Document:

Exhibit
10.8

 

INDEMNIFICATION
AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (the “Agreement”), dated as of ____________________, 2022,
is entered into by and between SatixFy Communications Ltd.,
a private company incorporated under the laws of the State of Israel, company registration No. 51-613503-5 (the “Company”),
and the undersigned Director or Officer of the Company whose name appears on the signature page hereto (the “Indemnitee”).

 

	WHEREAS,	Indemnitee
                                            is an Office Holder (“Nosse Misra”), as such term is defined in the Companies
                                            Law, 5759–1999, as amended (the “Companies
                                            Law” and “Office Holder”
                                            respectively), of the Company;

 

	WHEREAS,	both
                                            the Company and Indemnitee recognize the increased risk of litigation and other claims being
                                            asserted against Office Holders of companies and that highly competent persons have become
                                            more reluctant to serve corporations as directors and officers or in other capacities unless
                                            they are provided with adequate protection through insurance or adequate indemnification
                                            against inordinate risks of claims and actions against them arising out of their service
                                            to, and activities on behalf of, companies; 

 

	WHEREAS,	the
                                            Amended and Restated Articles of Association of the Company (the "Articles")
                                            authorize the Company to indemnify and advance expenses to its Office Holders and provide
                                            for insurance and exculpation to its Office Holders, in each case, to the fullest extent
                                            permitted by applicable law; 

 

	WHEREAS,	the
                                            Company has determined that (i) the increased difficulty in attracting and retaining competent
                                            persons is detrimental to the best interests of the Company and that the Company should act
                                            to assure such persons that there will be increased certainty of such protection in the future,
                                            and (ii) it is reasonable, prudent and necessary for the Company contractually to obligate
                                            itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent
                                            permitted by applicable law, so that they will serve or continue to serve the Company free
                                            from undue concern that they will not be so indemnified; and

 

	WHEREAS,	in
                                            recognition of Indemnitee’s need for substantial protection against personal liability
                                            in order to assure Indemnitee’s continued service to the Company in an effective manner
                                            and, in part, in order to provide Indemnitee with specific contractual assurance that the
                                            indemnification, insurance and exculpation afforded by the Articles will be available to
                                            Indemnitee, the Company wishes to undertake in this Agreement for the indemnification of
                                            and the advancing of expenses to Indemnitee to the fullest extent permitted by applicable
                                            law and as set forth in this Agreement and provide for insurance and exculpation of Indemnitee
                                            as set forth in this Agreement.

 

     

     

    

 

2

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

	1.	INDEMNIFICATION
                                            AND INSURANCE.

 

		1.1.	The
                                            Company hereby irrevocably undertakes to indemnify Indemnitee to the fullest extent permitted
                                            by applicable law for any liability and expense specified in Sections 1.1.1 through 1.1.4
                                            below, imposed on Indemnitee due to or in connection with an act performed by such Indemnitee,
                                            either prior to or after the date hereof, in Indemnitee’s capacity as an Office Holder
                                            of the Company or of any subsidiary thereof (the “Corporate Capacity”).
                                            The term “act performed in Indemnitee’s capacity as an Office Holder” shall
                                            include, without limitation, any act, omission and failure to act. Notwithstanding the foregoing,
                                            in the event that the Office Holder is the beneficiary of an indemnification undertaking
                                            provided by a subsidiary of the Company or any other entity (other than a Secondary Indemnitor
                                            (as defined below), with respect to his Corporate Capacity with such subsidiary or entity,
                                            then the indemnification obligations of the Company hereunder with respect to such Corporate
                                            Capacity shall only apply to the extent that the indemnification by such subsidiary or other
                                            entity does not actually fully cover the indemnifiable liabilities and expenses relating
                                            thereto. The following shall be hereinafter referred to as “Indemnifiable Events”:

 

		1.1.1.	Financial
                                            liability imposed on, or incurred by, Indemnitee in favor of any person pursuant to a judgment,
                                            including a judgment rendered in the context of a settlement or an arbitrator’s award
                                            approved by a court. For purposes of Section ‎1 of this Agreement, the term “person”
                                            shall include, without limitation, a natural person, firm, partnership, joint venture, trust,
                                            company, corporation, limited liability entity, unincorporated organization, estate, government,
                                            municipality, or any political, governmental, regulatory or similar agency or body;

