Document:

Exhibit 4.1

 

DESCRIPTION OF SECURITIES

 

As of March 1, 2022,
the ordinary shares of Cyren Ltd. (“we,” “us,” “our” or the “Company”) were the Company’s
only class of securities registered under Section 12(b) of the Securities Exchange Act of 1934, as amended.

 

The following description
of our share capital is intended as a summary only and therefore is not a complete description of our share capital. This description
is based upon, and is qualified by reference to, our Amended and Restated Articles of Association and applicable provisions of the Israeli
Companies Law, 1999 and the regulations promulgated thereunder as in effect from time to time (the “Companies Law”). You should
read our Amended and Restated Articles of Association, which is incorporated by reference as an exhibit to the Company’s Annual
Report on Form 10-K filed with the Securities and Exchange Commission of which this Exhibit is a part, for the provisions that are important
to you.

 

As of March 1, 2022,
our authorized share capital consisted of 80,000,000 ordinary shares, NIS 3.00 par value.

 

Our ordinary shares are listed on the Nasdaq Capital Market
under the symbol “CYRN.”

 

Description of Ordinary Shares

 

All issued and outstanding ordinary shares of Cyren Ltd. are
duly authorized and validly issued, fully paid and non-assessable.

 

The ordinary shares do not have preemptive
rights. The ordinary shares may generally be freely transferred under our Amended and Restated Articles of Association, unless the transfer
is restricted or prohibited by applicable law or the rules of the stock exchange on which the shares are traded. Our Amended and Restated
Articles of Association and the laws of the State of Israel do not restrict in any way the ownership or voting of ordinary shares by non-residents
of Israel, except, under certain circumstances, with respect to ownership by subjects of countries which are, or have been, in a state
of war with Israel.

 

Dividend and Liquidation Rights

 

The ordinary shares
are entitled to their full proportion of any cash or share dividend duly declared. Cash or share dividend shall be considered as duly
declared if it meets the “Profit Test” and the “Solvency Test”. According to the “Profit Test” a company
may distribute cash or share divided out of its “profits” as defined in the Companies Law. According to the “Solvency
Test” a company may distribute cash or share divided on condition that there is no reasonable concern that the distribution will
prevent the company from meeting its existing and foreseeable obligations when they become due.

 

Distribution of cash or share divided which meets only the
“Solvency Test” is subject to Court approval. For the purposes of the “Profit Test”, “profits” are
defined as the higher of the balance of surplus or the surplus which was accumulated during the past two years, on the basis of the latest
adjusted financial reports, audited or reviewed, prepared by the Company, following deduction of previous distributions if not already
reduced from the surplus, provided that not more than six months have lapsed between the date in respect of which the financial reports
were prepared and the date of distribution. “Adjusted financial reports” are defined as the financial reports adjusted to
the CPI, or subsequent or replacement financial reports, all in accordance with accepted accounting principles. “Surplus”
is defined as the amounts included in the Company’s equity originating from the net profit of the Company, as determined in accordance
with accepted accounting principles, and other amounts included in the equity under accepted accounting principles which are not share
capital or premiums, which are deemed to be profits.

 

     

     

    

 

Subjects to the rights of the holders
of shares with preferential or other special rights that may be authorized, the holders of ordinary shares are entitled to receive dividends
in proportion to the sums paid up or credited as paid up on account of the nominal value of their respective holdings of the shares in
respect of which the dividend is being paid (without taking into account the premium paid up on the shares) out of assets legally available
therefor and, in the event of our winding up, to share ratably in all assets remaining after payment of liabilities in proportion to the
nominal value of their respective holdings of the shares in respect of which such distribution is being made, subject to applicable law.
Declaration of a dividend which meets the “Profit Test” and “Solvency Test” requires approval by the Board of
Directors, and if such dividend meets only the “Solvency Test”, is also subject to Court approval.

 

Under current Israeli
regulations, any dividends or other distributions paid in respect of ordinary shares purchased by non-residents of Israel with certain
non-Israeli currencies (including U.S. dollars) will be freely repatriated in such non-Israeli currencies at the rate of exchange prevailing
at the time of conversion, provided that Israel income tax has been paid on or withheld from such payments.

 

Modification of Class Rights

 

If at any time the share capital is divided
into different classes of shares, then, unless the conditions of allotment of such class provide otherwise, the rights, additional rights,
advantages, restrictions and conditions attached or not attached to any class, at any given time, may be modified, enhanced, added or
abrogated by resolution at a meeting of the holders of the shares of such class.

 

Special Provisions in Amended and Restated Articles of Association
Relating To Directors and Executive Officers

 

The discussion regarding
External Directors under “Item 10. Directors, Executive Officers and Corporate Governance – Director Independence” from
the Annual Report on Form 10-K for the fiscal year ended December 31, 2021 is incorporated herein by reference.

 

Voting, Shareholder Meetings and Resolutions

 

Holders of ordinary shares have one vote for each
share held on all matters submitted to a vote of shareholders.

 

An annual general meeting must be held
once every calendar year at such time (not more than 15 months after the last preceding annual general meeting) and at such place, either
within or outside the State of Israel, as may be determined by the Board of Directors. The quorum required for a general meeting of shareholders
consists of at least two shareholders present in person or by proxy and holding at least one-third of the voting rights of the issued
share capital. A meeting adjourned for lack of a quorum may be adjourned to the same day in the next week at the same time and place,
or to such time and place as the Board of Directors may determine in a notice to shareholders. At such reconvened meeting any two shareholders
entitled to vote and present in person or by proxy will constitute a quorum. Rule 5620(c) to Nasdaq Listing Rules requires that an issuer
listed on Nasdaq should have a quorum requirement that in no case be less than 33 1/3% of the outstanding shares of the company’s
common voting stock. However, as mentioned above, our Amended and Restated Articles of Association, consistent with the Companies Law,
provides for a lower quorum requirement at an adjourned meeting.

 

Generally, shareholder resolutions will be deemed
adopted if approved by the holders of a majority of the voting power represented at the meeting, in person or by proxy, and voting thereon.
For certain matters as described under the Companies Law, there is a requirement that the majority include the affirmative vote of at
least a majority of the votes cast by shareholders who are not controlling shareholders of the Company and/or which do not have a personal
interest in the matter to be voted upon (where a personal interest may include the interests of representatives of such shareholder) or,
alternatively, the total shareholdings of the votes cast against the proposal (other than by the Company’s controlling shareholders
or interested parties in the matter to be voted upon) must not present more than two percent of the voting rights in the Company.

 

    2

     

    

 

Anti-Takeover Provisions Under Israeli Law

 

Under the Companies Law, a merger is
generally required to be approved by the board of directors of each of the merging companies after determination that the contemplated
merger shall not adversely affect the ability of the surviving company to meet its obligations to its creditors as such become due and
payable, and by the shareholders of each of the merging companies. If the share capital of the company that will not be the surviving
company is divided into different classes of shares, the approval of each class is also required. In addition, a merger can be completed
only after, among other things, thirty days have passed from the shareholders’ approval of each of the merging companies, all approvals
have been submitted to the Israeli Registrar of Companies and at least fifty days have passed from the time that a proposal for approval
of the merger was filed with the Registrar.

 

The Companies Law provides that in general,
an acquisition of shares in a public company must be made by means of a tender offer if as a result of the acquisition the purchaser would
hold 25% or more of the voting rights in the company, unless there is already another 25% shareholder of the company. Similarly, the Companies
Law provides that in general, an acquisition of shares in a public company must be made by means of a tender offer if as a result of the
acquisition the purchaser would hold more than 45% of the voting rights of the company, unless someone else already holds 45% of the voting
power of the company.

 

Israeli tax law treats specified acquisitions,
including a stock-for-stock swap between an Israeli company and a foreign company, less favorably than does U.S. tax law. For example,
Israeli tax law may subject a shareholder who exchanges his ordinary shares for shares in a foreign corporation to taxation before it
would become taxable in the United States, even though the investment has not become liquid, although in the case of shares of a foreign
corporation that are traded on a stock exchange, the tax may be postponed subject to certain conditions.

 

Transfer of Shares and Notices

 

Fully paid ordinary shares that are issued and
not subject to any legal restrictions on transference may be transferred freely. Each shareholder of record is entitled to receive at
least 21 days’ prior notice (and for certain matters, 35 days’ prior notice) before the date of a shareholder meeting and
at least five days’ prior notice before the record date for the meeting. For purposes of determining the shareholders entitled to
notice of and to vote at such meeting, the Board of Directors may fix a record date, which shall be between 4 and 40 days prior to the
date of any shareholder meeting.

 

Changes in Our Capital

 

Changes in our capital are subject to
the applicable provisions of the Companies Law and to the approval of the shareholders, generally by a majority of the votes of shareholders
present by person or by proxy and voting at the shareholders meeting.

 

 

3Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CYREN,
LTD.

2016
EQUITY INCENTIVE PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

Table
of Contents

 

	 	 	 	 	 	 	Page
	1.	 	Establishment, Purpose and Term of Plan	 	1
	 	 	1.1	 	Establishment	 	1
	 	 	1.2	 	Purpose	 	1
	 	 	1.3	 	Term of Plan	 	1
	 	 	 	 	 	 	 
	2.	 	Definitions and Construction	 	1
	 	 	2.1	 	Definitions	 	1
	 	 	2.2	 	Construction	 	6
	 	 	 	 	 	 	 
	3.	 	Administration	 	6
	 	 	3.1	 	Administration by the Committee	 	6
	 	 	3.2	 	Authority of Officers	 	6
	 	 	3.3	 	Administration with Respect to Insiders	 	6
	 	 	3.4	 	Powers of the Committee	 	6
	 	 	3.5	 	Option or SAR Repricing	 	7
	 	 	3.6	 	Indemnification	 	7
	 	 	 	 	 	 	 
	4.	 	Shares Subject to Plan	 	8
	 	 	4.1	 	Maximum Number of Shares Issuable	 	8
	 	 	4.2	 	Share Counting	 	8
	 	 	4.3	 	Adjustments for Changes in Capital Structure	 	8
	 	 	4.4	 	Assumption or Substitution of Awards	 	9
	 	 	 	 	 	 	 
	5.	 	Eligibility, Participation and Award Limitations	 	9
	 	 	5.1	 	Persons Eligible for Awards	 	9
	 	 	5.2	 	Participation in the Plan	 	9
	 	 	5.3	 	Incentive Stock Option Limitations	 	9
	 	 	5.4	 	Awards Limit	 	9
	 	 	 	 	 	 	 
	6.	 	Stock Options	 	10
	 	 	6.1	 	Exercise Price	 	10
	 	 	6.2	 	Exercisability and Term of Options Granted to Non-Officer and Non-Director Participant	 	10
	 	 	6.3	 	Exercisability and Term of Options Granted to Officers and Directors	 	10
	 	 	6.4	 	Payment of Exercise Price	 	10
	 	 	6.5	 	Effect of Termination of Service	 	11
	 	 	6.6	 	Transferability of Options	 	12
	 	 	 	 	 	 	 
	7.	 	Stock Appreciation Rights	 	12
	 	 	7.1	 	Types of SARs Authorized	 	12
	 	 	7.2	 	Exercise Price	 	12
	 	 	7.3	 	Exercisability and Term of SARs	 	12
	 	 	7.4	 	Exercise of SARs	 	13
	 	 	7.5	 	Deemed Exercise of SARs	 	13
	 	 	7.6	 	Effect of Termination of Service	 	13
	 	 	7.7	 	Transferability of SARs	 	13

 

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Table of Contents

(continued)

 

	 	 	 	 	 	 	Page
	8.	 	Restricted Stock Awards	 	13
	 	 	8.1	 	Types of Restricted Stock Awards Authorized	 	13
	 	 	8.2	 	Purchase Price	 	13
	 	 	8.3	 	Purchase Period	 	14
	 	 	8.4	 	Payment of Purchase Price	 	14
	 	 	8.5	 	Vesting and Restrictions on Transfer	 	14
	 	 	8.6	 	Voting Rights; Dividends and Distributions	 	14
	 	 	8.7	 	Effect of Termination of Service	 	14
	 	 	8.8	 	Nontransferability of Restricted Stock Award Rights	 	15
	 	 	 	 	 	 	 
	9.	 	Restricted Stock Units	 	15
	 	 	9.1	 	Grant of Restricted Stock Unit Awards	 	15
	 	 	9.2	 	Purchase Price	 	15
	 	 	9.3	 	Vesting	 	15
	 	 	9.4	 	Voting Rights, Dividend Equivalent Rights and Distributions	 	15
	 	 	9.5	 	Effect of Termination of Service	 	16
	 	 	9.6	 	Settlement of Restricted Stock Unit Awards	 	16
	 	 	9.7	 	Nontransferability of Restricted Stock Unit Awards	 	16
	 	 	9.8	 	Term of Restricted Stock Unit	 	16
	 	 	 	 	 	 	 
	10.	 	Performance Awards	 	16
	 	 	10.1	 	Types of Performance Awards Authorized	 	16
	 	 	10.2	 	Initial Value of Performance Shares and Performance Units	 	16
	 	 	10.3	 	Establishment of Performance Period, Performance Goals and Performance Award Formula	 	17
	 	 	10.4	 	Measurement of Performance Goals	 	17
	 	 	10.5	 	Settlement of Performance Awards	 	17
	 	 	10.6	 	Voting Rights; Dividend Equivalent Rights and Distributions	 	18
	 	 	10.7	 	Effect of Termination of Service	 	18
	 	 	10.8	 	Nontransferability of Performance Awards	 	18
	 	 	 	 	 	 	 
	11.	 	Cash-Based Awards and Other Stock-Based Awards	 	19
	 	 	11.1	 	Grant of Cash-Based Awards	 	19
	 	 	11.2	 	Grant of Other Stock-Based Awards	 	19
	 	 	11.3	 	Value of Cash-Based and Other Stock-Based Awards	 	19
	 	 	11.4	 	Payment or Settlement of Cash-Based Awards and Other Stock-Based Awards	 	19
	 	 	11.5	 	Voting Rights; Dividend Equivalent Rights and Distributions	 	19
	 	 	11.6	 	Effect of Termination of Service	 	20
	 	 	11.7	 	Nontransferability of Cash-Based Awards and Other Stock-Based Awards	 	20
	 	 	 	 	 	 	 
	12.	 	Standard Forms of Award Agreement	 	20
	 	 	12.1	 	Award Agreements	 	20
	 	 	12.2	 	Authority to Vary Terms	 	20
	 	 	 	 	 	 	 
	13.	 	Change in Control	 	20
	 	 	13.1	 	Effect of Change in Control on Awards	 	20
	 	 	 	 	 	 	 
	14.	 	Compliance with Securities Law	 	21

 

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Table of Contents

(continued)

 

	 	 	 	 	 	 	Page
	15.	 	Compliance with Section 409A	 	21
	 	 	15.1	 	Awards Subject to Section 409A	 	21
	 	 	15.2	 	Deferral and/or Distribution Elections	 	22
	 	 	15.3	 	Subsequent Elections	 	21
	 	 	15.4	 	Payment of Section 409A Deferred Compensation	 	22
	 	 	 	 	 	 	 
	16.	 	Tax Withholding	 	24
	 	 	16.1	 	Tax Withholding in General	 	24
	 	 	16.2	 	Withholding in or Directed Sale of Shares	 	24
	 	 	 	 	 	 	 
	17.	 	Amendment, Suspension or Termination of Plan	 	24
	 	 	 	 	 	 	 
	18.	 	Miscellaneous Provisions	 	25
	 	 	18.1	 	Repurchase Rights	 	25
	 	 	18.2	 	Forfeiture Events	 	25
	 	 	18.3	 	Provision of Information	 	25
	 	 	18.4	 	Rights as Employee, Consultant or Director	 	25
	 	 	18.5	 	Rights as a Stockholder	 	25
	 	 	18.6	 	Delivery of Title to Shares	 	25
	 	 	18.7	 	Fractional Shares	 	26
	 	 	18.8	 	Retirement and Welfare Plans	 	26
	 	 	18.9	 	Severability	 	26
	 	 	18.10	 	No Constraint on Corporate Action	 	26
	 	 	18.11	 	Unfunded Obligation	 	26
	 	 	18.12	 	No Representations or Covenants with respect to Tax Qualification	 	26
	 	 	 	 	 	 	 
	 	 	 	 	Sub-Plan for Israeli Tax Payers	 	27

 

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Cyren, Ltd.

