Document:

Exhibit 10.4

 

NYXOAH S.A.

 

2013 SHARE INCENTIVE PLAN

 

1.       Purpose

 

The purpose of this 2013 Share Incentive Plan
(the “Plan”) of Nyxoah S.A., a Belgian corporation (the “Company”), is to advance the interests of the Company’s
shareholders by enhancing the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important
contributions to the Company by providing such persons with equity ownership opportunities and performance-based incentives and thereby
better aligning the interests of such persons with those of the Company’s shareholders. Except where the context otherwise requires,
the term “Company” shall include any of the Company’s present or future Subsidiary Corporations. “Subsidiary Corporation”
means any corporation (other than the employer corporation) in an unbroken chain of corporations beginning with the employer corporation
if, at the time of the offering and/or granting of the warrant, each of the corporations other than the last corporation in the unbroken
chain owns shares possessing 50 percent or more of the total combined voting power of all classes of shares in one of the other corporations
in such chain. (When appearing in this Plan, the terms “offer” and “grant” are to be interpreted according to
the laws and/or tax regulations of the appropriate jurisdiction that govern such transactions.)

 

2.       Eligibility

 

All of the Company’s employees, officers,
directors, consultants and advisors (and any individuals who have accepted an offer for employment or to provide professional services
to the Company) are eligible to be offered and/or granted warrants, restricted stock awards, or other stock-based awards (each, an “Award”)
under the Plan. Each person who has been offered and/or granted an Award under the Plan shall be deemed a “Participant”.

 

3.       Administration,
Delegation

 

(a)       Administration
by Board of Directors. The Plan will be administered by the Board of Directors of the Company (the “Board”). The Board
shall have authority to offer and/or grant Awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating
to the Plan as it shall deem advisable. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan
or any Award in the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final
judge of such expediency. All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding
on all persons having or claiming any interest in the Plan or in any Award. No director or person acting pursuant to the authority delegated
by the Board shall be liable for any action or determination relating to or under the Plan made in good faith.

 

(b)       Delegation
to Executive Officers. To the extent permitted by applicable law, the Board may delegate to one or more executive officers of the
Company the power to make Awards and exercise such other powers under the Plan as the Board may determine, provided that the Board shall
fix the maximum number of shares subject to Awards and the maximum number of shares for any one Participant to be made by such executive
officers.

 

(c)       Appointment
of Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers under the Plan to one or
more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board” shall
mean the Board or a Committee of the Board or the executive officer referred to in Section 3(b) to the extent that the Board’s powers
or authority under the Plan have been delegated to such Committee or executive officer.

 

     

     

    

 

4.       Shares
Available for Awards

 

(a)       Number
of Shares. Subject to adjustment under Section 8, Awards may be made under the Plan for up to 340 ordinary shares of the Company (the
 “Ordinary Shares”). If any Award expires or is terminated, surrendered or canceled without having been fully exercised or
is forfeited in whole or in part or results in any Ordinary Shares not being issued, the unused Ordinary Shares covered by such Award
shall again be available for the offer and/or grant of Awards under the Plan. Shares issued under the Plan may consist in whole or in
part of authorized but unissued shares or treasury shares.

 

5.       Warrants

 

(a)       General.
The Board may offer and/or grant warrants to purchase Ordinary Shares (each, a “Warrant”) and determine the number of Ordinary
Shares to be covered by each Warrant, the exercise price of each Warrant and the conditions and limitations applicable to the exercise
of each Warrant.

 

(b)       Exercise
Price. The Board shall establish the exercise price at the time each Warrant is offered and/or granted and specify it in the applicable
warrant agreement.

 

(c)       Duration
of Warrants. Each Warrant shall be exercisable at such times and subject to such terms and conditions as the Board may specify in
the applicable warrant agreement.

 

(d)       Exercise
of Warrant. Warrants may be exercised by delivery to the Company of a written notice of exercise signed by the proper person or by
any other form of notice (including electronic notice) approved by the Board together with payment in full as specified in Section 5(e)
for the number of shares for which the Warrant is exercised.

 

(e)       Payment
Upon Exercise. Ordinary Shares purchased upon the exercise of an Warrant granted under the Plan shall be paid for as follows:

 

(1)       in
cash, bank transfer or by check, payable to the order of the Company;

 

(2)       except
as the Board may, in its sole discretion, otherwise provide in a warrant agreement, by (i) delivery of an irrevocable and unconditional
undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price or (ii) delivery by
the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to
the Company cash or a check sufficient to pay the exercise price;

 

(3)       when
the Ordinary Shares are registered under the Securities Act of 1933 (USA), as amended and/or any other applicable law under any other
jurisdiction (the “Securities Act”), by delivery of the Ordinary Shares owned by the Participant valued at their fair market
value as determined by (or in a manner approved by) the Board in good faith (“Fair Market Value”), provided (i) such method
of payment is then permitted under applicable law and (ii) such Ordinary Shares were owned by the Participant at least six months prior
to such delivery;

 

(4)       to
the extent permitted by the Board, in its sole discretion by (i) delivery of a promissory note of the Participant to the Company on terms
determined by the Board, or (ii) payment of such other lawful consideration as the Board may determine; or

 

(5)       by
any combination of the above permitted forms of payment.

 

     

     

    

 

6.       Restricted
Stock

 

(a)       Offers
/ Grants. The Board may offer and/or grant Awards entitling recipients to acquire Ordinary Shares, subject to the right of the Company
to repurchase all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares
if issued at no cost) from the recipient in the event that conditions specified by the Board in the applicable Award are not satisfied
prior to the end of the applicable restriction period or periods established by the Board for such Award (each, a “Restricted Stock
Award”).

 

(b)       Terms
and Conditions. The Board shall determine the terms and conditions of any such Restricted Stock Award, including the conditions for
repurchase (or forfeiture) and the issue price, if any. Any stock certificates issued in respect of a Restricted Stock Award shall be
registered in the name of the Participant and, unless otherwise determined by the Board, deposited by the Participant, together with a
stock power endorsed in blank, with the Company (or its designee). At the expiration of the applicable restriction periods, the Company
(or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or if the Participant has
died, to the beneficiary designated, in a manner determined by the Board, by a Participant to receive amounts due or exercise rights of
the Participant in the event of the Participant’s death (the “Designated Beneficiary”). In the absence of an effective
designation by a Participant, Designated Beneficiary shall mean the Participant’s estate.

 

7.       Other
Stock-Based Awards

 

The Board shall have the right
to offer and/or grant other Awards based upon the Ordinary Shares having such terms and conditions as the Board may determine, including
the offer and/or grant of shares based upon certain conditions, the offer and/or grant of securities convertible into Ordinary Shares
and the offer and/or grant of stock appreciation rights.

 

8.       Adjustments
for Changes in Ordinary Shares and Certain Other Events

 

(a)       Changes
in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of
shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any distribution to holders of
Ordinary Shares other than a normal cash dividend, (i) the number and class of securities available under this Plan, (ii) the
number and class of securities and exercise price per share subject to each outstanding Warrant, (iii) the repurchase price per
share subject to each outstanding Restricted Stock Award, and (iv) the terms of each other outstanding Award shall be
appropriately adjusted by the Company (or substituted Awards may be made, if applicable) to the extent the Board shall determine, in
good faith, that such an adjustment (or substitution) is necessary and appropriate. If this Section 8(a) applies and Section 8(c)
also applies to any event, Section 8(c) shall be applicable to such event, and this Section 8(a) shall not be applicable.

 

     

     

    

 

(b)       Liquidation
or Dissolution. In the event of a proposed liquidation or dissolution of the Company, the Board shall upon written notice to the Participants
provide that all then unexercised Warrants will (i) become exercisable in full as of a specified time at least 10 business days prior
to the effective date of such liquidation or dissolution and (ii) terminate effective upon such liquidation or dissolution, except to
the extent exercised before such effective date. The Board may specify the effect of a liquidation or dissolution on any Restricted Stock
Award or other Award granted under the Plan at the time of the grant of such Award.

 

(c)       Acquisition
and Change in Control Events

 

(1)       Definitions

 

(a)       An
 “Acquisition Event” shall mean:

 

		(i)	any merger or consolidation of the Company with or into another entity as a result of which the Ordinary
Shares are converted into or exchanged for the right to receive cash, securities or other property; or

 

		(ii)	any exchange of shares of the Company for cash, securities or other property pursuant to a statutory share
exchange transaction.