 

		1.1.2.	Expenses
                                            (as defined below) expended or incurred by Indemnitee as a result of an investigation or
                                            any proceeding instituted against the Indemnitee by an authority that is authorized to conduct
                                            an investigation or proceeding, and that was concluded without filing an indictment against
                                            the Indemnitee and without imposing on the Indemnitee a financial obligation in lieu of a
                                            criminal proceeding, or that was concluded without filing an indictment against the Indemnitee
                                            but with imposing a financial obligation in lieu of a criminal proceeding for an offense
                                            that does not require proof of mens rea or in connection with a financial sanction;
                                            In this section “conclusion of a proceeding without filing an indictment in a matter
                                            in which a criminal investigation has been instigated” and “financial liability
                                            in lieu of a criminal proceeding” shall have the meaning assigned to such terms under
                                            the Companies Law, and the term "financial sanction" shall mean such term as referred
                                            to in Section 260(a)(1a) of the Companies Law;

 

		1.1.3.	Expenses,
                                            including attorneys’ fees, incurred by or charged to Indemnitee by a court, in a proceeding
                                            instituted against him by the Company or on its behalf or by another person, or in a criminal
                                            charge from which he was acquitted or in which he was convicted of an offense that does not
                                            require proof of Mens Rea; and

 

     

     

    

 

3

 

		1.1.4.	Any
                                            other event, occurrence or circumstances in respect of which the Company may lawfully indemnify
                                            an Office Holder of the Company (including, without limitation, indemnification with respect
                                            to the matters referred to under Section 56h(b)(1) of the Israeli Securities Law 5728-1968,
                                            as amended (the "Securities Law"), if applicable, and Section 50P(b)(2)
                                            of the Israeli Economic Competition Law, 5758-1988 (the “Competition Law”)).

 

For
the purpose of this Agreement, “Expenses” shall include, without limitation, reasonable attorneys’ fees and
other reasonable costs and expenses paid or incurred by Indemnitee in connection with investigating, defending, being a witness in or
participating in (including on appeal), or preparing to defend, be a witness in or participate in any claim relating to any matter for
which indemnification hereunder may be provided, and expenses paid or incurred by Indemnitee in successfully enforcing this Agreement.
Expenses shall be considered paid or incurred by Indemnitee at such time as Indemnitee is required to pay or incur such cost or expenses,
including upon receipt of an invoice or demand for payment. The Company shall pay the Expenses in accordance with the provisions of Section
1.3.

 

		1.2.	The
                                            Company shall indemnify the Indemnitee under Section 1.1.1 only with respect to events described
                                            in Exhibit A hereto. The Board of Directors of the Company (the “Board”)
                                            has determined that the events listed in Exhibit A are likely to occur in light of the Company’s
                                            activity. The maximum amount of indemnification payable by the Company under Section ‎1.1.1
                                            of this Agreement with respect to all Office Holders in the aggregate will be limited to
                                            an aggregate amount which shall not exceed the higher of (i) Five Million US Dollars (US$
                                            5,000,000) or 25% (twenty five percent) of the Company’s consolidated shareholders’
                                            equity as is in accordance with the Company’s most recent consolidated annual financial
                                            statements, that existed as of the actual date of payment for the indemnification and (ii)
                                            the maximum coverage provided by the Company’s directors and officers liability insurance
                                            policy (the higher of subclause (i) and (ii), the “Limit Amount”).If the
                                            Limit Amount is insufficient to cover all the indemnity amounts payable with respect to all
                                            indemnifiable persons as aforesaid, then such amount shall be allocated to such Indemnifiable
                                            Persons pro rata according to the percentage of their culpability, as finally determined
                                            by a court in the relevant claim, or, absent such determination or in the event such persons
                                            are parties to different claims, based on an equal pro rata allocation among such indemnifiable
                                            persons calculated based on the amount of indemnification each of the Office Holders would
                                            have been entitled to receive but for the Limit Amount. The Limit Amount payable by the Company
                                            for the events described in Exhibit A is deemed
                                            by the Company to be reasonable in light of the circumstances.
                                            The indemnification provided under Section ‎1.1.1 herein
                                            shall not be subject to the limitations imposed by this Section  ‎1.2 and Exhibit A
                                            if and to the extent such limits are no longer required by the Companies Law.

