Document:

Exhibit 10.1

 

IceCure Medical Ltd.

 

DD.MM.YYYY

 

To Mr. 

 

To Whom It May Concern:

 

Letter
of Exemption and Indemnity

 

		Whereas	In accordance with its articles of association, the Company may exempt in advance an officer therein from
liability, in whole or in part, due to damage following a breach of a duty of care towards it, and may indemnify it in advance and/or
retroactively, subject to any law, due to a liability or expense as set forth in the articles of association, imposed thereon or incurred
following an action performed by virtue of being an officer of the Company; and

 

		Whereas	On December 29, 2010, and October 30, 2011, the Company’s board of directors resolved, after obtaining
the approval of the Company’s audit committee, to approve the Company’s undertaking to exempt and indemnify officers of the
Company in accordance with the Companies Law, 5759-1999, the articles of association of the Company and the indemnification terms set
forth in this Letter of Exemption and Indemnity; and

 

		Whereas	On January 10, 2011, and January 29, 2012, the general meeting of the Company also approved the aforesaid
resolution of the board of directors regarding the directors of the Company,

 

		Whereas	On MMM.DD.YYYY you were appointed as an officer of the company (hereinafter: “the date of
commencement of the appointment”), and therefore the above letter of exemption and indemnification is valid from the date of the
commencement of the appointment;

 

We hereby notify you
as follows:

 

First Chapter: Interpretation

 

		1.	Definitions

 

In this Letter of
Exemption and Indemnity, each of the following terms will have the meanings appearing beside them, unless explicitly stated otherwise.

 

	“Means of Control”	-	As defined in the Companies Law;
	 	 	 
	“Financial Liability in Lieu of a Criminal Proceeding”	-	Financial liability imposed under law in lieu of a criminal proceeding, including an administrative fine under the Administrative Offenses Law, 5746-1985, a fine of an offense determined to be an infraction under the provisions of the Criminal Procedure Law, a financial sanction or a penalty;
	 	 	 
	The “Companies Law”	-	The Companies Law, 5759-1999;
	 	 	 
	The “Securities Law”	-	The Securities Law, 5728-1968;
	 	 	 
	The “Criminal Procedure Law”	-	The Criminal Procedure Law [Combined Version], 5742-1982;
	 	 	 
	“Distribution”	-	As defined in the Companies Law;
	 	 	 
	“This Letter”	-	This Letter of Exemption and Indemnity, including the addendum thereto, constituting an integral part hereof;

 

     

     

    

 

	“Conclusion of Proceedings Without Filing an Indictment in a Manner in which a Criminal Investigation was Initiated”	-	Closing the case under Section 62 of the Criminal Procedure Law or a stay of proceedings by the Attorney General under Section 231 of the Criminal Procedure Law;
	 	 	 
	“Act” or “Act in the Capacity of Officer”	-	A legal act, whether by action or omission, of an officer by virtue of the position as officer of the Company including an action as stated that occurred before this Letter of Exemption and Indemnity came into force; 
	 	 	 
	“Third Party”	-	A person who is not the Company and/or a shareholder of the Company and/or a person on their behalf.
	 	 	 
	“Related Corporation”	-	A corporation in which the Company directly or indirectly holds means of control.

 

		2.	Interpretation

 

		2.1.	The introduction to this Letter of Exemption and Indemnity
constitutes an integral part hereof.

 

		2.2.	The titles of this Letter of Exemption and Indemnity are provided
for convenience only and will not be used for the purposes of its interpretation.

 

		2.3.	Words and terms defined in the singular form will also include
the plural, and vice versa, and words in the masculine form will include the feminine and vice versa.

 

		2.4.	Insofar as not defined explicitly in this Letter, the terms
in this Letter will be interpreted in accordance with the Companies Law, and in the absence of a definition in the Companies Law, in
accordance with the Securities Law.

 

		2.5.	The Company’s undertakings under this Document will
be interpreted broadly and in a manner intended for their fulfillment, to the fullest extent permitted by law, for the purpose for which
they are intended.

 

		2.6.	In the case of a conflict between
any provision of this Document and the provisions of the law that cannot be conditioned upon, changed or added to, the provisions of
the aforesaid law will prevail; however, the same will not nullify or impair the validity of the other sections included in this Letter.
In addition, in the event that it is determined that a provision of this Document is not enforceable and/or lacks legal validity for
any reason, the same will not derogate or detract from the validity of the other provisions of this Document.

 

Second Chapter: Exemption

 

		3.	Exemption in Advance

 

Subject to the provisions
of any law, the Company hereby exempts you in advance from any liability for damage that will be caused thereto, directly and/or indirectly,
following a violation of your duty of care towards it in your actions by virtue of your position as officer that is directly or indirectly
related to one or more of the events set forth in the addendum to this Letter (the “Addendum”).

 

It is noted that
the exemption as stated will not apply to a decision or transaction in which the controlling shareholder or any officer of the Company
(also an officer other than the one for which the Letter of Exemption was granted) has a personal interest.

 

Without detracting
from the generality of the above, it is hereby clarified that as long as this is not permitted under law, the Company does not exempt
you in advance from your liability towards it following a breach of the duty of care in a distribution, if applicable to you, if at all.

 

		4.	Independence of exemption in advance from indemnification

 

The Company’s
undertaking to exempt you in advance (as set forth in Section ‎3 above) will not detract from the Company’s liability to indemnify
you in accordance with this document.

 

		5.	De Facto Exemption

 

If permitted under
any law, the Company will exempt you from any liability for damage that will be caused thereto, directly and/or indirectly, following
a violation of your duty of care towards it in your actions by virtue of your position as officer before the entry into force of this
Letter of Exemption and Indemnity, provided that your actions as stated are directly or indirectly related to one or more of the events
set forth in the addendum.

 

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Third Chapter: Indemnification 

 

		6.	Indemnification in advance - general

 

		6.1.	Subject to the provisions of any law, the Company hereby undertakes
to indemnify you in advance due to a liability or expense as set forth in Section ‎7 below, applied to you or incurred by you following
actions that you performed by virtue of your position as officer of the Company, insofar as the liability or expense is not actually
paid under an insurance policy or under indemnification on behalf of a third party, provided that the Maximum Indemnification Amount
does not exceed the amount set forth in Section below.

 

		6.2.	Subject to the contents of this Section ‎8.3 below, it
is hereby clarified that the Company’s undertaking to indemnify you in advance as stated in Section ‎6.1 of this Letter above
will not derogate from your right to receive, directly or through the Company, payments under any insurance policy or under indemnification
on behalf of a third party, insofar as you are entitled to payments as stated for liability or an expense set forth in Section ‎7
of this Letter below.

 

The Company’s
undertaking to indemnify you in advance as stated in Section ‎6.1of this Letter above, is conditional on you taking all of the reasonable
measures to receive payments under an insurance policy or under an indemnification undertaking and insurance on behalf of an affiliated
corporation for your service as an officer of this corporation, if you are entitled to such payments, and they can be claimed under the
circumstances.

 

For the avoidance
of doubt, it will be clarified that the Company’s undertaking to indemnify you will only apply regarding the balance of your liability
after exhausting your rights for insurance and indemnification in an affiliated corporation for your service in an affiliated corporation
and after the exhaustion of your rights to officer’s insurance of the Company.

 

		6.3.	In the case in which your incurred
a deducible in order to receive payments under an insurance policy, the Company’s undertaking to indemnify you in advance as stated
in Section ‎6.1 of this Letter above will also apply regarding the deductible amount that is charged under the insurance policy.

 

		6.4.	The Company’s undertaking to indemnify you in advance
as stated in Section ‎6.1 of this Letter does not grant a right or benefit to a related corporation and/or any third party, including
any insurer, and it is not assignable and no insurer will have any right to demand the participation of the Company in a payment that
it owes to the insurer under an insurance agreement made therewith.

 

		7.	Liabilities or expenses to which the indemnification in advance applies

 

The Company’s
undertaking to indemnify you in advance, as stated in Section ‎6 above, will apply due to a liability or expense that is applied to
you or that you incurred, as follows:

 

		7.1.	Financial liability imposed on your in favor of a different
person in a judgment, including a judgment given in a settlement or an arbitrator decision that is approved by a court, following actions
that you performed by virtue of your position as an officer, which are directly or indirectly related to one or more of the events set
forth in the Addendum to this Letter (the “Addendum”) that, in the opinion of the Company’s board of directors,
are anticipated in light of the actual activity of the Company upon the provision of the undertaking for indemnification in advance,
provided that the maximum indemnification amount will not exceed the sum or criteria set forth in Section ‎8.1 below, which the Company’s
board of directors has determined to be reasonable under the circumstances;

 

		7.2.	Reasonable litigation expenses, including attorneys’
fees, paid following an investigation or proceeding conducted against you by an agency authorized to conduct such investigation or proceeding,
and which was concluded without the filing of an indictment against you and without there having been a financial obligation imposed
against you in lieu of a criminal proceeding, or which was concluded without the filing of an indictment against you but with the imposition
of a financial obligation in lieu of a criminal proceeding for an offense that does not require proof of criminal intent, provided that
the maximum indemnification amount will not exceed the amount or criteria set forth in Section ‎8.1 below that the Company’s
board of directors has determined to be reasonable under the circumstances;

 

		7.3.	Reasonable litigation expenses, including attorneys’
fees, incurred by you or that you are charged by a court in a proceeding filed against you by the Company or in its name or by another
person, or in a criminal charge of which you are acquitted or a criminal charge in which you are convicted of an offense that does not
require proof of mens rea, provided that the maximum indemnification amount does not exceed the amount or criteria set forth in
Section ‎8.1 below that the Company’s board of directors has determined to be reasonable under the circumstances of the matter.

 

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		8.	Amount of the indemnification in advance

 

		8.1.	The amounts that the Company will pay to all of the officers,
in the aggregate, in each calendar year, based on every Letters of Exemption and Indemnification issued and/or that will be issued to
them by the Company for financial liabilities and reasonable litigation expenses as set forth in Sections ‎7.1 – ‎7.3 above,
will not exceed 25% (twenty five percent) of the consolidated equity of the Company as will be based on the latest consolidated annual
financial statements of the Company, which existed as of the actual payment date of the indemnification (the “Maximum Indemnification
Amount”). It will be clarified that the Company’s board of directors has determined that the Maximum Indemnification
Amount, as defined in this Letter above, is reasonable under the circumstances.

