Document:

Exhibit 10.1

 

ADVANCED INHALATION THERAPIES (AIT)
LTD.

 

THE 2013 SHARE OPTION PLAN

 

		1.	NAME

 

			This Option Plan, as amended from time to time, shall be known as the Advanced Inhalation Therapies
(AIT) Ltd. 2013 Share Option Plan (the “Option Plan” or the “Plan”).

 

		2.	PURPOSE OF THE OPTION PLAN

 

		2.1	The Option Plan is intended to provide an incentive to retain, in the employ or service or directorship
of Advanced Inhalation Therapies (AIT) Ltd. (the “Company”), and its worldwide Related Entities, persons of
training, experience, and ability, to attract new employees, directors or consultants whose services are considered valuable, to
encourage the sense of proprietorship of such persons, and to stimulate the active interest of such persons in the development
and financial success of the Company by providing them with opportunities to purchase shares in the Company pursuant to an Option
Plan approved by the Board of Directors of the Company (the “Board”).

 

		2.2	Options granted hereunder to non Israeli Optionees under the Option Plan may or may not contain
such terms as will qualify such options as Incentive Stock Options (“ISOs”) within the meaning of Section 422
(b) of the United States Internal Revenue Code of 1986, as amended (the “Code”). Options that do not contain
terms that will qualify them as ISOs shall be referred to herein as Non-Qualified Stock Options (“NQSOs”). Each
Option Agreement shall state whether such Option will or will not be treated as an ISO. No ISO shall be granted unless such Option,
when granted, qualifies as an “incentive stock option” under Section 422 of the Code. Any ISO granted under the Option
Plan shall contain such terms and conditions, consistent with the Option Plan, as the Company may determine to be necessary to
qualify such Option as an “incentive stock option” under Section 422 of the Code. Any ISO granted under the Option
Plan may be modified by the Company to disqualify such Option from treatment as an “incentive stock option” under Section
422 of the Code. Each person granted Options hereunder shall be referred to as an “Optionee”.

 

		2.3	Options granted to Israeli Optionees under the Option Plan may or may not contain such terms as
will qualify such options for the special tax treatment under Section 102(b) of the Israeli Tax Ordinance (New Version), 5721-1961,
as amended (the “Ordinance”), and the Income Tax Rules (Tax Benefits in Share Issuances to Employees) 5763-2003
(the “Rules”) (“102 Options”).

 

		2.4	Options granted to non Israeli Optionees, excluding American Optionees, shall be granted in accordance
with the applicable laws of each Optionee’s nationality state and with the terms and conditions set forth in its respective
Option Agreement (as defined below) as prescribed by the Committee (as defined below).

 

		2.5	For the purposes of the Plan, the following terms shall have the following meanings:

 

“3(i) Option”
means an Option granted under the terms of Section 3(i) of the Ordinance to persons which do not qualify as “Employees”
under the provisions of Section 102.

 

Advanced Inhalation Therapies (AIT) Ltd. – 2013 Option
Plan

 

     

     

    

 

“102(b) Track Election”
means the right of the Company to prefer either the “Capital Track” (as set under Section 102(b)(2)), or the “Ordinary
Income Track” (as set under Section 102(b)(1)), but subject to the provisions of Section 102(g) of the Ordinance.

 

“102(b) Option”
means an Option intended to qualify, under the provisions of Section 102(b) of the Ordinance (including the Section 102(b) Choice
of Track), as either:

 

		(i)	“102(b)(2) Option” for the special tax
treatments under the “Capital Track”, or

 

		(ii)	“102(b)(1) Option” for the special tax
treatments under the “Ordinary Income Track”.

 

“Controlling Person”
shall have the meaning ascribed to such definition under Section 102 to the Ordinance, as may be amended from time to time.

 

“Employee”
or "employee" for the purposes of Section 102 to the Ordinance shall include an officer of a company, but excluding a
Controlling Person, as such definition may be amended from time to time under the Ordinance.

 

“Other 102 Option”
means an Option granted under the terms of Section 102 of the Ordinance, excluding Section 102(b) Options.

 

“Related Entity”
means, with respect to the Company, (i) any entity which is a Controlling Person of the Company, or (ii) any entity for which the
Company is a Controlling Person, or (iii) any entity that is controlled by the same Controlling Person of the Company and such
entity.

 

“Rights”
means rights issued or distributed in respect of Shares issued pursuant to exercise of Options hereunder, including bonus shares
but excluding cash dividends.

 

All options granted hereunder,
whether together or separately, shall be hereinafter referred to as “Options”.

 

		3.	ADMINISTRATION OF THE OPTION PLAN

 

		3.1	The Board or a compensation committee appointed and maintained by the Board for such purpose (the
“Committee”) shall have the power to administer the Option Plan. Notwithstanding the above, the Board shall
automatically have a residual authority if no Committee shall be constituted or if such Committee shall cease to operate for any
reason whatsoever, and shall also have any authority granted to the Committee hereunder.

 

		3.2	The Committee shall consist of such number of members (not less than two (2) in number) as may
be fixed by the Board. Subject to the provisions of the Company’s Articles of Association, the Board shall appoint the members
of the Committee, and may, from time to time, remove members from, or add members to, the Committee and shall fill vacancies in
the Committee however caused. Subject to the provisions of the Company’s Articles of Association, the Committee shall select
one of its members as its chairman (the “Chairman”) and shall hold its meetings at such times and places as
the Chairman shall determine. 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.

 

		3.3	Subject to applicable laws, any member of such Committee shall be eligible to receive Options under
the Option Plan while serving on the Committee, unless otherwise specified herein.

 

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		3.4	Subject to the provisions of applicable law and the Company’s Articles of Association, the
Board or the Committee shall have full power and authority to (i) designate participants in the Option Plan; (ii) determine the
terms and provisions of respective Option agreements (which need not be identical) including, but not limited to, the number of
Shares to be covered by each Option, provisions concerning the time or times when, and the extent to which, the Options may be
exercised and the nature and duration of restrictions as to transferability, vesting or other terms and conditions of the Option;
(iii) accelerate the right of an Optionee to exercise, in whole or in part, any previously granted Option; (iv) determine the Fair
Market Value of the Shares pursuant to Section 7.1 below; (v) designate Options as 102(b)(1) Options, as 102(b)(2) Options, as
Other 102 Options, as 3(i) Options, as ISOs or as NQSO; (vi) interpret the provisions and supervise the administration of the Option
Plan; (vii) amend the Option Plan from time to time in order to qualify for tax benefits applicable under U.S. and Israel laws;
(viii) make a 102(b) Track Election (subject to the limitations set under Section 102(g) to the Ordinance); and (ix) determine
any other matter which is necessary or desirable for, or incidental to administration of the Option Plan. In determining the number
of Shares covered by the Options to be granted to each recipient, the Board or the Committee may consider, among other things,
the nature of services provided by the recipient, the recipient’s salary and/or duration of his service or employment by
the Company.

 

		3.5	Subject to the provisions of the Articles of Association of the Company, all decisions and selections
made by the Board or the Committee pursuant to the provisions of the Option 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 and signed by
all of the members who are authorized to make such decision shall be fully effective as if it had been made by a majority at a
meeting duly held.

 

		3.6	The interpretation and construction by the Committee of any provision of the Option Plan or of
any Option thereunder shall be final and conclusive unless otherwise determined by the Board.

 

		3.7	Subject to the provisions of applicable law and the Company’s Articles of Association, each
member of the Board or the Committee may be indemnified and held harmless by the Company against any cost or expense (including
counsel fees) reasonably incurred by him, 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 Option Plan unless arising out of such member's own
fraud or bad faith, to the extent permitted by applicable law, and in such amounts and subject to such conditions, as may be decided
by the Company's Board. Such indemnification, if applicable, shall be in addition to any rights of indemnification the member 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.

