Document:

Exhibit 10.7

 

indemnification

agreement

 

THIS

INDEMNIFICATION AGREEMENT (the “Agreement”), dated as of ____________, 2022, is entered into by and between

Memic Innovative Surgery Ltd., an Israeli company whose address is 6 Yonatan Netanyahu, Or Yehuda 6037604, Israel (the “Company”),

and the undersigned Director or Officer of the Company whose name appears on the signature page attached hereto (the “Indemnitee”).

 

	WHEREAS,	 	Indemnitee

                                            is an Office Holder (“Nosse Misra”), as such term is defined in the Companies

                                            Law, 5759–1999, as amended (the “Companies

                                            Law” and “Office Holder”

                                            respectively), of the Company; 
	 	 	 
	WHEREAS,	 	both

                                            the Company and Indemnitee recognize the increased risk of litigation and other claims being

                                            asserted against Office Holders of companies and that highly competent persons have become

                                            more reluctant to serve corporations as directors and officers or in other capacities unless

                                            they are provided with adequate protection through insurance or adequate indemnification

                                            against inordinate risks of claims and actions against them arising out of their service

                                            to, and activities on behalf of, companies; 
	 	 	 
	WHEREAS,	 	the

                                            Amended and Restated Articles of Association of the Company (the “Articles”)

                                            authorize the Company to indemnify and advance expenses to its Office Holders and provide

                                            for insurance and exculpation to its Office Holders, in each case, to the fullest extent

                                            permitted by applicable law, and this Agreement is provided to Indemnitee in accordance with

                                            applicable law, the Articles and all requisite corporate approvals; 
	 	 	 
	WHEREAS,	 	the

                                            Company has determined that (i) the increased difficulty in attracting and retaining competent

                                            persons is detrimental to the best interests of the Company’s shareholders and that

                                            the Company should act to assure such persons that there will be increased certainty of such

                                            protection in the future, and (ii) it is reasonable, prudent and necessary for the Company

                                            contractually to obligate itself to indemnify, and to advance expenses on behalf of, such

                                            persons to the fullest extent permitted by applicable law, so that they will serve or continue

                                            to serve the Company free from undue concern that they will not be so indemnified;
	 	 	 
	WHEREAS,	 	the

                                            Company acknowledges that Indemnitee is relying on the obligations of the Company set forth

                                            in this Agreement in agreeing to serve the Company, which obligations are therefore irrevocable;

                                            and
	 	 	 
	WHEREAS,	 	in

                                            recognition of Indemnitee’s need for substantial protection against loss arising from

                                            the Indemnitee’s liability, including costs and expenses incurred by the Indemnitee

                                            due to his or her position as an Office Holder, in order to assure Indemnitee’s continued

                                            service to the Company in an effective manner and, in part, in order to provide Indemnitee

                                            with specific contractual assurance that the indemnification, insurance and exculpation afforded

                                            by the Articles will be available to Indemnitee, the Company wishes to undertake in this

                                            Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest

                                            extent permitted by applicable law and as set forth in this Agreement and provide for insurance

                                            and exculpation of Indemnitee as set forth in this Agreement.

 

NOW,

THEREFORE, the parties hereto agree as follows:

 

     

     

    

 

		1.	INDEMNIFICATION

                                            AND INSURANCE.

 

		1.1.	The

                                            Company hereby undertakes to indemnify Indemnitee to the fullest extent permitted by applicable

                                            law and the Articles, as each may be amended from time to time, for any liability and expense

                                            specified in Sections 1.1.1 through 1.1.4 below, imposed on Indemnitee due to or in connection

                                            with an act performed by such Indemnitee, either prior to or after the date hereof, in Indemnitee’s

                                            capacity as an Office Holder, including, without limitation, as a director, officer, employee,

                                            agent, observer or fiduciary of the Company, any subsidiary thereof or any other corporation,

                                            collaboration, partnership, joint venture, trust or other enterprise, in which Indemnitee

                                            serves at any time at the request of the Company (the “Corporate Capacity”).

                                            The term “act performed in Indemnitee’s capacity as an Office Holder” shall

                                            include, without limitation, any act, omission and failure to act and any other circumstances

                                            relating to or arising from Indemnitee’s service in a Corporate Capacity. Notwithstanding

                                            the foregoing, in the event that the Office Holder is the beneficiary of an indemnification

                                            undertaking provided by a subsidiary of the Company or any other entity, with respect to

                                            his or her Corporate Capacity with such subsidiary or entity (excluding, for sake of clarity,

                                            indemnification provided by a Third Party Indemnitor, as defined and set forth in Section

                                            5 below), then the indemnification obligations of the Company hereunder with respect to such

                                            Corporate Capacity shall only apply to the extent that the indemnification by such subsidiary

                                            or other entity does not actually fully cover the indemnifiable liabilities and expenses

                                            relating thereto. The following shall be hereinafter referred to as “Indemnifiable

                                            Events”:

 

		1.1.1.	a

                                            financial liability imposed on Indemnitee in favor of another person by any court judgment,

                                            including a judgment given as a result of a settlement or an arbitrator’s award which

                                            has been confirmed by a court in respect of an act performed by the Indemnitee. For purposes

                                            of Section 1 of this Agreement, the term “person” shall include, without

                                            limitation, a natural person, firm, partnership, joint venture, trust, company, corporation,

                                            limited liability entity, unincorporated organization, estate, government, municipality,

                                            or any political, governmental, regulatory or similar agency or body;

 

		1.1.2.	reasonable

                                            Expenses (as defined below) expended by Indemnitee as a result of an investigation or proceeding

                                            instituted against him or her by an authority authorized to conduct such investigation or

                                            proceeding, provided that (1) no indictment (as defined in the Companies Law) was filed against

                                            such Indemnitee as a result of such investigation or proceeding; and (2) no financial liability

                                            in lieu of a criminal proceeding (as defined in the Companies Law) was imposed upon him or

                                            her as a result of such investigation or proceeding or if such financial liability was imposed,

                                            it was imposed with respect to an offence that does not require proof of criminal intent,

                                            or in connection with a financial sanction;

 

		1.1.3.	reasonable

                                            Expenses expended by Indemnitee or that were imposed on Indemnitee by a court in a proceeding

                                            filed against the Indemnitee by the Company or in its name or by any other person or in a

                                            criminal charge in respect of which the Indemnitee was acquitted or in a criminal charge

                                            in respect of which the Indemnitee was convicted for an offence that does not require proof

                                            of criminal intent; a financial liability imposed upon Indemnitee and reasonable Expenses

                                            expended by Indemnitee as a result of an administrative proceeding instituted against Indemnitee.

                                            Without derogating from the generality of the foregoing, such Expense will include a payment

                                            which Indemnitee is obligated to make to an injured party as set forth in Section 52(54)(a)(1)(a)

                                            of the Israeli Securities Law, 1968 – 5728 (the “Securities Law”)

                                            and Expenses that Indemnitee incurred in connection with a proceeding under Chapters H’3,

                                            H’4 or I’1 of the Securities Law; and

 

		1.1.4.	any

                                            other event, occurrence, matter or circumstance under any law with respect to which the Company

                                            may, or will be able to, indemnify the Indemnitee (including, without limitation in accordance

                                            with Section 56h(b)(1) of the Securities Law, if and to the extent applicable and Section

                                            50P of the Israeli Economic Competition Law, 5758-1988 (the “RTP Law”)).

 

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For

the purpose of this Agreement, “Expenses” shall include, without limitation, attorneys’ fees and all other costs,

expenses and obligations paid or incurred by Indemnitee in connection with investigating, defending, being a witness in or participating

in (including on appeal), or preparing to defend, be a witness in or participate in any claim, action, suit, proceeding, alternative

dispute resolution mechanism, hearing, inquiry or investigation relating to any matter for which indemnification hereunder may be provided,

and costs and expenses paid or incurred by Indemnitee in successfully enforcing this Agreement. Expenses shall be considered paid or

incurred by Indemnitee at such time as Indemnitee is required to pay or incur such cost or expenses, including upon receipt of an invoice

or payment demand. The Company shall pay the Expenses in accordance with the provisions of Section 1.3.

 

		1.2.	Notwithstanding

                                            anything herein to the contrary, the Company’s undertaking to indemnify the Indemnitee

                                            in advance under Section 1.1.1 shall only be with respect to events described in Exhibit

                                            A hereto. The Board of Directors of the Company (the “Board”)

                                            has determined that the categories of events listed in Exhibit A are likely

                                            to occur in light of the operations of the Company. The maximum amount of indemnification

                                            payable by the Company under Section 1.1.1 of this Agreement with respect to all persons

                                            with respect to whom the Company undertook to indemnify under agreements similar to this

                                            Agreement (the “Indemnifiable Persons”), for all events described in Exhibit

                                            A shall be as set forth in Exhibit A hereto (the “Limit Amount”).

                                            If the Limit Amount is insufficient to cover all the indemnity amounts payable with respect

                                            to all Indemnifiable Persons, then such amount shall be allocated to such Indemnifiable Persons

                                            pro rata according to the percentage of their culpability, as finally determined by a court

                                            in the relevant claim, or, absent such determination or in the event such persons are parties

                                            to different claims, based on an equal pro rata allocation among such Indemnifiable Persons.

                                            The Limit Amount payable by the Company as described in Exhibit A is deemed

                                            by the Company to be reasonable in light of the circumstances. The indemnification provided

                                            under Section 1.1.1 herein shall not be subject to the limitations imposed by this Section

                                            1.2 and Exhibit A if and to the extent such limits are no longer required

                                            by the Companies Law.

 

		1.3.	If

                                            so requested by Indemnitee, and subject to the Company’s repayment and reimbursement

                                            rights set forth in Sections 3 and 5 below, the Company shall pay amounts to cover Indemnitee’s

                                            Expenses with respect to which Indemnitee is entitled to be indemnified under Section 1.1

                                            above, as and when incurred. The payments of such amounts shall be made by the Company directly

                                            to the Indemnitee’s legal and other advisors, as soon as practicable, but in any event

                                            no later than fifteen (15) days after written demand by such Indemnitee therefor to the Company,

                                            and any such payment shall be deemed to constitute indemnification hereunder. All amounts

                                            paid as indemnification hereunder shall be grossed up to cover any tax payment that Indemnitee

                                            may be required to make if the indemnification payments are taxable, subject to the Limit

                                            Amount if required by applicable law. As part of the aforementioned undertaking, the Company

                                            will make available to Indemnitee any security or guarantee that Indemnitee may be required

                                            to post in accordance with an interim decision given by a court, governmental or administrative

                                            body, or an arbitrator, including for the purpose of substituting liens imposed on Indemnitee’s

                                            assets.

 

		1.4.	The

                                            Company’s obligation to indemnify Indemnitee and advance Expenses in accordance with

                                            this Agreement shall be for such period as Indemnitee shall be subject to any actual, possible

                                            or threatened claim, action, suit, demand or proceeding or any inquiry or investigation,

                                            whether civil, criminal or investigative, arising out of the Indemnitee’s service in

                                            the Corporate Capacity as described in Section 1.1 above, whether or not Indemnitee is still

                                            serving in such position (the “Indemnification Period”).

 

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		1.5.	The

                                            Company undertakes that, subject to the mandatory limitations under applicable law and the

                                            Articles, as in effect from time to time, as long as it may be obligated to provide indemnification

                                            and advance Expenses under this Agreement, the Company will purchase and maintain in effect

                                            directors’ and officers’ liability insurance, which will include coverage for

                                            the benefit of the Indemnitee, providing coverage in amounts as reasonably determined by

                                            the Board. The Company hereby undertakes to notify the Indemnitee thirty (30) days prior

                                            to the expiration or termination of such directors’ and officers’ liability insurance.

 

		1.6.	The

                                            Company undertakes to give prompt written notice of the commencement of any claim hereunder

                                            to the insurers in accordance with the procedures set forth in each of the policies. The

                                            Company shall thereafter diligently take all actions reasonably necessary under the circumstances

                                            to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of

                                            such action, suit, proceeding, inquiry or investigation in accordance with the terms of such

                                            policies. The above shall not derogate from Company’s authority to freely negotiate

                                            or reach any compromise with the insurer which is reasonable at the Company’s sole

                                            discretion provided that the Company shall act in good faith and in a diligent manner.

 

		1.7.	In

                                            making a determination with respect to entitlement to indemnification hereunder, the person

                                            or persons or entity making such determination shall presume that Indemnitee is entitled

                                            to indemnification under this Agreement if Indemnitee has requested it, and the Company shall

                                            have the burden of proof to overcome that presumption in connection with the making of any

                                            determination contrary to that presumption.

 

		2.	SPECIFIC

                                            LIMITATIONS ON INDEMNIFICATION.

 

Notwithstanding

anything to the contrary in this Agreement, the Company shall not indemnify or advance Expenses to Indemnitee with respect to (i) any

act, event or circumstance with respect to which it is prohibited to do so under applicable law, or (ii) a counter claim made by the

Company or in its name in connection with a claim against the Company filed by the Indemnitee.

 

		3.	REPAYMENT

                                            OF EXPENSES.

 

		3.1.	In

                                            the event that the Company provides or is required to provide indemnification with respect

                                            to Expenses hereunder and at any time thereafter the Company determines, based on advice

                                            from its legal counsel, that the Indemnitee was not entitled to such payments, the amounts

                                            so indemnified by the Company will be promptly repaid by Indemnitee, unless the Indemnitee

                                            disputes the Company’s determination, in which case the Indemnitee’s obligation

                                            to repay to the Company shall be postponed until such dispute is resolved by a court of competent

                                            jurisdiction in a final and non-appealable order.