 

		8.2.	In the event that the total
amounts that the Company is required to pay on any date, in addition to the total amounts that the Company paid by the same date, for
financial liabilities and reasonable litigation expenses as set forth in Sections ‎7.1 – ‎7.3 above, according to all of
the Letters of Exemption and Indemnity issued and/or that will be issued for all of the officers in the aggregate, exceeds the Maximum
Indemnification Amount, the Maximum Indemnification Amount or its balance, as applicable, will be divided between the officers entitled
to amounts as stated for demands submitted to the Company in accordance with the Letters of Indemnification and that were not paid to
them before the same date, such that the amount that will be actually received by each of the aforesaid officers will be calculated based
on the ratio between the amount owed to each of the officers and the amount owed to all of the aforesaid officers in the aggregate, on
the same date for the same demands. Should it become apparent at a later date that amounts have been cleared that the Company is required
to pay, either due to the provisions of Section 10 below or due to the clearance of claims against officers without the need to pay all
of the amounts requested by the officer or part thereof for them, the balance of the indemnification amount will be increased in the
amount of the cleared sums, and all of the officers that received only their proportionate share as stated above will be entitled to
their proportionate share, pro rata, of the cleared amounts.

 

In order to clarify
the manner of calculation set forth in this Section 8.2, the following example is presented: Let us assume that damages are ordered against
an officer in the amount of 100. These damages are indemnifiable, and therefore, the officer requests indemnification from the Company
for the same damages. Let us further assume that the Maximum Indemnification Amount is 25% of the Company’s consolidated equity,
which according to the Company’s latest consolidated annual financial statements, which were prepared before the actual indemnification
payment, was 1,000. Therefore, the Maximum Indemnification Amount, as of the payment date of the indemnification in the amount of 100
to Officer A, is 250. Therefore, after payment of indemnification in the amount of 100 to Officer A, and until the preparation of the
new consolidated annual financial statements, the indemnification balance amounts to 150. On a later date, and before new consolidated
annual reports are prepared, officers B, C, and D were sued, and request indemnification from the Company in amounts of 100, 200, and
300, respectively. In such a case, since the indemnification amount claimed on the later date (600) is higher than the indemnification
amount on a later date (150), the balance will be distributed proportionately between the officers in the following manner: Officer B
will receive 150*100/600, Officer C will receive 150*200/600, and Officer D will receive 150*300/600. In the event that after the aforesaid
payment, and before the new consolidated financial statements are prepared for the Company, it becomes apparent that Officer A was not
entitled to indemnification, an amount of 100 will be available and will be returned to the general indemnification fund. The cleared
amount (100) will be divided proportionately between Officers B, C, and D, such that B will be paid an additional sum of 100*100/600,
C will be paid an additional amount of 100*200/600, and D will be paid an additional amount of 100*300/600.

 

		8.3.	In any case, the indemnification amount paid to you by the
Company, together with the amounts paid to you within an insurance policy and/or under an undertaking for indemnification of any third
party, will not exceed the financial liability amount and/or expenses as stated in Section 7 above that you bore or are charged. In this
regard the deductible amounts under an insurance policy, if any are determined, will be calculated as amounts that were not actually
paid to you. In the event that the Company pays you or in your place amounts that you are entitled to receive under an insurance policy
and/or under any third party indemnification undertaking, you will assign to the Company your rights to receive the amounts under the
insurance policy or the third party indemnification undertaking, insofar as there is no impediment to the assignment of the same rights,
and you will authorize the Company to collect these amounts in your name, if required for the fulfillment of the provisions of this section,
and at the request of the Company, you will sign any document for the assignment of your rights and authorizing the Company for the aforesaid
collection. In the event that you collected the amounts mentioned above, directly from an insurance company or any third party, the aforesaid
amounts will be returned by you to the Company under the provisions of Section 10 below.

 

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		9.	Operation of indemnification in advance

 

In any case for which you may be seemingly
entitled to indemnification under this Letter, you and the Company will act as follows:

 

		9.1.	Subject to any law, you will notify the Company of any legal
proceeding, investigation, or proceeding by a competent authority that is opened against you, and any concern or threat that such a proceeding
or investigation will be initiated against you (in this Section ‎9: a “Proceeding”), at the appropriate speed
after your learned of the same for the first time and no later than the end of three days after you first learned of the same and at
a time that leaves you and the Company a reasonable amount of time to file a response in the same Proceeding, as required under law,
and will transfer to the Company or any party instructed thereby, immediately, a copy of any document related to a proceed provided to
you by the party initiating the proceeding (in this section; the “Duty to Provide and Deliver Documents”). Subject
to any law, if the Company becomes aware of a Proceeding as stated, the Company will be subject, mutatis mutandis, to the Duty
to Provide and Delivery Documents.

 

It is clarified that
in the event that you violate the Notice Duty and the Duty to Provide Documents, the same will not release the Company from its undertakings
under this Letter of Indemnity, unless your violation as stated materially harms the Company’s rights and/or ability to defend itself
(in the case in which it is also party to the same Proceeding) and/or on your behalf against the Proceeding.

 

		9.2.	The Company will be entitled
to assume the handling of your legal defense in the framework of the same Proceeding and/or transfer the handling to an attorney with
a reputation and experience in the relevant field, which the Company selects for this purpose, and which operate and subject to a duty
of trust to the Company and to you. The Company may appoint an attorney as stated, provided that your prior written consent is given
to the identity of the attorney. However, your consent will not be withheld other than for reasonable grounds, including due to circumstances
in which, in your reasonable opinion, there is a concern of a conflict of interests between your defense and the defense of the Company
or another officer. In the case of a concern of a conflict of interests as stated, you will be appointed a separate attorney who will
be acceptable to you, in order to protect your personal interests, provided that this appointment is approved in advance and in writing,
by the Company. Subject to the above and below, the Company and/or any attorney as stated will be entitled to act in the framework of
the aforesaid handling in a proceeding at their sole discretion, with regular reporting to you and consulting with you from time to time.

 

The Company and/or attorney as stated
may bring the same procedure to an end. However, the Company and/or attorney will not agree to reach a settlement as a result of which
you will be convicted of a criminal offense or you will be required to pay amounts for which you will not be indemnified under this Letter
of Indemnity and you will also not be paid within insurance purchased by the Company or within indemnification by a third party, other
than with your prior written consent. The Company will not agree to resolve the dispute by way of mediation or arbitration until it has
obtained your prior consent to the same in writing. However, this consent will not be withheld other than for reasonable grounds.

 

At the request of the Company, you
will sign any document that will authorize the Company and/or any attorney as stated to handle, in your name, your defense in the framework
of the same Proceeding and represent you in connection with the same, according to the above.

 

		9.3.	You will cooperate with the Company and/or any attorney as
stated and/or any insurer in any reasonable manner that is required from you by any of them in the framework of their handling in connection
with the same Proceeding, including dedicating the full time required for handling the Proceeding, compliance with the provisions of
the insurance policy, signing or providing requests, affidavits, powers of attorney and any other document, provided that the Company
will ensure to obtain full coverage of all of the costs involved in the same such that you will not be required to pay for or finance
them yourself, all subject to the contents of Sections 7 and 8 above.

 

		9.4.	The Company will not be required to indemnify you for any
amount that you are charged following a settlement arrangement, arbitration or mediation, or in the case in which you admit in a criminal
charge to an offense that does not require proof of mens rea, unless the Company’s has provided its prior written consent
to the settlement arrangement or to holding the same mediation proceeding, arbitration proceeding, or your admission in the indictment
as stated, as the case may be. It is noted that the Company will not refrain from providing its consent as stated other than for reasonable
grounds.

 

		9.5.	Whether or not the Company exercises its right under Section
9.2 above, the Company will ensure full coverage of all of the litigation expenses set forth in Sections 7.2 and 7.3, including providing
securities and/or guarantees that it will be required to provide under an interim decision of a court or arbitrator, including for the
purpose or replacing attachments placed on your assets, and payment of these expenses such that you will not be required to pay them
or finance them yourself, all subject to the contents of Sections 7 and 8 above.

 

Subject to Section
10.1 below, it is clarified that the amounts that will be paid by the Company as stated above will be recorded as an advance on account
of the indemnification amount to which you will be entitled under this Letter of Indemnity.

 

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		9.6.	Upon your request to execute a payment in connection with
any event based on this Letter of Indemnity, the Company will take all of the actions required under law for its payment, and will act
to arrange any approval required in connection with the same, if any. In the event that any approval is required for a payment as stated
above, and the same payment is not approved for any reason, the aforesaid payment or any part thereof that is not approved as stated
will be subject to the approval of the court (if relevant), and the Company will act to obtain it immediately and will bear all of the
expenses and payments required in order to obtain it as stated.

 

		9.7.	At any time, you can contact
the secretary of the Company and receive information regarding the balance of the Maximum Indemnification Amount, as of the date of your
inquiry as stated, which has not yet been paid under the Letters of Indemnity, as defined in Section 8.2 above.

 

		10.	Repayment of an amount paid under an advance indemnification undertaking

 

		10.1.	Where the Company has paid you
or in your place any amounts under this Letter of Indemnity, including amounts under Section 9.5 above, and it has later become clear
that you are not entitled to indemnification from the Company for the same amounts, the same amounts will be considered to be a loan
provided to you by the Company which will bear interest at the minimum rate set forth under Section 3(i) of the Income Tax Ordinance,
or any other law that shall replace it, as it may be from time to time, and which is not a benefit for you that is subject to tax. In
such a case, you will repay the loan when asked in writing by the Company to do so, and based on a payment arrangement that the Company
will determine, with the approval of the Company’s competent bodies.

 

It is clarified that
in the event that the Company has paid you or in your place litigation expenses, including attorney fees, following an examination or
investigation held against you by a competent authority or for a criminal proceeding initiated against you, these amounts will be considered
to be a loan provided to you by the Company, under the terms set forth in this section. If and when it becomes clear that the Company
may, under law, indemnify you for the same amounts, the same amounts will become indemnification amounts that are paid to you by the Company
under this Letter of Indemnity, you will not be required to return them to the Company, the interest for the same will be forgiven, and
the Company will bear the tax payments applicable to you for the same, if any apply.

 

		10.2.	It is clarified that amounts ordered for your benefit within
a legal proceeding, settlement arrangement, mediation or arbitration, for liability or expense that had previously been paid to you or
in your place by the Company under the Letter of Indemnity, will be returned by you to the Company immediately upon receipt thereof.
In the event that amounts are decided in your favor and you have not yet received them, you will assign to the Company your rights to
receive the same amounts and/or authorize the Company to collect these amounts in your name.

 

		11.	De facto indemnification

 

Subject to the provisions
of the articles of association of the Company and the resolutions of the Company’s competent organs, the provisions of this Document
above will not derogate from the Company’s right to indemnify you retroactively.

 

		12.	Acquisition of insurance policy

 

		12.1.	Subject to finding an insurer that agrees to the same, the
Company will purchase an insurance policy with a limitation of liability of at least the limitation of liability set forth in the insurance
policy that will be in force on the conclusion date of the service of the director / officer in the Company, and for a period of seven
years from the end date of the service of the director / officer of the Company.

 

		12.2.	Subject to finding an insurer that agrees to the same, in
the case of a transaction (as this term is defined in the director and officer liability insurance policies) or the appointment of a
receiver for the Company, the Company will purchase a director and officer liability insurance policy that will be in force for a period
of seven years as of the occurrence of the event as stated (runoff).

