Document:

Exhibit 10.17

 

Consultancy
Agreement

 

This Consultancy Agreement (the “Agreement”)
is made By and Between:

 

P.V. Nano Cell Ltd., Israeli
company number 514287093, of HaMasger Street 8, Migdal Haemek, POB 236, 23100, Israel (the “Company”); and

 

Mr. Meni Biran, Israeli ID No.
055997910, of 6 Lakov St., Hertzliya, Israel (the “Consultant”); and

 

	Whereas	the Company wishes to retain the Consultant as an independent contractor, to serve as the Company's VP Sales and Marketing and
to provide the Company with certain Services, as further detailed in Schedule A and as provided in this Agreement
(the “Services”), and the Consultant agrees to provide such Services.

 

Now, Therefore, the parties
have agreed as follows:

 

		1.	Consultancy Agreement

 

		1.1	The preamble hereto and the appendices attached hereto form integral and binding parts of this Agreement.

 

		1.2	The Company hereby retains the Consultant, and the Consultant agrees to act as the Company's VP Sales and Marketing and to provide the Company with the Services, effective as June 18th 2015 (the "Effective Date"). The scope of the Services will be as set forth in Schedule A. 

 

Following termination of
this Agreement, on September 1, 2015, the Parties will evaluate and review the possibility of hiring the Consultant as a full time
employee of the Company. If the parties will agree on that date to continue their engagement in the framework of employment relationship,
the Consultant's terms of employment for a full time position shall substantially include the following: (1) Gross monthly salary
in the amount of NIS 22,400; (2) payment for overtime hours in the amount of NIS 5,600 per month; (3) study fund (7.5%- Company
and 2.5%- employee) on the Gross monthly salary and overtime hours; (4) Benevolent Fund-Bituach Menahalim: the company will pay
a minimum of 13.33% and up to a maximum of 15.83% (as of the employees polisot) on the Gross monthly salary and overtime hours
(5) car allowance in the amount of NIS 5,000 not including fuel and route 6 expenses which will be paid by the company; (6) 17
annual vacation days per year following one year of employment; (7) two weeks prior notice if termination is provided at will during
the first year of employment, and after June 18th 2016 one month prior notice if termination is provided; (8) reimbursement
for expenses (including mobile phone expenses fuel and route 6 expenses).

 

		1.3	The Consultant will provide the Services personally, and may not assign or sub-contract the performance of the Services to any third party, without the prior written consent of the Company.

 

		1.4	The Consultant agrees to dedicate his best experience, talent, expertise and knowledge for the provision of the Services, and to perform the Services in a loyal and dedicated manner, and in accordance with the reasonable policy and instructions of the Company's CEO, VP Operations or any other person appointed by the Company.

 

		1.5	During the term of this Agreement, the Consultant shall not engage in any activity, commercial or otherwise, if such activity can reasonably be expected to create or assist a conflict of interests or competition with the Company.

 

    	 

    	 	 	 

    

 

		1.6	The Company may approve a change in the position, reporting structure, title, responsibilities and authority of the Consultant; and such change shall not be considered a breach of this Agreement provided, however, that Consultant's remuneration shall not be derogated from.

 

		1.7	The Consultant confirms that he does not bring and was not required to bring to the Company any proprietary materials of third parties, and that the Consultant is under no restrictions regarding the rendering of the Services to the Company and the execution of this Agreement.

 

		1.8	The Consultant is an independent contractor. The parties do not intend, and this Agreement and the performance of the Services hereunder shall not be construed to give effect to employment, partnership, joint venture or agency relations between the parties and the Consultant undertakes not to present any claims against the Company in that regard.

 

		1.9	should the Consultant or any other party on its behalf present any other claim against the Company, whether based upon allegation of employee-employer relations or otherwise, the Consultant will indemnify and hold the Company harmless for and against such claims, and the Company may offset any consideration it may owe to the Consultant against such claims.

 

		1.10	The Consultant is not allowed to obligate and/or bind the Company in any way and/or create any commitments on the Company's behalf, except as required for the performance of the Services and as authorized by the Company.

 

		1.11	The Consultant shall perform the Services according to all laws, rules and regulations applicable to the Consultant. Without derogating from the above said, the Consultant specifically warrants that he shall comply with all applicable rules and regulations concerning the prevention of corruption, money laundering and terrorism, and in accordance thereto.
	 	 	 