2016 Equity Incentive Plan

 

1. Establishment,
Purpose and Term of Plan.

 

1.1 Establishment. The
Cyren, Ltd. 2016 Equity Incentive Plan (the “Plan”) is hereby established effective as of December 22, 2016,
the date of its approval by the stockholders of the Company (the “Effective Date”).

 

1.2 Purpose. The
purpose of the Plan is to advance the interests of the Participating Company Group and its stockholders by providing an incentive to attract,
retain and reward persons performing services for the Participating Company Group and by motivating such persons to contribute to the
growth and profitability of the Participating Company Group. The Plan seeks to achieve this purpose by providing for Awards in the form
of Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Performance Shares, Performance Units, Cash-Based
Awards and Other Stock-Based Awards.

 

1.3 Term of Plan. The
Plan shall continue in effect until its termination by the Committee; provided, however, that all Awards shall be granted,
if at all, within ten (10) years from the Effective Date.

 

2. Definitions
and Construction.

 

2.1 Definitions. Whenever
used herein, the following terms shall have their respective meanings set forth below:

 

(a) “Affiliate”
means (i) a parent entity, other than a Parent Corporation, that directly, or indirectly through one or more intermediary entities,
controls the Company or (ii) a subsidiary entity, other than a Subsidiary Corporation, that is controlled by the Company directly or indirectly
through one or more intermediary entities. For this purpose, the terms “parent,” “subsidiary,” “control”
and “controlled by” shall have the meanings assigned such terms for the purposes of registration of securities on Form S-8
under the Securities Act.

 

(b) “Award”
means any Option, Stock Appreciation Right, Restricted Stock Purchase Right, Restricted Stock Bonus, Restricted Stock Unit, Performance
Share, Performance Unit, Cash-Based Award or Other Stock-Based Award granted under the Plan.

 

(c) “Award
Agreement” means a written or electronic agreement between the Company and a Participant setting forth the terms, conditions
and restrictions applicable to an Award.

 

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

 

(e) “Cash-Based
Award” means an Award denominated in cash and granted pursuant to Section 11.

 

(f) “Cashless
Exercise” means a Cashless Exercise as defined in Section 6.3(b)(i).

 

(g) “Cause” means,
unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between a
Participant and a Participating Company applicable to an Award, any of the following: (i) the Participant’s theft, dishonesty,
willful misconduct, breach of fiduciary duty for personal profit, or falsification of any Participating Company documents or
records; (ii) the Participant’s material failure to abide by a Participating Company’s code of conduct or other policies
(including, without limitation, policies relating to confidentiality and reasonable workplace conduct); (iii) the
Participant’s unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate
opportunity of a Participating Company (including, without limitation, the Participant’s improper use or disclosure of a
Participating Company’s confidential or proprietary information); (iv) any intentional act by the Participant which has a
material detrimental effect on a Participating Company’s reputation or business; (v) the Participant’s repeated failure
to perform any reasonable assigned duties after written notice from a Participating Company of, and a reasonable opportunity to
cure, such failure; (vi) any material breach by the Participant of any employment, service, non-disclosure, non-competition,
non-solicitation or other similar agreement between the Participant and a Participating Company, which breach is not cured pursuant
to the terms of such agreement; or (vii) the Participant’s conviction (including any plea of guilty or nolo contendere)
of any criminal act involving fraud, dishonesty, misappropriation or moral turpitude, or which impairs the Participant’s
ability to perform his or her duties with a Participating Company.

 

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(h) “Change
in Control” means the occurrence of any one or a combination of the following:

 

(i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as such term is defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%)
of the total Fair Market Value or total combined voting power of the Company’s then-outstanding securities entitled to vote generally
in the election of Directors; provided, however, that a Change in Control shall not be deemed to have occurred if such degree
of beneficial ownership results from any of the following: (A) an acquisition by any person who on the Effective Date is the beneficial
owner of more than fifty percent (50%) of such voting power, (B) any acquisition directly from the Company, including, without limitation,
pursuant to or in connection with a public offering of securities, (C) any acquisition by the Company, (D) any acquisition by a trustee
or other fiduciary under an employee benefit plan of a Participating Company or (E) any acquisition by an entity owned directly or indirectly
by the stockholders of the Company in substantially the same proportions as their ownership of the voting securities of the Company; or

 

(ii) an Ownership Change
Event or series of related Ownership Change Events (collectively, a “Transaction”) in which the stockholders
of the Company immediately before the Transaction do not retain immediately after the Transaction direct or indirect beneficial ownership
of more than fifty percent (50%) of the total combined voting power of the outstanding securities entitled to vote generally in the election
of Directors or, in the case of an Ownership Change Event described in Section 2.1(bb)(iii), the entity to which the assets of the Company
were transferred (the “Transferee”), as the case may be; or

 

(iii) a date specified
by the Committee following approval by the stockholders of a plan of complete liquidation or dissolution of the Company;

 

provided, however, that a Change in Control shall be
deemed not to include a transaction described in subsections (i) or (ii) of this Section 2.1(h) in which a majority of the members of
the board of directors of the continuing, surviving or successor entity, or parent thereof, immediately after such transaction is comprised
of Incumbent Directors.

 

For purposes of the preceding sentence, indirect
beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations
or other business entities which own the Company or the Transferee, as the case may be, either directly or through one or more subsidiary
corporations or other business entities. The Committee shall determine whether multiple events described in subsections (i), (ii) and
(iii) of this Section 2.1(h) are related and to be treated in the aggregate as a single Change in Control, and its determination shall
be final, binding and conclusive.

 

(i) “Code”
means the Internal Revenue Code of 1986, as amended, and any applicable regulations and administrative guidelines promulgated thereunder.

 

(j) “Committee”
means the Compensation Committee and such other committee or subcommittee of the Board, if any, duly appointed to administer the Plan
and having such powers in each instance as shall be specified by the Board. If, at any time, there is no committee of the Board then authorized
or properly constituted to administer the Plan, the Board shall exercise all of the powers of the Committee granted herein, and, in any
event, the Board may in its discretion exercise any or all of such powers.

 

(k) “Company”
means Cyren, Ltd., an Israeli company, and any successor corporation thereto.

 

(l) “Compensation
Policy” means the Company’s executive compensation policy, as shall be in effect from time to time.

 

(m) “Consultant”
means a person engaged to provide consulting or advisory services (other than as an Employee or a Director) to a Participating Company,
provided that the identity of such person, the nature of such services or the entity to which such services are provided would not preclude
the Company from offering or selling securities to such person pursuant to the Plan in reliance on registration on Form S-8 under the
Securities Act.

 

    2

     

    

 

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

 

(o) “Disability”
means, unless such term or an equivalent term is otherwise defined by the applicable Award Agreement or other written agreement between
the Participant and a Participating Company applicable to an Award, the permanent and total disability of the Participant, within the
meaning of Section 22(e)(3) of the Code.

 

(p) “Dividend
Equivalent Right” means the right of a Participant, granted at the discretion of the Committee or as otherwise provided
by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid on one share of Stock
for each share of Stock represented by an Award held by such Participant.

 

(q) “Employee”
means any person treated as an employee (including an Officer or a Director who is also treated as an employee) in the records of
a Participating Company and, with respect to any Incentive Stock Option granted to such person, who is an employee for purposes of Section
422 of the Code; provided, however, that neither service as a Director nor payment of a Director’s fee shall be sufficient
to constitute employment for purposes of the Plan. The Company shall determine in good faith and in the exercise of its discretion whether
an individual has become or has ceased to be an Employee and the effective date of such individual’s employment or termination of
employment, as the case may be. For purposes of an individual’s rights, if any, under the terms of the Plan as of the time of the
Company’s determination of whether or not the individual is an Employee, all such determinations by the Company shall be final,
binding and conclusive as to such rights, if any, notwithstanding that the Company or any court of law or governmental agency subsequently
makes a contrary determination as to such individual’s status as an Employee.

 

(r) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(s) “Fair
Market Value” means, as of any date, the value of a share of Stock or other property as determined by the Committee, in
its discretion, or by the Company, in its discretion, if such determination is expressly allocated to the Company herein, subject to the
following:

 

(i) Except as otherwise
determined by the Committee, if, on such date, the Stock is listed or quoted on a national or regional securities exchange or quotation
system, the Fair Market Value of a share of Stock shall be the closing price of a share of Stock as quoted on the national or regional
securities exchange or quotation system constituting the primary market for the Stock, as reported in The Wall Street Journal or
such other source as the Company deems reliable. If the relevant date does not fall on a day on which the Stock has traded on such securities
exchange or quotation system, the date on which the Fair Market Value shall be established shall be the last day on which the Stock was
so traded or quoted prior to the relevant date, or such other appropriate day as shall be determined by the Committee, in its discretion.

 

(ii) Notwithstanding
the foregoing, the Committee may, in its discretion, determine the Fair Market Value of a share of Stock on the basis of the opening,
closing, or average of the high and low sale prices of a share of Stock on such date or the preceding trading day, the actual sale price
of a share of Stock received by a Participant, any other reasonable basis using actual transactions in the Stock as reported on a national
or regional securities exchange or quotation system, or on any other basis consistent with the requirements of Section 409A. The Committee
may vary its method of determination of the Fair Market Value as provided in this Section for different purposes under the Plan to the
extent consistent with the requirements of Section 409A.

 

(iii) If, on such date,
the Stock is not listed or quoted on a national or regional securities exchange or quotation system, the Fair Market Value of a share
of Stock shall be as determined by the Committee in good faith without regard to any restriction other than a restriction which, by its
terms, will never lapse, and in a manner consistent with the requirements of Section 409A.

 

(t) “Full
Value Award” means any Award settled in Stock, other than (i) an Option, (ii) a Stock Appreciation Right, or (iii) a Restricted
Stock Purchase Right or an Other Stock-Based Award under which the Company will receive monetary consideration equal to the Fair Market
Value (determined on the effective date of grant) of the shares subject to such Award.

 

    3

     

    

 

(u) “Incentive
Stock Option” means an Option intended to be (as set forth in the Award Agreement) and which qualifies as an incentive stock
option within the meaning of Section 422(b) of the Code.

 

(v) “Incumbent
Director” means a director who either (i) is a member of the Board as of the Effective Date or (ii) is elected, or nominated
for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or
nomination (but excluding a director who was elected or nominated in connection with an actual or threatened proxy contest relating to
the election of directors of the Company).

 

(w) “Insider”
means an Officer, a Director or other person whose transactions in Stock are subject to Section 16 of the Exchange Act.

 

(x) “Net
Exercise” means a Net Exercise as defined in Section 6.3(b)(iii).

 

(y) “Nonstatutory
Stock Option” means an Option not intended to be (as set forth in the Award Agreement) or which does not qualify as an incentive
stock option within the meaning of Section 422(b) of the Code.

 

(z) “Officer”
means any person designated by the Board as an officer of the Company.

 

(aa) “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option granted pursuant to the Plan.

 

(bb) “Other
Stock-Based Award” means an Award denominated in shares of Stock and granted pursuant to Section 11.

 

(cc) “Ownership
Change Event” means the occurrence of any of the following with respect to the Company: (i) the direct or indirect sale
or exchange in a single or series of related transactions by the stockholders of the Company of securities of the Company representing
more than fifty percent (50%) of the total combined voting power of the Company’s then outstanding securities entitled to vote generally
in the election of Directors; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange, or transfer
of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries of the Company).

 

(dd) “Parent
Corporation” means any present or future “parent corporation” of the Company, as defined in Section 424(e) of
the Code.

 

(ee) “Participant”
means any eligible person who has been granted one or more Awards.

 

(ff) “Participating
Company” means the Company or any Parent Corporation, Subsidiary Corporation or Affiliate.

 

(gg) “Participating
Company Group” means, at any point in time, the Company and all other entities collectively which are then Participating
Companies.

 

(hh) “Performance
Award” means an Award of Performance Shares or Performance Units.

 

(ii) “Performance
Award Formula” means, for any Performance Award, a formula or table established by the Committee pursuant to Section 10.3
which provides the basis for computing the value of a Performance Award at one or more levels of attainment of the applicable Performance
Goal(s) measured as of the end of the applicable Performance Period.

 

(jj) “Performance
Goal” means a performance goal established by the Committee pursuant to Section 10.3.

 

(kk) “Performance
Period” means a period established by the Committee pursuant to Section 10.3 at the end of which one or more Performance
Goals are to be measured.

 

    4

     

    

 

(ll) “Performance
Share” means a right granted to a Participant pursuant to Section 10 to receive a payment equal to the value of a Performance
Share, as determined by the Committee, based upon attainment of applicable Performance Goal(s).

 

(mm) “Performance
Unit” means a right granted to a Participant pursuant to Section 10 to receive a payment equal to the value of a Performance
Unit, as determined by the Committee, based upon attainment of applicable Performance Goal(s).

 

(nn) “Predecessor
Plans” means the Company’s Israeli Share Option Plan, the Amended and Restated 1999 Non-Employee Directors Stock Option
Plan and 2006 U.S. Stock Option Plan.

 

(oo) “Restricted
Stock Award” means an Award of a Restricted Stock Bonus or a Restricted Stock Purchase Right.

 

(pp) “Restricted
Stock Bonus” means Stock granted to a Participant pursuant to Section 8.

 

(qq) “Restricted
Stock Purchase Right” means a right to purchase Stock granted to a Participant pursuant to Section 8.

 

(rr) “Restricted
Stock Unit” means a right granted to a Participant pursuant to Section 9 to receive on a future date or occurrence of a
future event a share of Stock or cash in lieu thereof, as determined by the Committee.

 

(ss) “Rule
16b-3” means Rule 16b-3 under the Exchange Act, as amended from time to time, or any successor rule or regulation.

 

(tt) “SAR”
or “Stock Appreciation Right” means a right granted to a Participant pursuant to Section 7 to receive payment,
for each share of Stock subject to such Award, of an amount equal to the excess, if any, of the Fair Market Value of a share of Stock
on the date of exercise of the Award over the exercise price thereof.

 

(uu) “Section
409A” means Section 409A of the Code.

 

(vv) “Section
409A Deferred Compensation” means compensation provided pursuant to an Award that constitutes nonqualified deferred compensation
within the meaning of Section 409A.

 

(ww) “Securities
Act” means the Securities Act of 1933, as amended.

