Document:

Exhibit 10.8

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

Appendix
B

General Confirmation of Employer Payments
to the 

 

Pension and Insurance Fund in lieu
of Severance Pay

 

(Under the Severance Pay Law, 5723-1963)

 

By virtue of my authority under Section
14 of the Severance Pay Law, 5723-19631 (hereinafter – the “Law”), I confirm that payments made by
an employer as of the date of publication of this Approval, for its employee for comprehensive pension in an annuity provident
fund that is not an insurance fund as defined in the Income Tax Regulations (Rules for the Approval and Management of a Provident
Fund), 5724-19642 (hereinafter - a “Pension Fund”) or managers insurance, including a possibility of annuity
or a combination of payments for a severance plan and a non-annuity plan in an insurance fund as stated (hereinafter – an
“Insurance Fund”), including payments made with a combination of payments to a pension fund an insurance funds, whether
the insurance fund has an annuity plan or otherwise (hereinafter – the “Employer Payments”), will replace the
severance pay owed to the aforesaid employee for the fees from which the said payments were performed and for the period paid (hereinafter
– the “Exempt Wages”), provided that all of the following are met:

 

(1)Employer payments –

		(a)	For a pension fund, no less than 14 1/3 % of the Exempt Wages or 12% of the Exempt Wages if the
employer pays for his work, and additionally, payments to supplement severance pay to a severance pay provident fund or an insurance
fund in the name of the Employee at a rate of 2 1/3% of the Exempt Wages. In the event that the Employee does not pay the 2 1/3%
as stated in addition to the 12% – its payments will replace 72% of the severance pay of the Employee, alone;

		(b)	To an insurance fund, no less than the following:

		(1)	13 1/3% of the Exempt Wages, if the employer pays for the Employee in addition payments to secure
monthly income in the case of employment disability as well, in a plan approved by the Commissioner of Capital Markets, Insurance
Savings of the Ministry of Treasury, at a rate required to secure 75% of the Exempt Wages or a rate of 21⁄2% of the Exempt
Wages, whichever is lower (hereinafter – “Payment to Insure Employment Disability”);

		(2)	11% from the Exempt Wages, if the employer also makes Payments to Insure Employment Disability,
and in such a case, the employer’s payments will replace 72% of the Employee’s severance pay alone; if the employer
pays, in addition to the above, payments to supplement severance pay for a severance pay provident fund or insurance fund in the
name of the Employee at a rate of 2 1/3% of the Exempt Wages, the employer payments will replace 100% of the Employee’s severance
pay.

		(2)	No later than three months from the beginning of the performance of the employer’s payments,
a written agreement will be formed between the employer and the Employee, which contains:

		(a)	The consent of the Employee to an arrangement under this Approval in a form that specifies the
employer payments and the pension fund and insurance fund, as applicable; the said agreement will also include the text of this
approval;

		(b)	In the event that the employer waives in advance any right that it may have to a reimbursement
of funds from its payments, unless the Employee’s right to severance pay is negated by a judgment under Sections 16 or 17
of the Law, and if negated or the Employee withdraws money from the pension fund or insurance fund other than due to a Qualifying
Event. In this regard, a “Qualifying Event” – death, disability or retirement at the age of sixty or greater.

 

     

     

    

 

		(3)	This Approval will not derogate from the right of an employee to severance pay under the law, a
collective agreement, expansion order to employment agreement, for Wages in excess of the Exempt Wages.

 

15th
day of Sivan 5758 (June 9, 1998)

(HM 3-327)

 

Eliyahu Yishai

Minister of Labor and
Welfare

-------------------

 

Book of Laws 5723, pp. 136

 

2 Compendium of Regulations 5724, pp. 1302

 

 

 

     

     

    

 

Appendix B

 

Bio Light Israel Life Sciences Investments
Ltd.

 

Options Agreement

 

Entered into and executed in Tel Aviv on
12 July 2011

 

	Between:	
        Bio Light Israel Life Science Investments
        Ltd.

