Document:

EX-10.10

 Exhibit 10.10 
 EVOGENE SHARE OPTION PLAN (2002)
  

	 	1.	NAME. 

This plan, as amended from time to time, shall be known as the Evogene Share Option Plan (2002)(the “Plan”). 

 

	 	2.	PURPOSE AND DEFINITIONS. 

 2.1 The purposes of this Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, directors and
consultants of Evogene Ltd. (the “Company”) and of the Company’s subsidiaries, and to promote the Company’s business by providing such individuals with opportunities to receive options (“Options”) to purchase Ordinary
Shares (“Shares”) in the Company pursuant to the Plan. 
 2.2 Definitions. As used herein, the following
definitions shall apply: 
 (a) “Cause” means any of the following: (i) the Grantee’s theft, dishonesty, or
falsification of any Company documents or records; (ii) the Grantee’s improper use or disclosure of the Company’s confidential or proprietary information; (iii) the Grantee’s failure or inability to perform any reasonable
assigned duties after written notice from the Company of, and a reasonable opportunity to cure, such failure or inability; (iv) any material breach of the Grantee of any employment or other agreement between the Grantee and the Company, which
breach is not cured pursuant to the terms of such agreement; or (v) the Grantee’s conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs the Grantee’s ability to perform his or her duties with
the Company. For purposes of the definition of Cause, with respect to a Grantee employed by or providing services to a subsidiary of the Company, “Company” shall include the subsidiary employing or engaging the services of the Grantee.

 (b) “Cessation” means termination of the Service Provider’s relationship with the Company. In the
event of Cessation of a Grantee’s relationship with the Company, such Grantee’s relationship with the Company shall be deemed to have ceased upon the delivery to the Grantee of notice of discharge or the delivery to the Company of the
letter of resignation, as the case may be, irrespective of the effective date of such resignation or discharge. 
 (c)
“Consultant” means any person who is engaged by the Company or any subsidiary to render consulting, advisory or other services to such entity. 
 (d) “Employee” means any person, including officers and directors, employed by the Company or any subsidiary of the Company. 

  
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 (e) “Grantee” means a person to whom Options shall be granted pursuant to
this Plan. 
 (f) “Service Provider” means an Employee, director or Consultant. 

 

	 	3.	ADMINISTRATION. 

 3.1 The Plan will be administered by a Share Option Committee (the “Committee”), which will consist of such number of Directors of the Company (not less than two (2) in number), as
may be determined from time to time by the Board of Directors of the Company. The Board of Directors shall appoint the members of the Committee, may from time to time remove members from, or add members to, the Committee and shall fill vacancies in
the Committee however caused. 
 3.2 The Committee shall select one of its members as its Chairman and shall hold its
meetings at such times and places as it shall determine. Actions at a meeting of the Committee at which a majority of its members are present or acts approved in writing by all members of the Committee, shall be the valid acts of the Committee. The
Committee may appoint a Secretary, who shall keep records of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem advisable. 
 3.3 Subject to the general terms and conditions of this Plan and applicable law, the Committee shall have full authority in its discretion, from time to time and at any time, to propose to the
Board of Directors (i) the Grantees, (ii) the number of Shares to be covered by each Option, (iii) the time or times at which Options shall be granted, (iv) the price, schedule and conditions on which Options may be exercised and
on which Shares shall be paid for, (v) the schedule and conditions on which Options and/or Shares shall be released from the trust, if applicable, and (vi) any other matter which is necessary or desirable for, or incidental to, the
administration of the Plan. All proposed Option grants shall be subject to the approval of the Board of Directors of the Company. Grants of Options shall be made pursuant to written notification to Grantees setting out the terms of the grant, as set
forth in Sub-section 7.3 below. 
 3.4 The Committee may from time to time adopt such rules and regulations for carrying
out the Plan as it may deem best. No member of the Board of Directors or of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Option granted thereunder. 

3.5 The interpretation and construction by the Committee of any provision of the Plan or of any Option thereunder shall be final
and conclusive unless otherwise determined by the Board of Directors. 
  

	 	4.	ELIGIBLE GRANTEES. 

 4.1 No Option may be granted pursuant to this Plan to any director of the Company at the time of the grant, unless such grant is approved in the manner prescribed for the approval of compensation
of directors under Section 273 of the Companies Law (1999). 

 4.2 Subject to the limitation set forth in Sub-section 4.1 above and any restriction
imposed by applicable law, Options may be granted to any employee, director or consultant of the Company or any of its subsidiaries. The grant of an Option to a Grantee hereunder shall neither entitle such Grantee to participate, nor
disqualify such Grantee from participating, in any other grant of Options pursuant to this Plan or any other share incentive or share option plan of the Company or any of its related companies. 

 

	 	5.	TRUSTEE. 

The Committee may choose to deposit the Options granted pursuant to the Plan with a trustee (the “Trustee”). In such event, the
Trustee shall hold such Option in trust, until exercised by the Grantee, and in the case of Options granted pursuant to Section 102 of the Israel Income Tax Ordinance (New Version), 1961 (the “Israel Income Tax Ordinance”) in
accordance with the provisions of such Section 102 and the rules promulgated thereunder, pursuant to the Company’s instructions from time to time. If determined by the Committee, the Trustee shall be responsible for withholding any taxes
to which a Grantee may become liable upon the exercise of Options. 
  