 

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Fourth Chapter: General Provisions

 

		13.	Qualification to Exemption and Indemnification

 

The Company does
not exempt you in advance and will not indemnify you for any of the following:

 

		13.1.	A breach of a fiduciary duty, other than with regard to indemnification
and provided that you acted in good faith and had a reasonable basis to believe
that your action would not harm the interests of the Company;

 

		13.2.	Breach of the duty of care committed deliberately or recklessly, unless committed in negligence only;

 

		13.3.	An action with the intent to generate unlawful personal profit;

 

		13.4.	A fine or sanction imposed on you.

 

		14.	Application after the termination of a position

 

The Company’s undertakings under
this Letter of Exemption and Indemnity will remain in your favor and/or for your heirs and/or substitute directors lawfully appointed
by you, without limitation in time, even after the conclusion of your position as an officer of the Company, provided that the actions
at the subject of this Letter of Exemption Indemnity were performed during the term of your position as an officer of the Company.

 

		15.	Non-assignment

 

For the avoidance
of doubt, it is clarified that this Letter is not assignable. Notwithstanding the above, in the case of your death (heaven forbid), this
Letter will apply to you and to your estate.

 

		16.	Letter for in favor of a third party

 

For the avoidance
of doubt, it is clarified that this Letter will not be interpreted as providing a right or benefit to any third party, including any insurer.

 

		17.	Termination, change, waiver and inaction

 

		17.1.	This Letter of Exemption and Indemnity will not detract from or impair the future decisions of the Company
to provide an exemption in advance and/or indemnification in advance or retroactively in any matter subject to any law, and will not require
the Company to provide you with additional exemption and/or indemnification beyond the contents of this Letter of Exemption and Indemnity.

 

		17.2.	The Company may, at its sole discretion and at any time, terminate its exemption and/or indemnification
undertaking under this Letter, or reduce the Maximum Indemnification Amount hereunder, or limit the events to which the indemnification
applies, whether regarding all of the officers or part thereof, in the event that the termination or amendment as stated relates to events
that occur after the date or the amendment - provided that you are given prior notice of this intention in writing at least 30 days prior
to the date on which its decision comes into force. For the avoidance of doubt, it is hereby clarified that any resolution as stated that
can impair or terminate the terms of this Letter will not apply retroactively, and this Letter prior to its change or termination, as
applicable, will continue to apply and be valid for all intents and purposes regarding any event that occurs prior to the change or termination,
even if the proceeding for the same is initiated against the officer after the change or termination of this Letter. In any case, this
Letter of Indemnity cannot be changed unless signed by the Company and by you.

 

		17.3.	If in the future, the relevant law changes in a way that allows the Company to expand the scope of the
exemption that it may provide to an officer from its liability due to a violation of the duty of care and/or that allows the Company to
expand its undertaking to indemnify an officer, this change to the law will be considered to apply to you as well, and this Letter of
Exemption and Indemnity will be considered to be amended to include the aforesaid change.

 

		17.4.	A delay, lateness, extension or inaction on your part or on the part of the Company from exercising or
enforcing any of the rights under this Letter will not be considered to be a waiver or impediment on your part or on the part of the Company
from exercising rights in the future under this Letter and under any law, and will not prevent you or the Company from taking all of the
legal and other measures required in order to exercise rights as stated.

 

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		18.	Applicable Law and Jurisdiction

 

The Israeli law
will apply exclusively to this Letter and to any dispute that arises in connection with this Letter. The exclusive jurisdiction in all
matters relating to and arising from this Letter, including its validity, breach and interpretation shall be granted to the competent
courts in the Tel Aviv District only.

 

		19.	Entry into force and previous exemption and indemnification letters

 

		19.1.	This Letter of Exemption and Indemnity will enter into force upon your signature on a copy thereof in
the place designated for the same and by providing the signed copy to the Company. Upon its entry into force, this Letter of Exemption
and Indemnity cancels any earlier exemption and/or indemnification undertaking, if any were offered and provided to you by the Company.
Without derogating from the generality of the above, if this Letter of Exemption and Indemnity is declared or found to be void by the
competent courts, any earlier indemnification and/or exemption undertaking before this Letter of Exemption and Indemnity came into force,
and which this Letter should replace, will remain in full force.

 

		19.2.	This Letter of Exemption and Indemnity shall not detract from any other exemption or indemnification provided
to you by a third party and/or to which you are entitled from any other source under law.

 

		20.	Addresses and Notices

 

The addresses of
the parties are as set forth below:

 

	
    
	Address	Email
	IceCure Medical Ltd.	7 Ha’eshel Street, Caesaria Industrial Part; or the registered address of the Company that appears in the register of the Israeli Registrar of Companies, at the time of sending a notice or under or in connection with this Letter.	info@icecure-medical.com
	___Full Name__	_______________________________	_________________@____

 

Any notice that
is sent by one party to the other under or in connection with this Letter will be sent by registered mail and email, or delivered by courier.
Notice that must be provided to the Company must be provided, as stated, to two addresses. Notice provided by courier shall be considered
as having arrived at the recipient on the date of the actual delivery, provided that it is a business day, and if it is not a business
day, on the first business day thereafter. Notice sent by registered mail will be considered to have arrived at the recipient within three
(3) business days from being sent, and notice sent by email will be considered to be notice that is received by the recipient on the date
on which the notice is sent, subject to the receipt of electronic confirmation of delivery.

 

In witness whereof,
the Company affixes its signature, through its authorized signatories, who are duly authorized.

 

	IceCure Medical Ltd.
	 
	
    By way of: Eyal Shamir

    Position: CEO

    Date: __________
	
    By: Ronen Tsimerman

    Position: CFO

    Date: _________

	Signature: ___________________	Signature: ___________________

 

I have carefully
read this Letter of Exemption and Indemnity, understood its contents fully, and I confirm receipt of this Letter of Exemption and Indemnity
and confirm my consent to all of its terms. I am aware that regarding this Letter of Exemption and Indemnity, the legal counsel of the
Company does not represent me, and I cannot relay thereon.

 

	 	
    Full Name

     

    Date: _______________

     

	 	Signature: ___________________

 

    8

     

    

 

Addendum

 

		1.	For the avoidance of doubt, all of the definitions, terms and expressions in this Addendum will have the
meanings provided to them in the Letter of Exemption and Indemnity to which this Addendum is attached, unless expressly stated otherwise.

 

		2.	Subject to the provisions of any law, you will be entitled to
indemnification or a liability or expense imposed on you for the benefit of another person under a judgment, including a judgment provided
in a settlement or arbitrator ruling approved by a court, following an action performed by virtue of your position as an officer of the
Company and/or a derivative of such an action, regarding the following events that are anticipated by the Company’s board of directors
in light of the actual activity of the Company when providing the indemnification undertaking:

 

		2.1.	The issue of securities and/or
the listing of the securities for trade on a stock exchange in Israel or overseas, including but without derogating from the generality
of the above, the offer of securities to the public under a prospectus, a private placement, a sale offer, the issue of bonus shares
or the offer of securities in any other manner.

 

		2.2.	An event arising from the Company being a public company or arising from
the fact that its shares were offered to the public or arising from the fact that the shares of the Company are traded on a stock exchange
in Israel or outside of Israel. 

 

		2.3.	A transaction, as defined in Section 1 of the Companies Law, including negotiations for the engagement
in a transaction or action, a transfer, sale, lease, purchase or pledge of assets or undertakings (including securities) or providing
or receiving a right in any of the same, the receipt of credit and provision of securities, and any action involved directly or indirectly
in the transaction as stated, including the transfer of information and documents.

 

		2.4.	Decisions and/or actions related to the approval of transactions with interested
parties, as the same transactions are defined in the Fifth Chapter of the Sixth Part of the Companies Law. 

 

		2.5.	Reporting or notice submitted under the companies laws, securities laws, communications laws, tax laws,
antitrust laws, labor laws, or any other law that requires the Company to provide report or notice, including under rules or instructions
practiced in the Stock Exchange in Israel or outside of it, or under a law of a different country that regulates similar matters and/or
refrains from filing reporting or notice as stated.

 

		2.6.	Adoption of findings of an external opinion for the issue of an immediate report, prospectus, financial
statements or any other disclosure document.

 

		2.7.	A discussion of an passing resolutions and providing reporting and disclosure in reports of the Company,
including the provision of an assessment regarding the effectiveness of the internal control and additional matters included in the board
of director’s report of the Company, and providing declarations and comments to the financial statements.

 

		2.8.	The preparation, formation, approval of and signing on financial statements, including passing resolutions
regarding the operation of accounting rules and restatement in the financial statements.

 

		2.9.	The adoption of financial reporting based on the International Financial Reporting Standards (IFRS), the
generally accepted accounting principles in the United States (the US GAAP) or any financial reporting standards practiced by the Company
or its subsidiaries, and any action involved in the same.

 

		2.10.	Events related to the execution of investments by the Company in any corporations.

 

		2.11.	A decision regarding a distribution, as defined in the Companies Law, including a distribution with the
approval of a court.

 

		2.12.	A restructuring of the Company, change of ownership of the Company, the reorganization of the Company,
its liquidation, sale of its assets or transaction (all or part), or any decision regarding the same, including but without detracting
from the generality of the above, a merger, split, change in capital of the Company, the establishment of subsidiaries, their liquidation
or sale, allocation or distribution.

 

		2.13.	The formation, modification or amendment of arrangements between the Company
and the shareholders and/or bondholders and/or banks and/or creditors of the Company and/or related corporations, including the formation
or amendment of trust deeds, bonds, and outline and arrangement documents generally.

 

		2.14.	Actions related to the issue of licenses, permits or approvals, including approvals and/or exemptions
regarding antitrust matters.

 

		2.15.	Participation in and formation of tenders.

 

    9

     

    

 

		2.16.	An expression or statement, including the presentation of a position or
opinion, a voting and/or abstention from a vote, performed in good faith by you as officer during your position and by virtue of your
position, including in the framework of negotiations and engagements with suppliers or customers, including within meetings of the management,
board of directors, or any of its committees.

 

		2.17.	An action in violation of the Company’s Articles of Association or
memorandum.

 

		2.18.	An action or decision in connection with an employment relationship, including
negotiations, engagements and the implementation of personal or collective employment agreements, benefits to employees, including the
allotment of securities to employees.

 

		2.19.	An action or decision related to work safety and hygiene and/or work conditions.

 

		2.20.	Negotiations, engagement and operation of insurance policies.

 

		2.21.	The formation of work plans, including pricing, marketing, distribution, instructions to employees, customers
and suppliers, and collaborations with competitors.

 

		2.22.	Decisions and/or actions related to environmental protection and public health, including hazardous substances,
related, inter alia, to pollution, protecting health, production processes, distribution, use, handling, storage and transport
of certain materials or products, including for bodily damage, property damage, and environmental damage.