        5-7 Shoham Street

        Ramat Gan

        (hereinafter: the “Company”)

         
	Party of the First Part;
	 	 	 
	And between:	
        Suzana Nahum-Zilberberg

        I.D. no. 028498525

        13 Netzah Israel Street, Herzliya

        (hereinafter: the “Offeree”)

         
	Party of the Second Part;

 

		Whereas	the Company’s Board decided on 12/12/2015 to adopt the Company’s Israeli options allocation
plan for 2005 which is hereby attached as Appendix A to this Agreement (hereinafter: the “Plan”);

 

And whereasin
accordance with the terms of the Plan, the Company decided to remunerate the Offeree and to grant her options to purchase shares
in the Company, and the Offeree agrees that the Company allocate the Option Statement on her behalf, in accordance with the terms
and provisions of the Plan and to this Agreement;

 

Therefore,
it is declared, stipulated, and agreed between the Parties as follows:

 

		1.	Introduction

 

		1.1.	The introduction to this Agreement and its appendices constitute an integral part hereof.

 

		1.2.	It is hereby clarified that all of the terms defined in the Plan apply to this Agreement as well
unless otherwise defined in the body of this Agreement.

 

		2.	Allocation of the Options

 

		2.1.	In accordance with the terms of the Plan, the Company hereby allocates the Offeree a number of
options as specified in Appendix B to this Agreement. Each option may be exercised for one ordinary share in the
Company of par value NIS 0.01, subject to payment of the Exercise Price stipulated in Appendix B, and subject to
all of the terms stipulated in the Plan and this Agreement.

 

		2.2.	The Offeree is aware of the fact that the Company intends to issue additional shares and/or options,
from time to time, to various entities and individuals, at its exclusive discretion.

 

		3.	Tab the Option Period

 

		3.1.	Subject to the terms of the Plan, it will be possible to exercise the options for shares, subject
to the purchase dates indicated in Appendix B, as of the date of the granting of the options and until the expiration
date of the options as specified in Appendix B, unless the options or a portion thereof expired prior to the end
of this period under the terms of the Plan and to this Agreement.

 

     

     

    

 

		3.2.	Options may be exercised for full shares only, and in any case, fractional shares may not be purchased.
To the extent that fractional shares are received as a result of the exercising of options, the share fractions will be rounded
up or down to the nearest whole number.

 

		4.	Adjustments

 

		4.1.	In any event in which a change occurs in the Company’s issued and outstanding share capital
by way of a cash dividend, share dividend (bonus shares), share split, consolidation or replacement of shares, change to the Company’s
capital structure, or any similar event by or of the Company, then the number and type of shares in the Plan or the shares which
may be exercised as a result of exercising options granted under the Plan, and the exercise price, will be adjusted relative in
order to proportionately maintain the number of shares and their cumulative exercise price, provided that such adjustments not
be made because of a distribution of rights with respect to issued shares. Upon the occurrence of any of the aforementioned events,
the type and the cumulative number of shares which may be issued in the framework of the Plan, in relation to an option which has
not yet been exercised, will be adjusted in a similar manner, all as determined by the Company’s Board whose decision shall
be final. It is clarified that in the event of a distribution of bonus dividends, an adjustment will be made by increasing the
number of exercise shares in a manner which will reflect the rate of the bonus granted to the Company’s shareholders by the
distribution of bonus shares. It is further clarified that in the event of a distribution of a cash dividend, the exercise price
will be decreased proportionate to the amount of the dividend distributed.

 

		4.2.	In the event of a Transaction (as defined below), any option granted based on the Plan which has
not yet been exercised will be replaced or converted to options for shares according to the quantity of shares based on the option
statement which have not yet been exercised, or anything security of the purchasing company (or parent company or subsidiary of
the purchasing company) which were distributed to the Company’s shareholders in exchange for the shares relating to said
Transaction, and the appropriate adjustments will be made to the share exercise price which will reflect said event, and all of
the remaining terms of the Options Agreement will remain in effect, including the purchase dates, all as determined by the committee
or the Board, whose decisions shall be exclusive and final. The Company will notify the Offeree of the Transaction in the manner
which the Company shall see fit, at least ten (10) days prior to the effective date of the Transaction.

