Document:

EX-10.4

 Exhibit 10.4 

ENDOCHOICE HOLDINGS, INC. 

EMPLOYEE STOCK PURCHASE PLAN 

Effective as of May 22, 2015 

 ENDOCHOICE HOLDINGS, INC. 

EMPLOYEE STOCK PURCHASE PLAN 

TABLE OF CONTENTS 
  

							
	 ARTICLE I PURPOSE, SCOPE AND ADMINISTRATION OF THE PLAN
		 	4	  
			
	 1.1.
		Purpose and Scope		 	4	  
		
	 ARTICLE II DEFINITIONS
		 	4	  
			
	 2.1.
		“Agent”		 	4	  
	 2.2.
		“Administrator”		 	4	  
	 2.3.
		“Board”		 	4	  
	 2.4.
		“Code”		 	4	  
	 2.5.
		“Committee”		 	4	  
	 2.6.
		“Common Stock”		 	4	  
	 2.7.
		“Company”		 	4	  
	 2.8.
		“Compensation”		 	4	  
	 2.9.
		“Designated Subsidiary”		 	5	  
	 2.10.
		“Effective Date”		 	5	  
	 2.11.
		“Eligible Employee”		 	5	  
	 2.12.
		“Employee”		 	5	  
	 2.13.
		“Enrollment Date”		 	5	  
	 2.14.
		“Exercise Date”		 	6	  
	 2.15.
		“Exchange Act”		 	6	  
	 2.16.
		“Fair Market Value”		 	6	  
	 2.17.
		“Grant Date”		 	6	  
	 2.18.
		“New Exercise Date”		 	6	  
	 2.19.
		“Offering Period”		 	6	  
	 2.20.
		“Option”		 	7	  
	 2.21.
		“Option Price”		 	7	  
	 2.22.
		“Parent”		 	7	  
	 2.23.
		“Participant”		 	7	  
	 2.24.
		“Payday”		 	7	  
	 2.25.
		“Plan”		 	7	  
	 2.26.
		“Plan Account”		 	7	  
	 2.27.
		“Subsidiary”		 	7	  
	 2.28.
		“Trading Day”		 	7	  
	 2.29.
		“Withdrawal Election”		 	7	  
		
	 ARTICLE III PARTICIPATION
		 	7	  
			
	 3.1.
		Eligibility		 	7	  
	 3.2.
		Election to Participate; Payroll Deductions		 	8	  

  
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	 ARTICLE IV PURCHASE OF SHARES
		 	9	  
			
	 4.1.
		Grant of Option		 	9	  
	 4.2.
		Option Price		 	9	  
	 4.3.
		Purchase of Shares		 	10	  
	 4.4.
		Transferability of Rights		 	10	  
		
	 ARTICLE V PROVISIONS RELATING TO COMMON STOCK
		 	11	  
			
	 5.1.
		Common Stock Reserved		 	11	  
	 5.2.
		Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Corporate Transaction		 	11	  
	 5.3.
		Insufficient Shares		 	12	  
	 5.4.
		Rights as Stockholders		 	12	  
		
	 ARTICLE VI TERMINATION OF PARTICIPATION
		 	12	  
			
	 6.1.
		Cessation of Contributions; Voluntary Withdrawal		 	12	  
	 6.2.
		Termination of Eligibility		 	13	  
		
	 ARTICLE VII GENERAL PROVISIONS
		 	13	  
			
	 7.1.
		Administration		 	13	  
	 7.2.
		Designation of Subsidiary Corporations		 	15	  
	 7.3.
		Reports		 	15	  
	 7.4.
		No Right to Employment		 	15	  
	 7.5.
		Amendment and Termination of the Plan		 	15	  
	 7.6.
		Use of Funds; No Interest Paid		 	16	  
	 7.7.
		Term; Approval by Stockholders		 	16	  
	 7.8.
		Effect Upon Other Plans		 	16	  
	 7.9.
		Conformity to Securities Laws		 	16	  
	 7.10.
		Notice of Disposition of Shares		 	16	  
	 7.11.
		Tax Withholding		 	17	  
	 7.12.
		Governing Law		 	17	  
	 7.13.
		Notices		 	17	  
	 7.14.
		Conditions To Issuance of Shares		 	17	  
	 7.15.
		Equal Rights and Privileges		 	18	  
	 7.16.
		Limitation on Liability		 	18	  
	 7.17.
		Plan Document Controls		 	18	  
	 7.18.
		Severability		 	18	  

  
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 ENDOCHOICE HOLDINGS, INC. 

EMPLOYEE STOCK PURCHASE PLAN 

ARTICLE I 
 PURPOSE, SCOPE AND
ADMINISTRATION OF THE PLAN 
 1.1. Purpose and Scope. The purpose of the EndoChoice Holdings, Inc. Employee Stock Purchase Plan, as
it may be amended from time to time (the “Plan”), is to assist employees of EndoChoice Holdings, Inc., a Delaware corporation (the “Company”), and its Designated Subsidiaries in acquiring a stock ownership interest
in the Company pursuant to a plan which is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and to help such employees provide for their future security and to encourage them to remain in the
employment of the Company and its Subsidiaries. 
 ARTICLE II 

DEFINITIONS 
 Whenever the
following terms are used in the Plan, they shall have the meaning specified below unless the context clearly indicates to the contrary. The singular pronoun shall include the plural where the context so indicates. 

2.1. “Agent” means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained,
appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan. 
 2.2. “Administrator”
shall mean the Committee, or such individuals to which authority to provide administrative services under this Plan has been delegated under Section 7.1 hereof. 

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

2.4. “Code” shall mean the Internal Revenue Code of 1986, as amended. 

2.5. “Committee” shall mean the Compensation Committee of the Board. 

2.6. “Common Stock” shall mean the common stock of the Company. 

2.7. “Company” shall have such meaning as set forth in Section 1.1 hereof. 

2.8. “Compensation” of an Employee shall mean the regular straight-time earnings or base salary, bonuses and commissions paid
to the Employee from the Company on each Payday as compensation for services to the Company or any Designated Subsidiary, before deduction for any salary deferral contributions made by the Employee to any tax-qualified or nonqualified deferred
compensation plan, including overtime, shift differentials, vacation pay, salaried production schedule premiums, holiday pay, jury duty pay, funeral leave pay, paid time off, military pay, prior week adjustments and weekly bonus, but excluding
education or tuition reimbursements, imputed income arising under any group insurance or benefit program, travel expenses, business and moving reimbursements, income received in connection with any stock 

  
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options, restricted stock, restricted stock units or other compensatory equity awards and all contributions made by the Company or any Designated Subsidiary for the Employee’s benefit under
any employee benefit plan now or hereafter established. Such Compensation shall be calculated before deduction of any income or employment tax withholdings, but shall be withheld from the Employee’s net income. 

2.9. “Designated Subsidiary” shall mean each Subsidiary that has been designated by the Committee from time to time in its
sole discretion as eligible to participate in the Plan, including any Subsidiary in existence on the Effective Date and any Subsidiary formed or acquired following the Effective Date, in accordance with Section 7.2 hereof. 

2.10. “Effective Date” shall mean the effective date of the Company’s first registration statement relating to its
initial public offering, provided that the Board has adopted and the Company’s stockholders have approved the Plan prior to or on such date. 

2.11. “Eligible Employee” shall mean an Employee who (a) who customarily works at least twenty (20) hours per week
and is customarily employed for more than five (5) months in a calendar year. Notwithstanding the foregoing, the Committee may exclude from participation in the Plan as an Eligible Employee (x) any Employee that is a “highly
compensated employee” of the Company or any Designated Subsidiary (within the meaning of Section 414(q) of the Code), or that is such a “highly compensated employee” (A) with compensation above a specified level,
(B) who is an officer, and/or (C) is subject to the disclosure requirements of Section 16(a) of the Exchange Act, and/or (y) any Employee who is a citizen or resident of a foreign jurisdiction (without regard to whether such
Employee is also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if either (i) the grant of the Option is prohibited under the laws of the jurisdiction governing such
Employee, or (ii) compliance with the laws of the foreign jurisdiction would cause the Plan or the Option to violate the requirements of Section 423 of the Code; provided that any exclusion in clauses (x) and/or
(y) shall be applied in an identical manner under each Offering Period to all Employees of the Company and all Designated Subsidiaries, in accordance with Treasury Regulation Section 1.423-2(e). 

2.12. “Employee” shall mean any person who renders services to the Company or a Designated Subsidiary as an
“employee” within the meaning of Section 3401(c) of the Code pursuant to an employment relationship with such employer. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the
individual is on military leave, sick leave or other leave of absence approved by the Company or Designated Subsidiary that meets the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three
(3) months, or such other period specified in Treasury Regulation Section 1.421-1(h)(2), and the individual’s right to re-employment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to
have terminated on the first day immediately following such three (3)-month period, or such other period specified in Treasury Regulation Section 1.421-1(h)(2). 

2.13. “Enrollment Date” shall mean the first date of each Offering Period. 

  
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 2.14. “Exercise Date” shall mean the last Trading Day of each Offering Period,
except as provided in Section 5.2 hereof. 
 2.15. “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended. 
 2.16. “Fair Market Value” shall mean, as of any date, the value of Common Stock determined as follows: 

(a) If the Common Stock is (i) listed on any established securities exchange (such as the New York Stock Exchange, the
NASDAQ Global Market and the NASDAQ Global Select Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system, its Fair Market Value shall be the closing sales price for a share of
Common Stock as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Common Stock on the date in question, the closing sales price for a share of Stock on the last preceding date for which such
quotation exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(b) If the Common Stock is not listed on an established securities exchange, national market system or automated quotation
system, but the Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Common
Stock on such date, the high bid and low asked prices for a share of Common Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Administrator deems
reliable; or 
 (c) If the Common Stock is neither listed on an established securities exchange, national market system or
automated quotation system nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith. 

(d) For purposes of the first Enrollment Date of the first Offering Period under the Plan, the Fair Market Value will be the
initial price to the public set forth in the final prospectus included within the registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission for the initial public offering of the Common Stock (the
“Registration Statement”). 
 2.17. “Grant Date” shall mean the first Trading Day of an Offering Period.

 2.18. “New Exercise Date” shall have such meaning as set forth in Section 5.2(b) hereof. 

2.19. “Offering Period” shall mean such period of time commencing on such date(s) as determined by the Administrator, in its
sole discretion, and with respect to which Options shall be granted to Participants. The duration and timing of Offering Periods may be established or changed by the Administrator at any time, in its sole discretion; provided, that unless otherwise
determined by the Administrator, each Offering Period shall be a calendar quarter in duration 

  
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and the first day of each such Offering Period shall be the first Trading Day of such calendar quarter; provided, however, the first Offering Period under the Plan will not commence before the
Company’s Registration Statement is declared effective by the U.S. Securities and Exchange Commission. Notwithstanding the foregoing, in no event may an Offering Period exceed twenty-seven (27) months. 

