Document:

Exhibit 4.1

 

Mobileye
N.V.

 

2014
Equity Incentive Plan

 

		1.	Purposes of the Plan.   The purposes of this Plan are:

 

		·	to attract and retain the best available personnel for positions of
substantial responsibility;

 

		·	to provide incentive to Employees, Directors and Consultants, and

 

		·	to promote the success of the Company’s business.

 

The Plan permits the grant of Share Options,
Restricted Shares and Restricted Share Units.

 

		2.	Definitions.   As used herein, the following definitions will apply:

 

(a) “Administrator” means
the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.

 

(b) “Affiliate” means any
company or any other entity (including, but not limited to, partnerships and joint ventures) controlling, controlled by, or under
common control with the Company.

 

(c) “Applicable
Laws” means the requirements relating to the administration of equity-based awards under corporate and securities laws
of the Netherlands and the United States, any stock exchange or quotation system on which the Ordinary Shares are listed or quoted
and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.  

 

(d) “Award”
means, individually or collectively, a grant under the Plan of Options, Restricted Shares or Restricted Share Units.

 

(e) “Award Agreement” means
the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The
Award Agreement is subject to the terms and conditions of the Plan.

 

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

 

(g) “Cause” means, unless
otherwise defined by the Participant’s Award Agreement or contract of employment or service, any of the following: (i) the
Participant’s theft, dishonesty, or falsification of any Participating Company documents or records; (ii) the Participant’s
improper use or disclosure of a Participating Company’s confidential or proprietary information; (iii) any action by the
Participant which has a detrimental effect on a Participating Company’s reputation or business; (iv) the Participant’s
failure or inability to perform any reasonable assigned duties after written notice from a Participating Company of, and a reasonable
opportunity to cure, such failure or inability; (v) any material breach by the Participant of any employment or service agreement
between the Participant and a Participating Company, which breach is not cured pursuant to the terms of such agreement; (vi) any
breach by the Participant of his or her non-compete, non-solicitation and confidentiality obligations under any agreement signed
between the Participant and the Company, either during the term of such agreement or following its termination; or (vii) the Participant’s
conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs the Participant’s ability
to perform his or her duties with a Participating Company.

 

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(h) “Change in Control”
means the occurrence of any of the following events:

 

(i) A change in the ownership of the Company,
which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires
ownership of the share capital of the Company that, together with the share capital held by such Person, constitutes more than
fifty percent (50%) of the total voting power of the share capital of the Company; provided, however, that for purposes of this
clause (i), (1) the acquisition of beneficial ownership of additional share capital by any one Person who is considered to beneficially
own more than fifty percent (50%) of the total voting power of the share capital of the Company will not be considered a Change
in Control; and (2) if the shareholders of the Company immediately before such change in ownership continue to retain immediately
after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting
share capital immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more
of the total voting power of the share capital of the Company, such event shall not be considered a Change in Control under this
clause (i). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership
of the voting securities of one or more companies or other business entities which own the Company, as the case may be, either
directly or through one or more subsidiary companies or other business entities; or 

 

(ii) A change in the effective control of
the Company, which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by
Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment
or election; or

 

(iii) A change in the ownership of a substantial
portion of the Company’s assets, which occurs on the date that any Person acquires (or has acquired during the twelve (12)
month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total
gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of
the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii),
a transfer to an entity that is controlled, directly or indirectly, by the Company’s shareholders immediately after the transfer
will not constitute a change in the ownership of a substantial portion of the Company’s assets; for purposes of this subsection
(iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined
without regard to any liabilities associated with such assets;

 

(i) “Committee” means a
committee of Directors appointed by the Board, in accordance with Section 4 hereof.

 

(j) “Company” means Mobileye
N.V., a Dutch company, or any successor thereto.

 

(k) “Consultant” means
an advisor, engaged by the Company or an Affiliate to render services to such entity.

 

(l) “Director” means a
member of the Board.

 

(m) “Disability” means
total and permanent disability as determined by the Administrator.

 

(n) “Dividend Equivalent”
means a credit, made at the discretion of the Administrator or as otherwise provided by the Plan, to the account of a Participant
in an amount equal to the cash dividends paid on one Share for each Share represented by an Award held by such Participant.

 

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(o) “Employee” means any
person, including officers and Directors, employed by the Company or any Affiliate of the Company. The Company shall determine
in good faith and in the exercise of its discretion whether an individual has become or has ceased to be an Employee and the effective
date of such individual’s employment or termination of employment, as the case may be. For purposes of an individual’s
rights, if any, under the Plan as of the time of the Company’s determination, all such determinations by the Company shall
be final, binding and conclusive, notwithstanding that the Company or any court of law or governmental agency subsequently makes
a contrary determination.

 

(p) “Exchange Program”
means a program under which (i) outstanding awards are surrendered or cancelled in exchange for awards of the same type (which
may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, and/or (ii) the exercise
price of an outstanding Award is reduced. The Administrator will determine the terms and conditions of any Exchange Program in
its sole discretion.

 

(q) “Fair Market Value”
means, as of any date, the value of Ordinary Shares determined as follows:

 

(i) If the Ordinary Shares are listed on any
established stock exchange or a national market system, including without limitation the New York Stock Exchange, NASDAQ Global
Select Market, the NASDAQ Global Market or the NASDAQ Capital Market of The NASDAQ Stock Market, its Fair Market Value will be
the closing sales price for the Ordinary Shares (or the mean of the closing bid and asked prices for the Ordinary Shares, if no
sales were reported) as quoted on such exchange or system on the day of determination, as reported by such source as the Administrator
deems reliable. If the relevant date does not fall on a day on which the Ordinary Shares have traded on such securities exchange
or market system, the date on which the Fair Market Value shall be established shall be the last day on which the Ordinary Shares
were so traded prior to the relevant date, or such other appropriate day as shall be determined by the Administrator, in its discretion;

 

(ii) If the Ordinary Shares are regularly
quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share will be the mean
between the high bid and low asked prices for the Ordinary Shares on the day of determination (or, if no bids and asks were reported
on that date, as applicable, on the last trading date such bids and asks were reported), as reported by such source as the Administrator
deems reliable; or

 

(iii) In the absence of an established market
for the Ordinary Shares, the Fair Market Value will be determined in good faith by the Administrator.

 

(r) “Option” means an option
granted pursuant to the Plan.

 

(s)
“Ordinary Shares” means the ordinary shares, nominal value €0.01
per share, of the Company. 

 

(t) “Participant” means
the holder of an outstanding Award.

 

(u) “Participating Company”
means the Company or any Affiliate.

 

(v) “Plan” means this Mobileye
N.V. 2014 Equity Incentive Plan.

 

(w) “Restricted Shares”
means Shares issued pursuant to a Restricted Shares award under Section 7 of the Plan, or issued pursuant to the early exercise
of an Option.

 

(x) “Restricted Share Unit”
means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to Section 8.

