Document:

Exhibit 10.4

 

AMENDED
AND RESTATED SECURITY AGREEMENT

 

THIS AMENDED AND RESTATED
SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of March _9, 2020, is made by and among Foamix Pharmaceuticals Inc., a Delaware corporation (the “Borrower”),
Menlo Therapeutics Inc., a Delaware corporation (the “Parent Guarantor”), Foamix Pharmaceuticals Ltd.,
an Israeli limited liability company (the “Israeli Guarantor”), certain Subsidiaries of the Parent Guarantor
party hereto or having acceded hereto pursuant to Section 22 (each a “Subsidiary Guarantor”
and, together with the Parent Guarantor and the Israeli Guarantor, the “Guarantors”, and together with
the Borrower, each a “Grantor” and, collectively, the “Grantors”), and PERCEPTIVE
CREDIT HOLDINGS II, LP, as administrative agent for the Lenders referred to below (in such capacity, the “Administrative
Agent”).

 

WHEREAS, the Israeli
Guarantor, the Borrower and the Administrative Agent entered into that certain Security Agreement, dated as of July 29, 2019 (the
 “Existing Security Agreement”), pursuant to the terms of that certain Credit Agreement and Guaranty,
dated as of July 29, 2019 (the “Existing Credit Agreement”), by and among the Borrower, the Israeli Guarantor,
certain Subsidiaries party thereto from time to time, the lenders from time to time party thereto (the “Lenders”)
and the Administrative Agent;

 

WHEREAS, the parties
hereto have agreed to amend and restate the Existing Credit Agreement pursuant to the terms of that certain Amended and Restated
Credit Agreement and Guaranty, dated as of March _9_, 2020 (as amended, amended and restated, modified, supplemented, renewed,
extended or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower,
the Parent Guarantor, the Israeli Guarantor, the other Subsidiaries of the Parent Guarantor from time to time party thereto, the
Lenders from time to time party thereto and the Administrative Agent;

 

WHEREAS, as a condition
precedent to the effectiveness of the Credit Agreement, the parties hereto desire to amend and restate the Existing Security Agreement
in its entirety on the terms and conditions set forth herein.

 

NOW, THEREFORE, the parties
hereto agree that the Existing Security Agreement is amended and restated in its entirety to read as follows:

 

SECTION
1      Definitions; Interpretation.

 

(a)        
Terms Defined in Credit Agreement. All capitalized terms used in this Agreement (including in the recitals hereof) and
not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

 

(b)        
Certain Defined Terms. As used in this Agreement, the following capitalized terms shall have the following meanings:

 

“Acceding
Grantor” has the meaning set forth in Section 22.

 

“Accession
Agreement” has the meaning set forth in Section 22.

 

     

     

    

 

“Books”
means all books, records and other written, electronic or other documentation in whatever form maintained now or hereafter by or
for any Grantor in connection with the ownership of its assets or the conduct of its business or evidencing or containing information
relating to the Collateral, including: (i) ledgers; (ii) records indicating, summarizing, or evidencing any Grantor’s
assets (including Inventory and Rights to Payment), business operations or financial condition; (iii) computer programs and
software; (iv) computer discs, tapes, files, manuals, spreadsheets; (v) computer printouts and output of whatever kind;
(vi) any other computer prepared or electronically stored, collected or reported information and equipment of any kind; and
(vii) any and all other rights now or hereafter arising out of any Contract between any Grantor and any service bureau, computer
or data processing company or other Person charged with preparing or maintaining any of any Grantor’s books or records or
with credit reporting, including with regard to any such Grantor’s Accounts.

 

“Borrower”
has the meaning set forth in the preamble to this Agreement.

 

“Collateral”
has the meaning provided in Section 2(a) hereof.

 

“Control
Agreement” means any control agreement or other agreement with any securities intermediary, bank, depository or other
Person establishing the Administrative Agent’s control with respect to any Deposit Accounts, Securities Accounts, lockboxes,
disbursement accounts, investment accounts or similar accounts, other than any Excluded Account, Letter-of-Credit Rights or Investment
Property, for purposes of Article 8 or Sections 9-104, 9-106 and 9-107 of the UCC.

 

“Deposit
Account” means any deposit account, as such term is defined in Section 9-102 of the UCC, maintained by or for
the benefit of any Grantor, whether or not restricted or designated for a particular purpose.

 

“Excluded
Assets” means, collectively, (a) any Excluded Account, (b) all rolling stock, motor vehicles, vessels and other assets
subject to certificates of title, (c) all leasehold interests, (d) any lease, license, contract or agreement to which any Grantor
is a party, or any of its rights or interests thereunder, to the extent that the grant of a security interest therein shall constitute
or result in a breach, termination, abandonment or default or invalidity thereunder or thereof (other than to the extent that any
such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction
or any other applicable Law), (e) any property or assets the grant of a security interest therein (i) is prohibited by applicable
Law or (ii) requires the consent, approval or waiver of any Governmental Authority or any other third party (other than to the
extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant
jurisdiction or any other applicable Law), (f) Equity Interests of any Person to the extent that (i) the Parent Guarantor or any
of its Subsidiaries holds 50% or less of the outstanding Equity Interests of such Person, (ii) such Person is an Immaterial Subsidiary
and (iii) the grant of a security interest therein is prohibited by the Organic Documents of such Person, (g) any application for
registration of a Trademark filed on the basis of the applicant’s intent-to-use such Trademark pursuant to Section 1(b) of
the Lanham Act, 15 U.S.C. § 1051, prior to the filing with and acceptance by the United States Patent and Trademark Office
of evidence of use of such Trademark pursuant to Section 1(d) of the Lanham Act or Section 1(c) of the Lanham Act, to the extent
that, and during the period in which, the grant of a security interest therein would impair the validity or enforceability of any
such Trademark application or any registration that issues from such Trademark application under applicable federal law and (h)
any Equity Interests of the Israeli Guarantor in excess of the sixty five percent (65.0%) of its total outstanding voting Equity
Interests owned by the Parent Guarantor; provided, however, notwithstanding the foregoing, the term “Excluded Assets”
shall not include the stock certificate of the Parent Guarantor issued by the Israeli Guarantor that is identified in item 6
of Schedule 1 hereto; provided further, that, to the extent any asset or item of property of any Grantor that, but
for this defined term and its use herein, would otherwise constitute Collateral ceases to qualify as an Excluded Asset, it shall
automatically cease to be an “Excluded Asset” for purposes hereof and shall be included as Collateral, unless otherwise
provided hereof.

 

    2.

     

    

 

“Grantors”
has the meaning set forth in the preamble to this Agreement.

 

“Guarantors”
has the meaning set forth in the preamble to this Agreement.

 

“Intellectual
Property Collateral” means the following properties and assets owned or held by any Grantor or in which any Grantor
otherwise has any interest, now existing or hereafter acquired or arising:

 

(i)         
all Patents, including domestic and foreign Patents, all licenses relating to any of the foregoing and all income and royalties
with respect to any such licenses (including such Patents and licenses described in Schedule 2), all rights to sue
for past, present or future infringement thereof, all rights arising therefrom and pertaining thereto and all reissues, divisions,
continuations, renewals, extensions and continuations-in-part thereof;

 

(ii)       
all Copyrights, including domestic and foreign Copyrights, together with underlying works of authorship, whether or not
the underlying works of authorship have been published and whether said Copyrights are statutory or arise under the common law,
and all other rights in works of authorship, all licenses relating to any of the foregoing and all income and royalties with respect
to any such licenses (including the Copyrights and licenses described in Schedule 2), and all income and royalties with
respect thereto, and all other rights, Claims and demands in any way relating to any such Copyrights or works, including royalties
and rights to sue for past, present or future infringement, and all rights of renewal and extension of such Copyright;

 

(iii)      
all Trademarks, including state (including common law), federal and foreign trademarks, service marks and trade names, and
applications for registration of such Trademarks, all licenses relating to any of the foregoing and all income and royalties with
respect to any such licenses (including the Trademarks and licenses described in Schedule 2), whether registered or
unregistered and wherever registered, all rights to sue for past, present or future infringement or unconsented use thereof, all
rights arising therefrom and pertaining thereto and all reissues, extensions and renewals thereof;

 

(iv)       
all proprietary or licensed rights in Technical Information;

 

    3.

     

    

 

(v)        
the entire goodwill of or associated with the businesses now or hereafter conducted by such Grantor connected with and symbolized
by any of the aforementioned properties and assets in clause (iii) above; and

 

(vi)       
all other Intellectual Property, all other similar proprietary rights, or other similar property and all other general intangibles
arising out of any of the aforementioned properties and assets and not otherwise described above, including rights to sue for or
collect damages for any past, present or future infringement of any of the foregoing.

 

Intellectual Property
Collateral shall not include any Excluded Assets.

 

“Israeli
Guarantor” has the meaning set forth in the preamble to this Agreement.

 

“Parent Guarantor”
has the meaning set forth in the preamble to this Agreement.

 

“Partnership
and LLC Collateral” means any and all limited, limited liability and general partnership interests and limited liability
company interests of any type or nature (including any such interests in the Parent Guarantor’s direct or indirect Subsidiaries
(but excluding any Immaterial Subsidiary) now or hereafter owned by any Grantor), whether now existing or hereafter acquired or
arising, including any such interests specified in Schedule 3, and subject in each case to Section 8.12(c) of
the Credit Agreement.

 

“Pledge Supplement”
has the meaning specified in Section 3(h).

 

“Pledged
Collateral” means any and all (i) Pledged Shares; (ii) additional capital stock or other Equity Interests
of the direct or indirect Subsidiaries of the Parent Guarantor (but excluding any Immaterial Subsidiary), whether certificated
or uncertificated; (iii) other Investment Property of any Grantor; (iv) warrants, options or other rights entitling
any Grantor to acquire any interest in Equity Interests or other securities of such Subsidiaries or any other Person; (v) Partnership
and LLC Collateral; (vi) Instruments; (vii)  securities, property, interest, dividends and other payments and distributions
issued as an addition to, in redemption of, in renewal or exchange for, in substitution or upon conversion of, or otherwise on
account of, any of the foregoing; (viii) certificates and instruments now or hereafter representing or evidencing any of the
foregoing; (ix) rights, interests and Claims with respect to the foregoing, including under any and all related agreements,
instruments and other documents, and (x) cash and non-cash proceeds of any of the foregoing, in each case whether presently
existing or owned or hereafter arising or acquired and wherever located, and as from time to time received or receivable by, or
otherwise paid or distributed to or acquired by, any Grantor, but in all cases excluding the Excluded Assets, and subject in each
case to Section 8.12(c) of the Credit Agreement.

 

“Pledged
Collateral Agreements” has the meaning specified in Section 5.

 

“Pledged
Shares” means (i) sixty five percent (65.0%) of the issued and outstanding voting Equity Interests of the Israeli
Guarantor, whether certificated or uncertificated, owned by the Parent Guarantor (as set forth in Schedule 3) and one hundred
percent (100%) of the non-voting Equity Interests (if any) of the Israeli Guarantor owned by the Parent Guarantor and (ii) all
of the issued and outstanding Equity Interests, whether certificated or uncertificated, of any other direct or indirect Subsidiaries
(excluding any Immaterial Subsidiary) now or hereafter owned by any Grantor, including each Subsidiary identified on Schedule
3 (as amended or supplemented from time to time).

 

    4.

     

    

 

“Proceeds
Account” has the meaning set forth in Section 10(c).

 

“Rights to
Payment” means any and all of any Grantor’s Accounts and any and all of any Grantor’s rights and Claims
to the payment or receipt of money or other forms of consideration of any kind in, to and under or with respect to its Chattel
Paper, Documents, General Intangibles, Instruments, Investment Property, Letter-of-Credit Rights, Proceeds and Supporting Obligations,
but in all cases excluding the Excluded Assets.

 

“Secured
Obligations” means all Obligations, whether in respect of Indebtedness or other obligations of the Grantors to any
Secured Party under the Credit Agreement, the Notes, the Guarantee or any of the other Loan Documents or otherwise.

 

“Supporting
Obligations” means all supporting obligations, as such term is defined in Section 9-102 of the UCC.

 

(c)        
Terms Defined in the NY UCC. Where applicable and except as otherwise defined herein, terms used in this Agreement
shall have the meanings assigned to them in the NY UCC; provided, however, that to the extent that the NY UCC is used to define
any term herein and such term is defined differently in different Articles of the NY UCC, the definition of such term contained
in Article 9 shall govern.

 

(d)       
Interpretation. The rules of interpretation set forth in Section 1.03 of the Credit Agreement shall be applicable
to this Agreement and are incorporated herein by this reference.

 

SECTION
2      Security Interest.

 

(a)        
Grant of Security Interest. As security for the payment and performance of the Secured Obligations, each Grantor
(1) hereby reaffirms the grant of security interest in the Collateral (as defined in the Existing Security Agreement) by each Grantor
to the Administrative Agent pursuant to the Existing Security Agreement and (2) hereby grants to the Administrative Agent, for
itself and on behalf of and for the ratable benefit of the other Secured Parties, a security interest in all of such Grantor’s
right, title and interest in, to and under all of such Grantor’s personal property, wherever located and whether now existing
or owned or hereafter acquired or arising, including, in any event, the following property, but in all cases excluding the Excluded
Assets (collectively, the “Collateral”): (i) all Accounts; (ii) all Chattel Paper; (iii) all
Commercial Tort Claims; (iv) all Deposit Accounts; (v) all Books and Documents; (vi) all Equipment; (vii) all
General Intangibles; (viii) all Instruments; (ix) all Inventory; (x) all Investment Property; (xi) all Letter-of-Credit
Rights; (xii) all other Goods; (xiii) all Intellectual Property Collateral; (xiv) all money, (xv) all Pledged Collateral,
(xvi) all products and Proceeds of any and all of the foregoing, and (xvii) all Supporting Obligations of any and all of the
foregoing.

 

    5.

     

    

 

(b)       
Grantors Remain Liable. Anything herein to the contrary notwithstanding, (i) each Grantor shall remain liable
under any Contracts included in the Collateral, to the extent set forth therein, to perform all of its duties and obligations thereunder
to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of the
rights granted to the Administrative Agent hereunder shall not release any Grantor from any of its duties or obligations under
any such Contracts included in the Collateral, and (iii) neither the Administrative Agent nor any other Secured Party shall
have any obligation or liability under any such Contracts included in the Collateral by reason of this Agreement, nor shall the
Administrative Agent or any other Secured Party be obligated to perform any of the obligations or duties of any Grantor thereunder
or to take any action to collect or enforce any such Contract included in the Collateral hereunder.

 

(c)        
Continuing Security Interest. Each Grantor agrees that this Agreement shall create a continuing security interest
in the Collateral which shall remain in effect until terminated in accordance with Section 23.

 

SECTION
3      Perfection and Priority.