 

For purposes of this Section,
“Transaction” means – (1) merger, acquisition, reorganization of the Company with or into another company,
where the Company is not the surviving company; (2) the sale of all or a significant part of the Company’s assets or shares.

 

		4.3.	If it is resolved to voluntarily liquidate the Company while there are options based on the Plan
which have not yet been exercised, the Company will provide notice to all of the holders of the options regarding the adoption
of such a resolution, and every option holder shall have ten (10) days to exercise the options which are not yet been exercised
and whose purchase dates have arrived, for shares, according to the option exercise process stipulated in the Plan. After the passing
of these ten days, all of the options which have not yet been exercised for shares up until that date shall immediately expire.

 

		4.4.	Notwithstanding the aforesaid, according to the Options Plan, in any case, the exercise price of
an option shall not be less than the par value of a share in the Company.

 

		4.5.	Without derogating from what is stated in Section 9.1 of the Plan and in addition to what is stated
therein, if, upon the occurrence of a Transaction (as defined above), the purchasing company (or parent company or subsidiary of
the purchasing company) does not agree to convert or replace the options, the purchase dates of the options will be accelerated
such that any option whose purchase date has not yet arrived shall be immediately exercisable for shares as of ten (10) days prior
to the effective date in connection with the Transaction specified in Section 9.1 of the Plan, and the committee will notify the
Offeree that the options which have not yet been exercised for shares may be exercised in full during the course of a period of
ten (10) days from the date of said notice, and that any option which shall not be exercised shall expire with the passing of this
period.

 

     

     

    

 

		4.6.	If the purchasing company (or parent company or subsidiary of the purchasing company) consents
to convert or replace the options, and the Offeree’s employment with the purchasing company shall be terminated at the initiation
of the purchasing company without “cause” within one year of the date of the completion of the Transaction, the purchase
dates of the options which were replaced or converted will be accelerated such that any option whose purchase date has not yet
arrived shall be immediately exercisable for shares upon the date of the termination of the relationship without “cause”
as aforesaid.

 

		5.	The Purchase Dates; Exercise Period

 

Subject to the terms of the
Plan, the options shall be exercisable for shares subject to the purchase dates indicated in Appendix B to the Agreement,
and provided that the Offeree is an employee (as defined in the Plan) of the Company or of related companies on the purchase dates.

 

All of the options which were
issued to the Offeree and not exercised for shares shall expire and will not be exercisable on the date of the expiration of the
option, as stated in Section 2.19 of the Plan and as specified in Appendix B to this Agreement.

 

		6.	Conditions for the Offeree’s Entitlement to Exercise the Options

 

		6.1.	The options shall be exercisable in the manner and according to the terms stipulated in Section
10.1 of the Plan and Appendix B to this Agreement, and subject to the provisions of Section 9.6, below.

 

		6.2.	In order to permit the Company to issue shares following the exercise of options, the Offeree hereby
agrees to sign any document which will be required and which shall be necessary under any law and/or under the Company’s
Articles of Association.

 

		6.3.	The Company shall not be obligated to allocate options following the exercise of options if the
allocation, in the view of the Company, may cause the Company to violate the requirements of the law.

 

		7.	Restriction on Transferring the Options and/or the Shares

 

		7.1.	The transfer of the options as well as the transfer of the shares issued following the exercise
of the options will be subject to the restrictions specified in the Plan and the Company’s Articles of Association, as well
as any shareholders’ agreement to which the shareholders possessing ordinary shares in the Company are subject.

 

		7.2.	In regard to “102 Options on the Trustee Track,” subject to the terms of Section 102
of the Ordinance, the Offeree will not sell or transfer from the Trustee, shares which were allocated as a result of the exercise
of “102 Options on the Trustee Track” and/or shares which were allocated as a result of the exercise of rights, including
bonus shares, until the end of the lockup period, the Offeree will be subject to the sanctions based on Section 102 of the Ordinance.