 

(b)       A
 “Change in Control Event” shall mean:

 

		(i)	the acquisition by an individual, entity or group (including but not limited to in the event that two
or more persons act as partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of
securities) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person
beneficially owns 50% or more of either (x) the then-outstanding ordinary shares of the Company (the “Outstanding Company Ordinary
Shares”) or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election
of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection
(i), the following acquisitions shall not constitute a Change in Control Event: (A) any acquisition directly from the Company (excluding
an acquisition pursuant to the exercise, conversion or exchange of any security
exercisable for, convertible into or exchangeable for ordinary shares or voting securities of the Company, unless the Person exercising,
converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company), (B)
any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by
the Company, or (C) any acquisition by any corporation pursuant to a Business Combination (as defined below) which complies with clauses
(x) and (y) of subsection (iii) of this definition; or

 

		(ii)	the consummation of a merger, consolidation, reorganization, recapitalization or statutory share exchange
involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”),
unless, immediately following such Business Combination, each of the following two conditions is satisfied: (x) all or substantially all
of the individuals and entities who were the beneficial owners of the Outstanding Company Ordinary Shares and Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding
ordinary shares and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors,
respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation
which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one
or more subsidiaries), (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially
the same proportions as their ownership of the Outstanding Company Ordinary Shares and Outstanding Company Voting Securities, respectively,
immediately prior to such Business Combination and (y) no Person (excluding the Acquiring Corporation or any employee benefit plan (or
related trust) maintained or sponsored by the Company or by the Acquiring Corporation beneficially owns, directly or indirectly, 50% or
more of the then-outstanding ordinary shares or common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding
securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed
prior to the Business Combination).

 

     

     

    

 

		(c)	“Good Reason” shall mean any significant diminution in the Participant’s title, authority,
or responsibilities from and after such Acquisition Event or Change in Control Event, as the case may be, or any reduction in the annual
cash compensation payable to the Participant from and after such Acquisition Event or Change in Control Event, as the case may be, or
the relocation of the place of business at which the Participant is principally located to a location that is greater than 50 miles from
the current site.

 

		(d)	“Cause” shall mean any (i) willful failure by the Participant, which failure is not cured
within 30 days of written notice to the Participant from the Company, to perform his or her material responsibilities to the Company or
(ii) willful misconduct by the Participant which affects the business reputation of the Company. The Participant shall be considered to
have been discharged for “Cause” if the Company determined, within 30 days after the Participant’s resignation, that
discharge for Cause was warranted.

 

(2)       Effect
on Warrants

 

		(a)	Acquisition Event. Upon the occurrence of an Acquisition Event (regardless of whether such event
also constitutes a Change in Control Event), or the execution by the Company of any agreement with respect to an Acquisition Event (regardless
of whether such event will result in a Change in Control Event), the Board shall provide that all outstanding Warrants shall be assumed,
or equivalent warrants shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof); provided that if such
Acquisition Event also constitutes a Change in Control Event, except to the extent specifically provided to the contrary in the instrument
evidencing any Warrant or any other agreement between a Participant and the Company, (A) one-half of the number of shares subject to the
Warrant which were not already vested shall be exercisable upon the occurrence of such Acquisition Event and, subject to (B) below, the
remaining one-half of such number of shares shall continue to become vested in accordance with the original vesting schedule set forth
in such warrant, with one-half of the number of shares that would otherwise have first become vested becoming so vested on each subsequent
vesting date in accordance with the original schedule and (B) such assumed or substituted warrants shall become immediately exercisable
in full if, on or prior to the first anniversary of the date of the consummation of the Acquisition Event, the Participant’s employment
with the Company or the acquiring or succeeding corporation is terminated for Good Reason by the Participant or is terminated without
Cause by the Company or the acquiring or succeeding corporation. For purposes hereof, a Warrant shall be considered to be assumed if,
following consummation of the Acquisition Event,
the Warrant confers the right to purchase, for each Ordinary Share subject to the Warrant immediately prior to the consummation of the
Acquisition Event, the consideration (whether cash, securities or other property) received as a result of the Acquisition Event by holders
of Ordinary Shares for each Ordinary Share immediately prior to the consummation of the Acquisition Event (and if holders were offered
a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Ordinary Shares); provided,
however, that if the consideration received as a result of the Acquisition Event is not solely ordinary shares or common stock of the
acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation,
provide for the consideration to be received upon the exercise of Warrants to consist solely of ordinary shares or common stock of the
acquiring or succeeding corporation (or an affiliate thereof) equivalent in fair market value to the per share consideration received
by holders of outstanding Ordinary Shares as a result of the Acquisition Event.

  

     

     

    

 

Notwithstanding the
foregoing, if the acquiring or succeeding corporation (or an affiliate thereof) does not agree to assume, or substitute for, such Warrants,
then the Board shall, upon written notice to the Participants, provide that all then unexercised Warrants will become exercisable in full
as of a specified time prior to the Acquisition Event and will terminate immediately prior to the consummation of such Acquisition Event,
except to the extent exercised by the Participants before the consummation of such Acquisition Event; provided, however, in the event
of an Acquisition Event under the terms of which holders of Ordinary Shares will receive upon consummation thereof a cash payment for
each Ordinary Share surrendered pursuant to such Acquisition Event (the “Acquisition Price”), then the Board may instead provide
that all outstanding Warrants shall terminate upon consummation of such Acquisition Event and that each Participant shall receive, in
exchange therefor, a cash payment equal to the amount (if any) by which (A) the Acquisition Price multiplied by the number of Ordinary
Shares subject to such outstanding Warrants (whether or not then exercisable), exceeds (B) the aggregate exercise price of such Warrants.

 

		(b)	Change in Control Event that is not an Acquisition Event. Upon the occurrence of a Change in Control
Event that does not also constitute an Acquisition Event, except to the extent specifically provided to the contrary in the instrument
evidencing any Warrant or any other agreement between a Participant and the Company, the vesting schedule of such Warrant shall be accelerated
in part so that one-half of the number of shares that
would otherwise have first become vested on any date after the date of the Change in Control Event shall immediately become exercisable.
The remaining one-half of such number of shares shall continue to become vested in accordance with the original vesting schedule set forth
in such Warrant, with one-half of the number of shares that would otherwise have first become vested becoming so vested on each subsequent
vesting date in accordance with the original schedule; provided, however, that each such Warrant shall be immediately exercisable in full
if, on or prior to the first anniversary of the date of the consummation of the Change in Control Event, the Participant’s employment
with the Company or the acquiring or succeeding corporation is terminated for Good Reason by the Participant or is terminated without
Cause by the Company or the acquiring or succeeding corporation.

  

     

     

    

 

(3)       Effect
on Restricted Stock Awards

 

		(a)	Acquisition Event that is not a Change in Control Event. Upon the occurrence of an Acquisition
Event that is not a Change in Control Event, the repurchase and other rights of the Company under each outstanding Restricted Stock Award
shall inure to the benefit of the Company’s successor and shall apply to the cash, securities or other property which the Ordinary
Shares were converted into or exchanged for pursuant to such Acquisition Event in the same manner and to the same extent as they applied
to the Ordinary Shares subject to such Restricted Stock Award.

 

		(b)	Change in Control Event. Upon the occurrence of a Change in Control Event (regardless of whether
such event also constitutes an Acquisition Event), except to the extent specifically provided to the contrary in the instrument evidencing
any Restricted Stock Award or any other agreement between a Participant and the Company, the vesting schedule of all Restricted Stock
Awards shall be accelerated in part so that one-half of the number of shares that would otherwise have first become free from conditions
or restrictions on any date after the date of the Change in Control Event shall immediately become free from conditions or restrictions.
Subject to the following sentence, the remaining one-half of such number of shares shall continue to become free from conditions or restrictions
in accordance with the original schedule set forth in such Restricted Stock Award, with one-half of the number of shares that would otherwise
have first become free from conditions or restrictions becoming free from conditions or restrictions on each subsequent vesting date in
accordance with the original schedule. In addition, each such Restricted Stock Award shall immediately become free from all conditions
or restrictions if, on or prior to the first anniversary of the date of the consummation
of the Change in Control Event, the Participant’s employment with the Company or the acquiring or succeeding corporation is terminated
for Good Reason by the Participant or is terminated without Cause by the Company or the acquiring or succeeding corporation.

