
during the course of his employment with the Company (either solely or jointly with others).

 

    8 

     

    

 

(c)            Restriction
on Disclosure and Use of Confidential Information. Employee agrees that Employee shall not, directly or indirectly, use any Confidential
Information on Employee’s own behalf or on behalf of any Person other than Company Group, or reveal, divulge, or disclose any Confidential
Information to any Person except on behalf of the Company and under an appropriate obligation of confidentiality and non-use. This obligation
shall remain in effect for as long as the information or materials in question retain their status as Confidential Information. Employee
further agrees that he shall fully cooperate with the Company in maintaining the Confidential Information to the extent permitted by law.
The Parties acknowledge and agree that this Agreement is not intended to, and does not, alter either the Company’s rights or Employee’s
obligations under any state or federal statutory or common law regarding trade secrets and unfair trade practices. Anything herein to
the contrary notwithstanding, Employee shall not be restricted from: (i) disclosing information that is required to be disclosed
by law, court order or other valid and appropriate legal process; provided, however, that in the event such disclosure is required by
law, Employee shall provide the Company with prompt notice of such requirement, if legally able, so that the Company may seek an appropriate
protective order prior to any such required disclosure by Employee; (ii) reporting possible violations of federal, state, or local
law or regulation to any governmental agency or entity, or from making other disclosures that are protected under the whistleblower provisions
of federal, state, or local law or regulation, and Employee shall not need the prior authorization of the Company to make any such reports
or disclosures and shall not be required to notify the Company that Employee has made such reports or disclosures; (iii) disclosing
a trade secret (as defined by 18 U.S.C. § 1839) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney, in either event solely for the purpose of reporting or investigating a suspected violation of law; or
(iv) disclosing a trade secret (as defined by 18 U.S.C. § 1839) in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal.

 

(d)            Work
Product. Employee acknowledges that all Work Product belongs to the Company Group. Any copyrightable work falling within the definition
of Work Product shall be deemed a “work made for hire” under the copyright laws of the United States, and ownership of all
rights therein shall vest in the Company Group. To the extent that any Work Product is not deemed to be a “work made for hire,”
Employee hereby assigns and agrees to assign to the Company Group all right, title and interest, including without limitation, the intellectual
property rights that Employee may have in and to such Work Product. Employee shall during the Restricted Period and thereafter promptly
perform all actions reasonably requested by the Company (whether during or after the term of this Agreement) to establish and confirm
ownership of such Work Product (including, without limitation, assignments, consents, powers of attorney and other instruments) in the
Company Group.

 

(e)            Non-Compete.
Employee agrees that, during the Restricted Period, he shall not, without the prior written consent of the Company, directly or indirectly,
on his own behalf or as a Principal or Representative of any Person, engage in any Competitive Services anywhere in the United States
or in any foreign country in which any member of the Company Group has conducted business or is conducting business on Employee’s
Termination Date.

 

(f)             Non-Solicitation
of Protected Customers. Employee agrees that, during the Restricted Period, he shall not, without the prior written consent of the
Company, directly or indirectly, on his own behalf or as a Principal or Representative of any Person, solicit, divert, take away, or attempt
to solicit, divert, or take away a Protected Customer for the purpose of engaging in, providing, or selling Competitive Services.

 

(g)            Non-Recruitment
of Employees and Independent Contractors. Employee agrees that during the Restricted Period, he shall not, directly or indirectly,
whether on his own behalf or as a Principal or Representative of any Person, recruit, solicit, induce or hire or attempt to recruit, solicit,
induce or hire any employee or independent contractor of the Company Group to terminate his employment or other relationship with the
Company Group or to enter into employment or any other kind of business relationship with the Employee or any other Person.

 

    9 

     

    

 

(h)            Enforcement
of Restrictive Covenants.

 