 

(xx) “Service”
means a Participant’s employment or service with the Participating Company Group, whether as an Employee, a Director or a Consultant.
Unless otherwise provided by the Committee, a Participant’s Service shall not be deemed to have terminated merely because of a change
in the capacity in which the Participant renders Service or a change in the Participating Company for which the Participant renders Service,
provided that there is no interruption or termination of the Participant’s Service. Furthermore, a Participant’s Service shall
not be deemed to have been interrupted or terminated if the Participant takes any military leave, sick leave, or other bona fide leave
of absence approved by the Company. However, unless otherwise provided by the Committee, if any such leave taken by a Participant exceeds
ninety (90) days, then on the ninety-first (91st) day following the commencement of such leave the Participant’s Service shall be
deemed to have terminated, unless the Participant’s right to return to Service is guaranteed by statute or contract. Notwithstanding
the foregoing, unless otherwise designated by the Company or required by law, an unpaid leave of absence shall not be treated as Service
for purposes of determining vesting under the Participant’s Award Agreement. A Participant’s Service shall be deemed to have
terminated either upon an actual termination of Service or upon the business entity for which the Participant performs Service ceasing
to be a Participating Company. Subject to the foregoing, the Company, in its discretion, shall determine whether the Participant’s
Service has terminated and the effective date of and reason for such termination.

 

(yy) “Stock”
means the ordinary shares of the Company, as adjusted from time to time in accordance with Section 4.3.

 

(zz) “Stock
Tender Exercise” means a Stock Tender Exercise as defined in Section 6.3(b)(ii).

 

    5

     

    

 

(aaa) “Subsidiary
Corporation” means any present or future “subsidiary corporation” of the Company, as defined in Section 424(f)
of the Code.

 

(bbb) “Ten
Percent Owner” means a Participant who, at the time an Option is granted to the Participant, owns stock possessing more
than ten percent (10%) of the total combined voting power of all classes of stock of a Participating Company (other than an Affiliate)
within the meaning of Section 422(b)(6) of the Code.

 

(ccc) “Trading
Compliance Policy” means the written policy of the Company pertaining to the purchase, sale, transfer or other disposition
of the Company’s equity securities by Directors, Officers, Employees or other service providers who may possess material, nonpublic
information regarding the Company or its securities.

 

(ddd) “Vesting
Conditions” mean those conditions established in accordance with the Plan prior to the satisfaction of which an Award or
shares subject to an Award remain subject to forfeiture or a repurchase option in favor of the Company exercisable for the Participant’s
monetary purchase price, if any, for such shares upon the Participant’s termination of Service or failure of a performance condition
to be satisfied.

 

2.2 Construction. Captions
and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan.
Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of
the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

3. Administration.

 

3.1 Administration
by the Committee. The Plan shall be administered by the Committee. All questions of interpretation of the Plan,
of any Award Agreement or of any other form of agreement or other document employed by the Company in the administration of the Plan or
of any Award shall be determined by the Committee, and such determinations shall be final, binding and conclusive upon all persons having
an interest in the Plan or such Award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations taken
or made by the Committee in the exercise of its discretion pursuant to the Plan or Award Agreement or other agreement thereunder (other
than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons
having an interest therein. All expenses incurred in connection with the administration of the Plan shall be paid by the Company.

 

3.2 Authority of
Officers. Any Officer shall have the authority to act on behalf of the Company with respect to any matter,
right, obligation, determination or election that is the responsibility of or that is allocated to the Company herein, provided that the
Officer has apparent authority with respect to such matter, right, obligation, determination or election. To the extent permitted by applicable
law, the Committee may, in its discretion, delegate to a committee comprised of one or more Officers the authority to grant one or more
Awards, without further approval of the Committee, to any Employee, other than a person who, at the time of such grant, is an Insider,
and to exercise such other powers under the Plan as the Committee may determine; provided, however, that (a) the Committee
shall fix the maximum number of shares subject to Awards that may be granted by such Officers, (b) each such Award shall be subject to
the terms and conditions of the appropriate standard form of Award Agreement approved by the Board or the Committee and shall conform
to the provisions of the Plan, and (c) each such Award shall conform to such other limits and guidelines as may be established from time
to time by the Committee.

 

3.3 Administration
with Respect to Insiders. With respect to participation by Insiders in the Plan, at any time that any class
of equity security of the Company is registered pursuant to Section 12 of the Exchange Act, the Plan shall be administered in compliance
with the requirements, if applicable, of Rule 16b-3.

 

3.4 Powers of the
Committee. In addition to any other powers set forth in the Plan and subject to the provisions of the
Plan, the Committee shall have the full and final power and authority, in its discretion:

 

(a) to determine the
persons to whom, and the time or times at which, Awards shall be granted and the number of shares of Stock, units or monetary value to
be subject to each Award;

 

(b) to determine the
type of Award granted;

 

    6

     

    

 

(c)  to determine the
Fair Market Value of shares of Stock or other property;

 

(d)  to determine the
terms, conditions and restrictions applicable to each Award (which need not be identical) and any shares acquired pursuant thereto, including,
without limitation, (i) the exercise or purchase price of shares pursuant to any Award, (ii) the method of payment for shares purchased
pursuant to any Award, (iii) the method for satisfaction of any tax withholding obligation arising in connection with any Award,
including by the withholding or delivery of shares of Stock, (iv) the timing, terms and conditions of the exercisability or vesting of
any Award or any shares acquired pursuant thereto, provided that Options and Restricted Stock Units granted to Officers or Directors shall
vest over a period of three years or longer (or such other period as may be provided in the Compensation Policy), (v) the Performance
Measures, Performance Period, Performance Award Formula and Performance Goals applicable to any Award and the extent to which such Performance
Goals have been attained, (vi) the time of expiration of any Award, (vii) the effect of any Participant’s termination of Service
on any of the foregoing, and (viii) all other terms, conditions and restrictions applicable to any Award or shares acquired pursuant thereto
not inconsistent with the terms of the Plan;

 

(e)  to determine whether
an Award will be settled in shares of Stock, cash, other property or in any combination thereof;

 

(f)  to approve one
or more forms of Award Agreement;

 

(g)  to amend, modify,
extend, cancel or renew any Award or to waive any restrictions or conditions applicable to any Award or any shares acquired pursuant thereto;

 

(h)  to accelerate,
continue, extend or defer the exercisability or vesting of any Award or any shares acquired pursuant thereto, including with respect to
the period following a Participant’s termination of Service;

 

(i)  to prescribe, amend
or rescind rules, guidelines and policies relating to the Plan, or to adopt sub-plans or supplements to, or alternative versions of, the
Plan, including, without limitation, as the Committee deems necessary or desirable to comply with the laws of, or to accommodate the tax
policy, accounting principles or custom of, foreign jurisdictions whose residents may be granted Awards; and

 

(j)  to correct any
defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement and to make all other determinations and
take such other actions with respect to the Plan or any Award as the Committee may deem advisable to the extent not inconsistent with
the provisions of the Plan or applicable law.

 

3.5  Option or SAR
Repricing.  The Committee shall have the authority, without additional approval by the stockholders of the Company,
to approve a program providing for either (a) the cancellation of outstanding Options or SARs having exercise prices per share greater
than the then Fair Market Value of a share of Stock (“Underwater Awards”) and the grant in substitution therefore
of new Options or SARs covering the same or a different number of shares but with an exercise price per share equal to the Fair Market
Value per share on the new grant date, Full Value Awards, or payments in cash, or (b) the amendment of outstanding Underwater Awards to
reduce the exercise price thereof to the Fair Market Value per share on the date of amendment.

 

3.6  Indemnification.  In
addition to such other rights of indemnification as they may have as members of the Board or the Committee or as officers or employees
of the Participating Company Group, to the extent permitted by applicable law, members of the Board or the Committee and any officers
or employees of the Participating Company Group to whom authority to act for the Board, the Committee or the Company is delegated shall
be indemnified by the Company against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection
with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party
by reason of any action taken or failure to act under or in connection with the Plan, or any right granted hereunder, and against all
amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company)
or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall
be adjudged in such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in
duties; provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such person
shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same.

 

    7

     

    

 

4.  Shares Subject
to Plan.

 

4.1  Maximum Number
of Shares Issuable.  Subject to adjustment as provided in Sections 4.2 and 4.3, the maximum aggregate number
of shares of Stock that may be issued under the Plan shall be equal to the sum of:

 

(a)  560 thousand (560,000)
shares of Stock;

 

(b)  the number of shares
of Stock subject to that portion of any option or other award outstanding pursuant to the Predecessor Plans as of the Effective Date which,
on or after the Effective Date, expires or is terminated or canceled for any reason without having been exercised or settled in full;
and

 

(c)  the number of shares
of Stock acquired pursuant to the Predecessor Plans subject to forfeiture or repurchase by the Company for an amount not greater than
the Participant’s purchase price which, on or after the Effective Date, is so forfeited or repurchased;

 

Shares of Stock issuable under the Plan shall consist of authorized
but unissued or reacquired shares of Stock or any combination thereof.

 

4.2  Share Counting.  If
an outstanding Award for any reason expires or is terminated or canceled without having been exercised or settled in full, or if shares
of Stock acquired pursuant to an Award subject to forfeiture or repurchase are forfeited or repurchased by the Company for an amount not
greater than the Participant’s purchase price, the shares of Stock allocable to the terminated portion of such Award or such forfeited
or repurchased shares of Stock shall again be available for issuance under the Plan. Shares of Stock shall not be deemed to have been
issued pursuant to the Plan with respect to any portion of an Award that is settled in cash or to the extent that shares are withheld
or reacquired by the Company in satisfaction of tax withholding obligations pursuant to Section 16.2. Upon payment in shares of Stock
pursuant to the exercise of an SAR, the number of shares available for issuance under the Plan shall be reduced only by the number of
shares actually issued in such payment. If the exercise price of an Option is paid by tender to the Company, or attestation to the ownership,
of shares of Stock owned by the Participant, or by means of a Net Exercise, the number of shares available for issuance under the Plan
shall be reduced by the net number of shares for which the Option is exercised.

 

4.3  Adjustments
for Changes in Capital Structure.  Subject to any required action by the stockholders of the Company
and the requirements of Sections 409A and 424 of the Code to the extent applicable, in the event of any change in the Stock effected without
receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification,
stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares or similar
change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company
in a form other than Stock (excepting regular, periodic cash dividends) that has a material effect on the Fair Market Value of shares
of Stock, appropriate and proportionate adjustments shall be made in the number and kind of shares subject to the Plan and to any outstanding
Awards, the Award limits set forth in Section 5.3, and in the exercise or purchase price per share under any outstanding Award in order
to prevent dilution or enlargement of Participants’ rights under the Plan. For purposes of the foregoing, conversion of any convertible
securities of the Company shall not be treated as “effected without receipt of consideration by the Company.” If a majority
of the shares which are of the same class as the shares that are subject to outstanding Awards are exchanged for, converted into, or otherwise
become (whether or not pursuant to an Ownership Change Event) shares of another corporation (the “New Shares”),
the Committee may unilaterally amend the outstanding Awards to provide that such Awards are for New Shares. In the event of any such amendment,
the number of shares subject to, and the exercise or purchase price per share of, the outstanding Awards shall be adjusted in a fair and
equitable manner as determined by the Committee, in its discretion. Any fractional share resulting from an adjustment pursuant to this
Section shall be rounded down to the nearest whole number and the exercise or purchase price per share shall be rounded up to the nearest
whole cent. In no event may the exercise or purchase price, if any, under any Award be decreased to an amount less than the par value,
if any, of the stock subject to such Award. The Committee, in its discretion, may also make such adjustments in the terms of any Award
to reflect, or related to, such changes in the capital structure of the Company or distributions as it deems appropriate, including modification
of Performance Goals, Performance Award Formulas and Performance Periods. The adjustments determined by the Committee pursuant to this
Section shall be final, binding and conclusive.

 

    8

     

    

 

4.4  Assumption or
Substitution of Awards.  The Committee may, without affecting the number of shares of Stock reserved or available
hereunder, authorize the issuance or assumption of benefits under this Plan in connection with any merger, consolidation, acquisition
of property or stock, or reorganization upon such terms and conditions as it may deem appropriate, subject to compliance with Section
409A and any other applicable provisions of the Code.

 

5.  Eligibility,
Participation and Award Limitations.

 

5.1  Persons Eligible
for Awards.  Awards may be granted only to Employees, Consultants and Directors.

 

5.2  Participation
in the Plan.  Awards are granted solely at the discretion of the Committee. Eligible persons may be granted
more than one Award. However, eligibility in accordance with this Section shall not entitle any person to be granted an Award or, having
been granted an Award, to be granted an additional Award.

 

5.3  Incentive Stock
Option Limitations.

 

(a)  Maximum Number
of Shares Issuable Pursuant to Incentive Stock Options.  Subject to adjustment as provided in Section 4.3,
the maximum aggregate number of shares of Stock that may be issued under the Plan pursuant to the exercise of Incentive Stock Options
shall be 300,000. The maximum aggregate number of shares of Stock that may be issued under the Plan pursuant to all Awards other than
Incentive Stock Options shall be the number of shares determined in accordance with Section 4.1, subject to adjustment as provided in
Sections 4.2 and 4.3.

 

(b)  Persons Eligible.  An
Incentive Stock Option may be granted only to a person who, on the effective date of grant, is an Employee of the Company, a Parent Corporation
or a Subsidiary Corporation (each being an “ISO-Qualifying Corporation”). Any person who is not an Employee
of an ISO-Qualifying Corporation on the effective date of the grant of an Option to such person may be granted only a Nonstatutory Stock
Option.

 

(c)  Fair Market
Value Limitation.  To the extent that options designated as Incentive Stock Options (granted under all stock
plans of the Participating Company Group, including the Plan) become exercisable by a Participant for the first time during any calendar
year for stock having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portion of such options which exceeds
such amount shall be treated as Nonstatutory Stock Options. For purposes of this Section, options designated as Incentive Stock Options
shall be taken into account in the order in which they were granted, and the Fair Market Value of stock shall be determined as of the
time the option with respect to such stock is granted. If the Code is amended to provide for a limitation different from that set forth
in this Section, such different limitation shall be deemed incorporated herein effective as of the date and with respect to such Options
as required or permitted by such amendment to the Code. If an Option is treated as an Incentive Stock Option in part and as a Nonstatutory
Stock Option in part by reason of the limitation set forth in this Section, the Participant may designate which portion of such Option
the Participant is exercising. In the absence of such designation, the Participant shall be deemed to have exercised the Incentive Stock
Option portion of the Option first. Upon exercise of the Option, shares issued pursuant to each such portion shall be separately identified.

 

5.4  Award Limit.  Anything
to the contrary notwithstanding, Officers and Directors shall not be granted Awards within any fiscal year of the Company, if the value
of such Awards, including any other equity-based compensation paid to such Officer or Director, per year, exceeds (at the time of grant)
the permitted annual value set forth in the Compensation Policy for such Officer or Director.