  

     

     

    

 

(4)       Effect
on Other Awards

 

		(a)	Acquisition Event that is not a Change in Control Event. The Board shall specify the effect of
an Acquisition Event that is not a Change in Control Event on any other Award granted under the Plan at the time of the grant of such
Award.

 

		(b)	Change in Control Event. Upon the occurrence of a Change in Control Event (regardless of whether
such event also constitutes an Acquisition Event), except to the extent specifically provided to the contrary in the instrument evidencing
any other Award or any other agreement between a Participant and the Company, the vesting schedule of all other Awards shall be accelerated
in part so that one-half of the number of shares that would otherwise have first become exercisable, realizable, vested or free from conditions
or restrictions on any date after the date of the Change in Control Event shall immediately become exercisable, realizable, vested or
free from conditions or restrictions. Subject to the following sentence, the remaining one-half of such number of shares shall continue
to become exercisable, realizable, vested or free from conditions or restrictions in accordance with the original schedule set forth in
such Award, with one-half of the number of shares that would otherwise have first become exercisable, realizable, vested or free from
conditions or restrictions becoming so exercisable, realizable, vested or free from conditions or restrictions on each subsequent vesting
date in accordance with the original schedule. In addition, each such Award shall immediately become fully exercisable, realizable, vested
or free from conditions or restrictions if, on or prior to the first anniversary of the date of the consummation of the Change in Control
Event, the Participant’s employment with the Company or the acquiring or succeeding corporation is terminated for Good Reason by
the Participant or is terminated without Cause by the Company or the acquiring or succeeding corporation.

 

		(5)	Limitations. Notwithstanding the foregoing provisions of this Section 8c if the Change in Control
Event is intended to be accounted for as a “pooling of interests” for financial accounting purposes, and if the acceleration
to be effected by the foregoing provisions of this Section 8(c) would preclude accounting for the Change in Control Event as a “pooling
of interests” for financial accounting purposes, then no such acceleration shall occur upon the Change in Control Event.

 

		(6)	Notwithstanding anything stipulated above, the Board may adopt, on a case by case basis of respective
Participants, such provisions derogating from the provisions of the effect of an Acquisition Event and/or Change in Control Event on Awards
as stipulated above, and which such amended and/or derogated provisions shall be deemed to override and be superior to the provisions
contained herein, all to be specifically implemented in the respective Award and/or the related agreement with the Participant.

 

     

     

    

 

9.       General
Provisions Applicable to Awards

 

(a)       Transferability
of Awards. Except as the Board may otherwise determine or provide in an Award, Awards shall not be sold, assigned, transferred, pledged
or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws
of descent and distribution, and, during the life of the Participant, shall be exercisable only by the Participant. References to a Participant,
to the extent relevant in the context, shall include references to authorized transferees.

 

(b)       Documentation.
Each Award shall be evidenced by a written instrument in such form as the Board shall determine. Each Award may contain terms and conditions
in addition to those set forth in the Plan.

 

(c)       Board
Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other Award.
The terms of each Award need not be identical, and the Board need not treat Participants uniformly.

 

(d)       Termination
of Status. The Board shall determine the effect on an Award of the disability, death, retirement, authorized leave of absence or other
change in the employment or other status of a Participant and the extent to which, and the period during which, the Participant, the Participant’s
legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award.

 

(e)       Withholding.
Each Participant shall pay to the Company, or make provision satisfactory to the Board for payment of, any taxes and/or social security
contributions required by law to be withheld in connection with Awards to such Participant no later than the date of the event creating
the tax and/or social security liability. Except as the Board may otherwise provide in an Award, when the Ordinary Shares are registered
under the Securities Act, Participants may, to the extent then permitted under applicable law, satisfy such tax and/or social security
obligations in whole or in part by delivery of Ordinary Shares, including shares retained from the Award creating the tax and/or social
security obligation, valued at their Fair Market Value. The Company may, to the extent permitted by law, deduct any such tax and/or social
security obligations from any payment of any kind otherwise due to a Participant.

 

(f)       Amendment
of Award. The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another
Award of the same or a different type, changing the date of exercise or realization, provided that the Participant’s consent to
such action shall be required unless the Board determines that the action, taking into account any related action, would not materially
and adversely affect the Participant.

 

(g)       Conditions
on Delivery of Shares. The Company will not be obligated to deliver any Ordinary Shares pursuant to the Plan or to remove restrictions
from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of
the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance and delivery
of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and
regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Company may
consider appropriate to satisfy the requirements of any applicable laws, rules or regulations.

 

(h)       Acceleration.
The Board may at any time provide that any Warrants shall become immediately exercisable in full or in part, that any Restricted Stock
Awards shall be free of restrictions in full or in part or that any other Awards may become exercisable in full or in part or free of
some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be.

 

     

     

    

 

10.       Provisions
relating to Israeli Employees and/or Directors and/or Office Holders

 

Notwithstanding anything stipulated in the Plan,
the following conditions shall be superior to any provision of the Plan in relation to employees and/or directors and/or office holders
(“Nosei Misra” - as such term is defined in the Israeli Companies Law) of the Company and/or its affiliate residing
and exercising their employment in Israel and who has been deemed to be a Participant (hereinafter the “Israeli Participant”).

 

(a)       Warrants
granted under the Plan to an Israeli Participant may contain such terms as will allow the Warrants and the Ordinary Shares purchased pursuant
to the Plan to be recognized (hereinafter “Eligible Warrants”) pursuant to Section 102 of the Israel Income Tax Ordinance
(New Version), as amended (the “Ordinance”) and to comply with the Ordinance and its regulations and the Income Tax
Rules (Tax Benefits in Share Issuances to Employees) 5363¬2003 (the “Rules”).

 

(b)      Eligible
Warrants, Warrants and/or Ordinary Shares, as the case may be, shall be held in escrow for the benefit of such Israeli Participant by
an escrow agent approved by the Israeli Tax Authority (the “ITA”) for such purpose (the “Escrow Agent”).

 

(c)       Application
of section 102 of the Ordinance:

 

(i)       Warrants
and/or Ordinary Shares, as the case may be, granted to Israeli Participants who are deemed to be a “Controlling Shareholder”,
as such term is defined in Section 32(i) of the Ordinance, shall be subject to Section 3(i) of the Ordinance, as shall apply from time
to time. The Board shall have the absolute discretion to decide whether Warrants and/or Ordinary Shares granted pursuant to Section 3(i)
of the Ordinance shall be held with the Escrow Agent.

 

(ii)       The
Escrow Agent and each Israeli Participant in the Plan shall comply with the Ordinance and Rules and with the escrow agreement entered
into between the Company and the Escrow Agent.

 

     

     

    

 

(iii)       Without
derogating from the aforementioned, the Board shall have the authority to determine the specific procedures and conditions of the trusteeship
with the Escrow Agent in a separate agreement between the Company and the Escrow Agent.

 

(iv)       The
Eligible Warrants, Warrants and/or Ordinary Shares, as the case may be, and any underlying rights (including bonus shares and dividends
), shall be issued to and held by the Escrow Agent for the benefit of the Israeli Participant in accordance with the provisions of Section
102 of the Ordinance (under the tax route chosen by the Company) and the provisions of the Rules at least for the period required by the
Ordinance and the Rules, or such other period as may be required by the ITA. All rights accruing out of and/or resulting from the Eligible
Warrants, Warrants and/or Ordinary Shares, as the case may, including, but not limited to bonus shares, shall be vested with the Escrow
Agent until the end of the holding period prescribed by the Ordinance and/or the Rules.

 

(v)       After
the required holding period and subject to any further period included in this Plan, or the warrant agreement with the Israeli Participant,
the Escrow Agent may release the Eligible Warrants, Warrants and/or Ordinary Shares, as the case may be to the Israeli Participant only
after the receipt by the Escrow Agent of an acknowledgment from the ITA that the Israeli Participant has paid or will pay any applicable
tax due pursuant to the Ordinance and Rules.

 

(vi)      The
validity of any order given to the Escrow Agent by the Israeli Participant shall be subject to the approval of the Company. The Company
shall render its decision regarding whether to approve orders given by any Israeli Participant to the Escrow Agent within a reasonable
period of time. The Company shall not be required to approve any order which is incomplete, is not in accordance with the provisions of
this Plan and the relevant warrant agreement or which the Company believes should not be executed for any reasonable reason. The Company
shall notify the Israeli Participant of the reason for not approving his order. Approval by the Company of any order given to the Escrow
Agent by an Israeli Participant shall not constitute proof of the Company’s recognition of any right of such Escrow Agent.

