Document:

Exhibit 10.5

 

RESTRICTED STOCK AWARD AGREEMENT

 

INSPIREMD, INC.

AMENDED AND RESTATED
2011 UMBRELLA OPTION PLAN – U.S. APPENDIX

 

1.Grant of Award.
Pursuant to the 2011 U.S. Equity Incentive Plan (the “U.S. Appendix”), a sub-plan to the InspireMD, Inc.
Amended and Restated 2011 UMBRELLA Option Plan (the “Umbrella Plan”) (collectively, the Umbrella Plan
and the U.S. Appendix being referred to herein as, the “Plan”) for employees, consultants, outside directors,
and other service providers of InspireMD, Inc., a Delaware corporation (the “Company”) and its subsidiaries
and affiliates (collectively, the “Group”),

 

                  Alan
W. Milinazzo              

(the “Grantee”)

 

has been granted an award of Restricted
Stock in accordance with Article VI of the U.S. Appendix. The number of Shares awarded under this Restricted Stock Award Agreement
(this “Agreement”) is Four Hundred Thousand (400,000) shares (the “Awarded Shares”).
The “Date of Grant” of this award is January 3, 2013. 

 

2.Subject to
Plan. This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control to the extent
not otherwise inconsistent with the provisions of this Agreement. The capitalized terms used herein that are defined in the Plan
shall have the same meanings assigned to them in the Plan. This Agreement is subject to any rules promulgated pursuant to the Plan
by the Board or the Administrator and communicated to the Grantee in writing.

 

3.                 
Vesting.

 

a.Except
as specifically provided in this Agreement and subject to certain restrictions and conditions set forth in the Plan, the Awarded
Shares shall vest as follows:

 

i.Over
a three (3) year vesting period commencing on the Date of Grant, one-thirty-sixth (1/36) of the total Awarded Shares (rounded down
for fractional shares) shall vest and on the third (3rd) day of each month during the vesting period, provided that
the Grantee has continuously provided services to the Company or the Group as an employee, consultant, or outside director through
the applicable monthly vesting date.

 

ii.Upon
(A) the Grantee’s death, or (B) the Termination Date (as defined below) if the Grantee’s termination of employment
or service is due to (1) his Disability (as defined below), (2) a termination by the Company without Cause (as defined below),
or (3) a termination by the Grantee for Good Reason (as defined below), fifty percent (50%) of the total Awarded Shares not previously
vested shall thereupon immediately become fully vested.

 

iii.Notwithstanding
the foregoing, in the event that a Change in Control (as defined below) occurs and during the
Change in Control Period (as defined below) (A) the Grantee terminates his employment or service for Good Reason, or (B) the Company
terminates the Grantee’s employment or service without Cause, then upon the Termination Date, one hundred percent (100%)
of the total Awarded Shares not previously vested shall thereupon immediately become fully vested. 

 

    	 

    	 	

    
 

b.For
purposes of this Agreement, the following terms shall have the meanings set forth below:

 

i.“Cause”
shall have the meaning set forth in the Employment Agreement, by and between the Company and the Grantee, entered into and effective
as of January 3, 2013 (the “Employment Agreement”).

 

ii.“Change
in Control” shall have the meaning set forth in the Employment Agreement.

 

iii.“Change
in Control Period” shall have the meaning set forth in the Employment Agreement.

iv.“Disability”
shall have the meaning set forth in the Employment Agreement.

 

v.“Good
Reason” shall have the meaning set forth in the Employment Agreement.

 

4.Forfeiture
of Awarded Shares. Awarded Shares that are not vested in accordance with Section 3 shall be forfeited on the date
of the Grantee’s termination of employment or service with the Company and the Group (the “Termination Date”).
Upon forfeiture, all of the Grantee’s rights with respect to the forfeited Awarded Shares shall cease and terminate, without
any further obligations on the part of the Company or the Group.