 

(a)        
Financing Statements, Etc. Each Grantor hereby authorizes the Administrative Agent (or its designee) to file at any
time and from time to time any financing statements describing the Collateral, and each Grantor shall execute and deliver to the
Administrative Agent, and each Grantor hereby authorizes the Administrative Agent (or its designee) to file (with or without such
Grantor’s signature), at any time and from time to time, all amendments to financing statements, continuation financing
statements, termination statements (at the direction of the Secured Parties), Short-Form IP Security Agreements, assignments, fixture
filings, affidavits, reports, notices and all other documents and instruments, in form reasonably satisfactory to the Administrative
Agent, as the Administrative Agent may reasonably request, to perfect, continue the perfection of, maintain the priority of or
provide notice of the Administrative Agent’s security interest in the Collateral and to accomplish the purposes of this Agreement
(to the extent perfection is required under the Loan Documents and subject, in the case of priority, to Permitted Liens). In addition,
each Grantor hereby authorizes the Administrative Agent to use a description or indication of collateral in any such financing
statements as “all personal property of the Debtor, whether now owned or hereafter acquired or arising” or words of
similar meaning. Without limiting the generality of the foregoing, each Grantor (i) ratifies and authorizes the filing by
the Administrative Agent of any financing statements filed with respect to the Collateral prior to the date hereof and (ii) shall
from time to time take the actions specified in subsections (b) through (i) below.

 

(b)       
Delivery of Pledged Collateral. Each Grantor hereby agrees to promptly deliver to or for the account of the Administrative
Agent, at the address and to the Person to be designated by the Administrative Agent, the certificates, instruments and other writings
representing any Pledged Collateral after such time as Grantor becomes entitled to receive or receives such Pledged Collateral,
which shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment
in blank, in form satisfactory to the Administrative Agent. If any Grantor shall become entitled to receive or shall receive any
Pledged Collateral after the date hereof, such Grantor shall accept the foregoing as the Administrative Agent for the Administrative
Agent, shall hold it in trust for the Administrative Agent, shall segregate it from other property or funds of such Grantor, and
shall promptly deliver the same and all certificates, instruments and other writings representing such Pledged Collateral forthwith
to or for the account of the Administrative Agent, at the address and to the Person to be designated by the Administrative Agent,
which shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment
in blank in form satisfactory to the Administrative Agent.

 

    6.

     

    

 

(c)        
Transfer of Security Interest Other Than by Delivery. If for any reason Pledged Collateral cannot be delivered to
or for the account of the Administrative Agent as provided in Section 3(b), each applicable Grantor shall promptly take
such other steps as may be necessary or as shall be reasonably requested from time to time by the Administrative Agent to effect
a transfer of a perfected first priority security interest in and pledge of the Pledged Collateral to the Administrative Agent
for itself and on behalf of and for the ratable benefit of the other Secured Parties pursuant to the NY UCC. To the extent practicable,
each such Grantor shall thereafter deliver the Pledged Collateral to or for the account of the Administrative Agent as provided
in Section 3(b).

 

(d)       
Intellectual Property Collateral. (i)  Each Grantor shall execute and deliver to the Administrative Agent, concurrently
with the execution of this Agreement, such Short-Form IP Security Agreements as the Administrative Agent may reasonably request,
and record or cause to be recorded (including by giving authorization to the Administrative Agent to so record) such Short-Form
IP Security Agreements with the U.S. Patent and Trademark Office and take any such further or other action as may be necessary,
or as the Administrative Agent may reasonably request, to perfect the Administrative Agent’s security interest in such Intellectual
Property Collateral with the U.S. Patent and Trademark Office or pursuant to the NY UCC and (ii) concurrently with the delivery
of a Compliance Certificate in connection with the delivery of financial statements under Section 8.01(b) of the Credit Agreement,
for any Intellectual Property Collateral created or acquired by any Grantor after the date hereof which is registered or becomes
registered or the subject of an application for registration with the U.S. Patent and Trademark Office, such Grantor shall modify
this Agreement by amending Schedule 2 to include any Intellectual Property Collateral which becomes part of the Collateral
and which was not included on Schedule 2 as of the date hereof and record such Short-Form IP Security Agreement with
the U.S. Patent and Trademark Office, and take (or cause to be taken) such other action as may be necessary, or as the Administrative
Agent may reasonably request, to perfect (to the extent perfection is required under the Loan Documents) the Administrative Agent’s
security interest in such Intellectual Property Collateral.

 

(e)       
Documents, Etc. Each Grantor shall deliver to the Administrative Agent, or an agent designated by it, appropriately
endorsed or accompanied by appropriate instruments of transfer or assignment, all Documents and Chattel Paper, and all other Rights
to Payment, in each case, with a face value in excess of $100,000 individually and $250,000 in the aggregate for all such Documents,
Chattel Paper and other Rights to Payment, at any time evidenced by promissory notes, trade acceptances or other instruments, not
already delivered hereunder pursuant to this Section 3(e).

 

    7.

     

    

 

(f)        
Bailees. Any Person (other than the Administrative Agent) at any time and from time to time holding all or any portion
of the Collateral with a fair market value in excess of $100,000 individually and $250,000 in the aggregate shall be deemed to,
and shall, hold the Collateral as the agent of, and as pledge holder for, the Administrative Agent. At any time and from time to
time, the Administrative Agent may give notice to any such Person holding all or any portion of the Collateral with a fair market
value in excess of $100,000 individually and $250,000 in the aggregate that such Person is holding the Collateral as the agent
and bailee of, and as pledge holder for, the Administrative Agent, and request to obtain such Person’s written acknowledgment
thereof. Without limiting the generality of the foregoing, each Grantor will join with the Administrative Agent in notifying any
Person who has possession of any Collateral with a fair market value in excess of $100,000 individually and $250,000 in the aggregate
of the Administrative Agent’s security interest therein and using commercially reasonable efforts to obtain an acknowledgment
from such Person that it is holding the Collateral for the benefit of the Administrative Agent.

 

(g)       
Control. Each Grantor will cooperate with the Administrative Agent in obtaining control (as defined in the NY UCC) of
Collateral consisting of (i) any Deposit Accounts (other than Excluded Accounts), (ii) any Electronic Chattel Paper with
a face value in excess of $100,000 individually and $250,000 in the aggregate, (iii) any Investment Property with a face value
in excess of $100,000 individually and $250,000 in the aggregate or (iv) any Letter-of-Credit Rights with a face value in
excess of $100,000 individually and $250,000 in the aggregate, including delivery of Control Agreements in accordance with Section
8.18(a) of the Credit Agreement and in form and substance reasonably satisfactory to the Administrative Agent, as the Administrative
Agent may reasonably request, to perfect, continue the perfection of, maintain the priority of or provide notice of the Administrative
Agent’s security interest in such Collateral.

 

(h)        
After-Acquired Equity Interests. In the event that any Grantor acquires any Pledged Collateral after the date hereof,
such Grantor shall deliver to the Administrative Agent a pledge supplement, duly executed by such Grantor and substantially in
the form of Exhibit B hereto (the “Pledge Supplement”), together with all schedules thereto, reflecting
such additional Pledged Collateral, and the certificates and other documents required to be delivered pursuant to Section 3.01(b)
hereof in respect of such additional Pledged Collateral. Notwithstanding the foregoing, it is understood and agreed that the security
interest of the Administrative Agent shall attach to such Pledged Collateral immediately upon any Grantor’s acquisition of
rights therein and shall not be affected by the failure of any Grantor to deliver a Pledge Supplement.

 

(i)        
Purchase Money Security Interests. To the extent any Grantor uses the proceeds of any of the Secured Obligations
to purchase Collateral, such Grantor’s repayment of the Secured Obligations shall apply on a “first-in, first-out”
basis so that the portion of the Secured Obligations used to purchase a particular item of Collateral shall be paid in the chronological
order in which such Grantor purchased the Collateral.

 

SECTION
4     Representations and Warranties. In addition to the representations and
warranties of each Grantor set forth in the Credit Agreement, each Grantor represents and warrants to each Secured Party that:

 

    8.

     

    

 

(a)        
Location of Chief Executive Office and Collateral. Such Grantor’s chief executive office and principal place
of business (as of the date of this Agreement) is located at the address set forth in Schedule 1, and all other locations
(as of the date of this Agreement) where such Grantor conducts business or Collateral is kept are set forth in Schedule 1.

 

(b)        
Locations of Books. All locations where Books pertaining to the Rights to Payment of such Grantor are kept, including
all equipment necessary for accessing such Books and the names and addresses of all service bureaus, computer or data processing
companies and other Persons keeping any Books or collecting Rights to Payment for such Grantor, are set forth in Schedule 1.

 

(c)        
Jurisdiction of Organization and Names. Such Grantor’s jurisdiction of organization is set forth in Schedule 1;
and such Grantor’s exact legal name is as set forth in the signature pages of this Agreement or the Accession Agreement to
which it is party, as applicable. All trade names and trade styles under which such Grantor presently conducts its business operations
are set forth in Schedule 1, and, except as set forth in Schedule 1, such Grantor has not, at any time
in the past five years: (i) been known as or used any other corporate, trade or fictitious name; (ii) changed its name;
(iii) been the surviving or resulting corporation in a merger or consolidation; or (iv) acquired through asset purchase
or otherwise any business of any Person.

 

(d)        
Collateral. Such Grantor has rights in or the power to transfer the Collateral, and such Grantor is the sole and
complete owner of the Collateral (or, in the case of after-acquired Collateral, at the time such Grantor acquires rights in such
Collateral, will be the sole and complete owner thereof), free from any Lien other than Permitted Liens.

 

(e)        
Enforceability; Priority of Security Interest. (i) This Agreement creates a security interest which is enforceable
against the Collateral in which such Grantor now has rights and will create a security interest which is enforceable against the
Collateral in which such Grantor hereafter acquires rights at the time such Grantor acquires any such rights; and (ii) the
Administrative Agent has a perfected (to the extent perfection is required under the Loan Documents) and first priority security
interest in the Collateral in which such Grantor now has rights, and will have a perfected (to the extent perfection is required
under the Loan Documents) and first priority security interest in the Collateral in which such Grantor hereafter acquires rights
at the time such Grantor acquires any such rights, in each case, for the Administrative Agent’s own benefit and for the ratable
benefit of the other Secured Parties, subject to Permitted Liens and securing the payment and performance of the Secured Obligations
(and subject to the requirements to make subsequent filings and recordings in the United States Patent and Trademark Office and
United States Copyright Office to record the security interest granted hereunder with respect to registered or applied for Intellectual
Property acquired by a Grantor after the date hereof).

 

(f)        
Other Financing Statements. Other than (i) financing statements filed in connection with any Permitted Liens
and (ii) financing statements in favor of the Administrative Agent for itself and on behalf of the other Secured Parties,
no effective financing statement naming such Grantor as debtor, assignor, grantor, mortgagor, pledgor or the like and covering
all or any part of the Collateral is on file in any filing or recording office in any jurisdiction.

 

    9.

     

    

 

(g)        
Rights to Payment.

 

(i)         
The Rights to Payment of such Grantor represent valid, binding and enforceable obligations of the account debtors or other
Persons obligated thereon, representing undisputed, bona fide transactions completed in accordance with the terms and provisions
contained in any documents related thereto, and are and will be genuine and what they purport to be;

 

(ii)        
such Grantor has not assigned any of its rights under any of its Rights to Payment except as provided in this Agreement
or as set forth in the other Loan Documents; and

 

(iii)       
all Rights to Payment of such Grantor comply in all material respects with all applicable Laws concerning form, content
and manner of preparation and execution.

 

(h)        
Inventory. No Inventory of such Grantor is stored with any bailee, warehouseman or similar Person or on any premises
leased to such Grantor, no such Inventory has been consigned to such Grantor or consigned by such Grantor to any Person, nor is
any such Inventory held by such Grantor for any Person under any “bill and hold” or other arrangement, except as set
forth in Schedule 1 or, after the date hereof, with any bailee at any other location that is duly disclosed to the
Administrative Agent pursuant to Section 5(n).

 

(i)         
[Reserved].

 

(j)         
Equipment. None of the Equipment is leased from or to any Person, except as set forth at Schedule 1 or as
otherwise disclosed to the Administrative Agent and the Lenders.

 

(k)        
Deposit Accounts. The names and addresses of all financial institutions at which such Grantor maintains its Deposit
Accounts, and the account numbers and account names of such Deposit Accounts, are set forth in Schedule 1.

 

(l)         
Instrument Collateral. (i) Such Grantor has not previously assigned any interest in any Instruments held by
such Grantor (other than such interests as will be released on or before the date hereof), (ii) no Person other than such
Grantor owns an interest in such Instruments (whether as joint holders, participants or otherwise), and (iii) no material default
exists under or in respect of such Instruments.

 

    10.

     

    

 

(m)       
Pledged Shares, Partnership and LLC Collateral and other Pledged Collateral. (i) All of the Pledged Shares and
Partnership and LLC Collateral of such Grantor have been, and upon issuance, any additional Pledged Collateral consisting of Pledged
Shares, Partnership and LLC Collateral or any other securities of such Grantor, will be, duly and validly issued, and are and will
be fully paid and non-assessable, subject in the case of Partnership and LLC Collateral to future assessments required under applicable
Law and any applicable partnership or operating agreement, (ii) such Grantor is or, in the case of any such additional Pledged
Collateral will be, the legal record and beneficial owner thereof, (iii) there are no restrictions on the transferability
of such Pledged Collateral or such additional Pledged Collateral to the Administrative Agent or with respect to the foreclosure,
transfer or disposition thereof by the Administrative Agent, except as provided under applicable securities or “Blue Sky”
laws, (iv)  the Pledged Shares and Partnership and LLC Collateral of such Grantor constitute (x) in the case of the Parent
Guarantor, sixty five percent (65.0%) of the issued and outstanding voting Equity Interests of the Israeli Guarantor owned by the
Parent Guarantor and (y) one hundred percent (100%) of the issued and outstanding shares of Equity Interest of all other directly
and indirectly owned Subsidiaries (excluding any Immaterial Subsidiary) of each Grantor (except, in the case of Foreign Subsidiaries,
for any securities in the nature of directors’ qualifying shares required pursuant to applicable Law), and no securities
convertible into or exchangeable for any shares of capital stock of any such Subsidiary, or any options, warrants or other commitments
entitling any Person to purchase or otherwise acquire any shares of capital stock of any such Subsidiary, are issued and outstanding
(other than any commitments or rights with respect to the Warrant Obligations), (v) any and all Pledged Collateral Agreements
which affect or relate to the voting or giving of written consents with respect to any of the Pledged Shares pledged by such Grantor,
and any and all other Pledged Collateral Agreements relating to the Partnership and LLC Collateral of such Grantor, have been disclosed
in writing to the Administrative Agent and the Lenders, and (vi) as to each such Pledged Collateral Agreement relating to the Partnership
and LLC Collateral of such Grantor, (A) such agreement contains the entire agreement between the parties thereto with respect to
the subject matter thereof, and is in full force and effect in accordance with its terms, (B) there exists no material violation
or material default under any such agreement by such Grantor or to the knowledge of such Grantor party thereto, the other parties
thereto, and (C) such Grantor has not knowingly waived or released any of its material rights under or otherwise consented to a
material departure from the terms and provisions of any such agreement.

 

(n)        
Other Investment Property; Instruments; and Chattel Paper. All Securities Accounts of such Grantor and other Investment
Property of such Grantor are set forth in Schedule 1, and all Instruments and Chattel Paper held by such Grantor are
also set forth in Schedule 1.

 

(o)       
Control Agreements. No Control Agreements exist with respect to any Collateral held by such Grantor other than any
Control Agreements in favor of the Administrative Agent.

 

(p)        
Letter-of-Credit Rights. Such Grantor does not have any Letter-of-Credit Rights except as set forth in Schedule 1.

 

(q)        
Commercial Tort Claims. Such Grantor does not have any Commercial Tort Claims except as set forth in Schedule 1.