 

(vii)       Israeli
Participants shall pay the Exercise Price upon exercise of any Eligible Warrants, Warrants and/or Ordinary Shares, as the case may be
in cash or its equivalent or, subject to prior approval by ITA, any other method specified in the Plan.

 

(viii)       In
the event a stock dividend and/or bonus shares is declared on the Eligible Warrants, Warrants and/or Ordinary Shares, as the case may
be according to section 8(a) of the Plan, such dividend shares shall be subject to the provisions of this Plan and the holding period
for such dividend shares shall be measured from the commencement of the holding period for the Eligible Warrants, Warrants and/or Ordinary
Shares, as the case may be, from which the dividend was declared.

 

(ix)       According
to today’s laws, the exemption under Section 102 of the Ordinance shall be forfeited and the Israeli Participant shall be
required to pay any applicable tax promptly at such time as (i) the Company or the Israeli Participant fail to comply with one or
more of the conditions for the exemption as required by the Ordinance, Rules or ITA; or (ii) the ITA withdraws or cancels the
exemption for the Plan or for the particular Israeli Participant. Notwithstanding the loss of an exemption, the Escrow Agent shall
continue to hold the Eligible Warrants, Warrants and/or Ordinary Shares, as the case may be (to the extent the Warrant remains
exercisable following termination of employment) for the remainder of the applicable holding period under Section 102 of the
Ordinance.

 

(x)       Notwithstanding
the aforesaid, an Israeli Participant shall not be entitled to the issuance or exercise the Eligible Warrants, Warrants and/or Ordinary
Shares, including, but not limited to declared dividends and/or bonus shares, as the case may be, prior to the end of the holding period
by the Escrow Agent, in accordance with the tax route elected by the Company.

 

     

     

    

 

(d)       All
tax, duties and levies liabilities regarding the issue and/or exercise and/or the transfer, waiver, or expiration and/or the disposal
of the Eligible Warrants, Warrants and/or Ordinary Shares, including, but not limited to declared dividends and/or bonus shares, as the
case may be, shall be borne by the Israeli Participant and in the event of death of such Israeli Participant, by their heirs, all in accordance
with the tax route elected by the Company.

 

Neither the Company nor any
Subsidiary Corporation nor the Escrow Agent shall be required to bear the aforementioned taxes, duties and/or levies liabilities, directly
or indirectly, nor shall they be required to gross up such taxes, duties and/or levies liabilities in the Israeli Participant’s
salaries or remuneration. The applicable taxes, duties and/or levies liabilities shall be deducted from the proceeds of disposal of the
Eligible Warrants, Warrants and/or Ordinary Shares or shall be paid to the Escrow Agent or to the Company, as the case may be, by the
Israeli Participant. The Company is also entitled to withhold taxes, duties and/or levies liabilities in accordance with relevant law,
rules and regulations.

 

Without derogating from the
above, the Eligible Warrants, Warrants and/or Ordinary Shares which are granted to Israeli Participants shall be subject to the provisions
of Section 102 of the Ordinance, as shall apply from time to time, and the Rules promulgated thereunder. The Board shall have the absolute
discretion to choose between any available tax routes to the Israeli Participant under Section 102 of the Ordinance, subject to the provisions
of the Ordinance.

 

The Israeli Participant shall
agree and undertake to indemnify the Escrow Agent and the Company and its Subsidiary Corporations and hold each of them harmless against
and from any taxes, duties and/or levies liability, including interest and/or fines of any type and/or linkage differentials in respect
of such taxes, duties and/or levies liability and/or withheld tax and penalties thereon, which may be incurred as a result of the granting
or exercise of an Eligible Warrant or the issuance of Ordinary Shares pursuant to such Warrants.

 

The Company’s or the
Escrow Agent’s obligation to deliver Ordinary Shares upon the exercise of an Award or to sell or transfer Ordinary Shares is subject
to payment (or provision of payment satisfactory to the Board) by the Israeli Participant of all taxes, duties and/or levies liability
due under any applicable law.

 

The ramifications of any future
modification of any applicable law regarding the taxation of Eligible Warrants, Warrants and/or Ordinary Shares granted to Israeli Participants
shall apply to the Israeli Participants accordingly and such Israeli Participants shall bear the full cost thereof, unless such modified
laws expressly provide otherwise. For the avoidance of doubt, should the applicability of such taxing arrangements to this Plan or to
securities issued in the framework thereof be conditioned on an application by the Company or by the Escrow Agent that same shall apply,
the Company shall be entitled to decide, at its absolute discretion, whether to apply such taxing arrangements and to instruct the Escrow
Agent to act accordingly.

 

     

     

    

 

11.       Miscellaneous

 

(a)       No
Right To Employment or Other Status. No person shall have any claim or right to be offered and/or granted an Award, and the offer
and/or grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with
the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant
free from any liability or claim under the Plan, except as expressly provided in the applicable Award.

 

(b)       No
Rights As Shareholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have any
rights as a shareholder with respect to any Ordinary Shares to be distributed with respect to an Award until becoming the record holder
of such shares. Notwithstanding the foregoing, in the event the Company effects a split of the Ordinary Shares by means of a stock dividend
and the exercise price of and the number of shares subject to such Warrant are adjusted as of the date of the distribution of the dividend
(rather than as of the record date for such dividend), then a Participant who exercises a Warrant between the record date and the distribution
date for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to the Ordinary Shares
acquired upon such Warrant exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the
record date for such stock dividend.

 

(c)       Effective
Date and Term of Plan. The Plan shall become effective on the date on which it is adopted by the Board. No Awards shall be offered
and/or granted under the Plan after the completion of ten years from the earlier of (i) the date on which the Plan was adopted by the
Board or (ii) the date the Plan was approved by the Company’s shareholders, but Awards previously offered and/or granted may extend
beyond that date.

 

(d)       Amendment
of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time.

 

(e)       Governing
Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with the laws of
the Belgium, without regard to any applicable conflicts of law. Any dispute arising out of or in connection with the Plan and any related
Award, including any question regarding its existence, validity or termination, shall be settled by the Courts of Brussels (Belgium).

 

(f)       Tax
Consequences. Any tax consequences arising from the offer, grant or exercise of any warrant, from the payment for shares covered
thereby or from any other event or act, hereunder, shall be borne solely by Participant. The Company shall withhold taxes according
to the requirements of the applicable laws, rules, and regulations, including the withholding of taxes and social security
contributions at source. Furthermore, the Participant shall indemnify the Company and hold it harmless against and from any and all
liability for any such tax or social security contribution as well as any related interest or penalty thereon, including without
limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the
Participant.

 

The Company shall not be required
to release any shares certificate to any Participant or record an entry on its share register indicating ownership of shares by a Participant
until all required payments have been fully made.Exhibit 10.5

 

NYXOAH SA

 

Rue du Fond Cattelain 2

 

1435 Mont-Saint-Guibert

 

Register of Legal Entities Nivelles

 

VAT: BE 0817.149.675

 

(the “Company”)

 

2016 WARRANTS PLAN

 

		1	Definitions

 

For the purposes of this Plan, the following
terms shall have the following meaning:

 

“Articles of Association”
means the articles of association of the Company.

 

“Beneficiary” means
a person duly designated by the Holder, be it his spouse or his legal heirs, to exercise the rights of the Holder under this Plan after
the decease of the Holder. Designation, revocation and re-designation of a Beneficiary shall be done in writing. In the absence of any
valid designation, the heirs of the Holder will, in accordance with the applicable laws of inheritance, be deemed to be the Beneficiary.
In case there are several heirs, all heirs acting jointly, or a person designated by all heirs acting jointly, will be deemed to be the
Beneficiary.

 

“Board of Directors”
means the board of directors of the Company.

 

“Change of Control”
(Changement de contrôle ) has the meaning set out in the Articles of Association

 

“Common Share” means
a common share (“Action Ordinaire”) in the Company.

 

“Company” means NYXOAH
SA, a company limited by shares subject to Belgian law (“société anonyme” ), with registered office at
Rue du Fond Cattelain 2, 1435 Mont-Saint-Guibert, Belgium and registered with the Register of Legal Entities (Nivelles) under number 0817.149.675.