 

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(y) “Service Provider”
means an Employee, Director or Consultant. The Company shall determine in good faith and in the exercise of its discretion whether
an individual has become or has ceased to be a Service Provider and the effective date of such individual’s status as, or
cessation of status as, a Service Provider. For purposes of an individual’s rights, if any, under the Plan as of the time
of the Company’s determination, all such determinations by the Company shall be final, binding and conclusive, notwithstanding
that the Company or any court of law or governmental agency subsequently makes a contrary determination.

 

(z) “Share” means an Ordinary
Share, as adjusted in accordance with Section 11 of the Plan.

 

(aa) “Subplan” means additional
incentive compensation plans as may be established by the Board within the parameters and in accordance with the overall terms
and provisions of the Plan as may be needed to facilitate local administration of the Plan in any jurisdiction in which the Company
or an Affiliate operates and to conform the Plan to the legal requirements of any such jurisdiction or to allow for favorable tax
treatment under any applicable provision of tax law, including, without limitation, Appendix A – Israel attached hereto,
and other appendices that may be attached to this Plan.

 

(bb) “Tax Obligations”
means tax and social insurance liability obligations and requirements in connection with the Awards, including, without limitation,
(i) all federal, state, and local taxes that are required to be withheld by the Company or the employing Affiliate, (ii) the Participant’s
and, to the extent required by the Company (or Affiliate), the Company’s (or Affiliate’s) fringe benefit tax liability,
if any, associated with the grant, vesting, or exercise of an Award or sale of Shares, and (iii) any other Company (or Affiliate)
taxes the responsibility for which the Participant has, or has agreed to bear, with respect to such Award (or exercise thereof
or issuance of Shares thereunder).

 

		3.	Ordinary Shares Subject to the Plan. 

 

(a) Ordinary Shares Subject to the Plan.
  Subject to the provisions of Section 11 of the Plan, the maximum aggregate number of Shares that may be issued under the Plan is
11,702,969 Shares. The Shares may be authorized, but unissued, or reacquired Ordinary Shares. Any Shares subject to an Award shall
be counted against the numerical limits of this Section 3 as one (1) Share for every one (1) Share subject thereto. The Shares
may be authorized, but unissued, or reacquired Ordinary Shares.

 

(b) Lapsed Awards.   If an Award expires
or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange Program, or, with respect
to Restricted Shares or Restricted Share Units, is forfeited to or repurchased by the Company due to failure to vest, the unpurchased
Shares (or for Awards other than Options the forfeited or repurchased Shares), which were subject thereto will become available
for future grant or sale under the Plan (unless the Plan has terminated).

 

(c) Share Reserve.   The Company, during
the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the
requirements of the Plan.

 

		4.	Administration of the Plan. 

 

(a) Procedure.

 

(i) Administration.   The Plan will be
administered by (A) the Board or (B) a Committee, which committee will be constituted to satisfy Applicable Laws. The Administrator
may, in its discretion and to the extent permitted by Applicable Laws, delegate to a Committee

 

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the authority to grant one or more Awards, without further approval
of the Administrator, on such terms and conditions as the Administrator, in its discretion, deems appropriate. To the extent of
any delegation by the Administrator, references to the Administrator in the Plan and any Award Agreement shall be deemed also to
include reference to the applicable delegate(s).

 

(ii) Delegation of Authority for Day-to-Day
Administration; Authority of Executive Directors.   Except to the extent prohibited by Applicable Laws, the Administrator may
delegate to one or more individuals the day-to-day administration of the Plan and any of the functions assigned to it in this Plan.
Such delegation may be revoked at any time. Any executive director of the Company shall have the authority to act on behalf of
the Company with respect to any matter, right, obligation, determination or election which is the responsibility of or which is
allocated to the Company herein.

 

(b) Powers of the Administrator.   Subject
to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated by the Board to such Committee,
the Administrator will have the authority, in its discretion:

 

(i) to determine the Fair Market Value;

 

(ii) to select the Service Providers to whom
Awards may be granted hereunder;

 

(iii) to determine the number of
Shares to be covered by each Award granted hereunder;

 

(iv) to approve forms of Award Agreements
for use under the Plan;

 

(v) to determine the terms and conditions,
not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited
to, the exercise price, the method of payment for Shares purchased under any Award, the method for satisfaction of any tax withholding
obligation arising in connection with an Award, the vesting terms and time or times when Awards may be exercised (which may include
the achievement of specific performance objectives (Company-wide, departmental, divisional, business unit, or individual goals
(including, but not limited to, continued employment or service)), any vesting acceleration or waiver of forfeiture restrictions,
and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the
Administrator will determine (including, without limitation, performance-based factors);

 

(vi) to determine the terms and conditions
of any Exchange Program and to institute an Exchange Program;

 

(vii) to construe and interpret the terms
of the Plan and Awards granted pursuant to the Plan;

 

(viii) to prescribe, amend and rescind rules
and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying
applicable foreign laws and/or for qualifying for favorable tax treatment under applicable foreign laws;

 

(ix) to modify or amend each Award, including
but not limited to the discretionary authority to extend the post-termination exercisability period of Awards and to extend the
maximum term of an Option;

 

(x) to allow Participants to satisfy withholding
tax obligations in such manner as prescribed in Section 12 of the Plan;

 

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(xi) to authorize any person to execute on
behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator pursuant
to such procedures as the Administrator may determine;

 

(xii) to allow a Participant, in compliance
with all Applicable Laws, to defer the receipt of the payment of cash or the issuance of Shares that would otherwise be due to
such Participant under an Award;

 

(xiii) to determine (consistent with provisions
of Applicable Laws) whether Awards will be settled in Shares, cash or in any combination thereof;

 

(xiv) to impose such restrictions, conditions
or limitations as it determines appropriate as to the timing and manner of any resales by a Participant or other subsequent transfers
by the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under
an insider trading policy, and (B) restrictions as to the use of a specified brokerage firm for such resales or other transfers;

 

(xv) to require that the Participant’s
rights, payments and benefits with respect to an Award (including amounts received upon the settlement or exercise of an Award)
shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition
to any otherwise applicable vesting or performance conditions of an Award, as may be specified in an Award Agreement at the time
of the Award, or later if (A) Applicable Laws require the Company to adopt a policy requiring such reduction, cancellation, forfeiture
or recoupment, or (B) pursuant to an amendment of an outstanding Award; and

 

(xvi) to correct any defect, supply any omission
or reconcile any inconsistency in the Plan or any Award Agreement and to make all other determinations and take such other actions
with respect to the Plan or any Award deemed necessary or advisable for administering the Plan.

 

(c) Effect of Administrator’s Decision.
  The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other
holders of Awards and shall be given the maximum deference permitted by law.

 

5.   Eligibility.   Share Options, Restricted
Shares and Restricted Share Units may be granted to Service Providers. 

 

		6.	Share Options. 

 

(a) Grant of Option.   Subject to the
terms and conditions of the Plan, Options may be granted to Service Providers at any time and from time to time as will be determined
by the Administrator, in its sole discretion. Subject to the terms and conditions of the Plan, the Administrator will have complete
discretion to determine the number of Shares granted to any Service Provider. Each Option shall be evidenced by an Award Agreement
(which may be in electronic form) that shall specify the exercise price, the expiration date of the Option, the number of Shares
covered by the Option, any conditions to exercise the Option, and such other terms and conditions as the Administrator, in its
discretion, shall determine.