(i)            Rights
and Remedies Upon Breach. The parties specifically acknowledge and agree that the remedy at law for any breach of the Restrictive
Covenants will be inadequate, and that in the event Employee breaches, or threatens to breach, any of the Restrictive Covenants, the Company
shall have the right and remedy, without the necessity of proving actual damage or posting any bond, to seek to enjoin, preliminarily
and permanently, Employee from violating or threatening to violate the Restrictive Covenants and to petition to have the Restrictive Covenants
specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive
Covenants would cause irreparable injury to the Company Group and that money damages would not provide an adequate remedy to the Company.
Employee understands and agrees that if he violates any of the obligations set forth in the Restrictive Covenants, the period of restriction
applicable to each obligation violated shall cease to run during the pendency of any litigation over such violation, provided that such
litigation was initiated during the period of restriction. Such rights and remedies shall be in addition to, and not in lieu of, any other
rights and remedies available to the Company at law or in equity. Employee understands and agrees that, if the Parties become involved
in legal action regarding the enforcement of the Restrictive Covenants and if the Company prevails in such legal action, the Company will
be entitled, in addition to any other remedy, to recover from Employee its reasonable costs and attorneys’ fees incurred in enforcing
such covenants. The Company’s ability to enforce its rights under the Restrictive Covenants or applicable law against Employee shall
not be impaired in any way by the existence of a claim or cause of action on the part of Employee based on, or arising out of, this Agreement
or any other event or transaction.

 

(ii)           Severability
and Modification of Covenants. Employee acknowledges and agrees that each of the Restrictive Covenants is reasonable and valid in
time and scope and in all other respects. The parties agree that it is their intention that the Restrictive Covenants be enforced in
accordance with their terms to the maximum extent permitted by law. Each of the Restrictive Covenants shall be considered and construed
as a separate and independent covenant. Should any part or provision of any of the Restrictive Covenants be held invalid, void, or unenforceable,
such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other part or provision of this Agreement
or such Restrictive Covenant. If any of the provisions of the Restrictive Covenants should ever be held by a court of competent jurisdiction
to exceed the scope permitted by the applicable law, such provision or provisions shall be automatically modified to such lesser scope
as such court may deem just and proper for the reasonable protection of the Company’s legitimate business interests and may be
enforced by the Company to that extent in the manner described above and all other provisions of this Agreement shall be valid and enforceable.

 

8.            Cooperation.
During and after the Employment, Employee shall cooperate fully with the Company in the defense or prosecution of any claims or actions
now in existence or which may be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired
while Employee was employed by the Company. Employee’s full cooperation in connection with such claims or actions shall include,
but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the
Company at mutually convenient times. During and after the Employment, Employee also shall cooperate fully with the Company in connection
with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events
or occurrences that transpired while Employee was employed by the Company. Subject to Section 17(d), the Company shall reimburse
Employee for any reasonable fees and reasonable out-of-pocket expenses incurred in connection with Employee’s performance of obligations
pursuant to this Section 8 and such cooperation shall be at reasonable times and upon reasonable advance notice.

 

    10 

     

    

 

Employee agrees, while he is employed by the Company,
to offer or otherwise make known or available to it, as directed by the Board of the Company and without additional compensation or consideration,
any business prospects, contracts or other business opportunities that Employee may discover, find, develop or otherwise have available
to Employee in the Company’s general industry and further agrees that any such prospects, contacts or other business opportunities
shall be the property of the Company Group.

 

9.            Governing
Law; Waiver of Jury Trial. This Agreement shall be governed by and construed under the laws of the State of Delaware, without consideration
of its choice of law provisions, and shall not be amended, modified or discharged in whole or in part except by an agreement in writing
signed by both of the parties hereto. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. Each of the parties hereto expressly submits and consents in advance to the sole
and exclusive jurisdiction of the state and federal courts located in the State of New York for the purposes of any and all suits, actions
or other proceedings or other disputes arising out of, based on or relating to this Agreement. Each of the parties hereto hereby waives,
and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding brought in such courts,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or
proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, in each case, unless
another jurisdiction is required to enforce the rights of the Company under this Agreement. The parties hereto hereby consent to service
of process by mail and any other manner permitted by law or this Agreement. The parties acknowledge that all directions issued by the
forum court, including all injunctions and other decrees, may be filed, and will be binding and enforceable, in all jurisdictions. Except
as otherwise provided in Section 7, if any legal action or other proceeding is brought for the enforcement of this Agreement, or
because of an alleged dispute, breach, default or misrepresentation in connection with any provisions of this Agreement, the successful
or prevailing party or parties shall be entitled to recover reasonable attorney’s fees, court costs and reasonable expenses incurred
in that action or proceeding, in addition to any other relief to which such party or parties may be entitled.

 

10.          Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if
delivered personally or mailed by certified or registered mail (return receipt requested) as follows:

 

		To the Company:	Nuvectis
Pharma, Inc.

[●]

Attention: [●]

 

	 	To Employee:	Ron Bentsur

[●]

 

or to such other address of which any party may
notify the other parties as provided above. Notices shall be effective as of the date of such delivery or mailing.