 

     

     

    

 

4

 

		1.3.	If
                                            so requested by Indemnitee, and subject to the Company’s repayment and reimbursements
                                            rights set forth in Sections ‎4 and ‎6 below, the Company shall pay amounts to
                                            cover Indemnitee’s Expenses with respect to which Indemnitee is entitled to be indemnified
                                            under Section ‎1.1 above, as and when incurred. The payments of the Expenses shall
                                            be made by the Company directly to the Indemnitee within fifteen (15) days after the receipt
                                            by the Company of a written statement by such Indemnitee therefor to the Company. Such statement
                                            shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be
                                            preceded or accompanied by an undertaking by the Indemnitee to repay any expenses advanced,
                                            if the Indemnitee is not entitled to be indemnified against such expenses under this Agreement,
                                            all in accordance with Section 4.1 below. The Company may make payments in respect of Indemnitee’s
                                            legal expenses directly to the Indemnitee’s legal advisor, against a duly issued invoice,
                                            at the request of the Indemnitee. As part of the aforementioned undertaking and subject to
                                            other limitations in this Agreement, the Company will make available to Indemnitee any security
                                            or guarantee that Indemnitee may be required to post in accordance with an interim decision
                                            given by a court, governmental or administrative body, or an arbitrator, including for the
                                            purpose of substituting liens imposed on Indemnitee’s assets.

 

		1.4.	The
                                            Company’s obligation to indemnify Indemnitee and advance Expenses in accordance with
                                            this Agreement shall be for such period (the “Indemnification Period”)
                                            as Indemnitee shall be subject to any actual, possible or threatened claim, action, suit,
                                            demand or proceeding or any inquiry or investigation, whether civil, criminal or investigative,
                                            arising out of the Indemnitee’s service in the Corporate Capacity as described in Section
                                            1.1 above, whether or not Indemnitee is still serving in such position.

 

		1.5.	The
                                            Company undertakes that, subject to the mandatory limitations under applicable law, as long
                                            as it may be obligated to provide indemnification and advance Expenses under this Agreement,
                                            the Company will purchase and maintain in effect directors and officers liability insurance,
                                            which will include coverage for the benefit of the Indemnitee, providing coverage in amounts
                                            as reasonably determined by the Board. The Company hereby undertakes to notify the Indemnitee
                                            30 days prior to the expiration or termination of the directors’ and officers’
                                            liability insurance policy.

 

	2.	The
                                            Company undertakes to give prompt written notice of the commencement of any claim hereunder
                                            or of circumstances which may lead to a claim hereunder, to its insurers in accordance with
                                            the procedures set forth in each of the policies. The Company shall thereafter diligently
                                            take all actions reasonably necessary under the circumstances to cause such insurers to pay,
                                            on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding,
                                            inquiry or investigation in accordance with the terms of such policies. The above shall not
                                            derogate from the Company’s authority to freely negotiate or reach any compromise with
                                            the insurer which is reasonable, in the Company’s sole discretion, provided that the
                                            Company shall act in good faith and in a diligent manner.