 

		2.23.	Decisions and/or actions relating to the Protection of Privacy Law, 5741-1981, and/or orders and/or regulations
thereunder.

 

		2.24.	Actions related to the intellectual property of the Company and protecting the same, including the registration
or enforcement of intellectual property rights and defense in claims in connection with the same.

 

		2.25.	A violation of intellectual property rights of a third party, including but not limited to patents, models,
design rights, trademarks, copyrights, and so on.

 

		2.26.	Negotiations, the formation and execution of contracts of any type and kind with suppliers, distributors,
agents, concessionaires, marketers, importers, exporters, customers and so on of products or services marketed and/or sold and/or supplied
by the Company or used by it;

 

		2.27.	Negotiations, the formation and execution of agreements with manpower contractors,
service contractors, construction contractors, renovation contractors, and so on.

 

		2.28.	Reporting, notice and submission of an application to the State authorities and other authorities.

 

		2.29.	Investigations of State authorities.

 

		2.30.	The management of the bank accounts in which the Company in banks and the execution of actions in the
above Bank accounts, including with respect to the foreign currency transactions (including deposits in foreign currency), securities
(including a repurchase transaction in securities and the lending and borrowing of securities), charge cards, bank guarantees, letters
of credit, investment consulting agreements, including with portfolio managers, hedging transactions, options, futures, derivatives, swap
transactions, and so on.

 

    10

     

    

 

		2.31.	The exercise of a personal guarantee provided by the officer to the Company, as a guarantee for the undertakings
and/or declarations of the Company.

 

		2.32.	Failure to conduct full and/or proper due diligence procedures in the Company’s investments, which resulted
in the loss of the investments in full or in part and/or to the detriment of the Company’s business and/or breach of liability to a third
party.

 

		2.33.	Events and actions in connection with investments made by the Company in various corporations, before
or after the performance of the investment, including for the engagement in a transaction, its execution, development, monitoring and
control of the same.

 

		2.34.	Financial liability applied to an officer for actions in which he was involved on behalf of the Company,
or with the various state institutions.

 

		2.35.	Financial liability imposed on an officer for an action by third parties against the officer due to misleading
or incomplete disclosure, written or verbal, to existing and/or potential investors of the Company, including in the case of a merger
of the Company with a different company.

 

		2.36.	Coverage of a deductible in the case of the operation of officer liability insurance.

 

		2.37.	The violation of the provisions of any agreement to which the Company is party.

 

		2.38.	An action related to tax liability of the Company and/or a subsidiary and/or shareholders of any of them.

 

		2.39.	Each of the events listed above, in connection with the tenure of an officer in the Company by virtue
of his position as an officer and/or as an employee and/or as an observer at meetings of competent organs of a related corporation.

 

		2.40.	Actions and omissions that are not covered within a product liability insurance
policy or clinical trial insurance policy.

 

		2.41.	Actions or omissions in relation to bodily or property damage attributed
to the Company and/or officer acting on its behalf. 

 

		2.42.	Actions or omissions arising from the failure to engage in adequate insurance
and/or inadequate safety measures and/or negligence in risk management.

 

		2.43.	Any claim or demand in connection with the distribution of dividend to the Company’s shareholders.

 

		2.44.	Any transaction or arrangement, including
a transfer, sale, or purchase or lease of assets or liabilities, including but without detracting from the generality of the above, goods,
real estate, securities, or rights, or the provision or receipt of a right in any of them.

 

* * *

 

 

11Exhibit 10.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ARBEL MEDICAL LTD.

 

2006 EMPLOYEE SHARE OPTION PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	Confidential	1	2/15/2011

     

    

 

2006 ESOP

 

CONTENTS

 

	PREFACE 	1
	1.	PURPOSE OF THE ESOP 	1
	2.	DEFINITIONS	1
	3.	ADMINISTRATION OF THE ESOP 	4
	4.	DESIGNATION OF PARTICIPANTS	7
	5.	DESIGNATION OF OPTIONS PURSUANT TO SECTION 102	8
	6.	TRUSTEE	9
	7.	SHARES RESERVED FOR THE ESOP; RESTRICTION THEREON	9
	8.	EXERCISE PRICE	10
	9.	ADJUSTMENTS	12
	10.	TERM AND EXERCISE OF OPTIONS	14
	11.	VESTING OF OPTIONS	14
	12.	SHARES SUBJECT TO RIGHT OF FIRST REFUSAL AND BRING ALONG	17
	13.	PURCHASE FOR INVESTMENT; LIMITATIONS UPON IPO; REPRESENTATIONS	19
	14.	DIVIDENDS	20
	15.	RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS	20
	16.	EFFECTIVE DATE AND DURATION OF THE ESOP	21
	17.	AMENDMENTS OR TERMINATION	21
	18.	GOVERNMENT REGULATIONS	21
	19.	CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES	21
	20.	GOVERNING LAW & JURISDICTION	21
	21.	INTEGRATION OF SECTION 102 AND TAX COMMISSIONER’S PERMIT	22
	22.	TAX CONSEQUENCES	22
	23.	NON-EXCLUSIVITY OF THE ESOP	23
	24.	MULTIPLE AGREEMENTS	24

 

     

     

    

 

2006 ESOP

 

PREFACE

 

This plan, as amended from time to time, shall be known
as the “Arbel Medical Ltd. 2006 Employee Share Option Plan” (the “ESOP” or the “Plan”).

 

		1.	PURPOSE
                                            OF THE ESOP

 

The purpose of the Plan is to foster and promote the
long-term financial success of the Company and its Subsidiaries and materially increase shareholder value by:

 

		(a)	motivating
                                            superior performance by means of performance-related incentives;

 

		(b)	encouraging
                                            and providing for the acquisition of an ownership interest in the Company by eligible Employees;
                                            and

 

		(c)	enabling
                                            the Company to attract and retain the services of outstanding management team and other qualified
                                            and dedicated employees upon whose judgment, interest and special effort the successful conduct
                                            of its operations is largely dependent.

 

		2.	DEFINITIONS

 

For purposes of the ESOP and related documents, including
the Option Agreement, the following definitions shall apply:

 

“Administrator”
- means the Board or the Committee as shall be administering the Plan, in accordance with Section 3 hereof.

 

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

 

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

 

“Board” means the Board of Directors
of the Company.

 

“Capital Gain Option” or “CGO”
as defined in Section 5.4 below.

 

“Cause”
means, (i) conviction of any felony involving moral turpitude or affecting the Company; (ii) any failure (as a result of gross
negligence or willful misconduct) to carry out, as an employee of the Company or its Affiliates, a reasonable directive of the chief
executive officer, the Board or the Optionee’s direct supervisor, which involves the business of the Company or its Affiliates
and which was capable of being lawfully performed by Optionee; (iii) embezzlement or theft of funds of the Company or its
Affiliates; (iv) any breach of the Optionee’s fiduciary duties or duties of care of the Company; including, without
limitation, self-dealing, prohibited disclosure of confidential information of, or relating to, the Company, or engagement in any
business competitive to the business of the Company or of its Affiliates; and (v) any conduct (other than conduct in good faith)
reasonably determined by the Board to be materially detrimental to the Company.

 

    1

     

    

 

2006 ESOP

 

“Chairman” means the chairman of the Committee.

 

“Committee” means
a share option compensation committee appointed by the Board, which shall consist of no fewer than two members of the Board.

 

“Company” means Arbel
Medical Ltd., an Israeli company incorporated under the laws of the State of Israel.

 

“Companies Law” means the Israeli Companies
Law -1999.

 

“Controlling Shareholder”
shall have the meaning ascribed to it in Section 32(9) of the Ordinance.

 

“Date of Grant” means,
the date of grant of an Option, as determined by the Board and set forth in the Optionee’s Option Agreement.

 

“Employee” shall have the same meaning
as defined under Section 102 of the Ordinance.

 

“Expiration date”
means the date upon which an Option shall expire, as set forth in Section 9.2 of the ESOP.

 

“Fair Market Value” means as of any date,
the value of a Share determined as follows:

 

If the Shares are
listed on any established stock exchange or a national market system, including without limitation the Tel Aviv Stock Exchange, NASDAQ
National Market system, or the NASDAQ SmallCap Market of the NASDAQ Stock Market, the Fair Market Value shall be the closing sales price
for such Shares (or the closing bid, if no sales were reported), as quoted on such exchange or system for the last market trading day
prior to time of determination, as reported in the Wall Street Journal, or such other source as the Board deems reliable.

 

Without derogating
from the above, solely for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance, if at the Date
of Grant the Company’s shares are listed on any established stock exchange or a national market system or if the Company’s
shares will be registered for trading within ninety (90) days following the Date of Grant, the Fair Market Value of a Share at the Date
of Grant shall be determined in accordance with the average value of the Company’s shares on the thirty (30) trading days preceding
the Date of Grant or on the thirty (30) trading days following the date of registration for trading, as the case may be;

 

If the Shares are
regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean between
the high bid and low asked prices for the Shares on the last market trading day prior to the day of determination, or;

 

    2

     

    

 

2006 ESOP

 

In the absence of an established market
for the Shares, the Fair Market Value thereof shall be determined in good faith by the Board.

 

“IPO” means the underwritten
initial public offering of the Company’s shares pursuant to a registration statement filed with and declared effective under the
Israeli Securities Law, 1968, under the U.S. Securities Act of 1933, as amended, or under any similar law of any other jurisdiction.

 

“ESOP” means as defined in the preface
hereto.

 

“ITA” means the Israeli Tax Authorities.

 

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

 

“Ordinary Income Option” or “OIO”
as defined in Section 5.5 below.

 

“Option” means an
option to purchase one or more Shares of the Company pursuant to the ESOP.

 

“102 Option” means
an Option that the Board intends to be a “102 Option” which shall only be granted to Employees, and shall be subject to and
construed consistently with the requirements of Section 102 of the Ordinance. The Company shall have no liability to an Optionee or to
any other party, if an Option (or any part thereof), which is intended to be a 102 Option, is not a 102 Option. Approved 102 Options
may either be classified as Capital Gain Options (“CGO”) or Ordinary Income Options (“OIO”).

 

“3(i) Option” means
Options that do not contain such terms as will qualify under Section 102 of the Tax Ordinance.

 

“Optionee” means a person who receives
or holds an Option under the ESOP.

 

“Option Agreement”
means the share option agreement between the Company and an Optionee that sets out the terms and conditions of an Option.

 

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

 

“Exercise Price” means the Exercise Price
for each Share underlying an Option.

 

“Section 102” means Section 102 of the
Ordinance as now in effect or as hereafter amended.

 

“Share” means the ordinary shares of the
Company, NIS [0.01] par value each.

