Document:

Exhibit 4.2

 

Enlivex
Therapeutics Ltd. 

 

Global
Share Incentive Plan (2014)

 

 1. Name And Purpose.

 

1.1 This
plan, which has been adopted by the Board of Directors of the Company, Enlivex Therapeutics Ltd., shall be known as the Enlivex
Therapeutics Ltd. Global Share Incentive Plan (2014), as amended from time to time (the “Plan”).

 

1.2 The
purposes of the Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide
additional incentive to Service Providers of the Company and its affiliates and subsidiaries, if any, and to promote the Company’s
business by providing such individuals with opportunities to receive Awards pursuant to the Plan and to strengthen the sense of
common interest between such individuals and the Company’s shareholders.

 

1.3 Awards
granted under the Plan to Service Providers in various jurisdictions may be subject to specific terms and conditions for such grants
may be set forth in one or more separate appendix to the Plan, as may be approved by the Board of Directors of the Company from
time to time.

 

 2. Definitions

 

“Administrator”
shall mean the Board of Directors or a Committee.

 

“Appendix”
shall mean any appendix to the Plan adopted by the Board of Directors containing country-specific or other special terms relating
to Awards including additional terms with respect to grants of certain types of equity-based Awards.

 

“Award”
shall mean a grant of Options or Restricted Share Units under the Plan or allotment of Shares (including Restricted Shares) or
other equity-based awards hereunder. All Awards shall be confirmed by an Award Agreement, and subject to the terms and conditions
of such Award Agreement.

 

“Award Agreement”
shall mean a written instrument setting forth the terms applicable to a particular Award.

 

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

 

“Cause”
shall, with regard to each specific Participant, have the same meaning ascribed to such term or a similar term as set forth
in any agreements and/the Participant’s employment agreement or other documents to which the Company or any of its parent,
subsidiaries and/or affiliates and the Participant are a party concerning the provision of services by the Participant to the Company
or any of its parent, subsidiaries and/or affiliates, or, in the absence of such a definition: (a) a material breach of the Participant’s
employment agreement or the agreement governing the provision of services by a non-employee Service Provider which are not cured
(if curable) within seven (7) days after receipt of written notice thereof; or (b) any circumstances which will be deemed as “cause”
under applicable law, including, in the event the Participant is an employee residing in Israel, any other circumstances under
which severance pay (or part of them) may be denied from the Participant upon termination of employment under applicable Israeli
law.

 

     

     

    

 

“Committee”
shall mean a compensation committee or other committee as may be appointed and maintained by the Board of Directors, in its discretion,
to administer the Plan, to the extent permissible under applicable law, as amended from time to time.

 

“Company”
shall mean Enlivex Therapeutics Ltd., an Israeli Company, and its successors and assigns.

 

“Companies
Law” shall mean the Israeli Companies Law, 1999, as amended from time to time.

 

“Consideration”
shall mean with respect to outstanding Awards, the right to receive, for each Share subject to the Award immediately prior to the
Transaction, the consideration (whether shares, cash, or other securities or property) received in the Transaction by holders of
Shares of the Company for each Share held on the effective date of the Transaction (and if holders were offered a choice of consideration,
the type of consideration determined by the Administrator, at its sole discretion); provided, however, that if the consideration
received in the Transaction is not solely shares of common stock or ordinary shares (or the equivalent), the Administrator may
provide for the per share consideration to be received for an outstanding Award to be solely shares of common stock or ordinary
shares (or the equivalent) of the successor corporation or its direct or indirect parent equal in fair market value to the per
share consideration received by holders of Shares in the Transaction, all as determined by the Administrator.

 

“Consultant”
means any entity or individual who (either directly or, in the case of an individual, through his or her employer) is an advisor
or consultant to the Company or its subsidiary or affiliate.

 

“Corporate
Charter” shall mean the Articles of Association of the Company and any subsequent amendments or replacements thereto.

 

“Disability”
shall have the meaning ascribed to such term or a similar term in the Participant’s employment agreement (where applicable),
or in the absence of such a definition, the inability of the Participant, in the opinion of a qualified physician acceptable to
the Company, to perform the major duties of the Participant’s position with the Company because of the sickness or injury
of the Participant for a consecutive period of 180 days.

 

“Fair Market
Value” shall mean, as of any date, the value of Shares, determined as follows:

 

(i) If
the Shares are listed on any established securities exchange, the Fair Market Value of an ordinary Share of the Company shall be
(a) the closing sales price for such shares (or the closing bid, if no sales were reported) as traded on such exchange or market
(or the exchange or market with the greatest volume of trading in the Shares) on the last market trading day prior to the day of
determination, as reported in a recognized daily business newspaper or internet site or such other source as the Board deems reliable,
or (b) to the extent required under the rules of the securities exchange in which the Shares are traded, as determined in accordance
with these rules.

 

(ii) In
the absence of such exchanges for the Shares, the Fair Market Value shall be determined in good faith by the Board of Directors.

 

    2

     

    

 

“IPO”
shall mean an initial offering of the Company’s Shares to the public in an underwritten offering under an applicable registration
statement.

 

“Liquidation”
shall mean the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.

 

“Options”
shall mean options to purchase Shares awarded under the Plan.

 

“Participant”
shall mean a recipient of an Award hereunder who executes an Award Agreement.

 

“Restricted
Shares” means an Award of Shares under this Plan that is subject to the terms and conditions of Section 7.

 

“Restricted
Share Units” means an Award entitling a Participant to receive Shares under this Plan that is subject to the terms and
conditions of Section 8.

 

“Service
Provider” shall mean an employee, director, office holder or Consultant of the Company or its subsidiary or affiliate.

 

“Shares”
shall mean ordinary shares of the Company, nominal value NIS 0.01 per share.

 

“Transaction”
shall mean, unless otherwise determined by the Board, each of the following events: (i) a merger or consolidation of the Company
with or into another corporation resulting in such other corporation being the surviving entity or the direct or indirect parent
of the Company or resulting in the Company being the surviving entity and there is a change in the ownership of shares of the Company,
such that another person or entity owning fifty percent (50%) or more of the outstanding voting power of the Company’s securities
by virtue of the transaction, (ii) an acquisition of all or substantially all of the shares of the Company, or (iii) the sale and/or
transfer (including by way an exclusive license) of all or substantially all of the assets of the Company; or (iv) such other transaction
with a similar effect, as shall be determined by the Board.

 

 3. Administration of the Plan

 

3.1 The
Plan will be administered by the Administrator. If the Administrator is a Committee, such Committee will consist of such number
of members of the Board of Directors of the Company (not less than two in number), as may be determined from time to time by the
Board of Directors. The Board of Directors shall appoint such members of the Committee, may from time to time remove members from,
or add members to, the Committee, and shall fill vacancies in the Committee however caused.

 

3.2 The
Committee, if appointed, shall select one of its members as its Chairman and shall hold its meetings at such times and places as
it shall determine. Actions at a meeting of the Committee at which a majority of its members are present or acts approved in writing
by all members of the Committee shall be the valid acts of the Committee. The Committee may appoint a secretary, who shall keep
records of its meetings and shall make such rules and regulations for the conduct of its business and the implementation of the
Plan, as it shall deem advisable, subject to the directives of the Board of Directors and in accordance with applicable law.

 

    3

     

    

 

3.3 Subject
to the general terms and conditions of the Plan, and in particular Section 3.4 below, the Administrator shall have full authority
in its discretion, from time to time and at any time, to determine (i) eligible Participants, (ii) the number of Options, Shares,
Restricted Share Units or other equity based awards to be covered by each Award, (iii) the time or times at which the Award shall
be granted, (iv) the vesting schedule and other terms and conditions applying to Awards, including acceleration provisions, (v)
the form(s) of written agreements applying to Awards, and (vi) any other matter which is necessary or desirable for, or incidental
to, the administration of the Plan and the granting of Awards. The Board of Directors may, in its sole discretion, delegate some
or all of the powers listed above to the Committee, to the extent permitted by the Companies’ Law, its Corporate Charter
or other applicable law.