 

(r)        
Leases. Such Grantor is not and will not become a lessee under any real property lease or other agreement governing
the location of Collateral at the premises of another Person pursuant to which the lessor or such other Person may obtain any rights
in any of the Collateral, and no such lease or other such agreement now prohibits, restrains, impairs or will prohibit, restrain
or impair such Grantor’s right to remove any Collateral from the premises at which such Collateral is situated, except for
the usual and customary restrictions contained in such leases of real property.

 

    11.

     

    

 

SECTION
5    Covenants. So long as any of the Secured Obligations (other than Warrant
Obligations and inchoate indemnification obligations as to which no Claims have been asserted) remain unsatisfied or any Lender
shall have any Commitment, each Grantor agrees that:

 

(a)        
Defense of Collateral. Such Grantor will appear in and defend any action, suit or proceeding which may affect to
a material extent its title to, or right or interest in, or the Administrative Agent’s right or interest in, the Collateral.

 

(b)       
Preservation of Collateral. Such Grantor will do and perform all reasonable acts that may be necessary and appropriate
to maintain, preserve and protect the Collateral.

 

(c)       
Compliance with Laws, Etc. Such Grantor will comply in all material respects with all applicable Laws, Product Standards
and Governmental Approvals (including all Environmental Laws and all Healthcare Laws) relating in a material way to the possession,
operation, maintenance and control of the Collateral.

 

(d)        
Location of Books and Chief Executive Office. Such Grantor will: (i) keep all Books pertaining to the Rights to Payment
of such Grantor at the locations set forth in Schedule 1; and (ii) give at least seven (7) Business Days prior written
notice to the Administrative Agent of (A) any changes in any location where Books pertaining to the Rights to Payment of such
Grantor are kept, including any change of name or address of any service bureau, computer or data processing company or other Person
preparing or maintaining any such Books or collecting Rights to Payment for such Grantor or (B) any changes in the location
of such Grantor’s chief executive office or principal place of business.

 

(e)        
Location of Collateral. Such Grantor will: (i) keep the tangible Collateral held by such Grantor at the locations
set forth in Schedule 1 or at such other locations as may be disclosed in writing to the Administrative Agent pursuant
to clause (ii) and will not remove any such Collateral from such locations (other than in connection with sales of Inventory
in the ordinary course of such Grantor’s business, other dispositions permitted by Section 5 and movements of Collateral
from one disclosed location to another disclosed location within the United States), except upon at least seven (7) Business Days
prior written notice of any removal to the Administrative Agent; and (ii) give the Administrative Agent at least five (5)
Business Days prior written notice of any change in the locations set forth in Schedule 1.

 

(f)        
Change in Name, Identity or Structure. Such Grantor will give at least seven (7) Business Days’ prior written
notice to the Administrative Agent of (i) any change in name, (ii) any change in its jurisdiction of organization, (iii) any
change in its registration as an organization (or any new registration); and (iv) any changes in its identity or structure
in any manner which might make any financing statement filed hereunder incorrect or misleading; provided that such Grantor (other
than any Foreign Subsidiary) shall not change its jurisdiction of organization to a jurisdiction outside of the United States.

 

(g)        
Maintenance of Records. Such Grantor will keep separate, accurate and complete Books with respect to the Collateral
held by such Grantor, disclosing the Administrative Agent’s security interest hereunder.

 

    12.

     

    

 

(h)        
Disposition of Collateral. Such Grantor will not surrender or lose possession of, sell, lease, rent, or otherwise
dispose of or transfer any of the Collateral held or owned by such Grantor or any right or interest therein, except to the Administrative
Agent or to the extent otherwise permitted by the Loan Documents; provided that no such disposition or transfer of Investment Property
or Instruments shall be permitted while any Event of Default exists.

 

(i)         
Liens. Such Grantor will keep the Collateral held by such Grantor free of all Liens except Permitted Liens.

 

(j)        
Leased Premises; Collateral Held by Warehouseman, Bailee, Etc. At the Administrative Agent’s request, such
Grantor will use commercially reasonable efforts to obtain from each Person from whom such Grantor leases any premises, and from
each other Person at whose premises any Collateral with a fair market value in excess of $100,000 individually and $250,000 in
the aggregate held by such Grantor is at any time present (including any bailee, warehouseman or similar Person), any such collateral
access, subordination, Landlord Consent, Bailee Letter, consent and estoppel agreements as the Administrative Agent may reasonably
require, in form and substance reasonably satisfactory to the Administrative Agent.

 

(k)        
Rights to Payment. Such Grantor will:

 

(i)         
with such frequency as the Administrative Agent may reasonably require or as may be required under the Credit Agreement
(but no more than once per fiscal quarter unless an Event of Default has occurred and is continuing), furnish to the Administrative
Agent full and complete reports, in form and substance reasonably satisfactory to the Administrative Agent, with respect to the
Accounts.

 

(ii)        
if any Accounts of such Grantor arise from Contracts with the United States or any department, agency or instrumentality
thereof, immediately notify the Administrative Agent thereof and execute any documents and instruments and take any other steps
reasonably requested by the Administrative Agent in order that all monies due and to become due thereunder shall be assigned to
the Administrative Agent and notice thereof given to the Federal authorities under the Federal Assignment of Claims Act;

 

(iii)       
upon the occurrence and during the continuance of an Event of Default, upon the reasonable request of the Administrative
Agent, notify the account debtors and other obligors on the Rights to Payment or any designated portion thereof that payment shall
be made directly to the Administrative Agent or to such other Person or location as the Administrative Agent shall specify; and

 

(iv)      
upon the occurrence and during the continuance of any Event of Default, establish such lockbox or similar arrangements for
the payment of such Grantor’s Accounts and other Rights to Payment as the Administrative Agent shall require.

 

    13.

     

    

 

(l)         
Instruments, Investment Property, Etc. Upon the request of the Administrative Agent, such Grantor will (i) promptly
deliver to the Administrative Agent, or an agent designated by it, appropriately endorsed or accompanied by appropriate instruments
of transfer or assignment, all Instruments, Documents and Chattel Paper held by such Grantor, all letters of credit of such Grantor,
and all other Rights to Payment held by such Grantor at any time evidenced by promissory notes, trade acceptances or other instruments,
in each case, with a face value in excess of $100,000 individually and $250,000 in the aggregate for all such items of Collateral,
(ii) cause any securities intermediaries to show on their books that the Administrative Agent is the entitlement holder with respect
to any Investment Property held by such securities intermediary on behalf of such Grantor, and/or obtain Control Agreements in
favor of the Administrative Agent from such securities intermediaries, in form and substance satisfactory to the Administrative
Agent, with respect to any such Investment Property, as reasonably requested by the Administrative Agent, and (iii) provide such
notice, obtain such acknowledgments and take all such other action, with respect to any Chattel Paper, Documents and Letter-of-Credit
Rights, in each case, with a face value in excess of $100,000 individually and $250,000 in the aggregate for all such items of
Collateral held by such Grantor, as the Administrative Agent shall reasonably specify.

 

(m)       
[Reserved].

 

(n)       
Inventory. Such Grantor will not store any Inventory with a bailee, warehouseman or similar Person or on premises
leased to such Grantor other than those locations identified in Schedule 1, and will not dispose of any Inventory on a bill-and-hold,
guaranteed sale, sale and return, sale on approval, consignment or similar basis, and will not acquire any Inventory from any Person
on any such basis.

 

(o)        
Intellectual Property Collateral. Such Grantor, except as permitted under the Credit Agreement:

 

(i)         
will not allow or suffer any Intellectual Property Collateral held by such Grantor to become abandoned, nor any registration
thereof to be terminated, forfeited, expired or dedicated to the public, except as shall be reasonable and appropriate in accordance
with prudent business practice; and

 

(ii)        
will use commercially reasonable efforts to prosecute all applications for patents and trademarks, and file and prosecute
any and all continuations, continuations-in-part, applications for reissue, applications for certificate of correction and like
matters as shall be reasonable and appropriate in accordance with prudent business practice, and promptly and timely pay any and
all maintenance, license, registration and other fees, taxes and expenses incurred in connection with any Intellectual Property
Collateral held by such Grantor as shall be reasonable and appropriate in accordance with prudent business practice.

 

(p)        
Notices, Reports and Information. Such Grantor will (i) notify the Administrative Agent of any other modifications
of or additions to the information contained in Schedule 1 (including any acquisition or holding of an interest in
any Chattel Paper, Commercial Tort Claims and Letter-of-Credit Rights); (ii) notify the Administrative Agent of any material Claim
made or asserted against the Collateral by any Person and of any change in the composition of the Collateral or other event which
could materially adversely affect the value of the Collateral or the Administrative Agent’s Lien thereon; (iii) furnish to
the Administrative Agent such listings, descriptions and schedules with respect to such Grantor’s Equipment and Inventory,
and such other reports and other information in connection with the Collateral, as the Administrative Agent may reasonably request,
all in reasonable detail; and (iv) upon the reasonable request of the Administrative Agent make such demands and requests
for information and reports as such Grantor is entitled to make in respect of the Collateral.

 

    14.

     

    

 

(q)        
Shareholder Agreements and Other Agreements. Such Grantor shall:

 

(i)        
comply in all material respects with all of its obligations under any shareholders agreement, operating agreement, partnership
agreement, voting trust, proxy agreement or other agreement or understanding (collectively, the “Pledged Collateral
Agreements”) to which it is a party and shall enforce all of its rights thereunder,

 

(ii)       
take all actions necessary to cause each such Pledged Collateral Agreement relating to Partnership and LLC Collateral to
provide specifically at all times that: (A) no such Partnership and LLC Collateral shall be a security governed by Article
8 of the applicable UCC; and (B) no consent of any member, manager, partner or other Person shall be a condition to the admission
as a member or partner of any transferee (including the Lender) that acquires ownership of such Partnership and LLC Collateral
as a result of the exercise by the Lender of any remedy hereunder or under applicable law,

 

(iii)       
not take vote or enable to take any other action to certificate any shares of Pledged Collateral of the Parent Guarantor
or of any of its direct Subsidiaries to the extent such shares are not certificated as of the Effective Date;

 

(iv)       
not vote to enable or take any other action to: (A) amend or terminate, or waive compliance with any of the terms of,
any such Pledged Collateral Agreement, certificate or articles of incorporation, bylaws or other organizational documents in any
way that materially changes the rights of such Grantor with respect to any such Pledged Collateral in a manner adverse to the Administrative
Agent or the other Secured Parties or that adversely affects the validity, perfection or priority of the Administrative Agent’s
security interest therein.

 

(v)       
Additionally, such Grantor agrees that no such Partnership and LLC Collateral (A) shall be dealt in or traded on any
securities exchange or in any securities market, (B) shall constitute an investment company security, or (C) shall be
held by such Grantor in a securities account.

 

(r)         
Insurance. Such Grantor shall carry and maintain in full force and effect, at the expense of such Grantor and with
financially sound and reputable insurance companies, insurance with respect to the Collateral held by such Grantor in such amounts,
with such deductibles and covering such risks as specified in the Credit Agreement.

 

    15.

     

    

 

SECTION
6      Rights to Payment and Pledged Collateral.

 

(a)        
Collection of Rights to Payment. Until the Administrative Agent exercises its rights hereunder to collect any Rights
to Payment of any Grantor, each such Grantor shall endeavor in the first instance diligently to collect all amounts due or to become
due on or with respect to the Rights to Payment held by such Grantor, in each case, to the extent doing so is in the ordinary course
of business of such Grantor, consistent with past practice. At the request of the Administrative Agent, upon the occurrence and
during the continuance of any Event of Default, all remittances received by such Grantor shall be held in trust for the Administrative
Agent and, in accordance with the Administrative Agent’s instructions, remitted to the Administrative Agent or deposited
to an account with the Administrative Agent in the form received (with any necessary endorsements or instruments of assignment
or transfer).

 

(b)       
Pledged Collateral. Unless and until an Event of Default shall have occurred and be continuing, each Grantor shall
be entitled to receive and retain for its own account any cash dividend on or other cash distribution or payment, if any, in respect
of the Pledged Collateral, to the extent consistent with the terms and conditions set forth in the Credit Agreement or the Guarantee,
as applicable. At the request of the Administrative Agent, upon the occurrence and during the continuance of any Event of Default,
the Administrative Agent shall be entitled to receive all distributions and payments of any nature with respect to any Pledged
Collateral, and all such distributions or payments received by such Grantor shall be held in trust for the Administrative Agent
and, in accordance with the Administrative Agent’s instructions, remitted to the Administrative Agent or deposited to an
account with the Administrative Agent in the form received (with any necessary endorsements or instruments of assignment or transfer).
Following the occurrence and during the continuance of an Event of Default any such distributions and payments with respect to
any such Pledged Collateral held in any Securities Account shall be held and retained in such Securities Account, in each case
as part of the Collateral hereunder. Additionally, with respect to any of the Pledged Collateral, the Administrative Agent shall
have the right, upon the occurrence and during the continuance of an Event of Default, following prior written notice to any applicable
Grantor, to vote and to give consents, ratifications and waivers with respect to any such Pledged Collateral and to exercise all
rights of conversion, exchange, subscription or any other rights, privileges or options pertaining thereto, as if the Administrative
Agent were the absolute owner thereof; provided that the Administrative Agent shall have no duty to exercise any of the foregoing
rights afforded to it and shall not be responsible to such Grantor or any other Person for any failure to do so or delay in doing
so.

 

(c)        
Voting Prior to an Event of Default. Unless and until an Event of Default shall have occurred and be continuing,
each Grantor shall have the right to vote the Pledged Collateral held by such Grantor and to give consents, ratifications and waivers
in respect thereof, and shall retain the power to control the direction, management and policies of any Person comprising such
Pledged Collateral to the same extent as such Grantor would if such Pledged Collateral were not pledged to the Administrative Agent
pursuant to this Agreement; provided, that no vote shall be cast or consent, waiver or ratification given or action taken which
would have the effect of materially impairing the position or interest of the Administrative Agent and the other Secured Parties
in respect of such Pledged Collateral or which would alter the voting rights with respect to the stock or other ownership interest
in or of any such Person or be inconsistent with or violate any provision of this Agreement, the Credit Agreement, or any other
Loan Documents. If applicable, such Grantor shall be deemed the beneficial owner of all such Pledged Collateral for purposes of
Sections 13 and 16 of the Exchange Act and agrees to file all reports required to be filed by beneficial owners of securities
thereunder. The Administrative Agent shall execute and deliver (or cause to be executed and delivered) to each Grantor all
such proxies and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise
the voting and other rights which it is entitled to exercise pursuant to this subsection (c) and to receive the
distributions which it is authorized to receive and retain pursuant to this subsection (c).

 

    16.

     

    

 

(d)        
Certain Other Administrative Matters. Upon the occurrence and during the continuance of an Event of Default, the
Administrative Agent may (i) cause any of the Pledged Collateral to be transferred into its name or into the name of its nominee
or nominees (subject to the revocable rights specified in this Section 6) and (ii) exchange uncertificated Pledged
Collateral for certificated Pledged Collateral, and to exchange certificated Pledged Collateral for certificates of larger or smaller
denominations, for any purpose consistent with this Agreement.