2.20. “Option” shall mean the right to purchase shares of Common Stock pursuant to the Plan during each Offering Period. 

2.21. “Option Price” shall mean the purchase price of a share of Common Stock hereunder as provided in Section 4.2 hereof. 

2.22. “Parent” means any entity that is a parent corporation of the Company within the meaning of Section 424 of the
Code and the regulations promulgated thereunder. 
 2.23. “Participant” shall mean any Eligible Employee who elects to
participate in the Plan. 
 2.24. “Payday” shall mean the regular and recurring established day for payment of Compensation
to an Employee of the Company or any Designated Subsidiary. 
 2.25. “Plan” shall have such meaning as set forth in
Section 1.1 hereof. 
 2.26. “Plan Account” shall mean a bookkeeping account established and maintained by the Company
in the name of each Participant. 
 2.27. “Subsidiary” shall mean any entity that is a subsidiary corporation of the
Company within the meaning of Section 424 of the Code and the regulations promulgated thereunder. In addition, with respect to any sub-plans adopted under Section 7.1(d) hereof which are designed to be outside the scope of
Section 423 of the Code, Subsidiary shall include any corporate or noncorporate entity in which the Company has a direct or indirect equity interest or significant business relationship. 

2.28. “Trading Day” shall mean a day on which the principal securities exchange on which the Common Stock is listed is open
for trading or, if the Common Stock is not listed on a securities exchange, shall mean a business day, as determined by the Administrator in good faith. 

2.29. “Withdrawal Election” shall have such meaning as set forth in Section 6.1(a) hereof. 

ARTICLE III 
 PARTICIPATION

 3.1. Eligibility. 

(a) Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date for an
Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of Articles IV and V hereof, and the limitations imposed by Section 423(b) of the Code and the regulations promulgated
thereunder. 

  
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 (b) Notwithstanding any provision of the Plan to the contrary, no Eligible
Employee shall be granted an Option under the Plan (i) to the extent that, immediately after the grant of the Option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to
Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary and/or hold outstanding options to purchase stock possessing 5% or more of the total combined voting power or value of all classes of the capital
stock of the Company or any Parent or any Subsidiary, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (within the meaning of Section 423 of the Code) of the Company or any Parent or
Subsidiary accrues (within the meaning of Section 423(b)(8) of the Code) at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined at the time the option is granted) for each calendar year in which such Option is
outstanding at any time, as determined in accordance with Section 423 of the Code and the regulations promulgated thereunder. 
 3.2.
Election to Participate; Payroll Deductions. 
 (a) An Eligible Employee may become a Participant in the Plan only by
means of payroll deduction. Each individual who is an Eligible Employee as of an Offering Period’s Enrollment Date may elect to participate in such Offering Period and the Plan by properly competing a payroll deduction authorization and
submitting it to the Company, in accordance with the enrollment procedures established by the Administrator, in its sole discretion. 

(b) Subject to Section 3.1(b) hereof, by submitting a payroll deduction authorization, the Eligible Employee
authorizes payroll deductions in an amount (i) equal to at least one percent (1%) of the Participant’s Compensation as of each Payday of the Offering Period following the Enrollment Date, but not more than the lesser of
(x) fifteen percent (15%) of the Participant’s Compensation as of each Payday of the Offering Period following the Enrollment Date or (y) $25,000 per Offering Period; and (ii) that shall be expressed as a whole number
percentage. Amounts deducted from a Participant’s Compensation with respect to an Offering Period pursuant to this Section 3.2 shall be deducted each Payday through payroll deduction and credited to the Participant’s Plan
Account. 
 (c) During an Offering Period, a Participant may decrease (to as low as zero) the amount deducted from such
Participant’s Compensation only once. To make such a change, the Participant must submit a new payroll deduction authorization authorizing the new rate of payroll deductions at least ten (10) calendar days before the Exercise Date for such
Offering Period. A Participant may not increase the amount deducted from such Participant’s Compensation during an Offering Period.

  
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 (d) Notwithstanding the foregoing, upon the termination of an Offering Period,
each Participant in such Offering Period shall automatically participate in the immediately following Offering Period at the same payroll deduction percentage as in effect at the termination of the prior Offering Period, unless such Participant
delivers to the Company a different election with respect to the successive Offering Period in accordance with Section 3.1(a) hereof, or unless such Participant becomes ineligible for participation in the Plan. 

(e) No payroll deduction authorization shall become binding upon the Company until it has been accepted by the Administrator.
Only the Administrator is authorized to accept payroll deduction authorizations and the actions of any person other than the Administrator (subject to the Committee’s right to delegate pursuant to Section 7.1(a) hereof) shall be of no
effect. The Administrator shall have the right, in its sole discretion, to reject any payroll deduction authorization that (i) does not comply with the requirements of this Plan or the deadlines, forms or procedures developed by the
Administrator or (ii) is submitted by a person who is not an Eligible Employee or whose status as Eligible Employee is suspended or revoked. Such rejection may be effected by not making payroll deductions under this Plan or, if such deductions
have been made, by returning, without interest, such amounts to the person for whose benefit such deductions were made. The rejection of a payroll deduction authorization for one or more Offering Periods shall not affect the ability or right of the
Administrator to accept or reject a payroll deduction authorization for any subsequent Offering Period. 
 ARTICLE IV 

PURCHASE OF SHARES 
 4.1.
Grant of Option. Each Participant shall be granted an Option with respect to an Offering Period on the applicable Grant Date. Subject to adjustment in accordance with Sections 5.2 and 5.3 hereof and the limitations of Section 3.1(b)
hereof, the number of shares of Common Stock subject to a Participant’s Option shall be determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Exercise Date and retained in the Participant’s
Plan Account on such Exercise Date by (b) the applicable Option Price; provided that in no event shall a Participant be permitted to purchase during each Offering Period more than 5,000 shares of Common Stock. The Committee may, for
future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of Common Stock that a Participant may purchase during such future Offering Periods. Each Option shall expire on the Exercise Date for the
applicable Offering Period immediately after the automatic exercise of the Option in accordance with Section 4.3 hereof, unless such Option terminates earlier in accordance with Article 6 hereof. 

4.2. Option Price. The “Option Price” per share of Common Stock to be paid by a Participant upon exercise of the
Participant’s Option on the applicable Exercise Date for an Offering Period shall be equal to eighty five percent (85%) of the lesser of the Fair Market Value of a share of Common Stock on (a) the applicable Grant Date and
(b) the applicable Exercise Date; provided that in no event shall the Option Price per share of Common Stock be less than the par value per share of the Common Stock. 

  
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 4.3. Purchase of Shares. 

(a) On the applicable Exercise Date for an Offering Period, each Participant shall automatically and without any action on such
Participant’s part be deemed to have exercised his or her Option to purchase at the applicable per share Option Price the largest number of whole shares of Common Stock which can be purchased with the amount in the Participant’s Plan
Account. Any balance less than the per share Option Price that is remaining in the Participant’s Plan Account (after exercise of such Participant’s Option) as of the Exercise Date shall be carried forward to the next Offering Period,
unless the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee. Any balance not carried forward to the next Offering
Period in accordance with the prior sentence promptly shall be refunded to the applicable Participant. For the avoidance of doubt, in no event shall an amount greater than or equal to the per share Option Price as of an Exercise Date be carried
forward to the next Offering Period. 
 (b) As soon as practicable following the applicable Exercise Date, the number of
shares of Common Stock purchased by such Participant pursuant to Section 4.3(a) hereof shall be delivered (either in share certificate or book entry form), in the Company’s sole discretion, to either (i) the Participant or
(ii) an account established in the Participant’s name at a stock brokerage or other financial services firm designated by the Company. If the Company is required to obtain from any commission or agency authority to issue any such
shares of Common Stock, the Company shall seek to obtain such authority. Inability of the Company to obtain from any such commission or agency authority which counsel for the Company deems necessary for the lawful issuance of any such shares
shall relieve the Company from liability to any Participant except to refund to the Participant such Participant’s Plan Account balance, without interest thereon. 

(c) If the Company is prevented by applicable securities laws from selling stock as of any date, no purchase shall be made on
such date and Options shall remain in effect unless withdrawn and the purchases shall occur as soon as practicable after the Administrator determines that restrictions preventing the sale of stock have been removed or otherwise cease to exist;
provided, that such Options shall expire and may not be exercised after the expiration of the twenty-seven (27) month period starting on the Grant Date applicable to such Options. 

4.4. Transferability of Rights. An Option granted under the Plan shall not be transferable, other than by will or the applicable laws
of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant. No option or interest or right to the Option shall be available to pay off any debts, contracts or engagements of the Participant or
his or her successors in interest or shall be subject to disposition by pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any
other legal or equitable proceedings (including bankruptcy), and any attempt at disposition of the option shall have no effect. 

  
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 ARTICLE V 

PROVISIONS RELATING TO COMMON STOCK 

5.1. Common Stock Reserved. Subject to adjustment as provided in Section 5.2 hereof, a total of 126,066 shares of Common
Stock shall be made available for sale under the Plan. Shares of Common Stock made available for sale under the Plan may be authorized but unissued shares, treasury shares of Common Stock, or reacquired shares reserved for issuance under the
Plan. 
 5.2. Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Corporate Transaction. 

(a) Changes in Capitalization. In the event that any dividend or other distribution (whether in the form of cash, Common
Stock, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change in the
Company’s structure affecting the Common Stock occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Committee will, in such manner as it deems
equitable, adjust the number of shares and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each outstanding option under the Plan, and the numerical limits
of Sections 4.1 and 5.1 hereof. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the consummation of such proposed dissolution or
liquidation, unless provided otherwise by the Committee. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each Participant in writing, at least
ten (10) business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New
Exercise Date, unless prior to such date the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee. 

(c) Corporate Transaction. In the event of the occurrence of a merger, consolidation, acquisition of property or stock,
separation, reorganization or other corporate event described in Section 424 of the Code with respect to the Company, each outstanding Option shall be assumed or an equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the Option, any Offering Periods then in progress shall be shortened by setting a New Exercise Date and any Offering
Periods then in progress shall end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed sale or merger. The Administrator shall notify each Participant in writing, at least ten
(10) business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise
Date, unless prior to such date the Participant has elected to withdraw from the Plan pursuant to Section 6.1 hereof or, pursuant to Section 6.2 hereof, such Participant has ceased to be an Eligible Employee. 