 

(b) Term of Option.   The term of each
Option will be stated in the Award Agreement; provided, however, that the term will be no more than seven (7) years from the date
of grant thereof.

 

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(c) Option Exercise Price and Consideration.

 

(i) Exercise Price.   The per share exercise
price for the Shares to be issued pursuant to exercise of an Option will be determined by the Administrator but shall not in any
event be less than the nominal value of a Share at the time of exercise.

 

(ii) Waiting Period and Exercise Dates.  
At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine
any conditions that must be satisfied before the Option may be exercised. At any time after the grant of an Option, the Administrator,
in its sole discretion, may reduce or waive any vesting criteria or waiting periods and may accelerate the time at which any restrictions
will lapse or be removed.

 

(iii) Form of Consideration.   The Administrator
will, subject to the provisions of Applicable Laws, determine the acceptable form of consideration for exercising an Option, including
the method of payment. Such consideration may consist entirely of, without limitation: (1) cash; (2) check; (3) other Shares, to
the extent permitted by Applicable Laws, provided that such Shares have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which such Option will be exercised and provided that accepting such Shares will not
result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (4) subject
to the provisions of Applicable Laws, consideration received by the Company under a cashless exercise program (whether through
a broker, net exercise program or otherwise) implemented by the Company in connection with the Plan; (5) by reduction in the amount
of any Company liability to the Participant; (6) such other consideration and method of payment for the issuance of Shares to the
extent permitted by Applicable Laws; or (7) any combination of the foregoing methods of payment.

 

(d) Exercise of Option.

 

(i) Procedure for Exercise; Rights as a
Shareholder.   Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under
such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction
of a Share.

 

An Option will be deemed exercised when the
Company receives: (i) a notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled
to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable
withholding taxes). Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted
by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or,
if requested by the Participant, in the name of the Participant and his or her spouse. Until the Shares are issued (as evidenced
by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or
receive dividends or any other rights as a shareholder will exist with respect to the Shares subject to an Option, notwithstanding
the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised.
No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued,
except as provided in Section 11 of the Plan.

 

Exercising an Option in any manner will decrease
the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares
as to which the Option is exercised.

 

(ii) Termination of Relationship as a Service
Provider.   If a Participant ceases to be a Service Provider, other than upon the Participant’s termination as the result
of the Participant’s death or Disability or as a result of a termination for Cause, the Participant may

 

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exercise his or her Option within such period of time as is specified
in the Award Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration
of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the
Option will remain exercisable for thirty (30) days following the Participant’s termination. Unless otherwise provided by
the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered
by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her
Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert
to the Plan.

 

(iii) Disability of Participant.   If
a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his
or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date
of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the
absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the Participant’s
termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to
his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination
the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares
covered by such Option will revert to the Plan.

 

(iv) Death of Participant.   If a Participant
dies while a Service Provider, the Option may be exercised following the Participant’s death within such period of time as
is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the option
be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the personal representative
of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will
or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option
will remain exercisable for twelve (12) months following Participant’s death. Unless otherwise provided by the Administrator,
if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of
the Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option
will terminate, and the Shares covered by such Option will revert to the Plan.

 

(v) Termination for Cause.   Notwithstanding
any other provision of the Plan to the contrary, if the Participant’s status as a Service Provider is terminated for Cause,
the Option shall terminate and cease to be exercisable immediately upon such termination as a Service Provider.

 

(e) Extension if Exercise Prevented by
Law.   Notwithstanding the foregoing, other than termination of Service for Cause, if the exercise of an Option within the applicable
time periods set forth in Section 6(d) is prevented by the provisions of Section 18 below, the Option shall remain exercisable
until thirty (30) days (or such longer period of time as determined by the Administrator, in its discretion) after the date the
Participant is notified by the Company that the Option is exercisable, but in no event later than the expiration of the term of
such Option as set forth in the Award Agreement.

 

		7.	Restricted Shares. 

 

(a) Grant of Restricted Shares.   Subject
to the terms and conditions of the Plan, the Administrator, at any time and from time to time, may grant Restricted Shares to Service
Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

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(b) Restricted Shares Agreement.   Each
Award of Restricted Shares will be evidenced by an Award Agreement (which may be in electronic form) that will specify any vesting
conditions, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will
determine. For purposes of clarity, an Award of Restricted Shares may be granted without vesting conditions or other restrictions.
The Company may elect to cause Restricted Shares to be held through an escrow agent designated by the Company until the restrictions
on such Shares, if any, have lapsed.

 

(c) Transferability.   Except as provided
in this Section 7, Section 10 or the Award Agreement, Restricted Shares may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated until the end of the applicable vesting period (if any).

 

(d) Other Restrictions.   The Administrator,
in its sole discretion, may impose such other restrictions on Restricted Shares as it may deem advisable or appropriate. The Administrator
may set restrictions based upon continued employment or service, the achievement of specific performance objectives (Company-wide,
departmental, divisional, business unit, or individual), applicable federal or state securities laws, or any other basis determined
by the Administrator in its discretion.

 

(e) Removal of Restrictions.   Except
as otherwise provided in this Section 7, Shares covered by each Restricted Shares grant made under the Plan will be released from
escrow (or from other applicable restrictions hereunder) as soon as practicable after the last day of the vesting period or at
such other time as the Administrator may determine. The Administrator may, in its discretion, reduce or waive any vesting criteria
and may accelerate the time at which any restrictions will lapse or be removed. The Administrator, in its discretion, may establish
procedures regarding the release of Shares from escrow, as necessary or appropriate to minimize administrative burdens on the Company.

 

(f) Voting Rights.   During the vesting
period, Service Providers holding Restricted Shares granted hereunder may exercise full voting rights (either directly or by way
of pass-through voting arrangements with the escrow agent holding the Shares) with respect to those Shares, unless the Administrator
determines otherwise.

 

(g) Dividends and Other Distributions.
  During the vesting period, Participants holding Restricted Shares will be entitled to receive all dividends and other distributions
paid with respect to such Shares (either directly or by way of pass-through arrangements with the escrow agent holding the Shares),
unless the Administrator provides otherwise. Any such dividends or distributions shall be subject to the same restrictions on transferability
and forfeitability as the Restricted Shares with respect to which they were paid, unless otherwise provided in the Award Agreement.

 

(h) Return of Restricted Shares to Company.
  On the date set forth in the Award Agreement, the Restricted Shares for which restrictions have not lapsed must be transferred
by the holder thereof to the Company and, subject to Section 3, again will become available for grant under the Plan.

 

(i) Minimum Consideration.   Upon any
issuance of Restricted Shares hereunder, the person to whom the Shares are issued must pay to the Company in cash an amount equal
to the aggregate nominal value of the Shares being issued.