 

		7.3.	With regard to “102 Options on the Trustee Track,” upon the termination of the relationship
between the Company or related companies and the Offeree, the Offeree will provide the Company with a guarantee or bond for payment
of the tax which applies on the date of the sale of the shares, in accordance with the terms of Section 102 of the Ordinance.

 

     

     

    

 

		7.4.	The Offeree will not sell or transfer any shares through a transaction which, in the opinion of
the Company, shall involve a violation of law, regulations, or rules.

 

		7.5.	The Offeree agrees that the Company shall have the right to imprint the share certificates with
provisions addressing the aforementioned restrictions, as well as any additional restriction which the Company shall see fit, which
do not harm the Offeree’s rights according to what is stated in this Agreement.

 

		8.	Taxation; Indemnification

 

		8.1.	The Offeree alone will bear any tax liability for granting and exercising options, payment for
shares under the exercise of options or with respect to any other action (by the Company and/or related companies and/or the Trustee
and/or Offeree). The Company and/or related companies and/or the Trustee will withhold under any law, regulations, and rules any
taxes, including withholding tax at source. The Offeree hereby agrees to indemnify the Company and/or related companies and/or
the Trustee, and to exempt them of any liability with respect to payment of such taxes, interest, and fines, and from any other
payment, including for charges that originate in the need to withhold tax or an omission from withholding tax, from any payment
transferred to the Offeree.

 

		8.2.	The Offeree will not be entitled to receive from the Company and/or the Trustee, shares that have
been allocated following exercise of Options before payment of the entire tax for which the Offeree is liable based on the granting
of the Options or the allocation of the shares following exercise of the Options. For the avoidance of doubt, the Company and/or
Trustee will not be required to provide the Offeree with a share certificate until payment of the entire tax for which the Offeree
is liable.

 

		8.3.	There may be tax implications to granting the Options and the allocation of the shares following
exercise of the Options. It is hereby recommended that the Offeree consult with a tax advisor with respect to the tax implications
arising from granting the Options, their exercise and the sale or transfer of the shares.

 

		8.4.	In regard to the “102 Options on the Trustee Track,” the Offeree hereby declares that
she is aware of the provisions of Section 102 of the Ordinance and the applicable taxation track. The Offeree Hereby Expresses
Her Consent to What Is Stated in the Trust Deed which was signed between the Company and the Trustee and is attached to this Agreement
as Appendix C, and consents to be subject to the provisions of the Trust Agreement.

 

		9.	Miscellaneous

 

		9.1.	No obligation to exercise options. Receipt of the options under this Agreement does not
require the Offeree to exercise the Options.

 

		9.2.	Confidentiality. The Offeree will refer to this Agreement and all of its appendices for
as long as it is not disclosed to the public by the Company, as confidential material, and will not disclose its content to any
person other than to the extent required under law or in order to receive a legal, tax or other opinion.

 

		9.3.	Continued Employment/Provision of Services. No provision of this Agreement and the Option
Plan should be interpreted as an undertaking and/or consent on the part of the Company and/or related company to continued employment/provision
of services of/by the Offeree or limit the right of the Company and/or a related company to terminate her employment/provision
of services of/by the Offeree or its engagement with the Offeree at any time, at its sole discretion and in accordance with the
law.

 

		9.4.	Complete Agreement. Subject to the terms of the Plan, this Agreement, including its appendices,
constitutes the full agreement between the Company and the Offeree with respect to the Options granted through this Agreement,
and supersedes any previous agreement, arrangement and/or understanding, whether written or oral, between the Offeree and the Company
with respect to the matters included in the Plan.

 

     

     

    

 

		9.5.	Non-enforcement is not a waiver. The failure of a party to this Agreement to enforce any
of the terms of this Option Agreement or the Plan will not be considered a waiver of this terms or any other term.

 

		9.6.	Terms of the Plan. The Options under this Agreement were granted subject to the Plan, and
are subject, in all respects, to the terms of the Plan. Any interpretation given to this Agreement will be given in accordance
with the terms of the Plan; however, in the case of a conflict between the provisions of this Option Agreement and the provisions
of the Plan, the provisions of this Option Agreement will prevail.