	 	6.	RESERVED SHARES. 

 The Company has reserved 500,000 authorized but unissued Ordinary Shares, nominal value NIS 0.01 per share, of the Company for purposes of the Plan, subject to adjustment as provided in
Section 11 hereof. Any Shares under the Plan, in respect of which the right hereunder of a Grantee to purchase the same shall for any reason terminate, expire or otherwise cease to exist, shall again be available for grant through Options under
the Plan. 
  

	 	7.	GRANT OF OPTIONS. 

 7.1 The Board of Directors in its discretion may award to Grantees Options to purchase Shares in the Company available under the Plan. The date of grant of each Option shall be the date specified
by the Board of Directors at the time such award is made. 
 7.2 Subject to the provisions of the Plan, the Committee may
grant Options in a manner aimed at (i) complying with the requirements of Section 102 of the Israel Income Tax Ordinance and the rules promulgated thereunder; (ii) complying with the requirements of Section 422 of the United
States Internal Revenue Code of 1986, as amended from time to time, or any successor provisions and any regulations thereunder (“Incentive Stock Options”) and not complying with such requirements (“Nonstatutory Stock Options”);
or (iii) complying with the applicable tax laws of any other jurisdiction to which Grantees may be subject. No Incentive Stock Option may be granted hereunder more than ten years after the effective date of the Plan. Incentive Stock Options may
be granted only to employees of the Company and its subsidiaries. 

 7.3 The instrument granting an Option (the “Option Agreement”) shall state,
inter alia, (i) the number of Shares covered thereby, the dates when it may be exercised (subject to Sub-section 9.1), (ii) the exercise price per Share subject to the Option, (iii) the schedule on which such Shares may be paid for
and (iv) such other terms and conditions as the Committee in its discretion may prescribe, provided that they are consistent with this Plan. Unless the Committee provides otherwise, vesting of Options granted hereunder shall be tolled during
any unpaid leave of absence other than parental leave pursuant to law. 
  

	 	8.	OPTION PRICES 

 8.1 Fair Market Value. The exercise price per Share subject to each Option shall be as determined by the Committee, subject to Board approval, but shall not without the approval of the Board of
Directors be less than the Fair Market Value of each Share on the date of grant of the Option. Incentive Stock Options may be granted only at Fair Market Value. “Fair Market Value” means, as of any date, the value of the Ordinary Shares
determined as follows: 
 (i) If the Ordinary Shares are listed on any established stock exchange or a national market system,
the Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading day prior to the time of determination, as reported in The Wall
Street Journal or such other source as the Committee deems reliable; 
 (ii) If the Ordinary Shares are regularly quoted by
a recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean between the high bid and low asked prices for the Ordinary Shares on the last market trading day prior to the day of determination; or

 (iii) In the absence of an established market for the Ordinary Shares, the Fair Market Value thereof shall be determined in
good faith by the Committee after consultation with the Company’s independent auditors. 
 8.2 If at any time the
Fair Market Value of the Company’s Ordinary Shares drops below the exercise price of any Options granted hereunder, the Board of Directors shall be entitled to reduce the exercise price of such Options to the Fair Market Value of the
Company’s Ordinary Shares on the date of such reduction. 
  

	 	9.	EXERCISE OF OPTION. 

 9.1 Options shall be exercisable pursuant to the terms under which they were awarded and subject to the terms and conditions of this Plan. 

9.2 An Option, or any part thereof, shall be exercisable by the Grantee’s signing and returning to the Company at its
principal office (and to the Trustee, if 

 
applicable), a “Notice of Exercise” in such form and substance as may be prescribed by the Committee from time to time, together with full payment for the Shares underlying such Option.
Each payment for Shares under such an Option shall be in respect of a whole number of Shares, shall be effected in cash or by check payable to the order of the Company, or such other method of payment acceptable to the Company as determined by the
Committee, and shall be accompanied by a notice stating the number of Shares being paid for thereby. 
  

	 	10.	TERMINATION OF RELATIONSHIP AS SERVICE PROVIDER.

 10.1 Resignation and Termination Without Cause. If a Grantee resigns, or is terminated without cause
from his or her relationship as a Service Provider of the Company or of the subsidiary that employed the Grantee, such Grantee may, within three (3) months of the Cessation (but in no event later than the expiration of the term of the Option
Agreement), exercise any of his or her Options that are vested at the date of Cessation. All of such Grantee’s rights with respect to the Options granted to him or her under the Plan that are not vested at the date of Cessation, shall terminate
and the underlying Shares shall revert to the Plan immediately upon the Cessation. If within three (3) months of the Cessation, such Grantee does not exercise his or her vested Options, all of such Grantee’s rights with respect to any
Options that have not been exercised shall terminate and the underlying Shares shall revert to the Plan. 
 10.2 Termination
For Cause. If a Grantee’s relationship as a Service Provider of the Company or of the subsidiary that employed the Grantee is terminated for Cause, such Grantee may, within one (1) month of the Cessation (but in no event later than the
expiration of the Option Agreement), exercise any of his or her Options that are vested at the date of Cessation. All of such Grantee’s rights with respect to the Options granted to him or her under the Plan that are not vested at the date of
Cessation shall terminate and the underlying Shares shall revert to the Plan immediately upon the Cessation. If within one (1) month of the Cessation, such Grantee does not exercise his or her vested Options, all of such Grantee’s rights
with respect to any Options that have not been exercised shall terminate and the underlying Shares shall revert to the Plan. 