 

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		8.	Restricted Share Units. 

 

(a) Grant.   Subject to the terms and
conditions of the Plan, the Administrator, at any time and from time to time, may grant Restricted Share Units to Service Providers
in such amounts as the Administrator, in its sole discretion, will determine.

 

(b) Award Agreement.   Each Award of
Restricted Share Units will be evidenced by an Award Agreement (which may be in electronic form) that will specify any vesting
conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Administrator, in its sole
discretion, will determine.

 

(c) Vesting Criteria and Other Terms.
  The Administrator will set vesting criteria (if any) in its discretion, which, depending on the extent to which the criteria are
met, will determine the number of Restricted Share Units that will be paid out to the Participant. The Administrator may set vesting
criteria based upon continued employment or service, the achievement of specific performance objectives (Company-wide, departmental,
divisional, business unit, or individual goals (including, but not limited to, continued employment or service)), applicable federal
or state securities laws or any other basis determined by the Administrator in its discretion.

 

(d) Earning Restricted Share Units.
  Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as determined by the Administrator.
Notwithstanding the foregoing, at any time after the grant of Restricted Share Units, the Administrator, in its sole discretion,
may reduce or waive any vesting criteria that must be met to receive a payout and may accelerate the time at which any restrictions
will lapse or be removed.

 

(e) Form and Timing of Payment.   Payment
of earned Restricted Share Units will be made as soon as practicable after the date(s) determined by the Administrator and set
forth in the Award Agreement. The Administrator, in its sole discretion and subject to the provisions of Applicable Laws, may settle
earned Restricted Share Units in cash, Shares, or a combination of both.

 

(f) Cancellation.   On the date set forth
in the Award Agreement, all unearned Restricted Share Units will be forfeited to the Company and, subject to Section 3, again will
become available for grant under the Plan.

 

(g) Voting Rights, Dividend Equivalents
and Distributions.    Participants shall have no voting rights with respect to Shares represented by Restricted
Share Units until the date of the issuance of such Shares (as evidenced by the appropriate entry on the books of the Company or
of a duly authorized transfer agent of the Company). However, the Administrator, in its discretion, may provide in the Award Agreement
evidencing any Restricted Share Unit Award that the Participant shall be entitled to receive Dividend Equivalents with respect
to the payment of cash dividends on Shares, which cash dividends have a record date prior to the date on which the Restricted Share
Units held by such Participant are settled or forfeited. Such Dividend Equivalents, if any, shall be paid by crediting the Participant
with additional whole Restricted Share Units as of the date of payment of such cash dividends on Shares. The number of additional
Restricted Share Units (rounded to the nearest whole number) to be so credited shall be determined by dividing (a) the amount of
cash dividends paid on such date with respect to the number of Shares represented by the Restricted Share Units previously credited
to the Participant by (b) the Fair Market Value per Share on such date. Such additional Restricted Share Units shall be subject
to the same terms and conditions, including but not limited to vesting conditions, and shall be settled in the same manner and
at the same time as the Restricted Share Units originally subject to the Restricted Share Unit Award. Settlement of Dividend Equivalents,
subject to the provisions of Applicable Laws, may be made in cash, Shares, or a combination thereof as determined by the Administrator.
In the event of a dividend or distribution paid in Shares, or any other adjustment made upon a change in the capital structure
of the Company as described in

 

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Section 11, appropriate adjustments shall be made in the Participant’s
Restricted Share Unit Award so that it represents the right to receive upon settlement any and all new, substituted or additional
securities or other property (other than normal cash dividends) to which the Participant would be entitled by reason of the Shares
issuable upon settlement of the Award, and all such new, substituted or additional securities or other property shall be immediately
subject to the same vesting conditions as are applicable to the Award.

 

		9.	Leaves of Absence/Transfer Between Locations. 

 

Unless the Administrator provides otherwise or as otherwise required
by Applicable Laws, vesting of Awards granted hereunder will be suspended during any unpaid personal leave of absence, such that
vesting shall cease on the first day of any such unpaid personal leave of absence and shall only recommence upon return to active
service. For the avoidance of doubt, a leave of absence during maternity leave approved by Applicable Laws and army reserve duty
shall not suspend the vesting of any Awards. A Participant will not cease to be an Employee in the case of (i) any leave of absence
approved by the Company or (ii) transfers between locations of the Company or between the Company or any Affiliate.

 

		10.	Transferability of Awards. 

 

Unless determined otherwise by the Administrator, an Award may not
be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent
or distribution and may be exercised, during the lifetime of the Participant, only by the Participant (or the Participant’s
guardian or legal representative). If the Administrator makes an Award transferable, such Award will contain such additional terms
and conditions as the Administrator deems appropriate.

 

		11.	Adjustments; Dissolution or Liquidation; Merger, Demerger or Change in Control. 

 

(a) Adjustments.   In the event that
any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property, but excepting normal
cash dividends), recapitalization, share split, reverse share split, reorganization, reincorporation, reclassification, merger,
demerger, consolidation, split-up, split-off, spin-off, combination, repurchase, or exchange of Shares or other securities of the
Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to
prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust
the number and class of shares that may be delivered under the Plan and/or the number, class, and price of shares covered by each
outstanding Award and the numerical Share limits in Section 3 of the Plan. Notwithstanding the preceding, the number of Shares
subject to any Award always shall be a whole number. Any fractional share resulting from an adjustment pursuant to this Section
11(a) shall be rounded down to the nearest whole number, and in no event may the exercise or purchase price under any Award be
decreased to an amount less than the nominal value, if any, of the shares subject to such Award.

 

(b) Dissolution or Liquidation.   In
the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as
practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised (with
respect to an Option) or vested (with respect to an Award other than an Option), an Award will terminate immediately prior to the
consummation of such proposed action.

 

(c) Change in Control.

 

(i)    In the event of
a merger of the Company with or into another company or other entity, or a demerger of the Company, or a Change in Control, each
outstanding Award will be

 

    	11

    	 

    

 

treated as the Administrator determines (subject to the provisions
of the following paragraph), including, without limitation, (i) that each Award be assumed or an equivalent option or right substituted
by the successor company or an affiliate of the successor company, with appropriate adjustments as to the number and kind of shares
and prices, (ii) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately prior
to the consummation of such merger, demerger or Change in Control; and (iii) outstanding Awards will vest and become exercisable,
realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of
such merger, demerger or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior
to the effectiveness of such merger, demerger or Change in Control. In taking any of the actions permitted under this Section 11(c),
the Administrator will not be required to treat all Awards similarly in the transaction.