 

		3.2.	Indemnitee’s

                                            obligation to repay the Company for any Expenses or other sums paid hereunder shall be deemed

                                            as a loan given to Indemnitee by the Company subject to the minimum interest rate prescribed

                                            by Section 3(9) of the Income Tax Ordinance [New Version], 1961, or any other legislation

                                            replacing it, which is not considered a taxable benefit.

 

		4.	SUBROGATION.

 

Except

as set forth in Section 5 below, in the event of payment under this Agreement, the Company shall be subrogated to the extent of such

payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do everything that may be

necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit

to enforce such rights.

 

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		5.	REIMBURSEMENT.

 

Except

as otherwise set forth below, the Company shall not be liable under this Agreement to make any payment in connection with any Indemnifiable

Event to the extent Indemnitee has otherwise actually received payment under any insurance policy or otherwise (without any obligation

of Indemnitee to repay any such amount) of the amounts otherwise indemnifiable hereunder. Any amounts paid to Indemnitee under such insurance

policy or otherwise after the Company has indemnified Indemnitee for such liability or Expense shall be repaid to the Company as soon

as practical upon receipt by Indemnitee, in accordance with the terms set forth in Section 3.2.

 

The

Company hereby acknowledges that the Indemnitee has now or may have in the future certain rights to indemnification, advancement of expenses

and/or insurance provided by third parties (the “Third Party Indemnitor”), and the Company hereby agrees (i) that

the Company is the indemnitor of first resort (i.e., its obligations to the Indemnitee are primary and any obligation of any Third Party

Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Indemnitee are secondary),

(ii) it shall be required to advance the full amount of expenses incurred by the Indemnitee and shall be liable for the full amount of

all expenses, judgments, penalties, fines and amounts paid in settlement to the fullest extent legally permitted and as required by the

terms of this Agreement and/or the Articles (or any other agreement between the Company and the Indemnitee), without regard to any

rights the Indemnitee may have against the Third Party Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases any

Third Party Indemnitor from any and all claims against any Third Party Indemnitor for contribution, subrogation or any other recovery

of any kind of respect of the subject matters of this Agreement. Without altering or expanding any of the Company’s indemnification

obligations hereunder, the Company further agrees that no advancement or payment by any Third Party Indemnitor on the Indemnitee’s

behalf with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and any

Third Party Indemnitor shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of

the rights of recovery of the Indemnitee against the Company. The Company and the Indemnitee agree that the Third Party Indemnitors are

express third party beneficiaries of the terms of this Section 5.

 

		6.	EFFECTIVENESS.

 

The

Company represents and warrants that this Agreement is valid, binding and enforceable in accordance with its terms and was duly adopted

and approved by the Company, and shall be in full force and effect immediately upon its execution and shall continue to be in full force

for the duration of the Indemnification Period.

 

		7.	NOTIFICATION

                                            AND DEFENSE OF CLAIM.

 

Indemnitee

shall notify the Company of the commencement of any action, suit or proceeding, and of the receipt of any notice or threat that any such

legal proceeding has been or shall or may be initiated against Indemnitee (including any proceedings by or against the Company and any

subsidiary thereof), promptly upon Indemnitee first becoming so aware; but the omission to so notify the Company will not relieve the

Company from any liability which it may have to Indemnitee under this Agreement unless and to the extent that such failure to provide

notice materially and adversely impacts the Company’s ability to defend such action. Notice to the Company shall be directed to

the Chief Executive Officer or Chief Financial Officer of the Company at the address shown in the preamble to this Agreement (or such

other address as the Company shall designate in writing to Indemnitee). With respect to any such action, suit or proceeding as to which

Indemnitee notifies the Company of the commencement thereof and without derogating from Sections 1.1 and 2:

 

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		7.1.	The

                                            Company will be entitled to participate therein at its own expense.

 

		7.2.	Except

                                            as otherwise provided below, the Company, alone or jointly with any other indemnifying party

                                            similarly notified, will be entitled to assume the defense thereof, with counsel selected

                                            by the Company, which counsel is reasonably reputable with experience in the relevant field.

                                            Indemnitee shall have the right to employ his or her own counsel in such action, suit or

                                            proceeding, but the fees and expenses of such counsel incurred after notice from the Company

                                            of its assumption of the defense thereof shall be at the expense of Indemnitee, unless: (i) the

                                            employment of counsel by Indemnitee has been authorized in writing by the Company; (ii) the

                                            Company shall have, in good faith, reasonably concluded that there may be a conflict of interest

                                            under the law and rules of attorney professional conduct applicable to such claim between

                                            the Company and Indemnitee in the conduct of the defense of such action; or (iii) the

                                            Company has not in fact employed counsel to assume the defense of such action within reasonable

                                            time, in which cases the reasonable fees and expenses of Indemnitee’s counsel shall

                                            be at the expense of the Company. The Company shall not be entitled to assume the defense

                                            of any action, suit or proceeding brought by or on behalf of the Company or as to which the

                                            Company shall have reached the conclusion specified in (ii) above.

 

		7.3.	The

                                            Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts

                                            or expenses paid in connection with a settlement of any action, claim or otherwise, effected

                                            without the Company’s prior written consent.

 

		7.4.	The

                                            Company shall have the right to conduct the defense as it sees fit in its sole discretion

                                            (provided that the Company shall conduct the defense in good faith and in a diligent manner

                                            and that the Company and its counsel shall keep the Indemnitee reasonably notified on a regular

                                            basis of all events in the action), including the right to settle or compromise any claim

                                            or to consent to the entry of any judgment against Indemnitee without the consent of the

                                            Indemnitee, provided that, the amount of such settlement, compromise or judgment does not

                                            exceed the Limit Amount (if applicable) and is fully indemnifiable pursuant to this Agreement

                                            (subject to Section 1.2 of this Agreement) and/or applicable law, and any such settlement,

                                            compromise or judgment does not impose any penalty or limitation on Indemnitee without the

                                            Indemnitee’s prior written consent. The Indemnitee’s consent shall not be required

                                            if the settlement includes a complete release of Indemnitee, does not contain any admission

                                            of wrong-doing by Indemnitee, and includes monetary sanctions only as provided above. In

                                            the case of criminal proceedings, the Company and/or its legal counsel will not have the

                                            right to plead guilty or agree to a plea-bargain in the Indemnitee’s name without the

                                            Indemnitee’s prior written consent. Neither the Company nor Indemnitee will unreasonably

                                            withhold or delay its consent to any proposed settlement.

 

		7.5.	Indemnitee

                                            shall cooperate with the Company and shall give the Company all information and access to

                                            documents, files and to his or her advisors and representatives as shall be within Indemnitee’s

                                            power, in every reasonable way as may be required by the Company with respect to any claim

                                            that is the subject matter of this Agreement and in the defense of other claims asserted

                                            against the Company (other than claims asserted by Indemnitee), provided that the Company

                                            shall cover all expenses, costs and fees incidental thereto such that the Indemnitee will

                                            not be required to pay or bear such expenses, costs and fees.

 

		8.	EXCULPATION.

 

Subject

to the provisions of the Companies Law, the Company hereby releases, in advance, the Office Holder from liability to the Company for

any damage that arises from the breach of the Office Holder’s duty of care to the Company (within the meaning of such terms under

Sections 252 and 253 of the Companies Law), other than breach of the duty of care towards the Company in a distribution (as such term

is defined in the Companies Law).

 

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		9.	NON-EXCLUSIVITY.

 

The

rights of the Indemnitee hereunder shall not be deemed exclusive of any other rights Indemnitee may have under the Articles, applicable

law or otherwise, and to the extent that during the Indemnification Period the indemnification rights of the then serving Indemnitees

are more favorable to such Indemnitees than the indemnification rights provided under this Agreement, Indemnitee shall be entitled to

the full benefits of such more favorable indemnification rights to the extent permitted by law.

 

		10.	PARTIAL

                                            INDEMNIFICATION.

 

If

Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses,

judgments, fines or penalties actually or reasonably incurred by Indemnitee in connection with any proceedings, but not, however, for

the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments, fines or penalties

to which Indemnitee is entitled under any provision of this Agreement. Subject to the provisions of Section 5 above, any amount received

by Indemnitee (under any insurance policy or otherwise) shall not reduce the Limit Amount hereunder and shall not derogate from the Company’s

obligation to indemnify the Indemnitee in accordance with the provisions of this Agreement up to the Limit Amount, as set forth in Section

1.2.

 

		11.	BINDING

                                            EFFECT.

 

This

Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors

and permitted assigns and their respective heirs, personal representatives, executors and administrators. In the event of a merger or

consolidation of the Company or a transfer or disposition of all or substantially all of the business or assets of the Company, the Indemnitee

shall be entitled to the same indemnification and insurance provisions as the most favorable indemnification and insurance provisions

afforded to the then-serving Office Holders of the Company. In the event that in connection with such transaction the Company purchases

a directors and officers’ “tail” or “run-off” policy for the benefit of its then serving Office Holders,

then such policy shall cover Indemnitee and such coverage shall be deemed to be in satisfaction of the insurance requirements under this

Agreement. This Agreement shall continue in effect during the Indemnification Period regardless of whether Indemnitee continues to serve

in a Corporate Capacity.

 

Any

amendment to the Companies Law, the Israeli Securities Law, the RTP Law or other applicable law adversely affecting the right of the

Indemnitee to be indemnified, insured or released pursuant hereto shall be prospective in effect, and shall not affect the Company’s

obligation or ability to indemnify or insure the Indemnitee for any act or omission occurring prior to such amendment, unless otherwise

provided by applicable law.

 

		12.	SEVERABILITY.

 

The

provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity

or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof or any circumstance,

is invalid or unenforceable, (i) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may

be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (ii) the remainder of this Agreement

and the application of such provision or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity

or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

 

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		13.	NOTICE.

 

All

notices and other communications pursuant to this Agreement shall be in writing and shall be deemed provided if delivered personally,

telecopied, sent by electronic facsimile, email, reputable overnight courier or mailed by registered or certified mail (return receipt

requested), postage prepaid, to the parties at the addresses shown in the preamble to this Agreement, or to such other address as the

party to whom notice is to be given may have furnished to the other party hereto in writing in accordance herewith. Any such notice or

communication shall be deemed to have been delivered and received (i) in the case of personal delivery, on the date of such delivery,

(ii) in the case of telecopier or an electronic facsimile or email, one business day after the date of transmission if confirmation of

receipt is received, (iii) in the case of a reputable overnight courier, three business days after deposit with such reputable overnight

courier service, and (iv) in the case of mailing, on the seventh business day following that on which the mail containing such communication

is posted.

 

		14.	GOVERNING

                                            LAW; JURISDICTION.

 

This

Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Israel, without giving effect to

the conflicts of law provisions of those laws. The Company and Indemnitee each hereby irrevocably consent to the exclusive jurisdiction

and venue of the courts of Tel Aviv, Israel for all purposes in connection with any action or proceeding which arises out of or relates

to this Agreement.

 

		15.	ENTIRE

                                            AGREEMENT AND TERMINATION.

 

This

Agreement represents the entire agreement between the parties and supersedes any other agreements, contracts or understandings between

the parties, whether written or oral, with respect to the subject matter of this Agreement. For the avoidance of doubt, it is hereby

clarified that nothing contained herein derogates from the Company’s right in its sole discretion, subject to applicable law and

the Articles, to indemnify Indemnitee post factum for any amounts the Indemnitee may be obligated to pay.

 

		16.	NO

                                            MODIFICATION AND NO WAIVER.

 

No

supplement, modification or amendment, termination or cancellation of this Agreement shall be binding unless executed in writing by both

of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other

provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Any waiver shall be in writing. The

Company hereby undertakes not to amend its Articles in a manner that will adversely affect the provisions of this Agreement.

 

		17.	ASSIGNMENTS;

                                            NO THIRD-PARTY RIGHTS.

 

Neither

party hereto may assign any of its rights or obligations hereunder except with the express prior written consent of the other party.

Nothing herein shall be deemed to create or imply an obligation for the benefit of a third party, except as set forth in Section 5. Without

limitation of the foregoing, nothing herein shall be deemed to create any right of any insurer that provides directors’ and officers’

liability insurance, to claim, on behalf of Indemnitee, any rights hereunder.

 

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		18.	INTERPRETATION;

                                            DEFINITIONS.

 

The

obligations of the Company as provided hereunder shall be interpreted broadly and in a manner that shall facilitate its execution, to

the extent permitted by law, and for the purposes for which it was intended.

 

Unless

the context shall otherwise require: words in the singular shall also include the plural, and vice versa; any pronoun shall include the

corresponding masculine, feminine and neuter forms; the words “include”, “includes” and “including”

shall be deemed to be followed by the phrase “without limitation”; the words “herein”, “hereof” and

“hereunder” and words of similar import refer to this Agreement in its entirety and not to any part hereof; all references

herein to Sections or clauses shall be deemed references to Sections or clauses of this Agreement; any references to any agreement or

other instrument or law, statute or regulation are to it as amended, supplemented or restated, from time to time (and, in the case of

any law, to any successor provisions or re-enactment or modification thereof being in force at the time); any reference to “law”

shall include any supranational, national, federal, state, local, or foreign statute or law and all rules and regulations promulgated

thereunder; any reference to a “day” or a number of “days” (without any explicit reference otherwise, such as

to business days) shall be interpreted as a reference to a calendar day or number of calendar days; reference to month or year means

according to the Gregorian calendar; reference to a “company”, “corporate body” or “entity” shall

include a, partnership, firm, company, corporation, limited liability company, association, joint venture, trust, unincorporated organization,

estate, or a government municipality or any political, governmental, regulatory or similar agency or body, and reference to a “person”

shall mean any of the foregoing or a natural person.