10.3 Death and Disability. If a Grantee should die, or if a Grantee ceases to serve as a Service Provider of the Company or of the
subsidiary that employed the Grantee by reason of such Grantee becoming incapacitated while a Service Provider as a result of an accident or illness or other cause which is approved by the Committee, such Grantee (or such Grantee’s successors,
as the case may be) shall, subject to approval of the Committee (which shall not be unreasonably withheld), continue to enjoy rights under the Plan on such terms and conditions as the Committee in its discretion may determine. 

10.4 Continuation of Relationship. A Service Provider’s relationship with the Company or with the subsidiary that employs the
Grantee shall not be deemed to have ceased in either of the following circumstances: 
 (i) with respect to an Employee, in the
event of any leave of absence approved by the Company (or by the subsidiary that employs the Grantee); provided that, unless the Board of Directors resolves otherwise, vesting of Options shall be tolled during any such leave of absence; or

 (ii) in the event of transfers between the Company, any subsidiary, or any successor. 

 10.5 Notwithstanding the foregoing provisions of Section 10, the Committee may
provide, either at the time an Option is granted or thereafter, that such Option may be exercised after the periods provided for in Section 10, but in no event beyond the term of the Option. 

 

	 	11.	ADJUSTMENTS. 

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

11.1 Changes in Capitalization. 
 Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding Option, the number of Shares which have been reserved for issuance under the Plan but as
to which no Options have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option, as well as the price per share of Shares covered by each such outstanding Option, shall be proportionately adjusted for
any increase or decrease in the number of issued Shares resulting from a share split, reverse share split, bonus shares (stock dividend), combination or reclassification of the Shares, or any other increase or decrease in the number of issued Shares
effected without receipt of consideration by the Company. The conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board
of Directors, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and
no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. 
 11.2
Merger, Acquisition, or Asset Sale. 
 (a) In the event of a merger or consolidation of the Company with or into
another corporation resulting in such other corporation being the surviving entity, an acquisition of all or substantially all of the shares of the Company, or the sale of substantially all of the assets of the Company (each such event, a
“Transaction”), each outstanding Option shall be assumed or an equivalent option or right substituted by the successor corporation or a parent or subsidiary of the successor corporation. 

(b) In the event that the successor corporation refuses to assume or substitute for the Option, the Grantee shall fully vest in
and have the right to exercise the Option with respect to all Shares subject to the Option, including Shares that otherwise would not have vested. If an Option becomes fully vested and exercisable in lieu of assumption or substitution in the event
of a Transaction, the Committee shall notify the Grantee in writing or electronically that the Option shall be fully exercisable for a period of fifteen (15) days from the date of such notice, and the Option shall terminate upon the expiration
of such period. 

 (c) For the purposes of this sub-section 11.2, the Option shall be considered assumed
if, following a Transaction, the option or right confers the right to purchase or receive, for each Share subject to the Option immediately prior to the Transaction, the consideration (whether stock, cash, or other securities or property) received
in the Transaction by holders of Shares for each Share held on the effective date of the Transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares);
provided, however, that if such consideration received in the Transaction is not solely common stock of the successor corporation or its parent or subsidiary, the Committee may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of the Option, for each Share subject to the Option, to be solely common stock of the successor corporation or its parent or subsidiary equal in fair market value to the per share consideration received
by holders of Shares in the Transaction.  
  

	 	12.	NON-TRANSFERABILITY OF OPTIONS AND SHARES. 

12.1 No Option may be transferred other than by will or by the laws of descent and distribution, and during the Grantee’s
lifetime an Option may be exercised only by such Grantee. 
 12.2 Shares for which full payment has not been made, shall
not be assignable or transferable by the Grantee. For avoidance of doubt, the foregoing shall not be deemed to restrict the transfer of a Grantee’s rights in respect of Options or Shares purchasable pursuant to the exercise thereof upon the
death of such Grantee to such Grantee’s estate or other successors by operation of law or will, whose rights therein shall be governed by Sub-section 10.3 hereof, and as may otherwise be determined by the Committee. 

 

	 	13.	TERM AND AMENDMENT OF THE PLAN. 

13.1 The Plan was adopted by the Board of Directors of the Company on March 14, 2002, and shall expire on March 13, 2012
(except as to Options outstanding on that date). 
 13.2 The Board of Directors may, at any time and from time to time,
terminate or amend the Plan in any respect. In no event may any action of the Company alter or impair the rights of a Grantee, without such Grantee’s consent, under any Option previously granted to such Grantee. 

 

	 	14.	TERM OF OPTION. 

 Anything herein to the contrary notwithstanding, but without derogating from the provisions of Section 10 hereof, if any Option, or any part thereof, has not been exercised and the Shares covered
thereby not paid for within ten (10) years after the date of grant (or any shorter period set forth in the Option Agreement), such Option, or such part thereof, and the right to acquire such Shares shall terminate, and all interests and rights
of the Grantee in and to the same shall expire. 