 

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		4.	DESIGNATION OF PARTICIPANTS

 

		4.1	The persons eligible for participation in the Option Plan as recipients of Options shall include
any employees (including officers), directors and consultants of the Company or of any Related Entity of the Company, provided,
however, that following an IPO (as defined below) a non-Israeli consultant shall not be eligible to receive ISOs or NQSO hereunder
unless such consultant is a natural person, renders bona fide services to the Company or any Related Entity, and such
services are not in connection with the offer or sale of securities in a capital raising transaction and do not directly or indirectly
promote or maintain a market for the Company’s securities. The grant of an Option hereunder shall neither entitle the recipient
thereof to participate nor disqualify him from participating in, any other grant of Options pursuant to this Option Plan or any
other option or Share plan of the Company or any of its affiliates. Notwithstanding any provisions to the contrary herein, no ISO
shall be granted to any individual otherwise eligible to participate in the Option Plan who is not an employee of the Company or
a “subsidiary” of the Company, within the meaning of Section 424(f) of the Code, on the date of granting of such ISO.
No 102 Options shall be granted to any individual who is not an employee of the Company or of a Related Entity of the Company,
or who otherwise would not qualify as an "employee" under Section 102(a) to the Ordinance.

 

		4.2	To the extent applicable and anything in the Option Plan to the contrary notwithstanding, all grants
of Options to directors and office holders (“Nosei Misra” - as such term is defined in the Israeli Companies Law, 5759-1999
(the “Companies Law”)) shall be authorized and implemented only in accordance with the provisions of the Companies
Law, as in effect from time to time.

 

		5.	TRUSTEE

 

		5.1	The 102(b) Options which shall be granted to Optionees and/or any Shares issued upon exercise of
such Options and/or any other Shares received subsequently following any realization of rights resulting from a 102(b) Option or
Rights resulting from Shares issued upon exercise of a 102(b) Option, shall be issued to a Trustee nominated by the Board and approved
in accordance with the provisions of Section 102 of the Ordinance (the “Trustee”). The Board shall determine
and approve the terms of engagement of the Trustee, and shall be authorized to designate from time to time a new Trustee and replace
either of them at its sole discretion, and in the event of replacement of any existing Trustee, to instruct the transfer of all
Options and Shares held by such Trustee at such time to its successor. The 102(b) Options and/or any Shares issued upon exercise
of such Options will be held by the Trustee for the benefit of the Optionees for a period of not less than the minimum period permitted
by applicable law without disqualifying such 102(b) Options from treatment under Section 102(b) of the Ordinance. The Trustee will
hold such Options or Shares resulting from the exercise thereof in accordance with the provisions of the Ordinance and the Rules
promulgated thereunder, the trust agreement and any other instructions the Board may issue to him/it from time to time (so long
as they do not contradict the Ordinance and the Rules promulgated thereunder). Thereafter, the Trustee will transfer the Options
or the Shares, as the case may be, to the Optionees upon his/her demand, subject to any deduction or withholding required under
the Ordinance, the Rules or any other applicable law.

 

		5.2	Anything to the contrary notwithstanding, the Trustee shall not release any Options which were
not already exercised into Shares by the Optionee or release any Shares issued upon exercise of such Options prior to the full
payment of the Optionee’s tax liabilities arising from such Options which were granted to him and/or any Shares issued upon
exercise of such Options.

 

		5.3	Upon receipt of an Option, the Optionee will sign an Option Agreement or an applicable option award
which shall be deemed as Optionee’s undertaking to exempt the Trustee from any liability in respect of any action or decision
duly taken and bona fide executed in relation with the Option Plan, or any Option or Share granted to him thereunder.

 

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		5.4	Subject to applicable law, the Board shall be entitled to revise, amend or replace the terms of
the trust agreement with the Trustee, to the extent that same (i) does not adversely affect any rights of Optionee under any valid
and outstanding Option, which are expressly provided for in the respective Option Agreement with such Optionee, or (ii) is necessary
or desirable in the light of any change or replacement of Section 102 of the Ordinance.

 

		5.5	Any and all Rights resulting from the 102(b) Options and/or any Shares issued upon exercise of
such Options and/or any other Shares received subsequently following any realization of rights resulting from a 102(b) Option,
shall be issued or distributed, as the case may be, to the Trustee and held thereby. Such Rights will not be sold or transferred
until the lapse of the minimum period permitted by applicable law, and such Rights shall be subject to the taxation track which
is applicable to such Shares issued pursuant to the exercise of Options hereunder. Notwithstanding the aforesaid, Shares issued
pursuant to the exercise of 102(b) Options hereunder or Rights resulting from such 102(b) Options may be sold or transferred, and
the Trustee may release such Shares issued pursuant to the exercise of Options hereunder (or the applicable option award) or Rights
from trust, prior to the lapse of the minimum period permitted by applicable law, provided however, that tax is paid or withheld
in accordance with Section 102 of the Ordinance and/or Section 7 of the Rules, and/or any other provision in any other section
of the Ordinance and any regulation, ruling, procedure and clarification promulgated thereunder, that will be relevant, from time
to time.

 

		6.	SHARES RESERVED FOR THE OPTION PLAN; RESTRICTION THEREON

 

		6.1	Subject to adjustments as set forth in Section 8 below, a total of 940,000 authorized but unissued
Ordinary Shares, par value NIS 0.01 per share of the share capital of the Company (the “Shares”) shall be reserved
for and subject to the Option Plan. Notwithstanding the aforesaid, in the event that any outstanding options to purchase Ordinary
Shares of the Company granted hereunder shall for any reason expire or be canceled prior to its exercise or relinquishment in full,
such number of expired or terminated options shall automatically increase the number of Shares available for allocation hereunder,
and such increase shall not be deemed as amendment to this Plan. The Shares shall bear such rights and restrictions as set forth
under the Company’s Articles of Association, as currently in effect and as may from time to time be amended or replaced in
accordance with the Companies Law, without the consent of any Optionee (notwithstanding anything else here to the contrary). Any
of such Shares which may remain unissued and which are not subject to outstanding Options at the termination of the Option Plan
shall cease to be reserved for the purpose of the Option Plan, but until termination of the Option Plan the Company shall at all
times reserve a sufficient number of Shares to meet the requirements of the Option Plan. Should any Option for any reason expire
or be canceled prior to its exercise or relinquishment in full, the Shares therefore subject to such Option may again be subjected
to an Option under the Option Plan.

 

		6.2	Each Option granted pursuant to the Option Plan, shall be evidenced by a written agreement or an
award between the Company and the Optionee (the “Option Agreement”), in such form as the Board or the Committee
shall from time to time approve. Each Option Agreement shall state a number of the Shares to which the Option relates and the type
of Option granted thereunder (whether a 102(b)(1) Option, 102(b)(2) Option, Other 102 Option, a 3(i) Option, an ISO or an NQSO),
the purchase price per Share and the vesting schedule to which such Option shall become exercisable. Notwithstanding any other
provision of the Plan, the aggregate Fair Market Value (determined as of the date an ISO is granted) of the Shares with respect
to which ISOs are exercisable for the first time by an Optionee during any calendar year (under the Plan and any other “incentive
stock option” plans of the Company, any “subsidiary” of the Company within the meaning of Section 424(f) of the
Code, and any “parent corporation” of the Company within the meaning of Section 424(e) of the Code) shall not exceed
$100,000 (or such other amount as may be prescribed by the Code from time to time); provided, however, that if the exercisability
or vesting of an ISO is accelerated as permitted under the provisions of this Plan and such acceleration would result in a violation
of the limit imposed by this Section 6.2, such acceleration shall be of full force and effect but the number of Shares that exceed
such limit shall be treated as having been granted pursuant to a NQSO; and provided, further, that the limits imposed by this Section
6.2 shall be applied to all outstanding ISOs (under the Plan and any other “incentive stock option” plans of the Company,
any “subsidiary” of the Company within the meaning of Section 424(f) of the Code, and any “parent corporation”
of the Company within the meaning of Section 424(e) of the Code) in chronological order according to the dates of grant. In the
event an Optionee receives an Option intended to be an Incentive Stock Option which is subsequently determined not to comply with
the requirements of the Code for Incentive Stock Options, the Option shall be amended, if necessary, in accordance with the Code
and applicable Treasury Regulations and rulings to preserve, as the first priority, to the maximum possible extent, the status
of the Option as an ISO (as defined in the Code) and to preserve, to the maximum possible extent, the number of Shares subject
to the Option. Options may be granted at any time after this Option Plan has been approved by the Company, subject to any further
approval or consent required under Section 102 of the Ordinance or the Rules, in case of 102(b) Options, or of the U.S. Treasury,
in case of ISOs and other applicable law.