 

		19.	COUNTERPARTS.

 

This

Agreement may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties

actually executing such counterpart, and all of which together shall constitute one and the same instrument; it being understood that

parties need not sign the same counterpart. The exchange of an executed Agreement (in counterparts or otherwise) by facsimile or by electronic

delivery in pdf format shall be sufficient to bind the parties to the terms and conditions of this Agreement, as an original.

 

[SIGNATURE

PAGE TO FOLLOW]

 

    - 9 -

     

    

 

IN

WITNESS WHEREOF, the parties, each acting under due and proper authority, have executed this Agreement as of the date first mentioned

above, in one or more counterparts.

 

	MEMIC

    INNOVATIVE SURGERY LTD.	 
	 	 
	By:	 	 
	 	 	 
	Name and

    title:	 	 
	 	 
	INDEMNITEE:	 
	 	 
	Name:	 	 
	 	 	 
	Signature:	 	 
	 	 	 
	Address:	 	 

 

 

[MEMIC

INNOVATIVE SURGERY LTD - DIRECTOR INDEMNIFICATION AGREEMENT - SIGNATURE PAGE]

 

    - 10 -

     

    

 

EXHIBIT

A*

 

	 	CATEGORY

    OF INDEMNIFIABLE EVENT	 	LIMIT

AMOUNT PER EACH SPECIFIC EVENT WITHIN THIS CATEGORY OF EVENTS

	 	 	 	 
	1.	Claims in connection with

    employment relationships with and/or by employees or consultants of the Company, and in connection with business relations between

    the Company and its employees, independent contractors, customers, suppliers, partners and various service providers.	 	the greater of (i) an amount

    equal to 25% of our shareholders’ equity on a consolidated basis, based on our most recent financial statements made publicly

    available before the date on which the indemnity payment is made, and (ii) $40,000,000 (the “Maximum Amount”).
	 	 	 	 
	2.

     	Negotiations, execution,

    delivery and performance of agreements of any kind or nature, anti-competitive acts, acts of commercial wrongdoing, approval of corporate

    actions including the approval of and recommendation or information provided to shareholders with respect to corporate actions, the

    approval of the acts of the Company’s management, their guidance and their supervision, actions concerning the approval of

    transactions with Office Holders or shareholders, including controlling persons, actions pursuant to or in accordance with the policies

    and procedures of the Company (whether or not such policies and procedures are published) and claims of failure to exercise business

    judgment and a reasonable level of proficiency, expertise and care or any other applicable standard with respect to the Company’s

    business.	 	The Maximum Amount
	 	 	 	 
	3.

     	Violation, infringement,

    misappropriation, dilution and other misuse of copyrights, patents, designs, trade secrets and any other intellectual property rights,

    acts in connection with the registration, assertion or protection of rights to intellectual property and the defense of claims related

    to intellectual property, breach of confidentiality obligations, acts in regard of invasion of privacy including with respect to

    databases or personal information, acts in connection with slander and defamation, and claims in connection with publishing or providing

    any information, including any filings with any governmental authorities, whether or not required under any applicable laws.	 	The Maximum Amount
	 	 	 	 
	4.

     	Violations of securities

    laws of any jurisdiction, including without limitation, claims under the U.S. Securities Act of 1933, as amended from time to time,

    or the U.S. Exchange Act of 1934, as amended from time to time, or under the Israeli Securities Law, as amended from time to time,

    fraudulent disclosure claims, failure to comply with any securities authority or any stock exchange disclosure or other rules and

    any other claims relating to relationships with investors, debt holders, shareholders, holders of any other equity or debt instrument

    of the Company and the investment community and any claims related to the Sarbanes-Oxley Act of 2002, as amended from time to time;

    claims relating to or arising out of financing arrangements, any breach of financial covenants or other obligations towards lenders

    or debt holders of the Company, class actions, violations of laws requiring the Company to obtain regulatory and governmental licenses,

    permits and authorizations in any jurisdiction; actions taken in connection with the issuance, purchase, holding or disposition of

    any type of securities of Company, including, without limitation, the grant of options, warrants or other rights to purchase any

    of the same or any offering of the Company’s securities to private investors or to the public, and listing of such securities,

    or the offer by the Company to purchase securities from the public or from private investors or other holders, and any undertakings,

    representations, warranties and other obligations related to any such offering, listing or offer or to the Company’s status

    as a public company or as an issuer of securities.	 	The Maximum Amount

 

    - 11 -

     

    

 

	5.

    	Liabilities arising in

    connection with development of any products or services developed, distributed, rendered, sold, provided, licensed or marketed by

    the Company, and any actions or omission in connection with the distribution, provision, sale, marketing, license or use of such

    products or services, including without limitation in connection with professional liability and product liability claims.	 	The Maximum Amount
	 	 	 	 
	6.

    	The offering of securities

    by the Company to the public, including the offering of securities by a shareholder in connection with a secondary offering.	 	The gross proceeds raised

    by the Company and/or any selling shareholder in such public offering
	 	 	 	 
	7. 	The offering of securities

    by the Company to private investors or the offer by the Company to purchase securities from the public and/or from private investors

    or other holders pursuant to a prospectus, agreements, notices, reports, tenders and/or other proceedings.	 	The Maximum Amount
	 	 	 	 
	8.

    	Events in connection with

    change in ownership or in the structure of the Company, its reorganization, dissolution, winding up, any other arrangements concerning

    creditors rights or any decision concerning any of the foregoing, including but not limited to, merger, sale or acquisition of assets,

    division, spin off, divestiture, change in capital.	 	The Maximum Amount
	 	 	 	 
	9.

    	Any claim or demand made

    in connection with any transaction not in the ordinary course of business of the Company, including the sale, lease or purchase of,

    or the receipt or any grant of any rights with respect to, any assets or business.	 	The Maximum Amount
	 	 	 	 
	10.

    	Any claim or demand made

    by any third party suffering any personal injury and/or bodily injury or damage to business or personal property or any other type

    of damage through any act or omission attributed to the Company, or its employees, agents or other persons acting or allegedly acting

    on its behalf, including, without limitation, failure to make proper safety arrangements for the Company or its employees and liabilities

    arising from any accidental or continuous damage or harm to the Company’s employees, its contractors, its guests and visitors

    as a result of an accidental or continuous event, or employment conditions, permanent or temporary, in the Company’s offices.	 	The Maximum Amount
	 	 	 	 
	11.

    	Any claim or demand made

    directly or indirectly in connection with complete or partial failure, by the Company or its directors, officers and employees, to

    pay, report, keep applicable records or otherwise, of any foreign, federal, state, county, local, municipal or city taxes or other

    compulsory payments of any nature whatsoever, including, without limitation, income, sales, use, transfer, excise, value added, registration,

    severance, stamp, occupation, customs, duties, real property, personal property, capital stock, social security, unemployment, disability,

    payroll or employee withholding or other withholding, including any interest, penalty or addition thereto, whether disputed or not.	 	The Maximum Amount

 

    - 12 -

     

    

 

	12.

    	Any administrative, regulatory

    or judicial actions, orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices

    of noncompliance or violation by any governmental entity or other person alleging the failure to comply with any statute, law, ordinance,

    rule, regulation, order or decree of any governmental entity applicable to the Company or any of its businesses, assets or operations,

    or the terms and conditions of any operating certificate or licensing agreement.	 	The Maximum Amount
	 	 	 	 
	13.

    	Participation and/or non-participation

    at the Company’s Board meetings, bona fide expression of opinion and/or voting and/or abstention from voting at the Company’s

    Board meetings, including, in each case, any committee thereof.	 	The Maximum Amount
	 	 	 	 
	14.

    	Review

and approval of the Company’s financial statements and any specific items or matters within, including any action, consent or approval

related to or arising from the foregoing, including, without limitations, execution of certificates for the benefit of third parties

related to the financial statements.	 	The Maximum Amount
	 	 	 	 
	15.

    	Violation of laws, rules

    or regulations requiring the Company to obtain regulatory and governmental licenses, permits and authorizations (including without

    limitation relating to export, import, encryption, antitrust or competition authorities) or laws related to any governmental grants

    in any jurisdiction. 	 	The Maximum Amount
	 	 	 	 
	16.

    	Resolutions and/or actions

    relating to investments in the Company and/or its subsidiaries and/or affiliated companies and/or the purchase and sale of assets,

    including the purchase or sale of companies and/or businesses, and/or investment in corporate or other entities and/or investments

    in traded securities and/or any other form of investment.	 	The Maximum Amount
	 	 	 	 
	17.

    	Liabilities arising out

    of advertising, including misrepresentations regarding the Company’s products or services and unlawful distribution of emails.	 	The Maximum Amount
	 	 	 	 
	18.

    	An announcement or statement,

    including a position taken or an opinion or representation made in good faith by the Office Holder in the course of his duties or

    in conjunction with his duties, whether in public or in private, including during a meeting of the Board of Directors of the Company

    or any of the committees thereof.	 	The Maximum Amount
	 	 	 	 
	19.

    	Management of the Company’s

    bank accounts, including money management, foreign currency deposits, securities, loans and credit facilities, credit cards, bank

    guarantees, letters of credit, consultation agreements concerning investments including with portfolio managers, hedging transactions,

    options, futures, and the like.	 	The Maximum Amount

 

    - 13 -

     

    

 

	20.

    	Any action or decision

    in relation to protection of work safety and/or working conditions, including with respect to provisions of the law, procedures or

    standards as applicable in or outside of Israel with relating to protection of work safety, pertaining, inter alia, to contamination,

    health protection, production processes, distribution, use, treatment, storage and transportation of certain materials, including

    in connection with corporal damage, property and environmental damages.	 	The Maximum Amount
	 	 	 	 
	21.

    	Any liability arising under

    any administrative, regulatory, judicial or civil actions orders, decrees, suits, demands, demand letters, directives, claims, liens,

    investigations, proceedings or notices of noncompliance or violation of Section 50P of the RTP Law. 	 	The Maximum Amount
	 	 	 	 
	22.

    	All actions, consents and

    approvals relating to a distribution of dividends, in cash or otherwise, or to any other “distribution” as such term

    is defined under the Companies Law.	 	The Maximum Amount
	 	 	 	 
	23.

    	Any administrative, regulatory,

    judicial, civil or criminal, actions orders,  decrees, suits, demands, demand letters, directives, claims, liens, investigations,

    proceedings or notices of noncompliance, violation or breaches alleging potential responsibility, liability, loss or damage (including

    potential responsibility or liability for costs of enforcement, investigation, cleanup, governmental response, removal or remediation,

    property damage or penalties, or for contribution, indemnification, cost recovery, compensation or injunctive relief),

    whether alleged or claimed by customers, consumers, regulators, shareholders or others, arising out of, based on or related to: (a)

    cyber security, cyber-attacks, data loss or breaches, unauthorized access to databases and use or disclosure of information contained

    therein, not preventing or detecting the breach or failing to otherwise disclose or respond to the breach; (b) circumstances forming

    the basis of any violation of any law, permit, license, registration or other authorization required under applicable law governing

    data security, data protection, network security, information systems, privacy or any cyber environment (including, users, networks,

    devices, software, processes, information systems, databases, information in storage or transit, applications, services, and systems

    that can be connected directly or indirectly to networks); (c) failure to implement a reporting system or control, or failure to

    monitor or oversee the operation of such a system; (d) data destruction, extortion, theft, hacking, and denial

    of service attacks; losses or liabilities to others caused by errors and omissions, failure to safeguard data or defamation;

    or (e) security-audit,

    post-incident public relations and investigative expenses, criminal reward funds, data breach/privacy crisis management (including,

    management of an incident, investigation, remediation, data subject notification, call management, credit checking for data subjects,

    legal costs, court attendance and regulatory fines), extortion liability (including, losses due to a threat of extortion, professional

    fees related to dealing with the extortion), or network security liability (including, losses as a result of denial of access, costs

    related to data on third-parties and costs related to the theft of data on third-party systems).	 	The Maximum Amount
	 	 	 	 
	 	Aggregate Limit Amount

    for all events together.	 	The Maximum Amount

 

 

	*	Any

reference in this Exhibit A to the Company shall include the Company and any entity in which the Indemnitee serves

in a Corporate Capacity.