	 	15.	CONTINUANCE OF EMPLOYMENT OR SERVICE. 

Neither this Plan nor any offer of Shares or Options to a Grantee shall impose any obligation on the Company or a related company thereof,
to continue to employ or engage the services of any Grantee, and nothing in the Plan or in any Option granted pursuant thereto shall confer upon any Grantee any right to continue in the employ or service of the Company or a related company thereof
or restrict the right of the Company or a related company thereof to terminate such employment or services at any time. 
  

	 	16.	LOCK-UP PERIOD. 

 In connection with any underwritten public offering by the Company of its equity securities, and if requested by the underwriters of such public offering, the Grantee shall be obligated not, directly or
indirectly to sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to
engage in any of the foregoing transactions with respect to, any Options or Shares without the prior written consent of the Company or its underwriters. Such restriction (the “Market Stand-Off”) will be in effect for such period of time
following the date of the final prospectus for the offering as may be required by the underwriters. In the event of the declaration of a stock dividend, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market
Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company will be entitled to impose stop-transfer instructions with respect to the
Shares acquired upon the exercise of the Options until the end of the applicable stand-off period. 
  

	 	17.	VOTING OF SHARES, DISTRIBUTIONS. 

17.1 All Shares issued upon the exercise of Options granted under the Plan shall entitle the Grantee to all the rights attached to
Shares of the Company, including the right to receive dividends and other distributions with respect thereto and to vote the same at any meeting of the shareholders of the Company, subject to the provisions of Sections 17.2 and 17.3 below.

 17.2 Stock dividends distributed with respect to Shares issued upon the exercise of an Option granted under
Section 102 of the Israel Income Tax Ordinance and held by the Trustee, shall be remitted to the Trustee for the benefit of such Grantee for so long as the Shares in respect of which such stock dividends were distributed are held in trust by
the Trustee. Cash dividends, however, shall be paid directly to the Grantee. 
 17.3 Until the closing of an initial
public offering of equity securities of the Company, Shares issued upon the exercise of Options granted under the Plan shall be voted by an irrevocable proxy to the Chairman of the Board of Directors of the Company. On each and every issue brought
before the shareholders of the Company for their resolution, the Chairman of the Board of Directors of the Company shall vote in accordance with the resolution that would have been adopted by all shareholders of

 
the Company actually voting on such issue other than the shareholders represented by such proxy. Each Grantee shall authorize the Trustee to sign such a proxy with respect to his or her Shares.

  

	 	18.	GOVERNING LAW. 

 The Plan and all instruments issued thereunder or in connection therewith, shall be governed by, and interpreted in accordance with, the laws of the State of Israel. 

 

	 	19.	TAXES. 

(a) All tax liability regarding the grant or exercise of the Options, and the issue, holding and disposition of the Shares shall be borne
by the Grantee. Furthermore, such Grantee shall agree to indemnify the Company or its subsidiary that employs or engages the services of the Grantee and the Trustee, if applicable, 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 Grantee. Except as otherwise required by law, the Company
shall not be obligated to honor the exercise of any Options by or on behalf of a Grantee until all tax consequences arising from the exercise of such Options are resolved in a manner reasonably acceptable to the Company. 

(b) The Company or any of its subsidiaries may make such provisions and take such steps as it may deem necessary or appropriate for the
withholding of all taxes required by law to be withheld with respect to Options granted under the Plan and the exercise thereof including, but not limited to (i) deducting the amount so required to be withheld from any other amount then or
thereafter payable to a Grantee, and/or (ii) requiring a Grantee to pay to the Company or any of its subsidiaries the amount so required to be withheld as a condition of the issuance, delivery, distribution or release of any Shares. 

Approved by the Board of Directors on March 14, 2002. 
 Approved by the Shareholders on March 15, 2002.EX-10.11

 Exhibit 10.11 
 EVOGENE LTD. 
  

 

KEY EMPLOYEE SHARE INCENTIVE PLAN, 2003 

 
  

I. Name, Purpose and Definitions 
 1. Name 
 This plan, as amended from time to time, shall be known as
the Evogene Ltd. Key Employee Share Incentive Plan, 2003 or the Plan. 
 2. Purpose 

2.1. The purpose and intent of the Plan is to provide incentives to the Israeli employees and directors of Evogene Ltd. by giving them the
opportunity to purchase Ordinary Shares, pursuant to an incentive plan approved by the Board of Directors of the Company and the Israeli tax authorities, which is designed to benefit from tax benefits available to employees under Section 102 of
the Income Tax Ordinance, and the rules and regulations promulgated thereunder. 
 2.2. This Plan is designed to comply with the
“Capital Gain Track”

 under Section 102 of the Income Tax Ordinance; i.e. Options granted hereunder shall be subject to Section 102(b)(2) of the Income Tax Ordinance, as may be amended from time to time. 

3. Definitions 

As used in this Plan, the following terms shall have the meanings assigned to them in this Section 3. 

“Board” shall mean the board of directors of the Company. 

“Company” shall mean Evogene Ltd. 
 “Companies Law” shall mean the Israeli Companies Law, 1999. 

“Controlling Shareholder” shall mean any person that holds, directly or indirectly, alone or together with such
person’s Relative, either: (i) 10% or more of the Company’s issued share capital or voting power; (ii) the right to hold 10% or more of the Company’s issued share capital or voting power or to acquire the same;
(iii) the right to receive 10% or more of the Company’s profits; or (iii) the right to appoint at least one Director. 
 “Date of Grant” shall have the meaning set forth in Section 9.2. 
 “Director” shall mean a member of the Board. 