 

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		6.3	Each Option Agreement evidencing 102(b) Options shall include (i) an approval and acknowledgment
by the Optionee of the agreement of the Company with the Trustee (as may be amended from time to time), (ii) a declaration that
the Optionee is familiar with the provisions of Section 102 and the “Capital Track” (if applicable) and (iii) an undertaking
not to sell or transfer the Options and/or the Shares issued pursuant to the exercise of Options prior to the lapse of the period
in which the Options and/or such Shares are held in trust, unless the Optionee pays all taxes, which may arise in connection with
such sale and/or transfer (as provided in Section 5.5 above).

 

		6.4	By executing an Option Agreement, the Optionee approves and acknowledges, and each Option Agreement
may include an approval and acknowledgement by an Optionee, that the grant of Options, constitutes inter alia, without derogating
from other benefits or remuneration, adequate consideration for 'service inventions' ('hamtzaat sherut', as such term in
defined under Section 132 of the Israeli Patents Law, 5727-1967) for the purposes of Section 134 thereof, to the extent applicable.

 

		7.	PURCHASE PRICE

 

		7.1	The purchase price of each Share subject to a new Option to be granted or any portion thereof shall
be determined by the Board or 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. The purchase price per Share covered by each ISO shall be not less
than the Fair Market Value of the Company's shares on the date the Option is granted; provided, however, that no ISO shall be granted
to an individual otherwise eligible to participate in the Option Plan who owns (within the meaning of Section 424(d) of the Code),
at the time the Option is granted, more than ten percent (10%) of the total combined voting power of all classes of shares of the
Company, any “subsidiary” of the Company within the meaning of Section 424(f) of the Code, or any “parent corporation”
of the Company within the meaning of Section 424(e) of the Code, unless, at the time such ISO is granted, the exercise price per
Share subject to the Option is at least 110% of the Fair Market Value of a Share on the date such ISO is granted, and the ISO by
its terms is not exercisable after the expiration of five years from such date of grant. For purposes of the foregoing, if the
Company's shares are publicly traded on the Over-the-Counter Market or a recognized share exchange on the date the Option is granted,
"Fair Market Value" shall mean, for any particular date, the last sale price of a Company's share on the applicable
share exchange or, if no reported sales take place on the applicable date, the average of the high bid and low asked price of a
Company's share as reported for such date or, if no such quotation is made on such date, on the next preceding day on which there
were quotations, provided that such quotations shall have been made within the ten (10) business days preceding the applicable
date. In the event that the Company's shares are not publicly traded on a share exchange, the Fair Market Value of a Share shall
be determined in good faith by the Board or the Committee. Notwithstanding the preceding provision to the contrary, solely with
respect to Shares granted pursuant to an ISO under the Option Plan, Fair Market Value shall be determined in accordance with Section
422(c)(7) of the Code.

 

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		7.2	Unless otherwise specifically set forth under the Option Agreement, the purchase price shall be
payable upon the exercise of the Option in a form satisfactory to the Board or the Committee, including without limitation, by
cash, cheque, or wire transfer.

 

		8.	ADJUSTMENTS

 

			Upon the occurrence of any of the following described events, Optionee's rights to purchase Shares
under the Option Plan shall be adjusted as hereafter provided:

 

		8.1	If the Company is separated, reorganized, merged, acquired or consolidated with or into another
corporation while Options which were not yet vested remain outstanding under the Option Plan, then, subject to any applicable law,
the Board may resolve (in its sole discretion), that the vesting period defined in each Optionee’s Option Agreement shall
be accelerated so that any unvested Option shall be immediately vested in full prior to the effective date of such transaction
(or any other date as shall be resolved by the Board).

 

		8.2	If the outstanding shares of the Company shall at anytime be changed or exchanged by declaration
of a share dividend, share split, combination or exchange of shares, recapitalization, or any other like event of the Company,
then in such event only and as often as the same shall occur, the number, class and kind of shares (including Shares issuable pursuant
to the Option Plan, as set forth in Section 6 hereof, in respect of which Options have not yet been exercised) subject to this
Option Plan or subject to any Options therefore granted, and the purchase prices of the Options, shall be appropriately and equitably
adjusted so as to maintain the proportionate number of Shares without changing the aggregate purchase price of the Options.

 

		8.3	Anything herein to the contrary notwithstanding, if prior to the completion of an initial public
offering of the Company’s securities pursuant to which the securities of the Company are listed for trade in any Over-The-Counter
Market or recognized stock exchange or otherwise registered under the United States Securities Act of 1933 or the United States
Securities Exchange Act of 1934 (“IPO”), all or substantially all of the shares of the Company are to be sold,
or upon a merger or reorganization or the like, the shares of the Company, or any class thereof, are to be exchanged for securities
of another Company, then in such event, each Optionee shall be obliged to sell, assign or exchange (in accordance with the value
of his/her Shares pursuant to such transaction), as the case may be, the Shares such Optionee purchased under the Option Plan and
any Options or portion to the extent then vested and exercisable, in accordance with any instructions then to be issued by the
Board whose determination shall be final, and which may authorize any officer of the Company to execute such instructions on behalf
of the Optionee. For the avoidance of doubt, the Board or Committee may decide in its sole discretion that an Option cannot be
exercised, and shall automatically expire, following each of the transactions specified in this Section 8.3 above, to the extent
not vested at the effective date of such transaction. Each Optionee, upon executing an Option Agreement, shall be deemed to have
authorized the Company and each of its officers and to have granted the Company and each of its officers an irrevocable power of
attorney to execute in his/her behalf such instruments and documents mentioned in this Section 8.3, inter alia through the Proxy.
The Company and its shareholders shall each be deemed as a third party beneficiary of this paragraph 8.3 with rights to enforce
same against the Optionee.

 

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		8.4	Notwithstanding the foregoing adjustments, any changes to ISOs pursuant to this Section 8 shall,
unless the Company determines otherwise, only be effective to the extent such adjustments or changes do not cause a “modification”
(within the meaning of Section 424(h)(3) of the Code) of such ISOs or adversely affect the tax status of such ISOs.

 

		8.5	Notwithstanding the foregoing adjustments, any changes to NQSOs pursuant to this Section 8 shall,
unless the Company determines otherwise, only be effective to the extent such adjustments or changes do not cause a “modification”
(within the meaning of Section 409A of the Code) of such NQSOs or adversely affect the tax status of such NQSOs.

 

		9.	TERM AND EXERCISE OF OPTIONS

 

		9.1	Options shall be exercised by the Optionee by giving written notice to the Company, in such form
and method as may be determined by the Company and the Trustee, which exercise shall be effective upon receipt of such notice by
the Company at its principal office and the applicable payment of the exercise price of the exercised options. The notice shall
specify the number of Shares with respect to which the Option is being exercised.

 

		9.2	Vesting of Options may be time-based or performance-based, in the discretion of the Committee or
the Board. Unless otherwise prescribed by the Committee or the Board and specified in the Option Agreement, an Option will not
be exercisable before the first anniversary of the date of grant, with respect to the 331⁄3% of the Shares subject to the Option,
and with respect to the remaining 662⁄3% of the Shares subject to the Options, on a quarterly basis, such that 81⁄3% of
such Options shall become vested upon the lapse of each quarter (3-month period) after the first anniversary of the date of grant,
respectively. The Board shall have the exclusive authority to accelerate the periods for exercising an Option.

 

		9.3	Subject to the provisions of Section 9.7 below, no option shall be exercisable after the expiration
of ten (10) years from the "Date of Grant" (i.e., the date on which such Optionee was issued the applicable Option Agreement),
or in the event of grant of ISOs, five years from the Date of Grant in the case of an Option held by an Optionee who holds more
than ten percent (10%) of the total combined voting power of all classes of shares of the Company or of the shares of any “subsidiary”
of the Company within the meaning of Section 424(f) of the Code or any “parent corporation” of the Company within the
meaning of Section 424(e) of the Code (the “Expiration Date”); and then such Options, or such unexercised part
thereof, as the case may be, shall terminate and all interests and rights of the Optionee thereunder shall automatically and conclusively
expire.