 

    9

     

    

 

6.  Stock Options.

 

Options shall be evidenced by Award Agreements specifying
the number of shares of Stock covered thereby, in such form as the Committee shall establish. Such Award Agreements may incorporate all
or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:

 

6.1 Exercise Price. The exercise price
for each Option shall be established in the discretion of the Committee in accordance with the terms of the Compensation Policy; provided, however,
that (a) the exercise price per share shall be not less than one hundred percent (100%) of the Fair Market Value of a share of Stock
on the effective date of grant of the Option and (b) no Incentive Stock Option granted to a Ten Percent Owner shall have an exercise
price per share less than one hundred ten percent (110%) of the Fair Market Value of a share of Stock on the effective date of grant
of the Option. Notwithstanding the foregoing, provided the grant is made in accordance with the terms of the Compensation Policy, an
Option (whether an Incentive Stock Option or a Nonstatutory Stock Option) may be granted with an exercise price less than the
minimum exercise price set forth above if such Option is granted pursuant to an assumption or substitution for another option in a
manner that would qualify under the provisions of Section 409A or Section 424(a) of the Code.

 

6.2  Exercisability
and Term of Options Granted to Non-Officer and Non-Director Participant.  Options shall be exercisable at such
time or times, or upon such event or events, and subject to such terms, conditions, performance criteria and restrictions as shall be
determined by the Committee and set forth in the Award Agreement evidencing such Option; provided, however, that (a) no
Option shall be exercisable after the expiration of ten (10) years after the effective date of grant of such Option, (b) no Incentive
Stock Option granted to a Ten Percent Owner shall be exercisable after the expiration of five (5) years after the effective date of grant
of such Option and (c) no Option granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938,
as amended, shall be first exercisable until at least six (6) months following the date of grant of such Option (except in the event of
such Employee’s death, disability or retirement, upon a Change in Control, or as otherwise permitted by the Worker Economic Opportunity
Act). Subject to the foregoing, unless otherwise specified by the Committee in the grant of an Option, each Option shall terminate ten
(10) years after the effective date of grant of the Option, unless earlier terminated in accordance with its provisions.

 

6.3  Exercisability
and Term of Options Granted to Officers and Directors.  Options shall be exercisable at such time or times,
or upon such event or events, and subject to such terms, conditions, performance criteria and restrictions as shall be determined by the
Committee and set forth in the Award Agreement evidencing such Option; provided, however, that (a) no Option shall expire
prior to the lapse of one (1) year following their vesting date and no Options shall be exercisable after the expiration of six (6) years
after the effective date of grant of such Option, (b) no Incentive Stock Option granted to a Ten Percent Owner shall be exercisable after
the expiration of five (5) years after the effective date of grant of such Option and (c) no Option granted to an Employee who is a non-exempt
employee for purposes of the Fair Labor Standards Act of 1938, as amended, shall be first exercisable until at least six (6) months following
the date of grant of such Option (except in the event of such Employee’s death, disability or retirement, upon a Change in Control,
or as otherwise permitted by the Worker Economic Opportunity Act). Subject to the foregoing, unless otherwise specified by the Committee
in the grant of an Option, each Option shall terminate six (6) years after the effective date of grant of the Option, unless earlier terminated
in accordance with its provisions.

 

6.4  Payment of Exercise
Price.

 

(a)  Forms of
Consideration Authorized.  Except as otherwise provided below, payment of the exercise price for the number
of shares of Stock being purchased pursuant to any Option shall be made (i) in cash, by check or in cash equivalent; (ii) if permitted
by the Committee and subject to the limitations contained in Section 6.3(b), by means of (1) a Cashless Exercise, (2) a Stock Tender Exercise
or (3) a Net Exercise; (iii) by such other consideration as may be approved by the Committee from time to time to the extent permitted
by applicable law, or (iv) by any combination thereof. The Committee may at any time or from time to time grant Options which do not permit
all of the foregoing forms of consideration to be used in payment of the exercise price or which otherwise restrict one or more forms
of consideration.

 

    10

     

    

 

(b)  Limitations
on Forms of Consideration.

 

(i) Cashless Exercise. A “Cashless
Exercise” means the delivery of a properly executed notice of exercise together with irrevocable instructions to a
broker providing for the assignment to the Company of the proceeds of a sale or loan with respect to some or all of the shares being
acquired upon the exercise of the Option (including, without limitation, through an exercise complying with the provisions of
Regulation T as promulgated from time to time by the Board of Governors of the Federal Reserve System). The Company reserves, at any
and all times, the right, in the Company’s sole and absolute discretion, to establish, decline to approve or terminate any
program or procedures for the exercise of Options by means of a Cashless Exercise, including with respect to one or more
Participants specified by the Company notwithstanding that such program or procedures may be available to other Participants.

 

(ii)  Stock Tender
Exercise.  A “Stock Tender Exercise” means the delivery of a properly executed exercise
notice accompanied by a Participant’s tender to the Company, or attestation to the ownership, in a form acceptable to the Company
of whole shares of Stock owned by the Participant having a Fair Market Value that does not exceed the aggregate exercise price for the
shares with respect to which the Option is exercised. A Stock Tender Exercise shall not be permitted if it would constitute a violation
of the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock. If required by the Company,
an Option may not be exercised by tender to the Company, or attestation to the ownership, of shares of Stock unless such shares either
have been owned by the Participant for a period of time required by the Company (and not used for another option exercise by attestation
during such period) or were not acquired, directly or indirectly, from the Company.

 

(iii)  Net Exercise.  A
“Net Exercise” means the delivery of a properly executed exercise notice followed by a procedure pursuant to
which (1) the Company will reduce the number of shares otherwise issuable to a Participant upon the exercise of an Option by the largest
whole number of shares having a Fair Market Value that does not exceed the aggregate exercise price for the shares with respect to which
the Option is exercised, and (2) the Participant shall pay to the Company in cash the remaining balance of such aggregate exercise price
not satisfied by such reduction in the number of whole shares to be issued.

 

6.5  Effect of Termination
of Service.

 

(a)  Option Exercisability.  Subject
to earlier termination of the Option as otherwise provided by this Plan and unless otherwise provided by the Committee, an Option shall
terminate immediately upon the Participant’s termination of Service to the extent that it is then unvested and shall be exercisable
after the Participant’s termination of Service to the extent it is then vested only during the applicable time period determined
in accordance with this Section and thereafter shall terminate.

 

(i)  Disability.  If
the Participant’s Service terminates because of the Disability of the Participant, the Option, to the extent unexercised and exercisable
for vested shares on the date on which the Participant’s Service terminated, may be exercised by the Participant (or the Participant’s
guardian or legal representative) at any time prior to the expiration of twelve (12) months (or such longer or shorter period provided
by the Award Agreement) after the date on which the Participant’s Service terminated, but in any event no later than the date of
expiration of the Option’s term as set forth in the Award Agreement evidencing such Option (the “Option Expiration Date”).

 

(ii)  Death.  If
the Participant’s Service terminates because of the death of the Participant, the Option, to the extent unexercised and exercisable
for vested shares on the date on which the Participant’s Service terminated, may be exercised by the Participant’s legal representative
or other person who acquired the right to exercise the Option by reason of the Participant’s death at any time prior to the expiration
of twelve (12) months (or such longer or shorter period provided by the Award Agreement) after the date on which the Participant’s
Service terminated, but in any event no later than the Option Expiration Date. The Participant’s Service shall be deemed to have
terminated on account of death if the Participant dies within three (3) months (or such longer or shorter period provided by the Award
Agreement) after the Participant’s termination of Service.

 

(iii)  Termination
for Cause.  Notwithstanding any other provision of the Plan to the contrary, if the Participant’s Service
is terminated for Cause or if, following the Participant’s termination of Service and during any period in which the Option otherwise
would remain exercisable, the Participant engages in any act that would constitute Cause, the Option shall terminate in its entirety and
cease to be exercisable immediately upon such termination of Service or act.

 

(iv)  Other Termination
of Service.  If the Participant’s Service terminates for any reason, except Disability, death or Cause,
the Option, to the extent unexercised and exercisable for vested shares on the date on which the Participant’s Service terminated,
may be exercised by the Participant at any time prior to the expiration of three (3) months (or such longer or shorter period provided
by the Award Agreement) after the date on which the Participant’s Service terminated, but in any event no later than the Option
Expiration Date.

 

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(b)  Extension
if Exercise Prevented by Law.  Notwithstanding the foregoing, other than termination of Service for Cause,
if the exercise of an Option within the applicable time periods set forth in Section 6.4(a) is prevented by the provisions of Section
14 below, the Option shall remain exercisable until the later of (i) thirty (30) days after the date such exercise first would no longer
be prevented by such provisions or (ii) the end of the applicable time period under Section 6.4(a), but in any event no later than the
Option Expiration Date.

 

6.6  Transferability
of Options.  During the lifetime of the Participant, an Option shall be exercisable only by the Participant
or the Participant’s guardian or legal representative. An Option shall not be subject in any manner to anticipation, alienation,
sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary,
except transfer by will or by the laws of descent and distribution. Notwithstanding the foregoing, to the extent permitted by the Committee,
in its discretion, and set forth in the Award Agreement evidencing such Option, an Option shall be assignable or transferable subject
to the applicable limitations, if any, described in the General Instructions to Form S-8 under the Securities Act or, in the case of an
Incentive Stock Option, only as permitted by applicable regulations under Section 421 of the Code in a manner that does not disqualify
such Option as an Incentive Stock Option.

 

7.  Stock Appreciation
Rights.

 

Stock Appreciation Rights shall be evidenced by
Award Agreements specifying the number of shares of Stock subject to the Award, in such form as the Committee shall establish. Such Award
Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms
and conditions:

 

7.1  Types of SARs
Authorized.  SARs may be granted in tandem with all or any portion of a related Option (a “Tandem
SAR”) or may be granted independently of any Option (a “Freestanding SAR”). A Tandem SAR may only
be granted concurrently with the grant of the related Option.

 

7.2  Exercise Price.  The
exercise price for each SAR shall be established in the discretion of the Committee; provided, however, that (a) the exercise
price per share subject to a Tandem SAR shall be the exercise price per share under the related Option and (b) the exercise price per
share subject to a Freestanding SAR shall be not less than the Fair Market Value of a share of Stock on the effective date of grant of
the SAR. Notwithstanding the foregoing, an SAR may be granted with an exercise price lower than the minimum exercise price set forth above
if such SAR is granted pursuant to an assumption or substitution for another stock appreciation right in a manner that would qualify under
the provisions of Section 409A of the Code.

 

7.3  Exercisability
and Term of SARs.

 

(a)  Tandem SARs.  Tandem
SARs shall be exercisable only at the time and to the extent, and only to the extent, that the related Option is exercisable, subject
to such provisions as the Committee may specify where the Tandem SAR is granted with respect to less than the full number of shares of
Stock subject to the related Option. The Committee may, in its discretion, provide in any Award Agreement evidencing a Tandem SAR that
such SAR may not be exercised without the advance approval of the Company and, if such approval is not given, then the Option shall nevertheless
remain exercisable in accordance with its terms. A Tandem SAR shall terminate and cease to be exercisable no later than the date on which
the related Option expires or is terminated or canceled. Upon the exercise of a Tandem SAR with respect to some or all of the shares subject
to such SAR, the related Option shall be canceled automatically as to the number of shares with respect to which the Tandem SAR was exercised.
Upon the exercise of an Option related to a Tandem SAR as to some or all of the shares subject to such Option, the related Tandem SAR
shall be canceled automatically as to the number of shares with respect to which the related Option was exercised.

 

(b) Freestanding
SARs. Freestanding SARs shall be exercisable at such time or times, or upon such event or events, and subject to such terms,
conditions, performance criteria and restrictions as shall be determined by the Committee and set forth in the Award Agreement
evidencing such SAR; provided, however, that (i) no Freestanding SAR shall be exercisable after the expiration of ten
(10) years after the effective date of grant of such SAR and (ii) no Freestanding SAR granted to an Employee who is a non-exempt
employee for purposes of the Fair Labor Standards Act of 1938, as amended, shall be first exercisable until at least six (6) months
following the date of grant of such SAR (except in the event of such Employee’s death, disability or retirement, upon a Change
in Control, or as otherwise permitted by the Worker Economic Opportunity Act). Subject to the foregoing, unless otherwise specified
by the Committee in the grant of a Freestanding SAR, each Freestanding SAR shall terminate ten (10) years after the effective date
of grant of the SAR, unless earlier terminated in accordance with its provisions.

 

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7.4  Exercise of
SARs.  Upon the exercise (or deemed exercise pursuant to Section 7.5) of an SAR, the Participant (or the Participant’s
legal representative or other person who acquired the right to exercise the SAR by reason of the Participant’s death) shall be entitled
to receive payment of an amount for each share with respect to which the SAR is exercised equal to the excess, if any, of the Fair Market
Value of a share of Stock on the date of exercise of the SAR over the exercise price. Payment of such amount shall be made (a) in the
case of a Tandem SAR, solely in shares of Stock in a lump sum upon the date of exercise of the SAR and (b) in the case of a Freestanding
SAR, in cash, shares of Stock, or any combination thereof as determined by the Committee, in a lump sum upon the date of exercise of the
SAR. When payment is to be made in shares of Stock, the number of shares to be issued shall be determined on the basis of the Fair Market
Value of a share of Stock on the date of exercise of the SAR. For purposes of Section 7, an SAR shall be deemed exercised on the date
on which the Company receives notice of exercise from the Participant or as otherwise provided in Section 7.5.

 

7.5  Deemed Exercise
of SARs.  If, on the date on which an SAR would otherwise terminate or expire, the SAR by its terms remains
exercisable immediately prior to such termination or expiration and, if so exercised, would result in a payment to the holder of such
SAR, then any portion of such SAR which has not previously been exercised shall automatically be deemed to be exercised as of such date
with respect to such portion.

 

7.6  Effect of Termination
of Service.  Subject to earlier termination of the SAR as otherwise provided herein and unless otherwise provided
by the Committee, an SAR shall be exercisable after a Participant’s termination of Service only to the extent and during the applicable
time period determined in accordance with Section 6.4 (treating the SAR as if it were an Option) and thereafter shall terminate.

 

7.7  Transferability
of SARs.  During the lifetime of the Participant, an SAR shall be exercisable only by the Participant or the
Participant’s guardian or legal representative. An SAR shall not be subject in any manner to anticipation, alienation, sale, exchange,
transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except
transfer by will or by the laws of descent and distribution. Notwithstanding the foregoing, to the extent permitted by the Committee,
in its discretion, and set forth in the Award Agreement evidencing such Award, a Tandem SAR related to a Nonstatutory Stock Option or
a Freestanding SAR shall be assignable or transferable subject to the applicable limitations, if any, described in the General Instructions
to Form S-8 under the Securities Act.

 

8.  Restricted
Stock Awards.

 

Restricted Stock Awards shall be evidenced by Award
Agreements specifying whether the Award is a Restricted Stock Bonus or a Restricted Stock Purchase Right and the number of shares of Stock
subject to the Award, in such form as the Committee shall establish. Such Award Agreements may incorporate all or any of the terms of
the Plan by reference and shall comply with and be subject to the following terms and conditions:

 

8.1  Types of Restricted
Stock Awards Authorized.  Restricted Stock Awards may be granted in the form of either a Restricted Stock Bonus
or a Restricted Stock Purchase Right. Restricted Stock Awards may be granted upon such conditions as the Committee shall determine, including,
without limitation, upon the attainment of one or more Performance Goals described in Section 10.4. If either the grant of or satisfaction
of Vesting Conditions applicable to a Restricted Stock Award is to be contingent upon the attainment of one or more Performance Goals,
the Committee shall follow procedures substantially equivalent to those set forth in Sections 10.3 through 10.5(a).