 

    3

     

    

 

2006 ESOP

 

“Successor Company”
means any entity into or with which the Company is merged or by which the Company is acquired, pursuant to a Transaction in which
the Company is not the surviving entity.

 

“Transaction” means
(i) merger, acquisition or reorganization of the Company with one or more other entities in which the Company is not the surviving entity,
(ii) a sale of all or substantially all of the assets or shares of the Company.

 

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

 

“Vested Option”
means any Option that has already become vested and exercisable according to its Vesting Date or otherwise (e.g. acceleration upon certain
events).

 

“Vesting Dates”
means, with respect to any Option, the date as of which the Optionee shall be entitled to exercise such Option, as set forth in Section
10 of the ESOP.

 

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

 

		3.	ADMINISTRATION
                                            OF THE ESOP

 

		7.3	The Plan shall be administered by the Board. The Board shall
have the authority in its sole discretion, subject and not inconsistent with the express provisions of the Plan, to administer the Plan
and to exercise all the powers and authorities specifically granted to it under the Plan as necessary and advisable in the administration
of the Plan.

 

		7.4	Provided that the Board of Directors is entitled by law to
delegate all and any of its powers and authority granted to it under this Plan to a Committee of the Board of Directors, which shall
consist of at least two Directors of the Company chosen by the Board. The Committee shall have the responsibility of construing and interpreting
the Plan and of establishing and amending such rules and regulations, as it deems necessary or desirable for the proper administration
of the Plan.

 

		7.5	The Committee shall select one of its members as its Chairman
and shall hold its meetings at such times and places, as the Chairman shall determine or as otherwise convened in accordance with the
Articles of Association of the Company. The Committee shall keep records of its meetings and shall make such rules and regulations for
the conduct of its business, as it shall deem advisable.

		 	 

		7.6	The Committee shall have the power to recommend to the Board
and the Board shall have the full power and authority to: (i) designate Optionees; (ii) determine, on the date of grant, the terms and
provisions of the respective Option Agreements (which need not be identical), including, but not limited to, the number of Options to
be granted to each Optionee, the number of Shares to be covered by each Option, provisions concerning the time and extent to which the
Options may be exercised, and the nature and duration of restrictions as to the transferability, or restrictions constituting substantial
risk of forfeiture upon occurrence of certain events; (iii) determine the Fair Market Value of the Shares covered by each Option; (iv)
designate the type of Options; and (v) cancel or suspend Options, as necessary.

 

    4

     

    

 

2006 ESOP

 

		7.7	Subject to the provisions of the Plan, the applicable laws
and, the specific duties delegated by the Board to the Committee, and subject to the approval of any relevant authorities, the Committee
shall have the authority, in its discretion:

 

		(i)	To
                                            construe and interpret the terms of the Plan and any Options granted pursuant to the Plan;

 

		(ii)	To
                                            designate the Service Providers to whom Options may from time to time be granted hereunder;

 

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

 

		(iv)	To
                                            prescribe forms of agreement for use under the Plan;

 

		(v)	To
                                            determine the terms of any Option granted hereunder;

 

		(vi)	To
                                            determine the Exercise Price of any Option granted hereunder;

 

		(vii)	To
                                            determine the Fair Market Value of Shares;

 

		(viii)	To
                                            prescribe, amend and rescind rules and regulations relating to the Plan, provided that any
                                            such amendment or resident that would adversely affect the Optionee’s rights under
                                            an Option shall not be made without the Optionee’s written consent.

 

		(ix)	To
                                            take all other action and make all other determinations necessary for the administration
                                            of the Plan.

 

		(x)	To
                                            determine the total number of shares with in the pool allocated for the purpose of this plan,
                                            and or any additional awards hereafter, subject to this plan

 

		7.8	Subject to the Company’s Articles of Association, all
decisions and selections made by the Board or the Committee pursuant to the provisions of the Plan shall be made by a majority of its
members except that no member of the Board or the Committee shall vote on, or be counted for quorum purposes, with respect to any proposed
action of the Board or the Committee relating to any Option to be granted to that member. Any decision reduced to writing shall be executed
in accordance with the provisions of the Company’s Articles of Association, as the same may be in effect from time to time.

 

    5

     

    

 

2006 ESOP

 

		7.9	Any decision or action taken or to be taken by the Committee,
arising out of or in connection with the construction, administration, interpretation and effect of the Plan and of its rules and regulations,
shall, to the maximum extent permitted by applicable law, be within its absolute discretion (except as otherwise specifically provided
herein) and shall be conclusive and binding upon all Optionees and any person claiming under or through any Optionee.

 

		7.10	No
                                            member of the Board or the Committee shall be liable for any action taken or determination
                                            made in good faith with respect to the Plan or any Option granted hereunder.

 

		7.11	Any
                                            member of such Committee shall be eligible to receive Options under the Plan while serving
                                            on the Committee, unless otherwise specified herein. No person shall be eligible to be a
                                            member of the Committee if that person’s membership would prevent the Plan from complying
                                            with exemptions provided within the Applicable Laws.

 

    6

     

    

 

2006 ESOP

 

		4.	DESIGNATION
                                            OF PARTICIPANTS

 

The persons eligible for participation in the ESOP as
Optionees shall include any Employees and/or Non-Employees of the Company or of any Affiliate thereof; provided, however, that (i)
Employees may only be granted 102 Options; and (ii) Non-Employees may only be granted 3(i) Options.

 

Each Option granted pursuant to the
Plan shall be evidenced by an Option Agreement, in such form as the Board or the Committee shall from time to time approve. Each Option
Agreement shall state, among other matters, the number of Shares to which the Option relates, the type of Option granted thereunder (whether
an CGO, OIO, Unapproved 102 Option or a 3(i) Option), the Vesting Dates, the Exercise Price per share, the expiration date and such other
terms and conditions as the Committee or the Board in its discretion may prescribe, provided that they are consistent with this Plan.
The written agreement shall be delivered to the Optionee and shall incorporate the terms of the Plan by reference and specify the terms
and conditions thereof and any rules applicable thereto (each, an “Option Agreement”).

 

Neither this Plan nor any Agreement
nor any offer of Options to an Optionee shall impose any obligation on the Company to continue to employ or to engage the services of
any Optionee, and nothing in the Plan or in any Option granted pursuant thereto shall give any Optionee any right to continue it’s
employment or service with the Company or restrict the right of the Company to terminate such employment or services at any time. Further,
the Company and each Subsidiary expressly reserves the right at any time to dismiss an Optionee free from any liability, or any claim
under the Plan, except as provided herein or in any agreement entered into with respect to an Option.

 

The grant of an Option hereunder shall
neither entitle the Optionee to participate nor disqualify the Optionee from participating in, any other grant of Options pursuant to
the ESOP or any other option or share plan of the Company or any of its Affiliates.

 

Anything in the ESOP to the contrary
notwithstanding, all grants of Options to directors and office holders shall be authorized and implemented in accordance with the provisions
of the Companies Law or any successor act or regulation, as in effect from time to time.

 

    7

     

    

 

2006 ESOP

 

		5.	DESIGNATION
                                            OF OPTIONS PURSUANT TO SECTION 102

 

		5.1	The Company may designate Options granted to Employees pursuant
to Section 102 as Unapproved 102 Options or Approved 102 Options.

		 	 

		5.2	The grant of Approved 102 Options shall be made under this
ESOP adopted by the Board as described in Section 16 below, and shall be conditioned upon the approval of this ESOP by the ITA.

		 	 

		5.3	Approved 102 Option may either be classified as Capital Gain
Option (or as CGO) or Ordinary Income Option (or as OIO).

		 	 

		5.4	Approved 102 Option elected and designated by the Company
to qualify under the capital gain tax treatment in accordance with the provisions of Section 102(b)(2) shall be referred to herein as
CGO.

		 	 

		5.5	Approved 102 Option elected and designated by the Company
to qualify under the ordinary income tax treatment in accordance with the provisions of Section 102(b)(1) shall be referred to herein
as OIO.

		 	 

		5.6	The Company’s election of the type of Approved 102
Options as CGO or OIO granted to Employees (the “Election”), shall be appropriately filed with the ITA before the
first Date of Grant of an Approved 102 Option under such Election. Such Election shall become effective beginning the first Date of Grant
of an Approved 102 Option under such Election and shall remain in effect until the end of the year following the year during which the
Company first granted Approved 102 Options under such Election. The Election shall obligate the Company to grant only the type of Approved
102 Option it has elected, and shall apply to all Optionees who were granted Approved 102 Options during the period indicated herein,
all in accordance with the provisions of Section 102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent
the Company from granting Unapproved 102 Options simultaneously.

		 	 

		5.7	Designation of Approved 102 Options – In case that
Optionee exercises and sales his Shares within the Restricted Period (as defined in section 6.1 below), the Company should not bear any
tax liability derived due to the exercise and or sale of the options as a result of Optionee’s termination except for the mentioned
in section 22 below.

		 	 

		5.8	All Approved 102 Options must be held in trust by a Trustee,
as described in Section 6 below.

 

    8

     

    

 

2006 ESOP

 

		5.9	For
                                            the avoidance of doubt, the designation of Unapproved 102 Options and Approved 102 Options
                                            shall be subject to the terms and conditions set forth in Section 102 of the Ordinance and
                                            the regulations promulgated thereunder.

 

		6.	TRUSTEE

 

		6.1	Approved 102 Options which shall be granted under the ESOP
and/or any Shares allocated or issued upon exercise of such Approved 102 Options and/or other shares received subsequently following
any realization of rights, including, without limitation, bonus shares, shall be allocated or issued to the Optionee (and registered
in the Trustee’s name in the register of members of the Company) and held by the Trustee for the benefit of the Optionees for such
period of time as required by Section 102 or any regulations, rules or orders or procedures promulgated hereunder (the “Restricted
Period”). All certificates representing Shares issued to the Trustee under the Plan shall be deposited with the Trustee, and
shall be held by the Trustee until such time that such Shares are released from the aforesaid trust as herein provided. In the case the
requirements for Approved 102 Options are not met, then the Approved 102 Options may be treated as Unapproved 102 Options, all in accordance
with the provisions of Section 102 and regulations promulgated thereunder.

		 	 

		6.2	Notwithstanding anything to the contrary, the Trustee shall
not release any Shares allocated or issued upon exercise of Approved 102 Options prior to the full payment of the Optionee’s tax
liabilities arising from Approved 102 Options which were granted to such Optionee and/or any Shares allocated or issued upon exercise
of such Options.

		 	 

		6.3	With respect to any Approved 102 Option, subject to the provisions
of Section 102 and any rules or regulations or orders or procedures promulgated thereunder, an Optionee shall not sell or release from
trust any Share received upon the exercise of an Approved 102 Option and/or any share received subsequently following any realization
of rights, including without limitation, bonus shares, until the lapse of the Restricted Period required under Section 102 of the Ordinance.
Notwithstanding the above, if any such sale or release occurs during the Restricted Period, the sanctions under Section 102 of the Ordinance
and under any rules or regulations or orders or procedures promulgated thereunder shall apply to and shall be borne by such Optionee.