  
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 5.3. Insufficient Shares. If the Administrator determines that, on a given Exercise Date,
the number of shares of Common Stock with respect to which Options are to be exercised would exceed the number of shares of Common Stock remaining available for sale under the Plan on such Exercise Date, the Administrator shall make a pro rata
allocation of the shares of Common Stock available for issuance on such Exercise Date in as uniform a manner as shall be practicable and as the Administrator shall determine in its sole discretion to be equitable among all Participants exercising
Options to purchase Common Stock on such Exercise Date, and unless additional shares are authorized for issuance under the Plan, no further Offering Periods shall take place and the Plan shall terminate pursuant to Section 7.5 hereof. If
an Offering Period is so terminated, then the balance of the amount credited to the Participant’s Plan Account which has not been applied to the purchase of shares of Common Stock shall be paid to such Participant in one lump sum in cash within
thirty (30) days after such Exercise Date, without any interest thereon. 
 5.4. Rights as Stockholders. With respect to shares
of Common Stock subject to an Option, a Participant shall not be deemed to be a stockholder of the Company and shall not have any of the rights or privileges of a stockholder. A Participant shall have the rights and privileges of a stockholder
of the Company when, but not until, shares of Common Stock have been deposited in the designated brokerage account following exercise of his or her Option. 

ARTICLE VI 
 TERMINATION OF
PARTICIPATION 
 6.1. Cessation of Contributions; Voluntary Withdrawal. 

(a) A Participant may elect to withdraw from the Plan by delivering written notice of such election to the Company in such form
and at such time prior to the Exercise Date for the then-current Offering Period as may be established by the Administrator (a “Withdrawal Election”). A Participant electing to withdraw from the Plan may elect to either
(i) withdraw all, but not less than all, of the funds then credited to the Participant’s Plan Account as of the date on which the Withdrawal Election is received by the Company (or its designee), in which case amounts credited to such Plan
Account shall be returned to the Participant in one (1) lump-sum payment in cash within thirty (30) days after such election is received by the Company (or its designee), without any interest thereon, and the Participant shall cease to
participate in the Plan and the Participant’s Option for such Offering Period shall automatically terminate. Upon receipt of a Withdrawal Election, the Participant’s payroll deduction authorization and his or her Option to purchase under
the Plan shall terminate. If a Participant withdraws from the Offering Period, payroll deductions will not resume at the beginning of the succeeding Offering Period, unless the Participant re-enrolls in the Plan in accordance with the provisions of
Article 3. 
 (b) A participant’s withdrawal from the Plan shall not have any effect upon his or her eligibility to
participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the Participant withdraws. 

  
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 (c) A Participant who ceases contributions to the Plan during any Offering Period
shall not be permitted to resume contributions to the Plan during that Offering Period. 
 6.2. Termination of Eligibility. Upon a
Participant’s ceasing to be an Eligible Employee, for any reason, such Participant’s Option for the applicable Offering Period shall automatically terminate, he or she shall be deemed to have elected to withdraw from the Plan, and
such Participant’s Plan Account shall be paid to such Participant or, in the case of his or her death, to the person or persons entitled thereto pursuant to applicable law, within thirty (30) days after such cessation of being an Eligible
Employee, without any interest thereon. 
 ARTICLE VII 

GENERAL PROVISIONS 
 7.1.
Administration. 
 (a) The Plan shall be administered by the Committee, which shall be composed of members of the
Board. The Committee may delegate administrative tasks under the Plan to the Administrator to assist in the administration of the Plan, including establishing and maintaining an individual securities account under the Plan for each Participant.
Any person to whom the duty to perform an administrative function is delegated shall act on behalf of and shall be responsible to the Committee for such function. 

(b) It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with the
provisions of the Plan. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 

(i) To establish Offering Periods; 

(ii) To determine when and how Options shall be granted and the provisions and terms of each Offering Period (which need not be
identical); 
 (iii) To select Designated Subsidiaries in accordance with Section 7.2 hereof; 

(iv) To develop such forms and procedures as the Administrator in its discretion deems necessary or helpful to the orderly
administration of this Plan; and 
 (v) To construe and interpret the Plan, the terms of any Offering Period and the terms of
the Options and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to 

  
 13 

 
interpret, amend or revoke any such rules. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, any Offering Period or any Option, in a
manner and to the extent it shall deem necessary or expedient to make the Plan fully effect, subject to Section 423 of the Code and the regulations promulgated thereunder. 

(c) The Administrator may adopt rules or procedures relating to the operation and administration of the Plan to
accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding handling of participation elections,
payroll deductions, payment of interest, conversion of local currency, payroll tax, withholding procedures and handling of stock certificates which vary with local requirements. In its absolute discretion, the Board may at any time and from
time to time exercise any and all rights and duties of the Committee or the Administrator under the Plan. 
 (d) The
Committee may adopt sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The rules of such sub-plans may take precedence over
other provisions of this Plan, with the exception of Section 5.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. 

(e) All expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall be borne
by the Company. The Administrator may, with the approval of the Committee, employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Committee, the Administrator, the Company and its officers and directors shall
be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants, the Company
and all other interested persons. No member of the Board, the Committee or the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the options, and all members
of the Board, the Committee and the Administrator shall be fully protected by the Company in respect to any such action, determination, or interpretation. 

(f) All communications from an Eligible Employee to the Administrator under, or in connection with, this Plan shall be deemed
to have been filed with the Administrator when actually received in the form specified by the Administrator at the location, or by the person, designated by the Administrator for the receipt of such communications. The Administrator, in its sole
discretion, may accept or reject communications not complying with the forms and procedures developed by the Administrator. 

(g) In the event that payroll deductions are made or shares of stock are purchased in error, the Administrator shall take such
action as the Administrator in its absolute discretion deems necessary or appropriate to correct such error as soon as practicable after the Administrator has knowledge of the error. 

  
 14 

 7.2. Designation of Subsidiary Corporations. The Board or Committee shall designate from
among the Subsidiaries, as determined from time to time, the Subsidiary or Subsidiaries that shall constitute Designated Subsidiaries. The Board or Committee may designate a Subsidiary, or terminate the designation of a Subsidiary, without the
approval of the stockholders of the Company. 
 7.3. Reports. Individual accounts shall be maintained by the Administrator for each
Participant in the Plan. Statements of Plan Accounts shall be given by the Administrator to Participants at least annually, which statements shall set forth the amounts of payroll deductions, the Option Price, the number of shares purchased and the
remaining cash balance, if any. 
 7.4. No Right to Employment. Nothing in the Plan shall be construed to give any person (including
any Participant) the right to remain in the employ of the Company, a Parent or a Subsidiary or to affect the right of the Company, any Parent or any Subsidiary to terminate the employment of any person (including any Participant) at any time, with
or without cause, which right is expressly reserved. 
 7.5. Amendment and Termination of the Plan. 

(a) The Board may, in its sole discretion, amend, suspend or terminate the Plan at any time and for any
reason; provided, however, that without approval of the Company’s stockholders given within twelve (12) months before or after action by the Board, the Plan may not be amended to increase the maximum number of shares of Common
Stock subject to the Plan or change the designation or class of Eligible Employees; and provided, further that without approval of the Company’s stockholders, the Plan may not be amended in any manner that would cause the Plan to
no longer be an “employee stock purchase plan” within the meaning of Section 423(b) of the Code. 
 (b)
In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may, to the extent permitted under Section 423 of the Code, in its discretion and,
to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(i) altering the Option Price for any Offering Period including an Offering Period underway at the time of the change in Option
Price; 
 (ii) shortening any Offering Period so that the Offering Period ends on a new Exercise Date, including an Offering
Period underway at the time of the Administrator action; and 
 (iii) allocating shares of Common Stock. 

Such modifications or amendments shall not require stockholder approval or the consent of any Participant. 

  
 15 

 (c) If the Plan is terminated, the Administrator may elect to terminate all
outstanding Offering Periods either immediately or once shares of Common Stock have been purchased on the next Exercise Date (which may, in the discretion of the Administrator, be accelerated). If any Offering Period is terminated before its
scheduled expiration, all amounts that have not been used to purchase shares of Common Stock will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable. 

7.6. Use of Funds; No Interest Paid. All funds received by the Company by reason of purchase of Common Stock under the Plan shall be
included in the general funds of the Company free of any trust or other restriction and may be used for any corporate purpose to the extent permitted by applicable law. No interest shall be paid to any Participant or credited under the Plan.

 7.7. Term; Approval by Stockholders. No Option may be granted during any period of suspension of the Plan or after termination of
the Plan. The Plan shall be submitted for the approval of the Company’s stockholders within twelve (12) months before or after the date of the Board’s adoption of the Plan. Options may be granted prior to such stockholder approval;
provided, however, that such Options shall not be exercisable prior to the time when the Plan is approved by the stockholders; provided, further that if such approval has not been obtained by the end of said twelve (12)-month period, all Options
previously granted under the Plan shall thereupon terminate and be canceled and become null and void without being exercised. 
 7.8.
Effect Upon Other Plans. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company, any Parent or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company,
any Parent or any Subsidiary (a) to establish any other forms of incentives or compensation for Employees of the Company or any Parent or any Subsidiary, or (b) to grant or assume Options otherwise than under the Plan in connection with any proper
corporate purpose, including, but not by way of limitation, the grant or assumption of options in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, firm or
association. 
 7.9. Conformity to Securities Laws. Notwithstanding any other provision of the Plan, the Plan and the participation
in the Plan by any individual who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable exemption rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3
of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

7.10. Notice of Disposition of Shares. Each Participant shall give the Company prompt written notice of any disposition or other
transfer of any shares of Common Stock, acquired pursuant to the exercise of an Option, if such disposition or transfer is made (a) within two (2) years after the applicable Grant Date or (b) within one (1) year after the transfer of such shares of
Common Stock to such Participant upon exercise of such Option. The Company may direct that any certificates evidencing shares acquired pursuant to the Plan refer to such requirement. 

  
 16 

 7.11. Tax Withholding. The Company or any Parent or any Subsidiary shall be entitled to
require payment in cash or deduction from other compensation payable to each Participant of any sums required by federal, state or local tax law to be withheld with respect to any purchase of shares of Common Stock under the Plan or any sale of such
shares. 
 7.12. Governing Law. The Plan and all rights and obligations thereunder shall be construed and enforced in accordance with
the laws of the State of Delaware. 
 7.13. Notices. All notices or other communications by a participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

7.14. Conditions To Issuance of Shares. 

(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or
make any book entries evidencing shares of Common Stock pursuant to the exercise of an Option by a Participant, unless and until the Board or the Administrator has determined, with advice of counsel, that the issuance of such shares of Common Stock
is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange or automated quotation system on which the shares of Common Stock are listed or traded, and the shares
of Common Stock are covered by an effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or the Administrator may require that a Participant make such
reasonable covenants, agreements, and representations as the Board or the Administrator, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. 