 

3.4 No
member of the Board of Directors or of the Committee shall be liable for any action or determination made in good faith with respect
to the Plan or any Award granted hereunder. Subject to the Company’s decision and to all approvals legally required, each
member of the Board of Directors or the Committee shall be indemnified and held harmless by the Company against any cost or expense
(including counsel fees) reasonably incurred by him or her, or any liability (including any sum paid in settlement of a claim with
the approval of the Company) arising out of any act or omission to act in connection with the Plan unless arising out of such member’s
own willful misconduct or bad faith, to the fullest extent permitted by applicable law. Such indemnification shall be in addition
to any rights of indemnification the member may have as a director or otherwise under the Company’s Corporate Charter, any
agreement, any vote of shareholders or disinterested directors, insurance policy or otherwise.

 

3.5 The
interpretation and construction by the Administrator of any provision of the Plan or of any Award hereunder shall be final and
conclusive. In the event that the Board appoints a Committee, the interpretation and construction by the Committee of any provision
of the Plan or of any Award hereunder shall be conclusive unless otherwise determined by the Board of Directors. To avoid doubt,
the Board of Directors may at any time exercise any powers of the Administrator, notwithstanding the fact that a Committee has
been appointed.

 

3.6 The
Administrator shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing
the Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by applicable law and
applicable stock exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions
of the Plan and any Award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration
of the Plan. The Administrator may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any
agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of the
Plan, as further detailed in Section 13.2 below.

 

3.7 Without
limiting the generality of the foregoing, the Administrator may adopt special appendices and/or guidelines and provisions for persons
who are residing in or employed in, or subject to, the taxes of, any domestic or foreign jurisdictions, to comply with applicable
laws, regulations, or accounting, listing or other rules with respect to such domestic or foreign jurisdictions.

 

 4. Eligible Participants.

 

4.1 No
Award may be granted pursuant to the Plan to any person serving as a member of the Committee or to any other director or officer
(Nose Misra) of the Company at the time of the grant, unless such grant is approved in the manner prescribed for the approval
of compensation of directors and office holders (Nose’i Misra) under the Companies’ Law.

 

    4

     

    

 

4.2 Subject
to the limitation set forth in Section 4.1 above and any restriction imposed by applicable law, Awards may be granted to any Service
Provider of the Company or its affiliates. The grant of an Award to a Participant hereunder shall neither entitle such Participant
to receive an additional Award or participate in other incentive plans of the Company, nor disqualify such Participant from receiving
an additional Award or participating in other incentive plans of the Company.

 

 5. Reserved Shares.

 

The Company shall determine the number
of Shares reserved hereunder from time to time, and such number may be increased or decreased by the Company from time to time.
Any Shares under the Plan, in respect of which the right hereunder of a Participant to purchase and/or receive the same shall for
any reason terminate, expire or otherwise cease to exist, shall again be available for grant as Awards under the Plan. Any Shares
that remain unissued and are not subject to Awards at the termination of the Plan shall cease to be reserved for purposes of the
Plan. Until termination of the Plan the Company shall at all times reserve a sufficient number of Shares to meet the requirements
of the Plan.

 

 6. Award Agreement.

 

6.1 The
Board of Directors in its discretion may award to Participants Awards available under the Plan. The terms of the Award will be
set forth in the Award Agreement. The date of grant of each Award shall be the date specified by the Board of Directors at the
time such award is made, or in the absence of such specification, the date of approval of the Award by the Board of Directors.

 

6.2 The
Award Agreement shall state, inter alia, the number of Options or Shares, Restricted Shares, Restricted Share Units, or
equity-based units covered thereby, the type of Option or Share-based or other grant awarded, the vesting schedule, and any special
terms applying to such Award (if any), including the terms of any country-specific or other applicable Appendix, as determined
by the Board of Directors.

 

6.3 A
Participant shall not have any rights with respect to such Award, unless and until such Participant has delivered a fully executed
copy of the Award Agreement evidencing the Award to the Company and has otherwise complied with the applicable terms and conditions
of such Award.

 

 7. Restricted Shares and Other Equity-Based Awards.

 

7.1 Eligibility.
Restricted Shares may be issued to all Participants either alone or in addition to other Awards granted under the Plan. The Administrator
shall determine the eligible Participants to whom, and the time or times at which, grants of Restricted Shares will be made, the
number of shares to be awarded, the purchase price (if any) to be paid by the Participant (subject to Section 7.2), the time or
times at which such Awards may be subject to forfeiture (if any), the vesting schedule (if any) and rights to acceleration thereof,
and all other terms and conditions of the Awards. The Administrator may condition the grant or vesting of Restricted Shares upon
the attainment of specified performance targets or such other factors as the Administrator may determine, in its sole discretion.
Unless otherwise determined by the Administrator, the Participant shall not be permitted to sell or transfer Restricted Shares
awarded under this Plan during a period set by the Administrator (if any) (the “Restriction Period”) commencing
with the date of such Award, as set forth in the applicable Award Agreement.

 

    5

     

    

 

7.2 Terms.
The purchase price of Restricted Shares shall be determined by the Administrator, but shall not be less than as permitted under
applicable law. Awards of Restricted Shares must be accepted within a period of 21 days (or such other period as the Administrator
may specify at grant) after the grant date, by executing an Award Agreement and by paying whatever price (if any) the Administrator
has designated thereunder.

 

7.3 Legend.
 Each Participant receiving Restricted Shares shall be issued a share certificate in respect of such Restricted Shares, unless
the Administrator elects to use another system, such as book entries by the transfer agent, as evidencing ownership of Restricted
Shares. Such certificate shall be registered in the name of such Participant, and shall bear an appropriate legend referring to
the terms, conditions, and restrictions applicable to such Award, substantially in the following form (as well as other legend
required by the Administrator pursuant to Section 20.3 below):

 

“The anticipation, alienation,
attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares represented hereby are subject to the terms
and conditions (including forfeiture) of the Enlivex Therapeutics Ltd. Global Incentive Plan (2014), and an Award Agreement entered
into between the registered owner and the Company dated _________. Copies of such Plan and Award Agreement are on file at Enlivex
Therapeutics Ltd.”

 

7.4 Custody.
The Administrator may require that any share certificates evidencing such shares be held in custody by the Company or any third
party determined by the Company, until the restrictions thereon shall have lapsed, and that, as a condition of any Restricted Shares
Award, the Participant shall have delivered a duly signed share transfer deed, endorsed in blank, relating to the Shares covered
by such Award.

 

7.5 Rights
as Shareholder. Except as provided in this Section and Sections 7.3 and 7.4 above and as otherwise determined by the Administrator
and set forth in the Award Agreement, the Participant shall have, with respect to the Restricted Shares, all of the rights of a
holder of Shares including, without limitation, the right to receive any dividends, the right to vote such shares and, subject
to and conditioned upon the full vesting of Restricted Shares, the right to tender such shares

 

7.6 Lapse
of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Shares subject to
such Restriction Period, the certificates for such shares shall be delivered to the Participant. All legends shall be removed from
said certificates at the time of delivery to the Participant except as otherwise required by applicable law. Notwithstanding the
foregoing, actual certificates shall not be issued to the extent that book entry recordkeeping is used.

 

7.1 Restricted
Share Units and Other Equity-Based Awards. 

 

7.2 Eligibility.
Restricted Share Units may be granted at any time and from time to time as determined by the Administrator, either alone or
in addition to other Awards granted under the Plan. The Administrator shall determine the eligible Participants to whom, and the
time or times at which, grants of Restricted Share Units will be made, the number of Restricted Share Units to be awarded, the
number of Shares subject to the Restricted Share Units, , the vesting schedule and rights to acceleration thereof, and all other
terms and conditions of the Awards. The Administrator may condition the grant or vesting of Restricted Share Units upon the attainment
of specified performance targets or such other factors as the Administrator may determine, in its sole discretion.

 

    6

     

    

 

7.3 Vesting
of Restricted Share Units. Shares shall be issued to or for the benefit of Participant promptly following each vesting date
determined by the Administrator, provided that Participant is still a Service Provider on the applicable vesting date. After each
such vesting date the Company shall promptly cause to be issued for the benefit of Participant Shares with respect to Restricted
Share Units that became vested on such vesting date. It is clarified that no Shares shall be issued pursuant to the Restricted
Shave Units to Participant until the vesting criteria determined by the Administrator is met.