		1.12
	The consultant will need to come to PVN premises not more than three days a week, average, which will be coordinated with the VP
Operations or CEO. Regardless the consultant will perform all his agreed duties.

 

		2.	Remuneration

 

		2.1	Options: subject to the approval of the Board of Directors of the Company, the Company will issue to the Consultant options to purchase ordinary shares of the Company par value NIS 0.01 each, in the amount, on such vesting schedule and at an exercise price to be determined by the Board of Directors of the Company, and pursuant to the provisions of the Company’s 2010 Option Plan and an Option Award Agreement to be signed by and between the Company and the Consultant.

 

		2.2	Leased Car: The Company will provide the Consultant with a leased car and will pay for the fuel expenses by cash upon fuel gas station invoices in accordance with the Company’s procedures related to the use of Company's leased cars.

 

		2.3	The parties confirm that the remuneration described in this Chapter 2 is the full and exclusive remuneration due to the Consultant for the Services hereunder.

 

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		3.	Secrecy and other Intellectual Property Issues

 

		3.1	The Consultant undertakes to execute, perform and abide by the Secrecy and Intellectual Property Undertaking as attached hereto as Schedule B.

 

		4.	Period of the Agreement

 

		4.1	This Agreement is made for a period commencing on the Effective Date and ending on September 1, 2015, subject to the right of each party to terminate it earlier upon a 14 days prior written notice to the other party.

 

		4.2	In addition, the Company shall have a right to terminate this Agreement immediately – if termination is made for Cause. The term “Cause” in this Agreement shall be defined as any of the following events or acts of the Consultant: (i) dishonesty, willful disobedience of any lawful order or instruction given by the Company through its managers; (ii) conviction for any criminal offence; or (iii) material breach of this Agreement which has not been rectified within 7 days of prior notice, breach of confidence or loyalty by the Consultant. 

 

		4.3	Except as provided by law, termination of this Agreement is without liability of the Company for any claims or payments beyond those earned or accrued in the course of the Services hereunder; and the Consultant hereby waives any and all such claims towards the Company, its affiliates and any other third party. Without derogating from the generality of the aforementioned, termination of this Agreement will not entitle either party to any compensation.

 

		5.	General Provisions

 

		5.1	This Agreement forms the complete and exclusive agreement between the parties as to its subject matter; and it cancels any prior verbal or written agreement related thereto. Any change to this Agreement requires a duly signed document.

 

		5.2	Any notice sent by one party to the other by registered mail will be deemed to have been received on the third business day after the day of mailing. Fax and electronic messages will be deemed to have been received on the business day following the day of transmission.

 

		5.3	The failure or delay of either party to require the performance of any term under this Agreement, or the waiver by either party of any breach under this Agreement, shall not prevent subsequent enforcement of such terms, nor be deemed a waiver of any subsequent or prolonged breach.

 

		5.4	This Agreement shall be governed by and construed in accordance with the laws of the State of Israel, without giving effect to the rules respecting conflict of law. The parties hereby irrevocably submit to the jurisdiction of the courts in the City of Haifa in respect of any dispute or matter arising out of or connected with this Agreement.

 

And
in Witness hereof the parties sign and execute this Agreement on June 17, 2015

 

	/S/ Dr. Fernando de la Vega	 	/S/ Meni Biran
	The Company	 	The Consultant
	 	 	 
	 	 	 
	P.V. NANO CELL LTD.	 	Mr. Meni Biran

 

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SCHEDULE A

 

Services and Scope:

 

		1.	The Consultant's Services shall include: 

 

	 	·	_______________________________________________________.

 

	 	·	_______________________________________________________.

 

	 	·	_______________________________________________________.

 

	 	·	_______________________________________________________.