 

SECTION
7      Authorization; Administrative Agent Appointed Attorney-in-Fact. In addition
to (and not in limitation of) any other right or remedy provided to the Administrative Agent hereunder, the Administrative Agent
shall have the right to, in the name of any Grantor, or in the name of the Administrative Agent, without assent by any such Grantor,
and each Grantor hereby constitutes and appoints the Administrative Agent (and any of the Administrative Agent’s officers
or employees or agents designated by the Administrative Agent) as such Grantor’s true and lawful attorney-in-fact, with full
power and authority to:

 

(a)        
file any of the financing statements which must be filed to perfect or continue to perfect, maintain the priority of or
provide notice of the Administrative Agent’s Lien in the Collateral;

 

(b)       
take possession of and endorse any notes, acceptances, checks, drafts, money orders or other forms of payment or security
and collect any Proceeds of any Collateral;

 

(c)        
sign and endorse any invoice or bill of lading relating to any of the Collateral, warehouse or storage receipts, drafts
against customers or other obligors, assignments, notices of assignment, verifications and notices to customers or other obligors;

 

(d)        
notify the U.S. Postal Service and other postal authorities to change the address for delivery of mail addressed to such
Grantor to such address as the Administrative Agent may designate; and, without limiting the generality of the foregoing, establish
with any Person lockbox or similar arrangements for the payment of the Rights to Payment of such Grantor;

 

(e)        
receive, open and dispose of all mail addressed to such Grantor;

 

(f)         
send requests for verification of Rights to Payment to the customers or other obligors of such Grantor;

 

(g)       
contact, or direct such Grantor to contact, all account debtors and other obligors on the Rights to Payment of such Grantor
and instruct such account debtors and other obligors to make all payments directly to the Administrative Agent;

 

    17.

     

    

 

(h)        
assert, adjust, sue for, compromise or release any Claims under any policies of insurance;

 

(i)         
exercise dominion and control over, and refuse to permit further withdrawals from, any Deposit Accounts of such Grantor
constituting Collateral maintained with the Administrative Agent, any Lender or any other bank, financial institution or other
Person;

 

(j)         
notify each Person maintaining lockbox or similar arrangements for the payment of the Rights to Payment of such Grantor
to remit all amounts representing collections on such Rights to Payment directly to the Administrative Agent;

 

(k)        
ask, demand, collect, receive and give acquittances and receipts for any and all Rights to Payment of such Grantor, enforce
payment or any other rights in respect of the Rights to Payment and other Collateral, grant consents, agree to any amendments,
modifications or waivers of the agreements and documents governing such Rights to Payment and other Collateral, and otherwise file
any Claims, take any action or institute, defend, settle or adjust any actions, suits or proceedings with respect to the Collateral,
as the Administrative Agent may deem necessary or desirable to maintain, preserve and protect the Collateral, to collect the Collateral
or to enforce the rights of the Administrative Agent with respect to the Collateral;

 

(l)         
execute any and all applications, documents, papers and instruments necessary for the Administrative Agent to use the Intellectual
Property Collateral and grant or issue any exclusive or non-exclusive license or sublicense with respect to any Intellectual Property
Collateral;

 

(m)      
execute any and all endorsements, assignments or other documents and instruments necessary to sell, lease, assign, convey
or otherwise transfer title in or dispose of the Collateral;

 

(n)        
execute and deliver to any securities intermediary or other Person any entitlement order or other notice, document or instrument
which the Administrative Agent may deem necessary or advisable to maintain, protect, realize upon and preserve the Deposit Accounts
and Investment Property of such Grantor constituting Collateral and the Administrative Agent’s security interest therein;
and

 

(o)       
execute any and all such other documents and instruments, and do any and all acts and things for and on behalf of such Grantor,
which the Administrative Agent may deem necessary or advisable to maintain, protect, realize upon and preserve the Collateral and
the Administrative Agent’s security interest therein and to accomplish the purposes of this Agreement.

 

The Administrative Agent agrees that, except
upon the occurrence and during the continuation of an Event of Default, it shall not exercise the power of attorney, or any rights
granted to the Administrative Agent, pursuant to clauses (b) through (o). The foregoing power of attorney is
coupled with an interest and irrevocable so long as the Lenders have any Commitments outstanding or the Secured Obligations have
not been satisfied in full (other than Warrant Obligations and inchoate indemnification and expense reimbursement obligations for
which no claim has been made). Each Grantor hereby ratifies, to the extent permitted by applicable Law, all that the Administrative
Agent shall lawfully and in good faith do or cause to be done by virtue of and in compliance with this Section 7.

 

    18.

     

    

 

SECTION
8     Administrative Agent Performance of Grantor Obligations. The Administrative
Agent may (but shall not be obligated to) perform or pay any obligation which any Grantor has agreed to perform or pay under or
in connection with this Agreement, and such Grantor shall reimburse the Administrative Agent on demand for any amounts paid, or
costs incurred, by the Administrative Agent pursuant to this Section 8, subject to the terms of, and limitations on,
reimbursement of costs and expenses set forth under Section 12.08 of the Credit Agreement.

 

SECTION
9        Administrative Agent’s Duties. Notwithstanding any provision contained
in this Agreement, the Administrative Agent shall have no duty to exercise any of the rights, privileges or powers afforded to
it and shall not be responsible to any Grantor or any other Person for any failure to do so or delay in doing so. Beyond the exercise
of reasonable care to assure the safe custody of Collateral in the Administrative Agent’s possession and the accounting for
moneys actually received by the Administrative Agent hereunder, the Administrative Agent shall have no duty or liability to exercise
or preserve any rights, privileges or powers pertaining to the Collateral.

 

SECTION
10    Remedies.

 

(a)        
Remedies. Upon the occurrence and during the continuation of any Event of Default, the Administrative Agent shall
have, in addition to all other rights and remedies granted to it in this Agreement, the Credit Agreement, the Guarantee or any
other Loan Document, all rights and remedies of a secured party under the NY UCC and other applicable Laws. Without limiting the
generality of the foregoing, each Grantor agrees that, upon the occurrence and during the continuation of any Event of Default:

 

(i)         
The Administrative Agent may peaceably and without notice enter any premises of such Grantor, take possession of any Collateral,
remove or dispose of all or part of the Collateral on any premises of such Grantor or elsewhere, or, in the case of Equipment constituting
Collateral, render it nonfunctional, and otherwise collect, receive, appropriate and realize upon all or any part of the Collateral,
and demand, give receipt for, settle, renew, extend, exchange, compromise, adjust, or sue for all or any part of the Collateral,
as the Administrative Agent may determine.

 

(ii)       
The Administrative Agent may require such Grantor to assemble all or any part of the Collateral and make it available to
the Administrative Agent, at any place and time reasonably selected by the Administrative Agent.

 

(iii)       
The Administrative Agent may use or transfer any of such Grantor’s rights and interests in any Intellectual Property
Collateral, by license, by sublicense (to the extent permitted by an applicable license) or otherwise, on such conditions
and in such manner as the Administrative Agent may determine.

 

(iv)       
The Administrative Agent may secure the appointment of a receiver of the Collateral or any part thereof (to the extent and
in the manner provided by applicable Law).

 

    19.

     

    

 

(v)       
The Administrative Agent may withdraw (or cause to be withdrawn) any and all funds from any Deposit Accounts, Securities
Accounts or Commodity Accounts (other than from any Excluded Account).

 

(vi)       
The Administrative Agent may sell, resell, lease, use, assign, transfer or otherwise dispose of any or all of the Collateral
in its then condition or following any commercially reasonable preparation or processing (utilizing in connection therewith any
of such Grantor’s assets, without charge or liability to the Administrative Agent therefor) at public or private sale, by
one or more Contracts, in one or more parcels, at the same or different times, for cash or credit or for future delivery without
assumption of any credit risk, all as the Administrative Agent deems advisable; provided, that such Grantor shall be credited
with the net proceeds of sale only when such proceeds are finally collected by the Administrative Agent. The Administrative Agent
and each of the other Secured Parties shall have the right upon any such public sale, and, to the extent permitted by applicable
Law, upon any such private sale, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption,
which right or equity of redemption such Grantor hereby releases, to the extent permitted by applicable Law. The Administrative
Agent shall give such Grantor such notice of any public or private sale as may be required by the NY UCC or other applicable Law.
Such Grantor recognizes that the Administrative Agent may be unable to make a public sale of any or all of the Pledged Collateral,
by reason of prohibitions contained in applicable securities laws or otherwise, and expressly agrees that a private sale to a restricted
group of purchasers for investment and not with a view to any distribution thereof shall be considered a commercially reasonable
sale.

 

(vii)      
Neither the Administrative Agent nor any other Secured Party shall have any obligation to clean up or otherwise prepare
the Collateral for sale. The Administrative Agent has no obligation to attempt to satisfy the Secured Obligations by collecting
them from any other Person liable for them and the Administrative Agent and the other Secured Parties may release, modify or waive
any Collateral provided by any other Person to secure any of the Secured Obligations, all without affecting the Administrative
Agent’s or any other Secured Party’s rights against such Grantor. Such Grantor waives any right it may have to require
the Administrative Agent or any other Secured Party to pursue any third Person for any of the Secured Obligations. The Administrative
Agent and the other Secured Parties may comply with any applicable state or federal law requirements in connection with a disposition
of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.
The Administrative Agent may sell the Collateral without giving any warranties as to the Collateral. The Administrative Agent may
specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial
reasonableness of any sale of the Collateral. If the Administrative Agent sells any of the Collateral upon credit, such Grantor
will be credited only with payments actually made by the purchaser, received by the Administrative Agent and applied to the indebtedness
of the purchaser. In the event the purchaser fails to pay for the Collateral, the Administrative Agent may resell the Collateral
and the Grantors shall be credited with the proceeds of the sale.

 

(b)       
License. Solely for the purpose of enabling the Administrative Agent to (and at such time as Administrative Agent
shall be lawfully entitled to) exercise its rights and remedies under this Section 10 or otherwise in connection with this
Agreement during the continuance of an Event of Default, each Grantor hereby grants to the Administrative Agent an irrevocable,
non-exclusive and assignable license (exercisable without payment or royalty or other compensation to such Grantor) to use, license
or sublicense (to the extent permitted by any applicable license) any Intellectual Property Collateral; provided that such
license shall be subject to the exclusive or other rights of any licensee under a license granted prior to such Event of Default
as permitted under the Loan Documents.

 

    20.

     

    

 

(c)        
Application of Proceeds. The cash proceeds actually received from the sale or other disposition or collection of
any Grantor’s Collateral, and any other amounts received in respect of such Collateral the application of which is not otherwise
provided for herein, shall be applied as provided in Section 3.03(d) of the Credit Agreement. Any surplus thereof which exists
after payment and performance in full of the Secured Obligations shall be promptly paid over to such Grantor or otherwise disposed
of in accordance with the NY UCC or other applicable Law. Each Grantor shall remain liable to the Administrative Agent and the
other Secured Parties for any deficiency which exists after any sale or other disposition or collection of Collateral.

 

SECTION
11    Certain Waivers. Each Grantor waives, to the fullest extent permitted by applicable Law, (a) any
right of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling
of the Collateral or other collateral or security for the Secured Obligations; (b) any right to require the Administrative
Agent or the other Secured Parties (i) to proceed against any Person, (ii) to exhaust any other collateral or security
for any of the Secured Obligations, (iii) to pursue any remedy in the Administrative Agent’s or any of the other Secured
Parties’ power, or (iv) to make or give any presentments, demands for performance, notices of nonperformance, protests,
notices of protests or notices of dishonor in connection with any of the Collateral; and (c) all Claims, damages, and demands
against the Administrative Agent or the other Secured Parties arising out of the repossession, retention, sale or application of
the proceeds of any sale of the Collateral.

 

SECTION
12    Notices. All notices or other communications hereunder shall be given in the manner and to the
addresses specified in Section 14.02 of the Credit Agreement.

 

SECTION
13    No Waiver; Cumulative Remedies. No failure on the part of the Administrative Agent or any other
Secured Party to exercise, and no delay in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights and remedies under this Agreement are cumulative
and not exclusive of any rights, remedies, powers and privileges that may otherwise be available to the Administrative Agent or
any other Secured Party.

 

SECTION
14    Binding Effect. This Agreement shall be binding upon, inure to the benefit of and be enforceable
by each Grantor, the Administrative Agent, each Secured Party and their respective successors and permitted assigns and shall bind
any Person who becomes bound as a debtor, agent or secured party to this Agreement.

 

    21.

     

    

 

SECTION
15    Governing Law. This Agreement and the rights and obligations of the parties hereunder shall
be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of
laws that would result in the application of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General
Obligations Law shall apply.

 

SECTION
16    Submission to Jurisdiction.

 

(a)        
Submission to Jurisdiction. Each Grantor agrees that any suit, action or proceeding with respect to this Agreement
or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in New York, New
York or in the courts of its own corporate domicile and irrevocably submits to the non-exclusive jurisdiction of each such court
for the purpose of any such suit, action, proceeding or judgment. This Section 16 is for the benefit of the Secured Parties
only and, as a result, no Secured Party shall be prevented from taking proceedings in any other courts with jurisdiction. To the
extent allowed by any Law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.

 

(b)      
Waiver of Venue. Each Grantor irrevocably waives to the fullest extent permitted by law any objection that it may
now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement
and hereby further irrevocably waives to the fullest extent permitted by law any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. A final judgment (in respect of which time for all appeals
has elapsed) in any such suit, action or proceeding shall be conclusive and may be enforced in any court to the jurisdiction of
which such Obligor is or may be subject, by suit upon judgment.

 

(c)        
Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices
in Section 12. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted
by applicable Law.

 

SECTION
17  Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

SECTION
18    Entire Agreement; Amendment. This Agreement and the other Loan Documents constitute the entire
agreement among the parties with respect to the subject matter hereof and thereof and supersede any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof, including any confidentiality (or similar) agreements.
This Agreement shall not be amended except by the written agreement of the parties as provided in the Credit Agreement.

 

SECTION
19    Severability. If any provision hereof is found by a court to be invalid or unenforceable, to
the fullest extent permitted by any Law the parties agree that such invalidity or unenforceability shall not impair the validity
or enforceability of any other provision hereof.

 

    22.

     

    

 

SECTION
20    Counterparts. This Agreement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such
counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or electronic transmission (in
PDF format) shall be effective as delivery of a manually executed counterpart hereof.

 

SECTION
21    No Inconsistent Requirements. Each Grantor acknowledges that this Agreement and the other Loan
Documents may contain covenants and other terms and provisions variously stated regarding the same or similar matters, and agrees
that all such covenants, terms and provisions are cumulative and all shall be performed and satisfied in accordance with their
respective terms.

 

SECTION
22    Accession. At such time following the date hereof as any Person (an “Acceding Grantor”)
is required to accede hereto pursuant to the terms of Section 8.12 of the Credit Agreement, such Acceding Grantor shall execute
and deliver to the Administrative Agent an accession agreement substantially in the form of Exhibit A hereto (an “Accession
Agreement’), signifying its agreement to be bound by the provisions of this Agreement as a Grantor to the same extent
as if such Acceding Grantor had originally executed this Agreement as of the date hereof.

 

SECTION
23    Termination. Upon the termination of the Commitments of the Lenders and payment and performance
in full of all Secured Obligations (other than Warrant Obligations and inchoate indemnification obligations as to which no Claims
have been asserted), the security interests created by this Agreement shall automatically terminate and the Administrative Agent
shall promptly execute and deliver to each Grantor such documents and instruments reasonably requested by such Grantor as shall
be necessary to evidence the termination of all security interests granted by such Grantor to the Administrative Agent hereunder.