 

		9.4	Options granted under the Option Plan shall not be transferable by Optionees other than by will
or laws of descent and distribution and during an Optionee's lifetime shall be exercisable only by that Optionee.

 

		9.5	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 9.7 below and unless the Board or Committee resolves otherwise, the Optionee is an employee of the Company or any of
its Related Entities or continuing to provide services to such entities, at all times during the period beginning with the granting
of the Option and ending upon the date of exercise.

 

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		9.6	Subject to the provisions of Section 9.7 below, in the event of termination of Optionee’s
employment with the Company or any of its Related Entities, or if applicable, the termination of services given by the Optionee
to the Company or any of its Related Entities, all Options granted to him will immediately expire. Unless otherwise determined
by the Board, a notice of termination of employment or services shall be deemed to constitute termination of employment or services.

 

		9.7	Notwithstanding anything to the contrary in Section 9.6 above and subject to the provisions of
Section 9.8 below, and unless otherwise prescribed by the Committee or the Board and specified in the Option Agreement, an Option
may be exercised after the date of termination of Optionee's service or employment with the Company or any Related Entity of the
Company only with respect to the number of Options already vested and unexpired at the time of such termination according to the
vesting and expiration periods of the Options set forth in this Option Plan, or under a different period prescribed by the Committee
or by the Board and specified in Optionee’s Option Agreement, provided however, that;

 

		9.7.1.	such termination is without Cause (as defined below) in which case the Options shall be exercisable
within not more than 90 days from the effective date of such termination; or

 

		9.7.2.	such termination is the result of death or disability of the Optionee, in which case the Options
shall be exercisable within 12 months.

 

The term "Cause"
shall mean: (i) conviction of any felony involving moral turpitude or affecting the Company or the Related Entities; (ii) any continuing
refusal to carry out a reasonable directive of the CEO or the Board which involves the business of the Company or its Related Entities
and was capable of being lawfully performed; (iii) embezzlement of funds of the Company or its Related Entities; (iv) any breach
of the Optionee's fiduciary duties or duties of care of the Company or any Related Entity; including, without limitations, disclosure
of confidential information of such entity; and (v) any conduct (other than conduct in good faith) reasonably determined by the
Board of Directors to be materially detrimental to the Company or any Related Entity.

 

		9.8	Anything to the contrary contained herein or in the Company’s Articles notwithstanding, and
subject to applicable law, if the Optionee’s employment or services is terminated for Cause or fraud, breach of loyalty,
theft or other malicious behavior against the Company (or any Related Entity thereof), then such Optionee shall be deemed to have
irrevocably offered to the other shareholders of the Company entitled to a right of first refusal under the Company's Articles
of Association (and in any event, other than employees or other persons who purchased Shares pursuant to the exercise of Options
granted under this Option Plan or any prior or subsequent incentive plan of the Company) to purchase all the Shares and other securities
issued in respect thereof in consideration for the lesser of (i) the purchase price (determined in accordance with Section 7 of
this Option Plan) paid by such Optionee for such Shares and other securities and (ii) the Fair Market Value of such Shares and
other securities, pro rata to their respective holdings of the Company’s issued and outstanding shares. Such Shares
and other securities shall be sold and transferred as aforesaid within 30 days from the date of such termination of employment.
If the Optionee fails to transfer his/her Shares and other securities to the shareholders of the Company who accepted the foregoing
offer to purchase such Shares and other securities as aforesaid due to the Optionee's act and/or omission, the Company, at the
decision of the Board, shall be entitled to forfeit his/her Shares and to authorize any person to execute on behalf of the Optionee
any instrument or document necessary to effect such transfer and to make the appropriate inscription in the Company’s register
of members. Each Optionee, upon executing an Option Agreement, shall be deemed to have authorized the Company and each of its officers
and to have granted the Company and each of its officers, inter alia through the Proxy, an irrevocable power of attorney to execute
in his/her behalf such instruments and documents. The Company and its shareholders shall each be deemed as a third party beneficiary
of this paragraph with rights to enforce same against the Optionee. It is hereby clarified that notwithstanding anything to the
contrary specified herein, in the event of the purchase of the Optionee's securities following the occurrence of the circumstances
specified in this Section 9.8, the special tax treatment and incentives pursuant to the Ordinance and the Rules and regulations
promulgated thereunder (including the special tax treatment under Section 102(b) of the Ordinance) may not apply.

 

Advanced Inhalation Therapies (AIT) Ltd. – 2013 Option
Plan

 

    	 	- 9 -	 

     

    

 

		9.9	(a)           The holders of Options 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 part of an Option
unless and until, following exercise, registration of the Optionee as holder of such Shares in the Company’s register of
members, but in case of Options and Shares held by the Trustee, subject always to the provisions of Section 5 of the Option Plan.

 

(b)           Notwithstanding
the foregoing, until completion of the IPO, no Shares will be issued upon an exercise of any Option unless and until the Optionee
shall have executed and delivered a proxy in the form of Exhibit A hereto, or such other form as the Board or the Committee
may designate from time to time, to a person designated by the Board or the Committee, pursuant to which the Optionee shall authorize
and empower such person to vote such Shares and exercise or waive any and all rights thereunder, and to authorize a sale or exchange
in accordance with the provisions of the Plan, pursuant to the instructions of the Board or the Committee (the "Proxy").
Such person shall have no liability to any Optionee, and each Optionee upon acceptance of an Option shall be deemed to have waived
any right or claim against such person and release such person from any liability, if any, to such Optionee, for any loss or damage
of any kind which may occur to such Optionee as a result of any act or omission of such person in his capacity as proxy, and to
the extent that the Optionee may have any such right or claim, he shall look solely for the Company for any remedy that may be
available to him by virtue of such right or claim.

 

(c)           Notwithstanding
the foregoing no Shares will be issued upon an exercise of any Option unless and until the Optionee shall have executed and delivered
to the Company any document or instrument required in accordance with the Articles of Association of the Company, any shareholders
agreement of the Company or applicable law.

 

		9.10	Any form of Option Agreement authorized pursuant to this Option Plan may contain such other provisions
as the Board may, from time to time, deem advisable. Without limiting the foregoing, the Board may, with the consent of the Optionee,
from time to time, cancel all or any portion of any Option then subject to exercise, and the Company's obligation in respect of
such Option may be discharged by (i) payment to the Optionee of an amount in cash equal to the excess, if any, of the Fair Market
Value of the Shares at the date of such cancellation subject to the portion of the Option so canceled over the aggregate purchase
price of such Shares, (ii) the issuance or transfer to the Optionee of Shares of the Company with a Fair Market Value at the date
of such transfer equal to any such excess, or (iii) a combination of cash and shares with a combined value equal to any such excess,
all as determined by the Board in its sole discretion.

 

Advanced Inhalation Therapies (AIT) Ltd. – 2013 Option
Plan

 

    	 	- 10 -	 

     

    

 

		10.	PURCHASE FOR INVESTMENT

 

		10.1	The Company’s obligation to issue Shares upon exercise of an Option granted under the Plan
is expressly conditioned if so required under the applicable law, as supported by the opinion of the Company’s counsel, upon
the following terms: (a) the Company’s completion of any registration or other qualifications of such Shares under any state
and/or federal law, rulings or 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, (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 requirements of State and federal laws and regulatory agencies, and
(iii) any other legend deemed reasonably necessary or appropriate by the Company.

 

		10.2	As a further condition to the grant of any Option or the issuance of Shares to an Optionee, each
Optionee agrees that in the event the Company advises Optionee that it plans an underwritten public offering of any of its shares
of capital stock in compliance with the Securities Act of 1933, as amended, and the underwriter(s) for such offering seek to impose
restrictions under which certain shareholders may not sell or contract to sell or grant any option to buy or otherwise dispose
of part or all of their stock purchase rights of the Shares underlying Options, Optionee will not, for a period not to exceed 180
days from the date of the prospectus, sell or contract to sell or grant an option to buy or otherwise dispose of any Option granted
to Optionee pursuant to the Plan or any of the underlying Shares without the prior written consent of the underwriter(s) or its
representative(s).