 

    - 14 -Exhibit 10.9

 

 

 

 

 

 

 

 

 

 

MEMIC
INNOVATIVE SURGERY LTD

2022
INCENTIVE COMPENSATION PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

MEMIC
INNOVATIVE SURGERY LTD

2022
INCENTIVE COMPENSATION PLAN

 

	1.	Purpose	1
	 	 	 
	2.	Definitions	1
	 	 	 
	3.	Administration	7
	 	 	 
	4.	Shares Subject to Plan	8
	 	 	 
	5.	Eligibility	9
	 	 	 
	6.	Specific Terms of Awards	10
	 	 	 
	7.	Certain Provisions Applicable to Awards	16
	 	 	 
	8.	Change in Control	19
	 	 	 
	9.	General Provisions	21

 

     

     

    

 

MEMIC
INNOVATIVE SURGERY LTD

2022
INCENTIVE COMPENSATION PLAN

 

1.
Purpose. The
purpose of this MEMIC INNOVATIVE SURGERY LTD 2022 INCENTIVE COMPENSATION PLAN (including any sub-plans as applicable), as may be amended
from time to time (the “Plan”) is to assist the Company
and its Related Entities (as hereinafter defined) in attracting, motivating, retaining and rewarding high-quality executives and other
employees, officers, directors, consultants and other persons who provide services to the Company or its Related Entities by enabling
such persons to acquire or increase a proprietary interest in the Company in order to strengthen the mutuality of interests between such
persons and the Company’s shareholders, and providing such persons with performance incentives to expend their maximum efforts
in the creation of shareholder value.

 

2.
Definitions. For purposes of the Plan, the following terms shall
be defined as set forth below, in addition to such terms defined in Section 1 hereof and elsewhere herein.

 

(a) “Award”
means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Share granted as a bonus or in lieu of
another Award, Dividend Equivalent, Other Stock-Based Award or Performance Award, together with any other right or interest relating to
Shares or other property (including cash), granted to a Participant under the Plan.

 

(b) “Award
Agreement” means any written agreement, contract or other instrument or document evidencing any Award granted by the Committee
hereunder.

 

(c) “BCA”
means that certain Business Combination Agreement, dated August 12, 2021, by and among the Company, Maestro Merger Sub, Inc., a Delaware
corporation and a direct, wholly-owned subsidiary of the Company and Medtech Acquisition Corporation, a Delaware corporation.

 

(d) “Beneficiary”
means the person, persons, trust or trusts that have been designated by a Participant in his or her most recent written beneficiary designation
filed with the Committee to receive the benefits specified under the Plan upon such Participant’s death or to which Awards or other
rights are transferred if and to the extent permitted under Section 9(b) hereof. If, upon a Participant’s death, there is no designated
Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the Participant’s estate.

 

(e) “Beneficial
Owner” and “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 under
the Exchange Act and any successor to such Rule.

 

(f) “Board”
means the Board of Directors of the Company.

 

    	 	1	 

     

    

 

(g) “Cause”
shall, with respect to any Participant, have the meaning specified in the Award Agreement. In the absence of any definition in the Award
Agreement, “Cause” shall have the equivalent meaning or the same meaning as “cause” or “for cause”
set forth in any employment, consulting, or other agreement for the performance of services between the Participant and the Company or
a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such term shall mean (i) the failure
by the Participant to perform, in a reasonable manner, his or her duties as assigned by the Company or a Related Entity, (ii) any violation
or breach by the Participant of his or her employment, consulting or other similar agreement with the Company or a Related Entity, if
any, (iii) any violation or breach by the Participant of any non-competition, non-solicitation, non-disclosure and/or other similar agreement
with the Company or a Related Entity, (iv) any act by the Participant of dishonesty or bad faith with respect to the Company or a Related
Entity, (v) use of alcohol, drugs or other similar substances in a manner that adversely affects the Participant’s work performance,
or (vi) the commission by the Participant of any act, misdemeanor, or crime reflecting unfavorably upon the Participant or the Company
or any Related Entity. The good faith determination by the Committee of whether the Participant’s Continuous Service was terminated
by the Company for “Cause” shall be final and binding for all purposes hereunder.

 

(h) “Change
in Control” means a Change in Control as defined in Section 9(b) of the Plan.

 

(i) “Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and successor provisions
and regulations thereto.

 

(j) “Committee”
means a committee of the Board designated and empowered, to the extent permitted by applicable law, by the Board to administer the Plan;
provided, however, that if the Board fails to designate and empower such a committee or if there are no longer any members on the committee
so designated by the Board, or for any other reason determined by the Board, then the Board shall serve as the Committee and all references
to the Committee herein shall refer to the Board. While it is intended that the Committee shall consist of at least three (3) directors,
each of whom shall be, unless a different composition is required by applicable law, (i) a “non-employee director” within
the meaning of Rule 16b-3 (or any successor rule) under the Exchange Act, unless administration of the Plan by “non-employee directors”
is not then required in order for exemptions under Rule 16b-3 to apply to transactions under the Plan, and (ii) “Independent”,
the failure of the Committee to be so comprised shall not invalidate any Award that otherwise satisfies the terms of the Plan.

 

(k) “Company”
means Memic Innovative Surgery Ltd., a company incorporated under the State of Israel, and any successor thereto.

 

(l) “Consultant”
means any consultant or advisor who provides services to the Company or any Related Entity, so long as (i) such person renders bona fide
services that are not in connection with the offer and sale of the Company’s securities in a capital-raising transaction, (ii) such
person does not directly or indirectly promote or maintain a market for the Company’s securities, and (iii) the identity of such
person would not preclude the Company from offering or selling securities to such person pursuant to the Plan in reliance on either the
exemption from registration provided by Rule 701 under the Securities Act of 1933 or, if the Company is required to file reports pursuant
to Section 13 or 15(d) of the Exchange Act, registration on a Form S-8 Registration Statement under the Securities Act of 1933.

 

    	 	2	 

     

    

 

(m) “Continuous
Service” means the uninterrupted provision of services to the Company or any Related Entity in any capacity of Employee,
Director, Consultant or other service provider. Continuous Service shall not be considered to be interrupted in the case of (i) any approved
leave of absence, (ii) transfers among the Company, any Related Entities, or any successor entities, in any capacity of Employee, Director,
Consultant or other service provider, or (iii) any change in status as long as the individual remains in the service of the Company or
a Related Entity in any capacity of Employee, Director, Consultant or other service provider (except as otherwise provided in the Award
Agreement). An approved leave of absence shall include sick leave, maternity leave, military leave, or any other authorized personal leave.

 

(n)
“Director” means a member of the Board or the board of directors of any Related Entity.

 

(o) “Disability”
means a permanent and total disability (within the meaning of Section 22(e) of the Code), as determined by a medical doctor satisfactory
to the Committee.

 

(p)
“Dividend Equivalent” means a right, granted to a Participant under Section 6(g) hereof, to receive cash, Shares,
other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments.

 

(q) “Effective
Date” means the effective date of the Plan, which shall be [_____________], 2022.

 

(r) “Eligible
Person” means each officer, Director, Employee, Consultant and other person who provides services to the Company or any
Related Entity. The foregoing notwithstanding, only Employees of the Company, or any parent corporation or subsidiary corporation of the
Company (as those terms are defined in Sections 424(e) and (f) of the Code, respectively), shall be Eligible Persons for purposes of receiving
any Incentive Stock Options. An Employee on leave of absence may, in the discretion of the Committee, be considered as still in the employ
of the Company or a Related Entity for purposes of eligibility for participation in the Plan.

 

(s) “Employee”
means any person who is an employee of the Company or any Related Entity or is a prospective employee of the Company or any Related Entity
(conditioned upon and effective not earlier than, such person becoming an employee of the Company or any Related Entity). The payment
of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment” by the Company.

 

(t) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and successor provisions
and rules thereto.

 

(u) “External
Director” means an External Director as defined in the Israel Companies Law 5759-1999.

 

    	 	3	 

     

    

 

(v) “Fair
Market Value” means the fair market value of Shares, Awards or other property on the date as of which the value is being
determined, as determined by the Committee, or under procedures established by the Committee, subject to the following:

 

(i) If,
on such date, the Shares are listed on an international, national or regional securities exchange or market system, the Fair Market Value
of a Share shall mean the closing price of such Share on the applicable Listing Market (or such other stock exchange where the majority
of the trading volume and value of the Shares occurs) on the previous trading day.

 

(ii) If,
on such date, the Shares are not listed on an international, national or regional securities exchange or market system, the Fair Market
Value of a Share shall be as determined by the Committee in good faith without regard to any restriction other than a restriction which,
by its terms, will never lapse.

 

(w) “Fully
Diluted Shares” means the aggregate of (i) the Shares issued and outstanding, (ii) any Shares issuable upon the conversion
or exchange (without the payment of additional consideration) of any vested securities of the Company or any Related Entity that are convertible
into or exchangeable or exercisable for Shares, and (iii) the Shares issuable on exchange of the Warrants (excluding in respect of any
cashless exercise feature thereof, and provided such Warrants are not determined to be “out of the money” by the Board as
at the date of grant of the applicable Award(s)).

 

(x) “Good
Reason” shall, with respect to any Participant, have the meaning specified in the Award Agreement. In the absence of any
definition in the Award Agreement, “Good Reason” shall have the equivalent meaning or the same meaning as “good reason”
or “for good reason” set forth in any employment, consulting or other agreement for the performance of services between the
Participant and the Company or a Related Entity or, in the absence of any such agreement or any such definition in such agreement, such
term shall mean (i) the assignment to the Participant of any duties inconsistent in any material respect with the Participant’s
duties or responsibilities as assigned by the Company or a Related Entity, or any other action by the Company or a Related Entity which
results in a material diminution in such duties or responsibilities, excluding for this purpose an action which is remedied by the Company
or a Related Entity promptly after receipt of notice thereof given by the Participant; (ii) any material failure by the Company or a Related
Entity to comply with its obligations to the Participant as agreed upon, other than a failure which is remedied by the Company or a Related
Entity promptly after receipt of notice thereof given by the Participant; or (iii) a material breach by the Company or any Related Entity
of any employment, consulting or other agreement under which the Participant provides services to the Company or any Related Entity. For
purposes of this Plan, upon termination of a Participant’s Continuous Service, Good Reason shall not be deemed to exist unless the
Participant provides the Company or the Related Entity for which the Participant provides services with written notice of the existence
of one of the conditions specified in clauses (i) through (iii) above within sixty (60) days after the initial existence of the condition,
the Company fails to remedy the condition within thirty (30) days after its receipt of notice, and the Participant resigns no later than
sixty (60) days following the date the Participant provides notice to the Company of the existence of Good Reason.

 

(y) “Incentive
Stock Option” means any Option intended to be designated as an incentive stock option within the meaning of Section 422
of the Code or any successor provision thereto.

 

    	 	4	 

     

    

 

(z) “Independent”,
when referring to either members of the Board or members of the Committee, shall have the same meaning as used in the rules of the Listing
Market.

 

(aa)“Incumbent
Board” means the Incumbent Board as defined in Section 8(b)(ii) hereof.

 

(bb)“Listing
Market” means the international, national or regional principal securities exchange on which any securities of the Company
are listed for trading.

 

(cc)“Option”
means a right granted to a Participant under Section 6(b) hereof, to purchase Shares or other Awards at a specified price during specified
time periods. Options that are not intended to be Incentive Stock Options are referred to herein as “non-qualified stock options.”

 

(dd)“Optionee”
means a person to whom an Option is granted under this Plan or any person who succeeds to the rights of such person under this Plan.

 

(ee) “Other
Stock-Based Awards” means Awards granted to a Participant under Section 6(i) hereof.

 

(ff)“Parent”
means any corporation (other than the Company), whether now or hereafter existing, in an unbroken chain of corporations ending with the
Company, if each of the corporations in the chain (other than the Company) owns stock possessing 50% or more of the combined voting power
of all classes of stock in one of the other corporations in the chain.

 

(gg)“Participant”
means a person who has been granted an Award under the Plan which remains outstanding, including a person who is no longer an Eligible
Person.

 

(hh)“Performance
Award” means any Award granted pursuant to Section 6(h) hereof.

 

(ii) “Performance
Period” means that period established by the Committee at the time any Performance Award is granted or at any time thereafter
during which any performance goals specified by the Committee with respect to such Award are to be measured.

 

(jj)“Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof
and shall include a “group” as defined in Section 13(d) thereof.

 

(kk)“Prior Plan”
means the Company’s 2015 Equity Incentive Plan, as amended.

 

(ll)“Related
Entity” means any Parent or Subsidiary, and any business, corporation, partnership, limited liability company or other entity
designated by the Committee in which the Company, a Parent or a Subsidiary holds a substantial ownership interest, directly or indirectly,
and with respect to which the Company may offer or sell securities pursuant to the Plan in reliance upon either Rule 701 under the Securities
Act of 1933 or, if the Company is required to file reports pursuant to Section 13 or 15(d) of the Exchange Act, registration on a Form
S-8 Registration Statement under the Securities Act of 1933.

 

    	 	5	 

     

    

 

(mm)“Restricted
Stock” means any Share issued with such risks of forfeiture and other restrictions as the Committee, in its sole discretion,
may impose (including any restriction on the right to vote such Share and the right to receive any dividends), which restrictions may
lapse separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate.

 

(nn)“Restricted
Stock Award” means an Award granted to a Participant under Section 6(d) hereof.

 

(oo) “Restricted
Stock Unit” means a right to receive Shares, including Restricted Stock, cash measured based upon the value of Shares, or
a combination thereof, at the end of a specified deferral period.

 

(pp)“Restricted
Stock Unit Award” means an Award of Restricted Stock Units granted to a Participant under Section 6(e) hereof.

 

(qq)“Restriction
Period” means the period of time specified by the Committee that Restricted Stock Awards shall be subject to such restrictions
on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose.

 

(rr)“Rule 16b-3”
means Rule 16b-3, as from time to time in effect and applicable to the Plan and Participants, promulgated by the Securities and Exchange
Commission under Section 16 of the Exchange Act.