		 	 

		6.4	Upon receipt of Approved 102 Option, the Optionee will sign
an undertaking to release the Trustee from any liability in respect of any action or decision duly taken and bona fide executed in relation
with the ESOP, or any Approved 102 Option or Share granted to him thereunder.

		 	 

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		7.	SHARES
                                            RESERVED FOR THE ESOP; RESTRICTION THEREON

 

		7.1	The Company has reserved a total of [_______]Shares, for
the purposes of the ESOP and for the purposes of any other share option plans which have previously been, or may in the future be, adopted
by the Company, subject to adjustment as set forth in Section 11 below. Any Shares which remain unissued and which are not subject to
the outstanding Options at the termination of the ESOP shall cease to be reserved for the purpose of the ESOP, but until termination
of the ESOP the Company shall at all times reserve sufficient number of Shares to meet the requirements of the ESOP. Should any Option
for any reason expire or be canceled prior to its exercise or relinquishment in full, the Shares subject to such Option may again be
subjected to an Option under the ESOP or under the Company’s other share option plans, provided, however, that Shares that have
actually been issued under the Plan shall not be returned to the Plan and shall not become available for future distribution under the
Plan.

 

		7.12	The Company, at its sole discretion, may require that, until
the consummation of an IPO, any Shares issued upon exercise of Options (and securities of the Company issued with respect thereto) shall
be voted by an irrevocable proxy (the “Proxy”), pursuant to the directions of the Board, such Proxy to be assigned
to the person or persons designated by the Board and to provide for the power of such designated person(s) to act, instead of the Optionee
and on its behalf, with respect to any and all aspects of the Optionee’s shareholdings in the Company. The Proxy may be contained
in the Option Agreement of an Optionee or otherwise as the Committee determines. If contained in the Option Agreement, no further document
shall be required to implement such Proxy, and the signature of the Optionee on the Option Agreement shall indicate approval of the Proxy
thereby granted. Such person or persons designated by the Board 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 such Proxy unless arising
out of such member’s own fraud or bad faith, to the extent permitted by applicable law. Such indemnification shall be in addition
to any rights of indemnification the person(s) may have as a director or otherwise under the Company’s Articles of Association,
any agreement, any vote of shareholders or disinterested directors, insurance policy or otherwise. Without derogating from the above,
with respect to Shares issuable upon exercise of Approved 102 Options, such Shares shall be voted in accordance with the provisions of
Section 102 and of any rules, regulations or orders promulgated thereunder.

 

		8.	EXERCISE
                                            PRICE

 

		8.1	The Exercise Price of each Share subject to an Option shall be determined by the Committee in its
                                                                                   sole and absolute discretion in accordance with applicable law, subject to any guidelines as may be determined by the Board from
                                                                                   time to time. Each Option Agreement will contain the Exercise Price determined for each Option covered thereby (but in any event, not less than the par value of the Share issuable upon exercise thereof).

 

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		8.2	The
                                            total consideration to be paid for the Shares to be issued upon exercise of an Option, including
                                            the method of payment, shall be determined by the Administrator and may consist entirely
                                            of (1) cash, (2) check, or (3) any combination of the foregoing methods of payment. In making
                                            its determination as to the type of consideration to accept, the Administrator shall consider
                                            if acceptance of such consideration may be reasonably expected to benefit the Company. The
                                            Committee shall have the authority to postpone the date of payment on such terms as it may
                                            determine.

 

		8.3	The
                                            Exercise Price shall be denominated in the currency of the primary economic environment of,
                                            either the Company or the Optionee (that is the functional currency of the Company or the
                                            currency in which the Optionee is paid), as determined by the Company.

 

		8.4	The
                                            proceeds received by the Company from the issuance of Shares subject to the Options will
                                            be added to the general funds of the Company and used for its corporate purposes

 

Options shall be exercised by the
Optionee by giving written notice to the Company and/or to any third party designated by the Company (the “Representative”),
in such form and method as may be determined by the Company and when applicable, by the Trustee in accordance with the requirements of
Section 102, which exercise shall be effective upon receipt of such notice by the Company and/or the Representative and the payment of
the Exercise Price at the Company’s or the Representative’s principal office. The notice shall specify the number of Shares
with respect to which the Option is being exercised.

 

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		9.	TERM
                                            AND EXERCISE OF OPTIONS

 

Options, to the extent not previously exercised, shall
terminate forthwith upon the earlier of: (i) the date set forth in the Option Agreement (unless otherwise determined in accordance
with the provisions of this ESOP with respect to any Option(s), such date shall be ten (10) years from the respective Date of Grant;
and (ii) the expiration of any extended period in any of the events set forth in Section 9.5 below.

 

The Options may be exercised by the
Optionee in whole at any time or in part from time to time, to the extent that the Options become vested and exercisable, prior to the
Expiration Date, and provided that, subject to the provisions of Section 9.5 below, the Optionee is employed by or providing services
to the Company or any of its Affiliates, at all times during the period beginning with the granting of the Option and ending upon the
date of exercise.

 

Subject to the provisions of Section
9.5 below, in the event of termination of Optionee’s employment or services, with the Company or any of its Affiliates, all Options
granted to such Optionee will immediately expire. A notice of termination of employment or service shall be deemed to constitute termination
of employment or service. For the avoidance of doubt, in case of such termination of employment or service, the unvested portion of the
Optionee’s Option shall not vest and shall not become exercisable and any unvested portion of the Optionee’s Option shall
revert to the ESOP.

 

Notwithstanding anything to the contrary
herein above and unless otherwise determined in the Optionee’s Option Agreement, an Option may be exercised after the date of termination
of Optionee’s employment or service with the Company or any Affiliates during an additional period of time beyond the date of such
termination, but only with respect to the number of Vested Options at the time of such termination according to the Vesting Dates, if:

 

		(i)	termination
                                            is without Cause, in which event any Vested Option still in force and unexpired may be exercised
                                            within a period of three (3) months after the date of such termination; or-

 

		(ii)	termination
                                            is the result of death, Retirement or Disability (each, as hereinafter defined) of the Optionee,
                                            in which event any Vested Option still in force and unexpired may be exercised within a period
                                            of twenty four (24) months after the date of such termination; or -

 

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2006 ESOP

 

		(iii)	prior
                                            to such termination, the Committee shall authorize an extension of the terms of all or part
                                            of the Vested Options beyond the date of such termination for a period not to exceed the
                                            period during which the Options by their terms would otherwise have been exercisable.

 

		(iv)	For
                                            avoidance of any doubt, notwithstanding anything herein to the contrary, if termination of
                                            employment or service is for Cause: (i) any outstanding unexercised Option (whether vested
                                            or non-vested), will immediately expire and terminate, and the Optionee shall not have any
                                            right in connection to such outstanding Options; and (ii) all Shares issued upon exercise
                                            of Options shall be subject to repurchase at their nominal value by the Repurchaser(s) (as
                                            defined in Section 12.3 below), provided however that in no case shall the
                                            Company provide financial assistance to any other party to purchase the Shares if doing so
                                            is prohibited by law.

 

		(v)	As
                                            used herein: the term “Disability” means an Optionee’s inability
                                            to perform his/her duties to the Company, or to any of its Affiliates, for a consecutive
                                            period of at least 180 days, by reason of any medically determinable physical or mental impairment,
                                            as determined by a physician selected by the Optionee and acceptable to the Company;

 

To avoid doubt, the Optionees shall
not be deemed owners of the Shares issuable upon the exercise of Options and shall not have any of the rights or privileges of shareholders
of the Company in respect of any Shares purchasable upon the exercise of any Option, nor shall they be deemed to be a class of shareholders
of the Company for purpose of the operation of Sections 350 and 351 of the Companies Law or any successor to such section, until registration
of the Optionee as holder of such Shares in the Company’s register of shareholders upon exercise of the Option in accordance with
the provisions of the ESOP, but in case of Options and Shares held by the Trustee, subject to the provisions of Section 6 of the ESOP.
Anything herein to the contrary notwithstanding, in no event shall the Optionees be deemed a class of creditors of the Company for purpose
of the operation of Sections 350 and 351 of the Companies Law or any successor to such section.

 

Any form of Option Agreement authorized
by the ESOP may contain such other provisions, as the Committee may, from time to time, deem advisable.

 

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.

 

With respect to Unapproved 102 Options,
if the Optionee ceases to be employed by the Company or any Affiliate, the Optionee shall extend to the Company and/or its Affiliate
a

 

security or guarantee for the payment
of tax due at the time of Sale of Shares, all in accordance with the provisions of Section 102 and the rules, regulations or orders promulgated
thereunder. In respect of any employer’s tax liability for the purpose of employment taxes such as in the case of social taxes,
see section 22 below.

 

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2006 ESOP

 

Shares shall not be issued pursuant
to the exercise of an Option unless the exercise of such Option, the method of payment and the issuance and delivery of such Shares shall
comply with Applicable Laws.

 

Upon their issuance, the Shares shall
carry equal voting rights on all matters where such vote is permitted by applicable laws of the jurisdiction of incorporation of the
Company, provided however, that the Company, at its sole discretion, may require that, until the consummation of an IPO, any Shares issued
upon exercise of Options (and securities of the Company issued with respect thereto) shall be voted by an irrevocable Proxy in the same
manner as the votes of the majority of other shareholders of the Company present and voting at the applicable meeting, such Proxy to
be assigned to the person or persons designated by the Board and to provide for the power of such designated person(s) to act, instead
of the Optionee and on its behalf, with respect to any and all aspects of the Optionee’s shareholdings in the Company, as set forth
in Section 7.3 above.

 

		10.	VESTING
                                            OF OPTIONS

 

Subject to the provisions of the ESOP,
each Option shall vest and become exercisable commencing on the Vesting Date thereof, as determined by the Board or by the Committee,
for the number of Shares as shall be provided in the Option Agreement. However, no Option shall be exercisable after the Expiration Date.

 

Unless otherwise determined in
accordance with the provisions of this ESOP with respect to any, some or all Options, each Option shall vest annually, in equal portions,
over a Three (3) year period from its Date of Grant, with Thirty Three percent (33%) of such Option becoming vested on the First, second
and Third anniversaries of such Date of Grant.

 

An Option may be subject to such other
terms and conditions on the time or times when it may be exercised, as the Committee may deem appropriate. The vesting provisions of
individual Options may vary.

 

		11.	ADJUSTMENTS

 

Changes in Capitalization
Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding Option, the
number of Shares which have been reserved for issuance under the Plan but as to which no Options have yet been granted or which have
been returned to the Plan upon cancellation or expiration of an Option, as well as the Exercise Price per share of Shares covered by
each such outstanding Option, shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting
from a share split, reverse share split, bonus shares (stock dividend), 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. Such adjustment shall be made by
the Administrator, 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 the price of Shares subject to an Option. If the Options or the Shares issued
upon the exercise of such Options will be deposited with a Trustee, as determined by the Administrator, all of the Shares formed by these
adjustments also will be deposited with the Trustee in the same terms and conditions as the original Options or Shares.