 

(ii)   In the event that the
successor company does not assume or substitute for the Award, then except as otherwise provided in any Award Agreement or as determined
by the Administrator pursuant to Section 11(c)(i), any Award outstanding under the Plan immediately prior to the merger, demerger
or Change in Control that is not assumed or substituted will be terminated at the effective time of the merger, demerger or Change
in Control. In such case, no Participant shall be entitled to receive any payments or any other rights with respect to any terminated
Options, Restricted Shares or Restricted Share Units as of the effective time of the merger, demerger or Change in Control, except
that, subject to the approval of the Administrator in its sole discretion, the holder of any terminated Option that is vested as
of the effective time of the merger, demerger or Change in Control, shall be entitled to receive at the effective time of the merger,
demerger or Change in Control a single sum payment equal to the excess, if any, of the transaction value of the Shares that are
then covered by the Option over the aggregate exercise price under the applicable Award Agreement. If so determined by the Administrator
the amount payable with respect to the termination of an outstanding vested Option pursuant to this section will be paid in cash,
unless the parties to the merger, demerger or Change in Control agree that some or all of such amount will be payable in the form
of freely tradable shares of common stock of the successor or acquiring company (or a parent company) (subject to the provisions
of Applicable Laws). For the avoidance of any doubt, any and all Restricted Share Units and Restricted Shares that are vested as
of the effective time of the merger, demerger or Change in Control shall not be deemed outstanding Awards under the Plan upon vesting,
and shall entitle the Participants holding such vested Restricted Share Units and Restricted Shares to the full right to dispose
of, and exercise other ownership rights with respect to, the Shares underlying such vested Restricted Share Units and Restricted
Shares.

 

(iii)  For the purposes of this
subsection (c), an Award will be considered assumed if, following the relevant Change in Control, merger or demerger the Award
confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration
(whether stock, cash, or other securities or property) received in the merger, demerger or Change in Control by holders of Ordinary
Shares for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if
such consideration received in the merger, demerger or Change in Control is not solely common stock of the successor company or
its Parent, the Administrator may, with the consent of the successor company, provide for the consideration to be received upon
the exercise of an Option or upon the payout of a Restricted Share Unit, for each Share subject to such Award, to be solely common
stock of the successor company or its affiliate equal in fair market value to the per share consideration received by holders of
Ordinary Shares in the merger, demerger or Change in Control.

 

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(iv)   Notwithstanding anything
in this Section 11(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance
goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s
consent; provided, however, a modification to such performance goals only to reflect the successor company’s post-Change
in Control, post-merger or post-demerger corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

 

		12.	Tax. 

 

(a) Withholding Requirements.   Prior
to the delivery of any Shares or cash pursuant to an Award (or exercise thereof) or such earlier time as any Tax Obligations are
due, the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an
amount sufficient to satisfy all Tax Obligations.

 

(b) Withholding Arrangements.   The Administrator,
in its sole discretion and pursuant to such procedures as it may specify from time to time, may designate the method or methods
by which a Participant may satisfy such Tax Obligations. As determined by the Administrator in its discretion from time to time,
these methods may include one or more of the following (a) paying cash, (b) having the Company withhold otherwise deliverable
cash or Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld or remitted, (c) subject
to the provisions of Applicable Laws,  delivering to the Company already-owned Shares having a Fair Market Value equal to
the minimum statutory amount required to be withheld or remitted, (d) selling a sufficient number of Shares otherwise deliverable
to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise)
equal to the Tax Obligations required to be withheld or remitted, (e) retaining from salary or other amounts payable to the
Participant cash having a sufficient value to satisfy the Tax Obligations, or (f) any other means which the Administrator,
in its sole discretion, determines to both comply with Applicable Laws, and to be consistent with the purposes of the Plan. The
amount of Tax Obligations will be deemed to include any amount that the Administrator agrees may be withheld at the time the election
is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable
to the Participant or the Company, as applicable, with respect to the Award on the date that the amount of tax or social insurance
liability to be withheld or remitted is to be determined. The Fair Market Value of the Shares to be withheld or delivered shall
be determined as of the date that the Tax Obligations are required to be withheld.

 

		13.	No Effect on Employment or Service.

 

Neither the Plan nor any Award will confer
upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider with the Company,
nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship
at any time, with or without cause, to the extent permitted by Applicable Laws.

 

		14.	Term of Plan.

 

The Plan will become effective upon its approval
by the Board. It will continue in effect until such date as the Board shall suspend or terminate the Plan in accordance with Section
15 of the Plan.

 

		15.	Amendment and Termination of the Plan. 

 

(a) Amendment and Termination.   The
Board may at any time amend, alter, suspend or terminate the Plan.

 

    	13

    	 

    

 

(b) Shareholder Approval.   The Company
will obtain shareholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.

 

(c) Effect of Amendment or Termination.
  No amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed
otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the
Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder
with respect to Awards granted under the Plan prior to the date of such termination.

 

		16.	Severability.

 

If any one or more of the provisions (or any
part thereof) of this Plan shall be held invalid, illegal or unenforceable in any respect, such provision shall be modified so
as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part
thereof) of the Plan shall not in any way be affected or impaired thereby.

 

		17.	Fractional Shares.

 

The Company shall not be required to issue
fractional shares upon the exercise or settlement of any Award.

 

		18.	Conditions Upon Issuance of Shares. 

 

(a) Legal Compliance.   The granting
of Awards and the issuance and delivery of Shares under the Plan shall be subject to all Applicable Laws, rule and regulations,
and to such approvals by any governmental agencies or national securities exchanges as may be required. Shares will not be issued
pursuant to the exercise or vesting of an Award unless the exercise or vesting of such Award and the issuance and delivery of such
Shares will comply with Applicable Laws, rules and regulations and any insider trading policy or similar policy adopted by the
Company from time to time, and will be further subject to the approval of counsel for the Company with respect to such compliance.

 

(b) Investment Representations.   As
a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the
time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or
distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

(c) Tax Consequences.   Any and all tax
consequences arising from the grant, exercise, transfer, or sale of, or otherwise relating to, an Award or from the payment for
or holding or sale or other disposition of Shares covered thereby or from any other event or act under the Plan shall be borne
solely by the Participant.

 

		19.	Inability to Obtain Authority.

 

The inability of the Company to obtain authority
from any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification
of the Shares under any Applicable Laws, which authority, registration, qualification or rule compliance is deemed by the Company’s
counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any liability
in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule
compliance will not have been obtained.

 

    	14

    	 

    

 

		20.	Rules Particular to Specific Countries. 

 

Notwithstanding anything herein to the contrary,
to the extent determined by the Board, the terms and conditions of the Plan shall be adjusted with respect to a particular country
or other jurisdiction by means of a Subplan to the Plan in the form of an appendix, and to the extent that the terms and conditions
set forth in the Subplan conflict with any provisions of the Plan, the provisions of the Subplan shall govern. Terms and conditions
set forth in the Subplan shall apply only to Awards granted to Participants under the jurisdiction of the specific country that
is subject of the Subplan and shall not apply to any other Awards.

 

		21.	Governing Law. 

 

Except insofar as other laws are expressly
stated to be applicable to any provisions of this Plan or any Subplan, all determinations made and actions taken pursuant to the
Plan and any Subplan shall be governed by and construed in accordance with the laws of the State of Israel. The competent courts
of Tel-Aviv, Israel shall have sole jurisdiction in any matters pertaining to the Plan.