 

		11.	DIVIDENDS

 

		11.1	With respect to all Shares (in contrary to Options not exercised into Shares) issued upon the exercise
of Options purchased by the Optionee, the Optionee shall be entitled to receive dividends in accordance with the quantity of such
Shares, and subject to any applicable taxation on distribution of dividends.

 

		11.2	During the period in which Shares, issued to the Trustee on behalf of an Optionee upon exercise
of a 102(b) Option, are held by the Trustee, the cash dividends paid with respect thereto shall be paid directly to the Optionee
(through the Trustee, who shall be responsible for deduction of applicable tax); all subject to the provisions of applicable law
and Section 5.2 above.

 

		12.	ASSIGNABILITY AND SALE OF OPTIONS

 

		12.1	No Option, whether fully paid or not, shall be assignable, transferable or given as collateral
or any right with respect to them given to any third party whatsoever, and during the lifetime of the Optionee each and all of
such Optionee's rights to purchase Shares hereunder shall be exercisable only by the Optionee.

 

Advanced Inhalation Therapies (AIT) Ltd. – 2013 Option
Plan

 

    	 	- 11 -	 

     

    

 

		12.2	As long as Shares are held by the Trustee in favor of the Optionee, then all rights the last possesses
over the Shares are personal, can not be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and
distribution.

 

		13.	TERM OF THE OPTION PLAN

 

The Plan shall become effective on the
date that it is adopted by the Board. Subject to Section 14 below the Option Plan shall terminate at the end of 10 years from such
day of adoption provided, however, that Options theretofore issued under an applicable Option Agreement may extend beyond such
date in accordance with their terms. No ISOs will be granted unless the Option Plan shall have been approved by the shareholders
of the Company within 12 months after this Plan is adopted by the Board of Directors of the Company.

 

		14.	AMENDMENTS OR TERMINATION

 

		14.1	The Board may, at any time and from time to time, amend, alter or discontinue the Option Plan,
except that no amendment or alteration shall be made which would impair the rights of the holder of any Option granted, if and
to the extent such rights are specifically set forth under the applicable Option Agreement, without such Optionee's consent.

 

		14.2	The following changes to the Option Plan shall be made subject to the approval of the shareholders
of the Company, if such approval is required and necessary to satisfy (i) with regard to ISOs, any requirements under the Code
relating to ISOs, or (ii) any applicable law, regulation or rule:

 

		(a)	except as is provided in Section 8, increase the maximum number of Shares which may be sold or
awarded under the Option Plan;

 

		(b)	except as is provided in Section 8, decrease the minimum Option exercise price requirements under
the Option Plan;

 

		(c)	change the class of persons eligible to receive Options under the Plan; or

 

		(d)	extend the duration of the Plan under Section 13 or the period during which ISOs may be exercised
under Section 9.

 

		14.3	Notwithstanding any provision of this Option Plan to the contrary, the Company (and the Optionee)
intends that this Option Plan shall satisfy the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as
amended ("Code Section 409A") in a manner that will preclude the imposition of penalties described in Code Section
409A. The Company shall have the right to amend the Option Plan to the extent necessary to comply with Code Section 409A and the
regulations, notices and other guidance of general applicability issued thereunder.

 

		15.	GOVERNMENT REGULATIONS

 

Subject to Section
17 below, the Option Plan, the granting 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 or of
the United States or any other State having jurisdiction over the Company and the Optionee, including the United States Securities
Act of 1933, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

Advanced Inhalation Therapies (AIT) Ltd. – 2013 Option
Plan

 

    	 	- 12 -	 

     

    

 

		16.	CONTINUANCE OF EMPLOYMENT OR HIRED SERVICES

 

Neither the Option
Plan nor the Option Agreement with the Optionee shall impose any obligation on the Company or a Related Entity thereof, to continue
any Optionee in its employ, or the hiring by the Company of the Optionee’s services and nothing in the Option Plan 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 a Related Entity thereof or restrict the right of the Company or a Related Entity thereof to terminate such employment or service
hiring at any time.

 

		17.	GOVERNING LAW & JURISDICTION

 

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

 

		18.	TAX CONSEQUENCES

 

		18.1	To the extent permitted by applicable law, 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, the Trustee or the Optionee)
hereunder shall be borne solely by the Optionee. The Company and/or the Trustee (where applicable) shall withhold taxes according
to the requirements under the applicable laws, rules, and regulations, including the withholding of taxes at source. Furthermore,
the Optionee shall agree to indemnify the Company and the Trustee (where applicable) 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.

 

		18.2	The Board, the Committee and/or the Trustee shall not be required to release any Share certificate
issued upon exercise of a 102 Option and/or a 3(i) Option to an Optionee until all required payments have been fully made.

 

		18.3	If the Option is intended to qualify as an ISO, then if the Optionee makes a disposition, within
the meaning of Section 424(c) of the Code and the regulations promulgated thereunder, of any Share issued to the Optionee pursuant
to his exercise of the Option within the two-year period commencing on the Date of Grant or within the one-year period commencing
on the date after the date of transfer of such Share to the Optionee pursuant to such exercise, the Optionee shall, within ten
(10) days after such disposition, notify the Company thereof, by delivery of a written notice to the Secretary of the Company,
and immediately deliver to the Company the amount of all applicable withholding taxes and any other information as may be prescribed
by the Committee or the Company.

 

Advanced Inhalation Therapies (AIT) Ltd. – 2013 Option
Plan

 

    	 	- 13 -	 

     

    

 

		19.	SPECIAL PROVISIONS FOR OPTION PLAN PARTICIPANTS WHO ARE ISRAELI RESIDENTS

 

		19.1	This Section 19 shall apply only to Optionees who are residents of the State of Israel or those
who are deemed to be residents of the State of Israel for the payment of tax.

 

		19.2	Notwithstanding anything herein to the contrary, the Option Plan shall be governed by the provisions
of the Ordinance, the rules promulgated thereunder, and any other applicable Israeli laws with respect to service providers or
employees who are Israeli residents.

 

		19.3	Following the grant of Options under the Option Plan and in any case in which the Optionee shall
stop being considered as an “Israeli Resident”, as defined in the Ordinance, the Company may, if and to the extent
the Ordinance and/or the rules promulgated thereunder shall impose such obligation on the Company, to withhold all applicable taxes
from the Optionee, to remit the amount withheld to the appropriate Israeli tax authorities and to report to such Optionee the amount
so withheld and paid to said tax authorities.

 

		20.	NON-EXCLUSIVITY OF THE OPTION PLAN

 

The adoption of the
Option Plan 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 otherwise than under the Option Plan, and such arrangements may be either applicable
generally or only in specific cases.

 

		21.	MULTIPLE AGREEMENTS

 

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

 

Advanced Inhalation Therapies (AIT) Ltd. – 2013 Option
Plan

 

    	 	- 14 -	 

     

    

 

Exhibit A

 

IRREVOCABLE PROXY

 

Advanced Inhalation Therapies (AIT) Ltd.

7 Imbar St., P.O Box # 3542

Petah Tiqwa 49511 Israel

 

The undersigned hereby appoints the Chairman
of the Board of Directors or his substitute, or any other officer designated for the purpose of this Irrevocable Proxy by the Board
of Directors, as proxy of the undersigned, with full power of substitution, to (i) vote all of the shares of Advanced Inhalation
Therapies (AIT) Ltd. (the "Company"), which the undersigned may be entitled to vote at any General Meeting or
Class Meeting of Shareholders of the Company, granted under the Company’s 2013 Share Option Plan (the "Plan"),
and to execute any resolutions or consents in lieu of meetings, to the extent undersigned is entitled to any of the foregoing voting
rights, and (ii) to waive or exercise, on the undersigned’s behalf, any and all rights or privileges conferred upon the undersigned
by virtue or in respect of any such shares owned beneficially or of record by the undersigned, and (iii) to execute on behalf of
the undersigned any documents and instruments related to any sale or exchange of any such shares to the extent such sale or exchange
is made in accordance with the provisions of the Plan.