 

		9.5.	[sic – bulleting as in the original] Binding Effect. The Plan and this
Option Agreement will be binding vis-à-vis heirs, will executors, estate managers and the survivors of the Parties to the
Agreement.

 

		9.6.	Notices. Any notice under
this Agreement or the Plan will be provided in writing and delivered via mail, email, facsimile, with delivery confirmation. The
Offeree shall inform the Company in writing of any change to his address, and the Company will inform the Offeree of a change to
its address by sending a notice to the address listed above.

 

The Offeree hereby declares
that she has read the Plan and this Agreement and agrees to all of their terms, limitations and any term of the Options allocated
to her under this Agreement.

 

In witness whereof, the parties
have signed:

 

		 	
	The Offeree	 	Bio Light Israel Life Science Investments Ltd.

 

 

    	 

    	 

    

 

 

Appendix A

 

Options Plan for 2005 of
Bio Light Israel Life Sciences Investments Ltd.

 

    	 

    	 

    

 

 

Appendix
B

 

Terms
of the Options

 

 

 

	Name of the Offeree:	
        Suzanna Nachum-Zilberberg, Identity No. 028498525

         

        02849525

         

	Grant Date:	July 12, 2011
	Type of Options granted: 	Option 102 in track with trustee (capital gains)
	Number of ordinary shares subject to the option:	2,500,000
	Exercise price	NIS 0.35 per share 
	Purchase term:	The Options will vest during a period of 36 months as of the date on which the Offeree’s employment at the Company commences (May 1, 2011), while 1/3 of the Options will vest at the end of each 12 months. 
	Expiration date of the Options:	Options will expire in the event that they are not exercised on the earliest date of the following: (1) ten years from the Grant Date of the Options; or (2) 90 days after the date on which the employee-employer relationship and/or service provider relationship is terminated, for any reason; (3) after 12 months transpire from the termination of the employment and/or the service provider relationship of the Offeree due to the death or disability of the Offeree; or (4) immediately upon termination of the employee-employer relationship and/or service provider relationship due to “cause” as defined in the Option Plan.

 

 

 

 

	[Signature]	 	[Signature]
	Suzanna Nachum-Zilberberg	 	Bio Light Israel Life Science Investments Ltd.Exhibit 10.10

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

Appendix
A

 

Responsibilities

 

		1.	Overall responsibility for the financial management of the Group, including but not limited to:

 

		·	A system of accounting, bookkeeping and payroll services

 

		·	Preparation of financial statements, including the reports to the authorities and the completion
of the valuations

 

		·	Tax planning

 

		·	Integration with the subsidiaries

 

		·	Leading the streamlining process

 

		·	Work with the Chief Scientist and government institutions

 

		·	Work with banks and other financial institutions

 

		·	Planning and control – work plans and ongoing control

 

		·	Management of cash flows, funds and investments

 

		·	Management of the internal audit system – SOX, administrative enforcement

 

		·	Management of the system of reporting to the Stock Exchange

 

		2.	Support for fundraising and investor relations efforts

 

		3.	Support for processes of examining companies, investments, negotiations and locating strategic
partners

 

		4.	Support for the CEO of BioLight and as defined in the managers of the clusters in financial and
economic aspects of managing ongoing activity

 

		5.	Responsibility for the system of administration, insurance, the IT information systems and human
resources

 

		6.	Support in performing tasks required to support the strategic implementation of the clusters and
the Company’s targets to create value for the shareholders.

 

 

     

     

    

 

Appendix
B

 

Terms
of the Option

 

 

 

	Name of the Offeree:	Itay Bar Natan
	Grant Date:	______, 2013
	Type of Options granted: 	Option 102 in track with trustee (capital gains)
	Number of ordinary shares subject to the option:	1,065,000
	Exercise price	NIS 0.35
	Purchase term:	The Options will vest during a period of 36 months as of the Grant Date, while at the end of each 12 months, 1/3 of the Options will vest. 
	Expiration date of the Options:	Options will expire in the event that they are not exercised on the earlier of the following: (1) seven years from the Grant Date of the Options; or (2) 90 days after the date on which the employee-employer relationship and/or service provider relationship is terminated, for any reason; (3) after 12 months transpire from the termination of the employment and/or the service provider relationship of the Offeree due to the death or disability of the Offeree; or (4) immediately upon termination of the employee-employer relationship and/or service provider relationship due to “cause” as defined in the Option Plan.