 

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Dissolution or Liquidation
In the event of a dissolution or liquidation of the Company (both voluntary and involuntary) (the “Event”), the Administrator
shall notify each Optionee as soon as practicable prior to the effective date of such Event. The Option holders shall then have fifteen
(15) days to exercise any unexercised Vested Option held by them at that time, in accordance with the exercise procedure set forth herein.
Upon the expiration of such fifteen-day period, all remaining unexercised Options will terminate immediately. The Administrator in its
sole discretion may allow the exercise of any or all-outstanding Options, whether or not vested, within a reasonable period of time prior
to the Event and subject to the provisions of the Applicable Laws. To the extent it has not been previously exercised, an Option will
terminate immediately prior to the Event.

 

Merger, Acquisition, Shares’ sale, Assets’
Sale

 

		i.	In
                                            the event of a merger or consolidation of the Company with or into another corporation resulting
                                            in such other corporation being the surviving entity, an acquisition of all or substantially
                                            all of the outstanding capital stock of the Company, or the sale of substantially all of
                                            the assets of the Company (each such event, a “Transaction”), each outstanding
                                            Option shall be assumed for an equivalent option or right substituted by the successor corporation
                                            or a parent or subsidiary of the successor corporation, and appropriate adjustments shall
                                            be made in the number of options in order to reflect such an action and to keep the Optionee
                                            harmless due to the Transaction.

 

		ii.	In
                                            the event that the successor corporation refuses to assume or substitute for the Option,
                                            the vesting periods defined in the Option Agreement may be fully accelerated If as a result
                                            of such acceleration an Option becomes fully vested and exercisable, in lieu of assumption
                                            or substitution in the event of a Transaction, the Administrator shall notify the Optionee
                                            in writing or electronically that the Option shall be fully exercisable for a period of fifteen
                                            (15) days from the date of such notice, and the Option shall terminate upon the expiration
                                            of such period if not exercised earlier by the Optionee.

 

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2006 ESOP

 

		iii.	Anything
                                            herein to the contrary notwithstanding, if a Transaction shall occur prior to the consummation
                                            of an IPO, then each Optionee shall be obliged to sell or exchange, as the case may be, any
                                            Shares such Optionee purchased under the Plan, in accordance with the instructions of the
                                            Board, at its sole and absolute discretion, in connection with the Transaction, and in the
                                            same terms as shall be determined to all the shareholders of the Company.

 

		iv.	For
                                            the purposes of this paragraph, the Option shall be considered assumed if, following a Transaction,
                                            the Optionee receives the right to purchase or receive, for each Share subject to the Option
                                            immediately prior to the Transaction, the consideration (whether stocks, cash, or other securities
                                            or property) received in the Transaction by holders of Shares for each Share held on the
                                            effective date of the Transaction (and if holders were offered a choice of consideration,
                                            the type of consideration chosen by the holders of a majority of the outstanding Shares);
                                            provided, however, that if such consideration received in the Transaction is not solely shares
                                            of the successor corporation or its parent or subsidiary, the Administrator may, with the
                                            consent of the successor corporation, provide for each Optionee to receive solely Shares
                                            of the successor Company or its Parent or Subsidiary equal in Fair Market Value to the per
                                            share consideration received by holders of Shares in the Transaction.

 

Stock dividend, bonus shares, stock split

 

		i.	If
                                            the outstanding shares of the Company shall at any time be changed or exchanged by declaration
                                            of a share dividend (bonus shares), share split, combination or exchange of shares, recapitalization,
                                            or any other like event by or of the Company, and as often as the same shall occur, then
                                            the number, class and kind of the Shares subject to the ESOP or subject to any Options therefore
                                            granted, and the Exercise Prices, shall be appropriately and equitably adjusted so as to
                                            maintain the proportionate number of Shares without changing the aggregate Exercise Price,
                                            provided, however, that the Exercise Price shall not be less than the par value of the Share
                                            underlying any such Options, and provided further, that no adjustment shall be made by reason
                                            of the distribution of subscription rights (rights offering) on outstanding shares. Upon
                                            happening of any of the foregoing, the class and aggregate number of Shares issuable pursuant
                                            to the ESOP (as set forth in Section 7 hereof), in respect of which Options have not yet
                                            been exercised, shall be appropriately adjusted, all as will be determined by the Board whose
                                            determination shall be final.

 

		ii.	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 Option.

 

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		12.	SHARES
                                            SUBJECT TO RIGHT OF FIRST REFUSAL AND BRING ALONG

 

		12.1	Notwithstanding anything to the contrary in the Articles
of Association of the Company, none of the Optionees shall have a right of first refusal in relation with any Sale (as hereinafter defined)
of shares in the Company.

		 	 

		12.2	Sale, transfer, assignment or other disposal (collectively,
“Sale”) of Shares issuable upon the exercise of an Option shall be subject to the right of first refusal of other
shareholders of the Company as set forth in the Articles of Association of the Company or in any agreement among the Company and all
or substantially all of its shareholders. In the event that neither the Articles of Association of the Company nor any such agreement
shall provide for applicable rights of first refusal, then, unless otherwise determined by the Committee, until such time as the Company
shall complete an IPO, the Sale of Shares issuable upon the exercise of an Option shall be subject to a right of first refusal on the
part of the Repurchaser(s), as follows:

 

		(a)	Repurchaser(s)
                                            means (i) the Company, if permitted by applicable law, (ii) if the Company is not permitted
                                            by applicable law, then any Affiliate of the Company designated by the Committee; or (iii)
                                            if no decision is reached by the Committee, then the Company’s existing shareholders
                                            (save, for avoidance of doubt, for other Optionees who already exercised their Options),
                                            pro rata in accordance with their respective shareholdings in the Company’s issued
                                            and outstanding share capital.

 

		(b)	The
                                            Optionee shall give a notice of sale (hereinafter the “Notice”) to the
                                            Company in order to offer the Shares to the Repurchaser(s). The Company will forward the
                                            Notice to the applicable Repurchaser(s).

 

		(c)	The
                                            Notice shall specify the name of each proposed purchaser or other transferee (hereinafter
                                            the “Proposed Transferee”), the number of Shares offered for Sale, the
                                            price per Share and the payment terms. The Repurchaser(s) will be entitled for thirty (30)
                                            days from the day of receipt of the Notice (hereinafter the “Notice Period”),
                                            to purchase all or part of the offered Shares (if the Repurchaser(s) are shareholders of
                                            the Company, then such entitlement shall be on a pro rata basis, based on their respective
                                            holdings in the Company’s issued and outstanding share capital).

 

		(d)	If,
                                            by the end of the Notice Period, not all of the offered Shares have been purchased by the
                                            Repurchaser(s), the Optionee shall be entitled to Sell the Shares so remained unpurchased,
                                            at any time during the ninety (90) days following the end of the Notice Period on terms not more favorable to the Proposed Transferee than those set out in the Notice, provided
that the Proposed Transferee agrees in writing that the provisions of this section shall continue to apply to the Shares in the hands
of such Proposed Transferee. Any Sale of Shares issued under the ESOP by the Optionee that is not made in accordance with the ESOP or
the Option Agreement shall be null and void.

 

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		(e)	If
                                            the consideration to be paid for the Shares is not cash, the value of the consideration shall
                                            be determined in good faith by the Company’s Board of Directors, and if the Company
                                            cannot for any reason pay for the Shares in the form of non-cash consideration, the Company
                                            may pay the cash equivalent thereof, as determined by the Board of Directors.

 

		12.3	Prior
                                            to an IPO, and in addition to the right of first refusal, any transfer of Shares by an Optionee
                                            shall require the Board of Directors’ approval as to the identity of the transferee
                                            and as required under the Company’s Articles of Association. The Board of Directors
                                            may refuse to approve the transfer of Shares to any competitor of the Company or to any other
                                            person or entity the Board determines, in its discretion, may be detrimental to the Company.

 

		12.4	Anything
                                            herein to the contrary notwithstanding, the Optionees shall be bound by the “bring
                                            along” provisions of any agreement among the Company and all or substantially all of
                                            its shareholders, as in effect from time to time, to the effect that if, prior to the completion
                                            of the IPO, shareholders holding a certain percentage of the Company’s share capital
                                            (as set forth in such agreement) (“Proposing Holders”), elect to sell
                                            all of their equity securities in the Company to a third party, or agree to merge or consolidate
                                            the Company with or into another entity, and such sale or merger is conditioned upon the
                                            sale of all remaining stock of the Company to such third party, or to the agreement of all
                                            of the shareholders, the Optionees shall be required, if so demanded by the Proposing Holders,
                                            to sell or transfer all of their equity securities in the Company to such third party at
                                            the same price and upon the same terms and conditions as the Proposing Holders.

 

Anything herein to the contrary notwithstanding,
if prior to the completion of the IPO, a Transaction is consummated pursuant to which, all or substantially all of the shares of the
Company are sold, or exchanged for securities of another Company, then each Optionee shall be obliged to sell or exchange, as the case
may be, any Shares such Optionee purchased under the ESOP (in accordance with the value of the Optionee’s Shares pursuant to the
terms of the Transaction), and perform any action and/or execute any document required in order to effectuate such Transaction, all in
accordance with the instructions issued by the Board in connection with the Transaction, whose determination shall be final.

 

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		13.	PURCHASE
                                            FOR INVESTMENT; LIMITATIONS UPON IPO; REPRESENTATIONS

 

		13.1	The
                                            Company’s obligation to issue or allocate Shares upon exercise of an Option granted
                                            under the ESOP is expressly conditioned upon: (a) the Company’s completion of any registration
                                            or other qualifications of such Shares under all applicable laws, rules and regulations or
                                            (b) representations and undertakings by the Optionee (or his legal representative, heir or
                                            legatee, in the event of the Optionee’s death) to assure that the sale of the Shares
                                            complies with any registration exemption requirements which the Company in its sole discretion
                                            shall deem necessary or advisable. Such required representations and undertakings may include
                                            representations and agreements that such Optionee (or his legal representative, heir, or
                                            legatee): (a) is purchasing such Shares for investment and not with any present intention
                                            of selling or otherwise disposing thereof; and (b) agrees to have placed upon the face and
                                            reverse of any certificates evidencing such Shares a legend setting forth (i) any representations
                                            and undertakings which such Optionee has given to the Company or a reference thereto and
                                            (ii) that, prior to effecting any sale or other disposition of any such Shares, the Optionee
                                            must furnish to the Company an opinion of counsel, satisfactory to the Company, that such
                                            sale or disposition will not violate the applicable laws, rules, and regulations, whether
                                            of the State of Israel or of any other State having jurisdiction over the Company and the
                                            Optionee.