 

7.4 Terms.
Prior to the actual issuance of any Shares, each Restricted Share Unit will represent an unfunded and unsecured obligation of the
Company, payable only from the general assets of the Company.

 

7.5 Rights
as Shareholder. A Participant holding Restricted Share Units shall not be, nor have any of the rights or privileges of, a shareholder
of the Company in respect of any Shares issuable upon the vesting of any part of the Restricted Share Units unless and until such
Shares shall have been issued by the Company to such Participant (as evidenced by the appropriate entry on the books of the Company
or of a duly authorized transfer agent of the Company). 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, unless otherwise provided herein.

 

7.6 Other
Equity-Based Awards. Other equity-based awards (including, without limitation, performance share awards) may be granted either
alone or in addition to or other Awards granted under the Plan to all eligible Participants pursuant to such terms and conditions
as the Administrator may determine, including without limitation, in one or more appendix adopted by the Administrator and appended
to this Plan.

 

 8. Exercise of Options.

 

8.1 Options
shall be exercisable pursuant to the terms under which they were awarded and subject to the terms and conditions of the Plan and
any applicable Appendix, as specified in the Award Agreement.

 

8.2 The
exercise price for each share to be issued upon exercise of an Option shall be such price as is determined by the Board of Directors
in its discretion, provided that the price per Share is not less than the nominal value of each Share, or to the extent required
pursuant to applicable law to qualify for favorable tax treatment (as determined by the Administrator), not less than 100% of the
Fair Market Value of a Share on the date of grant.

 

8.3 An
Option, or any part thereof, shall be exercisable by the Participant’s signing and returning to the Company at its principal
office, a “Notice of Exercise” in such form and substance as may be prescribed by the Board of Directors from time
to time, together with full payment for the Shares underlying such Option, and the execution and delivery of any other document
required pursuant to the applicable Award Agreement.

 

    7

     

    

 

8.4 Each
payment for Shares under an Option shall be in respect of a whole number of Shares, shall be effected in cash or by check payable
to the order of the Company, or such other method of payment acceptable to the Company as determined by the Administrator, and
shall be accompanied by a notice stating the number of Shares being paid for thereby.

 

8.5 To
the extent permitted by law and subject to the receipt of all required approvals (including, to the extent necessary, the approval
of the tax authorities), the Administrator may determine that In lieu of paying the purchase price for the applicable Shares upon
the exercise of the Options in cash or by check pursuant to Section 8.4 above, the Participant may exercise the Option as to the
Shares the Option is being exercised for by the delivery (on a form prescribed by the Company) of an irrevocable direction to the
Company, electing to receive a number of Shares (in lieu of the Shares the Option is being exercised for and in lieu of paying
the aggregate purchase price to the Company for the Shares being exercised for) determined by the following formula: (a) the number
of Shares the Option is being exercised for multiplied by (b) (i) the Fair Market Value of the Shares (at the date of exercise)
minus (ii) the purchase price of the Shares detailed in the applicable Award Agreement (as adjusted to the date of such calculation),
divided by (c) (i) the Fair Market Value of the Shares, minus (ii) the nominal value of the Shares, unless otherwise determined
by the Administrator.

 

X=Y(A-B)

    A-C

 

Where:

 

		X    =	the number of Shares to be issued to the Participant.

 

		Y    =	the number of Shares the Option is being exercised
for.

 

		A    =	the Fair Market Value of the Shares the Option is being
exercised for (at the date of exercise).

 

		B    =	the purchase price of the Shares the Option is being
exercised for (as adjusted to the date of such calculation).

 

		C    =	the nominal value of the Shares the Option is being
exercised for.

 

8.6 Until
the Shares are issued (as evidenced by the appropriate entry in the share register of the Company or of a duly authorized transfer
agent of the Company) a Participant shall have no right to vote or right to receive dividends or any other rights as a shareholder
shall exist with respect to such Shares, notwithstanding the exercise of the Option. The Company shall 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. No Shares shall be issued until
payment has been made or provided for, as provided herein.

 

    8

     

    

 

8.7 The
Administrator may designate certain periods, at its reasonable discretion, with respect to all or certain groups of Participants
and/or with respect to certain types of Awards, during which the vesting and/or exercise of Awards and/or sale of Shares shall
be restricted or prohibited, including without limitation, in order to comply with applicable laws in any relevant jurisdiction
and/or rules of any exchange on which the Company’s shares are traded. During such blackout periods, Participants will not
be able to exercise the Options (or other Awards) and/or receive and/or sell the Shares held by or on behalf of the Participants
and the Company shall not bear any liability to Participants for any claim, loss or liability that may result from such restrictions.  

 

 9. Termination of Relationship as Service Provider.

 

9.1 Effect
of Termination; Exercise after Termination. Any unvested Awards as of the Date of Termination shall terminate effective as
of the Date of Termination, and the Shares covered by the unvested portion of the Award shall revert to the Plan. Unless otherwise
determined by the Administrator, if a Participant ceases to be a Service Provider, such Participant may exercise its outstanding
Options within such period of time as is specified in the Award Agreement or the Plan to the extent that the Options are vested
on the Date of Termination (but in no event later than the expiration of the term of the Option as set forth in the Award Agreement).
If, after termination, the Participant does not exercise the vested Options within the time specified in the Award Agreement or
the Plan, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. In the absence of a
provision specifying otherwise in the relevant Award Agreement or unless otherwise resolved by the Administrator, then:

 

(a) in the event
that the Participant ceases to be a Service Provider for any reason other than termination for Cause, or as a result of Participant’s
death or Disability, then (i) the vested Options shall remain exercisable until the earlier of: (a) a period of three (3) months
from the Date of Termination; or (b) expiration of the term of the Option as set forth in Section 14.   

 

(b) in the event
that the Participant ceases to be a Service Provider for Cause, all Options will terminate upon the Date of Termination for Cause,
such that the unvested portion of the Options will not vest, and the vested portion of the Options will no longer be exercisable
following the Date of Termination. 

 

(c) in the
event that the Participant ceases to be a Service Provider as a result of Participant’s Disability, then (i) the vested
Options shall remain exercisable until the earlier of: (a) a period of twelve (12) months from the Date of Termination; or
(b) expiration of the term of the Option as set forth in Section 14.

 

(d)  in
the event that the Participant dies while a Service Provider: (i) the vested portion of the Option shall remain exercisable by
the Participant’s estate or by a person who acquires the right to exercise the Option by bequest or inheritance until the
earlier of: (a) a period of twelve (12) months following the Participant’s date of death; or (b) expiration of the term of
the Option as set forth in Section 14.  

 

(e) All
Restricted Shares still subject to restriction under the applicable Restriction Period as of the Date of Termination, as set forth
in the Award Agreement, shall be forfeited or otherwise subject to repurchase by the Company as of the Date of Termination, notwithstanding
the circumstances of such termination of engagement.

 

    9

     

    

 

(f) All
Restricted Share Units shall cease vesting immediately upon the Date of Termination, and the unvested Restricted Share Units awarded
to the Participant shall be forfeited, notwithstanding the circumstances of such termination of engagement.

 

9.2 Date
of Termination.  For purposes of the Plan and any Award or Award Agreement, and unless otherwise set forth in the relevant
Award Agreement, the “Date of Termination” (whether for Cause or otherwise) shall be the effective date of termination
of the Participant’s employment or engagement as a Service Provider.

 

9.3 Leave
of Absence. Unless the Administrator provides otherwise, vesting of Awards granted hereunder shall be suspended during any
unpaid leave of absence (except, for the avoidance of doubt, periods of legally protected leave of absence pursuant to applicable
law).

 

9.4 Change
of Status. A Service Provider shall not cease to be considered as such in the case of any (a) leave of absence approved by
the Company or its affiliates, provided that such leave of absence was approved by entity for which the Service Provider is engaged
with, or pursuant to applicable law, or (b) transfers between locations of the Company and/or its affiliates or between the Company,
and its parent, subsidiary, affiliate, or any successor thereof; or (c) changes in status (employee to director, employee to consultant,
etc.), although such change may affect the specific terms applying to the Service Provider’s Award.