 

[Remainder of page intentionally
left blank; signature pages follow]

 

    23.

     

    

 

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

 

	 	BORROWER:
	 	 
	 	FOAMIX
    PHARMACEUTICALS INC.
	 	 
	 	 
	 	By:	/s/ David Domzalski
	 	 	Name:
    David Domzalski
	 	 	Title:
    Chief Executive Officer
	 	 	 
	 	By:	/s/ Ilan Hadar
	 	 	 Name: Ilan Hadar
	 	 	 Title:Chief Financial Officer
	 	 
	 	PARENT
    GUARANTOR:
	 	 
	 	MENLO
    THERAPEUTICS INC.
	 	 
	 	By:	/s/ David Domzalski
	 	 	Name:
    David Domzalski
	 	 	Title:
    Chief Executive Officer
	 	 	 
	 	By:	/s/ Ilan Hadar
	 	 	 Name: Ilan Hadar
	 	 	 Title:Chief Financial Officer
	 	 
	 	ISRAELI
    GUARANTOR:
	 	 
	 	FOAMIX
    PHARMACEUTICALS LTD.
	 	 
	 	By:	/s/ David Domzalski
	 	 	Name:
    David Domzalski
	 	 	Title: Chief Executive Officer              
	 	 	 
	 	By:	/s/ Ilan Hadar
	 	 	 Name: Ilan Hadar
	 	 	 Title:Chief Financial Officer

 

Signature Page 2 to Security Agreement

 

     

     

    

 

	 	ADMINISTRATIVE
    AGENT:
	 	 
	 	PERCEPTIVE
    CREDIT HOLDINGS II, LP
	 	 
	 	By:
    PERCEPTIVE CREDIT OPPORTUNITIES GP, LLC, its general partner
	 	 
	 	 
	 	By:	/s/ Sandeep Dixit
	 	 	Name:
    Sandeep Dixit
	 	 	Title:
    Chief Credit Officer
	 	 
	 	By:	/s/ Sam Chawla
	 		Name: Sam Chawla  
	 		Title:
    Portfolio Manager

 

Signature
Page 3 to Security AgreementExhibit 10.5

 

MENLO THERAPEUTICS INC.

 

2019 EQUITY INCENTIVE PLAN

 

1.             GENERAL.

 

(a)           Successor to and Continuation of 2015 Plan. The
Plan is intended as the successor to and continuation of the Foamix Pharmaceuticals Ltd. (“Foamix”) 2015 Israeli
Share Incentive Plan, as amended from time to time (the “2015 Plan”). From and after 12:01 a.m. Eastern Time
on the Effective Date, no additional awards will be granted under the 2015 Plan. All Awards granted on or after 12:01 a.m. Eastern
Time on the Effective Date will be granted under this Plan. All awards granted under the 2015 Plan will remain subject to the terms
of the 2015 Plan.

 

(i)             Any
shares that would otherwise remain available for future grants under the 2015 Plan as of 12:01 a.m. Eastern Time on the Effective
Date (the “2015 Plan’s Available Reserve”) will cease to be available under the 2015 Plan at such time.
Instead, that number of Shares equal to the 2015 Plan’s Available Reserve will be added to the Share Reserve (as further
described in Section 3(a) below) and will be immediately available for grants and issuance pursuant to Share Awards hereunder,
up to the maximum number set forth in Section 3(a) below.

 

(ii)            In addition, from and after 12:01 a.m. Eastern Time on the Effective Date, any shares subject, at such time, to outstanding
share awards granted under the 2015 Plan or the Foamix 2009 Israeli Share Incentive Plan (together with the 2015 Plan, the “Prior
Plans”) that (i) expire or terminate for any reason prior to exercise or settlement; or (ii) are forfeited because of
the failure to meet a contingency or condition required to vest such shares and that would, in either case, have returned to the
share reserve under the Prior Plans pursuant to the terms of the Prior Plans (such shares the “Returning Shares”)
will immediately be added to the Share Reserve (as further described in Section 3(a) below) as and when such shares become Returning
Shares, up to the maximum number set forth in Section 3(a) below.

 

(b)           On November 10, 2019, the Company entered into that certain Agreement and Plan of Merger (the “Merger Agreement”)
by and among the Company, Foamix and Giants Merger Subsidiary, Ltd. (“Merger Sub”), pursuant to which Merger
Sub merged with and into Foamix, with Foamix continuing as the surviving corporation and a wholly-owned subsidiary of the Company
(the “Merger”). The Plan (formerly known as the Foamix Pharmaceuticals Ltd. 2019 Equity Incentive Plan) initially
became effective upon the approval of Foamix shareholders on April 10, 2019, and was assumed by the Company pursuant to adoption
by the Board effective as of the consummation of the Merger. Pursuant to the Merger Agreement, as of the Effective Time, (i) each
Award granted under the Plan that was issued and outstanding immediately prior to the Effective Time was converted into an Award
covering or relating to a number of Shares, giving effect to the Exchange Ratio (as defined in the Merger Agreement), and with
respect to Options, with an option price giving effect to the Exchange Ratio, and shall otherwise continue to remain outstanding
and subject to the same terms and conditions as in effect immediately prior to the Effective Time, (ii) the Company has assumed
the Awards, and has elected to assume sponsorship of the Plan effective as of the Effective Time and (iii) the number of Shares
available for issuance under the Plan pursuant to Section 3 hereof has been adjusted based on the Exchange Ratio. On March 9, 2020,
the Plan was amended by the Company to reflect the consummation of the Merger.

 

(c)           Eligible Award Recipients. Employees, Directors
and Consultants are eligible to receive Awards.

 

(d)           Available
Awards. The Plan provides for the grant of the following Awards: (i) Incentive Share Options, (ii) Nonstatutory Share
Options, (iii) Share Appreciation Rights, (iv) Restricted Share Awards, (v) Restricted Share Unit Awards, (vi) Performance Share
Awards, (vii) Performance Cash Awards, and (viii) Other Share Awards.

 

(e)           Purpose.
The Plan, through the grant of Awards, is intended to help the Company secure and retain the services of eligible award recipients,
provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate, and provide a means
by which the eligible recipients may benefit from increases in value of the Shares.

 

     

     

    

 

2.            ADMINISTRATION.

 

(a)           Administration
by Board. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees,
as provided in Section 2(c).

 

(b)           Powers
of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)             To
determine: (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted;
(D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise
receive cash or Shares under the Award; (E) the number of Shares subject to, or the cash value of, an Award; and (F) the Fair
Market Value applicable to a Share Award.

 

(ii)            To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration
of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan
or in any Award Agreement or in the written terms of a Performance Cash Award, in a manner and to the extent it will deem necessary
or expedient to make the Plan or Award fully effective.

 

(iii)           To
settle all controversies regarding the Plan and Awards granted under it.

 

(iv)            To
accelerate, in whole or in part, the time at which an Award may be exercised or vest (or the time at which cash or Shares may
be issued in settlement thereof).

 

(v)             To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or an Award Agreement, suspension
or termination of the Plan will not materially impair a Participant’s rights under the Participant’s then-outstanding
Award without the Participant’s written consent, except as provided in subsection (viii) below.

 

(vi)            To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating
to Incentive Share Options and certain nonqualified deferred compensation under Section 409A of the Code and/or bringing the Plan
or Awards granted under the Plan into compliance with the requirements for Incentive Share Options or ensuring that they are exempt
from, or compliant with, the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the
limitations, if any, of applicable law. If required by applicable law or listing requirements, and except as provided in Section
9(a) relating to Capitalization Adjustments, the Company will seek shareholder approval of any amendment of the Plan that (A)
materially increases the number of Shares available for issuance under the Plan, (B) materially expands the class of individuals
eligible to receive Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D)
materially reduces the price at which Shares may be issued or purchased under the Plan, (E) materially extends the term of the
Plan, or (F) materially expands the types of Awards available for issuance under the Plan. Except as otherwise provided in the
Plan or an Award Agreement, no amendment of the Plan will materially impair a Participant’s rights under an outstanding
Award without the Participant’s written consent.

 

(vii)          To
submit any amendment to the Plan for shareholder approval, including, but not limited to, amendments to the Plan intended to satisfy
the requirements of (A) Section 422 of the Code regarding “incentive share options” or (B) Rule 16b-3.

 

(viii)         To
approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not
limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject
to any specified limits in the Plan that are not subject to Board discretion (including, without limitation, the limits set forth
in Sections 8(c) and 8(m) below); provided, however, that a Participant’s rights under any Award will not be impaired
by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such Participant consents
in writing. Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired by any such
amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the
Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any
one or more Awards without the affected Participant’s consent (A) to maintain the qualified status of the Award as an Incentive
Share Option under Section 422 of the Code; (B) to change the terms of an Incentive Share Option, if such change results in impairment
of the Award solely because it impairs the qualified status of the Award as an Incentive Share Option under Section 422 of the
Code; (C) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code; or (D)
to comply with other applicable laws or listing requirements.

 

    2

     

    

 

(ix)            Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the
Company and that are not in conflict with the provisions of the Plan or Awards.

 

(x)             To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors
or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary
for immaterial modifications to the Plan or any Award Agreement that are required for compliance with the laws of the relevant
foreign jurisdiction).

 

(c)          Delegation
to Committee.

 

(i)              General. Subject to the provisions of Applicable
Law, the Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the
Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, (and references in this Plan to the Board will thereafter be
to the Committee). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions
of the Plan, adopted from time to time by the Board or Committee (as applicable). The Board may retain the authority to concurrently
administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

(ii)            Rule
16b-3 Compliance. In cases where a Committee’s actions are required to comply with Rule 16b-3, the relevant Committee
shall consist solely of two or more directors that qualify as Non-Employee Directors, in accordance with Rule 16b-3.

 

(d)          Effect
of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will
not be subject to review by any person and will be final, binding and conclusive on all persons.

 

(e)          No
Repricing of Awards. Neither the Board nor any Committee will have the authority to (i) reduce the exercise or strike
price of any outstanding Option or SAR or (ii) cancel any outstanding Option or SAR that has an exercise or strike price (per
share) greater than the then-current Fair Market Value of the Shares in exchange for cash or other Share Awards under the Plan,
unless the shareholders of the Company have approved such an action within twelve (12) months prior to such an event.

 

3.            SHARES SUBJECT TO THE PLAN.

 

(a)          Share
Reserve. Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate number of Shares that may be
issued pursuant to Share Awards following the Merger will not exceed: (i) 6,189,501 Shares1,
plus (ii) the number of Shares subject to the 2015 Plan’s Available Reserve, plus (iii) the number of Shares
that are Returning Shares, as such shares become available from time to time (collectively, the “Share Reserve”).
The issuance of Substitute Awards will not reduce the number of shares available for issuance under the Plan.

 

(b)          Reversion
of Shares to the Share Reserve.

 

(i)            Shares
Available for Subsequent Issuance. The following Shares will become available again for issuance under the Plan: (A)
any shares subject to a Share Award that are not issued because such Share Award or any portion thereof expires or otherwise terminates
without all of the shares covered by such Share Award having been issued; (B) any shares issued pursuant to a Share Award that
are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required for the
vesting of such shares.

 

 

1
Reflects the conversion of the contingent stock rights at 1.8006 Menlo shares for each Foamix ordinary share.

 

    3

     

    

 

(ii)            Shares
Not Available for Subsequent Issuance. The following Shares will not become available again for issuance under the
Plan: (A) any shares that are reacquired or withheld (or not issued) by the Company to satisfy the exercise, strike or purchase
price of a Share Award granted under the Plan or a share award granted under the Prior Plans (including any shares subject to
such award that are not delivered because such award is exercised through a reduction of shares subject to such award (i.e.,
 “net exercised”)); (B) any shares that are reacquired or withheld (or not issued) by or otherwise tendered or remitted
to the Company to satisfy a tax withholding obligation in connection with a Share Award granted under the Plan or a share award
granted under the Prior Plans; (C) any shares repurchased by the Company on the open market with the proceeds of the exercise,
strike or purchase price of a Share Award granted under the Plan or a share award granted under the Prior Plans; and (D) in the
event that a Share Appreciation Right granted under the Plan or a share appreciation right granted under the 2015 Plan is settled
in Shares, the gross number of Shares subject to such award.

 

(c)          Incentive
Share Option Limit. Subject to the provisions of Section 9(a) relating to Capitalization Adjustments, the aggregate
maximum number of Shares that may be issued pursuant to the exercise of Incentive Share Options will be equal to 20,197,873.

 

(d)          Limitation on Grants to Non-Employee Directors.
The (i) maximum number of Shares subject to Share Awards granted under the Plan or otherwise during any one calendar year (beginning
with the 2018 calendar year) to any Non-Employee Director, taken together with the (ii) cash fees paid by the Company to such Non-Employee
Director during such calendar year, and in both cases for service on the Board, will not exceed the amounts set forth in the Company’s
shareholder-approved compensation policy.

 

(e)          Source
of Shares. The shares issuable under the Plan will be Shares of authorized but unissued or reacquired Shares, including
Shares repurchased by the Company on the open market or otherwise.

 

4.            ELIGIBILITY.

 

(a)          Eligibility
for Specific Share Awards. Incentive Share Options may be granted only to employees of the Company or a “parent
corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of
the Code). Share Awards other than Incentive Share Options may be granted to Employees, Directors and Consultants; provided,
however, that Share Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service
only to any “parent” of the Company, as such term is defined in Rule 405 of the Securities Act, unless (i) the share
underlying such Share Awards is treated as “service recipient share” under Section 409A of the Code (for example,
because the Share Awards are granted pursuant to a corporate transaction such as a spin off transaction), (ii) the Company, in
consultation with its legal counsel, has determined that such Share Awards are otherwise exempt from Section 409A of the Code,
or (iii) the Company, in consultation with its legal counsel, has determined that such Share Awards comply with the distribution
requirements of Section 409A of the Code.

 

(b)          Ten
Percent Shareholders. A Ten Percent Shareholder will not be granted an Incentive Share Option unless the exercise price
of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration
of five years from the date of grant.

 

 

    4

     

    

 

5.            PROVISIONS
RELATING TO OPTIONS AND SHARE APPRECIATION RIGHTS.

 

Each Option or SAR
will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately
designated Incentive Share Options or Nonstatutory Share Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates will be issued for Shares purchased on exercise of each type of Option. If an Option is not specifically
designated as an Incentive Share Option, or if an Option is designated as an Incentive Share Option but some portion or all of
the Option fails to qualify as an Incentive Share Option under the applicable rules, then the Option (or portion thereof) will
be a Nonstatutory Share Option. The provisions of separate Options or SARs need not be identical; provided, however, that
each Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement
or otherwise) the substance of each of the following provisions:

 

(a)           Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Shareholders, no Option or SAR will be exercisable after the expiration
of ten years from the date of its grant or such shorter period specified in the Award Agreement.

 

(b)           Exercise Price. Subject to the provisions of
Section 4(b) regarding Ten Percent Shareholders and except in the case of Substitute Awards, the exercise or strike price of each
Option or SAR will be not less than 100% of the Fair Market Value of the Shares subject to the Option or SAR on the date the Award
is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of
the Fair Market Value of the Shares subject to the Award if such Award is granted pursuant to an assumption of or substitution
for another option or share appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions
of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated in Share equivalents.