 

		13.2	The
                                            Optionee acknowledges that in the event that the Company’s shares shall be registered
                                            for trading in any public market, Optionee’s rights to sell the Shares may be subject
                                            to certain limitations (including a lock-up period), as will be requested by the Company
                                            or its underwriters, and the Optionee unconditionally agrees and accepts any such limitations.

 

		13.3	If
                                            any Shares shall be registered under the United States Securities Act of 1933, no public
                                            offering otherwise than a national securities exchange (as defined in the United States Securities
                                            Exchange Act of 1934, as amended) of any Shares shall be made by the Optionee (or any other
                                            person) under such circumstances that he or she (or such other person) may be deemed an underwriter,
                                            as defined in the United States Securities Act of 1933.

 

		13.4	Upon
                                            the grant of Options to an Optionee or the issuance of Shares upon the exercise thereof,
                                            the Company shall obtain from such the representations and undertakings as follows:

 

		(a)	That
                                            the Optionee is familiar with the Company, its activity and its financial and commercial
                                            forecast, and that the Optionee knows that there is no certainty that the exercise of the
                                            Options will be financially worthwhile. The Optionee hereby undertakes not to have any claim
                                            against the Company or any of its directors, employees, stockholders or advisors if it emerges,
                                            at the time of exercising the Options, that the Optionee’s investment in the Company’s Shares was not worthwhile, for any reason
whatsoever.

 

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		(b)	That
                                            the Optionee knows that his rights regarding the Options and the Shares are subject for all
                                            intents and purposes to the instructions of the Company’s documents of incorporation
                                            and to the agreements of the stockholders in the Company.

 

		(c)	That
                                            the Optionee knows that in addition to the allocations set forth above, the Company has allocated
                                            and/or is entitled to allocate Options and Shares to other employees and other people, and
                                            the Optionee shall have no claim regarding such allocations, their quantity, the relationship
                                            among them and between them and the other stockholders in the Company, exercising of the
                                            options or any matter related to or stemming from them.

 

		(d)	That
                                            the Optionee knows that neither the ESOP nor the grant of Option or Shares thereunder shall
                                            impose any obligation on the Company to continue the engagement of the Optionee, and nothing
                                            in the ESOP or in any Option or Shares granted pursuant thereto shall confer upon any Optionee
                                            any right to continue being engaged by the Company, or restrict the right of the Company
                                            to terminate such engagement at any time.

 

		14.	DIVIDENDS

 

With respect to all Shares (but
excluding, for avoidance of any doubt, any unexercised Options) allocated or issued upon the exercise of Options purchased by the Optionee
and held by the Optionee or by the Trustee, as the case may be, the Optionee shall be entitled to receive dividends in accordance with
the quantity of such Shares, subject to the provisions of the Company’s Articles of Association (and all amendments thereto) and
subject to any applicable taxation on distribution of dividends, and, when applicable, subject to the provisions of Section 102 and the
rules, regulations or orders promulgated thereunder.

 

		15.	RESTRICTIONS
                                            ON ASSIGNABILITY AND SALE OF OPTIONS

 

		15.1	No Option or any right with respect thereto, purchasable
hereunder, whether fully paid or not, shall be assignable, transferable or given as collateral or any right with respect to it given
to any third party whatsoever, except as specifically allowed under the ESOP, and during the lifetime of the Optionee each and all of
such Optionee’s rights to purchase Shares hereunder shall be exercisable only by the Optionee.
	 	 	 
	 	 	Any such action made directly or indirectly, for an immediate validation or for a future one, shall be void.

 

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		15.2	So
                                            long as Options and/or Shares are held by the Trustee on behalf of the Optionee, all rights
                                            of the Optionee over the Shares are personal, can not be transferred, assigned, pledged or
                                            mortgaged, other than by will or pursuant to the laws of descent and distribution.

 

		16.	EFFECTIVE
                                            DATE AND DURATION OF THE ESOP

 

The ESOP shall be effective as
of the day it was adopted by the Board and shall terminate at the end of Ten (10) years from such day of adoption, unless terminated
earlier in accordance with Section 17 hereof.

 

		17.	AMENDMENTS
                                            OR TERMINATION

 

The Board may at any time, but
when applicable, after consultation with the Trustee, amend, alter, suspend or terminate the ESOP. No amendment, alteration, suspension
or termination of the ESOP shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Company,
which agreement must be in writing and signed by the Optionee and the Company. Termination of the ESOP shall not affect the Committee’s
ability to exercise the powers granted to it hereunder with respect to Options granted under the ESOP prior to the date of such termination.

 

		18.	GOVERNMENT
                                            REGULATIONS

 

The ESOP, and the grant and exercise
of Options hereunder, and the obligation of the Company to sell and deliver Shares under such Options, shall be subject to all applicable
laws, rules, and regulations, whether of the State of Israel any other State having jurisdiction over the Company and the Optionee, including,
without limitation, the United States Securities Act of 1933, the Companies Law, the Securities Law, 1968, and the Ordinance, and to
such approvals by any governmental agencies or national securities exchanges as may be required. Nothing herein shall be deemed to require
the Company to register the Shares under the securities laws of any jurisdiction.

 

		19.	CONTINUANCE
                                            OF EMPLOYMENT OR HIRED SERVICES

 

Neither the ESOP nor the Option
Agreement with the Optionee shall impose any obligation on the Company or an Affiliate thereof, to continue any Optionee in its employ
or service, and nothing in the ESOP or in any Option granted pursuant thereto shall confer upon any Optionee any right to continue in
the employ or service of the Company or an Affiliate thereof or restrict the right of the Company or an Affiliate thereof to terminate
such employment or service at any time.

 

		20.	GOVERNING
                                            LAW & JURISDICTION

 

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

 

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2006 ESOP

 

		21.	INTEGRATION
                                            OF SECTION 102 AND TAX COMMISSIONER’S PERMIT

 

		21.1.	With regards to Approved 102 Options, the provisions of the
ESOP and/or the Option Agreement shall be subject to the provisions of Section 102 and the Income Tax Commissioner’s permit, and
the said provisions and permit shall be deemed an integral part of the ESOP and of the Option Agreement.

		 	 

		21.2.	Any provision of Section 102 and/or the said permit which
is necessary in order to receive and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in the ESOP
or the Option Agreement, shall be considered binding upon the Company and the Optionees.

 

		22.	TAX
                                            CONSEQUENCES

 

		22.1	Any tax consequences arising from the grant or exercise of
any Option, from the payment for Shares covered thereby or from any other event or act (of the Company and/or its Affiliates, the Trustee
or the Optionee), hereunder, shall be borne solely by the Optionee. The Company and/or its Affiliates and/or the Trustee shall withhold
taxes according to the requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore,
the Optionee shall agree to indemnify the Company and/or its Affiliates and/or the Trustee and hold them harmless against and from any
and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity
to withhold, or to have withheld, any such tax from any payment made to the Optionee.

		 	 

		22.2	The Company and/or, when applicable, the Trustee shall not
be required to release any Share certificate to an Optionee until all required payments have been fully made.

		 	 

		22.3	To the extent provided by the terms of an Option Agreement,
the Optionee may satisfy any tax withholding obligation relating to the exercise or acquisition of Shares under an Option by any of the
following means (in addition to the Company’s right to withhold from any compensation paid to the Optionee by the Company) or by
a combination of such means: (i) tendering a cash payment; (ii) subject to the Committee’s approval on or prior to the payment
date, authorizing the Company to withhold Shares from the Shares otherwise issuable to the Optionee as a result of the exercise or acquisition
of Shares under the Option in an amount not to exceed the minimum amount of tax required to be withheld by law; or (iii) subject to Committee
approval on or prior to the payment date, delivering to the Company owned and unencumbered Shares; provided that Shares acquired on exercise
of Options have been held for at least 6 months from the date of exercise.

 

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2006 ESOP

 

		22.4	Withholding.
                                            The Company shall have the right to deduct from all amounts paid to an Optionee in cash (whether
                                            under this Plan or otherwise) any taxes required by law to be withheld in respect of Options
                                            under this Plan. In the case of any Option satisfied in the form of Common Stock, no shares
                                            shall be issued unless and until arrangements satisfactory to the Committee shall have been
                                            made to satisfy any withholding tax obligations applicable with respect to such Option. Without
                                            limiting the generality of the foregoing and subject to such terms and conditions as the
                                            Committee may impose, the Company shall have the right to retain, or the Committee may, subject
                                            to such terms and conditions as it may establish from time to time, permit Optionees to elect
                                            to tender, Common Stock (including Common Stock issuable in respect of an Option) to satisfy,
                                            in whole or in part, the amount required to be withheld.

 

		22.5	In
                                            respect of any employer’s tax liability derived only for the purpose of employment
                                            taxes such as in the case of social taxes, the Company should not bear any tax due at the
                                            time of Sale of Shares, all in accordance with the provisions of Section 102 and the rules,
                                            regulations or orders promulgated thereunder.

 

		22.6	Notwithstanding
                                            anything herein to the contrary, only in the event that termination of employment not for
                                            Cause with the Company, where the Company is the initiator, the Company should bear the tax
                                            liability derived only for the purpose of employment taxes such as in the case of social
                                            taxes.

 

		22.7	For
                                            avoidance of any doubt, notwithstanding anything herein to the contrary, if termination of
                                            employment or service is for Cause, the Company should not bear any tax liability derived
                                            due to the exercise and or sale of the options as a result of Optionee’s termination.

 

		23.	NON-EXCLUSIVITY
                                            OF THE ESOP

 

The adoption of the ESOP by the
Board shall not be construed as amending, modifying or rescinding any previously approved incentive arrangements or as creating any limitations
on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting
of options to purchase shares of the Company otherwise than under the ESOP, and such arrangements may be either applicable generally
or only in specific cases.

 

For the avoidance of doubt, prior
grant of options to optionees of the Company under their employment agreements, and not in the framework of any previous option plan,
shall not be deemed an approved incentive arrangement for the purpose of this Section.

 

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2006 ESOP

 

		24.	MULTIPLE
                                            AGREEMENTS

 

The terms of each Option may differ
from other Options granted under the ESOP at the same time, or at any other time. The Board may also grant more than one Option to a
given Optionee during the term of the ESOP, either in addition to, or in substitution for, one or more Options previously granted to
that Optionee.

 

		25.	Disputes

 

Any dispute or disagreement which
may arise under or as a result of or pursuant to this Plan or the Options Agreements shall be determined by the Board in its sole discretion
and any interpretation made by the Board of the terms of the Plan or the Option Agreements shall be final, binding and conclusive.

 

	 	Adopted by the Board on ____________, 2007
	 	 
	 	Signed
	 	 
	 	 
	 	Title
	 	 
	 	 

 

 

24

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