 

11.          Indemnification.
During the Employment, Employee shall be entitled to such rights regarding indemnification and advancement of expenses as are provided
under the Company’s Certificate of Incorporation or Bylaws, as they made be amended from time to time. The Company Group shall
cause Employee to be provided coverage under any D&O liability insurance policies that are maintained by the Company Group from time
to time in the same manner as other executive officers of the Company Group are covered.

 

    11 

     

    

 

12.          Scope
of Agreement. The parties acknowledge that the time, scope, geographic area and other provisions of Section 7 have been specifically
negotiated by sophisticated parties and agree that all such provisions are reasonable under the circumstances of the transactions contemplated
hereby and are given as an integral and essential part of the Employment contemplated hereby. Employee has independently consulted with
counsel and has been advised in all respects concerning the reasonableness and propriety of the covenants contained herein, with specific
regard to the business to be conducted by the Company Group, and represents that the Agreement is intended to be, and shall be, fully
enforceable and effective in accordance with its terms.

 

13.          Severability.
The existence of any claim or cause of action which Employee may have against the Company shall not constitute a defense or bar to the
enforcement of any of the provisions of this Agreement. The invalidity, illegality or unenforceability of any provision of this Agreement
shall in no way affect the validity, legality or enforceability of any other provision.

 

14.          Counterparts
Facsimile Signatures. This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one
and the same Agreement. Each party may rely upon the execution of this Agreement by the other party via the facsimile signature as if
such facsimile signature were an original signature.

 

15.          Miscellaneous.
This Agreement shall not be amended, modified or discharged in whole or in part except by an agreement in writing signed by both of the
parties hereto. The failure of either of the parties to require the performance of a term or obligation or to exercise any right under
this Agreement or the waiver of any breach hereunder shall not prevent subsequent enforcement of such term or obligation or exercise of
such right or the enforcement at any time of any other right hereunder or be deemed a waiver of any subsequent breach of the provision
so breached, or of any other breach hereunder. This Agreement shall inure to the benefit of and be binding upon and assignable to, successors
of the Company by way of merger, consolidation or sale and may not be assigned by Employee. This Agreement supersedes and terminates all
prior understandings and agreements between the parties (or their predecessors) relating to the subject matter hereof; provided, however,
this agreement shall not alter or limit the obligations of Employee pursuant to any other confidentiality, noncompetition, nonsolicitation
or similar agreement applicable to Employee.

 

16.          Certain
Definitions. For purposes of this Agreement, except as otherwise provided herein, the term “subsidiary” of a Person
means any corporation more than 50% of whose outstanding voting securities, or any partnership, joint venture or other entity more than
50% of whose total equity interests, is directly or indirectly owned by such Person.

 

17.          Internal
Revenue Code Section 409A.

 

(a)            It
is the intent of the parties that this Agreement shall be interpreted and administered in a manner so that any amount or benefit payable
hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), and applicable Internal Revenue Service guidance and Treasury
Regulations issued thereunder (and any applicable transition relief under Section 409A of the Code). Neither the Company Group, nor
their directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed
by Employee as a result of the application of Section 409A of the Code.

 

    12 

     

    

 

(b)            Notwithstanding
anything in this Agreement to the contrary, to the extent that the severance payments under Section 6(e) and any other amount
or benefit under this Agreement, constitutes non-exempt “deferred compensation” for purposes of Section 409A of the Code
(“Non-Exempt Deferred Compensation”) and that would otherwise be payable or distributable hereunder by reason of Employee’s
termination of the Employment, such amounts will not be payable or distributable to Employee unless the circumstances giving rise to such
termination of the Employment meet any description or definition of “separation from service” in Section 409A of the
Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision
does not prohibit the vesting of any amount upon Employee’s termination of the Employment or the determination of the amounts owed
to him due to such termination. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution
shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant “separation from service.”

 

(c)            Whenever
in this Agreement the provision of payment or benefit is conditioned on Employee’s execution and non-revocation of the Release,
provided that the Release has been timely delivered to Employee not later than ten (10) days after the date of termination
of the Employment, such Release must be executed, and all applicable revocation periods shall have expired, within sixty (60) days after
the date of termination of the Employment, failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes
Non-Exempt Deferred Compensation, and if such 60-day period begins in one calendar year and ends in the next calendar year, the payment
or benefit shall not be made or commence before the second such calendar year, even if the Release becomes irrevocable in the first such
calendar year. In other words, Employee is not permitted to influence the calendar year of payment based on the timing of his signing
of the Release.