 

(ss) “Shares”
means the ordinary shares of the Company, no par value each, and such other securities as may be substituted (or resubstituted) for ordinary
shares pursuant to Section 9(c) hereof.

 

(tt)“Stock Appreciation
Right” means a right granted to a Participant under Section 6(c) hereof.

 

(uu)“Subsidiary”
means any corporation or other entity in which the Company has a direct or indirect ownership interest of 50% or more of the total combined
voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the election
of directors or in which the Company has the right to receive 50% or more of the distribution of profits or 50% or more of the assets
on liquidation or dissolution.

 

(vv)“Substitute
Awards” means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards
previously granted, or the right or obligation to make future awards, by a company (i) acquired by the Company or any Related Entity,
(ii) which becomes a Related Entity after the date hereof, or (iii) with which the Company or any Related Entity combines.

 

    	 	6	 

     

    

 

(ww)“Warrant”
means each outstanding warrant issued by the Company which entitles the holder thereof to purchase a Share of the Company at a purchase
price set forth therein.

 

3. Administration.

 

(a)
Authority of the Committee. Subject to applicable law, the Plan shall be
administered by the Committee. Subject to applicable law, the Committee shall have full and final authority, subject to and consistent
with the provisions of the Plan, to select Eligible Persons to become Participants, grant Awards, determine the type, number and other
terms and conditions of, and all other matters relating to, Awards, prescribe Award Agreements (which need not be identical for each
Participant) and rules and regulations for the administration of the Plan, construe and interpret the Plan and Award Agreements and correct
defects, supply omissions or reconcile inconsistencies therein, and to make all other decisions and determinations as the Committee may
deem necessary or advisable for the administration of the Plan. In exercising any discretion granted to the Committee under the Plan
or pursuant to any Award, the Committee shall not be required to follow past practices, act in a manner consistent with past practices,
or treat any Eligible Person or Participant in a manner consistent with the treatment of any other Eligible Persons or Participants.
Subject to applicable law, decisions of the Committee shall be final, conclusive and binding on all persons or entities, including the
Company, any Related Entity or any Participant or Beneficiary, or any transferee under Section 9(b) hereof or any other person claiming
rights from or through any of the foregoing persons or entities. In the event that an action necessary for the administration of this
Plan is required under applicable law to be taken by the Board without the right of delegation, or if such action or power was explicitly
reserved by the Board in appointing, establishing and empowering the Committee, then such action shall be so taken by the Board. In any
such event, all references herein to the Committee shall be construed as references to the Board. Even if such a Committee was appointed
or established, the Board may take any actions that are stated to be vested in the Committee, and shall not be restricted or limited
from exercising all rights, powers and authorities under this Plan or applicable law

 

(b) Manner
of Exercise of Committee Authority. Subject to applicable law and the satisfaction
of any requirements thereunder, the Committee, and not the Board, shall exercise sole and exclusive discretion (i) on any matter relating
to a Participant then subject to Section 16 of the Exchange Act with respect to the Company to the extent necessary in order that
transactions by such Participant shall be exempt under Rule 16b-3 under the Exchange Act and (ii) with respect to any Award to an Independent
Director. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed
as limiting any power or authority of the Committee. Subject to applicable law and the satisfaction of any requirements thereunder, the
Committee may delegate to members of the Board, or officers or managers of the Company or any Related Entity, or committees thereof, the
authority, subject to such terms and limitations as the Committee shall determine, to perform such functions, including administrative
functions as the Committee may determine to the extent that such delegation will not result in the loss of an exemption under Rule 16b-3(d)(1)
for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. The Committee may appoint agents
to assist it in administering the Plan.

 

    	 	7	 

     

    

 

(c) 
Limitation of Liability. The Committee and the Board, and each member
thereof, shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer
or Employee, the Company’s independent auditors, Consultants or any other agents assisting in the administration of the Plan. Members
of the Committee and the Board, and any officer or Employee acting at the direction or on behalf of the Committee or the Board, shall
not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent
permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination.

 

4. Shares
Subject to Plan.

 

(a)
Limitation on Overall Number of Shares Available for Delivery Under Plan.
Subject to adjustment as provided in Section 10(c) hereof, the aggregate number of Shares that may be issued under all Awards under the
Plan shall be [_______], which represent 15% of the Fully Diluted Shares as of the Effective Date, less any Shares subject to awards
granted under the Prior Plan on or after August 12, 2021 other than any Shares subject to awards granted under such Prior Plan pursuant
to Section 6.1(b)(ii)(C)(y) of the BCA. Any Shares delivered under the Plan may consist, in whole or in part, of authorized and unissued
shares or treasury shares.

 

(b)
Application of Limitation to Grants of Awards. No Award may be granted if
the number of Shares to be delivered in connection with such an Award exceeds the number of Shares remaining available for delivery under
the Plan, minus the number of Shares that would be counted against the limit upon settlement of then outstanding Awards. The Committee
may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem
or substitute awards) and make adjustments if the number of Shares actually delivered differs from the number of Shares previously counted
in connection with an Award.

 

(c) Availability
of Shares Not Delivered under Awards and Adjustments to Limits.

 

(i) If
any Shares subject to an Award are forfeited, expire or otherwise terminate without issuance of such Shares, or any Award is settled for
cash or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award, the Shares to which those Awards
were subject, shall, to the extent of such forfeiture, expiration, termination, non-issuance or cash settlement, again be available for
delivery with respect to Awards under the Plan.

 

(ii) The
full number of Shares subject to an Option granted under the Plan shall count against the number of Shares remaining available for issuance
pursuant to Awards granted under the Plan, even if the exercise price of the Option is satisfied through net-settlement or by delivering
Shares to the Company (by either actual delivery or attestation). Upon exercise of Stock Appreciation Rights granted under the Plan that
are settled in Shares, the full number of Stock Appreciation Rights (rather than the net number of Shares actually delivered upon exercise)
shall count against the maximum number of Shares remaining available for issuance pursuant to Awards granted under the Plan.

 

    	 	8	 

     

    

 

(iii)
Shares withheld from an Award granted under the Plan to satisfy tax withholding requirements shall not count against the maximum number
of Shares remaining available for issuance pursuant to Awards granted under the Plan, and Shares delivered by a participant to satisfy
tax withholding requirements shall be added back to the Plan’s Share pool.

 

(iv) Substitute
Awards shall not reduce the Shares authorized for delivery under the Plan or authorized for delivery to a Participant in any period. Additionally,
in the event that an entity acquired by the Company or any Related Entity or with which the Company or any Related Entity combines has
shares available under a pre-existing plan approved by its shareholders and not adopted in contemplation of such acquisition or combination,
the shares available for delivery pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange
ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable
to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall
not reduce the Shares authorized for delivery under the Plan if and to the extent that the use of such Shares would not require approval
of the Company’s shareholders under the rules of the Listing Market. Awards using such available shares shall not be made after
the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall
only be made to individuals who were not Employees or Directors prior to such acquisition or combination.

 

(v) Any
Share that again becomes available for delivery pursuant to this Section 4(c) shall be added back as one (1) Share.

 

(vi) Notwithstanding
anything in this Section 4(c) to the contrary but subject to adjustment as provided in Section 10(c) hereof, the maximum aggregate number
of Shares that may be delivered under the Plan as a result of the exercise of the Incentive Stock Options shall be [_________] Shares.
In no event shall any Incentive Stock Options be granted under the Plan after the tenth anniversary of the date on which the Board adopts
the Plan.

 

(vii) Notwithstanding
anything in this Section 4 to the contrary, but subject to adjustment as provided in Section 9(c) hereof, in any fiscal year of the Company
during any part of which the Plan is in effect, no Participant who is a Director but is not also an Employee or Consultant may be granted
any Awards that have a “fair value” as of the date of grant, as determined in accordance with FASB ASC Topic 718 (or any other
applicable accounting guidance), that exceeds $500,000 in the aggregate.

 

(d)
No Further Awards Under Prior Plan. In light of the adoption of this Plan,
no further awards shall be made under the Prior Plan after the Effective Date.

 

5.
Eligibility. Awards may be granted under the Plan only to Eligible
Persons.

 

    	 	9	 

     

    

 

6. Specific
Terms of Awards.

 

(a)
General. Awards may be granted on the terms and conditions set forth in
this Section 6. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject
to Section 9(e) hereof), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall
determine, including terms requiring forfeiture of Awards in the event of termination of the Participant’s Continuous Service and
terms permitting a Participant to make elections relating to his or her Award. Except in cases in which the Committee is authorized to
require other forms of consideration under the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements
of applicable law, no consideration other than services may be required for the grant (as opposed to the exercise) of any Award.

 

(b)
Options. The Committee is authorized to grant Options to any Eligible Person
on the following terms and conditions:

 

(i) Exercise
Price. Other than in connection with Substitute Awards or as may be set forth in any sub-plan attached hereto, the exercise price
per Share purchasable under an Option shall be determined by the Committee, provided that such exercise price shall not be less than 100%
of the Fair Market Value of a Share on the date of grant of the Option and shall not, in any event, be less than the nominal value of
a Share on the date of grant of the Option. If an Employee owns or is deemed to own (by reason of the attribution rules applicable under
Section 424(d) of the Code) more than 10% of the combined voting power of all classes of shares of the Company (or any parent corporation
or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and an Incentive
Stock Option is granted to such Employee, the exercise price of such Incentive Stock Option (to the extent required by the Code at the
time of grant) shall be no less than 110% of the Fair Market Value of a Share on the date such Incentive Stock Option is granted. Other
than pursuant to Section 9(c)(i) and (ii) of this Plan, the Committee shall not be permitted to (A) lower the exercise price per Share
of an Option after it is granted, (B) cancel an Option when the exercise price per Share exceeds the Fair Market Value of the underlying
Shares in exchange for cash or another Award (other than in connection with Substitute Awards), (C) cancel an outstanding Option in exchange
for an Option with an exercise price that is less than the exercise price of the original Options or (D) take any other action with respect
to an Option that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without approval of the Company’s
shareholders.

 

(ii) Time
and Method of Exercise. The Committee shall determine the time or times at which or the circumstances under which an Option may
be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method
by which notice of exercise is to be given and the form of exercise notice to be used, the time or times at which Options shall cease
to be or become exercisable following termination of Continuous Service or upon other conditions, the methods by which the exercise price
may be paid or deemed to be paid (including in the discretion of the Committee a cashless exercise procedure), the form of such payment,
including, without limitation, cash, delivery of Shares (provided that such Shares were owned by the Participant for at least six months
or were purchased on the open market), by delivery of irrevocable instructions to a broker-dealer to sell or margin a sufficient portion
of the Shares and deliver the sale or margin loan proceeds directly to the Company to pay for the exercise price, or, for non-qualified
stock options only, by having the Company withhold Shares otherwise deliverable pursuant to the Award, and the methods by or forms in
which Shares will be delivered or deemed to be delivered to Participants.

 

    	 	10	 

     

    

 

(iii)Form of Settlement.The
Committee may, in its sole discretion, provide that the Shares to be issued upon exercise of an Option shall be in the form of Restricted
Stock or other similar securities.

 

(iv) Incentive
Stock Options. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions
of Section 422 of the Code. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating to Incentive Stock Options
(including any Stock Appreciation Right issued in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion
or authority granted under the Plan be exercised, so as to disqualify either the Plan or any Incentive Stock Option under Section 422
of the Code, unless the Participant has first requested, or consents to, the change that will result in such disqualification. Thus, if
and to the extent required to comply with Section 422 of the Code, Options granted as Incentive Stock Options shall be subject to the
following special terms and conditions:

 

(A) the
Option shall not be exercisable for more than ten years after the date such Incentive Stock Option is granted; provided, however, that
if a Participant owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the combined
voting power of all classes of shares of the Company (or any parent corporation or subsidiary corporation of the Company, as those terms
are defined in Sections 424(e) and (f) of the Code, respectively) and the Incentive Stock Option is granted to such Participant, the term
of the Incentive Stock Option shall be (to the extent required by the Code at the time of the grant) for no more than five years from
the date of grant;

 

(B) the
aggregate Fair Market Value (determined as of the date the Incentive Stock Option is granted) of the Shares with respect to which Incentive
Stock Options granted under the Plan and all other option plans of the Company (and any parent corporation or subsidiary corporation of
the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) that become exercisable for the first time
by the Participant during any calendar year shall not (to the extent required by the Code at the time of the grant) exceed $100,000; and

 

(C) if
Shares acquired by exercise of an Incentive Stock Option are disposed of within two years following the date the Incentive Stock Option
is granted or one year following the transfer of such Shares to the Participant upon exercise, the Participant shall, promptly following
such disposition, notify the Company in writing of the date and terms of such disposition and provide such other information regarding
the disposition as the Committee may reasonably require.