“Disability” shall mean the inability, due to illness, injury or mental condition to engage in any gainful occupation for
which an individual is qualified by education, training or experience, and such condition continues for at least six (6) months. 

 “Employee” shall mean an Israeli employee of the Company, including an
Israeli Director or other Officer of the Company, excluding, however, a Controlling Shareholder. 
 “Exercise
Price” shall mean the price required to be paid by a Grantee in connection with the exercise of an Option. 

“Fair Market Value” shall mean, as of any date, the value of an Ordinary Share, which shall be determined as follows:
(i) if the Ordinary Shares are listed or quoted on any established stock exchange or a national market system, including without limitation the NASDAQ National Market system, or the NASDAQ SmallCap Market of the NASDAQ Stock Market, the Fair
Market Value shall be the closing sales price for such Ordinary Shares (or the closing bid, if no sales were reported), as quoted on such exchange or system for the last market trading day prior to time of determination, as reported in the Wall
Street Journal, or such other source as the Board deems reliable; or (ii) in the absence of an established market for the Shares, the Fair Market Value thereof as determined in good faith by the Board. 

“Grantee” an Employee to whom Options are granted under this Plan. 

The “Income Tax Ordinance” shall mean the Israeli Income Tax Ordinance [New Version], 1961, as amended. 

“M&A Transaction” shall mean a merger, acquisition or reorganization of the Company with one or more other entities
in which the Company is not the surviving entity. 
 “Notice of Grant” shall have the meaning set forth in
Section 9.3. 
 “Officer” shall mean an office holder in the Company – “Nose Misra”

, as such term is defined in the Companies Law, excluding, however, a Director. 

“Option” shall mean an Option to purchase one (1) Ordinary Share. 

“Ordinary Share” shall mean an Ordinary Share of the Company, NIS 0.01 par value. 

“Relative” shall mean a spouse, sibling, parent, grand-parent, descendant, a spouse’s descendant and a spouse of any
of the foregoing. 
 “Release Date” shall have the meaning set forth in Section 10.2. 

“Subsidiary” shall mean a present or future company that is controlled by the Company. 

“Successor Corporation” shall mean the surviving entity in a M&A Transaction. 

“Trustee” shall mean a trustee designated by the Board and approved by the Income Tax Authorities. 

  
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 II. General Terms and Conditions of the Plan 

4. Administration 

4.1. The Plan will be administered by the Board. The Board shall have the full authority in its sole and absolute discretion, from time to
time and at any time, to determine: 
 (a) the identity of the Grantees; 

(b) the number of Options to be granted to each Grantee; 
 (c) the time or times at which the same shall be granted; 
 (d) the Exercise Price,
vesting schedule and terms and conditions relating to the exercise of such Options; 
 (e) the schedule and conditions on which
the Options and/or Ordinary Shares issued upon exercise of Options shall be released from the Trustee; and/or 
 (f) any other
matter that, in the Board’s sole and absolute discretion, is necessary or desirable for, or incidental to, the administration of the Plan. Without derogating from the above, in determining the number of Options to be granted to each Grantee,
the Board may consider, among other things, the Grantee’s salary, the duration of the Grantee’s employment by the Company, and the Grantee’s contribution to the Company. 

4.2. The Board may, from time to time, adopt such rules and regulations for carrying out the Plan as it may deem necessary. No member of
the Board shall be liable for any act or determination made in good faith with respect to the Plan or any Option granted hereunder. 
 4.3. Subject to and in accordance with the provisions of the Companies Law, the Board shall be entitled to delegate its power hereunder to a compensation committee that shall be comprised of members of
the Board. 
 4.4. The interpretation and construction by the Board of any provision of the Plan or of any Option thereunder
shall be final and conclusive unless otherwise determined by the Board. 
 5. Limitations on Grant of Options & Shares

 5.1. The Board shall be entitled to grant to certain Employees shares of the Company instead of Options, as it may deem
desirable. The provisions of the Plan shall apply to such grant of shares mutatis mutandis. 
 5.2. No shares, and/or options to
purchase shares, of the Company may be granted to any Employee of the Company other than under the terms of the Plan, or of another plan that shall be adopted by the Board under the terms of Section 102 of the Income Tax Ordinance. In any
event, the Board may not adopt a new share incentive plan for the grant of shares and/or options to purchase shares to Employees prior to January 2005. 

  
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 6. Eligible Grantees 
 6.1. The Board, at its discretion, may grant Options to any Employee, provided, however that all grants of Options to directors and other Officers of the Company shall be authorized and implemented only
in accordance with the provisions of the Companies Law. 
 6.2. The grant of an Option to a Grantee hereunder, shall neither
entitle such Grantee to participate, nor disqualify him from participating, in any other grant of Options pursuant to this Plan or any other share options incentive plan of the Company, or any parent or subsidiary company of the Company. 