 

	3.	SPECIFIC
                                            LIMITATIONS ON INDEMNIFICATION.

 

Notwithstanding
anything to the contrary in this Agreement, the Company shall not indemnify or advance Expenses to Indemnitee with respect to: (i)
any act, event or circumstance with respect to which it is prohibited to do so under applicable law; (ii) a breach of
Indemnitee’s duty of loyalty to the Company or any of its subsidiaries of which he is an Office Holder, except, to the extent
permitted by law, for a breach of a duty of loyalty to the Company or any of its subsidiaries of which he is an Office Holder while
acting in good faith and having reasonable cause to assume that such act would not prejudice the interests of the Company or any of
its subsidiaries; (iii) an intentional or reckless breach of the duty of care, other than a breach arising solely out of
Indemnitee’s negligent conduct; (iv) an action taken with the intent of unlawfully realizing personal gain; (v) a fine or
penalty imposed upon the Indemnitee; or (vi) with respect to proceedings or claims initiated or brought voluntarily by the
Indemnitee against the Company, other than: (a) by way of defense or by way of third party notice to the Company in connection with
a claim brought against the Indemnitee, or (b) in specific cases in which the Board has approved the initiation or bringing of such
claim by Indemnitee.

 

     

     

    

 

5

 

	4.	REPAYMENT
                                            OF EXPENSES.

 

		4.1	In
                                            the event that the Company provides or is required to provide indemnification with respect
                                            to Expenses hereunder and at any time thereafter the Company determines, based on written
                                            advice from its legal counsel (the legal basis of which shall be provided to the Indemnitee
                                            in writing), that the Indemnitee was not entitled to such payments, the amounts so indemnified
                                            by the Company will be promptly repaid by Indemnitee, unless the Indemnitee disputes the
                                            Company’s determination in writing, in which case the Indemnitee’s obligation
                                            to repay to the Company shall be postponed until such dispute is resolved. 

 

		4.2	Indemnitee’s
                                            obligation to repay to the Company for any Expenses or other sums paid hereunder shall be
                                            deemed as a loan given to Indemnitee by the Company subject to the minimum interest rate
                                            prescribed by Section 3(9) of the Income Tax Ordinance [New Version], 1961, or any other
                                            legislation replacing it, which is not considered a taxable benefit.

 

	5.	SUBROGATION;
                                            SECONDARY INDEMNITORS.

 

		5.1	Except
                                            as set forth in Section ‎5.2 below, in the event of payment under this Agreement, the
                                            Company shall be subrogated to the extent of such payment to all of the rights of recovery
                                            of Indemnitee, who shall execute all documents required and shall do everything that may
                                            be necessary to secure such rights, including the execution of such documents necessary to
                                            enable the Company effectively to bring suit to enforce such rights.

 

		5.2	The
                                            Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement
                                            of expenses and/or insurance provided by shareholder(s) of the Company, certain of their
                                            affiliates or other third parties (collectively, the “Secondary Indemnitors”).
                                            The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations
                                            to Indemnitee are primary and any obligation of the Secondary Indemnitors to advance expenses
                                            or to provide indemnification for the same expenses or liabilities incurred by Indemnitee
                                            are secondary), (ii) that it shall be required to advance the full amount of expenses incurred
                                            by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties,
                                            fines and amounts paid in settlement to the extent legally permitted and as required by the
                                            terms of this Agreement and the Articles (or any other agreement between the Company and
                                            Indemnitee), without regard to any rights Indemnitee may have against the Secondary Indemnitors,
                                            and, (iii) it irrevocably waives, relinquishes and releases the Secondary Indemnitors from
                                            any and all claims against the Secondary Indemnitors for contribution, subrogation or any
                                            other recovery of any kind in respect thereof. Without altering or expanding any of the Company’s
                                            indemnification obligations hereunder, the Company further agrees that no advancement or
                                            payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any claim for
                                            which Indemnitee has sought indemnification from the Company shall affect the foregoing and
                                            the Secondary Indemnitors shall have a right of contribution and/or be subrogated to the
                                            extent of such advancement or payment to all of the rights of recovery to which the Indemnitee
                                            is entitled pursuant
to this Agreement. The Company and Indemnitee agree that the Secondary Indemnitors are express third party beneficiaries of the terms
of this Section ‎5.2.