 

5.Restrictions
on Awarded Shares. Subject to the provisions of the Plan and the terms of this Agreement, from the Date of Grant until the
date the Awarded Shares are vested in accordance with Section 3 and are no longer subject to forfeiture in accordance
with Section 4 (the “Restriction Period”), the Grantee shall not be permitted to sell, transfer,
pledge, hypothecate, margin, assign or otherwise encumber any of the Awarded Shares. Except for these limitations, the Administrator
may in its sole discretion, remove any or all of the restrictions on such Awarded Shares whenever it may determine that, by reason
of changes in applicable laws or changes in circumstances after the date of this Agreement, such action is appropriate.

 

6.Legend.
The following legend shall be placed on all certificates issued representing Awarded Shares:

 

On the face
of the certificate:

 

“Transfer of this stock
is restricted in accordance with conditions printed on the reverse of this certificate.”

 

On the reverse:

“The shares of stock
evidenced by this certificate are subject to and transferable only in accordance with that certain InspireMD, Inc. Amended and
Restated 2011 UMBRELLA Option Plan (the “Umbrella Plan”) and the 2011 U.S. Equity Incentive Plan, a sub-plan to the
Umbrella Plan (the “U.S. Appendix,” collectively, the Umbrella Plan and the U.S. Appendix, the “Plan”),
a copy of which is on file at the principal office of the Company in Tel Aviv, Israel and that certain Restricted Stock Award Agreement
dated as of January 3, 2013, by and between the Company and Alan W. Milinazzo. No transfer or pledge of the shares evidenced hereby
may be made except in accordance with and subject to the provisions of said Plan and award agreement. By acceptance of this certificate,
any holder, transferee, or pledgee hereof agrees to be bound by all of the provisions of said Plan and award agreement.”

 

    	-2-

    	 

    
 

The following legend
shall be inserted on a certificate evidencing Awarded Shares issued under the Plan if the Awarded Shares were not issued in a transaction
registered under the applicable federal and state securities laws:

 

“Shares of stock represented
by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued
pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered
for sale, sold, or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance
with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon
an opinion of counsel satisfactory to the Company.”

 

All Awarded Shares
owned by the Grantee shall be subject to the terms of this Agreement and shall be represented by a certificate or certificates
bearing the foregoing legend.

 

7.Delivery of
Certificates. Certificates for Awarded Shares free of restriction under this Agreement shall be
delivered to the Grantee promptly after, and only after, the Restriction Period has expired without forfeiture pursuant to Section 4.
In connection with the issuance of a certificate for Restricted Stock, the Grantee shall endorse such certificate in blank or execute
a stock power in a form satisfactory to the Company in blank and deliver such certificate and executed stock power to the Company.

 

8.Rights
of a Stockholder. Except as provided in Section 4 and Section 5 above, the Grantee shall have, with respect
to his Awarded Shares, all of the rights of a stockholder of the Company, including the right to vote the shares, and the right
to receive any dividends thereon. Any stock dividends paid with respect to Awarded Shares shall at all times be treated as Awarded
Shares and shall be subject to all restrictions placed on Awarded Shares; any such stock dividends paid with respect to Awarded
Shares shall vest as the Awarded Shares become vested.

 

9.Voting.
The Grantee, as record holder of the Awarded Shares, has the exclusive right to vote, or consent with respect to, such Awarded
Shares until such time as the Awarded Shares are transferred in accordance with this Agreement; provided, however,
that this Section 9 shall not create any voting right where the holders of such Awarded Shares otherwise have no such
right.

 

    	-3-

    	 

    
 

10.Adjustment
to Number of Awarded Shares. The number of Awarded Shares shall be subject to adjustment in accordance with Section 9 of the
Umbrella Plan and Articles VII and VIII of the U.S. Appendix.

 

11.Specific
Performance. The parties acknowledge that remedies at law will be inadequate remedies for breach
of this Agreement and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific
performance shall be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.

 

12.Grantee’s
Representations. Notwithstanding any of the provisions hereof, the Grantee hereby agrees that he will not acquire any Awarded
Shares, and that the Company will not be obligated to issue any Awarded Shares to the Grantee hereunder, if the issuance of such
shares shall constitute a violation by the Grantee or the Company of any provision of any law or regulation of any governmental
authority. Any determination in this connection by the Company shall be final, binding, and conclusive. The rights and obligations
of the Company and the rights and obligations of the Grantee are subject to all applicable laws, rules, and regulations.