7. Subsidiaries 

Notwithstanding anything to the contrary in this Plan, the Board may resolve that this Plan shall apply to all or part of the Subsidiary
of the Company. In such event, the employees and directors of such Subsidiaries shall be deemed to be “Employees”, for all intent and purpose under this Plan and all the provisions of this Plan shall apply to such Subsidiaries mutatis
mutandis. 
 8. Reserved Shares 
 The Board may from time to time reserve certain amounts of authorized but unissued Ordinary Shares for the purpose of granting Options and/or Ordinary Shares under the Plan. If an Option granted under the
Plan expires or becomes unexercisable, the Ordinary Share covered by such Option shall become available for future grants under the Plan, unless the Plan has terminated. 
 9. Grant of Options 
 9.1. Options may be granted at any time after
the passage of thirty (30) days following the delivery by the Company to the Israeli income tax authorities of this Plan for their approval. 
 9.2. The Date of Grant of an Option shall be the date specified by the Board in its determination relating to the award of such Option. 

9.3. The Board shall remit to each Grantee a Notice of Grant, which shall include the number of Options granted to such Grantee, the
vesting schedule, the terms of exercise of such Options and such other terms and conditions as the Board, at its discretion, may prescribe. 

10. Trust 
 10.1.
All Options granted under the Plan to Grantees shall be granted by the Company to the Trustee, who shall hold each such Option and the Ordinary Shares issued upon exercise thereof in trust for the benefit of the Grantee in respect of whom such
Option was granted. All certificates representing Ordinary Shares issued to the Trustee under the Plan shall be deposited with the Trustee, and shall be held by the Trustee until such time that such Ordinary Shares are released from the trust as
herein provided. 

  
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 10.2. Anything herein to the contrary notwithstanding, the Release Date of an Option shall
be the later of: (i) upon expiration of the “Capital Gain Track”’ holding period that is applicable to such Option, pursuant to Section 102 of the Income Tax Ordinance or any regulations, rules or orders or procedures
promulgated thereunder, as amended from time to time (the “Holding Period”); (ii) the vesting of such Option, provided, however, that if the tax authorities permit the release of Options prior to the lapse of the Holding
Period, the Release Date of an Option shall be the vesting of such Option. 
 10.3. After the Release Date, Options granted,
and/or Ordinary Shares issued to the Trustee shall continue to be held by the Trustee, on behalf of the Grantee. 
 10.4. From
the Release Date and thereafter, upon the written request of a Grantee, the Trustee shall release Options, and/or the Ordinary Shares issued upon the exercise thereof, from the trust. However, the Trustee shall not release any such Options and/or
Ordinary Shares to a Grantee unless the latter provides the Trustee with evidence, satisfactory in form and substance to the Trustee, that all taxes, if any, required to be paid upon such release have, in fact, been paid. 

10.5. Alternatively, from and after the Release Date, upon the written instructions of the Grantee to sell any Ordinary Shares issued upon
exercise of Options, the Trustee shall use its best efforts to effect such sale and shall transfer such shares to the purchaser thereof concurrently with the receipt, or after having made suitable arrangements to secure the payment of the proceeds,
of the purchase price in such transaction. The Trustee shall withhold from such proceeds any and all taxes required to be paid in respect of such sale, shall remit the amount so withheld to the appropriate tax authorities, and shall pay the balance
thereof directly to the Grantee (after deducting its costs as provided hereunder), reporting to such Grantee and to the Company the amount so withheld and paid to said tax authorities. 

Should the Trustee sell Ordinary Shares at the request of the Grantee, the Grantee shall pay the Trustee for its services and expenses
incurred with respect to such sale of shares, and the Trustee will be entitled to withhold such amounts and pay the balance thereof to said Grantee. 
 11. Dividends and Voting Rights; Rights as Shareholders 
 11.1. All
Ordinary Shares issued upon the exercise of Options granted under the Plan shall entitle the Grantee to all the rights attached to the Ordinary Shares of the Company, including the right to receive dividends with respect thereto and to vote the same
at any meeting of the shareholders of the Company, subject however to the provisions of Sections 11.2 and 11.4. 
 11.2. For as
long as Ordinary Shares are held by the Trustee on behalf of a Grantee, cash dividends or dividends in kind or assets shall paid or distributed directly to the Grantee. However, all share dividends and/or bonus shares

  
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and/or securities of the Company issued and/or distributed to the Grantee with respect to Ordinary Shares held by the Trustee on behalf of a Grantee shall be remitted to the Trustee, which shall
hold the same for the benefit of such Grantee until the Release Date, and such share dividends, bonus shares or securities of the Company shall be subject to the provisions of Section 102 of the Income Tax Ordinance. 

11.3. Until the closing of an initial public offering of equity securities of the Company, Ordinary Shares issued upon the exercise of
Options granted under the Plan shall be voted by an irrevocable proxy to the Chairman of the Board of Directors of the Company. On each and every issue brought before the shareholders of the Company for their resolution, the Chairman of the Board of
Directors of the Company shall vote in accordance with the resolution that would have been adopted by all shareholders of the Company actually voting on such issue other than the shareholders represented by such proxy. Each Grantee shall authorize
the Trustee to sign such a proxy with respect to his or her Shares. 
 11.4. For the avoidance of any doubt, the Grantees shall
not be deemed for any purpose whatsoever to be shareholders of the Company before the exercise of the Options granted to them and shall have no rights or privileges as shareholders of the Company, nor shall they be deemed to be a class of
shareholders, or creditors, of the Company for purpose of, inter alia, the operation of sections 341, 350, 351 of the Companies Law and the approvals of mergers thereunder. In addition, and without derogating from the foregoing, Sections 184 and 185
of the Companies Law shall not apply to the Grantees in respect of unexercised Options. 
 12. Vesting and Term of Options