(b) All certificates for shares of Common Stock delivered pursuant to the Plan and all shares of Common Stock issued pursuant
to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with federal, state, or foreign securities or other laws, rules and regulations and the rules of any
securities exchange or automated quotation system on which the shares of Common Stock are listed, quoted, or traded. The Administrator may place legends on any certificate or book entry evidencing shares of Common Stock to reference restrictions
applicable to the shares of Common Stock. 
 (c) The Administrator shall have the right to require any Participant to comply
with any timing or other restrictions with respect to the settlement, distribution or exercise of any Option, including a window-period limitation, as may be imposed in the sole discretion of the Administrator. 

  
 17 

 (d) Notwithstanding any other provision of the Plan, unless otherwise determined
by the Administrator or required by any applicable law, rule or regulation, the Company may, in lieu of delivering to any Participant certificates evidencing shares of Common Stock issued in connection with any Option, record the issuance of shares
of Common Stock in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). 
 7.15. Equal Rights
and Privileges. Except with respect to sub-plans designed to be outside the scope of Section 423 of the Code, all Eligible Employees of the Company (or of any Designated Subsidiary) shall have equal rights and privileges under this Plan to
the extent required under Section 423 of the Code or the regulations promulgated thereunder so that this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code or the regulations
promulgated thereunder. Any provision of this Plan that is inconsistent with Section 423 of the Code or the regulations promulgated thereunder shall, without further act or amendment by the Company or the Board, be reformed to comply with the
equal rights and privileges requirement of Section 423 of the Code or the regulations promulgated thereunder. 
 7.16. Limitation on
Liability. Neither the Company nor any affiliate or anyone acting on the behalf of the Company or an affiliate shall be responsible in whole or in part for any act done in good faith or any good faith omission to act. Without limiting the first
sentence, such entities shall not be responsible for any prices at which shares of Stock are purchased or sold, the time at which any purchase or sale is made under this Plan, or the change in value of any class of stock of the Company. 

7.17. Plan Document Controls. In the event of any conflict between the provisions of this Plan and any other document or communication,
this Plan shall control, and the conflicting provisions of such other document or communication shall be null and void ab initio. 
 7.18.
Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the
illegal or invalid provision had not been included. 
 * * * * * * 

I hereby certify that the foregoing EndoChoice Holdings, Inc. Employee Stock Purchase Plan was duly approved by the Board of Directors of
EndoChoice Holdings, Inc. on May 15, 2015. 
 I hereby certify that the foregoing EndoChoice Holdings, Inc. Employee Stock Purchase Plan was
duly approved by the stockholders of EndoChoice Holdings, Inc. on May 22, 2015. 
 Executed on this 5th day of June, 2015. 

 

	
	 /s/ James B. Young, Jr

	 Name:  James B. Young, Jr

Title:    General Counsel and Director of

             Business Development

  
 18EX-10.5

 Exhibit 10.5 

PEER MEDICAL LTD. 
 2010
ISRAELI SHARE OPTION PLAN 
 (As Assumed by ECPM Holdings, LLC and 

Amended and Restated Effective January 4, 2013) 

 PEER MEDICAL LTD. 

2010 ISRAELI SHARE OPTION PLAN 

(As Assumed by ECPM Holdings, LLC and 

Amended and Restated Effective January 4, 2013) 
  

	1.	PURPOSE 

 The purpose of this Share
Option Plan is to secure for the Company and its shareholders the benefits arising from ownership of share capital by employees, officers directors and consultants of the Company and its Affiliates (as defined below), who are expected to contribute
to the Company’s future growth and success. 
  

	2.	DEFINITIONS 

  

	2.1	DEFINED TERMS  

 Initially capitalized terms, as used in
this Plan, shall have the meaning ascribed thereto as set forth below: 
  

			
	“Administrator”		means the Board of Directors of the Company, or a committee to which the Board of Directors shall have delegated power to act on its behalf with respect to the Plan (including, after the Transaction Date, the Compensation Committee
of the Board of Newco). Subject to the Articles of Association of the Company, as may be amended from time to time, the Administrator, if it is a committee, shall consist of such number of members (but not less than two (2)) as may be determined by
the Board.
		
	“Affiliate(s)”		means a present or future company that either (i) Controls the Company or is Controlled by the Company ; or (ii) is Controlled by the same person or entity that Controls the Company.
		
	“Allocate” or “Allocated”		with respect to Options and Shares, means the allocation of Options and/or Shares, as the case may be, by the Company to the Trustee on behalf of a Participant.
		
	“Board of Directors”		means, with respect to Peer Medical, the board of directors of Peer Medical, or, after the Transaction Date, with respect to Newco, means the board of managers of Newco.
		
	“Cause”		means, when used in connection with the termination of a Participant’s employment with, or service to the Company or an Affiliate, as a result of a basis for termination, including, but not limited to: dishonesty toward the
Company or Affiliate, insubordination, substantial malfeasance or nonfeasance of duty, unauthorized disclosure of confidential information, and conduct substantially prejudicial to the business of the Company or Affiliate; or, any substantial breach
by the Participant of (i) his or her employment or service agreement or (ii) any other obligations toward Company or Affiliate.

  
 2 

			
	“Commencement Date”		means the date of commencement of the vesting schedule with respect to a Grant of Options and Grant of Shares which, unless otherwise determined by the Administrator, shall be the date on which such Grant of Options or Grant of
Shares, as applicable, shall be Allocated.
		
	“Company”		means (i) prior to the Transaction Date, Peer Medical Ltd., a company incorporated under the laws of the State of Israel (“Peer Medical”), together with any successor thereto, and (ii) on and after the Transaction Date,
ECPM holdings, LLC, a Delaware limited liability company (as defined herein and below, “Newco”), together with any successor thereto, unless the Administrator determines otherwise.
		
	“Consultant”		means an Israeli resident who is not entitled to receive Options under Section 102, on behalf of whom an Option is Granted under Section 3i.
		
	“Contribution Agreement”		means that certain Contribution Agreement dated as of October 6, 2012 by and among Endochoice, Inc., Peer Medical, Newco, the shareholders of Endochoice and the shareholders of Peer Medical, as it may be amended and/or
restated.
		
	“Control” or “Controlled”		shall have the meaning ascribed thereto in Section 102.
		
	“Disability”		means, unless an individual Grant Letter or other applicable instrument provides otherwise, total and permanent physical or mental impairment or sickness of a Participant, making it impossible for the Participant to continue such
Participant’s employment with or service to the Company or Affiliate.
		
	“Exercise Price”		means, the price determined by the Administrator in accordance with Section 7.1 below which is to be paid to the Company in order to exercise a Granted Option and convert such Option into an Underlying Share.
		
	“Grant Letter”		means a letter from the Company or Affiliate to a Participant in which the Participant is notified of the decision to Grant to the Participant Options or Shares according to the terms of the Plan. The Grant Letter shall specify (i)
the Tax Provision under which the Option is Granted; (ii) the Tax Track that the Company chose according to Section 11 of the Plan (if applicable); (iii) the Exercise Price; and (iv) the number of Options or Shares Granted to the
Participant.
		
	“Grant of Options”		with respect to Options, means the grant of Options by the Company to a Participant pursuant to a Letter of Grant.
		
	“Grant of Shares” or             “Granted Shares”		With respect to Shares, means the grant of Shares, subject to vesting schedule, by the Company to a Participant pursuant to a Letter of Grant.

  
 3 

			
	“Holding Period”		means with regard to Options or Shares Granted under Section 102, the period in which the Allocated Options or Shares granted to a Participant or, upon exercise or vesting thereof the Underlying Shares, are to be held by the Trustee
on behalf of the Participant, in accordance with Section 102, and pursuant to the Tax Track which the Company selects.
		
	“IPO”		means the initial public offering of shares of the Company (or its corporate successor in interests) and the listing of such shares for trading on any recognized stock exchange or over-the-counter or computerized securities trading
system.
		
	“Israeli Participant”		means, an Israeli resident who is an employee, officer or director of the Company or any Affiliate (provided that such person does not Control the Company as such term is defined in the Tax Ordinance), on behalf of whom an Option is
Granted pursuant to Section 102.
		
	“Law”		means U.S. federal laws, the laws of the State of Delaware, and the laws of the State of Israel (without giving effect to conflicts of laws) as are in effect from time to time.
		
	“LLC Agreement”		means that certain First Amended and Restated Limited Liability Company Agreement dated as of January 4, 2013] by and among Newco and the members of Newco, as it may be hereafter further amended and/or restated. In the event of a
conflict between the LLC Agreement and the Plan and/or a Grant Letter, the LLC Agreement shall control, unless the Administrator determines otherwise.
		
	“Merger Transaction”             or “Merger”		(i) a sale of all or substantially all of the assets of the Company; or (ii) a sale (including an exchange) of all or substantially all of the shares of the capital stock of the Company; or (iii) a merger, consolidation or like
transaction of the Company with or into another corporation.
		
	“Newco”		means ECPM Holdings, LLC, a Delaware limited liability company, or any successor thereto.
		
	“Notice of Exercise”		shall have the meaning set forth in Section 7.4 below.
		
	“Option”		means an option to purchase one Share of the Company.
		
	“Non-Qualified Israeli Participant”		means an Israeli resident who is not qualified to receive Options under the provisions of Section 102, on behalf of whom an Option is Granted pursuant to Section 3i.
		
	“Participant”		means an Israeli Participant, or a Non-Qualified Israeli Participant, or a Consultant.
		
	“Peer Medical”		means Peer Medical Ltd., an Israeli company.
		
	“Plan” or “Option Plan”		means this Share Option Plan, as may be amended from time to time, and, specifically, after the Transaction Date, means the Peer Medical Ltd. 2010 Israeli Share Option Plan, as Assumed by Newco LLC and Amended and Restated Effective
January 4, 2013, as it may be further amended and/or restated.

  
 4 

			
		
	“Purchase Price”		means the price determined by the Administrator in accordance with Section 7.1 below which is to be paid to the Company in order to Grant Shares.
		
	“Retirement”		means the termination of a Participant’s employment as a result of his or her reaching the earlier of (i) the age of retirement as defined by Law; or (ii) the age of retirement specified in the Participant’s employment
agreement.
		
	“Section 102”		means Section 102 of the Tax Ordinance.
		
	“Section         102 Rules”		means the Income Tax Rules (Tax Relief for Issuance of Shares to Employees), 2003.
		
	“Section 3(i)” or “Section 3(i) Rules”		means section 3(i) of the Israeli Tax Ordinance and the applicable rules thereto or under applicable regulations.
		
	Series C3 Units		shall have the meaning given such term in the LLC Agreement.
		