 

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SCHEDULE
B

 

SECRECY
AND INTELLECTUAL PROPERTY UNDERTAKING

 

In consideration of the disclosure by
the Company to the Consultant of information relating to the Services and the remuneration as set out in Section 2 of the Agreement,
the Consultant agrees as follows:

 

		1.	The term “Proprietary Information” means any and all confidential and/or proprietary knowledge, data or information of the Company or of any third party which is disclosed to Consultant or which he otherwise obtains or generates as a result of the Services (including the implications, results and applications of the Services and any knowhow, intellectual property and other rights relating to the results of the Services), including without limitation technical, business, marketing, financial, administrative, management and commercial information related to the Company, its products, current or prospective, knowhow, technology, trade secrets, software, copyright, process, commercial relations, actual and potential clients and suppliers, business or other plans, and any other information of a proprietary or confidential nature. Without derogating from the generality of the above said, information which by nature is deemed to be proprietary and non-public information and any information discussed and presented at any meeting of the Company in which the Consultant attended shall also be recognized as Proprietary Information.

 

		2.	The term “Proprietary Information” does not include information (i) which is, at the date of signature hereof or thereafter, enters the public domain, through no act or omission by the Consultant, (ii) information which was known to Consultant prior to its disclosure (in the case of information disclosed by Company) or prior to its generation (in the case of Proprietary Information generated by Consultant), as evidenced by his written records at the time of disclosure or generation (as applicable), (iii) information developed independently by Consultant without use of or reference to the Proprietary Information, as demonstrated by documentary evidence, (iv) information received by Consultant at any time from other sources that were legally entitled to receive and transfer such information without any obligation of confidentiality to Company.

 

		3.	Proprietary Information is recognized by Consultant as being confidential and the exclusive and sole property of the Company. 

 

		4.	The Consultant undertakes to maintain the confidentiality of the Proprietary Information, not to disclose or make available to any third party any of the Proprietary Information nor to make any use or enable others to make any use thereof other than for purposes of the Services, without the express prior written approval of the Company. 

 

		 	If required by law, Consultant may disclose Proprietary Information to a governmental authority or by order of a court of competent jurisdiction, provided that (a) unless restricted by such authority, Consultant shall immediately notify Company and take reasonable steps to assist Company in contesting such request, requirement or order or otherwise protecting Company’s rights and (b) Consultant shall limit the scope of such disclosure only to such portion of the Proprietary Information that it is legally required to disclose.

 

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		 	The confidentiality and non-use obligations contained herein will remain valid and binding regardless of the termination of the Agreement and shall survive for a period of seven (7) years from the date of termination of this Agreement, and with respect to technological and technical information of the Company including trade secrets, the post termination period of compliance shall remain until said information comes into the public domain through no fault of the Consultant.

 

		5.	The term “Proprietary Rights” shall mean all inventions, discoveries, ideas, know-how, works of authorship and confidential information, including copyrights, patents and patent applications, trade secrets, trademarks, service marks, design marks, any registrations or applications relating to any of the foregoing. 

 

Inventions, if any, patented
or unpatented, made by Consultant prior to the date of this Agreement are excluded from the scope of this Agreement.

 

Consultant hereby assigns
and agrees to assign in the future (when any such inventions or Proprietary Rights are first reduced to practice or first fixed
in a tangible medium, as applicable) to the Company all his right, title and interest in and to any and all Proprietary Rights
whether or not patentable or registrable under copyright or similar statutes, made or conceived or reduced to practice or generated
by Consultant, either alone or jointly with others, in the performance of Services for the Company. Inventions assigned to the
Company, or to a third party as directed by the Company pursuant to this Section 5, are hereinafter referred to as “Company
Inventions.”

 

The Consultant acknowledges
that all original works of authorship which are made by Consultant (solely or jointly with others) in the performance of the Services
for the Company and which are protectable by copyright are “works made for hire” and are the property of the Company
pursuant to applicable copyright law. Any assignment of copyright hereunder (and any ownership of a copyright as a work made for
hire) includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred
to as “moral rights” (collectively “Moral Rights”). To the extent such Moral Rights cannot be assigned
under applicable law and to the extent the following is allowed by the laws in the various countries where Moral Rights exist,
Consultant hereby waives such Moral Rights and consents to any action of the Company that would violate such Moral Rights in the
absence of such consent including the right to prevent changes in such works and/or to be named in his name.