 

		10.	Adjustments.

 

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

 

10.1 Changes
in Capitalization. Subject to any required action by the shareholders of the Company, the number of Shares covered by each
outstanding Award, and the number of Shares which have been authorized for issuance under the Plan but as to which no Award have
yet been granted or which have been returned to the Plan upon cancellation or expiration of an Award, as well as the price per
Share covered by each outstanding Award, shall be proportionately adjusted for any increase or decrease in the number of issued
Shares resulting from a share split, reverse share split, combination or reclassification of the Shares, or any other increase
or decrease in the number of issued Shares effected without receipt of consideration by the Company. For such purpose, the conversion
of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.”
Such adjustment shall be made by the Board of Directors at its sole discretion, whose determination in that respect shall be final,
binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any class, or securities convertible
into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price
of Shares subject to an Award.

 

    10

     

    

 

10.2 Transactions.
In the event of a Transaction, the unexercised, unvested or restricted portion of each outstanding Award shall be assumed or substituted
with an equivalent Award or the right to receive Consideration by the acquiring or successor corporation or an affiliate thereof,
as shall be determined by such entity, subject to the terms hereof.  In the event that the successor corporation or any affiliate
thereof does not provide for such an assumption, and/or substitution of outstanding Awards and/or the provision of Consideration
for outstanding Awards, then unless determined otherwise with respect to a specific outstanding Award: (a) vested but unexercised
Awards shall be either: (i) be cancelled upon the actual consummation of the Transaction, and instead the holders thereof will
receive Consideration, or no consideration, in the amount and under the terms determined by the Administrator at it sole and absolute
discretion; or, unless otherwise determined by the Administrator in its sole discretion, (ii) the holders of the vested but unexercised
Awards will receive notice of the Transaction, a date no later than two (2) days prior to the date of consummation of the Transaction,
or on another date and/or dates or at an event and/or events as the Administrator shall determine at its sole and absolute discretion,
advising them of the proposed Transaction in order to allow them to exercise their Awards; with respect to the unvested or restricted
portion of each outstanding Award the Administrator shall have sole and absolute discretion to determine the effect of the Transaction
on the unvested or restricted portion of Awards outstanding immediately prior to the effective time of the Transaction, which may
include any one or more of the following, whether in a manner equitable or not among individual Participants or groups of Participants:
(i) all or a portion of the outstanding unvested or restricted Awards shall become exercisable in full on a date no later than
two (2) days prior to the date of consummation of the Transaction, or on another date and/or dates or at an event and/or events
as the Administrator shall determine at its sole and absolute discretion, provided that unless otherwise determined by the Administrator,
the exercise and/or vesting of all Awards that otherwise would not have been exercisable and/or vested in the absence of a Transaction,
shall be contingent upon the actual consummation of the Transaction; and/or (ii) that all or a portion or certain categories of
the outstanding unvested or restricted Awards shall be cancelled upon the actual consummation of the Transaction, and instead the
holders thereof will receive Consideration, or no consideration, in the amount and under the terms determined by the Administrator
at it sole and absolute discretion; and/or (iii) that an adjustment or interpretation of the terms of the outstanding unvested
or restricted Awards shall be made in order to facilitate the Transaction and/or otherwise as required in context of the Transaction.

 

10.3 Liquidation.
In the event of Liquidation, the Administrator shall have sole and absolute discretion to determine the effect of the Liquidation
on the outstanding unexercised, unvested or restricted portion of Awards, which may include the acceleration or cancelation of
all or a portion of the unexercised, unvested or restricted portion of the outstanding Awards.

 

10.4 Cancelation
of Awards. Notwithstanding the above, in the event that the Board of Directors determines in good faith that, in the context
of a Transaction or Liquidation, certain Awards have no monetary value and thus do not entitle the holders of such Awards to any
consideration under the terms of the Transaction or Liquidation, the Board of Directors may determine that such Awards shall terminate
effective as of the effective date of the Transaction or upon determination of the Board of Directors in the event of Liquidation.
Without limiting the generality of the foregoing, the Board of Directors may provide for the termination of any Award, effective
as of the effective date of the Transaction or Liquidation, that has an exercise price that is greater than the per share Fair
Market Value at the time of such Transaction or Liquidation, without any consideration to the holder thereof.

 

    11

     

    

 

10.5 Administrator’s
Authority. It is the intention that the Administrator’s authority to make determinations, adjustments and clarifications
in connection with the treatment of Awards shall be interpreted as widely as possible, to allow the Administrator maximal power
and flexibility to interpret and implement the provisions of the Plan in the event of a recapitalization, Transaction or Liquidation,
provided that the Administrator shall determine in good faith that a Participant’s vested rights are not thereby adversely
affected without the Participant’s express written consent. Without derogating from the generality of the foregoing, the
Administrator shall have the authority, at its sole discretion, to change the vesting schedule of Awards, accelerate Awards, and
determine that the treatment of Awards, whether vested or unvested, in a Transaction or Liquidation may differ among individual
Participants or groups of Participants, provided that the overall economic impact of the different approaches determined by the
Administrator shall be substantively equivalent as of the date of the closing of the Transaction or the effective date of Liquidation.

 

 11. Non-Transferability of Awards and Shares.

 

11.1 No
Award may be assigned, transferred, pledged or mortgaged, other than by will or by the laws of descent and distribution or unless
otherwise required under applicable law, and during the Participant’s lifetime an Award may be exercised and the Shares subject
to the Award may be purchased only by such Participant.

 

11.2 The
transfer of Shares to be issued upon the exercise of the Options shall be limited as set forth in the Plan and as may be described
in the Award Agreement.

 

11.3 Restricted
Shares may not be assigned, transferred, pledged or mortgaged, other than by will or laws of descent and distribution, prior to
the date on which the date on which any applicable restriction, performance or deferred period lapses. Shares for which full payment
has not been made, may not be assigned, transferred, pledged or mortgaged, other than by will or laws of descent and distribution.

 

11.4 For
avoidance of doubt, the foregoing shall not be deemed to restrict the transfer of a Participant’s rights in respect of Awards
or Shares (including Restricted Shares) purchasable pursuant to the exercise thereof upon the death of such Participant to such
Participant’s estate or other successors by operation of law or will, whose rights therein shall be governed by Section 10.1(d)
hereof, and as may otherwise be determined by the Administrator, or as otherwise required under applicable law.

 

 12. Term and Amendment of the Plan.

 

12.1 The
Plan shall expire on the date which is ten (10) years from the date of its adoption by the Board of Directors (except as to Awards
outstanding on that date).

 

12.2 Notwithstanding
any other provision of the Plan, the Administrator may at any time, and from time to time, amend, in whole or in part, any or all
of the provisions of the Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory
requirement), or suspend or terminate it entirely, retroactively or otherwise; provided, however, that, except (a) to correct obvious
drafting errors or as otherwise required by law or (b) as specifically provided herein, the rights of a Participant with respect
to vested Awards granted prior to such amendment, suspension or termination, may not be reduced without the consent of such Participant.
The Administrator may amend the terms of any Award theretofore granted, prospectively or retroactively, but except (a) to correct
obvious drafting errors or as otherwise required by law or applicable accounting rules, or (b) as specifically provided herein,
no such amendment or other action by the Committee shall reduce the rights of any Participant with respect to vested Awards without
the Participant’s consent. 

 

    12

     

    

 

 13. Term of Option.

 

Unless otherwise
explicitly provided in an Award Agreement, if any Option, or any part thereof, has not been exercised and the Shares covered thereby
not paid for within ten (10) years after the date on which the Option was granted, as set forth in the Award Agreement (or any
other period set forth in the instrument granting such Option pursuant to Section 6), such Option, or such part thereof, and the
right to acquire such Shares shall terminate, all interests and rights of the Participant in and to the same shall expire, and,
in the event that in connection therewith any Shares are held in trust as aforesaid, such trust shall expire.