 

8.2 Purchase
Price. The purchase price for shares of Stock issuable under each Restricted Stock Purchase Right shall be established by the
Committee in its discretion. No monetary payment (other than applicable tax withholding) shall be required as a condition of
receiving shares of Stock pursuant to a Restricted Stock Bonus, the consideration for which shall be services actually rendered to a
Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable state corporate law, the
Participant shall furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit
having a value not less than the par value of the shares of Stock subject to a Restricted Stock Award.

 

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8.3  Purchase Period.  A
Restricted Stock Purchase Right shall be exercisable within a period established by the Committee, which shall in no event exceed thirty
(30) days from the effective date of the grant of the Restricted Stock Purchase Right.

 

8.4  Payment of Purchase
Price.  Except as otherwise provided below, payment of the purchase price for the number of shares of Stock
being purchased pursuant to any Restricted Stock Purchase Right shall be made (a) in cash, by check or in cash equivalent, (b) by such
other consideration as may be approved by the Committee from time to time to the extent permitted by applicable law, or (c) by any combination
thereof.

 

8.5  Vesting and
Restrictions on Transfer.  Shares issued pursuant to any Restricted Stock Award may (but need not) be made subject
to Vesting Conditions based upon the satisfaction of such Service requirements, conditions, restrictions or performance criteria, including,
without limitation, Performance Goals as described in Section 10.4, as shall be established by the Committee and set forth in the Award
Agreement evidencing such Award. During any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting
Conditions, such shares may not be sold, exchanged, transferred, pledged, assigned or otherwise disposed of other than pursuant to an
Ownership Change Event or as provided in Section 8.8. The Committee, in its discretion, may provide in any Award Agreement evidencing
a Restricted Stock Award that, if the satisfaction of Vesting Conditions with respect to any shares subject to such Restricted Stock Award
would otherwise occur on a day on which the sale of such shares would violate the provisions of the Trading Compliance Policy, then satisfaction
of the Vesting Conditions automatically shall be determined on the next trading day on which the sale of such shares would not violate
the Trading Compliance Policy. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions
prior to the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates representing shares
of Stock acquired hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.

 

8.6  Voting Rights;
Dividends and Distributions.  Except as provided in this Section, Section 8.5 and any Award Agreement, during
any period in which shares acquired pursuant to a Restricted Stock Award remain subject to Vesting Conditions, the Participant shall have
all of the rights of a stockholder of the Company holding shares of Stock, including the right to vote such shares and to receive all
dividends and other distributions paid with respect to such shares; provided, however, that if so determined by the Committee
and provided by the Award Agreement, such dividends and distributions shall be subject to the same Vesting Conditions as the shares subject
to the Restricted Stock Award with respect to which such dividends or distributions were paid, and otherwise shall be paid no later than
the end of the calendar year in which such dividends or distributions are paid to stockholders (or, if later, the 15th day of the third
month following the date such dividends or distributions are paid to stockholders). In the event of a dividend or distribution paid in
shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section
4.3, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the
Participant is entitled by reason of the Participant’s Restricted Stock Award shall be immediately subject to the same Vesting Conditions
as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were paid or adjustments were
made.

 

8.7  Effect of Termination
of Service.  Unless otherwise provided by the Committee in the Award Agreement evidencing a Restricted Stock
Award, if a Participant’s Service terminates for any reason, whether voluntary or involuntary (including the Participant’s
death or disability), then (a) the Company shall have the option to repurchase for the purchase price paid by the Participant any shares
acquired by the Participant pursuant to a Restricted Stock Purchase Right which remain subject to Vesting Conditions as of the date of
the Participant’s termination of Service and (b) the Participant shall forfeit to the Company any shares acquired by the Participant
pursuant to a Restricted Stock Bonus which remain subject to Vesting Conditions as of the date of the Participant’s termination
of Service. The Company shall have the right to assign at any time any repurchase right it may have, whether or not such right is then
exercisable, to one or more persons as may be selected by the Company.

 

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8.8  Nontransferability
of Restricted Stock Award Rights.  Rights to acquire shares of Stock pursuant to a Restricted Stock Award shall
not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by
creditors of the Participant or the Participant’s beneficiary, except transfer by will or the laws of descent and distribution.
All rights with respect to a Restricted Stock Award granted to a Participant hereunder shall be exercisable during his or her lifetime
only by such Participant or the Participant’s guardian or legal representative.

 

9.  Restricted
Stock Units.

 

Restricted Stock Unit Awards shall be evidenced
by Award Agreements specifying the number of Restricted Stock Units subject to the Award, in such form as the Committee shall establish.
Such Award Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following
terms and conditions:

 

9.1  Grant of Restricted
Stock Unit Awards.  Restricted Stock Unit Awards may be granted upon such conditions as the Committee shall
determine, including, without limitation, upon the attainment of one or more Performance Goals described in Section 10.4. If either the
grant of a Restricted Stock Unit Award or the Vesting Conditions with respect to such Award is to be contingent upon the attainment of
one or more Performance Goals, the Committee shall follow procedures substantially equivalent to those set forth in Sections 10.3 through
10.5(a).

 

9.2  Purchase Price.  No
monetary payment (other than applicable tax withholding, if any) shall be required as a condition of receiving a Restricted Stock Unit
Award, the consideration for which shall be services actually rendered to a Participating Company or for its benefit. Notwithstanding
the foregoing, if required by applicable state corporate law, the Participant shall furnish consideration in the form of cash or past
services rendered to a Participating Company or for its benefit having a value not less than the par value of the shares of Stock issued
upon settlement of the Restricted Stock Unit Award.

 

9.3  Vesting.  Restricted
Stock Unit Awards may (but need not) be made subject to Vesting Conditions based upon the satisfaction of such Service requirements, conditions,
restrictions or performance criteria, including, without limitation, Performance Goals as described in Section 10.4, as shall be established
by the Committee and set forth in the Award Agreement evidencing such Award. The Committee, in its discretion, may provide in any Award
Agreement evidencing a Restricted Stock Unit Award that, if the satisfaction of Vesting Conditions with respect to any shares subject
to the Award would otherwise occur on a day on which the sale of such shares would violate the provisions of the Trading Compliance Policy,
then the satisfaction of the Vesting Conditions automatically shall be determined on the first to occur of (a) the next trading day on
which the sale of such shares would not violate the Trading Compliance Policy or (b) the last day of the calendar year in which the original
vesting date occurred.

 

9.4 Voting Rights,
Dividend Equivalent Rights and Distributions. Participants shall have no voting rights with respect to shares of Stock
represented by Restricted Stock Units until the date of the issuance of such shares (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its discretion, may provide
in the Award Agreement evidencing any Restricted Stock Unit Award that the Participant shall be entitled to Dividend Equivalent
Rights with respect to the payment of cash dividends on Stock during the period beginning on the date such Award is granted and
ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or the date on which it is
terminated. Dividend Equivalent Rights, if any, shall be paid by crediting the Participant with a cash amount or with additional
whole Restricted Stock Units as of the date of payment of such cash dividends on Stock, as determined by the Committee. The number
of additional Restricted Stock Units (rounded to the nearest whole number), if any, to be credited shall be determined by dividing
(a) the amount of cash dividends paid on the dividend payment date with respect to the number of shares of Stock represented by the
Restricted Stock Units previously credited to the Participant by (b) the Fair Market Value per share of Stock on such date. If so
determined by the Committee and provided by the Award Agreement, such cash amount or additional Restricted Stock Units shall be
subject to the same terms and conditions and shall be settled in the same manner and at the same time as the Restricted Stock Units
originally subject to the Restricted Stock Unit Award. In the event of a dividend or distribution paid in shares of Stock or other
property or any other adjustment made upon a change in the capital structure of the Company as described in Section 4.3, appropriate
adjustments shall be made in the Participant’s Restricted Stock Unit Award so that it represents the right to receive upon
settlement any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to
which the Participant would be entitled by reason of the shares of Stock issuable upon settlement of the Award, and all such new,
substituted or additional securities or other property shall be immediately subject to the same Vesting Conditions as are applicable
to the Award.

 

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9.5  Effect of Termination
of Service.  Unless otherwise provided by the Committee and set forth in the Award Agreement evidencing a Restricted
Stock Unit Award, if a Participant’s Service terminates for any reason, whether voluntary or involuntary (including the Participant’s
death or disability), then the Participant shall forfeit to the Company any Restricted Stock Units pursuant to the Award which remain
subject to Vesting Conditions as of the date of the Participant’s termination of Service.

 

9.6  Settlement of
Restricted Stock Unit Awards.  The Company shall issue to a Participant on the date on which Restricted Stock
Units subject to the Participant’s Restricted Stock Unit Award vest or on such other date determined by the Committee in compliance
with Section 409A, if applicable, and set forth in the Award Agreement one (1) share of Stock (and/or any other new, substituted or additional
securities or other property pursuant to an adjustment described in Section 9.4) for each Restricted Stock Unit then becoming vested or
otherwise to be settled on such date, subject to the withholding of applicable taxes, if any. If permitted by the Committee, the Participant
may elect, consistent with the requirements of Section 409A, to defer receipt of all or any portion of the shares of Stock or other property
otherwise issuable to the Participant pursuant to this Section, and such deferred issuance date(s) and amount(s) elected by the Participant
shall be set forth in the Award Agreement. Notwithstanding the foregoing, the Committee, in its discretion, may provide for settlement
of any Restricted Stock Unit Award by payment to the Participant in cash of an amount equal to the Fair Market Value on the payment date
of the shares of Stock or other property otherwise issuable to the Participant pursuant to this Section.

 

9.7  Nontransferability
of Restricted Stock Unit Awards.  The right to receive shares pursuant to a Restricted Stock Unit Award shall
not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by
creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution.
All rights with respect to a Restricted Stock Unit Award granted to a Participant hereunder shall be exercisable during his or her lifetime
only by such Participant or the Participant’s guardian or legal representative.

 

9.8  Term of Restricted
Stock Unit.  No Restricted Stock Units granted to Officers or Directors shall expire prior to the lapse of one
(1) year following their vesting date and no such Restricted Stock Units shall be exercisable after the expiration of six (6) years after
the effective date of grant of such Restricted Stock Units.

 

10.  Performance
Awards.

 

Performance Awards shall be evidenced by Award Agreements
in such form as the Committee shall establish. Such Award Agreements may incorporate all or any of the terms of the Plan by reference
and shall comply with and be subject to the following terms and conditions:

 

10.1  Types of Performance
Awards Authorized.  Performance Awards may be granted in the form of either Performance Shares or Performance
Units. Each Award Agreement evidencing a Performance Award shall specify the number of Performance Shares or Performance Units subject
thereto, the Performance Award Formula, the Performance Goal(s) and Performance Period applicable to the Award, and the other terms, conditions
and restrictions of the Award.

 

10.2  Initial Value
of Performance Shares and Performance Units.  Unless otherwise provided by the Committee in granting a Performance
Award, each Performance Share shall have an initial monetary value equal to the Fair Market Value of one (1) share of Stock, subject to
adjustment as provided in Section 4.3, on the effective date of grant of the Performance Share, and each Performance Unit shall have an
initial monetary value established by the Committee at the time of grant. The final value payable to the Participant in settlement of
a Performance Award determined on the basis of the applicable Performance Award Formula will depend on the extent to which Performance
Goals established by the Committee are attained within the applicable Performance Period established by the Committee.

 

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10.3 Establishment
of Performance Period, Performance Goals and Performance Award Formula. In granting each Performance Award,
the Committee shall establish in writing the applicable Performance Period, Performance Award Formula and one or more Performance Goals
which, when measured at the end of the Performance Period, shall determine on the basis of the Performance Award Formula the final value
of the Performance Award to be paid to the Participant. The Company shall notify each Participant granted a Performance Award of the terms
of such Award, including the Performance Period, Performance Goal(s) and Performance Award Formula.

 

10.4 Measurement
of Performance Goals. Performance Goals shall be established by the Committee on the basis of targets to be
attained (“Performance Targets”) with respect to one or more measures of individual, market, business or financial
performance (each, a “Performance Measure”).

 

10.5 Settlement
of Performance Awards.

 

(a) Determination
of Final Value. As soon as practicable following the completion of the Performance Period applicable to
a Performance Award, the Committee shall certify in writing the extent to which the applicable Performance Goals have been attained and
the resulting final value of the Award earned by the Participant and to be paid upon its settlement in accordance with the applicable
Performance Award Formula.

 

(b) Discretionary
Adjustment of Award Formula. In its discretion, the Committee may, either at the time it grants a Performance
Award or at any time thereafter, provide for the positive or negative adjustment of the Performance Award Formula applicable to a Performance
Award granted to any Participant to reflect such Participant’s individual performance in his or her position with the Company or
such other factors as the Committee may determine.

 

(c) Effect of
Leaves of Absence. Unless otherwise required by law or a Participant’s Award Agreement, payment of
the final value, if any, of a Performance Award held by a Participant who has taken in excess of thirty (30) days in unpaid leaves of
absence during a Performance Period shall be prorated on the basis of the number of days of the Participant’s Service during the
Performance Period during which the Participant was not on an unpaid leave of absence.

 

(d) Notice to
Participants. As soon as practicable following the Committee’s determination and certification in
accordance with Sections 10.5(a) and (b), the Company shall notify each Participant of the determination of the Committee.

 

(e) Payment in
Settlement of Performance Awards. As soon as practicable following the Committee’s determination
and certification in accordance with Sections 10.5(a) and (b), but in any event within the Short-Term Deferral Period described in Section
15.1 (except as otherwise provided below or consistent with the requirements of Section 409A), payment shall be made to each eligible
Participant (or such Participant’s legal representative or other person who acquired the right to receive such payment by reason
of the Participant’s death) of the final value of the Participant’s Performance Award. Payment of such amount shall be made
in cash, shares of Stock, or a combination thereof as determined by the Committee. Unless otherwise provided in the Award Agreement evidencing
a Performance Award, payment shall be made in a lump sum. If permitted by the Committee, the Participant may elect, consistent with the
requirements of Section 409A, to defer receipt of all or any portion of the payment to be made to the Participant pursuant to this Section,
and such deferred payment date(s) elected by the Participant shall be set forth in the Award Agreement. If any payment is to be made on
a deferred basis, the Committee may, but shall not be obligated to, provide for the payment during the deferral period of Dividend Equivalent
Rights or interest.

 

(f) Provisions
Applicable to Payment in Shares. If payment is to be made in shares of Stock, the number of such shares
shall be determined by dividing the final value of the Performance Award by the Fair Market Value of a share of Stock determined by the
method specified in the Award Agreement. Shares of Stock issued in payment of any Performance Award may be fully vested and freely transferable
shares or may be shares of Stock subject to Vesting Conditions as provided in Section 8.5. Any shares subject to Vesting Conditions shall
be evidenced by an appropriate Award Agreement and shall be subject to the provisions of Sections 8.5 through 8.8 above.