 

    	15

    	 

    

 

Appendix
A – ISRAEL 

to
the

Mobileye
N.V. 

2014
Equity Incentive Plan

		1.	GENERAL

 

1.1.     This appendix
(the: “Appendix”) shall apply only to Israeli Participants (as defined below). The provisions specified hereunder
shall form an integral part of the Mobileye N.V. 2014 Equity Incentive Plan (the “Plan”).

 

1.2.     This Appendix
is to be read as a continuation of the Plan and only modifies Awards granted to Israeli Participants (as defined below) so that
they comply with the requirements set by the Israeli law in general, and in particular with the provisions of Section 102 (as specified
herein), as may be amended or replaced from time to time. For the avoidance of doubt, this Appendix does not add to or modify the
Plan in respect of any other category of Participants.

 

1.3.     The Plan and
this Appendix are complementary to each other and shall be deemed as one. In any case of contradiction, whether explicit or implied,
between any definitions and/or provisions of this Appendix and the Plan, the provisions set out in this Appendix shall prevail.

 

1.4.     Any capitalized
terms not specifically defined in this Appendix shall be construed according to the interpretation given to it in the Plan.

 

		2.	DEFINITIONS

 

2.1.     “Affiliate”
means any “employing company” within the meaning of Section 102(a) of the Ordinance.

 

2.2.     “Approved
102 Award” means an Award granted pursuant to Section 102(b) of the Ordinance and held in trust by a Trustee for the
benefit of the Employee.

 

2.3.     “Capital
Gain Award (CGA)” means an Approved 102 Award elected and designated by the Company to qualify under the capital gain
tax treatment in accordance with the provisions of Section 102(b)(3) of the Ordinance.

 

2.4.     “Controlling
Shareholder” shall have the meaning ascribed to it in Section 102 of the Ordinance.

 

2.5.     “Employee”
means an Israeli Participant who is employed by the Company or its Affiliates, including an individual who is serving as an “office
holder” as defined in the Israeli Companies Law, 5759-1999, as amended from time to time, but excluding any Controlling Shareholder.

 

2.6.     “Israeli
Participant” means a person who is a resident of the state of Israel or who is deemed to be a resident of the state of
Israel for Israeli tax purposes, and receives or holds an Award under the Plan and this Appendix.

 

2.7.     “ITA”
means the Israeli Tax Authorities.

 

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2.8.     “Ordinary
Income Award (OIA)” means an Approved 102 Award elected and designated by the Company to qualify under the ordinary income
tax treatment in accordance with the provisions of Section 102(b)(1) of the Ordinance.

 

2.9.      “102
Award” means any Award granted to Employees pursuant to Section 102 of the Ordinance and any other rulings, procedures
and clarifications promulgated thereunder or issued by the ITA.

 

2.10.    “3(i)
Award” means an Award granted pursuant to Section 3(i) of the Ordinance to any person who is a Non- Employee.

 

2.11.    “Israeli
Award Agreement” for the purpose of this Appendix, Israeli Award Agreement shall mean a written agreement entered into
and signed by the Company and an Israeli Participant that sets out the terms and conditions of an Award.

 

2.12.    “Non-Employee”
means an Israeli Participant who is a consultant, adviser, service provider, Controlling Shareholder or any other person who is
not an Employee.

 

2.13.    “Ordinance”
means the Israeli Income Tax Ordinance [New Version] 1961 as now in effect or as hereafter amended.

 

2.14.    “Section
102” means Section 102 of the Ordinance, the Income Tax Rules (Tax Relief for Issuance of Shares to Employees), 2003,
and any other rules, regulations, orders or procedures promulgated thereunder as now in effect or as hereafter amended.

 

2.15.    “Trustee”
means any person appointed by the Company to serve as a trustee and approved by the ITA, all in accordance with the provisions
of Section 102(a) of the Ordinance.

 

2.16.    “Unapproved
102 Award” means an Award granted pursuant to Section 102(c) of the Ordinance and not held in trust by a Trustee.

 

		3.	ISSUANCE OF AWARDS

 

3.1.     Participants
eligible for participation in the Plan and this Appendix as Israeli Participants shall include any Employee and/or Non-Employee
of the Company or of any of the Company’s Affiliates; provided, however, that (i) Employees may only be
granted 102 Awards; and (ii) Non-Employees and/or Controlling Shareholders may only be granted 3(i) Awards.

 

3.2.     The Company
may designate Awards granted to Employees pursuant to Section 102 as Unapproved 102 Awards or Approved 102 Awards.

 

3.3.     The grant
of Approved 102 Awards shall be made under this Appendix, and shall be conditioned upon the approval of this Appendix by the ITA.

 

3.4.     Approved 102
Awards may either be classified as Capital Gain Awards (“CGAs”) or Ordinary Income Awards (“OIAs”).

 

3.5.     No Approved
102 Awards may be granted under this Appendix to any eligible Employee, unless and until the Company’s election of the type
of Approved 102 Awards as CGA or OIA granted to Employees (the “Election”), is appropriately filed with the
ITA. The Election shall obligate the Company to grant only the type of Approved 102 Award it has elected, and shall apply to all
Israeli Participants who were granted Approved 102 Awards, and to any rights

 

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derived therefrom, during the period indicated herein, all in accordance
with the provisions of Section 102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent the Company
from granting Unapproved 102 Awards simultaneously.

 

3.6.     All Approved
102 Awards must be held in trust by a Trustee, as described in Section 4 below.

 

3.7.     For the avoidance
of doubt, the designation of Unapproved 102 Awards and Approved 102 Awards shall be subject to the terms and conditions set forth
in Section 102.

 

		4.	TRUSTEE

 

4.1.     The terms
and conditions applicable to the trust relating to Section 102 shall be set forth in an agreement signed by the Company and the
Trustee (the “Trust Agreement”).

 

4.2.     Approved 102
Awards which shall be granted under this Appendix and/or any Shares allocated or issued upon exercise or vesting of such Approved
102 Awards and/or other rights granted thereunder and/or shares received subsequently following any realization of rights, including
without limitation bonus shares, shall be allocated or issued to the Trustee and held for the benefit of the Employee for no less
than such period of time as required by Section 102 (the “Holding Period”). In case the requirements for Approved
102 Awards are not met, then the Approved 102 Awards shall be regarded as Unapproved 102 Awards, all in accordance with the provisions
of Section 102.

 

4.3.      Notwithstanding
anything to the contrary, the Trustee shall not release any Shares allocated or issued upon exercise or vesting of Approved 102
Awards prior to the full payment of the Employee’s tax liabilities, if any, arising from Approved 102 Awards which were granted
to him/her and/or any Shares allocated or issued upon exercise or vesting of such Awards.