	“Share(s)”		means (i) prior to the Transaction Date, an ordinary share of the Company, having a par value of NIS 0.01, or any successor securities thereto, and (ii) after the Transaction Date, the Series C3 Units, or any successor securities
thereto. No other Units of Newco shall be issuable under the Plan other than Series C3 Units. References in the Plan or an Grant Letter to “shares”, “stock”, “shareholder” “stockholder” and similar terms
shall, after the Transaction Date (and unless the Administrator determines otherwise or explicitly stated herein), refer to Class C Units and Newco members holding Class C Units, as applicable.
		
	“Tax Ordinance”		means the Israeli Income Tax Ordinance [New Version], 1961, as amended, and any regulations, rules, orders or procedures promulgated thereunder.
		
	“Tax Track”		means one of the three tax tracks described under Section 102, specifically: (1) the “Capital Gains Track Through a Trustee”; (2) “Income Tax Track Through a Trustee”; or (3) the “Income Tax Track Without a
Trustee”; each as defined in Sections 11.1-11.2 of this Plan, respectively.
		
	“Tax Provision”		means, with respect to the Grant of Options, the provisions of one of the three Tax Tracks in Section 102, or the provisions of 3i.
		
	“Term of the Options”		means, with respect to Granted but unexercised Options, the time period set forth in Section 9 below.

  
 5 

			
	“Transaction Exchange Ratio”		means the number of Series C3 Units of Newco issuable under the Transaction Documents in exchange for any ordinary share of Peer Medical, which ratio shall be 1:1.
		
	“Transactions”		Means those certain transactions contemplated by the Contribution Agreement, the LLC Agreement and related documents and instruments (the “Transaction Documents,” as defined in the Contribution Agreement).
		
	“Transaction Date”		means the date of the consummation of the Transactions.
		
	“Trustee”		means a Trustee appointed by the Company to hold in trust, Allocated Options and the Underlying Shares and/or the Allocated Shares, as the case may be, issued upon exercise of such Options, on behalf of Participants.
		
	“Underlying Shares”		means Shares issued or to be issued upon exercise of Granted Options all in accordance with the Plan.

  

	2.2	GENERAL  

 Without derogating from the meanings ascribed to the
capitalized terms above, all singular references in this Plan shall include the plural and vice versa, and reference to one gender shall include the other, unless otherwise required by the context. 

 

	2.3	PLAN ASSUMPTION 

 In connection with the
Transactions, the Plan was amended and restated by Newco effective January 4, 2013, and all outstanding Options immediately prior to the consummation of the Transactions were assumed by Newco pursuant to the terms of the Contribution Agreement.
Options that are outstanding at the end of the Plan term shall continue in accordance with their terms, unless otherwise determined by the Administrator. No further Options shall be granted under the Plan on or after the Transaction Date, other than
the Options assumed by Newco in connection with the Transactions. 
  

	3.	SHARES AVAILABLE FOR OPTIONS 

The total number of Underlying Shares reserved for issuance under the Plan and any modification thereof, shall be determined from time to time
by the Board of Directors of the Company. Such number of Shares shall be subject to adjustment as required for the implementation of the provisions of the Plan, in accordance with Section 4 below, and to adjustments pursuant to the Transaction
Exchange Ratio. 
 In the event that Options or Shares Allocated under the Plan expire or forfeited or otherwise terminate in accordance with
the provisions of the Plan, such expired or terminated Options or Granted Shares shall become available for future Grants and Allocations under the Plan. 
  

	4.	ADJUSTMENTS 

  

	 	4.1	Bonus Shares 

 In the event that the Company distributes bonus shares and the record date
for such distribution is subsequent to the date of grant of the Options, but prior to their exercise or expiration, the number of Underlying Shares will be increased by the number of Shares each 

  
 6 

 
Participant would have been entitled to had such Participant exercised the Options prior to the record date set for such distribution. The total aggregate Exercise Price of the outstanding
Options will not be changed due to the increase in the number of Underlying Shares the Participant is entitled to following a distribution of bonus Shares. 
  

	 	4.2	Issuance of Rights  

 In the event the Company’s shareholders are issued rights for
the purchase of any securities of the Company, the Company will take actions to cause that such rights be offered on the same terms, mutatis mutandis, also to the Participants who hold Options that have not yet been exercised or expired as if such
Participants have exercised their Options prior to the date determining the right to participate in the issuance of the aforesaid rights. The number of Underlying Shares will not increase as a result of such issuance of rights. 

For the avoidance of doubt the employees’ rights to securities of the Company in the event of a distribution of bonus shares and/or the
issuance of rights as aforesaid, will only apply at the Date of the Exercise. 
  

	 	4.3	Change in Capitalization 

 In the event of a split or a consolidation of Shares, or any
other capital event of a materially similar nature, the Company will make the changes or the adjustments necessary in order to prevent the dilution or increase of the rights of the Participants within the framework of the Plan and following the
Transaction Date, also in the framework of the LLC Agreement with respect to the number and class of the Underlying Shares and/or the Exercise Price of each Option. 
  

	 	4.4	Merger Transaction  

 In the event of a Merger Transaction, unless an individual Grant
Letter or other applicable instrument provides otherwise, the Administrator in its sole discretion shall decide: 
  

	 	(A)	If and how the unvested Options and/or Shares, as the case may be, shall be canceled, replaced or accelerated; 

  

	 	(B)	If and how vested Options and Shares (including Options with respect to which the vesting period has been accelerated according to Section (A)) shall be exercised, replaced and/or sold by the Trustee or the Company (as
the case may be) on the behalf of Israeli Participants; 

  

	 	(C)	How Granted Shares and/or Underlying Shares issued upon exercise of the Options and held by the Trustee on behalf of Participants shall be replaced and/or sold by the Trustee on behalf of the Participant.

  

	 	4.5	Fraction of Shares  

 In any event that the Company will be required to issue to a
Participant fraction of Shares pursuant to this Section 4, the Company will not issue fraction of Shares and the number of Shares shall be rounded down to the closest number of Shares. 

 

	 	4.6	Calculation. 

 For the purposes of this section, the Company’s calculation will be
final, and the Participant shall have no claims or demands against the Company or anyone on its behalf. 

  
 7 

	5.	ADMINISTRATION OF THE PLAN 

  

	5.1	POWER  

 Subject to the Law, the Articles of Association or Certificate of
Formation of the Company, and any resolution to the contrary by the Company’s Board of Directors, and, after the Transaction Date, any restrictions imposed by the LLC Agreement, the Administrator is authorized, in its sole and absolute
discretion, to exercise all powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan (subject to the approval of the Board of Directors if such approval is required by Law)
including, without limitation; 
  

	 	(A)	to determine: 

  

	 	(i)	the Participants in the Plan, the number of Options and/or Shares to be Granted for each Participant’s benefit and the Exercise Price; 

 

	 	(ii)	the time or times at which Options and/or Shares shall be Granted; 

  

	 	(iii)	whether, to what extent, and under what circumstances an Option and/or Granted Share may be settled, canceled, forfeited, exchanged, or surrendered; 

 

	 	(iv)	any terms and conditions in addition to those specified in the Plan under which an Option and/or a Share may be Granted; and 

  

	 	(v)	any measures, and to take actions, as deemed necessary or advisable for the administration and implementation of the Plan. 

  

	 	(vi)	the Exercise Price for any Allocated Option or the Purchase Price for any Allocated Shares; 

  

	 	(B)	to interpret the provisions of the Plan and to take all actions resulting therefrom including without limitation; 

  

	 	(i)	subject to Section 7, to accelerate the date on which any Allocated Option under the Plan becomes exercisable and any Allocated Share become vested and/or cancel any restriction on the sale of Granted Shares;

  

	 	(ii)	to waive or amend Plan provisions relating to exercise of Options, including exercise of Options after termination of employment, for any reason; and 

 

	 	(iii)	to amend any of the terms of the Plan, or any prior determinations of the Administrator; 

  

	5.2	LIMITATIONS 

 Notwithstanding the provisions of Section 5.1 above, no
interpretations, determinations or actions of the Administrator shall contradict the provisions of applicable Law, and no waiver or amendment with respect to the Plan shall have a material adverse affect on any Participant’s rights in
connection with any Granted Option and/or Granted Share under the Plan without receiving the consent of such Participant. 
  

	5.3	FOREIGN OPTIONS PARTICIPANTS. 

Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company operates or has employees,
consultants or other individuals eligible for Options, the Administrator, in its sole discretion, shall have the power and authority to: (i) determine which individuals, if any, outside Israel are eligible to participate in the Plan, whether
such individuals outside Israel were granted Options before the assumption of the Plan by Newco; (ii) modify the terms and conditions of any Option granted to individuals outside Israel to comply with applicable foreign laws;
(iii) establish addendums and other 

  
 8 

 
instruments and modify exercise procedures and other terms and procedures, to the extent the Administrator determines such actions to be necessary or advisable; and (iv) take any action,
before or after an Option is granted, that the Administrator determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Administrator may
not take any actions hereunder, and no Options shall be granted, that would violate any applicable Israeli law. 
  

	6.	GRANT AND ALLOCATION OF OPTIONS AND/OR SHARES

  

	6.1	CONDITIONS FOR GRANT OF OPTIONS AND/OR SHARES 

Options and/or Shares may be Granted at any time after: 
  

	 	(A)	the grant has been approved by the Administrator; and 

  

	 	(B)	all other approvals, consents or requirements necessary by Law have been received or met. 

Provided however, that no Options may be granted on or after the Transaction Date (other than those Options assumed by Newco in connection with
the Transactions). 
  

	6.2	CONDITIONS FOR ALLOCATION OF OPTIONS 

Options may be Allocated at any time after: 
  

	 	(A)	the Plan has been approved by the Administrator; and 

  

	 	(B)	30 days after a request for approval of the Plan has been submitted for approval to the Israeli Income Tax Authorities pursuant to the requirements of the Tax Ordinance; and 

 

	 	(C)	all other approvals, consents or requirements necessary by Law have been received or met. 

  

	6.3	DATE OF GRANT OR ALLOCATION  

  

	 	(a)	The date on which Options and/or Shares, as the case may be, shall be deemed Granted under the Plan shall be the date on which the Company shall notify the Participant in a Grant Letter that such Options or Shares have
been Granted to the Participant or the date specified as the date of grant in the Grant Letter, if specified (“Date of Grant”). 

  

	 	(b)	The date on which Options and/or Shares, as the case may be, shall be deemed Allocated under the Plan shall be the date on which the Company shall notify the Trustee that such Options or Shares, as the case may be, have
been Allocated in the name of the Trustee on behalf of a Participant (“Date of Allocation”). 

  

	6.4	Eligibility for Options 

 The Administrator may grant Options to any Employee, officer,
Director, or Consultant of the Company and its Affiliates. 
  