 

 14. Continuance of Engagement. 

 

Neither the Plan
nor any grant of Shares or Awards to a Participant shall impose any obligation on the Company or any related company thereof, to
continue the employment or engagement of any Participant as a Service Provider, and nothing in the Plan or in any Award granted
pursuant thereto shall confer upon any Participant any right to continue to serve as a Service Provider of the Company or a related
company thereof or restrict the right of the Company or a related company thereof to terminate such employment or engagement at
any time.

 

 15. Governing Law.

 

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

 

 16. Application of Funds.

 

The proceeds received
by the Company from the sale of Shares pursuant to Awards granted under the Plan will be used for general corporate purposes of
the Company or any related company thereof.

 

 17. Taxes.

 

17.1 Any
tax consequences arising from the grant, or vesting or exercise of any Award, from the payment for Shares covered thereby, or from
any other event or act (of the Company, and/or its affiliates, or the Participant), hereunder, shall be borne solely by the Participant.
The Company and/or its affiliates shall withhold taxes according to the requirements under the applicable laws, rules, and
regulations, including withholding taxes at source. Furthermore, the Participant shall agree to indemnify the Company and/or its
affiliates and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including
without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made
to the Participant. The Company or any of its affiliates may make such provisions and take such steps as it may deem necessary
or appropriate for the withholding of all taxes required by law to be withheld with respect to Awards granted under the Plan and
the exercise thereof, including, but not limited, to (i) deducting the amount so required to be withheld from any other amount
(or Shares issuable) then or thereafter to be provided to the Participant, including by deducting any such amount from a Participant’s
salary or other amounts payable to the Participant, to the maximum extent permitted under law and/or (ii) requiring the Participant
to pay to the Company or any of its affiliates the amount so required to be withheld as a condition of the issuance, delivery,
distribution or release of any Shares and/or (iii) by causing the exercise and sale of any Awards or Shares held by on behalf of
the Participant to cover such liability, up to the amount required to satisfy the statutory withholding requirements. In addition,
the Participant will be required to pay any amount due in excess of the tax withheld and transferred to the tax authorities, pursuant
to applicable tax laws, regulations and rules.

 

    13

     

    

 

17.2 The
receipt of an Award and/or the acquisition of Shares issued upon the exercise of the Awards may result in tax consequences. The
description of tax consequences set forth in the Plan or any Appendix hereto does not purport to be complete, up to date or to
take into account any special circumstances relating to a Participant.

 

17.3 THE
PARTICIPANT IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING OR EXERCISING ANY AWARD
IN LIGHT OF HIS OR HER PARTICULAR CIRCUMSTANCES.

 

 18. Market Stand-Off

 

If so requested
by the Company or any representative of the underwriters (the “Managing Underwriter”) in connection with any
registration of the offering of any securities of the Company under the securities laws of any jurisdiction, the Participant shall
not sell or otherwise transfer any Shares or other securities of the Company during a 180-day period or such other period as may
be requested in writing by the Managing Underwriter and agreed to in writing by the Company (the “Market Standoff Period”)
following the effective date of registration statement of the Company filed under such securities laws. The Company may require
the Participant to execute a form of undertaking to this effect or impose stop transfer instructions with respect to securities
subject to the foregoing restrictions until the end of such Market Standoff Period.

 

 19. Conditions Upon Issuance of Shares. 

 

19.1 Legal
Compliance. Shares shall not be issued pursuant to the exercise of an Option or with respect to any other Award unless the
exercise of such Option or grant of such Award and the issuance and delivery of such Shares shall comply with applicable laws and
shall be further subject to the approval of counsel for the Company with respect to such compliance. The inability of the Company
to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the
failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

 

19.2 Investment
Representations. As a condition to the exercise of an Option or receipt of an Award, the Administrator may require the person
exercising such Option or receiving such Award to represent and warrant at the time of any such exercise or the time of receipt
of the Award that the Shares are being purchased only for investment and without any present intention to sell or distribute such
Shares, and make other representations as may be required under applicable securities laws if, in the opinion of counsel for the
Company, such representations are required, all in form and content specified by the Administrator.

 

    14

     

    

 

19.3 Legend.
The Administrator may require each person receiving Shares pursuant to an Award granted under the Plan to represent to and
agree with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof and such
other securities law related representations as the Administrator shall request. In addition to any legend required by the Plan,
the certificates for such Shares may include any legend which the Administrator deems appropriate to reflect any applicable restrictions
on transfer. All certificates for Shares delivered under the Plan shall be subject to such share transfer orders and other restrictions
as the Administrator may deem advisable under the rules, regulations and other requirements of any relevant securities authority,
any stock exchange upon which the Shares are then listed or any national securities association system upon whose system the Shares
are then quoted, any applicable securities law, and any applicable corporate law, and the Administrator may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions.

 

 20. Proxy 

 

The Company, at its
sole discretion, may require that as a condition of grant of an Award, exercise of an Option or issuance of Shares, the Participant
will be required to grant an irrevocable proxy and power of attorney (“Proxy”) to any appropriate person designated
by the Company, to vote all Shares obtained by the Participant pursuant to an Award at all general meetings of Company, and to
sign all written resolutions, waivers, consents etc. of the shareholders of the Company on behalf of the Participant, including
the right to waive on behalf of the Participant all minimum notice requirements for meetings of shareholders of the Company, and
to otherwise exercise every right, power and authority with respect to the Shares as shall be detailed in the Proxy. Such Proxy
shall remain in effect until the consummation of an IPO, and shall be irrevocable as the rights of third parties, including investors
in the Company, depend upon such Proxy. The Proxy shall be personal to the Participant and shall not survive the transfer of the
Participant’s Shares to a third-party transferee; provided, however, that upon a transfer of the Participant’s Shares
to such a transferee (subject to the terms and conditions of the Plan concerning any such transfer), the transferee may be required
to grant an irrevocable Proxy to such appropriate person as the Company, in giving its approval to the transfer, so requires. The
Proxy may be included in the Award Agreement of each Participant or otherwise as the Administrator determines. If contained in
the Award Agreement, no further document shall be required to implement such Proxy, and the signature of the Participant on the
Award Agreement shall indicate approval of the Proxy thereby granted. The holder of the Proxy shall be indemnified and held harmless
by the Company against any cost or expense (including counsel fees) reasonably incurred by him/her, or any liability (including
any sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to act in connection
with the voting of the Proxy unless arising out of his/her own fraud, bad faith or gross negligence, to the extent permitted by
applicable law. Such indemnification shall be in addition to any rights of indemnification the holder of the Proxy may have as
a director, officer or otherwise under the Company’s Corporate Charter or any agreement, any vote of shareholders or directors,
insurance policy or otherwise.

 

 21. Additional Restrictions on Transfer of Shares

 

Until such time as
the Shares are registered for trade to the public, a Participant shall not be permitted to transfer, sell, assign, pledge, hypothecate,
or otherwise encumber or dispose of any Shares in any way to one or more third parties other than in accordance with the terms
of this Plan, the applicable county specific appendix attached hereto (if any), the relevant provisions of the Corporate Charter, as
in effect from time to time, and/or the Award Agreement.

 

 22. Miscellaneous.

 

Whenever applicable
in the Plan, the singular and the plural, and the masculine, feminine and neuter shall be freely interchangeable, as the context
requires. The Section headings or titles shall not in any way control the construction of the language herein, such headings or
titles having been inserted solely for the purpose of simplified reference. Words such as “herein”, “hereof”,
“hereto”, “hereinafter”, “hereby”, and “hereinabove” when used in the Plan refer
to the Plan as a whole, including any applicable Appendices, unless otherwise required by context.

 

*                   *                   *

 

 

15Exhibit 4.5

 

INDEMNIFICATION AGREEMENT

 

To:
___________

 

This
Indemnification Agreement (“Indemnification Agreement”) is being entered into by and between  ___________
(the “Indemnitee”) and Enlivex Therapeutics Ltd.,
a company organized under the laws of the state of Israel (the “Company”), effective as of ___________, pursuant
to the resolutions of the Board of Directors of the Company (the “Board”), dated ___________, as approved by the
Company’s shareholders on ___________.

 

It
is in the best interest of the Company to retain and attract as directors and/or officers the most capable persons available and
such persons are becoming increasingly reluctant to serve in companies unless they are provided with adequate protection through
insurance and indemnification in connection with such service.