 

Subject to the approval
of the Company’s Board of Directors, this Irrevocable Proxy may be assigned by the original proxy or any of his assignees
to any other person(s) approved by the Board of Directors.

 

This Irrevocable Proxy
is granted by the undersigned pursuant to the provisions of the Company’s 2013 Share Option Plan and is intended to secure
the rights and interests of third parties, including the Company and certain of its other shareholders, and accordingly is coupled
with interest and irrevocable.

 

I hereby acknowledge
that I have read and understood the provisions of the Plan, including without limitations, the provisions of Section 9.9 of the
Plan, and fully agree therewith.

 

This Irrevocable Proxy
will terminate automatically upon completion of the Company’s IPO (as defined in the Plan).

 

Date: ___________

 

	 	Very truly yours,
	 	 
	 	____________________
	 	(Optionee)

 

Advanced Inhalation Therapies (AIT) Ltd. – 2013 Option
Plan

 

    	 	- 15 -Exhibit 10.4

 

Personal Employment Agreement

 

This Personal Employment Agreement ("Agreement")
is entered into on September 09, 2012, by and between Advanced Inhalation Therapies (AIT) Ltd. (the "Company")
and Mrs. Racheli Vizman (the "Employee").

 

WHEREAS, the Company wishes
to employ the Employee, and the Employee wishes to be employed by the Company, as of the Commencement Date (as such term is
defined hereunder); and

 

WHEREAS, the parties desire to state
the terms and conditions of the Employee's employment by the Company, as set forth below.

 

NOW, THEREFORE
, in consideration of the mutual premises, covenants
and other agreements contained herein, the parties hereby agree as follows:

 

		1.	Position.

 

		1.1.	The Employee shall serve in the position of COO (the "Position")
and shall be under the direction of the CEO of the Company and in the event no CEO is appointed,
under the direction of the Board of Directors of the Company. The Employee undertakes to perform
the duties and responsibilities, as are normally incident to the position held by Employee and commensurate with Employee's background,
education and professional standing and as shall otherwise be instructed by the Company's CEO. The Employee shall perform his duties
diligently, conscientiously and in furtherance of the Company's best interests.

 

		2.	Scope of Employment.

 

		2.1.	The Employee shall be employed by the Company on a part time basis.
The Employee's scope of work shall be 75% of
a full time position (the "Scope of Work"). The Employee further undertakes to devote, in the Scope of
Work, her entire business time, exclusively to the performance
of her duties in the Company.

 

		3.	Employee's Representations and Warranties.

 

		3.1.	The Employee represents and warrants that the execution and delivery
of this Agreement and the fulfillment of its terms: (i) will not constitute a default under or conflict with any agreement or other
instrument to which he is a party or by which he is bound; (ii) do not require the consent of any
person or entity. Further,
with respect to any past engagement of the Employee with third parties (for purposes hereof,
such third parties shall be referred to as "Other Employers"), the Employee represents, warrants and undertakes
that: (a) his engagement with the Company is and/or will not be in breach of any of his undertakings toward Other Employers, and
(b) he will not disclose to the Company, nor use,
in provision of any services to the Company, any proprietary or confidential information belonging
to any Other Employer.

 

		3.2.	The Employee agrees and undertakes to immediately inform the Company
of any matter that may in any way raise a conflict of interest between the Employee and the Company. During his employment with
the Company, the Employee shall not receive any payment, compensation or benefit from any third party in connection, directly or
indirectly, with his position in the Company.

 

		3.3.	The Employee acknowledges and agrees that all information technology systems of the Company to
which he shall have access are the sole and exclusive property of the Company, and that all such systems are and shall be monitored
by the Company regularly, at its discretion. Employee understands that he should have no expectation of privacy in his use of such
systems.

 

    	 	- 1 -	 

     

    

 

		4.	Term and Termination.

 

		4.1.	The Employee's employment with the Company shall commence on May
6th, 2012 (the "Commencement Date"), and will continue until terminated by either party at any
time at such party's discretion with or without cause.

 

		4.2.	Either party may terminate this Agreement and the employment relationship hereunder at any time
by giving the other party a prior written notice of sixty (60) days (the "Notice Period"). During the Notice Period
the Company will continue to pay the Employee's Salary, as provided in Section 6 below, in effect at the time of the termination
and provide continuation coverage for all other benefits and compensations that are part of this Agreement

 

		4.3.	Notwithstanding the aforesaid, in the event of a Cause (as defined
hereafter) the Company will be entitled to terminate this Agreement immediately and this Agreement and the employment relationship
will be deemed effectively terminated as of the time of delivery of such notice (subject to any minimal mandatory notice requirement
under applicable law). The term "Cause" means (i) theft, embezzlement or other similar act by Employee of any
tangible or intangible asset of the Company or any customer, supplier or investor of the Company; (ii) conviction of any felony
involving dishonesty; (iii) a material breach by the Employee of or the contesting by Employee of the validity of the terms of
any written agreement between the Company and Employee, or any written policy of the Company known by and applicable to all its
employees, but a mere mistake in business judgment shall not constitute cause; (iv) any case of dismissal under circumstances which
justify dismissal without severance pay according to the Israeli Law; or (v) willful failure by Employee to
follow the instructions of its supervisor or the Board
of Directors of the Company to the extent such instructions are reasonably related to the business of the Company and the services
provided by the Employee, are given in good faith to promote the interest of the Company, would not require Employee to commit
any illegal act and are not given to provide the Company with cause for terminating Consultant; provided, however, that "Cause"
shall not mean or include the Company's termination of Employee's employment under this Section 4.3(iii) and (v), if such action
(a) is isolated, insubstantial or inadvertent or (b) is remedied promptly by Employee, if such cure is possible, within no more
than fourteen days after receipt of notice from the Company of such issue(s).

 

		4.4.	During the period following notice of termination by either party, the Employee will cooperate
with the Company and use the Employee's best efforts to assist the integration into the Company's organization of the person or
persons who will assume the Employee's responsibilities.

 

		5.	Proprietary Information;
Confidentiality and Non-Competition.

 

		5.1.	The Employee hereby agrees to the provisions of the Proprietary Information, Confidentiality and
Non-Competition Agreement attached in Exhibit A hereto and simultaneously executes a copy thereof, the terms of which
will survive termination of this Agreement.

 

		6.	Compensation.

 

		6.1.	The Company will pay the Employee as compensation for the employment services hereunder, an aggregate
monthly salary in the amount of NIS 22,000 (the "Salary"). Notwithstanding anything to the contrary, it is hereby
clarified that the Salary shall be amended upon the next equity financing in the Company, all subject to the approval of the Board
of Directors of the Company.

 

    	 	- 2 -	 

     

    

 

		6.2.	The Employee acknowledge and agree that his employment with the Company is a management position
and requires a special degree of personal trust, and that the law known as "Work and Rest Hours, 1951" ("Chok
shot Avoda Vemenucha") shall not apply to his employment with the Company. Accordingly, the Salary payable to the Employee
is a gross global salary inclusive of remuneration for working overtime and on days of rest, and all cost to the Company. The Employee
acknowledge and agrees that unless expressly specified in this Agreement he shall not be entitled to any further remuneration or
payment whatsoever other than the Salary and benefits expressly provided herein, regardless of any current or future custom between
the Company and its employees.

 

		6.3	An amount equals to 10% of the Salary shall be considered special compensation for Employee's compliance
with his non-compete obligations set forth in Exhibit A attached hereto.

 

		6.4.	Notwithstanding the aforesaid, upon the commencement of a Phase IIB clinical trial by the Company,
the Employee shall receive a one time bonus in the amount equal to NIS 60,000 (the" Bonus").

 

		6.5.	Subject to the requirements under applicable law, the Employee shall cooperate with the Company
in maintaining a record of the number of hours of work performed, in accordance with the Company's policy and instructions.