 

(c)           Purchase Price for Options. The purchase price
of Shares acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined
by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the authority
to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods)
and to grant Options that require the consent of the Company to use a particular method of payment. The permitted methods of payment
are as follows:

 

(i)              by cash, check, bank draft or money order payable to the Company;

 

(ii)            pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the share
subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions
to pay the aggregate exercise price to the Company from the sales proceeds;

 

(iii)           by delivery to the Company (either by actual delivery or attestation) of Shares;

 

(iv)            if an Option is a Nonstatutory Share Option, by a “net exercise” arrangement pursuant to which the Company
will reduce the number of Shares issuable upon exercise by the largest whole number of shares with a Fair Market Value that does
not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the
Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number
of whole shares to be issued. Shares will no longer be subject to an Option and will not be exercisable thereafter to the extent
that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares
are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations;
or

 

(v)             in
any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Agreement.

 

(d)          Exercise and Payment of a SAR. To exercise any
outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance with the provisions of the
Share Appreciation Right Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be
not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR)
of a number of Shares equal to the number of Share equivalents in which the Participant is vested under such SAR, and with respect
to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the number of Share equivalents
with respect to which the Participant is exercising the SAR on such date. The appreciation distribution may be paid in Shares,
in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Award
Agreement evidencing such SAR.

 

    5

     

    

 

(e)           Transferability of Options and SARs. The Board
may, in its sole discretion, impose such limitations on the transferability of Options and SARs as the Board will determine; provided,
however, that in no event may Options and SARs be transferred to a third-party financial institution. In the absence of such a
determination by the Board to the contrary, the following restrictions on the transferability of Options and SARs will apply:

 

(i)             Restrictions
on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (or
pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant.
Notwithstanding the foregoing, the Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable
tax and securities laws, including to such relatives, trusts, foundations and charities with respect to whom (or which) transfers
are permitted by Applicable Law. Except as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for
consideration.

 

(ii)            Domestic
Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred
pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument
as permitted by Treasury Regulations Section 1.421-1(b)(2). If an Option is an Incentive Share Option, such Option may be deemed
to be a Nonstatutory Share Option as a result of such transfer.

 

(iii)           Beneficiary
Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written
notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the death
of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Shares or other consideration resulting
from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator of
the Participant’s estate will be entitled to exercise the Option or SAR and receive the Shares or other consideration resulting
from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion
by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

(f)           Vesting
Generally. The total number of Shares subject to an Option or SAR may vest and become exercisable in periodic installments
that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it
may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the Board may deem
appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to
any Option or SAR provisions governing the minimum number of Shares as to which an Option or SAR may be exercised.

 

(g)          Termination
of Continuous Service. Except as otherwise provided in the applicable Award Agreement or other agreement between the
Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon
the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant
was entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time ending on the
earlier of (i) the date three months following the termination of the Participant’s Continuous Service (or such longer or
shorter period specified in the applicable Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth
in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR
(as applicable) within the applicable time frame, the Option or SAR will terminate.

 

(h)          Extension
of Termination Date. If the exercise of an Option or SAR following the termination of the Participant’s Continuous
Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time
solely because the issuance of Shares would violate the registration requirements under the Securities Act, then the Option or
SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the
applicable post termination exercise period after the termination of the Participant’s Continuous Service during which the
exercise of the Option or SAR would not be in violation of such registration requirements, and (ii) the expiration of the term
of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a Participant’s
Award Agreement, if the sale of any Shares received on exercise of an Option or SAR following the termination of the Participant’s
Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option or SAR will
terminate on the earlier of (i) the expiration of a period of months (that need not be consecutive) equal to the applicable post-termination
exercise period after the termination of the Participant’s Continuous Service during which the sale of the Shares received
upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration
of the term of the Option or SAR as set forth in the applicable Award Agreement.

 

    6

     

    

 

(i)            Disability
of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant
and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the
Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or
SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the
date 12 months following such termination of Continuous Service (or such longer or shorter period specified in the Award Agreement),
and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination of Continuous
Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable)
will terminate.

 

(j)            Death of Participant. Except as otherwise provided
in the applicable Award Agreement or other agreement between the Participant and the Company, if (i) a Participant’s Continuous
Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified
in the Award Agreement for exercisability after the termination of the Participant’s Continuous Service for a reason other
than death, then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR
as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by
bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only within
the period ending on the earlier of (i) the date 12 months following the date of death (or such longer or shorter period specified
in the Award Agreement), and (ii) the expiration of the term of such Option or SAR as set forth in the Award Agreement. If, after
the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable)
will terminate.

 

(k)           Termination
for Cause. Except as explicitly provided otherwise in a Participant’s Award Agreement or other individual written
agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated
for Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the
Participant will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous
Service.

 

(l)            Non-Exempt Employees. If an Option or SAR is
granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option
or SAR will not be first exercisable for any Shares until at least six months following the date of grant of the Option or SAR
(although the Award may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if
such non-exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed,
continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be
defined in the Participant’s Award Agreement in another agreement between the Participant and the Company, or, if no such
definition, in accordance with the Company’s then current employment policies and guidelines), the vested portion of any
Options and SARs may be exercised earlier than six months following the date of grant. The foregoing provision is intended to operate
so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt
from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic Opportunity
Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares
under any other Share Award will be exempt from the employee’s regular rate of pay, the provisions of this Section 5(l) will
apply to all Share Awards and are hereby incorporated by reference into such Share Award Agreements.

 

6.            PROVISIONS
OF SHARE AWARDS OTHER THAN OPTIONS AND SARS.

 

(a)           Restricted Share Awards. Each Restricted Share
Award Agreement will be in such form and will contain such terms and conditions as the Board will deem appropriate. To the extent
consistent with the Company’s Articles of Association, at the Board’s election, Shares may be (x) held in book entry
form subject to the Company’s instructions until any restrictions relating to the Restricted Share Award lapse; or (y) evidenced
by a certificate, which certificate will be held in such form and manner as determined by the Board. The terms and conditions of
Restricted Share Award Agreements may change from time to time, and the terms and conditions of separate Restricted Share Award
Agreements need not be identical. Each Restricted Share Award Agreement will conform to (through incorporation of the provisions
hereof by reference in the agreement or otherwise) the substance of each of the following provisions:

 

(i)              Consideration.
A Restricted Share Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company,
(B) past services to the Company or an Affiliate, or (C) any other form of legal consideration that may be acceptable to the Board,
in its sole discretion, and permissible under applicable law.

 

    7

     

    

 

(ii)            Vesting.
Shares awarded under the Restricted Share Award Agreement may be subject to forfeiture to the Company in accordance with a vesting
schedule to be determined by the Board.

 

(iii)           Termination
of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may
receive through a forfeiture condition or a repurchase right any or all of the Shares held by the Participant that have not vested
as of the date of termination of Continuous Service under the terms of the Restricted Share Award Agreement.

 

(iv)            Transferability.
Rights to acquire Shares under the Restricted Share Award Agreement will be transferable by the Participant only upon such terms
and conditions as are set forth in the Restricted Share Award Agreement, as the Board will determine in its sole discretion, so
long as Shares awarded under the Restricted Share Award Agreement remains subject to the terms of the Restricted Share Award Agreement.

 

(b)          Restricted
Share Unit Awards. Each Restricted Share Unit Award Agreement will be in such form and will contain such terms and
conditions as the Board will deem appropriate. The terms and conditions of Restricted Share Unit Award Agreements may change from
time to time, and the terms and conditions of separate Restricted Share Unit Award Agreements need not be identical. Each Restricted
Share Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise)
the substance of each of the following provisions:

 

(i)             Consideration.
At the time of grant of a Restricted Share Unit Award, the Board will determine the consideration, if any, to be paid by the Participant
upon delivery of each Share subject to the Restricted Share Unit Award. The consideration to be paid (if any) by the Participant
for each Share subject to a Restricted Share Unit Award may be paid in any form of legal consideration that may be acceptable
to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)            Vesting.
At the time of the grant of a Restricted Share Unit Award, the Board may impose such restrictions on or conditions to the vesting
of the Restricted Share Unit Award as it, in its sole discretion, deems appropriate.

 

(iii)           Payment. A Restricted Share Unit Award may be
settled by the delivery of Shares, their cash equivalent, any combination thereof or in any other form of consideration, as determined
by the Board and contained in the Restricted Share Unit Award Agreement.

 

(iv)            Additional Restrictions. At the time of the grant
of a Restricted Share Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the
delivery of the Shares (or their cash equivalent) subject to a Restricted Share Unit Award to a time after the vesting of such
Restricted Share Unit Award.

 

(v)             Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Share Unit Award
Agreement, such portion of the Restricted Share Unit Award that has not vested will be forfeited upon the Participant’s
termination of Continuous Service.

 

(c)          Performance Awards.

 

(i)             Performance Share Awards. A Performance Share
Award is a Share Award that is payable (including that may be granted, may vest or may be exercised) contingent upon the attainment
during a Performance Period of certain Performance Goals. A Performance Share Award may, but need not, require the Participant’s
completion of a specified period of Continuous Service. The length of any Performance Period, the Performance Goals to be achieved
during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be
conclusively determined by the Board or the Committee, in its sole discretion. In addition, to the extent permitted by applicable
law and the applicable Award Agreement, the Board or the Committee may determine that cash may be used in payment of Performance
Share Awards.

 

    8

     

    

 

(ii)            Performance
Cash Awards. A Performance Cash Award is a cash award that is payable contingent upon the attainment during a Performance
Period of certain Performance Goals. A Performance Cash Award may also require the completion of a specified period of Continuous
Service. At the time of grant of a Performance Cash Award, the length of any Performance Period, the Performance Goals to be achieved
during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be
conclusively determined by the Board or the Committee, in its sole discretion. The Board or the Committee may specify the form
of payment of Performance Cash Awards, which may be cash or other property, or may provide for a Participant to have the option
for his or her Performance Cash Award, or such portion thereof as the Board or the Committee may specify, to be paid in whole
or in part in cash or other property.

 

(d)           Other
Share Awards. Other forms of Share Awards valued in whole or in part by reference to, or otherwise based on, Shares,
including the appreciation in value thereof may be granted either alone or in addition to Share Awards provided for under Section
5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and complete
authority to determine the persons to whom and the time or times at which such Other Share Awards will be granted, the number
of Shares (or the cash equivalent thereof) to be granted pursuant to such Other Share Awards and all other terms and conditions
of such Other Share Awards.

 

7.            COVENANTS OF THE COMPANY.

 

(a)           Availability
of Shares. The Company will keep available at all times the number of Shares reasonably required to satisfy then-outstanding
Awards.

 

(b)           Securities Law Compliance. The Company will seek
to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant
Share Awards and to issue and sell Shares upon exercise of the Share Awards; provided, however, that this undertaking will
not require the Company to register under the Securities Act the Plan, any Share Award or any Shares issued or issuable pursuant
to any such Share Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory
commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Shares under
the Plan, the Company will be relieved from any liability for failure to issue and sell Shares upon exercise of such Share Awards
unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance
of cash or Shares pursuant to the Award if such grant or issuance would be in violation of any applicable securities law.

 

(c)           No
Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such
holder as to the time or manner of exercising such Share Award. Furthermore, the Company will have no duty or obligation to warn
or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may
not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award.

 

8.            MISCELLANEOUS.

 

(a)           Use
of Proceeds from Sales of Shares. Proceeds from the sale of Shares pursuant to Awards will constitute general funds
of the Company.

 

(b)            Corporate
Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant
will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when
the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant.
In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting
the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award
Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents,
the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement
or related grant documents.

 

(c)           Shareholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to,
any Shares subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance
of Shares under, the Award pursuant to its terms, and (ii) the issuance of the Shares subject to such Award has been entered into
the books and records of the Company.

 

    9

     

    

 

(d)           No Employment or Other Service Rights. Nothing
in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto
will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time
the Award was granted or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with
or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s
agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Articles of Association of the Company
or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated,
as the case may be.

 

(e)           Change
in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or
her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee
of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended
leave of absence) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (x)
make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to
vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction,
extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have
no right with respect to any portion of the Award that is so reduced or extended.

 

(f)           Incentive Share Option Limitations. To the extent
that the aggregate Fair Market Value (determined at the time of grant) of Shares with respect to which Incentive Share Options
are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates)
exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive
Share Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise
do not comply with such rules will be treated as Nonstatutory Share Options, notwithstanding any contrary provision of the applicable
Option Agreement(s).

 

(g)          Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Shares under any Award,
(i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial
and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that such Participant is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Award; and (ii) to give written assurances satisfactory to the Company
stating that the Participant is acquiring Shares subject to the Award for the Participant’s own account and not with any
present intention of selling or otherwise distributing the Shares. The foregoing requirements, and any assurances given pursuant
to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of Shares under the
Award has been registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular
requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under
the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on share certificates
issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including,
but not limited to, legends restricting the transfer of the Shares.

 

(h)          Withholding Obligations. Unless prohibited by
the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation
relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash
payment; (ii) withholding Shares from the Shares issued or otherwise issuable to the Participant in connection with the Award;
provided, however, that no Shares are withheld with a value exceeding an amount of tax calculated based on the maximum statutory
tax rates in a Participant’s applicable tax jurisdiction (or such other amount as may be necessary to avoid classification
of the Share Award as a liability for financial accounting purposes); (iii) withholding cash from an Award settled in cash; (iv)
withholding payment from any amounts otherwise payable to the Participant; (v) a “sell to cover” arrangement; or (vi)
by such other method as may be set forth in the Award Agreement.

 

(i)           Electronic Delivery. Any reference herein to
a “written” agreement or document will include any agreement or document delivered electronically, filed publicly at
www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic
medium controlled by the Company to which the Participant has access).

 

    10

     

    

 

(j)           Deferrals. To the extent permitted by applicable
law, the Board, in its sole discretion, may determine that the delivery of Shares or the payment of cash, upon the exercise, vesting
or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections
to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code. Consistent with
Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing
services to the Company. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages,
Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous Service,
and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law.

 

(k)          Compliance
with Section 409A of the Code. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements
will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from
Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Board determines
that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement
evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1)
of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated
by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically
provides otherwise), if the Shares are publicly traded, and if a Participant holding an Award that constitutes “deferred
compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code,
no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section
409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months
following the date of such Participant’s “separation from service” (as defined in Section 409A of the Code without
regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s death, unless such distribution
or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a
lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.

 

(l)           Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required
to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities
are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.
In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines
necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired Shares or other
cash or property upon the occurrence of an event constituting Cause. No recovery of compensation under such a clawback policy
will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or
similar term) under any agreement with the Company.

 

(m)         Dividends and Dividend Equivalents. Dividends
and dividend equivalents may be credited in respect of Shares covered by a Share Award (other than Options and Share Appreciation
Rights), as determined by the Board and contained in the applicable Award Agreement. At the sole discretion of the Board, such
dividends and dividend equivalents may be converted into additional Shares covered by the Share Award in such manner as determined
by the Board. Any additional shares or cash payments covered by the Share Award credited by reason of such dividends or dividend
equivalents will be subject to all of the same terms and conditions of the underlying Award Agreement to which they relate. Notwithstanding
anything to the contrary in this Plan or any Award Agreement, dividends and dividend equivalents shall not be paid in respect of
Shares covered by a Share Award until such Shares vest pursuant to the applicable Award Agreement.