 

You
are or have been appointed as an Office Holder (such term shall have herein the meaning assigned to it in the Companies Law, 5759
– 1999 (the “Companies Law”)) of the Company, and in order to enhance your service to the Company in an
effective manner, the Company desires to provide hereunder for your indemnification to the fullest extent permitted by law. In
consideration of your continuing to serve the Company, the Company hereby agrees as follows:

 

1.
The Company hereby undertakes to indemnify you to the maximum extent permitted by the Companies Law in respect of the following
expenses or liabilities imposed on, or incurred by, you in consequence of any act performed or omission committed by you in your
capacity as an Office Holder of the Company (including your service, at the request of the Company, as an officer, director, employee
or board observer of any other company controlled directly or indirectly by the Company (a “Subsidiary”) or in
which the Company holds shares (an “Affiliate”).

 

1.1
a monetary liability imposed on you pursuant to a court judgment in favor of a third party, including pursuant to any settlement
confirmed as judgment or to an arbitration decision approved by a competent court; or

 

1.2
reasonable litigation expenses, including reasonable attorney’s fees, which were incurred by you as a result of an investigation
or proceeding conducted against you by an authority authorized to conduct such an investigation or proceeding, which was either
(i) “concluded without the filing of an indictment” (as defined in Section 260(a)(1A) of the Companies Law) against
you and without the imposition on you of any “monetary obligation in lieu of a criminal proceeding” (as defined in
Section 260(a)(1A) of the Companies Law), or (ii) “concluded without the filing of an indictment” against you but
with the imposition on you of a “monetary obligation in lieu of a criminal proceeding” for an offense that does not require
a proof of mens rea element or in connection with a financial sanction; or

 

1.3
reasonable litigation expenses, including reasonable attorneys’ fees, incurred by you, or which were imposed on you by court, (i) in
a proceeding instituted against you by the Company or on its behalf or by a third party, or (ii) in a criminal indictment of which
you were acquitted, or (iii) in a criminal indictment of which you were convicted of an offense which does not require proof of
mens rea element; or

 

1.4
a payment which the Office Holder is obligated to make to an injured party as set forth in Section 52(54)(a)(1(a) of the Securities
Law, 5728-1968 (the “Securities Law”), and expenses that the Office Holder incurred in connection with a proceeding
under Chapters H’3, H’4, or I’1 of the Securities Law, including reasonable legal expenses, which term includes reasonable attorney
fees.

 

1.5
Any other circumstances arising under the law in respect of which the Company may indemnify an Office Holder of the Company.

 

     

     

    

 

2.
Notwithstanding the aforesaid, the Company will not indemnify you for any amount you may be obligated to pay in respect of:

 

2.1
a breach of your duty of loyalty to the Company or a Subsidiary or Affiliate, except, to the extent permitted by the Companies
Law, for a breach of a duty of loyalty to the Company or a Subsidiary while acting in good faith and having reasonable cause to
assume that such act would not prejudice the interests of the Company or a Subsidiary or Affiliate;

 

2.2
a willful or intentional breach of your duty of care or reckless disregard for the circumstances or to the consequences of a breach
of your duty of care to the Company or a Subsidiary or an Affiliate unless committed in negligence only;

 

2.3
an action taken or omission by you with the intent of unlawfully realizing personal gain; 

 

2.4
a fine or penalty imposed upon you for an offense;

 

2.5
with respect to a counterclaim made by the Company or a Subsidiary or an Affiliate in connection with a claim against the Company
filed by you, or proceedings or claims initiated or brought voluntarily by you against the Company or a Subsidiary or an Affiliate,
other than by way of defense or by way of third party notice to the Company or a Subsidiary or an Affiliate or by way of countersuit
in connection with claims brought against you except in specific cases in which (a) the Board has approved the initiation or bringing
of such suit, or (b) such proceeding or claim is being brought by you to assert, interpret or enforce your rights under this Indemnification
Agreement; and

 

2.6
The commitment of any fraudulent act as may be established through a final judgment or an admission by you that the fraudulent
event did in fact occur.

 

3.
To the fullest extent permitted by law, the Company will, following receipt by the Company of your written request therefor, make
available all amounts payable to you in accordance with Section 1 above on the date on which such amounts are first payable by
you (“Time of Indebtedness”) or as soon as possible, but in any event not later than thirty (30) days following
your written demand to the Company, and with respect to items referred to in Sections 1.2 and 1.3 above, even prior to the time
on which the applicable court renders its decision, provided however, that advances given to cover legal expenses
in criminal proceedings will be repaid by you to the Company if you are found guilty of a crime or if a financial liability was
imposed in lieu of a criminal proceeding for a crime which requires proof of mens rea (criminal intent), within sixty (30)
days of receipt of a written demand by the Company to such an effect. Other advances will be repaid by you to the Company if it
is determined by a court of competent jurisdiction, that you are not lawfully entitled to such indemnification as authorized hereby.
Pursuant to this Section 3, if the actual expenses shall be lower than the amount advanced by the Company, or not paid at all by
you, then you shall promptly return to the Company all sums overpaid.

 

As
part of the aforementioned undertaking, the Company will make available to you any security or guarantee that you may be required
to post in accordance with an interim decision given by a court or an arbitrator, including for the purpose of substituting liens
imposed on your assets.

 

4.
The Company will indemnify you even if at the relevant Time of Indebtedness you are no longer an Office Holder of the Company or
a Subsidiary or an Affiliate, provided that the obligations with respect to which you will be indemnified hereunder
are in respect of actions taken by you while you were an Office Holder of the Company or such Subsidiary or such Affiliate as aforesaid,
and in such capacity.

 

5.
The undertaking of the Company set forth in Section 1.1 shall be limited to matters that result from or are connected or otherwise
related to events or circumstances set forth in Schedule A hereto, which are deemed by the Board, based on the current activity
of the Company, to be foreseeable as of the date hereof. The maximum amount for which the Company undertakes to indemnify you hereunder
for the matters and in the circumstances described herein (or otherwise pursuant to this Indemnification Agreement) in accordance
with the terms of this Indemnification Agreement up to a total amount US$ 10,000,000 in aggregate. Such amount has been determined
by the Board to be reasonable under the circumstances. 

 

    2

     

    

 

Subject
to the limitations of this Section 5 and Section 6 below, the indemnification hereunder will, in each case, cover all sums of money
(100%) that you will be obligated to pay, in those circumstances for which indemnification is permitted under the law and under
this Indemnification Agreement.

 

6.
The Company will not indemnify you for any liability with respect to which you have received payment by virtue of an insurance
policy or another indemnification agreement other than for amounts which are in excess of the amounts actually paid to you pursuant
to any such insurance policy or other indemnity agreement (including deductible amounts not covered by insurance policies), within
the limits set forth in Section 5 above. The Company will be entitled to receive any amount collected by you from a third party
in connection with liabilities actually indemnified hereunder, including, but not limited to, any insurance policy or another indemnification
agreement, but only up to the amount actually paid to you by the Company as indemnification hereunder, to be transferred by you
to the Company within fifteen (15) days following the receipt of the said amount. You shall execute all documents reasonably required
by the Company and shall do everything that may be reasonably necessary to secure such right of the Company, as shall be reasonably
required by the Company, at the expanse of the Company, including the execution of such documents necessary to enable the Company
effectively to bring suit to enforce such rights.

 

7.
In all indemnifiable circumstances, indemnification will be subject to the following:

 

7.1
You shall (a) promptly notify the Company in writing of any legal proceedings initiated against you or (where you have knowledge)
the Company and of all possible or threatened legal proceedings for which you may seek indemnification hereunder, without delay,
and in any event within seven (7) days, following your first becoming aware thereof, provided, however,
that your failure to notify the Company as aforesaid shall not derogate from your right to be indemnified as provided herein except
and to the extent that such failure to provide notice adversely prejudices the Company’s ability to defend against such action
or to conduct any directly related legal proceeding; and (b) deliver to the Company, or to such person as it shall advise you,
without delay all documents you receive in connection with these proceedings or possible or threatened proceedings. Notice to the
Company shall be directed to the Chief Executive Officer of the Company (or in the case of a notice from the Chief Executive Officer,
to the Chairman of the Company) at the address of the Company’s principal office (or at such other address as the Company shall
advise you). 