 

		6.6.	Except as specifically set forth herein, the Salary includes any and all payments to which Employee
is entitled hereunder and under any applicable laws, regulations or agreements, including without limitation commuting expenses.
Payment of the Salary will be made no later than the 9th day of each calendar month after the month for which the Salary is paid,
after deduction of applicable taxes and any amounts deductible under this Agreement.

 

		6. 7.	Options

 

		6.7.1.	Subject to the approval of the Company's Board of Directors (the "Board”),
the Employee shall be issued options to purchase Ordinary Shares of the Company, representing
1.33% of the issued and outstanding share capital, available
through the Company's ESOP (as defined below) (the "Options"), subject to any dilution and subject to the following
conditions:

 

		6.7.2.	The Options shall be granted in accordance with an Option Agreement to be signed between the Employee
and the Company and shall be at all times subject to (i) all the terms of such incentive employees share option plan ("ESOP")
as shall be adopted by the Company at its sole discretion (ii) any terms and conditions as shall be determined and altered from
time to time by the Board or any of its committees at their sole discretion, and (iii) any terms and conditions as provided in
any agreement or arrangement the Company may enter from time to time including agreements and arrangements with Investment Banks
or Underwriters.

 

		6.7.3.	Any tax liability in connection with the Options (including with respect to the grant, exercise,
sell of the Option or the share receivable upon their exercise) shall be borne solely by the Employee.

 

		6.7.4.	Unless otherwise determined by the Board, the Options shall vest monthly over a vesting period
of 36 (thirty six) months commencing as of the Commencement Date (the "Vesting Period"), so that ____ Options
shall vest on ____, 2012 and _____ Options shall vest upon the end of each consecutive monthly period thereafter (collectively,
the "Monthly Vesting"), provided that during the term of such Vesting Period, this Agreement remains in full force
and the Employee remains an Employee by the Company on such date.

 

    	 	- 3 -	 

     

    

 

		6.7.5.	Upon termination of this Agreement (for any reason other than for 'cause', as defined in Section
4.2), the vested Options shall be exercisable for a successive period of twenty four (24) months from the date of the Termination
Notice and shall be deemed cancelled if not exercised prior thereto.

 

Social Benefits.

 

		6.8.	As of the Commencement Date the Company will, on a monthly basis, pay to a pension scheme for the
benefit of the Employee and shall deduct from the Employee's Salary a respective payment towards such pension scheme (the "Pension
Scheme"), all with respect to the entire Salary. The Company will be entitled to select the Pension Scheme manager or
insurance agent at its discretion. The Company shall pay towards a loss of working ability component in accordance with the Company's
general arrangement. Subject to applicable law, except if requested otherwise by the Employee, the Pension Scheme shall be of a
managers' insurance type and the contribution to such insurance will be as follows: (i) the Company will pay an amount equal to
5% (five percent) of the Salary towards a fund for. life insurance
and pension, and shall deduct from the Employee's Salary an amount equal to 5% (five percent) of the Salary and pay such amount
towards the Pension Scheme on the Employee's behalf; (ii) the Company will pay an amount of up to 2.5% (two percent and one half
of a percent), of the Salary towards a fund for the event of loss of working ability ("Ovdan Kosher Avoda"); and
(iii) the Company will pay an amount equal to 8 1/3% (eight percent and one third of a percent) of the Salary towards a severance
compensation. The Employee may request a different type of Pension Scheme, provided that the total payments by the Company towards
such scheme will not be greater than the total payments by the Company set forth above in this Section 7.1. For the avoidance of
doubt, no amount remitted by the Company in respect of this paragraph will be considered as part of the Salary for purposes of
any deduction therefrom or calculations of severance pay.

 

As
of the Start Date all payments to the Pension Scheme will be made in compliance with Section 14 of the Severance Compensation Law,
1963 ("Section 14"), and in accordance with the general approval of the Labor Minister dated June 9, 1998, promulgated
under said Section 14, a copy of which is attached hereby as Exhibit B, and the terms of Section 14 and said general
approval will apply to the relationship hereunder. Therefore, the ownership of the Pension Scheme will be transferred to the Employee
following termination of employment and the Company will not be entitled to retrieve any of the funds it transferred to the Pension
Scheme, other than in accordance with Section 14 and said general approval, and the transfer of the Pension Scheme to the ownership
of the Employee will be the full and only compensation to be paid by the Company to the Employee in such circumstances in respect
of severance pay.

 

		6.9.	The Company and the Employee will maintain an advanced study fund (Keren Hishtalmut). The Company
will contribute to such fund an amount equal to 7.5% of the Salary and will deduct from the net Salary and transfer to such fund
an amount equal to 2.5% the Salary, provided that the total monthly contributed amount will not exceed the maximum amount exempted
from tax payment under applicable laws. For the avoidance of doubt, no amount remitted by the Company in respect of this paragraph
will be considered as part of the Salary for purposes of any deduction therefrom or calculations of severance pay.

 

    	 	- 4 -	 

     

    

 

		7.	Vacation.

 

		7.1.	Subject to the provision of the Annual Vacation Law-1951, the Employee shall be entitled to a paid
annual vacation of 22 working days with respect to each twelve (12) month period of her employment, up to a maximum of 28 days
at any given time (i.e., at any given time, the Employee will have accrued no more than 28 days).The Company will be entitled to
direct use of the vacation days, at its discretion. The Employee shall be entitled to accumulate unused vacation days in accordance
with applicable law. The Employee will not be entitled to redemption of accumulated and unused vacation days, except in accordance
with applicable law in the event of termination of employment.

 

		8.	Recreation Pay and Sick Leave.

 

		8.1.	The Employee will be entitled to recreation pay (Dmei Havra'a) and sick leave payment in accordance with applicable law.

 

		9.	Expenses.

 

		9.1.	The Company will reimburse the Employee for business expenses borne by the Employee, provided that
such expenses were approved in advance by the Company or otherwise in accordance with the Company's expense policy, and against
valid invoices furnished by the Employee to the Company.

 

		10.	Additional Benefits.

 

		10.1.	Car Expenses

 

			The Company shall reimburse the Employee for necessary and customary Car expenses incurred by the
Employee and approved by the Company, in accordance with terms and conditions set forth in the Company's Car Policy.

 

		10.2.	Cellular phone

 

			While the Employee is employed by the Company, the Company shall maintain for the Employee a portable
cellular phone for professional use. The Company shall bear the expenses of the usage of such cellular phone by the Employee, and
shall also bear the applicable tax liability for the grant of use of the Company Mobile Phone according to the Company's policy
regarding usage limitations of mobile phone that will be set by the company from time to time.

 

11.    Tax. The Company
shall deduct from the Salary all national insurance fees, health insurance fees, income tax and any other amounts required by law,
all in accordance with applicable law.

 

12.  
General. Headings in this Agreement are included for reference purposes only and are not to be used in interpreting this
Agreement. The exhibits
to this Agreement constitute an integral part thereof. Subject to applicable law, no collective bargaining agreement will apply
to the relationship between the parties. No failure, delay of forbearance of either party in exercising any power or right hereunder
will in any way restrict or diminish such party's rights and powers under this Agreement, or operate as a waiver of any breach
or nonperformance by either party of any terms of conditions hereof. In the event it is determined under any applicable law that
a certain provision set forth in this Agreement is invalid or unenforceable, such determination will not affect the remaining provisions
of this Agreement unless the business purpose of this Agreement is substantially frustrated thereby. This Agreement constitutes
the entire understanding and agreement between the parties and supersedes any and all prior discussions, agreements and correspondence
with regard to the subject matter hereof except for any pre-existing agreements regarding assignment of inventions and/or confidentiality
(if any), and may not be amended, modified or supplemented in any respect, except by a subsequent writing executed by both parties.
The Employee acknowledges and confirms that all terms of Employee's employment are personal and confidential, and undertakes to
keep such term in confidence and refrain from disclosing such terms to any
third party.

 

    	 	- 5 -	 

     

    

 

This Agreement shall be
governed by, and construed and interpreted in accordance with, the laws of the State of Israel, and the sole and exclusive place
of jurisdiction in any matter arising out of or in connection with this Agreement shall be applicable courts in Tel-Aviv.