	6.5	Grant Letters 

  

	 	(a)	Any grant of Options to a Participant shall be made in a form of a Grant Letter and shall include a copy of the Plan. The receipt by a Participant of such Grant Letter shall be deemed a consent by such Participant that
the Option is subject to all the terms and conditions of the Grant Letter and the Plan. 

  
 9 

	 	(b)	The Administrator may include in the Grant Letters any provision, which it deems necessary, in order to adjust the terms of the Grant of Options to applicable laws of the jurisdiction in which Participants reside.

  

	6.6	Material Breach 

 In an event of a material breach by a Participant of the terms of this
Plan or the Grant Letter provided to him or her, and without derogating any of the remedies available to the Company under any applicable law, the Company may, at its sole discretion, after sending a written notice to such Participant, cancel
(without further action or consideration) the right of the Participant to some or all the Options Granted to such Participant. 
  

	7.	EXERCISE OF OPTIONS AND SALE OF SHARES 

 

	7.1	EXERCISE PRICE; PURCHASE PRICE  

The Purchase Price for Granted Share, and the Exercise Price per Underlying Share deliverable upon the exercise of an Option, shall be
determined by the Administrator. The Purchase Price and the Exercise Price shall be set forth in the Grant Letter. 
  

	7.2	VESTING SCHEDULE 

 All Options and Shares
allocated on a certain date shall, subject to continued employment with or service to the Company or Affiliate by the Participant, become (i) vested and exercisable, with respect to Options; and (ii) free from vesting restrictions, with
respect to Shares, in accordance with the vesting schedule as shall be determined by the Administrator for each Participant and detailed in the respective Grant Letter. 
  

	7.3	MINIMUM EXERCISE 

 (A) Unless otherwise
determined by the Administrator, no exercise of Options by any Participant shall be for a quantity of less than 6% of the Granted Options. 

(B) An Option may not be exercised for fractional shares. 

(C) The exercise of a portion of the Options Granted shall not cause the expiration, termination or cancellation of the remaining unexercised
Options held by the Trustee on behalf of the Participant. 
  

	7.4	MANNER OF EXERCISE 

  

	 	7.4.1	An Option may be exercised by and upon the fulfillment of the following: 

  

	 	(A)	Notice of Exercise 

 The signing by the Participant, and delivery to both the Company (at its
principal office) and the Trustee (if the Options are held by a Trustee), of an exercise notice form as prescribed by the Administrator, including but not limited to: (i) the identity of the Participant, (ii) the number of Options to be
exercised, and (iii) the Exercise Price to be paid (the “Notice of Exercise”). 
  

	 	(B)	Exercise Price 

 The payment by the Participant to the Company, in such manner as shall be
determined by the Administrator, of the Exercise Price with respect to all the Options exercised, as set forth in the Notice of Exercise. 

  
 10 

	 	(C)	Allocation of Shares 

 Upon the delivery of a duly signed Notice of Exercise and the payment to
the Company of the Exercise Price with respect to all the Options specified therein, the Company shall issue the Underlying Shares to the Trustee (according to the applicable Holding Period) or to the Participant, as the case may be. 

 

	 	(D)	Expenses 

 All costs and expenses including broker fees and bank commissions, derived from the
exercise of Options or Underlying Shares, shall be borne solely on the Participant. 
  

	 	7.4.2	A Participant who acquires Series C3 Units of Newco upon exercise of an Option on or after the Transaction Date shall be subject to the terms of the LLC Agreement applicable to members holding Series C3 Units. As a
condition to such exercise, each Participant shall execute and deliver such other agreements and joinders to agreements of governing documents of the Company which are applicable to the holders of Shares and to which other holders of equity
securities of the Company are party. It is hereby clarified that the restrictions set forth in the LLC Agreement, which are applicable to Incentive Units (as such term is defined in the LLC Agreement), shall not apply an Option on or after the
Transaction Date. 

  

	 	7.5	VESTED SHARES 

 As soon as administratively
practicable following the applicable Share vesting schedule, and without any notification by the Participant, the Company shall, deliver or cause to be delivered to the Trustee, or if the Holding Period has run and the Participant has requested
release of the Shares, the Participant a certificate or certificates for the applicable vested Shares free from any vesting restrictions. Notwithstanding the above the Company shall not deliver Shares to a Participant unless the latter, prior to, or
concurrently with, such release, provides the Company and the Trustee with evidence, satisfactory in form and substance to the Company and the Trustee, that all taxes, if any, required to be paid upon such release have, in fact, been paid. 

 

	 	7.6	FORFEITURE 

 At the time of the Participant’s
Termination of Employment for any reason, all unvested Shares shall be forfeited as of the date of termination unless otherwise determined by the Administrator in its sole discretion. In the event of any such forfeiture, all such forfeited Shares
shall become the property of the Company or any designee by the Company and any certificate or certificates representing such Shares shall be returned immediately to the Company at no cost, all in accordance with the Law. 

 

	 	7.7	Exercise Restrictions 

 Notwithstanding anything to the contrary herein, in the event
the Participant initiates any legal proceedings to be maintained or instituted against the Company or its respective past, present and future officers, directors, employees, consultants, holders of equity securities, Affiliates, successors and
assigns (the “Representatives”) or participates in any manner in any legal proceedings against the Company or its respective Representatives at any time, the Participant’s right to exercise any unexercised Options granted to such
Participant, whether vested or not on such date, shall cease as of such date and the Options shall thereupon expire 

  
 11 

	8.	WAIVER OF OPTION RIGHTS 

8.1 At any time prior to the expiration of any Granted (but unexercised) Option, a Participant may waive his rights to such Option by a written
notice to the Company’s principal office. Such notice shall specify the number of Options Granted, which the Participant waives, and shall be signed by the Participant. 

8.2 Upon receipt by the Company of a notice of waiver of such rights, such Options shall expire and shall become available for future Grants
and Allocations under the Plan. 
  

	9.	TERM OF THE OPTIONS 

Unless earlier terminated pursuant to the provisions of this Plan, all granted but unexercised Options shall expire and cease to be exercisable
at 5:00 p.m. Israel time on the 10th anniversary of the Commencement Date of such Options. 
  

	10.	TERMINATION OF EMPLOYMENT 

Unless a Grant Letter or other applicable instrument provides otherwise, the following shall apply: 

 

	10.1	TERMINATION OF EMPLOYMENT 

If a Participant ceases to be an employee, director, officer or Consultant of the Company or Affiliate for any reason (“Termination of
Employment”) other than death, Retirement, Disability or Cause, then (A) any vested but unexercised Options on the date of Termination of Employment (as shall be determined by the Company or Affiliate, in its sole discretion), Allocated on
the Participant’s behalf (“Exercisable Options”) may be exercised, if not previously expired, not later than the earlier of (i) 90 days after the date of Termination of Employment; or (ii) the Term of the Options and
(B) any rights upon vested Share shall be delivered to Participant but only to the extent that they were vested within the date his employment terminates. 

All other Granted Options or Shares for the benefit of Participant shall expire upon the date of Termination of Employment. 

 

	10.2	TERMINATION FOR CAUSE 

 (A)
In the event of Termination of Employment of a Participant for Cause, (i) the Participant’s right to exercise any unexercised Options, Granted to such Participant, whether vested or not on the date of Termination of Employment, shall cease
as of such date of Termination of Employment, and the Options shall thereupon expire and (ii) any unvested Shares shall terminate and expire on the day the Participant is notified of his dismissal or on such earlier date as the Administrator
may determine. 
 (B) If subsequent to the Participant’s Termination of Employment, but prior to the exercise of Options Granted to such
Participant, the Administrator determines that either prior or subsequent to the Participant’s Termination of Employment, the Participant engaged in conduct which would constitute Cause, then the Participant’s right to exercise the Options
Granted to such Participant shall immediately cease upon such determination and the Options shall thereupon expire. 
 (C) The determination
by the Administrator as to the occurrence of Cause shall be final and conclusive for all purposes of this Plan. 

  
 12 

	10.3	TERMINATION BY REASON OF DEATH, RETIREMENT, OR DISABILITY 

(A) Death. If Termination of Employment is by reason of death of the Participant, than (A) his/her estate, personal
representative or beneficiaries may, exercise the Participant’s Options, to the extent it was vested within the 60th day after the Participant’s death, at any time but not later than the first to occur of: (i) one (1) year
following Participant’s death; or (ii) the end of the Term of the Options and (B) any rights upon vested Shares shall be delivered to Participant’s estate, personal representative or beneficiaries but only to the extent it was
vested within the 60th day after employment terminates. 
 All other Granted Options or Shares for the benefit of a Participant and which
have not vested within 60 days after the date of Death, shall expire upon the date of Death. 
 (B) Disability and Retirement.
If Termination of Employment is by reason of Retirement or Disability of the Participant, the Participant (A) may exercise any portion of the Options which have vested within 90 days after the date of Retirement or Disability, at any time but
not later than the first to occur of: (i) one (1) year after the date of Retirement or Disability, as the case may be; or (ii) the end of the Term of the Options and (B) shall be entitled to any rights upon vested Shares to be
delivered to Participant’s estate, personal representative or beneficiaries but only to the extent it was vested within the 60th day after employment terminates. 

(C) All other Granted Options or Shares for the benefit of a Participant and which have not vested within 60 days after the date of Disability
or Retirement, as the case may be, shall expire upon the date of Retirement or Disability, as applicable. 
  

	10.4	EXCEPTIONS  

 In special circumstances, pertaining to the Termination of
Employment of a certain Participant, the Administrator may in its discretion decide to extend or modify any of the periods stated above in Sections 10.1-10.3. 
  

	10.5	TRANSFER OF EMPLOYMENT OR SERVICE  

Subject to the receipt of appropriate approvals from the Israeli Tax Authorities, if applicable, a Participant’s right to Options or
Shares that were Granted to him or her under this Plan, shall not be terminated or expire or forfeited solely as a result of the fact that the Participant’s employment or service as an employee, officer or director changes from the Company to
an Affiliate or vice versa. Any and all tax consequence of such a transfer, if any, shall be solely borne by the Participant. 
  

	11.	OPTIONS AND TAX PROVISIONS 

All Options and/or Shares under this Plan shall be Granted in accordance with one of the Tax Provisions as follows: 

 

	 	•	 	The Company may Grant Options and/or Shares to Israeli Participants in accordance with the provisions of Section 102 and the Rules. 

 

	 	•	 	The Company may Grant Options to Non-Qualified Israeli Participants in accordance with the provisions of Section 3(i). 

  

	11.1	TAX PROVISION SELECTION  

 The Company shall
elect under which Tax Provision each Option and/or Share is Granted in accordance with any applicable Law and its sole discretion – i.e. the Company shall elect if to Grant Options and/or Shares to Participants under one of the three
Section 102 Tax 

  
 13 

 
Tracks, or with respect to Options under the provisions of Section 3i. The Company shall notify each Participant in the Grant Letter, under which Tax Provision the Options and/or Shares are
Granted and, if applicable, under which Section 102 Tax Track, each Option is Granted. 
  