 

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Consultant will assist the
Company in every proper way to obtain, and from time to time enforce, any patent rights relating to Company Inventions in any and
all countries, at Company’s expense. To that end Consultant will execute, verify and deliver such documents and perform such
other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting,
evidencing, sustaining and enforcing such patent rights and the assignment thereof. In addition, Consultant will execute, verify
and deliver such assignments of such patent rights to the Company or its designee as the Company may reasonably request. The Company
shall compensate Consultant at a reasonable rate for the time actually spent by Consultant at the Company’s request on such
assistance. Consultant's obligation to assist the Company with respect to patent rights relating to such Company Inventions in
any and all countries shall continue beyond the termination of this Agreement.

 

Consultant hereby agrees
that he shall not be entitled to any additional compensation for the assignments described in this Section 5 above and beyond the
consideration set forth in the Agreement. The Consultant acknowledges and agrees that he will not be entitled to additional royalties,
consideration or other payments with regard to any of the Proprietary Rights assigned to Company as set forth above, and does hereby
explicitly, irrevocably and unconditionally waive the right to receive any such additional royalties, consideration or other payments.

 

		6.	The Consultant shall not use any third party's intellectual property, materials, documents, other resources or confidential information in the performance of the Services. 

 

		7.	The Consultant shall report to the Company’s CEO during the period of the Agreement of his intention to provide services which creates conflict of interest between his other business interests and her position as a consultant to the Company. Within ten (10) business days from such notification, the Company shall inform the Consultant whether it wishes to continue with the terms of the Agreement or, at its sole discretion, terminate it with immediate effect.

 

		8.	Upon termination of the Agreement, the Consultant shall immediately return to the Company or delete from his network all materials of any kind (whether in written or electronic form, computer files or otherwise) concerning the Proprietary Information, including all copies thereof, and he shall not retain any copies of such materials and shall erase such from all of his files and records in any format.

 

And in Witness hereof the parties
sign and execute this Schedule B on June 17, 2015

 

	/S/ Dr. Fernando de la Vega	 	/S/ Meni Biran
	P.V. NANO CELL LTD.	 	Mr. Meni Biran

 

 

7Exhibit 10.20

 

P.V.
NANO CELL LTD. – 2010 SHARE OPTION PLAN

NOTICE
OF SHARE OPTION AWARD

 

To:

 

	Name
    of the Grantee	 
	Address
    of the Grantee	 
	I.D.
    Number of the Grantee	 

 

P.V.
Nano Cell Ltd. (the "Company") is pleased to inform you that options were granted in your favor to a trustee,
each option granted provides you with the right to purchase one ordinary share of the Company par value NIS 0.01 (the "Options"),
all in accordance and subject to the terms that are incorporated in the following documents: this notice, the Option Agreement
which has been executed or shall be executed between you and the Company (the "Option Agreement"), the 2010 Share
Option Plan of the Company (the: "Plan") and the Trustee Agreement – if the Options are granted under the
trustee scheme route (the "Trustee Agreement"). Unless otherwise defined in this notice, the definitions included
in this Notice shall have the same meaning as ascribed to them in the Plan.

 

	Date
    of Grant	 
	The
    Exercise Price of each Option into one share (in US Dollars)	US
    $ ____ per each share
	The
    Total Number of Options Granted	______
    Options
	The
    aggregate Exercise Price for the entire shares 	US
    $ ____
	The
    designation of the Options	☒    Options
                                         granted under the Trustee Scheme Route:

         

        ☒
          Capitals Gain Tax

         

        ☐
          Labor Income Tax

         

        ☐    Options
        granted without a trustee

	The
    expiry date of the Options (subject to early termination of the Options in accordance with the provisions of the Plan and
    the Option Agreement)	7
    Years following the Date of Grant

 

 

 

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The
Terms and Vesting Schedule of the Options

 

Subject
to the continued engagement of the Grantee as an employee of the Company, and subject to the restrictions and provisions as are
set forth in this Notice, the Option Agreement, the Plan and the Trustee Agreement, the Options as set forth herein shall become
vested in accordance with the following vesting schedule, provided that at each such vesting period the Grantee shall continue
to be an employee of the Company:

 

______
Options shall be come vested on: ____________.

 

______
Options shall be come vested on: ____________.

 

The
Company and the Grantee confirm that the Options which have been granted in accordance with this Notice are subject to the provisions
of the Plan, the Option Agreement, this Notice and the Trustee Agreement (if applicable), all of which are attached as schedules
to this Notice and which constitute and inseparable part hereof. The Grantee represents that the Grantee had received a copy of
each of the above documents.