 

The Employee acknowledges
that this Agreement, together with the Exhibits thereto, constitutes a due notice to the Employee of the terms of employment, as
required under law.

 

Employee hereby declares that
she understands the English language and that she does not need a translation into another language and that she has read and understood
everything stated in this agreement and its appendices.

 

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

 

	ADVANCED INHALATION THERAPIES (AIT) LTD	 	RACHELI VIZMAN
	 	 	 	 
	 	/s/ Pini Ben Elazar	 	/s/ Racheli Vizman
	 	By: Pini Ben Elazar	 	Signature
	 	Title: Chairman	 	 

 

    	 	- 6 -	 

     

    

 

Exhibit A

 

This NONDISCLOSURE
AGREEMENT (the "Agreement") is made and entered into as of ___ of ______, 2012 (the "Effective Date")
between Advanced Inhalation Therapies (AIT) Ltd. a corporation formed under the laws of the State of Israel (the "Company"),
and Mrs. Racheli Vizman, (the "Recipient"), hereby agree as follows:

 

		1.	The parties have entered into an employment agreement whereby
the Recipient is an employee of the Company (the "Business Relationship").

 

		2.	To further the Business Relationship
between the parties, it may be necessary that the Company disclose to Recipient certain Confidential Information. As used herein,
"Confidential Information" shall mean information which is disclosed by the Company to Recipient by any
means (including without limitation, in written or other tangible form (including on magnetic media),
orally or visually) and which should reasonably have been understood by Recipient because
of notice on the material, the circumstances of disclosure or the nature of the information itself, to be proprietary or confidential
to the Company or a third party.

 

		3.	Recipient shall not disclose
Confidential Information to any person or entity except its employees or consultants, or those of its wholly-owned companies (directly
or indirectly), who are required to have the Confidential Information in order to assist it in acting as contemplated by the Business
Relationship, and only to the extent necessary. Prior to disclosing any Confidential Information to such employees or·
consultants, Recipient shall have ensured that they are aware of the provisions of this Agreement
and have signed non-disclosure agreements with non-use and non-disclosure terms substantially similar to those contained in this
Agreement. The Recipient shall bear full responsibility and liability for the actions of such employees and consultants concerning
the Confidential Information, at all times, regardless of termination of any labor, employment
or other relationship with any such employees and consultants. Recipient shall treat the Confidential Information as strictly
confidential and with at least the degree of care that it treats similar materials of its own in order to prevent unauthorized
disclosure of Confidential Information to others, or a
higher standard of care if reasonable under the circumstances.

 

		4.	Recipient shall not use Confidential Information for its
own use or for any purpose except as contemplated by the Business Relationship.

 

		5.	Without derogating from the Company's rights under law
or under this Agreement, Recipient shall immediately notify the Company upon discovery of loss or unauthorized disclosure or use
of Confidential Information.

 

		6.	The obligations of paragraphs 3, 4 and 5 hereof shall not
apply to any particular portion of the Confidential Information that is:

 

		7.	(a) in the public domain at the time of the Company's communication
thereof to Recipient or enters the public domain through no breach of Recipient;

 

			(b) is demonstrated by reasonable documented proof to be in Recipient's possession before receipt
from the Company;

 

			(c) Independently developed by Recipient without the use of or reference to the Company's Confidential
Information, as shown by reasonable documented proof;

 

			(d) communicated by the Company to a third party free of any obligation of confidence;

 

			(e) rightfully received by Recipient from a third party that has an independent right to disclose
the information;

 

    	 	- 7 -	 

     

    

 

			(f) required to be disclosed pursuant to law, regulation or court order, provided that Recipient
(i) promptly notifies the Company in writing prior to making any such disclosure in order to facilitate the Company's seeking a
protective order or other appropriate remedy from the proper authority; and (ii) thereafter furnishes only that portion of the
Confidential Information which is required;

 

		8.	The obligations undertaken
by Recipient under paragraphs 3, 4 and 5 hereof with respect to Confidential Information provided prior to expiration
or termination of this Agreement shall remain in full force and effect indefinitely and shall survive any such termination or
expiration.

 

		9.	The Confidential Information
furnished to Recipient by the Company under this Agreement, including
without limitation documents, drawings, models, apparatus, sketches, designs, lists, disks, video cassettes and other materials,
(a) shall remain the property of the Company and (b) is provided on an "AS IS" basis, with no warranties of any kind,
express or implied, being given by the Company with respect to such information. Nothing contained herein shall be construed as
giving Recipient any license or rights with respect to the Confidential Information and such materials. Recipient shall make no
copies of the Confidential Information and such materials except for the purposes of the Business Relationship or as otherwise
permitted herein, and it shall reproduce the Company's proprietary rights notices on any such approved copies, in the same manner
in which such notices were set forth in or on the original. Upon termination or expiration
of this Agreement, or upon the written request of the Company at any time, any Confidential Information, any copies made thereof
and any materials containing any portion of any Confidential Information, to the extent that they remain in the possession of
Recipient, its employees, consultants and controlled companies, shall be returned promptly by Recipient to the Company (except
those materials which are legally privileged), or, on
the Company's request, shall be destroyed by Recipient and ceased to be used by Recipient or any of the entities referred to above.
Upon the Company's request, an officer of Recipient shall
certify in writing that Recipient has complied with the preceding sentence.

 

		10.	Neither this Agreement nor the disclosure or receipt of
Confidential Information shall constitute or imply any promise or intention by either party to enter into any further agreement
with the other, including, without limitation, with respect to the Business Relationship.

 

		11.	During the term of the Business Relationship and for a
period of one (1) year thereafter, Recipient will not, directly or indirectly, engage in any employment or business activity,
or hold an interest in any business, which is competitive with the business of the Company, provided, however, that Recipient
may purchase or otherwise acquire up to (but not more than) five percent (5%) of any class of securities of any enterprise (but
without otherwise participating in the activities of such enterprise) if such securities are listed on any national or regional
securities exchange Recipient further agrees that for the period of the Business Relationship and for a period of one (1) year
thereafter, Recipient will not (a) induce any employee of the Company to leave the employ of the Company, (b) induce any customer,
supplier, licensee, or business relation of the Company to cease doing business with the Company

 

		12.	This Agreement shall be construed in accordance with the
laws of the State of Israel. The competent court of Tel-Aviv-Jaffa in Israel shall have exclusive jurisdiction with respect to
any dispute and action arising under or in relation to this Agreement.

 

		13.	Recipient acknowledges that a breach of this Agreement
would result in irreparable harm to the Company, the extent of which would be difficult to ascertain, and in any event monetary
damages alone would be inadequate in the event of such a breach. Accordingly, in the event of a breach of this Agreement the Company
shall be entitled to injunctive or other equitable relief as the court deems appropriate, without the necessity of the Company
showing posting a bond. Any such relief shall be in addition to, and not in place of, any other appropriate relief to which the
Company may be entitled.

 

    	 	- 8 -	 

     

    

 

		14.	The provisions of this Agreement are independent of and
severable from each other. If any provision, or portion thereof, is found to be invalid or unenforceable for any reason, that
provision, or portion, shall be deemed modified to the extent necessary to make it valid and operative and in a manner most closely
representing the intention of the parties as expressed herein, or if it cannot be so modified, then eliminated, and the remainder
of the Agreement shall continue in full force and effect as if the Agreement had been signed with the invalid portion so modified
or eliminated.

 

		15.	This Agreement contains the entire agreement of the parties
hereto and supersedes any and all prior understandings, arrangements and agreements between them, whether oral or written, with
respect to the subject matter hereof. This Agreement may not be amended or in any manner modified except by a written instrument
signed by both parties. Failure to enforce any provision of this Agreement shall not constitute a waiver of any term hereof.

 

		16.	Recipient shall not assign any of its rights or obligations
hereunder, without the prior written consent of the Company, which consent may be freely withheld.

 

IN WITNESS
WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the Effective
Date.

 

	COMPANY	 	RECIPIENT
	 	 	 
	Signature: 	/s/ Pini Ben Elazar	 	Signature: 	/s/ Racheli Vizman
	Name: Pini Ben Elazar	 	Name: Racheli Vizman

 

    	 	- 9 -

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