 

(d)            If
Employee is entitled to be paid or reimbursed for any taxable expenses under this Agreement, and such payments or reimbursements are includible
in Employee’s federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the
amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31
of the year after the year in which the expense was incurred. No right of Employee to reimbursement of expenses under this Agreement shall
be subject to liquidation or exchange for another benefit.

 

(e)            Each
payment of termination benefits under Section 6 of this Agreement, including, without limitation, each payment of COBRA Cost under
Section 6(g)(iv), shall be considered a separate payment, as described in Treas. Reg. Section 1.409A-2(b)(2), for purposes of
Section 409A of the Code.

 

(f)             Notwithstanding
anything in this Agreement to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise
be payable or distributable under this Agreement by reason of Employee’s separation from service during a period in which he is
a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic
relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such
Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following Employee’s separation
from service will be accumulated through and paid or provided on the first day of the seventh month following Employee’s separation
from service (or, if Employee dies during such period, within 30 days after his death) (in either case, the “Required Delay Period”);
and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required
Delay Period. For purposes of this Agreement, the term “Specified Employee” has the meaning given such term in Code
Section 409A and the final regulations thereunder.

 

    13 

     

    

 

18.          Limitation
of Benefits.

 

(a)            Anything
in this Agreement to the contrary notwithstanding, in the event it shall be determined that any benefit, payment or distribution by the
Company or any of its direct and/or indirect subsidiaries to or for the benefit of Employee (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required
under this Section 18) (such benefits, payments or distributions are hereinafter referred to as “Payments”) would,
if paid, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then, prior to the
making of any Payments to Employee, a calculation shall be made comparing (i) the net after-tax benefit to Employee of the Payments
after payment by Employee of the Excise Tax, to (ii) the net after-tax benefit to Employee if the Payments had been limited to the
extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated
under (ii) above, then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax (the “Reduced
Amount”). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then,
to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments
as of the date of the change of control, as determined by the Determination Firm (as defined in Section 18(b) below). For purposes
of this Section 18, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of
this Section 18, the “Parachute Value” of a Payment means the present value as of the date of the change of control
of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined
by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.

 

(b)            All
determinations required to be made under this Section 18, including whether an Excise Tax would otherwise be imposed, whether the
Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be used in arriving at such determinations, shall
be made by an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and
Employee (the “Determination Firm”) which shall provide detailed supporting calculations both to the Company and Employee.
All fees and expenses of the Determination Firm shall be borne solely by the Company. Any determination by the Determination Firm shall
be binding upon the Company and Employee. As a result of the uncertainty in the application of Section 4999 of the Code at the time
of the initial determination by the Determination Firm hereunder, it is possible that Payments hereunder will have been unnecessarily
limited by this Section 18 (“Underpayment”), consistent with the calculations required to be made hereunder. The
Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by
the Company to or for the benefit of Employee, but no later than March 15 of the year after the year in which the Underpayment is
determined to exist, which is when the legally binding right to such Underpayment arises.

 

19.          Non-exclusivity
of Rights. Nothing in this Agreement shall prevent or limit Employee’s continuing or future participation in any employee benefit
plan, program, policy or practice provided by the Company and for which Employee may qualify, except as specifically provided herein.
Amounts that are vested benefits or which Employee is otherwise entitled to receive under any plan, policy, practice or program of the
Company at or subsequent to the date of termination of the Employment shall be payable in accordance with such plan, policy, practice
or program except as explicitly modified by this Agreement. For the avoidance of doubt, no provision of this Agreement is meant to modify
or limit Employee’s right to receive his vested supplemental executive retirement plan benefits, if any, and to exercise his vested
options, if any, in accordance with the terms of the applicable plan documents, related agreements and operative prior elections.

 

20.          Full
Settlement; No Mitigation. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform
its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which
the Company may have against Employee or others. In no event shall Employee be obligated to seek other employment or take any other action
by way of mitigation of the amounts payable to Employee under any of the provisions of this Agreement and such amounts shall not be reduced
whether or not Employee obtains other employment.

 

[Remainder
of Page Intentionally Left Blank]

 

    14 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement under seal as of the date first set forth above.

 

	 	COMPANY

 

	 	NUVECTIS PHARMA, INC.

 

		By:	 

		Name:	 

		Title:	 

 

	 	EMPLOYEE

 

		 
	 	Ron Bentsur

 

    15

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