 

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10.6 Voting Rights;
Dividend Equivalent Rights and Distributions. Participants shall have no voting rights with respect to shares
of Stock represented by Performance Share Awards until the date of the issuance of such shares, if any (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its discretion, may
provide in the Award Agreement evidencing any Performance Share Award that the Participant shall be entitled to Dividend Equivalent Rights
with respect to the payment of cash dividends on Stock during the period beginning on the date the Award is granted and ending, with respect
to each share subject to the Award, on the earlier of the date on which the Performance Shares are settled or the date on which they are
forfeited. Such Dividend Equivalent Rights, if any, shall be credited to the Participant either in cash or in the form of additional whole
Performance Shares as of the date of payment of such cash dividends on Stock, as determined by the Committee. The number of additional
Performance Shares (rounded to the nearest whole number), if any, to be so credited shall be determined by dividing (a) the amount of
cash dividends paid on the dividend payment date with respect to the number of shares of Stock represented by the Performance Shares previously
credited to the Participant by (b) the Fair Market Value per share of Stock on such date. Dividend Equivalent Rights, if any, shall be
accumulated and paid to the extent that the related Performance Shares become nonforfeitable. Settlement of Dividend Equivalent Rights
may be made in cash, shares of Stock, or a combination thereof as determined by the Committee, and may be paid on the same basis as settlement
of the related Performance Share as provided in Section 10.5. Dividend Equivalent Rights shall not be paid with respect to Performance
Units. In the event of a dividend or distribution paid in shares of Stock or other property or any other adjustment made upon a change
in the capital structure of the Company as described in Section 4.3, appropriate adjustments shall be made in the Participant’s
Performance Share Award so that it represents the right to receive upon settlement any and all new, substituted or additional securities
or other property (other than regular, periodic cash dividends) to which the Participant would be entitled by reason of the shares of
Stock issuable upon settlement of the Performance Share Award, and all such new, substituted or additional securities or other property
shall be immediately subject to the same Performance Goals as are applicable to the Award.

 

10.7 Effect of Termination
of Service. Unless otherwise provided by the Committee and set forth in the Award Agreement evidencing a Performance
Award, the effect of a Participant’s termination of Service on the Performance Award shall be as follows:

 

(a) Death or Disability. If
the Participant’s Service terminates because of the death or Disability of the Participant before the completion of the Performance
Period applicable to the Performance Award, the final value of the Participant’s Performance Award shall be determined by the extent
to which the applicable Performance Goals have been attained with respect to the entire Performance Period and shall be prorated based
on the number of months of the Participant’s Service during the Performance Period. Payment shall be made following the end of the
Performance Period in any manner permitted by Section 10.5.

 

(b) Other Termination
of Service. If the Participant’s Service terminates for any reason except death or Disability before
the completion of the Performance Period applicable to the Performance Award, such Award shall be forfeited in its entirety; provided,
however, that in the event of an involuntary termination of the Participant’s Service, the Committee, in its discretion,
may waive the automatic forfeiture of all or any portion of any such Award and determine the final value of the Performance Award in the
manner provided by Section 10.7(a). Payment of any amount pursuant to this Section shall be made following the end of the Performance
Period in any manner permitted by Section 10.5.

 

10.8 Nontransferability
of Performance Awards. Prior to settlement in accordance with the provisions of the Plan, no Performance Award
shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance or garnishment by
creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution.
All rights with respect to a Performance Award granted to a Participant hereunder shall be exercisable during his or her lifetime only
by such Participant or the Participant’s guardian or legal representative.

 

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11. Cash-Based
Awards and Other Stock-Based Awards.

 

Cash-Based Awards and Other Stock-Based Awards shall
be evidenced by Award Agreements in such form as the Committee shall establish. Such Award Agreements may incorporate all or any of the
terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:

 

11.1 Grant of Cash-Based
Awards. Subject to the provisions of the Plan, the Committee, at any time and from time to time, may grant
Cash-Based Awards to Participants in such amounts and upon such terms and conditions, including the achievement of performance criteria,
as the Committee may determine.

 

11.2 Grant of Other
Stock-Based Awards. The Committee may grant other types of equity-based or equity-related Awards not otherwise
described by the terms of this Plan (including the grant or offer for sale of unrestricted securities, stock-equivalent units, stock appreciation
units, securities or debentures convertible into ordinary shares or other forms determined by the Committee) in such amounts and subject
to such terms and conditions as the Committee shall determine. Other Stock-Based Awards may be made available as a form of payment in
the settlement of other Awards or as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock-Based Awards
may involve the transfer of actual shares of Stock to Participants, or payment in cash or otherwise of amounts based on the value of Stock
and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other
than the United States.

 

11.3 Value of Cash-Based
and Other Stock-Based Awards. Each Cash-Based Award shall specify a monetary payment amount or payment range
as determined by the Committee. Each Other Stock-Based Award shall be expressed in terms of shares of Stock or units based on such shares
of Stock, as determined by the Committee. The Committee may require the satisfaction of such Service requirements, conditions, restrictions
or performance criteria, including, without limitation, Performance Goals as described in Section 10.4, as shall be established by the
Committee and set forth in the Award Agreement evidencing such Award. If the Committee exercises its discretion to establish performance
criteria, the final value of Cash-Based Awards or Other Stock-Based Awards that will be paid to the Participant will depend on the extent
to which the performance criteria are met.

 

11.4 Payment or
Settlement of Cash-Based Awards and Other Stock-Based Awards. Payment or settlement, if any, with respect to
a Cash-Based Award or an Other Stock-Based Award shall be made in accordance with the terms of the Award, in cash, shares of Stock or
other securities or any combination thereof as the Committee determines. To the extent applicable, payment or settlement with respect
to each Cash-Based Award and Other Stock-Based Award shall be made in compliance with the requirements of Section 409A.

 

11.5 Voting Rights;
Dividend Equivalent Rights and Distributions. Participants shall have no voting rights with respect to shares
of Stock represented by Other Stock-Based Awards until the date of the issuance of such shares of Stock (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company), if any, in settlement of such Award. However,
the Committee, in its discretion, may provide in the Award Agreement evidencing any Other Stock-Based Award that the Participant shall
be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Stock during the period beginning on the date
such Award is granted and ending, with respect to each share subject to the Award, on the earlier of the date the Award is settled or
the date on which it is terminated. Such Dividend Equivalent Rights, if any, shall be paid in accordance with the provisions set forth
in Section 9.4. Dividend Equivalent Rights shall not be granted with respect to Cash-Based Awards. In the event of a dividend or distribution
paid in shares of Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described
in Section 4.3, appropriate adjustments shall be made in the Participant’s Other Stock-Based Award so that it represents the right
to receive upon settlement any and all new, substituted or additional securities or other property (other than regular, periodic cash
dividends) to which the Participant would be entitled by reason of the shares of Stock issuable upon settlement of such Award, and all
such new, substituted or additional securities or other property shall be immediately subject to the same Vesting Conditions and performance
criteria, if any, as are applicable to the Award.

 

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11.6 Effect of Termination
of Service. Each Award Agreement evidencing a Cash-Based Award or Other Stock-Based Award shall set forth the
extent to which the Participant shall have the right to retain such Award following termination of the Participant’s Service. Such
provisions shall be determined in the discretion of the Committee, need not be uniform among all Cash-Based Awards or Other Stock-Based
Awards, and may reflect distinctions based on the reasons for termination, subject to the requirements of Section 409A, if applicable.

 

11.7 Nontransferability
of Cash-Based Awards and Other Stock-Based Awards. Prior to the payment or settlement of a Cash-Based Award
or Other Stock-Based Award, the Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment,
pledge, encumbrance or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or
by the laws of descent and distribution. The Committee may impose such additional restrictions on any shares of Stock issued in settlement
of Cash-Based Awards and Other Stock-Based Awards as it may deem advisable, including, without limitation, minimum holding period requirements,
restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares of
Stock are then listed and/or traded, or under any state securities laws or foreign law applicable to such shares of Stock.

 

12. Standard
Forms of Award Agreement.

 

12.1 Award Agreements. Each
Award shall comply with and be subject to the terms and conditions set forth in the appropriate form of Award Agreement approved by the
Committee and as amended from time to time. No Award or purported Award shall be a valid and binding obligation of the Company unless
evidenced by a fully executed Award Agreement, which execution may be evidenced by electronic means.

 

12.2 Authority to
Vary Terms. The Committee shall have the authority from time to time to vary the terms of any standard
form of Award Agreement either in connection with the grant or amendment of an individual Award or in connection with the authorization
of a new standard form or forms; provided, however, that the terms and conditions of any such new, revised or amended standard
form or forms of Award Agreement are not inconsistent with the terms of the Plan.

 

13. Change in
Control.

 

13.1 Effect of Change
in Control on Awards. Subject to the requirements and limitations of Section 409A, if applicable, the
Committee may provide for any one or more of the following in the event of a Change in Control:

 

(a) Accelerated
Vesting. In its discretion, the Committee may provide in the grant of any Award or at any other time may
take such action as it deems appropriate to provide for acceleration of the exercisability, vesting and/or settlement in connection with
a Change in Control of each or any outstanding Award or portion thereof and shares acquired pursuant thereto upon such conditions, including
termination of the Participant’s Service prior to, upon, or following the Change in Control, and to such extent as the Committee
determines.

 

(b) Assumption, Continuation or
Substitution. Subject to the terms of any grant in accordance with Section 13.1(a), in the event of a Change in Control, the
surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”),
may, without the consent of any Participant, assume or continue the Company’s rights and obligations under each or any Award
or portion thereof outstanding immediately prior to the Change in Control or substitute for each or any such outstanding Award or
portion thereof a substantially equivalent award with respect to the Acquiror’s stock, as applicable. For purposes of this
Section, if so determined by the Committee in its discretion, an Award denominated in shares of Stock shall be deemed assumed if,
following the Change in Control, the Award confers the right to receive, subject to the terms and conditions of the Plan and the
applicable Award Agreement, for each share of Stock subject to the Award immediately prior to the Change in Control, the
consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a share of Stock on
the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding shares of Stock); provided, however, that if such
consideration is not solely common stock of the Acquiror, the Committee may, with the consent of the Acquiror, provide for the
consideration to be received upon the exercise or settlement of the Award, for each share of Stock subject to the Award, to consist
solely of common stock of the Acquiror equal in Fair Market Value to the per share consideration received by holders of Stock
pursuant to the Change in Control. Any Award or portion thereof which is neither assumed or continued by the Acquiror in connection
with the Change in Control nor exercised or settled as of the time of consummation of the Change in Control shall terminate and
cease to be outstanding effective as of the time of consummation of the Change in Control.

 

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(c) Cash-Out of
Outstanding Stock-Based Awards. The Committee may, in its discretion and without the consent of any Participant,
determine that, upon the occurrence of a Change in Control, each or any Award denominated in shares of Stock or portion thereof outstanding
immediately prior to the Change in Control and not previously exercised or settled shall be canceled in exchange for a payment with respect
to each vested share (and each unvested share, if so determined by the Committee) of Stock subject to such canceled Award in (i) cash,
(ii) stock of the Company or of a corporation or other business entity a party to the Change in Control, or (iii) other property
which, in any such case, shall be in an amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid
per share of Stock in the Change in Control, reduced (but not below zero) by the exercise or purchase price per share, if any, under such
Award. In the event such determination is made by the Committee, an Award having an exercise or purchase price per share equal to or greater
than the Fair Market Value of the consideration to be paid per share of Stock in the Change in Control may be canceled without payment
of consideration to the holder thereof. Payment pursuant to this Section (reduced by applicable withholding taxes, if any) shall be made
to Participants in respect of the vested portions of their canceled Awards as soon as practicable following the date of the Change in
Control and in respect of the unvested portions of their canceled Awards in accordance with the vesting schedules applicable to such Awards.

 

14. Compliance
with Securities Law.

 

The grant of Awards and the issuance of shares of
Stock or other property pursuant to any Award shall be subject to compliance with all applicable requirements of federal, state and foreign
law with respect to such securities and the requirements of any stock exchange or market system upon which the Stock may then be listed.
In addition, no Award may be exercised or shares issued pursuant to an Award unless (a) a registration statement under the Securities
Act shall at the time of such exercise or issuance be in effect with respect to the shares issuable pursuant to the Award, or (b) in the
opinion of legal counsel to the Company, the shares issuable pursuant to the Award may be issued in accordance with the terms of an applicable
exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having
jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any
shares under the Plan 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. As a condition to issuance of any Stock, the Company may require the Participant to
satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make
any representation or warranty with respect thereto as may be requested by the Company.

 

15. Compliance
with Section 409A.

 

15.1 Awards Subject
to Section 409A. The Company intends that Awards granted pursuant to the Plan shall either be exempt from or
comply with Section 409A, and the Plan shall be so construed. The provisions of this Section 15 shall apply to any Award or portion thereof
that constitutes or provides for payment of Section 409A Deferred Compensation. Such Awards may include, without limitation:

 

(a) A Nonstatutory Stock
Option or SAR that includes any feature for the deferral of compensation other than the deferral of recognition of income until the later
of (i) the exercise or disposition of the Award or (ii) the time the stock acquired pursuant to the exercise of the Award first becomes
substantially vested.

 

(b) Any Restricted Stock
Unit Award, Performance Award, Cash-Based Award or Other Stock-Based Award that either (i) provides by its terms for settlement of all
or any portion of the Award at a time or upon an event that will or may occur later than the end of the Short-Term Deferral Period (as
defined below) or (ii) permits the Participant granted the Award to elect one or more dates or events upon which the Award will be
settled after the end of the Short-Term Deferral Period.

 

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Subject to the provisions of Section 409A, the term
“Short-Term Deferral Period” means the 21⁄2 month period ending on the later of (i) the 15th day of the
third month following the end of the Participant’s taxable year in which the right to payment under the applicable portion of the
Award is no longer subject to a substantial risk of forfeiture or (ii) the 15th day of the third month following the end of the Company’s
taxable year in which the right to payment under the applicable portion of the Award is no longer subject to a substantial risk of forfeiture.
For this purpose, the term “substantial risk of forfeiture” shall have the meaning provided by Section 409A.

 

15.2 Deferral and/or
Distribution Elections. Except as otherwise permitted or required by Section 409A, the following rules shall
apply to any compensation deferral and/or payment elections (each, an “Election”) that may be permitted or required
by the Committee pursuant to an Award providing Section 409A Deferred Compensation:

 

(a) Elections must be
in writing and specify the amount of the payment in settlement of an Award being deferred, as well as the time and form of payment as
permitted by this Plan.

 

(b) Elections shall
be made by the end of the Participant’s taxable year prior to the year in which services commence for which an Award may be granted
to the Participant.

 

(c) Elections shall
continue in effect until a written revocation or change in Election is received by the Company, except that a written revocation or change
in Election must be received by the Company prior to the last day for making the Election determined in accordance with paragraph (b)
above or as permitted by Section 15.3.

 

15.3 Subsequent
Elections. Except as otherwise permitted or required by Section 409A, any Award providing Section 409A
Deferred Compensation which permits a subsequent Election to delay the payment or change the form of payment in settlement of such Award
shall comply with the following requirements:

 

(a) No subsequent Election
may take effect until at least twelve (12) months after the date on which the subsequent Election is made.

 

(b) Each subsequent
Election related to a payment in settlement of an Award not described in Section 15.4(a)(ii), 15.4(a)(iii) or 15.4(a)(vi) must result
in a delay of the payment for a period of not less than five (5) years from the date on which such payment would otherwise have been made.

 

(c) No subsequent Election
related to a payment pursuant to Section 15.4(a)(iv) shall be made less than twelve (12) months before the date on which such payment
would otherwise have been made.

 

(d) Subsequent Elections
shall continue in effect until a written revocation or change in the subsequent Election is received by the Company, except that a written
revocation or change in a subsequent Election must be received by the Company prior to the last day for making the subsequent Election
determined in accordance the preceding paragraphs of this Section 15.3.