 

    	 	11	 

     

    

 

(c)
Stock Appreciation Rights. The Committee may grant Stock Appreciation Rights
to any Eligible Person in conjunction with all or part of any Option granted under the Plan or at any subsequent time during the term
of such Option (a “Tandem Stock Appreciation Right”), or without
regard to any Option (a “Freestanding Stock Appreciation Right”),
in each case upon such terms and conditions as the Committee may establish in its sole discretion, not inconsistent with the provisions
of the Plan, including the following:

 

(i) Right
to Payment. A Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive, upon exercise
thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the Stock Appreciation
Right as determined by the Committee. The grant price of a Stock Appreciation Right shall not be less than 100% of the Fair Market Value
of a Share on the date of grant, in the case of a Freestanding Stock Appreciation Right, or less than the associated Option exercise price,
in the case of a Tandem Stock Appreciation Right. Other than pursuant to Section 10(c)(i) and (ii) of the Plan, the Committee shall not
be permitted to (A) lower the grant price per Share of a Stock Appreciation Right after it is granted, (B) cancel a Stock Appreciation
Right when the grant price per Share exceeds the Fair Market Value of the underlying Shares in exchange for another Award (other than
in connection with Substitute Awards), (C) cancel an outstanding Stock Appreciation Right in exchange for a Stock Appreciation Right with
a grant price that is less than the grant price of the original Stock Appreciation Right, or (D) take any other action with respect to
a Stock Appreciation Right that may be treated as a repricing pursuant to the applicable rules of the Listing Market, without shareholder
approval.

 

(ii) Other
Terms. The Committee shall determine at the date of grant or thereafter, the time or times at which and the circumstances under
which a Stock Appreciation Right may be exercised in whole or in part (including based on achievement of performance goals and/or future
service requirements), the time or times at which Stock Appreciation Rights shall cease to be or become exercisable following termination
of Continuous Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable in settlement,
method by or forms in which Shares will be delivered or deemed to be delivered to Participants, whether or not a Stock Appreciation Right
shall be in tandem or in combination with any other Award, and any other terms and conditions of any Stock Appreciation Right.

 

(iii) Tandem
Stock Appreciation Rights. Any Tandem Stock Appreciation Right may be granted at the same time as the related Option is granted
or, for Options that are not Incentive Stock Options, at any time thereafter before exercise or expiration of such Option. Any Tandem
Stock Appreciation Right related to an Option may be exercised only when the related Option would be exercisable and the Fair Market Value
of the Shares subject to the related Option exceeds the exercise price at which Shares can be acquired pursuant to the Option. In addition,
if a Tandem Stock Appreciation Right exists with respect to less than the full number of Shares covered by a related Option, then an exercise
or termination of such Option shall not reduce the number of Shares to which the Tandem Stock Appreciation Right applies until the number
of Shares then exercisable under such Option equals the number of Shares to which the Tandem Stock Appreciation Right applies. Any Option
related to a Tandem Stock Appreciation Right shall no longer be exercisable to the extent the Tandem Stock Appreciation Right has been
exercised, and any Tandem Stock Appreciation Right shall no longer be exercisable to the extent the related Option has been exercised.

 

    	 	12	 

     

    

 

(d)
Restricted Stock Awards. The Committee is authorized to grant Restricted
Stock Awards to any Eligible Person on the following terms and conditions:

 

(i) Grant and
Restrictions. Restricted Stock Awards shall be subject to such restrictions on transferability, risk of forfeiture and other
restrictions, if any, as the Committee may impose, or as otherwise provided in this Plan during the Restriction Period. The terms of
any Restricted Stock Award granted under the Plan shall be set forth in a written Award Agreement which shall contain provisions determined
by the Committee and not inconsistent with the Plan. The restrictions may lapse separately or in combination at such times, under such
circumstances (including based on achievement of performance goals and/or future service requirements), in such installments or otherwise,
as the Committee may determine at the date of grant or thereafter. Except to the extent restricted under the terms of the Plan and any
Award Agreement relating to a Restricted Stock Award, a Participant granted Restricted Stock shall have all of the rights of a shareholder,
including the right to vote the Restricted Stock and the right to receive dividends thereon (subject to any mandatory reinvestment or
other requirement imposed by the Committee). During the period that the Restricted Stock Award is subject to a risk of forfeiture, subject
to Section 9(b) below and except as otherwise provided in the Award Agreement, the Restricted Stock may not be sold, transferred, pledged,
hypothecated, margined or otherwise encumbered by the Participant or Beneficiary.

 

(ii) Forfeiture.
Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service during the applicable Restriction
Period, the Participant’s Restricted Stock that is at that time subject to a risk of forfeiture that has not lapsed or otherwise
been satisfied shall be, subject to applicable law, forfeited, transferred, redeemed, converted, repurchased or cancelled, as the case
may be, all as the Committee may determine, at its sole and absolute discretion, and the Participant is deemed to irrevocably empower
the Committee or any person which may be designated by it to take any action by, in the name of or on behalf of the Participant to comply
with and give effect to such actions (including, voting such shares, filling in, signing and delivering share transfer deeds, and the
like); provided that the Committee may provide, by resolution or other action or in any Award Agreement, or may determine in any individual
case, that forfeiture conditions relating to Restricted Stock Awards shall be waived in whole or in part in the event of terminations
resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Restricted Stock.

 

(iii) Certificates
for Restricted Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine.
If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates
bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Company retain
physical possession of the certificates, and that the Participant deliver a share transfer deed to the Company, endorsed in blank, relating
to the Restricted Stock.

 

(iv) Dividends
and Splits. As a condition to the grant of a Restricted Stock Award, the Committee shall require that any cash dividends paid
on a Share of Restricted Stock be delayed (with or without interest at such rate, if any, as the Committee shall determine) and remain
subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such cash dividend is
payable, in a manner that does not violate the requirements of Section 409A of the Code (if applicable) or other applicable law. In addition,
the Committee shall require that Shares distributed in connection with a share split or share dividend, and other property distributed
as a dividend, shall be subject to restrictions on transfer and a risk of forfeiture and any other lawful restrictions to the same extent
as the Restricted Stock with respect to which such Shares or other property have been distributed.

 

    	 	13	 

     

    

 

(e)
Restricted Stock Unit Award. The Committee is authorized to grant Restricted
Stock Unit Awards to any Eligible Person on the following terms and conditions:

 

(i) Award
and Restrictions. Satisfaction of a Restricted Stock Unit Award shall occur upon expiration of the deferral period specified for
such Restricted Stock Unit Award by the Committee (or, if permitted by the Committee, as elected by the Participant in a manner that does
not violate the requirements of Section 409A of the Code to the extent that it applies to a Participant). In addition, a Restricted Stock
Unit Award shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may impose, if any, which restrictions
may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals
and/or future service requirements), separately or in combination, in installments or otherwise, as the Committee may determine. A Restricted
Stock Unit Award may be satisfied by delivery of Shares, cash equal to the Fair Market Value of the specified number of Shares covered
by the Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or thereafter. Prior to satisfaction
of a Restricted Stock Unit Award, a Restricted Stock Unit Award carries no voting or dividend or other rights associated with Share ownership.
Prior to satisfaction of a Restricted Stock Unit Award, except as otherwise provided in an Award Agreement and as permitted under Section
409A of the Code or other provision of law to which such Restricted Stock Unit Award is subject, a Restricted Stock Unit Award may not
be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant or any Beneficiary.

 

(ii) Forfeiture.
Except as otherwise determined by the Committee, upon termination of a Participant’s Continuous Service during the applicable deferral
period or portion thereof to which forfeiture conditions apply (as provided in the Award Agreement evidencing the Restricted Stock Unit
Award), the Participant’s Restricted Stock Unit Award that is at that time subject to a risk of forfeiture that has not lapsed or
otherwise been satisfied shall be forfeited; provided that the Committee may provide, by resolution or other action or in any Award Agreement,
or may determine in any individual case, that forfeiture conditions relating to a Restricted Stock Unit Award shall be waived in whole
or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part
the forfeiture of any Restricted Stock Unit Award.

 

(iii) Dividend
Equivalents. The Committee may grant a Participant Dividend Equivalents in tandem with the grant of Restricted Stock Units, which
may be settled in cash or shares, provided that such Dividend Equivalents shall not be paid unless and until the tandem Restricted Stock
Unit vests.

 

(f)
Bonus Stock and Awards in Lieu of Obligations. The Committee is authorized
to grant Shares to any Eligible Persons as a bonus, or to grant Shares or other Awards in lieu of obligations to pay cash or deliver
other property under the Plan or under other plans or compensatory arrangements, provided that, in the case of Eligible Persons subject
to Section 16 of the Exchange Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to
ensure that acquisitions of Shares or other Awards are exempt from liability under Section 16(b) of the Exchange Act. Shares or Awards
granted hereunder shall be subject to such other terms as shall be determined by the Committee.

 

    	 	14	 

     

    

 

(g)
Dividend Equivalents. Subject to the requirements of applicable law, the
Committee is authorized to grant Dividend Equivalents to any Eligible Person entitling the Eligible Person to receive cash, Shares, other
Awards, or other property equal in value to the dividends paid with respect to a specified number of Shares, or other periodic payments.
Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award, except that Dividend Equivalents may
not be granted in connection with Options or Stock Appreciation Rights if doing so would result in the Award failing to comply with,
or be exempt from, Section 409A of the Code. Subject to the requirements of applicable law, the Committee may provide that Dividend Equivalents
shall be paid or distributed when accrued or at some later date, or whether such Dividend Equivalents shall be deemed to have been reinvested
in additional Shares, Awards, or other investment vehicles, and subject to such lawful restrictions on transferability and risks of forfeiture,
transfer, redemption, conversion, repurchase and cancellation, as the Committee may specify; provided, that in no event shall such Dividend
Equivalents be paid out to Participants prior to vesting of the corresponding Shares underlying the Award. Any such determination by
the Committee shall be made at the grant date of the applicable Award. Notwithstanding the foregoing, Dividend Equivalents credited in
connection with an Award that vests based on the achievement of performance goals shall be subject to restrictions on transfer and risk
of forfeiture, transfer, redemption, conversion, repurchase and cancellation to the same extent as the Award with respect to which such
Dividend Equivalents have been credited.

 

(h)
Performance Awards. The Committee is authorized to grant Performance Awards
to any Eligible Person payable in cash, Shares, or other Awards, on terms and conditions established by the Committee, subject to the
provisions of Section 8 if and to the extent that the Committee shall, in its sole discretion, determine that an Award shall be subject
to those provisions. The performance criteria to be achieved during any Performance Period and the length of the Performance Period shall
be determined by the Committee upon the grant of each Performance Award. Except as provided in Section 8 or as may be provided in an
Award Agreement, Performance Awards will be distributed only after the end of the relevant Performance Period. The performance goals
to be achieved for each Performance Period shall be conclusively determined by the Committee. The amount of the Award to be distributed
shall be conclusively determined by the Committee. Performance Awards may be paid in a lump sum or in installments following the close
of the Performance Period or, in accordance with procedures established by the Committee, on a deferred basis in a manner that does not
violate the requirements of Section 409A of the Code or other provision of law to which such Performance Award is subject.

 

(i)
Other Stock-Based Awards. The Committee is authorized, subject to limitations
under applicable law, to grant to any Eligible Person such other Awards that may be denominated or payable in, valued in whole or in
part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of
the Plan. Other Stock-Based Awards may be granted to Participants either alone or in addition to other Awards granted under the Plan,
and such Other Stock-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan.
Except as otherwise provided in the last sentence of Section 6(h) hereof, the Committee shall determine the terms and conditions of such
Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(i) shall be purchased for
such consideration, (including without limitation loans from the Company or a Related Entity provided that such loans are not in violation
of Section 13(k) of the Exchange Act or any rule or regulation adopted thereunder or any other applicable law) paid for at such times,
by such methods, and in such forms, including, without limitation, cash, Shares, other Awards or other property, as the Committee shall
determine.

 

    	 	15	 

     

    

 

7. Certain
Provisions Applicable to Awards.

 

(a)
Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under
the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange
for, any other Award or any award granted under another plan of the Company, any Related Entity, or any business entity to be acquired
by the Company or a Related Entity, or any other right of a Participant to receive payment from the Company or any Related Entity. Such
additional, tandem, and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange
for another Award or award, the Committee shall require the surrender of such other Award or award in consideration for the grant of
the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other
plans of the Company or any Related Entity, in which the value of Shares subject to the Award is equivalent in value to the cash compensation
(for example, Restricted Stock or Restricted Stock Units), or in which the exercise price, grant price or purchase price of the Award
in the nature of a right that may be exercised is equal to the Fair Market Value of the underlying Shares minus the value of the cash
compensation surrendered (for example, Options or Stock Appreciation Right granted with an exercise price or grant price “discounted”
by the amount of the cash compensation surrendered), provided that any such determination to grant an Award in lieu of cash compensation
must be made in a manner intended to be exempt from or comply with Section 409A of the Code or other provision of tax law to which such
Award is subject.

 

(b)
Term of Awards. The term of each Award shall be for such period as may be
determined by the Committee; provided that in no event shall the term of any Option or Stock Appreciation Right exceed a period of ten
years (or in the case of an Incentive Stock Option such shorter term as may be required under Section 422 of the Code); provided, however,
that in the event that on the last day of the term of an Option or a Stock Appreciation Right, other than an Incentive Stock Option,
(i) the exercise of the Option or Stock Appreciation Right is prohibited by applicable law, or (ii) Shares may not be purchased, or sold
by certain employees or directors of the Company due to the “black-out period” of a Company policy or a “lock-up”
agreement undertaken in connection with an issuance of securities by the Company, the term of the Option or Stock Appreciation Right
may be extended by the Committee for a period of up to thirty (30) days following the end of the legal prohibition, black-out period
or lock-up agreement, provided that such extension of the term of the Option or Stock Appreciation Right would not cause the Option or
Stock Appreciation Right to violate the requirements of Section 409A of the Code or other provision of tax law to which such Option or
Stock Appreciation Right is subject.