 

“Control” (Contrôle)
has the meaning set out in the Articles of Association.

 

“Controlling Shareholder”
has the meaning as set out in Clause 7.

 

“Deemed Liquidation
Event” means (i) sale, lease transfer, exclusive license or other disposition of all or substantially all of the
Company’s assets (including for the avoidance of doubt the material intellectual property rights of the Company and its
Subsidiaries (if any)) or Shares, in a single transaction or series of related transactions, (ii) transaction or series of
transactions resulting in a Change of Control over the shareholding of the Company (meaning a transaction as a result of which a
third party acquires the exclusive Control over the company), or (iii) merger, reverse merger or consolidation (with or into another
entity) in which outstanding Shares of the Company or Subsidiary are exchanged for securities or other consideration issued, or
caused to be issued, by the acquiring company or its Subsidiary and in which the shareholders of the Company immediately prior to
the transaction do not own a majority of the shares of the surviving entity.

 

     

     

    

 

“Eligible Warrants”
has the meaning as set out in Clause 7.

 

“End of Mandate”
means the effective date of the termination, for whatsoever reason, of (i) the employment contract between the concerned Holder and any
Group Company, (ii) the director’s mandate exercised by the concerned Holder with any Group Company, or (iii) the services
or other collaboration agreement between the concerned Holder and any Group Company. Such termination will not imply the “End of
Mandate”, however, if the termination of the relationship with the concerned Group Company is accompanied by the simultaneous entering
into of an employment agreement with another Group Company, by the simultaneous appointment as a director of another Group Company, or
by the simultaneous entering into of a services agreement with another Group Company.

 

“Escrow Agent” has
the meaning as set out in Clause 7.

 

“Exercise Period”
means any of the periods during which, in accordance with Clause 6.2 of this Plan, the Holder can exercise Warrants granted to him/her
so as to obtain Common Shares.

 

“Final Exercise Date”
means the last date of the last Exercise Period.

 

“Group Companies”
means the Company and its Subsidiaries from time to time.

 

“Holder” means a
physical person or a legal entity to whom the Company has granted Warrants and who/that has completely or partially accepted these Warrants.

 

“IPO” means an initial
public offering of the Company’s Shares.

 

“Israeli Participant”
has the meaning as set out in Clause 7.

 

“ITA” has the meaning
as set out in Clause 7.

 

“Liquidation Event”
means a liquidation, dissolution, winding up or bankruptcy of the Company.

 

“Ordinance” has the
meaning as set out in Clause 7.

 

“Plan” means this
2016 Warrants Plan regarding warrants issued by the Company.

 

“Rules” has the meaning
as set out in Clause 7.

 

“Series A Preferred Shares”
(“Actions Préférentielles de Catégorie A”) has the meaning set out in the Articles of Association.

 

“Series B Preferred Shares”
(“Actions Préférentielles de Catégorie B”) has the meaning set out in the Articles of Association.

 

“Share” means any
share in the Company irrespective of the series it belongs to (on the date of this Plan, either Common Shares, Series A Preferred Shares
or Series B Preferred Shares).

 

“Subsidiary” has
the meaning as set out in Article 6 of the Companies Code.

 

“Warrant” means a
subscription right regarding a newly to be issued Common Share, issued and granted on the basis of this Plan.

 

    2 

     

    

 

		2	Object and purpose of the Plan

 

Each Warrant shall entitle its Holder
to subscribe for one (1) Common Share upon exercise of the Warrant, under the terms and conditions set out in this Plan.

 

In the framework of this Plan no more
than one thousand five hundred (1,500) Warrants can be issued. Consequently, the Company can issue up to one thousand five hundred (1,500)
Common Shares as a result of the exercise of the Warrants.

 

The purpose of this Plan is to advance
the interests of the Company and its shareholders by enhancing the Group Companies’ ability to attract, retain and motivate persons
who make (or are expected to make) important contributions to the Company or any other Group Company by providing such persons with equity
ownership opportunities and performance-based incentives and thereby better aligning the interests of such persons with those of the Company
and its shareholders.

 

		3	Granting and acceptance of the Warrants

 

The Warrants can be granted by the Board
of Directors to employees, officers, directors (subject to the approval by the shareholders’ meeting regarding any Warrants granted
to directors of the Company), consultants and advisors of any Group Company and any persons who have accepted an offer for employment
or to provide professional services to a Group Company.

 

Warrants will primarily be granted to
employees of the Group Companies. The Board of Directors will make sure that the number of Holders to whom Warrants will be granted but
who are not an employee of a Group Company only will make up a minority of the total number of Holders.

 

The total number of Holders shall, in
any event, be lower than 150.

 

Each Holder has the possibility to
accept or to refuse the individual grant of Warrants by the Board of Directors. The acceptance of Warrants needs to be done in
writing by checking the option acceptance, mentioning the number of accepted Warrants, on the answer form prepared for these
purposes The answer form must be completed and signed by the Holder and be delivered to the Company within 60 days after the date of
the grant, or prior to any earlier date stated therein. If the Holder does not accept in writing the offer of Warrants prior to the
ultimate date stated in the answer form, he/she is deemed to have refused the offer of Warrants.

 

Notwithstanding the foregoing, the offering
and acceptance of Warrants may also be included in a specific warrant agreement, or inserted in another agreement signed by the Company
and the Holder.

 

Warrants that have been granted but
that are refused by the Holder or that are not timely accepted in writing, shall become automatically null and void and cannot be offered
again.

 

		4	Terms and conditions of the Warrants

 

		4.1	Warrant price

 

The Warrants shall be granted by the
Company free of charge.

 

    3 

     

    

 

		4.2	Vesting

 

		4.2.1	When granting the Warrants, the Board of Directors may freely decide if, when and to which extent the
attributed Warrants will effectively vest for the Holders.

 

		4.2.2	Except as explicitly provided otherwise in this Plan and unless the Board of Directors decides otherwise
at the time of the relevant grant of the Warrants and subject to the End of Mandate (i) one third of the Warrants granted to and accepted
by a Holder (whereby fractions of Warrants shall be rounded down) shall be deemed definitively vested on the date of the granting of the
Warrants, (ii) one third of the Warrants granted to and accepted by a Holder (whereby fractions of Warrants shall be rounded down) shall
be deemed definitively vested on the first anniversary of the date of the relevant grant of the relevant Warrants, and (iii) the remainder
of the Warrants granted to and accepted by a Holder shall be deemed definitively vested on the second anniversary of the date of the relevant
grant of the relevant Warrants.

 

		4.2.3	The Board of Directors (subject to the approval by the shareholders’ meeting regarding any Warrants
granted to directors of the Company) can also decide to modify the vesting conditions after the granting of Warrants, provided that the
rights of the Holder may not be restricted without the latter’s consent. Prior to the End of Mandate, the Board of Directors will,
for example, in mutual agreement with the Holder, be able to allow that all or a part of the Warrants that have not yet definitively vested
at the End of Mandate, are definitively vested.

 

		4.3	Exercise price

 

The exercising price of each Warrant
is equal to the market value of one Common Share at the time of granting of the Warrants as determined by the Board of Directors and confirmed
by the Company’s auditor (“commissaire”) or, if the Company has not appointed an auditor, an ad hoc auditor (“réviseur
d’entreprise”) or external accountant (“expert-comptable externe”) designated by the Board of Directors,
provided that the exercise price of one (1) Warrant cannot be lower than two thousand five hundred eighty-five euro and thirty-two eurocent
(EUR 2,585.32).

 

Upon exercise, the portion of the exercise
price up to the par value of the existing Shares (being EUR 2,004,255.29 / 19,336) needs to be recorded as capital. The portion of the
exercise price exceeding the par value of the existing Shares needs to be recorded on a separate account unavailable for distribution
called “Issuance premiums”.

 

		4.4	Duration of the Warrants

 

		4.4.1	The Warrants have a duration of ten (10) years as from the date of the extraordinary shareholders’
meeting of the Company deciding on the issuance of the Warrants, unless the Board of Directors decides otherwise at the time of the relevant
grant of the Warrants.