 

7.2
Other than with respect to proceedings that have been initiated against you by the Company or in its name, or initiated by you
against the Company, the Company shall be entitled, but is not obligated, to undertake the conduct of your defense in respect of
such legal proceedings and/or to hand over the conduct thereof to any attorney which the Company may choose for that purpose, except
to an attorney who is not, upon reasonable grounds, acceptable to you. The Company shall notify you of any such decision to defend
within ten (10) calendar days of receipt of notice of any such proceeding.

 

The
Company or the attorney as aforesaid shall be entitled, within the context of the conduct as aforesaid, to conclude such proceedings,
all as they shall see fit, including by way of settlement. At the request of the Company, you shall execute all documents reasonably
required to enable the Company and/or its attorney as aforesaid to conduct your defense in your name, and to represent you in all
matters connected therewith, in accordance with the aforesaid.

 

Notwithstanding
the foregoing, in the case of criminal proceedings, the Company or the attorneys as aforesaid will not have the right to plead
guilty in your name or to agree to a plea-bargain in your name without your consent. Furthermore, in a civil proceeding (whether
before a court or as a part of a compromise arrangement), the Company and/or its attorneys will not have the right to admit to
any occurrences that are not indemnifiable pursuant to this Indemnification Agreement and/or pursuant to law, without your consent.
However, the aforesaid will not prevent the Company or its attorneys as aforesaid, with the approval of the Company, to come to
a financial arrangement with a plaintiff in a civil proceeding or to consent to the entry of any judgment against you or enter
into any settlement, arrangement or compromise, in each case without your consent, so long as such arrangement, judgment, settlement
or compromise: (i) does not include an admission of your fault, (ii) is fully indemnifiable pursuant to this Indemnification Agreement
or pursuant to law and (iii) further provides, as an unconditional term thereof, the full release of you from all liability and
limitation in respect of such proceeding. This paragraph shall not apply to a proceeding brought by you under Section 7.7 below.

 

    3

     

    

 

7.3
You will fully cooperate with the Company and/or any attorney as aforesaid as may be reasonably required of you within the context
of their conduct of such legal proceedings, including but not limited to the execution of power(s) of attorney and other documents
required to enable the Company or its attorney as aforesaid to conduct your defense in your name, and to represent you in all matters
connected therewith, in accordance with the aforesaid, provided that the Company shall cover all reasonable costs incidental thereto;
and provided, further, that you shall not be required to take any action that would reasonably prejudice your defense in connection
with any indemnifiable proceeding.

 

7.4
Notwithstanding the provisions of Sections 7.2 and 7.3 above, (i) if in a proceeding to which you are a party by reason of
your status as an Office Holder of the Company, the named parties to any such proceeding include both you and the Company or any
Subsidiary or Affiliate, and joint representation is inappropriate under applicable standards of professional conduct due to a
conflict of interest (including the availability to the Company and its Subsidiary or Affiliate, on the one hand, and you, on the
other hand, of different or inconsistent defenses or counterclaims) that exists between you and the Company, or (ii) if the Company
fails to assume the defense of such proceeding within a reasonable amount of time, or (iii) if the Company refers the conduct of
your defense to an attorney who is not, upon reasonable grounds, acceptable to you, you shall be entitled to be represented by
separate legal counsel, which may represent other persons similarly situated, of the Company’s choice and reasonably acceptable
to you and such other persons’ choice, at the expense of the Company. In addition, if the Company fails to comply with any of its
material obligations under this Indemnification Agreement, you shall have the right to retain counsel of your choice, at your expense,
to represent you in connection with any such matter.

 

7.5
If, in accordance with Section 7.2 (but subject to Section 7.4), the Company has taken upon itself the conduct of your defense,
you shall have the right to employ counsel in any such action, suit or proceeding, who shall be reasonably updated by, the Company
and the attorney conducting the legal defense on behalf of the Company on the defense procedure, but the fees and expenses of such
counsel, incurred after the assumption by the Company of the defense thereof, shall be at your expense and the Company will have
no liability or obligation pursuant to this Indemnification Agreement or the above resolutions to indemnify you for any legal expenses,
including any legal fees, that you may expend in connection with your defense, unless the Board on behalf of the Company shall
agree to such expenses; in which event all reasonable fees and expenses of your counsel shall be borne by the Company to the extent
so agreed to by the Company. However, in no event will the Company be obligated to pay the reasonable fees or expenses of more
than one firm of attorneys representing you in connection with any one claim or separate but substantially similar or related claims
in the same jurisdiction arising out of the same general allegations or circumstances.

 

7.6
The Company will have no liability or obligation pursuant to this Indemnification Agreement to indemnify you for any amount expended
by you pursuant to any compromise or settlement agreement reached in any suit, demand or other proceeding as aforesaid without
the Company’s consent to such compromise or settlement, which consent shall not be unreasonably withheld.

 

7.7
If required by law, the Company’s authorized organs will consider the request for indemnification and the amount thereof and will
determine if you are entitled to indemnification and the amount thereof. In the event that you make a request for payment of an
amount of indemnification hereunder or a request for an advancement of indemnification expenses hereunder and the Company fails
to determine your right to indemnification hereunder or fails to make such payment or advancement, you may petition any court which
has jurisdiction to enforce the Company’s obligations hereunder. The Company agrees to reimburse you in full for any reasonable
expenses incurred by you in connection with investigating, preparing for, litigating, defending or settling any action brought
by you under the immediately preceding sentence, except where such action or any claim or counterclaim in connection therewith
is resolved in favor of the Company.

 

7.8
By signing this Indemnification Agreement you hereby accept that you shall not make any statement to the public or to any other
person regarding any settlement of claims made pursuant to this Indemnification Agreement against you or the Company that would
in any manner cast any negative light, inference or aspersion against the Company, and that you will keep the terms of such settlement
confidential.

 

    4

     

    

 

8.
The Company hereby exempts you, to the fullest extent permitted by law, from any liability for damages caused as a result of a
breach of your duty of care to the Company, provided that in no event shall you be exempt with respect to any actions
listed in Section 2 above or for a breach of your duty of care in connection with a Distribution (as defined in the Companies Law).

 

9. The Company hereby
acknowledges that you may have certain rights to indemnification, advancement of expenses and/or insurance provided by HBL-Hadasit
Bio-Holdings Ltd. and\or certain of its affiliates (collectively, the “Additional Indemnitors”). The Company hereby
agrees (i) that it is the indemnitor of first resort (i.e., its obligations to you are primary and any obligation of the
Additional Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by you are
secondary), (ii) that it shall be required to advance the full amount of reasonable expenses incurred by you in accordance with
the terms of this Indemnification Agreement and shall be liable for the full amount to which you are entitled in accordance with
the terms of this Indemnification Agreement, without regard to any rights you may have against the Additional Indemnitors, and
(iii) that it irrevocably waives, relinquishes and releases the Additional Indemnitors from any and all claims against the Additional
Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that
no advancement or payment by the Additional Indemnitors on your behalf with respect to any claim for which you have sought and
are entitled to indemnification from the Company shall affect the foregoing and the Additional Indemnitors shall have a right of
contribution and/or be subrogated to the extent of such advancement or payment to all of your rights of recovery against the Company.
The Company and you agree that the Additional Indemnitors are express third party beneficiaries of the terms of this Section 9.

 

10.
Nothing contained in this Indemnification Agreement shall derogate from the Company’s right (but in no way obligation) to indemnify
you post factum for any amounts which you may be obligated to pay as set forth in Section 1 above. Your rights of indemnification
hereunder shall not be deemed exclusive of any other rights you may have under the Company’s articles of association or applicable
law or otherwise (collectively, “Other Indemnity Provisions”); provided, however, that, subject to applicable
law (a) to the extent that you otherwise would have any greater right to indemnification under any Other Indemnity Provision, you
will be deemed to have such greater right hereunder, and (b) to the extent that any change is made to any Other Indemnity Provision
which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, you will be deemed
to have such greater right hereunder.