 

13.Grantee’s
Acknowledgments. The Grantee acknowledges that a copy of the Plan has been made available for his review by the Company, and
represents that he is familiar with the terms and provisions thereof, and hereby accepts this award subject to all the terms and
provisions thereof. The Grantee hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the
Administrator or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.

 

14.Investment
Representations. Notwithstanding anything herein to the contrary, the Grantee hereby represents and warrants to the Company,
that:

 

a.The
Awarded Shares are being acquired for investment purposes only for the Grantee’s own account and not with a view to or in
connection with any distribution, re-offer, resale, or other disposition not in compliance with the Securities Act of 1933 (the
“Securities Act”) and applicable state securities laws;

 

b.The
Grantee, alone or together with the Grantee’s representatives, possesses such expertise, knowledge, and sophistication in
financial and business matters generally, and in the type of transactions in which the Company proposes to engage in particular,
that the Grantee is capable of evaluating the merits and economic risks of acquiring the Awarded Shares and holding such Awarded
Shares;

 

c.The
Grantee has had access to all of the information with respect to the Awarded Shares that the Grantee deems necessary to make a
complete evaluation thereof, and has had the opportunity to question the Company concerning the Awarded Shares;

 

d.The
decision of the Grantee to acquire the Awarded Shares for investment has been based solely upon the evaluation made by the Grantee;

 

e.The
Grantee understands that the Awarded Shares constitute “restricted securities” under the Securities Act and have not
been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other
things, the bona fide nature of the Grantee’s investment intent as expressed herein. The Grantee further understands that
the Awarded Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from
such registration is available;

 

    	-4-

    	 

    
 

f.Except
as set forth in Section 26 below, the Grantee acknowledges and understands that the Company is under no obligation to register
the Awarded Shares and that the certificates evidencing such Awarded Shares will be imprinted with a legend which prohibits the
transfer of such Awarded Shares unless they are registered or such registration is not required in the opinion of counsel satisfactory
to the Company and any other legend required under applicable state securities laws; and

 

g.The
Grantee is an “accredited investor,” as such term is defined in Section 501 of Regulation D promulgated under the Securities
Act.

 

15.Law Governing.
This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware (excluding any
conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation of this Agreement
to the laws of another state).

 

16.No Right
to Continue Service or Employment. Nothing herein shall be construed to confer upon the Grantee the right to continue in the
employ or to provide services to the Company or the Group, whether as an employee or as a consultant or as an outside director,
or interfere with or restrict in any way the right of the Company or the Group to discharge the Grantee at any time.

 

17.Legal Construction.
In the event that any one or more of the terms, provisions, or agreements that are contained in this
Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason,
the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that
is contained in this Agreement and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable
term, provision, or agreement had never been contained herein.

 

18.Covenants
and Agreements as Independent Agreements. Each of the covenants and agreements that are set forth in this Agreement shall be
construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause
of action of the Grantee against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense
to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.

 

19.Entire Agreement.
This Agreement together with the Plan and the Employment Agreement supersede any and all other prior understandings and agreements,
either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements
between the parties with respect to the said subject matter. All prior negotiations and agreements between the parties with respect
to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations,
inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party,
which are not embodied in this Agreement or the Plan and that any agreement, statement or promise that is not contained in this
Agreement or the Plan shall not be valid or binding or of any force or effect.

 

20.Parties Bound.
The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit
of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors and assigns,
subject to the limitation on assignment expressly set forth herein. No person shall be permitted to acquire any Awarded Shares
without first executing and delivering an agreement in the form satisfactory to the Company making such person or entity subject
to the restrictions on transfer contained herein.

 

    	-5-

    	 

    
 

21.Modification.
No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in
writing and signed by the parties. Notwithstanding the preceding sentence, the Company may amend the Plan to the extent permitted
by the Plan.

 

22.Headings.
The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive
matters to be considered in construing the terms and provisions of this Agreement.

 

23.Gender and
Number. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the
singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.

 

24.Notice.
Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company
or by the Grantee, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore specified
by written notice delivered in accordance herewith:

 

a.Notice to the Company shall
be addressed and delivered as follows:

 

InspireMD, Inc.