 

In
the event that the Grantee is an employee of the Company – the Grantee agrees to be subject to the relevant provisions of
the Plan with respect to grants issued in the trustee scheme under the capital gains tax route, and the Grantee further represents
that the Grantee is fully aware as to the provisions of Section 102 to the Income Tax Ordinance – 1961 and as to the implications
of choosing such tax scheme with respect thereto.

 

 

	The
    Grantee	 	P.V.
    Nano Cell Ltd. 
	 	 	The
    Company

 

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OPTION
AGREEMENT 

(Israeli
Employee under the Trustee Scheme – Capital Gains Route)

 

		Between:	P.V.
                                         Nano Cell Ltd. (the "Company")

 

And
Between:_____________, I.D. Number _____________, Address: __________, __________, Israel (the "Grantee")

 

		Whereas	the
                                         Grantee is an employee of the Company (as such term is defined in the Law); and

 

		Whereas	in
                                         accordance and subject to the provisions of the Notice Of Share Option Award which is
                                         attached hereto this Agreement (the "Grant Notice"), and in accordance
                                         and subject to the provisions of the 2010 Share Option Plan of the Company (the "Plan"),
                                         the provisions of this Agreement and the provisions of the Trustee Agreement executed
                                         with the trustee (the "Trustee Agreement"), the Company has agreed to
                                         grant to the Grantee the Options, each of which grants the right to purchase one Ordinary
                                         Share of the Company par value NIS 0.01 in the Company (the "Options");
                                         and

 

		Whereas	the
                                         Options as stated above in the Grant Notice have been granted under the trustee scheme
                                         Plan, in the capital gains route and in accordance with the provisions of Section 102
                                         of the Tax Ordinance – 1961 and the regulations, rules and instruction decrees
                                         as are currently existing and as shall be legislated / or amended in the future (hereinafter
                                         respectively: the "Ordinance", "Section 102" and the
                                         "Rules").

 

NOW,
THEREFORE, it is hereby agreed and stipulated between the parties as follows:

 

		1.	The
                                         Grant of the Options and their Exercise

 

In
accordance with and subject to the provisions of the Plan, the Ordinance and the Rules, the Company hereby grant to the Trustee
as shall be nominated by the Board of Directors of the Company (the "Trustee"), in favor of the Grantee, the
Options as are stated in the Grant Notice, each of which grants the Grantee the right to purchase one Ordinary Share par value
NIS 0.01 each of the Company, against payment of their exercise purchase price as stated in the Grant Notice and subject to the
other provisions as detailed in the Grant Notice, the Plan, this Agreement and the Trustee Agreement, as may be amended from time
to time.

 

The
Company may, at its absolute sole discretion, issue additional Grant Notices in favor of the Grantee, and such notices may include
provisions according to which the terms of this Agreement shall also apply to such additional notices. Nothing in the above stated
shall; compromise as a promise or as an intention of the Company to do so in the future.

 

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		2.	Trust
                                         and Additional Provisions in accordance with Section 102 to the Ordinance

 

		2.1.	If
                                         the Options are granted in the framework of the trustee scheme, then such options and
                                         the underlying shares to be issued following the exercise of the Options shall be held
                                         by the Trustee in accordance with the provisions as are set forth in the Ordinance and
                                         in the Trustee Agreement (a copy of the Trustee Agreement is attached hereto and constitutes
                                         an inseparable part of this Agreement), and in accordance with the instructions of the
                                         Company as may be provided from time to time.

 

The
Grantee hereby agrees to the terms and provisions of the Trustee Agreement, including with respect to the sections regarding indemnification
and waiver as set forth therein.

 

The
execution of this Agreement by the Grantee constitutes as the acceptance on the part of the Grantee to the release of the Trustee
of any liability with respect to any decision or action which is received or taken by the Trustee in good faith with respect to
the Plan, the Options or the underlying shares to be issued upon their exercise.