 

11.
If any undertaking included in this Indemnification Agreement is held by a competent jurisdiction to be invalid or unenforceable,
such invalidity or unenforceability will not affect any of the other undertakings which will remain in full force and effect. Furthermore,
if such invalid or unenforceable undertaking may be modified or amended so as to be valid and enforceable as a matter of law, any
competent court is hereby authorized to modify or amend such undertaking, so as to be valid and enforceable to the maximum extent
permitted by law, provided that the Company notify you of such modification in a timely manner.

 

12.
This Indemnification Agreement and the agreements herein shall be governed by and construed and enforced in accordance with the
laws of the State of Israel, without regard to the rules of conflict of laws, and any dispute arising from or in connection with
this Indemnification Agreement is hereby submitted to the sole and exclusive jurisdiction of the competent courts in Tel Aviv,
Israel.

 

13.
This Indemnification Agreement cancels and replaces any preceding letter of indemnification or arrangement for indemnification
that may have been issued to you by the Company. Notwithstanding the foregoing, the indemnification obligation set forth in this
Indemnification Agreement will also apply, subject to the terms, conditions and limitations set forth in this Indemnification Agreement,
with respect to actions committed, in your capacity as an Office Holder of the Company or a Subsidiary or an Affiliate, during
the period prior to the date of this Indemnification Agreement.

 

14.
Neither the settlement nor termination of any proceeding nor the failure of the Company to award indemnification or to determine
that indemnification is payable shall create an adverse presumption that you are not entitled to indemnification hereunder.

 

    5

     

    

 

15.
This Indemnification Agreement shall be (a) binding upon all successors and assigns of the Company (including any transferee of
all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger
or consolidation or otherwise by operation of law), and (b) binding on and shall inure to the benefit of your heirs, personal representatives,
executors and administrators. Indemnitee shall not assign or otherwise transfer its rights under this Agreement and any attempt
to assign or transfer such rights shall be deemed null and void. Notwithstanding the foregoing, this Indemnification Agreement
shall continue for your benefit and your heirs’, personal representatives’, executors’ and administrators’ benefit after you cease
to be a director or Office Holder of the Company with respect to actions committed during the period of you engagement in the capacity
of an Office Holder of the Company or a Subsidiary or an Affiliate.

 

16.
This Indemnification 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. Except with
respect to changes in the governing law which expand your right to be indemnified by the Company, no supplement, modification,
amendment or termination of this Indemnification Agreement shall be binding unless executed in writing by each of the parties hereto.
No waiver of any of the provisions of this Indemnification Agreement shall be deemed or shall constitute a waiver of any other
provision of this Indemnification Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver. Any
waiver shall be in writing.

 

17.
All notices and other communications required or permitted under this Indemnification Agreement shall be in writing, shall be effective
(i) if mailed, three (3) business days after mailing (unless mailed abroad, in which case it shall be effective five (5) business
days after mailing), (ii) if by air courier, two (2) business days after delivery to the courier service, (iii) if sent by messenger,
upon delivery, and (iv) if sent via facsimile, upon transmission and electronic (or other) confirmation of receipt or (if transmitted
and received on a non-business day) on the first business day following transmission and electronic (or other) confirmation of
receipt and (iv) if sent by email, on the date of transmission or (if transmitted and received on a non-business day) on the first
business day following transmission, except where a notice is received stating that such mail has not been successfully delivered.

 

Kindly
sign and return the enclosed copy of this Indemnification Agreement to acknowledge your agreement to the contents hereof.

 

[Signature Page Follows]

 

    6

     

    

 

	 	Sincerely yours,
	 	 
	 	Enlivex Therapeutics Ltd.
	 	 	 
	 	By:	                                     
	 	Name:	 
	 	Title:	 

 

	Accepted and agreed to:	 
	 	 
		 
	Name:	 

 

[Signature Page to Indemnification Agreement]

 

    7

     

    

 

Schedule A

 

All references in
this schedule to the “Company” shall be deemed to refer to a Subsidiary or Affiliate as well, to the extent that
your service as an officer, director, employee or board observer of the Subsidiary or Affiliate is at the request of the Company
in the circumstances described in the preface of Section 1 to the Indemnification Agreement.

 

1. The offering of
securities by the Company and/or by a shareholder to the public and/or 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, agreement, notice, report,
tender and/or other proceeding, whether in Israel or abroad;

 

2. Occurrences in
connection with investments the Company makes in other corporations whether before and/or after the investment is made, entering
into the transaction, the execution, development and monitoring thereof, including actions taken by you in the name of the Company
as an Office Holder and/or board observer of the corporation which is the subject of the transaction and the like;

 

3. The sale, purchase
and holding of negotiable securities or other investments for or in the name of the Company;

 

4. Actions in connection
with the merger of the Company with or into another entity including events in connection with change of ownership or in the structure
of the Company, its reorganization or dissolution;

 

5. Actions in connection
with the sale of the operations and/or business, or part thereof, of the Company;

 

6. Claims
in connection with the Company’s or its subsidiaries’ liquidation;

 

7. Without derogating
from the generality of the above, actions in connection with the purchase or sale of companies, legal entities or assets, and the
division or consolidation thereof;

 

8. Actions concerning
the approval of transactions of the Company with officers and/or directors and/or holders of controlling interests in the Company,
and any other transactions referred to in Section 270 of the Companies Law;

 

9. Actions taken in
connection with labor relations and/or employment matters in the Company and trade relations of the Company, including with employees,
independent contractors, customers, suppliers and various service providers;

 

10. Actions in connection
with the development or testing of products developed by the Company, whether performed by the Company or by third parties on behalf
of the Company, and/or in connection with the distribution, sale, license or use of such products, including without limitation
in connection with professional liability and product liability claims and/or in connection with the procedure of obtaining regulatory
approvals regarding such products, whether in Israel or abroad;

 

11. Actions taken
in connection with the intellectual property of the Company, and its protection, including the registration or assertion of rights
to intellectual property and the defense of claims related to intellectual property, including any assertion that the Company’s
products infringe on the intellectual property rights or constitute a misappropriation of any third party’s trade secrets;

 

12. Actions taken
pursuant to or in accordance with the policies and procedures of the Company (including tax policies and procedures), whether such
policies and procedures are published or not;

 

13. Approval of corporate
actions, in good faith, including the approval of the acts of the Company’s management, their guidance and their supervision;

 

    8

     

    

 

14. Claims of failure
to exercise business judgment and a reasonable level of proficiency, expertise and care in regard of the Company’s business;

 

15. Violations of
laws requiring the Company to obtain regulatory and governmental licenses, permits and authorizations in any jurisdiction;

 

16. Claims in connection
with publishing or providing any information, including any filings with governmental authorities, on behalf of the Company in
the circumstances required under applicable laws;

 

17. Any claim or demand
made under any securities laws or by reference thereto, or related to the failure to disclose any information in the manner or
time such information is required to be disclosed pursuant to such laws, or related to inadequate or improper disclosure of information
to shareholders, or prospective shareholders, or related to the purchase, holding or disposition of securities of the Company or
any other investment activity involving or effected by such securities, including, for the removal of doubt, 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;

 

18. Any claim or demand
made by any lenders or other creditors or for monies borrowed by, or other indebtedness of, the Company;

 

19. Any claim or demand
made directly or indirectly in connection with complete or partial failure, by the Company, or their respective directors, officers
and employees, to pay, report, keep applicable records or otherwise, any state, municipal or foreign taxes or other mandatory 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;

 

20. Any claim or demand
made by purchasers, holders, lessors or other users of products of the Company, or individuals treated with or exposed to such
products, for damages or losses related to such use or treatment;

 

21. Actions taken
in connection with the financial and tax reports of the Company;

 

22. Claims in connection
with anti-competitive laws and regulations and laws and regulation of commercial wrongdoing;

 

23. Claims in connection
with laws and regulations regarding invasion of privacy, including with respect to databases, and laws and regulations in regard
of slander;

 

24. Claims by any
third party suffering any personal injury and/or bodily injury and/or property damage to business or personal property through
any act or omission attributed to the Company, or its employees, agents or other persons acting or allegedly acting on their behalf;

 

25. Any action violating
the Articles of Associations of the Company.

 

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]