 

4.4.     With respect
to any Approved 102 Award, subject to the provisions of Section 102, an Israeli Participant shall not sell or release from trust
any Share received upon the exercise or vesting of an Approved 102 Award and/or any rights granted thereunder and/or share received
subsequently following any realization of rights, including without limitation, bonus shares, until the lapse of the Holding Period
required under Section 102. Notwithstanding the above, if any such sale or release occurs during the Holding Period, the sanctions
under Section 102 shall apply to and shall be borne solely by such Israeli Participant. Subject to the foregoing, the Trustee may,
pursuant to a written or electronic request from the Participant, release and transfer such Shares to a designated third party,
provided that both of the following conditions have been fulfilled prior to such release or transfer: (i) payment has been
made to the ITA of all taxes required to be paid upon the release and transfer of the Shares, and confirmation of such payment
has been received by the Trustee and (ii) the Trustee has confirmed with the Company that all requirements for such release
and transfer have been fulfilled according to the terms of the Company’s corporate documents, the Plan, the Israeli Award
Agreement and any Applicable Laws.

 

4.5.     Upon receipt
of any Approved 102 Award, if requested to do so by the Company, Affiliate or the Trustee, the Employee will sign an undertaking
to release the Trustee from any liability in respect of any action or decision duly taken and bona fide executed in relation with
this Appendix, or any Approved 102 Award or Share granted to him thereunder.

 

4.6.     In the case
of 102 Awards, the Trustee shall have no rights as a shareholder of the Company with respect to the Shares covered by such Award
until the Trustee becomes the record holder of such Shares, and the Israeli Participant shall have no rights as a shareholder of
the

 

    	18

    	 

    

 

Company with respect to the Shares covered by the Award until the
date of the release of such Shares from the Trustee to the Israeli Participant and the transfer of record ownership of such Shares
to the Israeli Participant.

 

		5.	THE AWARDS

 

Notwithstanding anything to the contrary in
the Plan and in addition thereto, the terms and conditions upon which the Awards shall be issued and exercised or vest, as applicable,
shall be as specified in the Israeli Award Agreement to be executed pursuant to the Plan and to this Appendix. Each Israeli Award
Agreement shall be subject to Section 102 or Section 3(i) of the Ordinance, as applicable, and shall state, inter alia, the number
of Shares to which the Award relates, the type of Award granted thereunder (whether a CGA, OIA, Unapproved 102 Award or a 3(i)
Award), and any applicable vesting provisions and exercise price that may be payable.

 

		6.	FAIR MARKET VALUE

 

Without derogating from the Plan and solely
for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance, if at the date of grant of any
CGA, the Company’s Shares are listed on any established stock exchange or a national market system, the fair market value
of the Shares at the date of grant shall be determined in accordance with the average value of the Company’s Shares on the
thirty (30) trading days preceding the date of grant.

 

		7.	ASSIGNABILITY AND SALE OF AWARDS

 

7.1.      Notwithstanding
any other provision of the Plan, no Award or any right with respect thereto, or purchasable hereunder, whether fully paid or not,
shall be assignable, transferable or given as collateral or any right with respect to them given to any third party whatsoever,
and during the lifetime of the Israeli Participant each and all of such Israeli Participant’s rights with respect to an Award
shall belong only to the Israeli Participant. Any such action made directly or indirectly, for an immediate validation or for a
future one, shall be void.

 

7.2.      As long as
Awards or Shares purchased or issued hereunder are held by the Trustee on behalf of the Israeli Participant, all rights of the
Israeli Participant over the Awards and/or Shares are personal, cannot be transferred, assigned, pledged or mortgaged, other than
by will or laws of descent and distribution, provided that the transferee thereof shall be subject to the provisions of Section
102 as would have been applicable to the deceased Participant were he or she to have survived.

 

		8.	DIVIDENDS

 

Notwithstanding anything to the contrary in
the Plan and solely for the purpose of Awards granted under this Appendix, with respect to all Shares (but excluding, for avoidance
of any doubt, any unexercised Awards) allocated or issued upon the exercise or vesting of Awards purchased or received, as applicable,
by the Israeli Participant and held by the Israeli Participant or by the Trustee, as the case may be, the Israeli Participant shall
be entitled to receive dividends, if any, in accordance with the quantity of such Shares, subject to the provisions of the Company’s
Articles of Association (and all amendments thereto) and subject to any applicable taxation on distribution of dividends, and when
applicable subject to the provisions of Section 102.

 

		9.	TAX CONSEQUENCES

 

9.1.      Notwithstanding
anything to the contrary in the Plan and solely for the purpose of Awards granted under this Appendix, any tax consequences arising
from the grant, exercise or

 

    	19

    	 

    

 

vesting of any Award, from the payment for Shares covered thereby
or from any other event or act (of the Company, and/or its Affiliates, and the Trustee or the Israeli Participant), hereunder,
shall be borne solely by the Israeli Participant. The Company and/or its Affiliates, and/or the Trustee shall withhold taxes according
to the requirements under Applicable Laws, including withholding taxes at source. Furthermore, the Israeli Participant hereby agrees
to indemnify the Company and/or its Affiliates and/or the Trustee and hold them harmless against and from any and all liability
for any such tax or interest or penalty or indexation thereon, including without limitation, liabilities relating to the necessity
to withhold, or to have withheld, any such tax from any payment made to the Israeli Participant.

 

9.2.The Company and/or, when applicable,
the Trustee shall not be required to issue any Shares to an Israeli Participant until all required payments have been fully made.

 

9.3.With respect to Unapproved 102 Award,
if the Israeli Participant ceases to be employed by the Company or any Affiliate, the Israeli Participant shall extend to the Company
and/or its Affiliate a security or guarantee for the payment of tax due at the time of sale of Shares, all in accordance with the
provisions of Section 102 and the rules, regulation or orders promulgated thereunder.

 

9.4.Each Participant agrees to, and undertakes
to comply with, any ruling, settlement, closing agreement or other similar agreement or arrangement with any tax authority in connection
with the foregoing which is approved by the Company.

 

		10.	ISRAELI PARTICIPANT’S UNDERTAKINGS

 

By receiving Awards under the Plan and this
Appendix, the Israeli Participant (1) agrees and acknowledges that he or she has received and read the Plan, the Appendix
and the Israeli Award Agreement; (2) undertakes to comply with all the provisions set forth in: Section 102 (including provisions
regarding the applicable Tax Track that the Company has selected) or Section 3(i), as applicable, the Plan, the Appendix, the Israeli
Award Agreement and the Trust Agreement; and (3) if the Awards are granted under Section 102, the Israeli Participant undertakes,
subject to the provisions of Section 102, not to sell or release the Shares from trust before the end of the Holding Period. The
Israeli Participant agrees to execute any and all documents that the Company and/or its Affiliates and/or the Trustee may reasonably
determine to be necessary in order to comply with the Ordinance, ruling or guidelines and rules issued by the ITA.

 

		11.	GOVERNING LAW

 

This Appendix shall be governed by and construed
and enforced in accordance with the laws of the State of Israel applicable to contracts made and to be performed therein, without
giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have sole jurisdiction in any
matters pertaining to this Appendix.