 

15.4 Payment of
Section 409A Deferred Compensation.

 

(a) Permissible
Payments. Except as otherwise permitted or required by Section 409A, an Award providing Section 409A Deferred
Compensation must provide for payment in settlement of the Award only upon one or more of the following:

 

(i) The Participant’s
“separation from service” (as defined by Section 409A);

 

(ii) The Participant’s
becoming “disabled” (as defined by Section 409A);

 

(iii) The Participant’s
death;

 

(iv) A time or fixed
schedule that is either (i) specified by the Committee upon the grant of an Award and set forth in the Award Agreement evidencing such
Award or (ii) specified by the Participant in an Election complying with the requirements of Section 15.2 or 15.3, as applicable;

 

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(v) A change in the
ownership or effective control or the Company or in the ownership of a substantial portion of the assets of the Company determined in
accordance with Section 409A; or

 

(vi) The occurrence
of an “unforeseeable emergency” (as defined by Section 409A).

 

(b) Installment
Payments. It is the intent of this Plan that any right of a Participant to receive installment payments
(within the meaning of Section 409A) shall, for all purposes of Section 409A, be treated as a right to a series of separate payments.

 

(c) Required Delay
in Payment to Specified Employee Pursuant to Separation from Service. Notwithstanding any provision of
the Plan or an Award Agreement to the contrary, except as otherwise permitted by Section 409A, no payment pursuant to Section 15.4(a)(i)
in settlement of an Award providing for Section 409A Deferred Compensation may be made to a Participant who is a “specified employee”
(as defined by Section 409A) as of the date of the Participant’s separation from service before the date (the “Delayed
Payment Date”) that is six (6) months after the date of such Participant’s separation from service, or, if earlier,
the date of the Participant’s death. All such amounts that would, but for this paragraph, become payable prior to the Delayed Payment
Date shall be accumulated and paid on the Delayed Payment Date.

 

(d) Payment Upon
Disability. All distributions of Section 409A Deferred Compensation payable pursuant to Section 15.4(a)(ii)
by reason of a Participant becoming disabled shall be paid in a lump sum or in periodic installments as established by the Participant’s
Election. If the Participant has made no Election with respect to distributions of Section 409A Deferred Compensation upon becoming disabled,
all such distributions shall be paid in a lump sum upon the determination that the Participant has become disabled.

 

(e) Payment Upon
Death. If a Participant dies before complete distribution of amounts payable upon settlement of an Award
subject to Section 409A, such undistributed amounts shall be distributed to his or her beneficiary under the distribution method for death
established by the Participant’s Election upon receipt by the Committee of satisfactory notice and confirmation of the Participant’s
death. If the Participant has made no Election with respect to distributions of Section 409A Deferred Compensation upon death, all such
distributions shall be paid in a lump sum upon receipt by the Committee of satisfactory notice and confirmation of the Participant’s
death.

 

(f) Payment Upon
Change in Control. Notwithstanding any provision of the Plan or an Award Agreement to the contrary, to
the extent that any amount constituting Section 409A Deferred Compensation would become payable under this Plan by reason of a Change
in Control, such amount shall become payable only if the event constituting a Change in Control would also constitute a change in ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning
of Section 409A. Any Award which constitutes Section 409A Deferred Compensation and which would vest and otherwise become payable upon
a Change in Control as a result of the failure of the Acquiror to assume, continue or substitute for such Award in accordance with Section
13.1(b) shall vest to the extent provided by such Award but shall be converted automatically at the effective time of such Change in Control
into a right to receive, in cash on the date or dates such award would have been settled in accordance with its then existing settlement
schedule (or as required by Section 15.4(c)), an amount or amounts equal in the aggregate to the intrinsic value of the Award at the time
of the Change in Control.

 

(g) Payment Upon
Unforeseeable Emergency. The Committee shall have the authority to provide in the Award Agreement evidencing
any Award providing for Section 409A Deferred Compensation for payment pursuant to Section 15.4(a)(vi) in settlement of all or a portion
of such Award in the event that a Participant establishes, to the satisfaction of the Committee, the occurrence of an unforeseeable emergency.
In such event, the amount(s) distributed with respect to such unforeseeable emergency cannot exceed the amounts reasonably necessary to
satisfy the emergency need plus amounts necessary to pay taxes reasonably anticipated as a result of such distribution(s), after taking
into account the extent to which such emergency need is or may be relieved through reimbursement or compensation by insurance or otherwise,
by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial
hardship) or by cessation of deferrals under the Award. All distributions with respect to an unforeseeable emergency shall be made in
a lump sum upon the Committee’s determination that an unforeseeable emergency has occurred. The Committee’s decision with
respect to whether an unforeseeable emergency has occurred and the manner in which, if at all, the payment in settlement of an Award shall
be altered or modified, shall be final, conclusive, and not subject to approval or appeal.

 

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(h) Prohibition
of Acceleration of Payments. Notwithstanding any provision of the Plan or an Award Agreement to the contrary,
this Plan does not permit the acceleration of the time or schedule of any payment under an Award providing Section 409A Deferred Compensation,
except as permitted by Section 409A.

 

(i) No Representation
Regarding Section 409A Compliance. Notwithstanding any other provision of the Plan, the Company makes no
representation that Awards shall be exempt from or comply with Section 409A. No Participating Company shall be liable for any tax, penalty
or interest imposed on a Participant by Section 409A.

 

16. Tax Withholding.

 

16.1 Tax Withholding
in General. The Company shall have the right to deduct from any and all payments made under the Plan, or to
require the Participant, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local
and foreign taxes (including social insurance), if any, required by law to be withheld by any Participating Company with respect to an
Award or the shares acquired pursuant thereto. The Company shall have no obligation to deliver shares of Stock, to release shares of Stock
from an escrow established pursuant to an Award Agreement, or to make any payment in cash under the Plan until the Participating Company
Group’s tax withholding obligations have been satisfied by the Participant.

 

16.2 Withholding
in or Directed Sale of Shares. The Company shall have the right, but not the obligation, to deduct from the
shares of Stock issuable to a Participant upon the exercise or settlement of an Award, or to accept from the Participant the tender of,
a number of whole shares of Stock having a Fair Market Value, as determined by the Company, equal to all or any part of the tax withholding
obligations of any Participating Company. The Fair Market Value of any shares of Stock withheld or tendered to satisfy any such tax withholding
obligations shall not exceed the amount determined by the applicable minimum statutory withholding rates (or the maximum individual statutory
withholding rates for the applicable jurisdiction if use of such rates would not result in adverse accounting consequences or cost). The
Company may require a Participant to direct a broker, upon the vesting, exercise or settlement of an Award, to sell a portion of the shares
subject to the Award determined by the Company in its discretion to be sufficient to cover the tax withholding obligations of any Participating
Company and to remit an amount equal to such tax withholding obligations to such Participating Company in cash.

 

17. Amendment,
Suspension or Termination of Plan.

 

The Committee may amend, suspend or terminate the
Plan at any time. However, without the approval of the Company’s stockholders, there shall be (a) no increase in the maximum aggregate
number of shares of Stock that may be issued under the Plan (except by operation of the provisions of Sections 4.2 and 4.3), (b) no change
in the class of persons eligible to receive Incentive Stock Options, and (c) no other amendment of the Plan that would require approval
of the Company’s stockholders under any applicable law, regulation or rule, including the rules of any stock exchange or quotation
system upon which the Stock may then be listed or quoted. No amendment, suspension or termination of the Plan shall affect any then outstanding
Award unless expressly provided by the Committee. Except as provided by the next sentence, no amendment, suspension or termination of
the Plan may have a materially adverse effect on any then outstanding Award without the consent of the Participant. Notwithstanding any
other provision of the Plan or any Award Agreement to the contrary, the Committee may, in its sole and absolute discretion and without
the consent of any Participant, amend the Plan or any Award Agreement, to take effect retroactively or otherwise, as it deems necessary
or advisable for the purpose of conforming the Plan or such Award Agreement to any present or future law, regulation or rule applicable
to the Plan, including, but not limited to, Section 409A.

 

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18. Miscellaneous
Provisions.

 

18.1 Repurchase
Rights. Shares issued under the Plan may be subject to one or more repurchase options, or other conditions
and restrictions as determined by the Committee in its discretion at the time the Award is granted. The Company shall have the right to
assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as may be selected
by the Company. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer restrictions prior
to the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates representing shares of
Stock acquired hereunder for the placement on such certificates of appropriate legends evidencing any such transfer restrictions.

 

18.2 Forfeiture
Events.

 

(a) The Committee may
specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to
reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting
or performance conditions of an Award. Such events may include, but shall not be limited to, termination of Service for Cause or any act
by a Participant, whether before or after termination of Service, that would constitute Cause for termination of Service, or any accounting
restatement due to material noncompliance of the Company with any financial reporting requirements of securities laws as a result of which,
and to the extent that, such reduction, cancellation, forfeiture, or recoupment is required by applicable securities laws.

 

(b) If the Company is
required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial
reporting requirement under the securities laws, any Participant who knowingly or through gross negligence engaged in the misconduct,
or who knowingly or through gross negligence failed to prevent the misconduct, and any Participant who is one of the individuals subject
to automatic forfeiture under Section 304 of the Sarbanes–Oxley Act of 2002, shall reimburse the Company for (i) the amount of any
payment in settlement of an Award received by such Participant during the twelve- (12-) month period following the first public issuance
or filing with the United States Securities and Exchange Commission (whichever first occurred) of the financial document embodying such
financial reporting requirement, and (ii) any profits realized by such Participant from the sale of securities of the Company during such
twelve- (12-) month period.

 

18.3 Provision of
Information. Each Participant shall be given access to information concerning the Company equivalent to that
information generally made available to the Company’s common shareholders.

 

18.4 Rights as Employee,
Consultant or Director. No person, even though eligible pursuant to Section 5, shall have a right to be selected
as a Participant or, having been so selected, to be selected again as a Participant. Nothing in the Plan or any Award granted under the
Plan shall confer on any Participant a right to remain an Employee, Consultant or Director or interfere with or limit in any way any right
of a Participating Company to terminate the Participant’s Service at any time. To the extent that an Employee of a Participating
Company other than the Company receives an Award under the Plan, that Award shall in no event be understood or interpreted to mean that
the Company is the Employee’s employer or that the Employee has an employment relationship with the Company.

 

18.5 Rights as a
Stockholder. A Participant shall have no rights as a stockholder with respect to any shares covered by an Award
until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is
prior to the date such shares are issued, except as provided in Section 4.3 or another provision of the Plan.

 

18.6 Delivery of
Title to Shares. Subject to any governing rules or regulations, the Company shall issue or cause to be issued
the shares of Stock acquired pursuant to an Award and shall deliver such shares to or for the benefit of the Participant by means of one
or more of the following: (a) by delivering to the Participant evidence of book entry shares of Stock credited to the account of the Participant,
(b) by depositing such shares of Stock for the benefit of the Participant with any broker with which the Participant has an account relationship,
or (c) by delivering such shares of Stock to the Participant in certificate form.

 

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

 

18.8 Retirement and
Welfare Plans. Neither Awards made under this Plan nor shares of Stock or cash paid pursuant to such Awards
may be included as “compensation” for purposes of computing the benefits payable to any Participant under any Participating
Company’s retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides
that such compensation shall be taken into account in computing a Participant’s benefit.

 

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

 

18.10 No Constraint
on Corporate Action. Nothing in this Plan shall be construed to: (a) limit, impair, or otherwise affect the
Company’s or another Participating Company’s right or power to make adjustments, reclassifications, reorganizations, or changes
of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business
or assets; or (b) limit the right or power of the Company or another Participating Company to take any action which such entity deems
to be necessary or appropriate.

 

18.11 Unfunded Obligation. Participants
shall have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to the Plan shall be
considered unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income
Security Act of 1974. No Participating Company shall be required to segregate any monies from its general funds, or to create any trusts,
or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any
investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or
the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between
the Committee or any Participating Company and a Participant, or otherwise create any vested or beneficial interest in any Participant
or the Participant’s creditors in any assets of any Participating Company. The Participants shall have no claim against any Participating
Company for any changes in the value of any assets which may be invested or reinvested by the Company with respect to the Plan.

 

18.12 No Representations
or Covenants with respect to Tax Qualification. Although the Company may endeavor to (a) qualify an Award for
favorable tax treatment under the laws of the United States or jurisdictions outside of the United States (e.g., incentive stock options
under Section 422 of the Code) or (b) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Company makes no representation
to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, anything to the contrary
in this Plan, including Section 15 hereof, notwithstanding. The Company shall be unconstrained in its corporate activities without regard
to the potential negative tax impact on holders of Awards under the Plan.

 

* * *

 

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CYREN, LTD.

2016 EQUITY INCENTIVE PLAN

SUB-PLAN FOR ISRAELI TAXPAYERS

 

1. SPECIAL
PROVISIONS FOR ISRAELI TAXPAYERS

 

1.1 This Sub-Plan for
Israeli Taxpayers (the “Sub-Plan”) to the Cyren Ltd. 2016 Equity Incentive Plan (the “Plan”) is
made in accordance with Section 3.4(i) of the Plan. This Sub-Plan was approved by the Committee on November 10, 2016.

 

1.2 The provisions
specified hereunder apply only to persons who are deemed to be residents of the State of Israel for tax purposes, or are otherwise subject
to taxation in Israel with respect to Awards.

 

1.3 This Sub-Plan applies
with respect to Awards granted under the Plan. The purpose of this Sub-Plan is to establish certain rules and limitations applicable to
Awards that may be granted or issued under the Plan from time to time, in compliance with the tax, securities and other applicable laws
currently in force in the State of Israel. Except as otherwise provided by this Sub-Plan, all grants made pursuant to this Sub-Plan shall
be governed by the terms of the Plan. This Sub-Plan is applicable only to grants made after the date of its adoption. This Sub-Plan complies
with, and is subject to the ITO and Section 102. An Option granted under this Sub-Plan will be deemed a Nonstatutory Stock Option for
the purposes of U.S. taxation.

 

1.4 The Plan and this
Sub-Plan shall be read together. In any case of contradiction, whether explicit or implied, between the provisions of this Sub-Plan and
the Plan, the provisions of this Sub-Plan shall govern.

 

2. DEFINITIONS

 

Capitalized terms not otherwise defined herein shall
have the meaning assigned to them in the Plan. The following additional definitions will apply to grants made pursuant to this Sub-Plan:

 

“3(i) Award” means an Award of
Options, which is subject to taxation pursuant to Section 3(i) of the ITO, which has been granted to any person who is not an Eligible
102 Participant.

 

“102 Capital Gains Track” means
the tax alternative set forth in Section 102(b)(2) of the ITO pursuant to which all or a part of the income resulting from the sale of
Shares is taxable as a capital gain.

 

“102 Capital Gains Track Grant”
means a 102 Trustee Grant qualifying for the special tax treatment under the 102 Capital Gains Track.

 

“102 Ordinary Income Track” means
the tax alternative set forth in Section 102(b)(1) of the ITO pursuant to which income resulting from the sale of Shares derived from
Awards is taxed as ordinary income.

 

“102 Ordinary Income Track Grant”
means a 102 Trustee Grant qualifying for the ordinary income tax treatment under the 102 Ordinary Income Track.