 

		2.2.	Without
                                         derogating from any of the provisions as set forth in the Ordinance, the following restrictions
                                         shall apply:

 

		2.2.1.	In
                                         accordance with the terms set forth in Section 102 of the Ordinance, options granted
                                         under the trustee scheme plan shall be granted in the name of the Trustee and shall be
                                         held in trust by him for the benefit of the Grantee for a period of time commencing as
                                         of the date on which the Options were deposited in the hands of the Trustee, and ending
                                         at the earliest upon the termination of the restricted period as set forth in the Ordinance
                                         (the "Restricted Period"). During such Restricted Period, the Options
                                         and/or the underlying shares, as the case may be, shall not be exercised, sold, transferred,
                                         or be eligible for forfeiture or attachment, unless if and to the extent permitted by
                                         the Ordinance. It is hereby clarified that with respect to the Restricted Period as required
                                         by the Ordinance, it not relevant as to whether the Option is vested or unvested. Therefore,
                                         even in the event that Options are vested, the Restricted Period shall continue to apply.

 

		2.2.2.	Following
                                         the end of the Restricted Period, the Trustee shall release the Options in to the hands
                                         of the Grantee following the request of the Grantee, and that being only after the entire
                                         demands made by the tax authorities in accordance with the Ordinance have been met (including
                                         with respect to the payment of any tax due), to the absolute soul satisfaction of the
                                         Trustee.

 

		2.2.3.	During
                                         the Restricted Period, the entire rights which are to be received on behalf of the Options/underlying
                                         shares, including among others with respect to bonus shares, shall be deposited as well
                                         with the Trustee for the entire Restricted Period. The rules applying to the capital
                                         gains route and the provisions of Section 102 of the Ordinance shall also apply with
                                         respect to the above rights.

 

 

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		3.	Exercise

 

A
vested Option shall be exercisable in accordance with the terms and provisions as are set forth in the Plan. Including among others,
the Grantee shall be required to execute an exercise notice and deliver such to the Company (and to the Trustee when such Options
are held in trust). The form of the exercise notice and its contents shall be determined by the Committee from time to time and
shall include among others additional representations and confirmations to be taken by the Grantee.

 

Along
with the delivery of the exercise notice, and as a prior condition for such exercise, the Grantee must pay the exercise price,
and to the extent requested by the Company pay separately any tax payment that may be due as required.

 

In
addition and as prior condition for such exercise, the Grantee shall execute (upon the request of the Company) on a power of attorney,
to such beneficial receiver as appointed by the Company, for the purpose of voting at general meetings, and for such period of
time up until the first public offering of the Company.

 

Upon
the exercise date or at any time thereafter the Company may cast a restriction with respect to any actions regarding the shares
held by the Grantee for a period of up to 12 months following the initial public offering of the Company.

 

It
is hereby clarified that following the date of the issuance of the Ordinary Shares, shall apply as to the Grantee and as to the
underlying Shares the provisions of Companies Law, 5759 – 1999 and the provisions of the Articles of Association of the
Company as shall be in effect upon such time, and including amongst others the provisions regarding the right of first refusal,
bring along and the like.

 

		4.	Adoption
                                         of Certain Provisions of the Plan

 

		4.1.	Without
                                         derogating from the generality regarding the adoption of the entire provisions of the
                                         Plan as an inseparable part of this Agreement, the attention of the Grantee is hereby
                                         directed to the following sections detailed below, and thus being without derogating
                                         or reducing the effect of any of the other provisions as set forth in the Plan. The Grantee
                                         hereby represents that the Grantee has read, understood and agreed to the entire terms
                                         and provisions of the Plan, and including among other the sections set forth below:

 

		4.1.1.	Chapter
                                         9 including all of its underlying subsections, regarding the period and the exercise
                                         of the Options.

 

		4.1.2.	Chapter
                                         10 including all of its underlying subsections, regarding the consequence of termination
                                         of employment with respect to the rights granted to the Grantee with respect to the Options.

 

		4.1.3.	Chapter
                                         11 including all of its underlying subsections, with respect to adjustments. Including
                                         among others, the Grantee represents that the Grantee has read and understood the content
                                         of Section 11.2 regarding the adjustments to be made in the event of a merger.

 

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		4.1.4.	Chapter
                                         12 including all of its underlying subsections, regarding the restrictions and limitations
                                         as to the transfer and sale of the Options and the underlying shares.