 

    	20EX-10.1

 Exhibit 10.1 

THIRD AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 

THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Third Amendment”), dated as of July 2, 2014, among
POWERSECURE INTERNATIONAL, INC., a Delaware corporation (the “Borrower”), the lenders as identified as Lenders on the signature pages hereof (collectively, the “Lenders”) and CITIBANK, N.A., in its capacity as
Administrative Agent (the “Administrative Agent”). 
 BACKGROUND 

A. The Borrower, the Lenders, and the Administrative Agent are parties to that certain Amended and Restated Credit Agreement, dated as of
December 21, 2011 (said Credit Agreement, as heretofore amended and restated, the “Credit Agreement”; the terms defined in the Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit
Agreement). 
 B. The Borrower, the Lenders and the Administrative Agent desire to amend the Credit Agreement. 

NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set forth, and for other good and valuable
consideration, the receipt and adequacy of which are all hereby acknowledged, the parties hereto covenant and agree as follows: 
 1.
AMENDMENT. The definition of “Letter of Credit Sublimit” set forth in Section 1.01 of the Credit Agreement is amended to read as follows: 

“Letter of Credit Sublimit” means an amount equal to $12,000,000. The Letter of Credit Sublimit is part of, and not in
addition to, the Aggregate Revolving Commitments. 
 2. REPRESENTATIONS AND WARRANTIES. By its execution and delivery hereof, the
Borrower represents and warrants that, as of the date hereof: 
 (a) the representations and warranties contained in the Credit Agreement
and the other Loan Documents are true and correct on and as of the date hereof as made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and
correct as of such earlier date, and except that the representations contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnish pursuant to
subsections (a) and (b), respectively, of Section 6.01 of the Credit Agreement; 
 (b) no event has occurred and is
continuing which constitutes a Default or an Event of Default; 
 (c) (i) the Borrower has full power and authority to execute and
deliver this Third Amendment, (ii) this Third Amendment has been duly executed and delivered by the Borrower, and (iii) this Third Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and binding obligations
of the Borrower, enforceable in accordance with their 

 
respective terms, except as enforceability may be limited by applicable Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law) and except as rights to indemnity may be limited by federal or state securities laws; 
 (d) neither the execution,
delivery and performance of this Third Amendment or the Credit Agreement, as amended hereby, nor the consummation of any transactions contemplated herein or therein, will violate any Law or conflict with any Organization Documents of the Borrower,
or any indenture, agreement or other instrument to which the Borrower or any of it property is subject; and 
 (e) no authorization,
approval, consent, or other action by, notice to, or filing with, any Governmental Authority or other Person not previously obtained is required for (i) the execution, delivery or performance by the Borrower, of this Third Amendment or
(ii) the acknowledgement by each Guarantor of this Third Amendment. 
 3. CONDITIONS TO EFFECTIVENESS. All provisions of this
Third Amendment shall be effective upon satisfaction or completion of the following: 
 (a) the Administrative Agent shall have received
counterparts of this Third Amendment executed by the Lenders; 
 (b) the Administrative Agent shall have received counterparts of this Third
Amendment executed by the Borrower and acknowledged by each Guarantor; and 
 (c) the Administrative Agent shall have received, in form and
substance satisfactory to the Administrative Agent and its counsel, such other documents, certificates and instruments as the Administrative Agent shall require. 

4. REFERENCE TO THE CREDIT AGREEMENT. 

(a) Upon the effectiveness of this Third Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended hereby. 
 (b)
The Credit Agreement, as amended by the amendments referred to above, shall remain in full force and effect and is hereby ratified and confirmed. 

5. COSTS, EXPENSES AND TAXES. The Borrower agrees to pay on demand all costs and expenses of the Administrative Agent in connection
with the preparation, reproduction, execution and delivery of this Third Amendment and the other instruments and documents to be delivered hereunder (including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent
with respect thereto). 
 6. GUARANTOR’S ACKNOWLEDGMENT. By signing below, each Guarantor (a) acknowledges, consents and
agrees to the execution, delivery and performance by the Borrower of this Third Amendment, (b) acknowledges and agrees that its obligations in respect of its Guaranty (i) are not released, diminished, waived, modified, impaired or affected
in any 

  
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manner by this Third Amendment or any of the provisions contemplated herein and (ii) cover the Aggregate Revolving Commitments as increased by this Third Amendment, (c) ratifies and
confirms its obligations under its Guaranty, and (d) acknowledges and agrees that it has no claims or offsets against, or defenses or counterclaims to, its Guaranty. 

7. EXECUTION IN COUNTERPARTS. This Third Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. For purposes of this Third Amendment, a counterpart hereof
(or signature page thereto) signed and transmitted by any Person party hereto to the Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be treated as an original. The signature of such Person thereon, for
purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding effect as an original signature on an original document. 

8. GOVERNING LAW; BINDING EFFECT. This Third Amendment shall be governed by and construed in accordance with the laws of the State of
New York applicable to agreements made and to be performed entirely within such state, provided that each party shall retain all rights arising under federal law, and shall be binding upon the parties hereto and their respective successors and
assigns; provided, however, that the Borrower may not assign any of its rights arising from this Third Amendment or any other Loan Document, and any prohibited assignment shall be null and void. 

9. HEADINGS. Section headings in this Third Amendment are included herein for convenience of reference only and shall not constitute a
part of this Third Amendment for any other purpose. 
 10. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS THIRD
AMENDMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as of the date first
above written. 
  

			
	POWERSECURE INTERNATIONAL, INC.
		
	By:		 /s/ Gary Zuiderveen

			Gary Zuiderveen
			Vice President

  
 Signature Page –
Third Amendment 

 
			
	CITIBANK, N.A., as Administrative Agent and
Lender
		
	By:		 /s/ Gary D. Pitcock

			Gary D. Pitcock
			Vice President

  
 Signature Page –
Third Amendment 

 
			
	BRANCH BANKING AND TRUST COMPANY, as Lender
		
	By:		 /s/ Steven G. Ballard

			Name: Steven G. Ballard
			Title: Senior Vice President

  
 Signature Page –
Third Amendment 

 ACKNOWLEDGED AND AGREED: 

POWERSECURE, INC. 
 POWERSERVICES, INC. 

ENERGYLITE, INC. 
 UTILITYENGINEERING, INC. 

UTILITYDESIGN, INC. 
 WATERSECURE HOLDINGS, INC. (f/k/a Marcum Gas
Transmission, Inc.) 
 REID’S TRAILER, INC. 

EFFICIENTLIGHTS, LLC 
 POWERPACKAGES, LLC 

MARCUM GAS METERING, INC. (f/k/a Metretek, Incorporated) 

INNOVATIVE ELECTRONIC SOLUTIONS LIGHTING, LLC 
 POWERSECURE HAITI
USA, INC. 
 INNOVATION ENERGIES, LLC 
 SOUTHERN ENERGY
MANAGEMENT POWERSECURE, LLC 
 SOLAIS LIGHTING, INC. 
  

			
	By:		 /s/ Gary Zuiderveen

			Gary Zuiderveen
			Vice President for all

  
 Signature Page –
Third Amendment

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