 

		4.4.2	Any Warrant shall immediately become automatically null and void if not exercised in accordance with the
modalities provided for in this Plan (i) within ten (10) years after the date of the issuance of the Warrant, (ii) prior to a bankruptcy
of the Company, (iii) in case of a Liquidation Event other than bankruptcy, prior to the effective date of such Liquidation Event, or
(iv) in case of a Deemed Liquidation Event, prior to the completion of such Deemed Liquidation Event, unless the Board of Directors decides
otherwise at the time of the relevant grant of the Warrants.

 

		4.5	Nature

 

The Warrants are and will remain registered.
They will be recorded in the register of warrant holders, which will be kept by the Company at the registered office, mentioning the identity
of each Holder and the number of Warrants held by such Holder.

 

    4 

     

    

 

		4.6	Adjustments

 

		4.6.1	Modification of the Company’s capital structure

 

Contrary to Article 501 of the Companies
Code and without prejudice to the exceptions provided for by law, the Company shall retain the right to take decisions and close transactions
that could have an influence on its capital, the distribution of profit or the liquidation bonuses, or that could possibly have another
influence on the Holders’ rights, except if such decisions or transactions only are aimed at diminishing the Holders’ benefits.

 

In case the rights of the Holder are affected
by such decision or transaction, the Holder will not be entitled to a modification of the exercise price or the exercise conditions, nor
to any other form of financial or other compensation. The Board of Directors may, at its own discretion, make amendments to the number
of Common Shares to which one Warrant relates and/or to the exercise price, however. As soon as reasonably possible, the Company will
inform the Holder of any such amendment by way of a written notification.

 

		4.6.2	Reorganizations of Shares

 

In the event that the Company shall (i)
sub-divide its Shares into a larger number of Shares, (ii) combine its Shares into a smaller number of Shares, (iii) increase or decrease
the number of Shares by a reclassification of Shares (without an increase or decrease of the Company’s share capital), then the
number of Shares to be issued upon exercise of the Warrant after the occurrence of one of such events shall be adjusted (if and to the
extent required) so that, after giving effect to such adjustment, the Holder of the Warrant shall be entitled to receive the number of
Common Shares upon exercise of the Warrant that such Holder would have owned or have been entitled to receive had this Warrant been exercised
immediately prior to the occurrence of the event concerned An adjustment made pursuant to this Clause 4 6,2 shall become effective immediately
after the effective date of the event concerned. The Company shall inform the Holders of such adjustment by means of a notice as soon
as practicable after the effective date of the event concerned.

 

		4.6.3	Mergers de-mergers

 

In the event that there shall be (i) a
merger (“fusion”) of the Company with or into another person or entity whereby the Company is not the surviving entity,
or (ii) a de-merger (“scission”) of the Company. whereby in both (i) and (ii) the Shares of the Company are exchanged
into shares, other securities, cash or other property of one or more other persons, then the Common Shares to be issued upon exercise
of the Warrant after the occurrence of one of such events shall be adjusted (if and to the extent required) so that, after giving effect
to such adjustment, the Holder of the Warrant shall upon exercise of the Warrant be entitled to receive the number of shares, other securities,
cash or other property of the successor or acquiring persons that such Holder would have owned or have been entitled to receive had this
Warrant been exercised immediately prior to the occurrence of the event concerned. An adjustment made pursuant to this Clause 4.6.3 shall
become effective immediately after the effective date of the event concerned. The Company shall inform the Holders of such adjustment
by means of a notice as soon as practicable after the effective date of the event concerned.

 

    5 

     

    

 

		5	End of Mandate - Transfer of the Warrants - Adjustments

 

		5.1	End of Mandate

 

		5.1.1	Unless the Board of Directors decides otherwise upon granting of the Warrants, at the End of Mandate of
a Holder:

 

		(i)	all Warrants that have been granted to such Holder but have not yet vested in accordance with this Plan,
shall become automatically null and void, unless, prior to the End of Mandate, it is expressly agreed otherwise in writing between the
Company and the Holder in accordance with Clause 4.2.3 of this Plan; and

 

		(ii)	all Warrants that have been granted to such Holder and have vested in accordance with this Plan, shall
remain with such Holder for a period of 3 months after the End of Mandate and all Warrants that are not exercised prior to the expiry
of such 3 months’ period shall become automatically null and void.

 

		5.1.2	Notwithstanding Clause 5.1.1 of this Plan if the agreement or other relationship between the Holder and
a Group Company is terminated for “cause”, all unexercised Warrants (even those already vested) that have been granted to
such Holder shall become automatically null and void at the End of Mandate of such Holder. For the purposes of this Clause 5.1.2_ “cause”
means wilful misconduct by the Holder or wilful failure by the Holder to perform his/her responsibilities to the Group Company (including.
without limitation, breach by the Holder of any provision of any employment, consulting, advisory, non-disclosure, non-competition or
other similar agreement between the Holder and the Group Company) as determined by the Company which determination shall be conclusive.
The Holder shall be considered to have been discharged for “cause” if the Company determines, within 30 days after the Holder’s
resignation, that discharge for cause was warranted.

 

		5.2	Member of the group

 

Unless the Board of Directors decides
otherwise, all Warrants that have not yet vested in accordance with Clause 4.2 of this Plan shall become automatically null and void in
case the company (other than the Company), of which the Holder is an employee, officer, director, consultant or advisor, is no longer
Controlled by the Company.

 

		5.3	Disability

 

		5.3.1	If a Holder becomes fully disabled prior to the Final Exercise Date, all Warrants of the disabled Holder
that have vested already in accordance with Clause 4.2 of this Plan prior to the date on which he/she became fully disabled shall immediately
become exercisable until the first anniversary of the date on which the relevant Holder became fully disabled. All such Warrants that
have not been exercised (or could not yet be exercised) in accordance
with the modalities defined in this Plan prior to the first anniversary of the date on which the relevant Holder became fully disabled
shall become automatically null and void.

 

		5.3.2	All Warrants that have not yet vested in accordance with Clause 4.2 of this Plan prior to the date on
which the relevant Holder became fully disabled shall become automatically null and void.

 

		5.4	Decease

 

		5.4.1	If a Holder deceases, all Warrants of the deceased Holder that have vested already in accordance with
Clause 4.2 of this Plan at the time of his/her decease, are transferred to the Beneficiaries of the Warrant Holder, and they shall immediately
become exercisable until the first anniversary of the decease of the relevant Holder. All such Warrants that have not been exercised (or
could not yet be exercised) in accordance with the modalities defined in this Plan prior to the first anniversary of the decease of the
relevant Holder shall become automatically null and void.

 

		5.4.2	All Warrants that have not yet vested in accordance with Clause 4.2 of this Plan at the time of the decease
of the Holder shall become automatically null and void_

 

		5.5	Transferability

 

		5.5.1	Unless the Board of Directors decides otherwise, the Warrants are not transferable inter vivos
once they have been granted to a Holder, and may not be pledged or encumbered with any security, pledge or other right in rem in any other
way, either voluntarily, by operation of law or otherwise.

 

		5.5.2	Warrants that have been pledged or encumbered in violation of the preceding, shall become automatically
null and void.

 

    6 

     

    

 

		6	Exercise of the Warrants

 

		6.1	General

 

		6.1.1	The Warrants can only be exercised by the Holder if they have effectively vested pursuant to Clause 4.2
of this Plan and in accordance with any additional exercise restrictions decided by the Board of Directors upon the respective grant of
the Warrants. The Warrants that consequently become exercisable must be exercised in accordance with the exercise modalities provided
for in this Plan.

 

		6.1.2	In case the Warrants, that are not yet exercisable in accordance with the terms and conditions of the
Plan. become prematurely exercisable in accordance with Article 501 of the Companies Code and are effectively exercised in accordance
with such Article, the Common Shares that are issued as a result of such exercise will not be transferable until the moment that the Warrants
would have been exercisable pursuant to the terms and conditions of the Plan. unless express approval is obtained from the Company and
without prejudice to any other applicable share transfer restrictions (including, but
not limited to, those set out in the Articles of Association).

 

		6.1.3	In case Warrants that are effectively vested would not be exercised on the last day of the last Exercise
Period during the duration of the Warrants as set out in Clause 4.4 of this Plan, such Warrants shall become automatically null and void.

 

		6.2	Warrant Exercise Period

 

		6.2.1	Without prejudice to Clause 6.1.1 of this Plan,

 

		(i)	Warrants may be exercised during the following periods:

 

-       from 1 to 31 March; and

 

-       from 1 to 30 September,

 

of each year during which they are valid
and exercisable; and

 

		(ii)	in the event of the End of Mandate of a Holder, such Holder can exercise his/her Warrants during a period
of 3 months following the End of Mandate.