4 Menorat Hamaor St.

Tel Aviv, Israel
67448

Attn: Craig Shore

Facsimile: 972-3-691-7692

 

b.Notice
to the Grantee shall be addressed and delivered as set forth on the signature page.

 

25.Tax
Requirements. The Grantee is hereby advised to consult immediately with his own tax advisor regarding the
tax consequences of this Agreement, the method and timing for filing an election to include
this Agreement in income under Section 83(b) of the Code, and the tax consequences of such election. By
execution of this Agreement, the Grantee agrees that if the Grantee makes such an election, the Grantee shall provide
the Company with written notice of such election in accordance with the regulations promulgated under Section 83(b) of
the Code. The Company or, if applicable, any subsidiary (for purposes of this Section
25, the term “Company” shall be deemed to include any applicable subsidiary), shall have
the right to deduct from all amounts paid in cash or other form in connection with the Plan, any Federal, state, local, or
other taxes required by law to be withheld in connection with this award. The amount of any tax withholding due with respect
to the vesting of the Awarded Shares may be made by the Participant to the Company by (i) the delivery of cash to the Company
in an amount that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax
withholding obligations of the Company; (ii) the actual delivery by the Grantee to the Company of Shares, which Shares so
delivered have an aggregate fair market value that equals or exceeds (to avoid the issuance of fractional shares under (iii)
below) the required tax withholding payment; (iii) the actual delivery by the Grantee of a number of Awarded Shares vesting,
which Awarded Shares so delivered have an aggregate fair market value that equals (but does not exceed) the required tax
withholding payment; or (iv) any combination of (i), (ii), or (iii). The Company may, with the consent of the Participant,
withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Grantee. In all events, all
taxes due with respect to the vesting of the Awarded Shares shall be required to be
paid by the Participant prior to the removal of any legend from any certificate representing Awarded Shares.

 

    	-6-

    	 

    
 

26.Registration
Covenant.The Company agrees to use its best efforts to register the resale of the Awarded Shares under the Securities Act
on the earlier of (i) 12 months following the Date of Grant or (ii) 30 days following the listing of the Company’s shares
of common stock, $0.0001 par value per share, on a national securities exchange. Such registration will be maintained for as long
as the Grantee remains employed with the Company.

 

 

* * * * * * * *

[Remainder of Page Intentionally Left
Blank

Signature Page Follows.]

 

    	-7-

    	 

    
 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be executed by its duly authorized officer, and the Grantee, to evidence his consent and
approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.

  

	 	COMPANY:
	 	 
	 	InspireMD, Inc.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Craig Shore
	 	Name:	Craig Shore
	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	GRANTEE:
	 	 	 
	 	 	 
	 	/s/ Alan W. Milinazzo
	 	Signature	 

 

	 	Name:	Alan W. Milinazzo
	 	Address:	 
	 	 	 

  

    	-8-Exhibit 10.6 

 

SEPARATION AGREEMENT AND RELEASE

 

This Separation Agreement and Release (the
"Separation Agreement") is made this 3rd day of January, 2013 by and between Inspire MD Ltd. (the "Company")
and A.S. Paz Management and Investment Ltd., Company No. 514480433 ("Consultant").

 

WHEREAS, as of May
2005 the Key Person has been engaged by the Company, first as an employee and starting April 1st, 2011 as its CEO and
independent consultant through the Consultant, which is an Israeli corporation wholly controlled by the Key Person, under that
certain Consultancy Agreement (the "Agreement"), a copy of which is attached as Exhibit A hereto; 

 

WHEREAS, Consultant
informed the Company of its desire to cease providing the Services and resign from all of its and the Key Person's offices in the
Company;

 

WHEREAS, due to the
Consultant's aforesaid desire the parties have mutually agreed to terminate the Agreement effective as of January 3rd,
2013 (the "Effective Date") pursuant to the terms and conditions hereto;

 

WHEREAS, Consultant
has agreed to release the Company from any and all claims, rights or demands arising from or related to the Agreement, the relations
between the parties or the termination thereof;

 

NOW THEREFORE, in consideration
of the mutual promises made herein, the Consultant and Company hereby agree as follows:

 

(Capitalized terms used herein and not
otherwise defined shall have the respective meaning ascribed to them in the Agreement.)