 

(n)          Rules
Applicable to Specific Countries. Notwithstanding anything herein to the contrary, the terms and conditions of the
Plan may be adjusted with respect to a particular country by means of an addendum to the Plan in the form of an annex, and to
the extent that the terms and conditions set forth in such annex conflict with any provisions of the Plan, the provisions of the
annex shall govern unless impermissible under Applicable Law. The adoption of any such annex shall be subject to the approval
of the Board.

 

    11

     

    

 

9.            ADJUSTMENTS
UPON CHANGES IN SHARES; OTHER CORPORATE EVENTS.

 

(a)           Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust:
(i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum
number of securities that may be issued pursuant to the exercise of Incentive Share Options pursuant to Section 3(c), and (iii)
the class(es) and number of securities and price per share of share subject to outstanding Share Awards. The Board will make such
adjustments, and its determination will be final, binding and conclusive.

 

(b)           Dissolution. Except as otherwise provided in
the Share Award Agreement, in the event of a Dissolution of the Company, all outstanding Share Awards (other than Share Awards
consisting of vested and outstanding Shares not subject to a forfeiture condition or the Company’s right of repurchase) will
terminate immediately prior to the completion of such Dissolution, and the Shares subject to the Company’s repurchase rights
or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of
such Share Award is providing Continuous Service; provided, however, that the Board may, in its sole discretion, cause some
or all Share Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such
Share Awards have not previously expired or terminated) before the Dissolution is completed but contingent on its completion.

 

(c)           Transactions. The following provisions shall
apply to Share Awards in the event of a Transaction unless otherwise provided in the instrument evidencing the Share Award or any
other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the
Board at the time of grant of a Share Award. Subject to the foregoing sentence, in the event of a Transaction, then, notwithstanding
any other provision of the Plan, the Board shall take one or more of the following actions with respect to Share Awards, contingent
upon the closing or completion of the Transaction:

 

(i)             arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent
company) to assume or continue the Share Award or to substitute a similar share award for the Share Award (including, but not limited
to, an award to acquire the same consideration paid to the shareholders of the Company pursuant to the Transaction);

 

(ii)            arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Shares issued
pursuant to the Share Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company);

 

(iii)           accelerate
the vesting, in whole or in part, of the Share Award (and, if applicable, the time at which the Share Award may be exercised)
to a date prior to the effective time of such Transaction as the Board shall determine (or, if the Board shall not determine such
a date, to the date that is five days prior to the effective date of the Transaction), with such Share Award terminating if not
exercised (if applicable) at or prior to the effective time of the Transaction;

 

(iv)            arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect
to the Share Award;

 

(v)             cancel or arrange for the cancellation of the Share Award, to the extent not vested or not exercised prior to the effective
time of the Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate;
and

 

(vi)            make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the
property the Participant would have received upon the exercise of the Share Award immediately prior to the effective time of the
Transaction, over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may
be zero ($0) if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed
to the same extent that payment of consideration to the holders of Shares in connection with the Transaction is delayed as a result
of escrows, earn outs, holdbacks or other contingencies.

 

The Board need not take the same action
or actions with respect to all Share Awards or portions thereof or with respect to all Participants. The Board may take different
actions with respect to the vested and unvested portions of a Share Award.

 

    12

     

    

 

10.          PLAN
TERM; EARLIER TERMINATION OR SUSPENSION OF THE PLAN.

 

The Board may suspend
or terminate the Plan at any time. No Incentive Share Options may be granted after February 28, 2029. No Awards may be granted
under the Plan while the Plan is suspended or after it is terminated. Suspension or termination of the Plan will not impair rights
and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant
or as otherwise permitted in the Plan.

 

11.          EXISTENCE OF THE PLAN.

 

The Plan became effective
on the Effective Date.

 

12.           CHOICE
OF LAW.

 

The laws of the State
of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to
that state’s conflict of laws rules.

 

13.          DEFINITIONS.
As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a)           
“Affiliate” means, at the time of determination, any “parent” or “subsidiary”
of the Company as such terms are defined in Rule 405 of the Securities Act. The Board will have the authority to determine the
time or times at which “parent” or “subsidiary” status is determined within the foregoing definition.

 

(b)            “Applicable Law” means the legal requirements applicable to the administration of equity incentive
plans, any applicable laws, rules and regulations in Israel and in any country or jurisdiction where Awards are granted under the
Plan, as such laws, rules, regulations and requirements shall be in place from time to time including any Stock Exchange rules
or regulations;

 

(c)           “Award” means a Share Award or a Performance Cash Award.

 

(d)           
“Award Agreement” means a written agreement between the Company and a Participant evidencing the
terms and conditions of an Award.

 

(e)            “Board” means the Board of Directors of the Company.

 

(f)            
“Capital Shares” means each and every class of shares of the Company, regardless of the number of
votes per share.

 

(g)           
“Capitalization Adjustment” means any change that is made in, or other events that occur with respect
to, the Shares subject to the Plan or subject to any Share Award after February 28, 2019 without the receipt of consideration by
the Company through merger, consolidation, reorganization, recapitalization, reincorporation, share dividend, dividend in property
other than cash, large nonrecurring cash dividend, share split, reverse share split, liquidating dividend, combination of shares,
exchange of shares, spin-off, change in corporate structure or any similar equity restructuring transaction, as that term is used
in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding
the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

(h)           “Cause”
shall have the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term
and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following
events: (i) such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under
the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in,
a fraud or act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract
or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s
unauthorized use or disclosure of the Company’s confidential information or trade secrets; (v) such Participant’s
gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without
Cause shall be made by the Company, in its sole discretion; or (vi) other conduct by the Participant that could be expected to
be harmful to the business, interests or reputation of the Company. Any determination by the Company that the Continuous Service
of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant shall have
no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

 

    13

     

    

 

(i)            “Change in Control” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)             any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than
50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company; (B) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series
of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities;
or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds
the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting
securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for
the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition,
the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had
not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur;

 

(ii)            there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately
after the consummation of such merger, consolidation or similar transaction, the shareholders of the Company immediately prior
thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined
outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of
the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction,
in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately
prior to such transaction;

 

(iii)           there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all
of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the
voting securities of which are Owned by shareholders of the Company in substantially the same proportions as their Ownership of
the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition;

 

(iv)            the complete dissolution or liquidation of the Company, except for a liquidation into a parent corporation;

 

(v)             individuals who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment
or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members
of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the
Incumbent Board.

 

Notwithstanding the foregoing definition
or any other provision of the Plan, the term Change in Control will not include a sale of assets, merger or other transaction effected
exclusively for the purpose of changing the domicile of the Company and the definition of Change in Control (or any analogous term)
in an individual written agreement between the Company or any Affiliate and the Participant will supersede the foregoing definition
with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous
term is set forth in such an individual written agreement, the foregoing definition will apply.

 

    14

     

    

 

If required for compliance with Section
409A of the Code, in no event will an event be deemed a Change in Control if such event is not also a “change in the ownership
of” the Company, a “change in the effective control of” the Company or a “change in the ownership of a
substantial portion of the assets of” the Company, each as determined under Treasury Regulations Section 1.409A-3(i)(5) (without
regard to any alternative definition thereunder).

 

For the avoidance of doubt, the consummation
of the Merger shall not constitute a Change in Control.

 

(j)            “Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations
and guidance thereunder.

 

(k)           “Committee” means a committee of one or more Directors to whom authority has been delegated by the
Board in accordance with Section 2(c).

 

(l)            “Company” means Menlo Therapeutics Inc., a Delaware corporation.

 

(m)          “Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate
to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors
of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service,
will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing,
a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available
to register either the offer or the sale of the Company’s securities to such person.

 

(n)           “Continuous Service” means that the Participant’s service with the Company or an Affiliate,
whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant
renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant
renders such service, provided that there is no interruption or termination of the Participant’s service with the Company
or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the Entity for
which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion,
such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as
an Affiliate. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole
discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved
by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between
the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous
Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy,
in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law.

 

(o)          
“Corporate Transaction” means the consummation, in a single transaction or in a series of related
transactions, of any one or more of the following events:

 

(i)             
a sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion, of the
consolidated assets of the Company and its Subsidiaries;

 

(ii)            a
sale or other disposition of more than 50% of the outstanding securities of the Company;

 

(iii)           a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)            a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the Shares outstanding
immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation
or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

If required for compliance with Section
409A of the Code, in no event will an event be deemed a Corporate Transaction if such event is not also a “change in the
ownership of” the Company, a “change in the effective control of” the Company or a “change in the ownership
of a substantial portion of the assets of” the Company, each as determined under Treasury Regulations Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder

 

    15

     

    

 

(p)            “Director” means a member of the Board.

 

(q)            “Disability” means, with respect to a Participant, the inability of such Participant to engage in
any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to
result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months, as provided in
Sections 22(e)(3) and 409A(a) (2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence
as the Board deems warranted under the circumstances.

 

(r)            “Dissolution” means when the Israeli Registrar of Companies has registered the dissolution of the
Company in the Israeli Registrar of Companies. Conversion of the Company into a Limited Liability Company (or any other pass-through
entity) will not be considered a “Dissolution” for purposes of the Plan.

 

(s)            “Effective Date” means the date of Foamix shareholders initially approved this Plan, which was the
date of the annual meeting of shareholders of Foamix held on April 10, 2019.

 

(t)            “Employee” means any person employed by the Company or an Affiliate. However, service solely as a
Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes
of the Plan.

 

(u)           “Entity” means a corporation, partnership, limited liability company or other entity.

 

(v)            “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

 

(w)           “Exchange Act Person” means any natural person, Entity or “group” (within the meaning
of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company
or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an
underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly
or indirectly, by the shareholders of the Company in substantially the same proportions as their Ownership of share of the Company;
or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that,
as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than 50% of the
combined voting power of the Company’s then outstanding securities.

 

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

 

(i)             If the Shares are listed on any established share exchange or traded on any established market, the Fair Market Value
of a Share will be, unless otherwise determined by the Board, the closing sales price for such share as quoted on such exchange
or market (or the exchange or market with the greatest volume of trading in the Shares) on the date of determination, as reported
in a source the Board deems reliable.

 

(ii)            Unless
otherwise provided by the Board, if there is no closing sales price for the Shares on the date of determination, then the Fair
Market Value will be the closing selling price on the last preceding date for which such quotation exists.

 

(iii)          
In the absence of such markets for the Shares, the Fair Market Value will be determined by the Board in good faith and
in a manner that complies with Sections 409A and 422 of the Code.

 

(y)            “Incentive Share Option” means an option granted pursuant to Section 5 of the Plan that is intended
to be, and qualifies as, an “incentive share option” within the meaning of Section 422 of the Code.

 

(z)            “Non-Employee
Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does
not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant
or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a)
of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest
in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business
relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered
a “non-employee director” for purposes of Rule 16b-3.

 

    16

     

    

 

(aa)          “Nonstatutory
Share Option” means any Option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Share
Option.

 

(bb)          “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the
Exchange Act.

 

(cc)          “Option” means an Incentive Share Option or a Nonstatutory Share Option to purchase Shares granted
pursuant to the Plan.

 

(dd)          “Option Agreement” means a written agreement between the Company and an Optionholder evidencing the
terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(ee)          “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Option.

 

(ff)           “Other Share Award” means an award based in whole or in part by reference to the Shares which are
granted pursuant to the terms and conditions of Section 6(d).

 

(gg)        
“Other Share Award Agreement” means a written agreement between the Company and a holder of an Other
Share Award evidencing the terms and conditions of an Other Share Award grant. Each Other Share Award Agreement will be subject
to the terms and conditions of the Plan.

 

(hh)         “Own,” “Owned,” “Owner,” “Ownership” means
a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have
acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities.

 

(ii)           “Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Share Award.

 

(jj)          
“Performance Cash Award” means an award of cash granted pursuant to the terms and conditions of Section
6(c)(ii).

 

(kk)        “Performance Criteria” means the one or more criteria that the Board or the Committee will select
for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish
such Performance Goals may be based on any one of, or combination of, the following as determined by the Committee (or Board, if
applicable): (i) earnings (including earnings per share and net earnings); (ii) earnings before interest, taxes and depreciation;
(iii) earnings before interest, taxes, depreciation and amortization; (iv) earnings before interest, taxes, depreciation, amortization
and legal settlements; (v) earnings before interest, taxes, depreciation, amortization, legal settlements and other income (expense);
(vi) earnings before interest, taxes, depreciation, amortization, legal settlements, other income (expense) and share-based compensation;
(vii) earnings before interest, taxes, depreciation, amortization, legal settlements, other income (expense), share-based compensation
and changes in deferred revenue; (viii) earnings before interest, taxes, depreciation, amortization, legal settlements, other income
(expense), share-based compensation, other non-cash expenses and changes in deferred revenue; (ix) total shareholder return; (x)
return on equity or average shareholder’s equity; (xi) return on assets, investment, or capital employed; (xii) share price;
(xiii) margin (including gross margin); (xiv) income (before or after taxes); (xv) operating income; (xvi) operating income after
taxes; (xvii) pre-tax profit; (xviii) operating cash flow; (xix) sales or revenue targets; (xx) increases in revenue or product
revenue; (xxi) expenses and cost reduction goals; (xxii) improvement in or attainment of working capital levels; (xxiii) economic
value added (or an equivalent metric); (xxiv) market share; (xxv) cash flow; (xxvi) cash flow per share; (xxvii) cash balance;
(xxviii) cash burn; (xxix) cash collections; (xxx) share price performance; (xxxi) debt reduction; (xxxii) implementation or completion
of projects or processes (including, without limitation, clinical trial initiation, clinical trial enrollment and dates, clinical
trial results, regulatory filing submissions, regulatory filing acceptances, regulatory or advisory committee interactions, regulatory
approvals, and product supply); (xxxiii) shareholders’ equity; (xxxiv) capital expenditures; (xxxv) debt levels; (xxxvi)
operating profit or net operating profit; (xxxvii) workforce diversity; (xxxviii) growth of net income or operating income; (xxxix)
billings; (xl) bookings; (xli) employee retention; (xlii) initiation of studies by specific dates; (xliii) budget management; (xliv)
submission to, or approval by, a regulatory body (including, but not limited to the U.S. Food and Drug Administration) of an applicable
filing or a product; (xlv) regulatory milestones; (xlvi) progress of internal research or development programs; (xlvii) acquisition
of new customers; (xlviii) customer retention and/or repeat order rate; (xlix) improvements in sample and test processing times;
(l) progress of partnered programs; (li) partner satisfaction; (lii) timely completion of clinical trials; (liii) submission of
510(k)s or pre-market approvals and other regulatory achievements; (liv) milestones related to research development (including,
but not limited to, preclinical and clinical studies), product development and manufacturing; (lv) expansion of sales in additional
geographies or markets; (lvi) research progress, including the development of programs; (lvii) strategic partnerships or transactions
(including in-licensing and out-licensing of intellectual property; and (lviii) other measures of performance selected by the Board
or the Committee.