 

“102 Trustee Grant” means an
Award granted pursuant to Section 102(b) of the ITO and held in trust by a Trustee for the benefit of the Eligible 102 Participant, and
includes both 102 Capital Gains Track Grants and 102 Ordinary Income Track Grants.

 

“Affiliate” for the purpose of
grants made under this Sub-Plan, means any Affiliate, as defined in the Plan, that is an “employing company” within the meaning
of Section 102(a) of the ITO.

 

“Controlling Shareholder” as
defined in Section 32(9) of the ITO, currently defined as an individual who prior to the grant or as a result of the grant or exercise
of any Award, holds or would hold, directly or indirectly, in his name or with a relative (as defined in the ITO) (i) 10% of the outstanding
share capital of the Company, (ii) 10% of the voting power of the Company, (iii) the right to hold or purchase 10% of the outstanding
equity or voting power, (iv) the right to obtain 10% of the “profit” of the Company (as defined in the ITO), or (v) the right
to appoint a director of the Company.

 

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“Deposit Requirements” shall
mean with respect a 102 Trustee Grant, the requirement to evidence deposit of an Award with the Trustee, in accordance with Section 102,
in order to qualify as a 102 Trustee Grant. As of the time of approval of this Sub-Plan, the ITA guidelines regarding Deposit Requirements
for 102 Capital Gains Track Grants require that the Trustee be provided with (a) the resolutions approving Awards intended to qualify
as 102 Capital Gains Track Grants within 45 days of the date of Committee’s approval of such Award, including full details of the
terms of the Awards, and (b) a copy of the Award Agreement executed by the Eligible 102 Participant and/or Eligible 102 Participant’s
consent to the requirements of the 102 Capital Gains Track Grant within 90 days of the Committee’s approval of such Award, and (c)
with respect to Restricted Stock Awards, either a share certificate and copy of the Company’s share register evidencing issuance
of the Shares underlying such Award in the name of the Trustee for the benefit of the Eligible 102 Participant, or deposit of the Shares
with a financial institution in an account administered in the name of the Trustee, as applicable, in each case, within 90 days of the
date of the Committee’s approval of such Award.

 

“Election” means the Company’s
choice of the type of 102 Trustee Grants it will make under the Plan (as between capital gains track or ordinary income track), as filed
with the ITA.

 

“Eligible 102 Participant” means
a Participant who is a person employed by the Company or its Affiliates, including an individual who is serving as a director (as defined
in the ITO) or an office holder (as defined in the ITO), who is not a Controlling Shareholder.

 

“Israeli Fair Market Value” shall
mean with respect to 102 Capital Gains Track Grants only, for the sole purpose of determining tax liability pursuant to Section 102(b)(3)
of the ITO, 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 the Shares at the date of grant shall be determined in accordance with the average value of the Company’s shares on the thirty
(30) trading days preceding the date of grant or on the thirty (30) trading days following the date of registration for trading, as the
case may be.

 

“ITA” means the Israeli Tax Authority.

 

“ITO” means the Israeli Income
Tax Ordinance (New Version), 1961, and the rules, regulations, orders or procedures promulgated thereunder and any amendments thereto,
including specifically the Rules, all as may be amended from time to time.

 

“Non-Trustee Grant” means an
Award granted to an Eligible 102 Participant pursuant to Section 102(c) of the ITO and not held in trust by a Trustee.

 

“Required Holding Period” means
the requisite period prescribed by the ITO and the Rules, or such other period as may be required by the ITA, with respect to 102 Trustee
Grants, during which Awards granted by the Company must be held by the Trustee for the benefit of the person to whom it was granted. As
of the date of the adoption of this Sub-Plan, the Required Holding Period for 102 Capital Gains Track Grants is 24 months from the date
of grant of the Award.

 

“Rules” means the Income Tax
Rules (Tax Benefits in Share Issuance to Employees), 2003.

 

“Section 102” shall mean the
provisions of Section 102 of the ITO, as amended from time to time, including by the Law Amending the Income Tax Ordinance (Number 132),
2002, effective as of January 1, 2003 and by the Law Amending the Income Tax Ordinance (Number 147), 2005.

 

“Shares” shall mean shares of
Stock of the Company, as defined in the Plan.

 

“Trustee” means a person or entity
designated by the Committee to serve as a trustee and approved by the ITA in accordance with the provisions of Section 102(a) of the ITO.

 

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3. TYPES
OF AWARDS AND SECTION 102 ELECTION

 

3.1 Awards made as
102 Trustee Grants shall be made pursuant to either (a) Section 102(b)(2) of the ITO as 102 Capital Gains Track Grants or (b) Section
102(b)(1) of the ITO as 102 Ordinary Income Track Grants. The Company’s Election regarding the type of 102 Trustee Grant it chooses
to make shall be filed with the ITA. Once the Company (or its Affiliate) has filed such Election, it may change the type of 102 Trustee
Grant that it chooses to make only after the passage of at least 12 months from the end of the calendar year in which the first grant
was made in accordance with the previous Election, in accordance with Section 102. For the avoidance of doubt, such Election shall not
prevent the Company from granting Non-Trustee Grants to Eligible 102 Participants at any time.

 

3.2 Eligible 102 Participants
may receive only 102 Trustee Grants or Non-Trustee Grants under this Sub-Plan. Participants who are not Eligible 102 Participants may
be granted only 3(i) Awards under this Sub-Plan.

 

3.3 No 102 Trustee
Grants may be made effective pursuant to this Sub-Plan until 30 days after the date the requisite filings required by the ITO and the
Rules, including the filing of the Plan and Sub-Plan, have been made with the ITA.

 

3.4 The Award Agreement
shall indicate whether the grant is a 102 Trustee Grant, a Non-Trustee Grant or a 3(i) Award; and, if the grant is a 102 Trustee Grant,
whether it is a 102 Capital Gains Track Grant or a 102 Ordinary Income Track Grant.

 

4. TERMS
AND CONDITIONS OF 102 TRUSTEE GRANTS

 

4.1 Each 102 Trustee
Grant will be deemed granted on the date approved by the Committee and stated in a written or electronic notice by the Company, provided
that the Company and the Trustee have complied with any applicable requirements set forth by the ITA with regard to such grants.

 

4.2 Each 102 Trustee
Grant granted to an Eligible 102 Participant and each certificate for Shares acquired pursuant to a 102 Trustee Grant shall be deposited
with a Trustee in compliance with the Deposit Requirements and held in trust by the Trustee (or be subject to a supervisory trustee arrangement
if approved by the ITA). After termination of the Required Holding Period, the Trustee may release such Awards and any Shares issued with
respect to such Award, provided that (i) the Trustee has received an acknowledgment from the Israeli Income Tax Authority that the Eligible
102 Participant has paid any applicable tax due pursuant to the ITO or (ii) the Trustee and/or the Company or its Affiliate withholds
any applicable tax due pursuant to the ITO. The Trustee shall not release any 102 Trustee Grants or shares issued with respect to the
102 Trustee Grants prior to the full payment of the Eligible 102 Participant’s tax liabilities.

 

4.3 Each 102 Trustee
Grant shall be subject to the relevant terms of Section 102 and the ITO, which shall be deemed an integral part of the 102 Trustee Grant
and shall prevail over any term contained in the Plan, this Sub-Plan or Award Agreement that is not consistent therewith. Any provision
of the ITO and any approvals of the ITA not expressly specified in this Sub-Plan or any document evidencing an Award that are necessary
to receive or maintain any tax benefit pursuant to the Section 102 shall be binding on the Eligible 102 Participant. The Trustee and the
Eligible 102 Participant granted a 102 Trustee Grant shall comply with the ITO, and the terms and conditions of the Trust Agreement entered
into between the Company and the Trustee. For avoidance of doubt, it is reiterated that compliance with the ITO specifically includes
compliance with the Rules. Further, the Eligible 102 Participant agrees to execute any and all documents which the Company or the Trustee
may reasonably determine to be necessary in order to comply with the provision of any applicable law, and, particularly, Section 102.
With respect to 102 Capital Gain Track Grants, to the extent that the Shares are listed on any established stock exchange or a national
market system, the provisions of Section 102(b)(3) of the ITO will apply with respect to the Israeli tax rate applicable to such Awards.

 

4.4 During the Required
Holding Period, the Eligible 102 Participant shall not require the Trustee to release or sell the Awards and Shares received
subsequently following any realization of rights derived from Awards or Shares (including stock dividends) to the Eligible 102
Participant or to a third party, unless permitted to do so by applicable law. Notwithstanding the foregoing, the Trustee may,
pursuant to a written request and subject to applicable law, release and transfer such Shares to a designated third party, provided
that both of the following conditions have been fulfilled prior to such transfer: (i) all taxes required to be paid upon the release
and transfer of the shares have been withheld for transfer to the tax authorities and (ii) the Trustee has received written
confirmation from the Company that all requirements for such release and transfer have been fulfilled according to the terms of the
Company’s corporate documents, the Plan, any applicable Award Agreement and applicable law. To avoid doubt, such sale or
release during the Required Holding Period will result in different tax ramifications to the Eligible 102 Participant under Section
102 of the ITO and the Rules and/or any other regulations or orders or procedures promulgated thereunder, which shall apply to and
shall be borne solely by such Eligible 102 Participant (including tax and mandatory payments otherwise payable by the Company or its
Affiliates, which would not apply absent a sale or release during the Required Holding Period).

 

    29

     

    

 

4.5 In the event a
stock dividend is declared and/or additional rights are granted with respect to Shares which derive from Awards granted as 102 Trustee
Grants, such dividend and/or rights shall also be subject to the provisions of this Section 4 and the Required Holding Period for such
dividend shares and/or rights shall be measured from the commencement of the Required Holding Period for the Award with respect to which
the dividend was declared and/or rights granted. In the event of a cash dividend on Shares, the Trustee shall transfer the dividend proceeds
to the Eligible 102 Participant in accordance with the Plan after deduction of taxes and mandatory payments in compliance with applicable
withholding requirements, and subject to any other requirements imposed by the ITA.

 

4.6 If an Award granted
as a 102 Trustee Grant is exercised during the Required Holding Period, the Shares issued upon such exercise shall be issued in the name
of the Trustee for the benefit of the Eligible 102 Participant (or be subject to a supervisory trustee arrangement if approved by the
ITA). If such an Award is exercised or settled after the Required Holding Period ends, the Shares issued upon such exercise or settlement
shall, at the election of the Eligible 102 Participant, either (i) be issued in the name of the Trustee (or be subject to a supervisory
trustee arrangement if approved by the ITA), or (ii) be transferred to the Eligible 102 Participant directly, provided that the Eligible
102 Participant first complies with all applicable provisions of the Plan and this Sub-Plan.

 

4.7 To avoid doubt:
(i) notwithstanding anything to the contrary in the Plan, including without limitation Section 6.3 thereof, payment upon exercise or purchase
of Awards granted as a 102 Trustee Grant, may only be paid by cash or check, and not by surrender or withholding of Shares, or by reduction
of shares pursuant to a Cashless Exercise, Stock Tender Exercise or Net Exercise arrangement, or other forms of payment, unless and to
the extent permitted under Section 102 or as expressly authorized by the ITA; (ii) notwithstanding anything to the contrary in the Plan,
including without limitation Section 4.3 thereof, certain adjustments and amendments to the terms of Awards granted under the 102 Capital
Gains Track, including an exchange program, recapitalization events, and so forth, may disqualify the Options from benefitting from the
tax benefits under the 102 Capital Gains Track, unless the prior approval of the ITA is obtained; (iii) notwithstanding anything to the
contrary in the Plan, including without limitation Section 18.1 thereof, repurchase rights with regard to Awards made as 102 Capital Gains
Track Grants shall be subject to compliance with Section 102 requirements and/or the express approval of the ITA; (iv) Stock Appreciation
Rights may not be granted under the 102 Capital Gains Track unless and to the extent expressly authorized by the ITA; (v) grants of Restricted
Stock Units under the 102 Capital Gains Track require the prior approval of the ITA; (vi) notwithstanding anything to the contrary in
the Plan, including without limitation Sections 9.4, 10.6 and 11.5 thereof, Dividend Equivalents may not be settled in shares with respect
to Awards granted under 102 Capital Gains Track Awards without the prior approval of the ITA; (vii) Performance Awards may require the
approval of the ITA in order to qualify under the 102 Capital Gains Track; and (viii) notwithstanding anything to the contrary in the
Plan, including without limitation Sections 3.5(e), 9.6, 10.5(e) and 11.4 thereof, Awards granted under the 102 Capital Gains Track may
only be settled in shares and not in cash, and Cash-Based Awards will not qualify under the 102 Capital Gains Track.

 

5. ASSIGNABILITY

 

As long as Awards or Shares are held by the Trustee
on behalf of the Eligible 102 Participant, all rights of the Eligible 102 Participant over the Shares are personal, cannot be transferred,
assigned, pledged or mortgaged, other than by will or laws of descent and distribution.

 

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6. TAX
CONSEQUENCES

 

6.1 Any tax consequences
arising from the grant or settlement of any Award, the exercise of any Option, the issuance, sale or transfer and payment for the Shares
covered thereby, or from any other event or act (of the Company and/or its Affiliates and/or the Trustee and/or the Participant) relating
to an Award or Shares issued thereupon shall be borne solely by the Participant. 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 Participant 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 Participant. The Company or any of its Affiliates,
and the Trustee may make such provisions and take such steps as it/they may deem necessary or appropriate for the withholding of all taxes
required by law to be withheld with respect to an Award granted under the Plan and the exercise, sale, transfer or other disposition thereof,
including, but not limited, to (i) deducting the amount so required to be withheld from any other amount then or thereafter payable to
a Participant, including by deducting any such amount from a Participant’s salary or other amounts payable to the Participant, to
the maximum extent permitted under law; and/or (ii) requiring a Participant to pay to the Company or any of its Affiliates the amount
so required to be withheld; and/or (iii) withholding otherwise deliverable Shares having a Fair Market Value equal to the minimum amount
statutorily required to be withheld; and/or (iv) selling a sufficient number of such Shares otherwise deliverable to a Participant through
such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to
be withheld either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant’s behalf pursuant
to the Participant’s authorization as expressed by acceptance of the award under the terms herein), to the extent permitted by applicable
law or pursuant to the approval of the ITA. In addition, the Participant will be required to pay any amount (including penalties) that
exceeds the tax to be withheld and transferred to the tax authorities, pursuant to applicable tax laws, regulations and rules.

 

6.2 The Company does
not represent or undertake that an Award will qualify for or comply with the requisites of any particular tax treatment (such as the “capital
gains track” under Section 102), nor shall the Company, its assignees or successors be required to take any action for the qualification
of any Award under such tax treatment. The Company shall have no liability of any kind or nature in the event that, as a result of application
of applicable law, actions by the Trustee or any position or interpretation of the ITA, or for any other reason whatsoever, an Award shall
be deemed to not qualify for any particular tax treatment.

 

6.3 With respect to
Non-Trustee Grants, if the Eligible 102 Participant ceases to be employed by the Company or any Affiliate, the Eligible 102 Participant
shall extend to the Company and/or its Affiliate a security or guarantee for the payment of tax due at the time of sale of Shares to the
satisfaction of the Company, all in accordance with the provisions of Section 102 of the ITO and the Rules.

 

7. SECURITIES
LAWS

 

All awards hereunder shall be subject to compliance
with the Israeli Securities Law, 1968, and the rules and regulations promulgated thereunder.

 

* * *

 

 

31

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