 

		1.	Termination of Agreement.

 

		1.1.	The parties hereby terminate the Agreement and the engagement
between them in mutual consent and effective as of the Effective Date.

 

		1.2	As part of the termination of the Agreement (i) the Key
Person hereby resigns from its offices as the CEO of the Company and member of its Board of Directors; (ii) the Key Person hereby
resigns from its offices as the CEO of InspireMD Inc. (the Company’s sole shareholder) and (iii) upon the Company's request,
the Consultant and Key Person shall take all necessary actions in a timely manner to transfer all the information they possess
on the Company to the Company's CEO or other person(s) designated by InspireMD Inc's CEO or Chairman of the Board.

 

    	 

    	 

    

		1.3	Despite anything to the contrary in the Agreement, the
Company shall pay to the Consultant as a prior notice payment, and on a monthly basis, the Consultancy Fee for 6 months following
the Effective Date (the “Prior Notice Payment”). Other than as set forth in Sub section 1.2(iii) above, the
Consultant shall not be required to provide its Services to the Company during the aforesaid 6-month prior notice period.

 

		2.	Release of Claims.

 

		2.1.	By signing this Termination Agreement, the Consultant
confirms that it has fully received from the Company all the payments and other rights to which it has been entitled from the
inception of the Company and until January 3rd, 2013, including in connection with the Services and the employment
of the Key Person by the Company as provided herein and particularly:

 

		2.1.1	Consultancy Fee under the Agreement and any previous salary for the period until January 3rd,
2013;

 

		2.1.2	Payment for unused absent days under Section 1.3 of the
Agreement;

 

		2.1.3	Reimbursement of any costs or expenses incurred by the
Consultant and/or the Key Person in connection with their engagement with the Company and InspireMD Inc.;

 

The Consultant and Key Person acknowledge
that the payments of the funds and other rights as aforesaid have been in full satisfaction of any obligation of the Company, Inspire
GmbH and InspireMD, Inc. (the "Affiliates") to Consultant and Key Person, including under the Agreement and, other
than the Prior Notice Payment and the Consultancy Fee for December 2012 (if such has not been paid by this date), the Company has
no further obligation to the Consultant whatsoever.

 

		2.2	Each of the Consultant and Key Person hereby irrevocable
releases and forever discharges the Company, the Affiliates and its officers, directors, employees, managers, agents, investors,
shareholders, representatives, predecessor and successor corporations, and assigns (the "Company's Releasees")
from, and agrees not to sue concerning, or, in any manner to institute, prosecute or pursue, any claim, complaint, charge, duty,
obligation or cause of action relating to any matters of any kind, whether presently known or unknown, disclosed or undisclosed,
liquidated or contingent, that Consultant or Key Person may possess against any of the Company's Releasees arising from any omissions,
acts or facts that have occurred up until and including the date hereof including without limitation any and all claims or demands,
directly or indirectly, relating to or arising out of the Agreement or Consultant's or Key Person’s relationship with the
Company, the termination of the Agreement and that relationship, including without limitation negligent, breach of contract, loss
of profits and good will and the existence (which is denied) of labor relations between the parties as of April 1, 2011 until
the Effective Date.

 

    	 

    	 

    

The release included in this paragraph
shall not apply to the Prior Notice Payment.

 

Subject to any applicable law, the Company
hereby and forever releases the Consultant and Key Person (the "Consultant's Releasees") from, and agrees
not to sue concerning, or, in any manner to institute, prosecute or pursue, any claim, complaint, charge, duty, obligation or cause
of action relating to any matters of any kind known to the Company on the date hereof, liquidated or contingent, that the Company
may possess against any of the Consultant's Releasees arising from any omissions, acts or facts that have occurred up until and
including the date hereof including without limitation any and all claims or demands, directly or indirectly, relating to or arising
out of the Agreement or relationship between the parties, the termination of the Agreement and that relationship, including without
limitation negligent, breach of contract, loss of profits and good will.

 

		2.3.	The parties acknowledge and agree that any breach of
this Section 2 shall constitute a material breach of the Separation Agreement.