	11.2	SECTION 102 TRUSTEE TAX TRACKS 

If the Company elects to Grant Options and/or Shares to Israeli Participants through (i) the Capital Gains Track Through a Trustee, or
(ii) the Income Tax Track Through a Trustee, then, in accordance with the requirements of Section 102, the Company shall appoint a Trustee who will hold in trust on behalf of each Israeli Participant the Allocated Options and/or Shares and
the Underlying Shares issued upon exercise or vesting of such Options and/or Shares in trust on behalf of each Israeli Participant. 
 The
Holding Period for the Options and/or Shares will be as follows: 
  

	 	(A)	The Capital Gains Tax Track Through a Trustee – if the Company elects to Allocate the Options and/or Shares according to the provisions of this track, then the Holding Period will be: 24 months from the date
of Allocation; or such period as may be determined in any amendment of Section 102. 

  

	 	(B)	Income Tax Track Through a Trustee – if the Company elects to Allocate Options and/or Shares according to the provisions of this track, then the Holding Period will be 12 months from the date of Allocation;
or such period as may be determined in any amendment of Section 102. 

 Subject to Section 102 and the Rules,
Participants shall not be able to receive from the Trustee, nor shall they be able to sell or dispose of the Granted Shares or Underlying Shares before the end of the applicable Holding Period. If a Participant sells or removes the Granted Shares or
the Underlying Shares form the Trustee before the end of the applicable Holding Period (“Breach”), the Participant shall pay all applicable taxes imposed on such Breach by Section 7 of the Rules. 

In the event of a distribution of rights, including an issuance of bonus shares, in connection with Options and/or the Shares originally
Allocated (the “Additional Rights”), all such Additional Rights shall be Allocated and/or issued to the Trustee for the benefit of Participants, and shall be held by the Trustee for the remainder of the Holding Period applicable to the
Options and/or Granted Shares, as applicable, originally Allocated. Such Additional Rights shall be treated in accordance with the provisions of the applicable Tax Track. 
  

	11.3	INCOME TAX TRACK WITHOUT A TRUSTEE  

If the Company elects to Grant Options and/or Shares to Israeli Participants according to the provisions of this track, then the Options and/or
Shares will not be subject to a Holding Period. However, upon exercise of Options or vesting of Granted Shares under this Tax Track, the Trustee shall hold such Granted Shares and/or Underlying Shares for the benefit of the Israeli Participant in
accordance with the provisions of Section 15 of this Plan. 
  

	11.4	CONCURRENT CONDITIONS 

 The Holding Period,
if any, is in addition to the vesting period with respect to Options, and restriction period, with respect to Shares, as specified in Section 7.2 of the Plan (or in the Grant Letter). The Holding Period and vesting period may run concurrently,
but neither is a substitute for the other, and each are independent terms and conditions for Options Granted and Shares Granted. 

  
 14 

	11.5	TRUST AGREEMENT  

 The terms and conditions applicable to
the trust relating to the Tax Track selected by the Company, as appropriate, shall be set forth in an agreement signed by the Company and the Trustee (the “Trust Agreement”). 

 

	12.	TERM OF SHARES HELD IN TRUST 

No Shares issued by the Company to the Trustee, nor Underlying Shares issued upon exercise of Options, shall be held by the Trustee on behalf
of the Participant for a period longer than ten (10) years after the end of the Term of the Options. The Administrator shall instruct the Trustee as to the transfer of these Shares. 

 

	13.	RIGHTS AS A SHAREHOLDER  

  

	 	13.1	VOTING RIGHTS 

 Until consummation of the Company’s IPO, Underlying Shares and
Granted Shares, in each case issued to a Participant or to the Trustee for the benefit of a Participant, shall be voted by an irrevocable proxy assigned to the CEO or any other representative who shall be appointed by the Company’s Board of
Directors as a representative (the “Representative”). 
  

	 	(A)	The Company’s Board of Directors may, at its discretion, replace the Representative from time to time. 

  

	 	(B)	Shares subject to proxy shall be voted by the Representatives on any issue or resolution brought before the shareholders of the Company in the same proportion as the vote of the other outstanding Shares of the Company
(i.e. if 80% of the other outstanding Shares of the Company will be voted in favor of certain resolution, and 20% will be voted against, the Shares subject to proxy will be voted in the same manner). 

 

	 	(C)	Each Participant, upon execution of the irrevocable proxy specified above, undertakes to hold the Representative harmless from any and all claims related or connected to said proxy. 

 

	 	(D)	The Representative shall be indemnified and held harmless by the Company against any cost or expense (including attorneys’ fees) reasonably incurred by the Representative, or any liability (including any sum paid
in settlement of a claim with the approval of the Company) arising out of any act or omission to act in connection with the voting of the Shares subject to proxy, unless arising out of the Representative’s own fraud or gross negligence, to the
extent permitted by applicable law. In the event the Representative shall have indemnification by virtue of other functions or services he or she performs for the Company or Affiliate (whether by agreement, insurance policy or decision of the
appropriate corporate body(ies) of the Company and/or Affiliate) , this indemnification shall be in addition to any such other indemnification. 

  

	 	13.2	DIVIDEND 

 The Participants shall be entitled to receive any cash dividend paid to the
shareholders of the Company with respect to Granted Shares and/or Underlying Shares issued to them under this Plan, provided that following the Transaction Date, such entitlement shall be subject to the terms of the

  
 15 

 
LLC Agreement. Payments of such dividend to the Participants shall be subject to any required tax being withheld or otherwise deducted by the Trustee or the Company, as agreed between the Company
and the Trustee. 
  

	14.	NO SPECIAL EMPLOYMENT RIGHTS 

Nothing contained in this Plan shall confer upon any Participant any right with respect to the continuation of employment by or service to the
Company or Affiliate or to interfere in any way with the right of the Company or Affiliate, to terminate such employment or service or to increase or decrease the compensation of the Israeli Participant. 

No Participant shall have any claim or demand with respect to any of the Options, except according to the specific terms of the Grant Letter
provided to him or her by the Company. 
  

	15.	RESTRICTIONS ON SALE OF OPTIONS AND SHARES  

 

	15.1	OPTIONS 

 Options may not be sold, assigned, transferred,
pledged, hypothecated or otherwise disposed of, except by will or the laws of descent. 
  

	15.2	SHARES  

 Unless otherwise determined by the Administrator, prior to the
Company’s IPO, Underlying Shares and/or Granted Shares may not be sold assigned, transferred, pledged, hypothecated or otherwise disposed of, except as stated below in this Section 15. At any time, following the Transaction Date,
Underlying Shares and/or Granted Shares may not be sold assigned, transferred, pledged, hypothecated or otherwise disposed of, except in accordance with the LLC Agreement and all other agreements to which the Company and the Participant are party.
Any disposition of Underlying Shares and/or Granted Shares carried out by Participants before an IPO, without the Administrator’s prior written approval, shall be null and void. Unless otherwise determined by the Administrator, any Underlying
Shares issued upon exercise of Options, Granted under any of the tax tracks detailed in Section 11 above, will be held by the Trustee until the earlier to occur of a Merger, as detailed in Section 15.3 below, or an IPO. 

 

	15.3	ACCELERATION PROVISION 

 The Administrator,
in its sole discretion, may decide to add a provision in certain Grant Letters, according to which in case of a Merger or IPO, all or some of the unvested Options or/and Shares, shall automatically accelerate. 

 

	15.4	LOCK UP 

 Notwithstanding the Holding
Period, if the Company engages in a financing transaction, or conducts a public offering, at the request of the investors in such transaction or underwriters, as the case may be, the Administrator may determine that the Granted Shares and the
Underlying Shares issued pursuant to the exercise of Options may be subject to a lock-up period of up to180 days, or such longer period of time as may be recommended by the Company’s Board, during which time Participants shall not be allowed to
sell Shares. 
  

	16.	TAX MATTERS 

 16.1
This Plan shall be governed by, and shall conform with and be interpreted so as to comply with, the requirements of Section 102 and any written approval from the Israeli Tax 

  
 16 

 
Authorities. All tax consequences under any applicable law (other than stamp duty) which may arise from the Grant or Allocation of Shares and/or Options, from the exercise of Options or from the
holding or sale of Granted Shares and/or Underlying Shares (or other securities issued under the Plan) by or on behalf of the Participant, shall be borne solely on the Participant. The Participant shall indemnify the Company and/or Affiliate and /or
the Trustee, as the case may be, and hold them harmless, against and from any liability for any such tax or any penalty, interest or indexing. 

16.2 If the Company elects to Allocate Options and/or Shares according to the provisions of the Income Tax Track Without a Trustee (Section
11.2 of this Plan), and if prior to the Exercise of any and/or all of these Options or sale of such Granted Shares, such Participant ceases to be an employee, director, or officer of the Company or Affiliate, the Participant shall deposit with the
Company a guarantee or other security as required by law, in order to ensure the payment of applicable taxes upon the Exercise of such Options and/or sale of Granted Shares, as the case may be. 

 

	17.	WITHHOLDING TAXES 

17.1 Whenever an amount with respect to withholding tax relating to Options and/or Shares Granted to a Participant and/or Underlying Shares
issued upon the exercise thereof is due from the Participant and/or the Company and/or an Affiliate, the Company and/or an Affiliate and/or the Trustee shall have the right to demand from a Participant such amount sufficient to satisfy any
applicable withholding tax requirements related thereto, and whenever Shares or any other non-cash assets are to be delivered pursuant to the exercise of an Option and the sale of Granted Shares, or transferred thereafter, the Company and/or an
Affiliate and/or the Trustee shall have the right to require the Participant to remit to the Company and/or to the Affiliate, or to the Trustee an amount in cash sufficient to satisfy any applicable withholding tax requirements related thereto, and
if such amount is not timely remitted, the Company and/or the Affiliate and/or the Trustee shall have the right to withhold or set-off (subject to Law) such Shares or any other non-cash assets pending payment by the Participant of such amounts. 

17.2 Until all taxes have been paid in accordance with Rule 7 of the Section 102 Rules, Granted Shares, Options and/or Underlying Shares
may not be sold, transferred, assigned, pledged, encumbered, or otherwise willfully hypothecated or disposed of, and no power of attorney or deed of transfer, whether for immediate or future use may be validly given. Notwithstanding the foregoing,
the Granted Shares, Options and/or Underlying Shares may be validly transferred in accordance with Section 20 below, provided that the transferee thereof shall be subject to the provisions of Section 102 and the Section 102 Rules as
would have been applicable to the deceased Participant were he or she to have survived. 
  