 

Within the legal boundaries, the Board
of Directors can decide to amend the Exercise Periods, however, without being able to shorten them.

 

The exercise of the Warrants at the exercise
price is unconditional.

 

		6.2.2	Liquidation Event, Deemed Liquidation Event or IPO

 

Notwithstanding Clauses 4.2, 6.1.1 and
6.2.1 of this Plan, and unless the Board of Directors decides otherwise at the time of the relevant grant of the Warrants, the Warrants
will immediately vest and be exercisable during at least ten (10) business days (i) prior to the effective date of a Liquidation Event
other than bankruptcy, (ii) prior to the completion of a Deemed Liquidation Event, and (iii) in the event of a IPO, prior to the admission
of all or part of the Shares to an official listing of a stock exchange in a member state of the European Union, in the United States
of America or in any regulated market declared equivalent to these markets by Royal Decree, it being understood that such vesting and
exercise of the Warrants shall be conditional upon the effectiveness of such Liquidation Event, Deemed Liquidation Event or IPO_ As the
case may be, the provisions in the Articles of Association regarding pre-emption, tag-along and drag along rights shall apply.

 

		6.3	Exercise restriction

 

The Board of Directors may impose additional
restrictions and conditions to the exercisability of the Warrants at the time the Board of Directors grants them.

 

    7 

     

    

 

		6.4	Exercise modalities

 

In order to exercise a Warrant, at the
latest on the Final Exercise Date, the Company needs to receive a written notice of exercise of the Warrants. The notification shall take
place by registered mail, against receipt confirmation, or by personal delivery to the Board of Directors or the secretary of the Company
at the registered office of the Company. The notice shall be signed by the Holder (or, if applicable, his/her Beneficiaries) and must
explicitly state the number of Warrants being exercised and the number of Common Shares consequently being subscribed to. If the Warrants
are exercised by one or more Beneficiaries, the notice of exercise needs to be accompanied by an appropriate proof of the right of this
person or these persons to exercise the Warrants.

 

The full payment of the exercise price
of the exercised Warrants needs to be paid in cash and deposited by wire transfer on a blocked account of the Company of which the bank
account number is communicated by the Board of Directors. This payment shall take place within ten (10) business days after having received
the aforementioned communication of the bank account number from the Board of Directors, or within ten (10) business days after the date
of the notice of exercise in the event that the bank account number concerned has already previously been communicated by the Board of
Directors.

 

		6.5	Issuance of Common Shares

 

		6.5.1	The Company will only be obliged to issue Common Shares as a result of the exercise of Warrants if such
Common Shares are fully paid up and the other conditions set out in this Plan have been fulfilled.

 

		6.5.2	Warrants exercised by any Holder will give right to Common Shares only.

 

		6.5.3	The Common Shares will be issued as soon as reasonably possible, taking into account administrative formalities,
after the end of the Exercise Period during which the concerned Warrant was validly exercised. To this effect, the Board of Directors
will acknowledge before a notary public that the capital was increased in accordance with Article 591 of the Companies Code.

 

		6.5.4	The Common Shares that are issued as a result of this exercise of Warrants shall be delivered in registered
form and will be fully profit sharing as from the beginning of the financial year during which the Common Shares are issued and the following
financial years.

 

		6.5.5	After the issuance of the Common Shares, which are subscribed for through the exercise of Warrants, one
or more directors of the Company will, as attorney-in-fact, register the Common Shares in the name of the subscriber in the Company’s
share register.

 

		6.6	Rights as shareholders

 

The Holder or, as the case may be,
the Holder’s Beneficiary does not have any rights and privileges of a shareholder regarding the Common Shares, object of this
Plan, until the date these Common Shares are effectively issued by the Company to the Holder or, as the case may be, the
Holder’s Beneficiary, Once the Common Shares have been issued by the Company to the Holder. the latter enjoys, in his capacity
as shareholder, the same rights as the other shareholders of the same series in the Company, and such Common Shares shall be subject
to the provisions of the Articles of Association (including but not limited to the share transfer restrictions).

 

    8 

     

    

 

		7	Provisions regarding Israeli Holders

 

		7.1	Notwithstanding anything stipulated in the Plan, the following conditions shall take precedence over any
provision of the Plan in relation to Holders who are employees, officers, directors, consultants and/or advisors (“Nosei Misra”
- as such term is defined in the Israeli Companies Law) of a Group Company residing and exercising their employment, mandate or function
in Israel (hereinafter the “Israeli Participant”).

 

		7.2	Warrants granted under the Plan to an Israeli Participant may contain such terms as will allow the Warrants
and the Common Shares acquired pursuant to the exercise of such Warrants to be recognized (hereinafter “Eligible Warrants”)
pursuant to Section 102 of the Israel Income Tax Ordinance (New Version), as amended (the “Ordinance”) and to comply
with the Ordinance and its regulations and the Income Tax Rules (Tax Benefits in Share Issuances to Employees) 5363-2003 (the “Rules”)

 

		7.3	Eligible Warrants, Warrants and/or Common Shares, as the case may be, shall be held in escrow for the
benefit of such Israeli Participant by an escrow agent approved by the Israeli Tax Authority (the “ITA”) for such purpose
(the “Escrow Agent”).

 

		7.4	Application of section 102 of the Ordinance:

 

		7.4.1	Warrants and/or Common Shares, as the case may be, granted to Israeli Participants who are deemed to be
a “Controlling Shareholder”, as such term is defined in Section 32(i) of the Ordinance, shall be subject to Section
3(i) of the Ordinance, as shall apply from time to time. The Board of Directors shall have the absolute discretion to decide whether Warrants
and/or Common Shares granted pursuant to Section 3(i) of the Ordinance shall be held with the Escrow Agent.

 

		7.4.2	The Escrow Agent and each Israeli Participant in the Plan shall comply with the Ordinance and Rules and
with the escrow agreement entered into between the Company and the Escrow Agent.

 

		7.4.3	Without derogating from the aforementioned, the Board of Directors shall have the authority to determine
the specific procedures and conditions of the trusteeship with the Escrow Agent in a separate agreement between the Company and the Escrow
Agent.

 

		7.4.4	The Eligible Warrants, Warrants and/or Common Shares, as the case may be, and any underlying rights
                                                                        (including bonus shares and dividends ), shall be issued to and held by the Escrow Agent for the benefit of the Israeli Participant
                                                                        in accordance with the provisions of Section 102 of
the Ordinance (under the tax route chosen by the Company) and the provisions of the Rules at least for the period required by the Ordinance
and the Rules, or such other period as may be required by the ITA. All rights accruing out of and/or resulting from the Eligible Warrants,
Warrants and/or Common Shares, as the case may, including, but not limited to bonus shares shall be vested with the Escrow Agent until
the end of the holding period prescribed by the Ordinance and/or the Rules.

 

		7.4.5	After the required holding period and subject to any further period included in this Plan. or the warrant
agreement with the Israeli Participant, the Escrow Agent may release the Eligible Warrants, Warrants and/or Common Shares, as the case
may be to the Israeli Participant only after the receipt by the Escrow Agent of an acknowledgment from the 1TA that the Israeli Participant
has paid or will pay any applicable tax due pursuant to the Ordinance and Rules.

 

		7.4.6	The validity of any order given to the Escrow Agent by the Israeli Participant shall be subject to the
approval of the Company. The Company shall render its decision regarding whether to approve orders given by any Israeli Participant to
the Escrow Agent within a reasonable period of time. The Company shall not be required to approve any order which is incomplete, is not
in accordance with the provisions of this Plan and the relevant warrant agreement or which the Company believes should not be executed
for any reasonable reason. The Company shall notify the Israeli Participant of the reason for not approving his order. Approval by the
Company of any order given to the Escrow Agent by an Israeli Participant shall not constitute proof of the Company’s recognition
of any right of such Escrow Agent.

 

    9 

     

    

 

		7.4.7	In the event a stock dividend and/or bonus shares is declared on the Eligible Warrants, Warrants and/or
Common Shares, such dividend shares shall be subject to the provisions of this Plan and the holding period for such dividend shares shall
be measured from the commencement of the holding period for the Eligible Warrants, Warrants and/or Common Shares, as the case may be,
from which the dividend was declared.