 

    17

     

    

 

(ll)           “Performance
Goals” means, for a Performance Period, the one or more goals established by the Board or the Committee for the Performance
Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more
business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one
or more comparable companies or the performance of one or more relevant indices. The Board or the Committee is authorized to make
appropriate adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as follows:
(1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects
of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax
rates; (5) to exclude the effects of any items that are “unusual” in nature or occur “infrequently” as
determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures;
(7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance
of a Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of the Company
by reason of any share dividend or split, share repurchase, reorganization, recapitalization, merger, consolidation, spin-off,
combination or exchange of shares or other similar corporate change, or any distributions to common shareholders other than regular
cash dividends; (9) to exclude the effects of share based compensation and the award of bonuses under the Company’s bonus
plans; (10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be expensed
under generally accepted accounting principles; (11) to exclude the goodwill and intangible asset impairment charges that are
required to be recorded under generally accepted accounting principles; (12) to exclude the effects of the timing of acceptance
for review and/or approval of submissions to the U.S. Food and Drug Administration or any other regulatory body; and (13) to make
other appropriate adjustments selected by the Board or the Committee.

 

(mm)       “Performance Period” means the period of time selected by the Board or the Committee over which the
attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and
the payment of a Share Award or a Performance Cash Award. Performance Periods may be of varying and overlapping duration, at the
sole discretion of the Board or the Committee.

 

(nn)         “Performance
Share Award” means a Share Award granted under the terms and conditions of Section 6(c)(i).

 

(oo)          “Plan” means this Menlo Therapeutics Inc. 2019 Equity Incentive Plan.

 

(pp)          “Restricted Share Award” means an award of Shares which are granted pursuant to the terms and conditions
of Section 6(a).

 

(qq)          “Restricted Share Award Agreement” means a written agreement between the Company and a holder of
a Restricted Share Award evidencing the terms and conditions of a Restricted Share Award grant. Each Restricted Share Award Agreement
will be subject to the terms and conditions of the Plan.

 

(rr)         
“Restricted Share Unit Award” means a right to receive Shares which are granted pursuant to the terms
and conditions of Section 6(b).

 

    18

     

    

 

(ss)         
“Restricted Share Unit Award Agreement” means a written agreement between the Company and a holder
of a Restricted Share Unit Award evidencing the terms and conditions of a Restricted Share Unit Award grant. Each Restricted Share
Unit Award Agreement will be subject to the terms and conditions of the Plan.

 

(tt)           “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3,
as in effect from time to time.

 

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

 

(vv)          “Share” means a share of common stock of the Company

 

(ww)        “Share
Appreciation Right” or “SAR” means a right to receive the appreciation on Shares that are granted
pursuant to the terms and conditions of Section 5.

 

(xx)          “Share
Appreciation Right Agreement” means a written agreement between the Company and a holder of a Share Appreciation Right
evidencing the terms and conditions of a Share Appreciation Right grant. Each Share Appreciation Right Agreement will be subject
to the terms and conditions of the Plan.

 

(yy)          “Share Award” means any right to receive Shares granted under the Plan, including an Incentive Share
Option, a Nonstatutory Share Option, a Restricted Share Award, a Restricted Share Unit Award, a Share Appreciation Right, a Performance
Share Award or any Other Share Award.

 

(zz)         
“Share Award Agreement” means a written agreement between the Company and a Participant evidencing
the terms and conditions of a Share Award grant. Each Share Award Agreement will be subject to the terms and conditions of the
Plan.

 

(aaa)        “Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of the
outstanding Capital Shares having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective
of whether, at the time, share of any other class or classes of such corporation will have or might have voting power by reason
of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited
liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation
in profits or capital contribution) of more than 50%.

 

(bbb)        “Substitute
Award” means an Award issued in connection with a merger or acquisition in connection with the assumption of, or substitution
for, an existing award.

 

(ccc)        “Ten Percent Shareholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d)
of the Code) share possessing more than 10% of the total combined voting power of all classes of share of the Company or any Affiliate.

 

(ddd)       
“Transaction” means a Corporate Transaction or a Change in Control.

 

    19

     

    

  

MENLO THERAPEUTICS INC.

 

2019 EQUITY INCENTIVE PLAN

 

SUB-PLAN FOR ISRAELI PARTICIPANTS

 

		1.	GENERAL

 

(a)           This sub-plan (the “Sub-Plan”) shall apply only to Participants who are residents of the State of
Israel upon the date of grant of the Award, as defined below in Section 2, or who are deemed Israeli tax residents (collectively,
 “Israeli Participants”). The provisions specified hereunder shall form an integral part of the Menlo Therapeutics
Inc. 2019 Stock Incentive Plan (hereinafter the “Plan”).

 

(b)           This
Sub-Plan is adopted pursuant to the authority of the Board under section 2(b)(x) and section 8(n) of the Plan. This Sub-Plan is
to be read as a continuation of the Plan and modifies Awards granted to Israeli Participants only to the extent necessary to comply
with the requirements set by the Israeli law in general, and in particular, with the provisions of the Israeli Income Tax Ordinance
[New Version] 1961, as may be amended or replaced from time to time. This Sub-Plan does not add to or modify the Plan in respect
of any other category of Participants.

 

(c)           The
Plan and this Sub-Plan are complimentary to each other and shall be deemed as one. In the event of any conflict, whether explicit
or implied, between the provisions of this Sub-Plan and the Plan, the provisions set out in the Sub-Plan shall prevail.

 

(d)           Any
capitalized term not specifically defined in this Sub-Plan shall be construed according to the interpretation given to it in the
Plan.

 

		2.	DEFINITIONS

 

(a)           “102 Award” means any Award
issued to an Approved Israeli Participant pursuant to Section 102 of the Ordinance.

 

(b)           “Approved Israeli Participant” means an Israeli Participant who is an employee, director or an officer
of the Company or any Israeli resident Affiliate, excluding any Controlling Share Holder of the Company.

 

(c)           “Award”
means any Share Award granted under the Plan but excluding Share Awards settled in cash with Options granted to Israeli Participants
being designated as Nonstatutory Options unless otherwise determined by the Board..

 

(d)           “Capital
Gain Award” or “CGA” means a Trustee
102 Award elected and designated by the Company to qualify under the capital gain tax treatment in accordance with the provisions
of Section 102(b)(2) of the Ordinance.

 

(e)           “Controlling
Share Holder” shall have the meaning ascribed to it in Section 32(9) of the Ordinance.

 

(f)            “ITA”
means the Israeli Tax Authority.

 

(g)           “Israeli
Award Agreement” means the Award Agreement between the Company and an Israeli Participant that sets out the terms
and conditions of an Award.

 

(h)           “Non-Trustee
102 Award” means a 102 Award granted pursuant to Section 102(c) of the Ordinance and not held in trust by a Trustee.

 

    20

     

    

 

(i)            “Ordinary
Income Award” or “OIA” means
a Trustee 102 Award elected and designated by the Company to qualify under the ordinary income tax treatment in accordance with
the provisions of Section 102(b)(1) of the Ordinance.

 

(j)            “Ordinance”
means the Israeli Income Tax Ordinance [New Version] – 1961, as now in effect or as hereafter amended.

 

(k)           “Section
102” means Section 102 of the Ordinance and any regulations, rules, orders or procedures promulgated thereunder
as now in effect or as hereafter amended.

 

(l)            “Tax” means any applicable tax and
other compulsory payments such as social security and health tax contributions under any applicable law.

 

(m)          “Trustee”
means any person or entity appointed by the Company to serve as a trustee and approved by the ITA, all in accordance with
the provisions of Section 102(a) of the Ordinance, as may be replaced from time to time.

 

(n)           “Trustee 102 Award” means a 102 Award
granted to an Approved Israeli Participant pursuant to Section 102(b) of the Ordinance and held in trust by a Trustee for the benefit
of an Approved Israeli Participant.

 

(o)           “Unapproved
Israeli Participant” means an Israeli Participant who is not an Approved Israeli Participant, including a consultant
or a Controlling Share Holder of the Company.

 

		3.	ISSUANCE OF AWARDS

 

(a)           The
Company may designate Awards granted to Approved Israeli Participants pursuant to Section 102 as Trustee 102 Awards or Non-Trustee
102 Awards.

 

(b)           The
grant of Trustee 102 Awards shall be subject to this Sub-Plan and shall not become effective prior to the lapse of 30 days from
the date the Plan has been submitted for approval by the ITA and shall be conditioned upon the approval of the Plan and this Sub-Plan
by the ITA.

 

(c)           Trustee
102 Awards may either be classified as Capital Gain Awards (CGAs) or Ordinary Income Awards (OIAs). 28

 

(d)           No
Trustee 102 Award may be granted under this Sub-Plan to any Approved Israeli Participant, unless and until the Company has filed
with the ITA its election regarding the type of Trustee 102 Awards, whether CGAs or OIAs, that will be granted under the Plan
and this Sub-Plan (the “Election”). Such Election
shall become effective beginning the first date of grant of a Trustee 102 Award under this Sub-Plan and shall remain in effect
at least until the end of the year following the year during which the Company first granted Trustee 102 Awards. The Election
shall obligate the Company to grant only the type of Trustee 102 Award it has elected, and shall apply to all Israeli Participants
who are granted Trustee 102 Awards during the period indicated herein, all in accordance with the provisions of Section 102(g)
of the Ordinance. For the avoidance of doubt, the Election shall not prevent the Company from granting Non-Trustee 102 Awards
simultaneously.

 

(e)           All
Trustee 102 Awards must be held in trust by the Trustee, as described in Section 4 below.

 

(f)            The
designation of Non-Trustee 102 Awards and Trustee 102 Awards shall be subject to the terms and conditions set forth in Section
102.

 

(g)           Awards
granted to Unapproved Israeli Participants shall be subject to tax according to the provisions of the Ordinance and shall not
be subject to the Trustee arrangement detailed herein.

 

		4.	TRUSTEE

 

(a)           Trustee
102 Awards which shall be granted under this Sub-Plan and/or any Share allocated or issued upon grant, vesting or exercise of
a Trustee 102 Award and/or other Shares received following any realization of rights under the Plan, shall be allocated or issued
to the Trustee for the benefit of the Approved Israeli Participants, in accordance with the provisions of Section 102. In the
event that the requirements for Trustee 102 Awards are not met, the Trustee 102 Awards may be regarded as Non-Trustee 102 Awards
or as Awards which are not subject to Section 102, all in accordance with the provisions of Section 102.

 

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(b)           With
respect to any Trustee 102 Award, subject to the provisions of Section 102, an Approved Israeli Participant shall not sell or
release from trust any Share received upon the grant, vesting or exercise of a Trustee 102 Award and/or any Share received following
any realization of rights, including, without limitation, stock dividends, under the Plan at least until the lapse of the period
of time required under Section 102 or any shorter period of time determined by the ITA (the “Holding
Period”). Notwithstanding the above, if any such sale or release occurs during the Holding Period, the sanctions
under Section 102 shall apply to and shall be borne by such Approved Israeli Participant.

 

(c)           Notwithstanding
anything to the contrary, the Trustee shall not release or sell any Shares allocated or issued upon grant, vesting or exercise
of a Trustee 102 Award unless the Company and the Trustee are satisfied that the full amounts of Tax due have been paid or will
be paid.

 

(d)           Upon
receipt of any Trustee 102 Award, the Approved Israeli Participant will consent to the grant of the Award under Section 102 and
undertake to comply with the terms of Section 102 and the trust arrangement between the Company and the Trustee.

 

		5.	THE AWARDS

 

The terms and conditions
upon which the Awards shall be issued and exercised or vest, shall be specified in the Israeli Award Agreement to be executed pursuant
to the Plan and to this Sub-Plan. Each Israeli Award Agreement shall state, inter alia, the number of Shares to which the
Award relates, the type of Award granted thereunder (i.e., a CGA, OIA or Non-Trustee 102 Award or any Award granted to Unapproved
Israeli Participant), and any applicable vesting provisions and exercise price that may be payable. For the avoidance of doubt
it is clarified that there is no obligation for uniformity of treatment of Israeli Participants and that the terms and conditions
of Awards need not be the same with respect to each Israeli Participant (whether or not such Israeli Participants are similarly
situated).

 

		6.	EXERCISE AND VESTING OF AWARDS

 

The grant, vesting
and exercise of Awards granted to Israeli Participants shall be subject to the terms and conditions and, with respect to exercise,
the method, as may be determined by the Company (including the provisions of the Plan) and, when applicable, by the Trustee, in
accordance with the requirements of Section 102.

 

		7.	ASSIGNABILITY, DESIGNATION AND SALE OF AWARDS

 

(a)           The
provisions of the Plan with respect to any transfer of Awards shall apply to awards granted pursuant to the Sub-Plan; provided,
however, that any such transfer will be subject to applicable tax withholding.

 

(b)           As
long as Awards or Shares issued or purchased hereunder are held by the Trustee on behalf of the Israeli Participant, all rights
of the Israeli Participant over the Shares cannot be transferred, assigned, pledged or mortgaged, other than by will or laws of
descent and distribution.

 

		8.	INTEGRATION OF SECTION 102 AND APPROVALS FROM THE ITA

 

(a)           With
regard to Trustee 102 Awards, the provisions of the Plan and/or the Sub-Plan and/or the Israeli Award Agreement shall be subject
to the provisions of Section 102 and any approval issued by the ITA and the said provisions shall be deemed an integral part of
the Plan, the Sub-Plan and the Israeli Award Agreement.

 

(b)           Any
provision of Section 102 and/or said approval issued by the ITA which must be complied with in order to receive and/or to maintain
any tax benefit pursuant to Section 102, which is not expressly specified in the Plan, the Sub-Plan or the Israeli Award Agreement,
shall be considered binding upon the Company and the Israeli Participants.

 

    22

     

    

 

		9.	TAX CONSEQUENCES

 

(a)           Any
tax consequences arising from the grant, purchase, exercise, vesting or sale of any Award, from the payment for or sale of Shares
covered thereby or from any other event or act (of the Company, and/or its Affiliates, and the Trustee or the Israeli Participant),
hereunder, shall be borne solely by the Israeli Participant. The Company and/or its Affiliates, and/or the Trustee shall withhold
Tax according to the requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore,
the Israeli Participant agrees to indemnify the Company and/or its Affiliates and/or the Trustee 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 Israeli Participant.

 

(b)           The
Company and/or, when applicable, the Trustee shall not be required to release any Award or Share to an Israeli Participant until
all required Tax payments have been fully made.

 

(c)           Approved
Awards that do not comply with the requirements of Section 102 shall be considered Non-Approved 102 Awards or Awards subject to
tax under Section 3(i) or 2 of the Ordinance.

 

(d)           With
respect to Non-Trustee 102 Awards, if the Israeli Participant ceases to be employed by the Company or any Affiliate, or otherwise
if so requested by the Company or the Affiliate, the Israeli Participant shall extend to the Company and/or the Affiliate a security
or guarantee for the payment of Tax due at the time of sale of Shares, in accordance with the provisions of Section 102.

 

(e)           Should
any provision in the Plan and/or Sub-Plan disqualify the Plan and/or Sub-Plan and/or the Awards granted thereunder from beneficial
tax treatment pursuant to the provisions of Section 102, such provision shall be considered invalid either permanently or until
the ITA provides approval of compliance with Section 102.

 

		10.	ONE TIME BENEFIT

 

The Awards and underlying
Shares are extraordinary, one-time Awards granted to the Participants, and are not and shall not be deemed a salary component for
any purpose whatsoever, including in connection with calculating severance compensation under applicable law, nor shall receipt
of an award entitle a Participant to any future Awards.

 

    23

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