	18.	NO TRANSFER OF OPTIONS 

The Trustee shall not transfer Options to any third party, including a Participant, except in accordance with instructions received from the
Administrator. 
  

	19.	TRANSFER OF RIGHTS UPON DEATH 

No transfer of any Granted Share or right to an Option or Underlying Share issued upon the exercise thereof by will or by the laws of descent
shall be effective to bind the Company unless the Company shall have been furnished with the following signed and notarized documents: 

  
 17 

	 	(A)	A written request for such transfer and a copy of the legal documents creating and confirming the right of the person acting with respect to the Participant’s estate and of the transferee; 

 

	 	(B)	A written consent by the transferee to pay any amounts in connection with the Granted Shares, Options and Underlying Shares any payment due according to the provisions of the Plan and otherwise abide by all the terms of
the Plan; and 

  

	 	(C)	any such other evidence as the Administrator may deem necessary to establish the right to the transfer of the Granted Share, Option or Underlying Share issued upon the exercise thereof and the validity of the transfer.

  

	20.	[DELETED] 

  

	21.	EXPENSES AND RECEIPTS 

The expenses incurred in connection with the administration and implementation of the Plan (including any applicable stamp duty) shall be borne
by the Company. Any proceeds received by the Company in connection with the Allocation of Shares or exercise of any Option may be used for general corporate purposes. 
  

	22.	REQUIRED APPROVALS 

The Plan is subject to the receipt of all approvals required under the Tax Ordinance, and the Law. 

 

	23.	APPLICABLE LAW 

 This
Plan and all documents delivered or executed by the Company or Affiliate in connection herewith shall be governed by, and construed and administered in accordance with the Law. 

 

	24.	TREATMENT OF PARTICIPANTS 

There is no obligation for uniformity of treatment of Participants. 
  

	25.	NO CONFLICTS  

 In the event of any conflict between
the terms of the Plan and the Grant Letter (including but not limited to any instruments related thereto, or modifying, a Grant Letter), the Plan shall prevail, unless the Grant Letter stated specifically that the conflicting provision in the Grant
Letter shall prevail. 
  

	26.	PARTICIPANT UNDERTAKINGS 

By entering into this Plan, the Participant shall (1) agree and acknowledge that he or she have received and read the Plan and the Grant
Letter; (2) undertake all the provisions set forth in: Section 3i or Section 102 as applicable (including provisions regarding the applicable Tax Track that the Company has selected), the Plan, the Grant Letter and the Trust Agreement
(if applicable); and (3) if the Options are Granted under Section 102, the Israeli Participant shall undertake that subject to the provisions of Section 102 and the Rules, he or she shall not to sell or release the Shares or
Underlying Shares from trust before the end of the Holding Period (if any). 
 *  *  * 

  
 18 

 PEER MEDICAL LTD. 

GLOBAL ADDENDUM - NON-ISRAELI AND NON-US
TAXPAYERS 
 TO 2010 ISRAELI SHARE OPTION
PLAN 
 (As Assumed by ECPM Holdings, LLC and 

Amended and Restated Effective January 4, 2013) 
  

	1.	Purpose. 

 (a) This addendum (the “Addendum”) is part of Peer
Medical Ltd. 2010 Israeli Share Option Plan, As Assumed by ECPM Holdings, LLC and Amended and Restated Effective January 4, 2013 (the “Plan”). Capitalized terms not otherwise defined herein shall have the meaning assigned to
them in the Plan. 
 (b) This Addendum Addendum governs grants and applies to any and all Options granted by the Company to Eligibile
Participants (as defined below). The purpose of this Addendum is to establish certain rules and limitations applicable to an Option that was granted to Elgibile Participants, in compliance with applicable law (including securities law).
“Eligible Participant” means selected employees, officers, directors, consultants, advisers and independent contractors of the Company or any parent or subsidiary of the Company, who are not subject to taxation on their worldwide
income in the State of Israel and/or in the United States of America, to whom Options were granted or shall be granted under the Plan and the Addendum by the Administrator 

(c) The provisions of the Addendum shall supersede and govern in the case of any inconsistency between the provisions of the Addendum and the
provisions of the Plan, provided, however, that this Addendum shall not be construed to grant any rights not consistent with the terms of the Plan, unless specifically provided herein. 

 

	2.	Grant of Option.  

 (a) Except as otherwise provided by this Addendum, all Options
made pursuant to this Addendum shall be governed by the terms of the Plan. Every Option granted to an Eligible Participant shall be evidenced by a Grant Letter, including but not limited to any related instrument that modifies or alters the terms of
a Grant Letter, in such form as the Administrator shall approve from time to time. 
 (b) Nothing in the Plan and the Addendum shall be
construed as an obligation of the company to grant the Options under any specific tax track or the entitlement of the Eligible Participant to any tax benefits in connection of the Options under the applicable law. 

 

	3.	Tax Consequences. 

 Any tax consequences (including any stamp duty) arising from the grant or
exercise of any Option, from the issuance of the Underlying Shares by the Company, from the sale of the Underlying Shares by the Eligible Participant or from any other event or act (of the Company, and/or its Affiliates, and the Eligible
Participant), hereunder, shall be borne solely by the Eligible Participant. The Company and/or its Affiliates or any other person on their behalf, shall be entitled to withhold taxes according to the requirements under the applicable law including
withholding taxes at source. Furthermore, the Eligible Participant shall agree to indemnify the Company and/or its Affiliates or any other person on their behalf 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 Eligible Participant. The Company or any of its Affiliates or any other
person on their behalf may make such provisions and take such steps as it may deem necessary or appropriate for the 

  
 19 

 
withholding of all taxes required by the applicable law to be withheld with respect to Options granted under the Plan and the exercise or vesting or sale thereof, including, but not limited, to
(i) deducting the amount so required to be withheld from any other amount then or thereafter payable to an Eligible Participant, and/or (ii) requiring an Eligible Participant to pay to the Company or any of its Affiliates or any other
person on their behalf the amount so required to be withheld as a condition of the issuance, delivery, distribution or release of any Underlying Shares, and/or (iii) by causing the exercise of Option and/or the sale of Underlying Shares held by
or on behalf of an Eligible Participant to cover such liability, up to the amount required to satisfy minimum statuary withholding requirements. In addition, the Eligible Participant will be required to pay any amount that exceeds the tax to be
withheld and remitted to the tax authorities, pursuant to the applicable law. 
  

	4.	Governing Law and Jurisdiction. 

 The Plan, the Addendum, the Grant Letter and all documents
delivered or executed by the Company or Affiliate in connection herewith shall be governed by, and construed and administered in accordance with the Law. 

*  *  * 

  
 20 

 PEER MEDICAL LTD. 

U.S. ADDENDUM 

TO 2010 ISRAELI SHARE OPTION PLAN 

(As Assumed by ECPM Holdings, LLC and 

Amended and Restated Effective January 4, 2013) 
  

	1.	Purpose. 

 (a) This addendum (the “U.S. Addendum”) is part of of
Peer Medical Ltd. 2010 Israeli Share Option Plan, As Assumed by ECPM Holdings, LLC and Amended and Restated Effective January 4, 2013 (the “Plan”). Capitalized terms not otherwise defined herein shall have the meaning assigned
to them in the Plan. 
 (b) The U.S. Addendum governs grants and applies to any and all Options granted by the Company to Eligibile
Participants who are United States citizens or who are resident aliens of the United States of America for United States for federal income tax purposes. 

(c) The purpose of this U.S. Addendum is to establish certain rules and limitations applicable to an Option that was be granted to Elgibile
Participants, in compliance with applicable law (including securities law). 
 (d) The provisions of the U.S. Addendum shall supersede and
govern in the case of any inconsistency between the provisions of the U.S. Addendum and the provisions of the Plan, provided, however, that this U.S. Addendum shall not be construed to grant any rights not consistent with the terms of the Plan,
unless specifically provided herein. 
  

	2.	Definitions. 

 The following additional definitions will apply to Options made pursuant to this
U.S. Addendum: 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. 

“Eligible Participant” means selected consultants, advisers and independent contractors of the Company or any parent or subsidiary of the
Company, who are United State citizens or who are resident aliens of the United States of America for United States federal income tax purposes, to whom Options were granted or shall be granted under the Plan and the U.S. Addendum by the
Administrator. 
 “Law” means the laws of the State of Israel and the laws of the United States of America and the State of Delaware, in
each case as are in effect from time to time. 
  

	3.	Grant of Option.  

 (a) Except as otherwise provided by this U.S. Addendum, all
Options made pursuant to this U.S. Addendum shall be governed by the terms of the Plan. Every Option granted to an Eligible Participant shall be evidenced by a Grant Letter, including but not limited to any related instrument that modifies or alters
the terms of a Grant Letter, in such form as the Administrator shall approve from time to time. 
 (b) All Options granted pursuant to the
Plan and the U.S. Addendum are intended to be non-qualified stock options, and are not intended to be treated as “Incentive Stock Options” that comply with Section 422 of the Code. 

  
 21 

	4.	Tax Consequences. 

 Any tax consequences arising from the grant or exercise of any Option, from
the issuance of the Underlying Shares by the Company, from the sale of the Underlying Shares by the Eligible Participant or from any other event or act (of the Company, and/or its Affiliates, and the Eligible Participant), hereunder, shall be borne
solely by the Eligible Participant. The Company and/or its Affiliates or any other person on their behalf, shall be entitled to withhold taxes according to the requirements under the Code or any applicable law including withholding taxes at source.
Furthermore, the Eligible Participant shall agree to indemnify the Company and/or its Affiliates or any other person on their behalf 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 Eligible Participant. The Company or any of its Affiliates or any other person on their behalf may make
such provisions and take such steps as it may deem necessary or appropriate for the withholding of all taxes required by the applicable law to be withheld with respect to Options granted under the Plan and the exercise or vesting or sale thereof,
including, but not limited, to (i) deducting the amount so required to be withheld from any other amount then or thereafter payable to an Eligible Participant, and/or (ii) requiring an Eligible Participant to pay to the Company or any of
its Affiliates or any other person on their behalf the amount so required to be withheld as a condition of the issuance, delivery, distribution or release of any Underlying Shares, and/or (iii) by causing the exercise of Option and/or the sale
of Underlying Shares held by or on behalf of an Eligible Participant to cover such liability, up to the amount required to satisfy minimum statuary withholding requirements. In addition, the Eligible Participant will be required to pay any amount
that exceeds the tax to be withheld and remitted to the tax authorities, pursuant to the applicable law. 
  

	5.	Governing Law and Jurisdiction. 

 The Plan, the Addendum, the Grant Letter and all documents
delivered or executed by the Company or Affiliate in connection herewith shall be governed by, and construed and administered in accordance with the Law. 

*  *  * 

  
 22

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