 Without derogating from the rights and powers of the Board under Section 4.1 hereof, unless otherwise specified in
the Notice of Grant, each Option shall be exercisable for a term of ten (10) years and the schedule pursuant to which such Options shall vest, and the Grantee thereof shall be entitled to pay for, and acquire, the Ordinary Shares, shall be as
follows: 
  

	 	12.1.	 In the case of a first-time grant to a new Employee:
(i)  1/4 of the Options granted to such Employee shall vest at the first anniversary of such Employee’s employment with the Company; and (ii) 1/48 of the Options granted to such Employee shall vest at
the end of each calendar month after the first anniversary of his/her employment with the Company. 

  

	 	12.2.	In the case of additional grants to a continuing Employee: 1/48 of the Options granted to such continuing Employee under such additional grant shall vest at the end of
each calendar month after such date of grant. 

  
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 13. Exercise Price 
 Without derogating from the rights and powers of the Board under Section 4.1 hereof, the Exercise Price per Ordinary Share covered by each Option shall not be less than the par value of the Ordinary
Shares. 
 14. Exercise of Options 
 14.1. Options shall be exercisable pursuant to the terms under which they were awarded and subject to the terms and conditions of the Plan. 

14.2. The exercise of an Option shall be made by a written notice of exercise delivered by the Grantee to the Company at its principal
executive office specifying the number of Options to be exercised and accompanied by the payment therefor, and containing such other terms and conditions as the Board shall prescribe from time to time. 

14.3. Anything herein to the contrary notwithstanding, but without derogating from the provisions of Section 15 hereof, if any Option
has not been exercised within ten (10) years after the Date of Grant (or any shorter period set forth in the Notice of Grant), such Option shall terminate, all interests and rights of the Grantee in and to the same shall ipso facto expire, and,
in the event that in connection therewith any Options are still held in trust as aforesaid, the trust with respect thereto shall ipso facto expire. 
 14.4. Each payment for Ordinary Shares shall be in respect of a whole number of Ordinary Shares, and shall be effected in cash or by a cashier’s check payable to the order of the Company, or such
other method of payment acceptable to the Company. 
 15. Termination of Employment 

In the event that a Grantee ceases to be employed by the Company for any reason, all Options previously granted to such Grantee shall
terminate as follows: 
 15.1. If the Grantee’s termination of employment is due to such Grantee’s death or Disability,
such Options (to the extent exercisable at the time of the Grantee’s termination of employment) shall be exercisable by the Grantee’s legal representative, estate manager or any other person to whom the Grantee’s rights are
transferred by will or by laws of descent or distribution, or the Grantee, as the case might be, for a period of twelve (12) months following such termination of employment or provision of services (but in no event after the expiration date of
such Options), and shall thereafter terminate. 
 15.2. If the Grantee’s termination of employment is due to, or connected
with, one of the following instances, the trust with respect to said Grantee’s options shall ipso facto expire and the Grantee shall not be entitled to exercise any of the Options, even if such Options had already vested at that time. The said
instances are as follows: 
 (a) The Grantee acts dishonestly or breaches his fiduciary duties or duty of loyalty towards the
Company and/or its subsidiaries; 

  
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 (b) The Grantee is grossly negligent in fulfilling his duties towards the Company and/or its
subsidiaries; 
 (c) The Grantee breaches intentionally in a material way the terms of his employment agreement, or other
agreement with the Company and/or its subsidiaries. 
 15.3. If the Grantee’s termination of employment is for any reason
other than those described in sub-sections 15.1 or 15.2 above, such Options (to the extent exercisable at the time of the Grantee’s termination of employment or provision of services) shall be exercisable for a period of ninety (90) days
following such termination of employment or provision of services, and shall thereafter terminate. 
 15.4. Options that have not
vested at the time of the Grantee’s termination of employment shall expire immediately upon the termination of such employment. 
 15.5. Notwithstanding the foregoing provisions of this Section 15, the Board may provide, either at the time an Option is granted or thereafter, that such Option may be exercised after the periods
provided for in Sections 15.1, 15.3 or 15.4, but in no event beyond the term of the Option. 
 For the purpose of this
Section 15, the transfer of an Employee from the employ of the Company to the employ of a Subsidiary or between Subsidiaries shall not be deemed to be a termination of Employment. 
 16. Adjustment Upon Changes in Capitalization, M&A Transaction or Restructuring 
 16.1. Subject to any required action by the shareholders of the Company, the number of outstanding Options as well as the Exercise Price of each such outstanding Option, shall be proportionately adjusted
for any increase or decrease in the number of issued Ordinary Shares resulting from a share split, reverse share split, bonus share issue, any other securities dividend, combination of the Ordinary Shares or any other increase or decrease in the
number of issued Ordinary Shares effected without receipt of any consideration by the Company, provided, however, that the conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration”. Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of outstanding Options and Exercise Price thereof. 