 

    	 	16	 

     

    

 

(c)
Form and Timing of Payment Under Awards; Deferrals. Subject to the terms
of the Plan and any applicable Award Agreement, payments to be made by the Company or a Related Entity upon the exercise of an Option
or other Award or settlement of an Award may be made in such forms as the Committee shall determine, including, without limitation, cash,
Shares, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis, provided
that any determination to pay in installments or on a deferred basis shall be made by the Committee at the date of grant. Any installment
or deferral provided for in the preceding sentence shall, however, subject to the terms of the Plan, be subject to the Company’s
compliance with the provisions of the Sarbanes-Oxley Act of 2002, as amended, the rules and regulations adopted by the Securities and
Exchange Commission thereunder, all applicable rules of the Listing Market and any other applicable law, and in a manner intended to
be exempt from or otherwise satisfy the requirements of Section 409A of the Code or other provision of tax law applicable to the Option
or other Award. Subject to Section 7(e) of this Plan, the settlement of any Award may be accelerated, and cash paid in lieu of Shares
in connection with such settlement, in the sole discretion of the Committee or upon occurrence of one or more specified events (in addition
to a Change in Control). Any such settlement shall be at a value determined by the Committee in its sole discretion, which, without limitation,
may in the case of an Option or Stock Appreciation Right be limited to the amount if any by which the Fair Market Value of a Share on
the settlement date exceeds the exercise or grant price. Installment or deferred payments may be required by the Committee (subject to
Section 7(e) of this Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided
for in the original Award Agreement) or permitted at the election of the Participant on terms and conditions established by the Committee.
The Committee may, without limitation, make provision for the payment or crediting of a reasonable interest rate on installment or deferred
payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated
in Shares. Notwithstanding anything herein to the contrary, the acceleration of the settlement of any Award, and the payment of any Award
in installments or on a deferred basis, all shall be done in a manner that is intended to be exempt from or otherwise satisfy the requirements
of Section 409A of the Code to the extent it applies to the applicable Participant.

 

(d) Exemptions
from Section 16(b) Liability. It is the intent of the Company that the grant of
any Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 of
the Exchange Act pursuant to an applicable exemption (except for transactions acknowledged in writing to be non-exempt by such Participant).
Accordingly, if any provision of this Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 then applicable
to any such transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements
of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b) of the Exchange Act.

 

(e)
Code Section 409A.

 

(i)The Award Agreement
for any Award that the Committee reasonably determines to constitute a “nonqualified deferred compensation plan” under Section
409A of the Code (a “Section 409A Plan”), and the provisions of the Section 409A Plan applicable to that Award,
shall be construed in a manner consistent with the applicable requirements of Section 409A of the Code, and the Committee, in its sole
discretion and without the consent of any Participant, may amend any Award Agreement (and the provisions of the Plan applicable thereto)
if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the requirements of
Section 409A of the Code.

 

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(ii) If
any Award constitutes a Section 409A Plan, then the Award shall be subject to the following additional requirements, if and to the extent
required to comply with Section 409A of the Code:

 

(A) Payments
under the Section 409A Plan may be made only upon (u) the Participant’s “separation from service”, (v) the date the
Participant becomes “disabled”, (w) the Participant’s death, (x) a “specified time (or pursuant to a fixed schedule)”
specified in the Award Agreement at the date of the deferral of such compensation, (y) a “change in the ownership or effective control
of the corporation, or in the ownership of a substantial portion of the assets” of the Company, or (z) the occurrence of an “unforeseeble
emergency”;

 

(B) The
time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in applicable Treasury
Regulations or other applicable guidance issued by the Internal Revenue Service;

 

(C) Any
elections with respect to the deferral of such compensation or the time and form of distribution of such deferred compensation shall comply
with the requirements of Section 409A(a)(4) of the Code; and

 

(D)  In
the case of any Participant who is “specified employee”, a distribution on account of a “separation from service”
may not be made before the date which is six months after the date of the Participant’s “separation from service” (or,
if earlier, the date of the Participant’s death).

 

For purposes of the foregoing, the terms in quotations
shall have the same meanings as those terms have for purposes of Section 409A of the Code, and the limitations set forth herein shall
be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A of the Code that
are applicable to the Award.

 

(iii) Notwithstanding
the foregoing, or any provision of this Plan or any Award Agreement, the Company does not make any representation to any Participant or
Beneficiary that any Awards made pursuant to this Plan are exempt from, or satisfy, the requirements of, Section 409A of the Code, and
the Company shall have no liability or other obligation to indemnify or hold harmless the Participant or any Beneficiary for any tax,
additional tax, interest or penalties that the Participant or any Beneficiary may incur in the event that any provision of this Plan,
or any Award Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, is deemed to violate
any of the requirements of Section 409A of the Code.

 

(f) Minimum
Vesting Period. All Awards granted under the Plan that may be settled in Shares must have
a minimum vesting period of one (1) year from the date of grant, provided that such minimum vesting period will not apply to Awards
with respect to up to five percent (5%) of the total Shares available for delivery under the Plan, as set forth in Section 4(a). For purposes
of Awards granted to non-employee Directors, “one year” may mean the period of time from one annual shareholders meeting to
the next annual shareholders meeting, provided that such period of time is not less than fifty (50) weeks. Notwithstanding the
foregoing the Committee may accelerate the vesting of an Award, or deem an Award to be earned, in whole or in part, in the event of the
Participant’s termination of Continuous Service (other than for Cause), a Change in Control, or upon any other event that the Committee
determines in its sole and absolute discretion.

 

    	 	18	 

     

    

 

8. Change
in Control.

 

(a) Effect
of “Change in Control.” If and only to the extent provided in any
employment or other agreement between the Participant and the Company or any Related Entity, or in any Award Agreement, or to the
extent otherwise determined by the Committee in its sole discretion and without any requirement that each Participant be treated
consistently, and except as otherwise provided in Section 8(a)(iv) hereof, upon the occurrence of a “Change in Control,”
as defined in Section 8(b):

 

(i) Any
Option or Stock Appreciation Right that was not previously vested and exercisable as of the time of the Change in Control, shall become
immediately vested and exercisable, subject to applicable restrictions set forth in Section 9(a) hereof.

 

(ii) Any
restrictions, deferral of settlement, and forfeiture conditions applicable to a Restricted Stock Award, Restricted Stock Unit Award or
an Other Stock-Based Award subject only to future service requirements granted under the Plan shall lapse and such Awards shall be deemed
fully vested as of the time of the Change in Control, except to the extent of any waiver by the Participant and subject to applicable
restrictions set forth in Section 9(a) hereof.

 

(iii) With
respect to any outstanding Award subject to achievement of performance goals and conditions under the Plan, the Committee may, in its
discretion, consider such Awards to have been earned and payable based on achievement of performance goals or based upon target performance
(either in full or pro-rata based on the portion of the Performance Period completed as of the Change in Control), except to the extent
of any waiver by the Participant and subject to applicable restrictions set forth in Section 9(a).

 

(iv) Except
as otherwise provided in any employment or other agreement for services between the Participant and the Company or any Subsidiary, and
unless the Committee otherwise determines in a specific instance, each outstanding Option, Stock Appreciation Right, Restricted Stock
Award, Restricted Stock Unit Award or Other Stock-Based Award shall not be accelerated as described in Sections 8(a)(i), (ii) and (iii),
if either (A) the Company is the surviving entity in the Change in Control and the Option, Stock Appreciation Right, Restricted Stock
Award, Restricted Stock Unit Award or Other Stock-Based Award continues to be outstanding after the Change in Control on substantially
the same terms and conditions as were applicable immediately prior to the Change in Control or (B) the successor company or its parent
company assumes or substitutes for the applicable Award, as determined in accordance with Section 9(c)(ii) of this Plan.

 

    	 	19	 

     

    

 

(b)
Definition of “Change in Control” . Unless otherwise specified
in any employment or other agreement for services between the Participant and the Company or any Related Entity, or in an Award Agreement,
a “Change in Control” shall mean the occurrence of any of the
following:

 

(i) The
acquisition by any Person of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty
percent (50%) of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the
election of directors (the “Outstanding Company Voting Securities”) (the foregoing Beneficial Ownership hereinafter
being referred to as a “Controlling Interest”); provided, however, that for purposes of this Section 8(b), the
following acquisitions shall not constitute or result in a Change in Control: (v) any acquisition directly from the Company; (w) any acquisition
by the Company; (x) any acquisition by any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest; (y)
any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Related Entity; or (z) any
acquisition by any entity pursuant to a transaction which complies with clauses (1), (2) and (3) of subsection (iii) below; or

 

(ii) During
any period of two (2) consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board on
the Effective Date (other than any External Director, if any) (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date
whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf
of a Person other than the Board; or

 

(iii) Consummation
of (A) a reorganization, merger, statutory share exchange or consolidation or similar transaction involving (x) the Company or (y) any
one or more Subsidiaries whose combined revenues for the prior fiscal year represented more than 50% of the consolidated revenues of the
Company and its Subsidiaries for the prior fiscal year (the “Major Subsidiaries”), or (B) a sale or other disposition
of all or substantially all of the assets of the Company or the Major Subsidiaries, or the acquisition of assets or equity of another
entity by the Company or any of its Subsidiaries (each of the events referred to in clauses (A) and (B) sometimes hereinafter being referred
to a “Business Combination”), unless, following such Business Combination, (1) all or substantially all of the
individuals and entities who were the Beneficial Owners, respectively, of the Outstanding Company Voting Securities immediately prior
to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of members of the board of directors (or comparable governing
body of an entity that does not have such a board), as the case may be, of the entity resulting from such Business Combination (including,
without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) (the “Continuing Entity”) in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Voting Securities, (excluding
any outstanding voting securities of the Continuing Entity that such Beneficial Owners hold immediately following the consummation of
the Business Combination as a result of their ownership, prior to such consummation, of voting securities of any company or other entity
involved in or forming part of such Business Combination other than the Company), (2) no Person (excluding any employee benefit plan (or
related trust) of the Company or any Continuing Entity or any entity controlled by the Continuing Entity or any Person that as of the
Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially owns, directly or indirectly, fifty percent (50%) or
more of the combined voting power of the then outstanding voting securities of the Continuing Entity except to the extent that such ownership
existed prior to the Business Combination and (3) at least a majority of the members of the Board of Directors or other governing body
of the Continuing Entity were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of
the Board, providing for such Business Combination; or

 

    	 	20	 

     

    

 

(iv) Approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company.

 

9. General
Provisions.

 

(a)
Compliance With Legal and Other Requirements. The Company may, to the extent
deemed necessary or advisable by the Committee, postpone the issuance or delivery of Shares or payment of other benefits under any Award
until completion of such registration or qualification of such Shares or other required action under any federal, state or local law,
rule or regulation, listing or other required action with respect to the Listing Market, or compliance with any other obligation of the
Company, as the Committee, may consider appropriate, and may require any Participant to make such representations, furnish such information
and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery of
Shares or payment of other benefits in compliance with applicable laws, rules, and regulations, listing requirements, or other obligations.

 

(b)
Limits on Transferability; Beneficiaries. No Award or other right or interest
granted under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability of such
Participant to any party, or assigned or transferred by such Participant otherwise than by will or the laws of descent and distribution
or to a Beneficiary upon the death of a Participant, and such Awards or rights that may be exercisable shall be exercised during the
lifetime of the Participant only by the Participant or his or her guardian or legal representative, except that Awards and other rights
(other than Incentive Stock Options and Stock Appreciation Rights in tandem therewith) may be transferred to one or more Beneficiaries
or other transferees during the lifetime of the Participant, and may be exercised by such transferees in accordance with the terms of
such Award, but only if and to the extent such transfers are permitted by the Committee pursuant to the express terms of an Award Agreement
(subject to any terms and conditions which the Committee may impose thereon), are by gift or pursuant to a domestic relations order,
and are to a Permitted Assignee (as defined below) that is a permissible transferee under the applicable rules of the Securities and
Exchange Commission for registration of securities on a Form S-8 registration statement. For this purpose, a “Permitted
Assignee” shall mean (i) the Participant’s spouse, children or grandchildren
(including any adopted and step children or grandchildren), parents, grandparents or siblings, (ii) a trust for the benefit of one or
more of the Participant or the persons referred to in clause (i), (iii) a partnership, limited liability company or corporation in which
the Participant or the persons referred to in clauses (i) and (ii) are and remain the only partners, members or shareholders, or (iv)
a foundation in which any person or entity designated in clauses (i), (ii) or (iii) above control the management of assets. A Beneficiary,
transferee, or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions
of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined by the Committee, and to any additional
terms and conditions deemed necessary or appropriate by the Committee.

 

(c) Adjustments.

 

(i) Adjustments
to Awards. In the event that any extraordinary dividend or other distribution (whether in the form of cash, Shares, or other property),
recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange,
liquidation, dissolution or other similar corporate transaction or event affects the Shares and/or such other securities of the Company,
then the Committee shall, in such manner as it may deem appropriate and equitable, substitute, exchange or adjust any or all of (A) the
number and kind of Shares which may be delivered in connection with Awards granted thereafter, (B) the number and kind of Shares
by which annual per-person Award limitations are measured under Section 4 hereof, (C) the number and kind of Shares subject to or
deliverable in respect of outstanding Awards, (D) the exercise price, grant price or purchase price relating to any Award and/or
make provision for payment of cash or other property in respect of any outstanding Award, and (E) any other aspect of any Award that the
Committee determines to be appropriate in order to prevent the reduction or enlargement of benefits under any Award. In the case of a
Share dividend (other than a Share dividend declared in lieu of an ordinary cash dividend) or a forward or reverse Share split, if no
action is taken by the Committee, adjustments contemplated by this subsection that are proportionate shall nevertheless automatically
be made as of the date of such Share dividend or forward or reverse Share split.