 

 

 

	 	 	 
	Itay Bar Natan	 	Bio Light Israel Life Science Investments Ltd.

 

     

     

    

 

Appendix
C

General Confirmation of Employer Payments
to the 

 

Pension and Insurance Fund in lieu
of Severance Pay

 

(Under the Severance Pay Law, 5723-1963)

 

By virtue of my authority under Section
14 of the Severance Pay Law, 5723-19631 (hereinafter – the “Law”), I confirm that payments made by
an employer as of the date of publication of this Approval, for its employee for comprehensive pension in an annuity provident
fund that is not an insurance fund as defined in the Income Tax Regulations (Rules for the Approval and Management of a Provident
Fund), 5724-19642 (hereinafter - a “Pension Fund”) or managers insurance, including a possibility of annuity
or a combination of payments for a severance plan and a non-annuity plan in an insurance fund as stated (hereinafter – an
“Insurance Fund”), including payments made with a combination of payments to a pension fund an insurance funds, whether
the insurance fund has an annuity plan or otherwise (hereinafter – the “Employer Payments”), will replace the
severance pay owed to the aforesaid employee for the fees from which the said payments were performed and for the period paid (hereinafter
– the “Exempt Wages”), provided that all of the following are met:

 

(1)Employer payments –

		(a)	For a pension fund, no less than 14 1/3 % of the Exempt Wages or 12% of the Exempt Wages if the
employer pays for his work, and additionally, payments to supplement severance pay to a severance pay provident fund or an insurance
fund in the name of the Employee at a rate of 2 1/3% of the Exempt Wages. In the event that the Employee does not pay the 2 1/3%
as stated in addition to the 12% – its payments will replace 72% of the severance pay of the Employee, alone;

		(b)	To an insurance fund, no less than the following:

		(1)	13 1/3% of the Exempt Wages, if the employer pays for the Employee in addition payments to secure
monthly income in the case of employment disability as well, in a plan approved by the Commissioner of Capital Markets, Insurance
Savings of the Ministry of Treasury, at a rate required to secure 75% of the Exempt Wages or a rate of 21⁄2% of the Exempt
Wages, whichever is lower (hereinafter – “Payment to Insure Employment Disability”);

		(2)	11% from the Exempt Wages, if the employer also makes Payments to Insure Employment Disability,
and in such a case, the employer’s payments will replace 72% of the Employee’s severance pay alone; if the employer
pays, in addition to the above, payments to supplement severance pay for a severance pay provident fund or insurance fund in the
name of the Employee at a rate of 2 1/3% of the Exempt Wages, the employer payments will replace 100% of the Employee’s severance
pay.

		(2)	No later than three months from the beginning of the performance of the employer’s payments,
a written agreement will be formed between the employer and the Employee, which contains:

		(a)	The consent of the Employee to an arrangement under this Approval in a form that specifies the
employer payments and the pension fund and insurance fund, as applicable; the said agreement will also include the text of this
approval;

(b)In the event that the employer waives in advance any right that it may have to a reimbursement
of funds from its payments, unless the Employee’s right to severance pay is negated by a judgment under Sections 16 or 17
of the Law, and if negated or the Employee withdraws money from the pension fund or insurance fund other than due to a Qualifying
Event. In this regard, a “Qualifying Event” –

 

     

     

    

 

death, disability
or retirement at the age of sixty or greater.

		(3)	This Approval will not derogate from the right of an employee to severance pay under the law, a
collective agreement, expansion order to employment agreement, for Wages in excess of the Exempt Wages.

 

15th
day of Sivan 5758 (June 9, 1998)

(HM 3-327)

 

Eliyahu Yishai

Minister of Labor and
Welfare

-------------------

 

Book of Laws 5723, pp. 136

 

2 Compendium of Regulations 5724, pp. 1302

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