 

		7.4.8	According to today’s laws, the exemption under Section 102 of the Ordinance shall be forfeited and
the Israeli Participant shall be required to pay any applicable tax promptly at such time as (i) the Company or the Israeli Participant
fail to comply with one or more of the conditions for the exemption as required by the Ordinance, Rules or ITA; or (ii) the ITA withdraws
or cancels the exemption for the Plan or for the particular Israeli Participant. Notwithstanding the loss of an exemption, the Escrow
Agent shall continue to hold the Eligible Warrants, Warrants and/or Common Shares, as the case may be (to the extent the Warrant remains
exercisable following termination of employment) for the remainder of the applicable holding period under Section 102 of the Ordinance.

 

		7.4.9	Notwithstanding the aforesaid, an Israeli Participant shall not be entitled to the issuance or
                                                                        exercise the Eligible Warrants, Warrants and/or Common Shares, including, but not limited to declared dividends and/or bonus shares,
                                                                        as the case may be, prior to the end of the holding
period by the Escrow Agent, in accordance with the tax route elected by the Company.

 

		7.5	All tax, duties and levies liabilities regarding the issue and/or exercise and/or the transfer, waiver,
or expiration and/or the disposal of the Eligible Warrants, Warrants and/or Common Shares, including, but not limited to declared dividends
and/or bonus shares, as the case may be, shall be borne by the Israeli Participant and in the event of death of such Israeli Participant,
by his/her Beneficiaries, all in accordance with the tax route elected by the Company.

 

		7.6	Neither the Company nor any of its Subsidiaries nor the Escrow Agent shall be required to bear the aforementioned
taxes, duties and/or levies liabilities_ directly or indirectly, nor shall they be required to gross up such taxes, duties and/or levies
liabilities in the Israeli Participant’s salaries or remuneration. The applicable taxes, duties and/or levies liabilities shall
be deducted from the proceeds of disposal of the Eligible Warrants, Warrants and/or Common Shares or shall be paid to the Escrow Agent
or to the Company, as the case may be, by the Israeli Participant. The Company is also entitled to withhold taxes, duties and/or levies
liabilities in accordance with relevant law, rules and regulations.

 

		7.7	Without derogating from the above, the Eligible Warrants, Warrants and/or Common Shares which are granted
to Israeli Participants shall be subject to the provisions of Section 102 of the Ordinance, as shall apply from time to time, and the
Rules promulgated thereunder. The Board of Directors shall have the absolute discretion to choose between any available tax routes to
the Israeli Participant under Section 102 of the Ordinance, subject to the provisions of the Ordinance.

 

		7.8	The Israeli Participant shall agree and undertake to indemnify the Escrow Agent and the Company and its
Subsidiaries and hold each of them harmless against and from any taxes, duties and/or levies liability, including interest and/or fines
of any type and/or linkage differentials in respect of such taxes, duties and/or levies liability and/or withheld tax and penalties thereon,
which may be incurred as a result of the granting or exercise of an Eligible Warrant or the issuance of Common Shares pursuant to such
Warrants.

 

		7.9	The Company’s or the Escrow Agent’s obligation to deliver Common Shares upon the exercise
of Warrants is subject to payment (or provision of payment satisfactory to the Board of Directors) by the Israeli Participant of all taxes,
duties and/or levies liability due under any applicable law.

 

		7.10	The ramifications of any future modification of any applicable law regarding the taxation of Eligible
Warrants, Warrants and/or Common Shares granted to Israeli Participants shall apply to the Israeli Participants accordingly and such Israeli
Participants shall bear the full cost thereof, unless such modified laws expressly provide otherwise. For the avoidance of doubt, should
the applicability of such taxing arrangements to this Plan or to securities issued in the framework thereof be conditioned on an application
by the Company or by the Escrow Agent that same shall apply, the Company shall be entitled to decide, at its absolute discretion, whether
to apply such taxing arrangements and to instruct the Escrow Agent to act accordingly.

 

		7.11	During the required holding period, the Israeli Participant shall not release from trust or sell, assign,
transfer or give as collateral, the Common Shares issuable upon the exercise or (if applicable) vesting of a 102 trustee award and/or
any securities issued or distributed with respect thereto, until the expiration of the required holding period. Notwithstanding the above,
if any such sale, release or other action occurs during the required holding period it may result in adverse tax consequences to the Israeli
Participant under Section 102 of the Ordinance and the Rules, which shall apply to and shall be borne solely by such Israeli Participant.

 

    10 

     

    

 

		8	Miscellaneous

 

		8.1	Amendments, suspension and termination of this Plan

 

The terms and conditions set out in
this Plan may entirely or partially be amended_ modified, suspended or terminated by the shareholders’ meeting at any time, except
with regard to the Exercise Period which, as stated in Clause 6,2 1 of this Plan, can be modified by the Board of Directors, The amendment.
suspension or termination of this Plan may not modify or limit the rights and obligations under a granted Warrant without the consent
of the concerned Holder. No warrant can be granted when this Plan is suspended or after the termination of this Plan.

 

		8.2	National legislation

 

Notwithstanding any provision of the
Plan, the Board of Directors may modify or extend the provisions of the Plan and the conditions of the Warrants to the extent that it
considers this to be necessary or preferable to take into account, to limit the disadvantageous consequences of, or to be in compliance
with foreign legislation, including, but not limited to, tax and financial legislation applicable to the Holder. to the extent that the
terms and conditions of the Warrants granted to such Holder are not more advantageous than the terms and conditions of the Warrants granted
to the other Holders.

 

		8.3	Costs and taxes

 

The costs regarding the capital increase
shall be incurred by the Company. Seal rights stock exchange taxes and other similar rights and taxes imposed as a result of the exercise
of the Warrants and the delivery of new Shares are borne by the Holders. Any other possible taxes or rights due as a result of the grant
of Warrants will also be borne by the Holders,

 

The costs regarding the issuance of
the Warrants and the capital increase relating to the issuance and exercise of the Warrants are borne by the Company.

 

Holders (or, if applicable, his/her
Beneficiaries) will have to bear any taxes (including but not limited to income taxes, capital gains taxes and stock exchange taxes) and
employee or self-employed social security contributions due in connection with (a) the grant, exercise, and or transfer of the Warrants
and (b) the delivery and ownership of the new Common Shares, in accordance with applicable tax and social security legislation.

 

The Company or a Subsidiary shall, upon
granting of the Warrants pursuant to this Plan, levy any withholding tax provided for in the relevant applicable tax and/or social security
laws, as provided for therein.

 

    11 

     

    

 

		8.4	Employment conditions

 

No provision of this Plan can be construed
as creating an obligation of employment (either by way of an employment agreement, an appointment as director or a services agreement)
between a Group Company and a Holder or an obligation for the Board of Directors to offer Warrants. Upon termination of the employment,
the Holder shall in no event be entitled to demand damages within the framework of this Plan. The foregoing also applies, but is not limited
to, the application of the tax legislation.

 

		8.5	Nullity of a provision

 

The nullity or unenforceability of any
provision of this Plan does not in any way affect the validity or enforceability of the remaining provisions of this Plan. In this case,
the invalid or unenforceable provision will be replaced by an equivalent valid and enforceable provision having a similar economic effect
for the parties concerned.

 

		8.6	Applicable law

 

This Plan and any non-contractual obligations
arising out of or in connection with it shall be governed by and construed in accordance with Belgian law.

 

		8.7	Competent courts

 

The courts of Brussels (Belgium) have
exclusive jurisdiction to settle any dispute arising out of or in connection with this Plan (including a dispute relating to non-contractual
obligations arising out of or in connection with this Plan).

 

		8.8	Notices

 

Any notice to the Holders (and. if applicable,
his/her Beneficiaries) shall be validly made to the address mentioned in the register of warrant holders.

 

Any notice to the Company, shall be
validly made to the attention of the Board of Directors or the secretary of the Company at the address of the registered office of the
Company.

 

Address modifications must be notified
immediately by the Holders (and, if applicable, his/her Beneficiaries) to the Company in accordance with this provision.

 

*       *

*

    12 

     

    

 

Adopted by the Board of Directors on 16 September
2016, subject to approval by the shareholders’ meeting.

 

On behalf of the Board of Directors:

 

	 	 	 
	Robert Taub	 	Jürgen Hambrecht
	 	 	 
	Common Director	 	A Director

 

    13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]