 

		5.	Representations
                                         of the Grantee

 

		5.1.	The
                                         entire tax consequences and tax liabilities which shall arise with respect to the grant
                                         or exercise of each Option in accordance with this Agreement or from any form of payment
                                         with respect to the shares or the sale or the transfer of the shares or from any act
                                         or circumstance with respect thereto (whether performed by the Grantee or by the Company
                                         or by the Trustee), shall solely apply on the Grantee only. The Company and/or the Trustee
                                         shall deduct any of the taxes that shall apply in accordance with the provisions of the
                                         laws, the regulations and the rules that shall apply, including any required source tax
                                         withholding.

 

The
Grantee agrees to indemnify the Company and/or the Trustee in the event that the Company or the Trustee are required to pay any
amount as tax with respect to the grant of the Options, their exercise, the release of the Options or the underlying shares into
the hands of the Grantee or the sale of the underlying shares; or in the event that it has come apparent that the Company or the
Trustee did not withhold tax at source for any reason, and are required to pay such amount that were not withheld.

 

Unless
otherwise determined by law, the Company shall not be required to accept the exercise of any of the Options by or in the name
of the Grantee up until such time as all tax implications and obligations (to the extent applying) which may arise as a result
of the exercise of the Options and/or the sale of the underlying shares and/or from any action related thereto are solved in such
a form as shall be satisfactory to the Company (and upon the Trustee – in the event that the Options are granted in the
trustee scheme) within reasonable terms.

 

		5.2.	The
                                         Grantee confirms that the grant of the Options and/or their exercise and the issuance
                                         of the underlying shares with respect thereto in accordance with the terms of this Agreement,
                                         do not constitute as a part of the engagement terms of the Grantee with the Company;
                                         and specifically, and without derogating from the generality of the above, shall not
                                         be used as a basis for any deductions or social benefits or any other kind. Nothing regarding
                                         the grant of the Options or the dates in which they shall become vested shall serve as
                                         a promise on behalf of the Company as to the continued employment of the Grantee for
                                         any set period of time.

 

		5.3.	The
                                         Company and/or its shareholders may resolve as to the public offering of their shares
                                         and/or as to the sale of all or a majority of its shares or all or a majority of its
                                         assets. The Grantee hereby confirms that the Grantee shall not object to any of the abovementioned
                                         actions (or identical action), and that in the event that such aforementioned action
                                         shall also require the consent of holders of shares/options to the provisions as shall
                                         be set forth by the underwrites / buyers – the Grantee shall execute such required
                                         consent letter. It is hereby clarified that in the event that any portion of the shares
                                         of the Company shall be offered to the public, the Company is not obligated to register
                                         the underlying shares held by the Grantee.

 

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		5.4.	In
                                         addition thereto the Grantee confirms that the Company, its officers and any person acting
                                         on its behalf are not responsible and do not guarantee that the Options and the underlying
                                         shares to be issued upon the exercise of the Options shall have any commercial value
                                         whatsoever or that they shall be Commerciale, and the Grantee further acknowledges that
                                         Options are granted without any promise on behalf of the Company or any other person
                                         on its behalf as to the future success of the Company, if at all.

 

		5.5.	It
                                         is further clarified that the entire confirmations and representations provided by the
                                         Grantee as are set forth in Sections 5.1 to 5.4 above serve as a prior condition to the
                                         grant of the Options and without such being made the Company would not have executed
                                         this Agreement with the Grantee.

 

		6.	This
                                         Agreement replaces and annuls any prior agreement or understanding which have been made
                                         between the parties with respect to the issuance of shares and/or options and/or rights
                                         to purchase shares of the Company and the Grantee confirms that the Grantee shall not
                                         raise any claims, and the Grantee hereby waives any such claims, with respect to the
                                         existence of any prior agreement or understanding or other understandings regarding better
                                         terms than those that are stated in this Agreement and in the Grant Notice. Any change
                                         in the terms of this Agreement or any waiver of rights with respect thereto shall be
                                         applicable only if specifically done in writing and executed by the parties.

 

		7.	This
                                         Agreement shall be binding upon the Grantee and any other party acting in the name, on
                                         behalf or instead of the Grantee.

 

And
In Witness Hereof the Parties Have Set their Signature this Day __ Month _____ 2010

 

 

	The
    Grantee	 	P.V.
    Nano Cell Ltd. 

 

 

 7

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