 

    	 	21	 

     

    

 

(ii) Adjustments
in Case of Certain Transactions. In the event of any merger, consolidation or other reorganization in which the Company does not
survive, or in the event of any Change in Control (and subject to the provisions of Section 9 of this Plan relating to the vesting of
Awards in the event of any Change in Control), any outstanding Awards may be dealt with in accordance with any of the following approaches,
without the requirement of obtaining any consent or agreement of a Participant as such, as determined by the agreement effectuating the
transaction or, if and to the extent not so determined, as determined by the Committee: (A) the continuation of the outstanding Awards
by the Company, if the Company is a surviving entity, (B) the assumption or substitution for, as those terms are defined below, the outstanding
Awards by the surviving entity or its parent or subsidiary, (C) exercisability or vesting and accelerated expiration of the outstanding
Awards, (D) termination of unvested outstanding Awards or (E) settlement of the value of the outstanding Awards in cash or cash equivalents
or other property followed by cancellation of such Awards (which value, in the case of Options or Stock Appreciation Rights, shall be
measured by the amount, if any, by which the Fair Market Value of a Share exceeds the exercise or grant price of the Option or Stock Appreciation
Right as of the effective date of the transaction). For clarity, under clause (E), if the Fair Market Value of a Share does not exceed
the exercise or grant price of the Option or Stock Appreciation Right as of the effective date of the transaction, then such Award may
be cancelled for no consideration. For the purposes of this Plan, an Option, Stock Appreciation Right, Restricted Stock Award, Restricted
Stock Unit Award, Performance Award or Other Stock-Based Award shall be considered assumed or substituted for if following the applicable
transaction the Award confers the right to purchase or receive, for each Share subject to the Option, Stock Appreciation Right, Restricted
Stock Award, Restricted Stock Unit Award, Performance Award or Other Stock-Based Award immediately prior to the applicable transaction,
on substantially the same vesting and other terms and conditions as were applicable to the Award immediately prior to the applicable transaction,
the consideration (whether stock, cash or other securities or property) received in the applicable transaction by holders of Shares for
each Share held on the effective date of such 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 applicable
transaction is not solely stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor
company or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of an Option, Stock Appreciation
Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Award or Other Stock-Based Award, for each Share subject thereto,
will be solely stock of the successor company or its parent or subsidiary substantially equal in fair market value to the per share consideration
received by holders of Shares in the applicable transaction. The determination of such substantial equality of value of consideration
shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding. The Committee shall give
written notice of any proposed transaction referred to in this Section 9(c)(ii) a reasonable period of time prior to the closing date
for such transaction (which notice may be given either before or after the approval of such transaction), in order that Participants may
have a reasonable period of time prior to the closing date of such transaction within which to exercise any Awards that are then exercisable
(including any Awards that may become exercisable upon the closing date of such transaction). A Participant may condition his or her exercise
of any Awards upon the consummation of the transaction.

 

(iii) Other
Adjustments. The Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards
(including Awards subject to satisfaction of performance goals, or performance goals and conditions relating thereto) in recognition of
unusual or nonrecurring events (including, without limitation, acquisitions and dispositions of businesses and assets) affecting the Company,
any Related Entity or any business unit, or the financial statements of the Company or any Related Entity, or in response to changes in
applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee’s
assessment of the business strategy of the Company, any Related Entity or business unit thereof, performance of comparable organizations,
economic and business conditions, personal performance of a Participant, and any other circumstances deemed relevant, subject to the restrictions
on repricing set forth in Sections 6(b)(i) and 6(c)(i) and the provisions of Section 7(e).

 

(d) Award
Agreements. Each Award Agreement shall either be (a) in writing in a form approved
by the Committee and executed by the Company by an officer duly authorized to act on its behalf, or (b) an electronic notice in a form
approved by the Committee and recorded by the Company (or its designee) in an electronic recordkeeping system used for the purpose of
tracking one or more types of Awards as the Committee may provide; in each case and if required by the Committee, the Award Agreement
shall be executed or otherwise electronically accepted by the recipient of the Award in such form and manner as the Committee may require.
The Committee may authorize any officer of the Company to execute any or all Award Agreements on behalf of the Company. The Award Agreement
shall set forth the material terms and conditions of the Award as established by the Committee consistent with the provisions of the Plan.

 

    	 	22	 

     

    

 

(e)
Taxes. The Company and any Related Entity are authorized to withhold from
any Award granted, any payment relating to an Award under the Plan, including from a distribution of Shares, or any payroll or other
payment to a Participant, amounts of withholding and other taxes due or potentially payable in connection with any transaction involving
an Award, and to take such other action as the Committee may deem advisable to enable the Company or any Related Entity and Participants
to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include
authority to withhold or receive Shares or other property and to make cash payments in respect thereof in satisfaction of a Participant’s
tax obligations, either on a mandatory or elective basis in the discretion of the Committee. The amount of withholding tax paid with
respect to an Award by the withholding of Shares otherwise deliverable pursuant to the Award or by delivering Shares already owned shall
not exceed the maximum statutory withholding required with respect to that Award (or such other limit as the Committee shall impose,
including without limitation, any limit imposed to avoid or limit any financial accounting expense relating to the Award).

 

(f)
Changes to the Plan and Awards. The Board may amend, alter, suspend, discontinue
or terminate the Plan, or the Committee’s authority to grant Awards under the Plan, without the consent of shareholders or Participants,
except that any amendment or alteration to the Plan shall be subject to the approval of the Company’s shareholders not later than
the annual meeting next following such Board action if such shareholder approval is required by any federal or state law or regulation
(including, without limitation, Rule 16b-3) or the rules of the Listing Market, and the Board may otherwise, in its discretion, determine
to submit other such changes to the Plan to shareholders for approval; provided that, except as otherwise permitted by the Plan or Award
Agreement, without the consent of an affected Participant, no such Board or shareholder action may materially and adversely affect the
rights of such Participant under the terms of any previously granted and outstanding Award. The Committee may waive any conditions or
rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award Agreement relating thereto,
except as otherwise provided in the Plan; provided that, except as otherwise permitted by the Plan or Award Agreement, without the consent
of an affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under terms of
such Award.

 

(g) Clawback
of Benefits.

 

(i) The
Company may (A) cause the cancellation of any Award, (B) require reimbursement of any Award by a Participant or Beneficiary, and (C) effect
any other right of recoupment of equity or other compensation provided under this Plan or otherwise in accordance with any Company policies
that currently exist or that may from time to time be adopted or modified in the future by the Company and/or applicable law (each, a
“Clawback Policy”). In addition, a Participant may be required to repay to the Company certain previously paid
compensation, whether provided under this Plan or an Award Agreement or otherwise, in accordance with any Clawback Policy. By accepting
an Award, a Participant is also agreeing to be bound by any existing or future Clawback Policy adopted by the Company, or any amendments
that may from time to time be made to the Clawback Policy in the future by the Company in its discretion (including without limitation
any Clawback Policy adopted or amended to comply with applicable laws or stock exchange requirements) and is further agreeing that all
of the Participant’s Award Agreements may be unilaterally amended by the Company, without the Participant’s consent, to the
extent that the Company in its discretion determines to be necessary or appropriate to comply with any Clawback Policy.

 

    	 	23	 

     

    

 

(ii)If the Participant,
without the consent of the Company, while employed by or providing services to the Company or any Related Entity or after termination
of such employment or service, violates a non-competition, non-solicitation or non-disclosure covenant or agreement or otherwise engages
in activity that is in conflict with or adverse to the interest of the Company or any Related Entity, as determined by the Committee in
its sole discretion, then (i) any outstanding, vested or unvested, earned or unearned portion of the Award may, at the Committee’s
discretion, be canceled and (ii) the Committee, in its discretion, may require the Participant or other person to whom any payment has
been made or Shares or other property have been transferred in connection with the Award to forfeit and pay over to the Company, on demand,
all or any portion of the gain (whether or not taxable) realized upon the exercise of any Option or Stock Appreciation Right and the value
realized (whether or not taxable) on the vesting or payment of any other Award during the time period specified in the Award Agreement
or otherwise specified by the Committee

 

(h)
Limitation on Rights Conferred Under Plan. Neither the Plan nor any action
taken hereunder or under any Award shall be construed as (i) giving any Eligible Person or Participant the right to continue as
an Eligible Person or Participant or in the employ or service of the Company or a Related Entity; (ii) interfering in any way with
the right of the Company or a Related Entity to terminate any Eligible Person’s or Participant’s Continuous Service at any
time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly
with other Participants and Employees, or (iv) conferring on a Participant any of the rights of a shareholder of the Company or
any Related Entity including, without limitation, any right to receive dividends or distributions, any right to vote or act by written
consent, any right to attend meetings of shareholders or any right to receive any information concerning the Company’s or any Related
Entity’s business, financial condition, results of operation or prospects, unless and until such time as the Participant is duly
issued Shares on the register of the Company or any Related Entity in accordance with the terms of an Award. None of the Company, its
officers or its directors shall have any fiduciary obligation to the Participant with respect to any Awards unless and until the Participant
is duly issued Shares pursuant to the Award on the register of the Company in accordance with the terms of an Award. Neither the Company,
nor any Related Entity, nor any of their respective officers, directors, representatives or agents is granting any rights under the Plan
to the Participant whatsoever, oral or written, express or implied, other than those rights expressly set forth in this Plan or the Award
Agreement.

 

    	 	24	 

     

    

 

(i)
Unfunded Status of Awards; Creation of Trusts. The Plan is intended to constitute
an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or
obligation to deliver Shares pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give any such Participant
any rights that are greater than those of a general creditor of the Company or Related Entity that issues the Award; provided that the
Committee may authorize the creation of trusts and deposit therein cash, Shares, other Awards or other property, or make other arrangements
to meet the obligations of the Company or Related Entity under the Plan. Such trusts or other arrangements shall be consistent with the
“unfunded” status of the Plan unless the Committee otherwise determines with the consent of each affected Participant. The
trustee of such trusts may be authorized to dispose of trust assets and reinvest the proceeds in alternative investments, subject to
such terms and conditions as the Committee may specify and in accordance with applicable law.

 

(j)
Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board
nor its submission to the shareholders of the Company for approval shall be construed as creating any limitations on the power of the
Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable.

 

(k)
Payments in the Event of Forfeitures; Fractional Shares. Unless otherwise
determined by the Committee and subject to applicable law, in the event of a forfeiture of an Award with respect to which a Participant
paid cash or other consideration, the Participant shall be repaid the amount of such cash or other consideration. No fractional Shares
shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards or other property
shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited
or otherwise eliminated.

 

(l)
Governing Law. Except as otherwise provided in any Award Agreement, this
Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Israel, except with
respect to matters that are subject to tax laws, regulations and rules of any specific jurisdiction, which shall be governed by the respective
laws, regulations and rules of such jurisdiction. Certain definitions, which refer to laws other than the laws of such jurisdiction,
shall be construed in accordance with such other laws. The competent courts located in Tel-Aviv-Jaffa, Israel shall have exclusive jurisdiction
over any dispute arising out of or in connection with this Plan and any Award granted hereunder. By signing any Award Agreement or any
other agreement relating to an Award, each Participant irrevocably submits to such exclusive jurisdiction.

 

(m)
Sub-Plans. The Committee shall have the authority to adopt such modifications,
procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of countries in which the Company or
its Related Entities may operate to assure the viability of the benefits from Awards granted to Participants performing services in such
countries and to meet the objectives of the Plan.

 

    	 	25	 

     

    

 

(n)
Plan Effective Date and Shareholder Approval; Termination of Plan. The Plan
shall become effective on the Effective Date, subject to subsequent approval, within 12 months of its adoption by the Board, by shareholders
of the Company eligible to vote in the election of directors, by a vote sufficient to meet the requirements of Code Section 422, Rule
16b-3 under the Exchange Act (if applicable), applicable requirements under the rules of any stock exchange or automated quotation system
on which the Shares may be listed or quoted, and other laws, regulations, and obligations of the Company applicable to the Plan. Subject
to applicable law, Awards may be granted subject to shareholder approval but may not be exercised or otherwise settled in the event the
shareholder approval is not obtained. The Plan shall terminate at the earliest of (a) such time as no Shares remain available for issuance
under the Plan, (b) termination of this Plan by the Board, or (c) the tenth anniversary of the Effective Date. Awards outstanding
upon expiration of the Plan shall remain in effect until they have been exercised or terminated or have expired. Each Participant shall
be bound by and the Shares issued upon exercise or (if applicable) the vesting of any Awards granted hereunder shall remain subject to
this Plan after the exercise or (if applicable) the vesting of Awards, in accordance with the terms of this Plan, whether or not the
Participant is then or at any time thereafter employed or engaged by the Company or any Related Entity.

 

(n) Construction
and Interpretation. Whenever used herein, nouns in the singular shall include the plural, and the masculine pronoun shall include
the feminine gender. Headings of Articles and Sections hereof are inserted for convenience and reference and constitute no part of the
Plan.

 

(o) Severability.
If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction,
the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall
remain enforceable in any other jurisdiction.

 

    	 	26

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