16.2. In the event of a M&A Transaction, then upon the consummation of such M&A Transaction, each outstanding Option shall be
substituted by an 

  
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equivalent security the Successor Corporation, and each Grantee shall be entitled to purchase, subject to the conditions herein stated, such Successor Corporation’s replacement securities,
as were exchangeable for the number of Ordinary Shares, which such Grantee would have been entitled to purchase except for such M&A Transaction, and the appropriate adjustments in the Exercise Price of such Options shall be made in order to
reflect such exchange. 
 16.3. In addition, subject to any applicable law, the Board shall have full power and authority to
determine that, in connection with a proposed M&A Transaction, the vesting of all, or part of, the Options outstanding and unvested at that time shall be accelerated so that any unvested Option or any portion thereof shall be vested immediately
prior to closing of the M&A Transaction. 
 16.4. Notwithstanding the above and subject to any applicable law, the Board
shall have full power and authority to determine that, in connection with a M&A Transaction, if the Successor Company does not agree to assume or substitute the Options, any vested (including pursuant to Section 16.3 above) and unexercised
Option shall be automatically exercised by way of a Net Exercise immediately prior to the closing of the M&A Transaction. 

For the purpose of this Section 16.4 the term “Net Exercise” shall mean the exercise of an Option for a number of
Ordinary Shares that shall be computed using the following formula: 
  

							
	 X
	 	=	 	A-B	  	
		 		 	A	  	

 Where  X = the number of Ordinary Shares to be issued to the Grantee. 

             A = the Fair Market Value of one Ordinary Share. 

             B = the Exercise Price. 

No fractional Ordinary Shares shall be issued in connection with a Net Exercise hereunder, but in lieu of such fractional shares, the
Company shall make a cash payment therefor upon the basis of the Fair Market Value of such Ordinary Shares. 
 16.5. If the
Company is voluntarily liquidated, the Company shall notify, in writing, all Grantees who hold unexercised Options of such liquidation and such Grantees shall then be entitled to exercise such Options within fourteen (14) days. Any Option that
remains unexercised at the end of such fourteen-day period shall immediately expire. 
 16.6. In the event of a restructuring of
the Company’s capital, that is not regulated under this Section 16, then upon the consummation of such restructuring, each Grantee shall be entitled to purchase, subject to the conditions herein stated, such number of the Company’s
replacement securities, as were exchangeable for, or have come in the stead of, the number of Ordinary Shares, which such Grantee would have been entitled to purchase except for such restructuring, and the appropriate adjustments shall be made to
reflect such action. 

  
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 17. Non-Transferability 

17.1. No Option shall be assignable or transferable by the Grantee to whom granted otherwise than by will or the laws of descent and
distribution, and an Option may be exercised during the lifetime of the Grantee only by such Grantee or by such Grantee’s guardian or legal representative. The terms of such Option shall be binding upon the beneficiaries, executors,
administrators, heirs and successors of such Grantee. 
 17.2. Subject to all conditions and terms set out in the Articles of
Association of the Company and subject to all conditions and terms set out in this Plan, each Grantee shall be entitled to transfer to any third party any Ordinary Shares purchased pursuant to the exercise of Options granted to him/her. 

18. Lock-Up 

After the Company’s initial public offering in any stock exchange, all shares held by the Grantee shall be subject to any legal
restrictions on the sale of shares of the Company and/or to any restrictions on the sale of shares of the Company required by the underwriters in such public offering, and the Grantee shall be required to cooperate with the Company and sign any
document that may be required by the underwriters. 
 19. Amendment of the Plan 

Subject to Section 5.2, the Board may, at any time and from time to time, terminate or amend the Plan in any respect. Subject to
Section 16, in no event an action of the company shall alter or impair the rights of a Grantee, without his consent, under any Option previously granted to him. 
 20. Tax Consequences 
 All tax consequences arising from the grant or
exercise of any Option, from the payment for, or the subsequent disposition of, Shares covered thereby or from any other event or act (of the Company or the Grantee) hereunder, shall be borne solely by the Grantee, and the Grantee shall indemnify
the Company and the Trustee, and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon. 

21. Continuance of Employment 
 Neither this Plan nor the grant of an Option hereunder shall impose any obligation on the Company to continue the employment of any Grantee, or to use services of any Grantee, and nothing in the Plan or
in any Option granted 

  
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pursuant thereto shall confer upon any Grantee any right to continue in the employ of the Company, or restrict the right of the Company to terminate such employment or provision of services at
any time. 
 22. Governing Law 
 The Plan and all instruments issued thereunder or connection therewith, shall be governed by, and interpreted in accordance with the laws of the State of Israel. 

23. Application of Funds 
 The proceeds received by the Company from the issuance of Shares pursuant to Options granted under the Plan will be used for general corporate purposes of the Company, or as otherwise determined by the
Board. 
 24. Multiple Agreements 
 The terms of each Option may differ from other Options granted under the Plan at the same time, or at any other time. The Board may also grant more than one Option to a given Grantee during the term of
the Plan, either in addition to, or in substitution for, one or more Options previously granted to that Grantee. The grant of multiple Options may be evidenced by a single Notice of Grant or multiple Notices of Grant, as determined by the Board.

 25. Non-Exclusivity of the Plan 
 Unless otherwise agreed to in writing by the Grantee, or otherwise specifically stated in the Notice of Grant, the adoption of the Plan by the Board shall not be construed as amending, modifying or
rescinding any previously approved incentive arrangement or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable. 

  
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