 

		3.	Survival of Obligations and Return of Company's Property.

 

		3.1.	The termination of the Agreement shall not reveal the
Consultant and Key Person from continue fulfilling their obligations under the Agreement which by their nature or as set forth
in the Agreement are intended to survive the termination of the Agreement, including Sections 4 (Independent Contractor), 5 (Confidentiality),
6 (Creations and Inventions), 7 (Non-competition and Non-Solicitation), 8 (Miscellaneous) and Annex A (Undertaking) to the Agreement,
all of which shall continue to bind the Consultant and Key Person without any change.

 

		3.2.	Consultant shall deliver to the Company on or before
the Effective Date, and shall not keep in its possession, recreate or deliver to anyone else, any and all equipment, devices,
records, data, notes, marketing materials, reports, e-mail messages, proposals, lists, correspondence, specifications, drawings,
blueprints, sketches, materials, equipment, other documents or property, reproductions of any aforementioned items, or electronically
stored or accessible copies or versions of such items, which were provided to the Consultant or Key Person by the Company or developed
or obtained by the Consultant and Key Person in connection with their relation with the Company.

 

		4.	Non-Disparagement

 

The parties mutually agree that the terms
of the termination of the Agreement are amicable and mutually acceptable and each agree with the other that neither shall malign,
defame, blame, or otherwise disparage the other, either publicly or privately regarding the past or future business or personal
affairs of the other party, or any other officer, director or employee of such party.

 

    	 

    	 

    

		5.	General

 

		5.1.	This Separation Agreement supersedes and replaces all
previous oral and written agreements or communications regarding the termination of the Agreement and the events leading thereto
and associated therewith.

 

		5.2.	In the event that any provision or any portion of any
provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement
shall continue in full force and effect without said provision or portion of provision, unless the absence of that provision or
portion materially alters the rights and obligations of the signatories under this Separation Agreement.

 

		5.3.	This Separation Agreement may only be amended in writing
signed by both parties.

 

		5.4.	This Separation Agreement shall be governed by and construed
according to the laws of the State of Israel and any dispute arising under or in connection with this Separation Agreement shall
be presented in and determined by the courts of Israel at Tel Aviv, exclusively, to whose sole jurisdiction the parties do hereby
submit.

 

		5.5.	All notices, demands or other communications by either
party to the other shall be in writing and shall be effective upon personal delivery or if sent by (i) mail seven days after deposited
in the mail, first class postage, prepaid, Register or Certified; or (ii) by fax or email 1 business day (Sunday to Thursday)
and all such notices given by mail, fax or email shall be sent and addressed as follows until such time as another address or
fax number is given by notice pursuant to this provision.

 

	If to Company:	If to Consultant / Key Person:
	 	 
	 	 
	Inspire Ltd.	________________ St., Rishon Lezion,
	4 Menorat Hamaor St., Tel Aviv	Israel
	Israel	 
	 	 
	 	 
	Attention: Mr. Craig Shore	Attention: Mr. Ofir Paz
	 	 
	Fax No.: +972-3-_________	Fax No.: +972-3-________
	Email:craig@inspiremd.com	Email: _________________

 

 

 

[remainder of page intentionally left blank;
signature page to follow]

 

    	 

    	 

    

IN WITNESS WHEREOF, the Parties hereto
have executed this Agreement as of the day and year first above written.

 

 

 

	Inspire MD Ltd.	A.S. Paz Management and Investment Ltd.
	 	 
	 	 
	By:
    /s/ Craig Shore                                       	By:
    /s/ Ofir Paz                                               
	 	 
	 	 
	 	 
	Name:
    Craig Shore                                         	Name: Ofir Paz                                                
	 	 
	 	 
	 	 
	Title:
    CFO                                                        	Title:
    CEO                                                        

 

 

 

 

Undertaking

 

I the undersigned, Ofir Paz, hereby acknowledge that I read
and fully understood the Separation Agreement to which this Undertaking is attached and agree that it shall bind me personally
for all matter and purpose as if I was a party thereto.

 

 

 

/s/ Ofir Paz                              

 

Ofir Paz 

 

 

Date: January 3, 2013

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