 

     

     

    

 

6

 

	6.	REIMBURSEMENT.

 

Except
as set forth in Section ‎5.2 above, the Company shall not be liable under this Agreement to make any payment in connection with
any Indemnifiable Event to the extent Indemnitee has otherwise actually received payment under any insurance policy or otherwise (without
any obligation of Indemnitee to repay any such amount) of the amounts otherwise indemnifiable hereunder. Any amounts paid to Indemnitee
under such insurance policy or otherwise after the Company has indemnified Indemnitee for such liability or Expense shall be repaid to
the Company promptly upon receipt by Indemnitee, in accordance with the terms set forth in Section ‎5.2.

 

	7.	EFFECTIVENESS.

 

The
Company represents and warrants that this Agreement is valid, binding and enforceable in accordance with its terms and was duly adopted
and approved by the Company and shall be in full force and effect immediately upon its execution.

 

	8.	NOTIFICATION
                                            AND DEFENSE OF CLAIM.

 

In
all Indemnifiable Events, indemnification will be subject to the following:

 

		8.1	Indemnitee
                                            shall (a) notify the Company of the commencement of any action, suit or proceeding, and of
                                            the receipt of any notice or threat that any such legal proceeding has been or shall or may
                                            be initiated against Indemnitee (including any proceedings by or against the Company and
                                            any subsidiary thereof), promptly upon Indemnitee first becoming so aware; but the omission
                                            so to notify the Company will not relieve the Company from any liability which it may have
                                            to Indemnitee under this Agreement unless and
                                            to the extent that such failure to provide notice materially and adversely prejudices the
                                            Company’s ability to defend such action; and (b) deliver to the Company, or to such
                                            person as it shall advise the Indemnitee, without delay all documents the Indemnitee
                                            receives in connection with these proceedings and provide such other information and cooperation
                                            as the Company shall reasonably request in connection therewith. Notice to the Company shall
                                            be directed to the Chief Executive Officer or Chief Financial Officer of the Company (or,
                                            if the Indemnitee is the Chief Executive Officer, then to the Chairman of the Board) at the
                                            address shown in the preamble to this Agreement (or such other address as the Company shall
                                            designate in writing to Indemnitee). 

 

		8.2	The
                                            Company will be entitled to participate therein at its own expense.

 

     

     

    

 

7

 

		8.3	Except
                                            as otherwise provided below, the Company, alone or jointly with any other indemnifying party
                                            similarly notified, will be entitled to assume the defense thereof, with counsel selected
                                            by the Company for such purpose which counsel is reasonably reputable with experience in
                                            the relevant field. Indemnitee shall have the right to employ his or her own counsel in such
                                            action, suit or proceeding, but the fees and expenses associated with the retention of such
                                            counsel incurred after notice from the Company of its assumption of the defense thereof shall
                                            be at the sole expense of Indemnitee, unless: (i) the employment of counsel by Indemnitee
                                            has been authorized in writing by the Company; (ii) Indemnitee and the Company shall have
                                            concluded, or independent counsel that is reasonably reputable with experience in the relevant
                                            field has opined in writing, that there may be a conflict of interest between the Company
                                            and Indemnitee in the conduct of the defense of such action; or (iii) the Company has
                                            not in fact employed within reasonable promptness (and in any case 21 days from Indemnitee’s
                                            written request) counsel to assume the defense of such action, in which cases the reasonable
                                            fees and expenses of counsel shall be at the expense of the Company. The Company shall not
                                            be entitled to assume the defense of any action, suit or proceeding brought by or on behalf
                                            of the Company or as to which Indemnitee or said independent counsel shall have reached the
                                            conclusion specified in (ii) above or if the circumstance specified in clause (iii) above
                                            shall apply.

 

		8.4	The
                                            Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts
                                            or expenses paid in connection with a settlement of any action, claim or otherwise, effected
                                            without the Company’s prior written consent.

 

		8.5	If
                                            the Company shall have the right to conduct the defense of Indemnitee pursuant to the terms
                                            of this Agreement, it shall be entitled to do so as it sees fit in its sole discretion (provided
                                            that the Company shall conduct the defense in good faith and in a diligent manner), including
                                            the right to settle or compromise any claim or to consent to the entry of any judgment against
                                            Indemnitee without the consent of the Indemnitee, provided that the amount of such settlement,
                                            compromise or judgment does not exceed the Limit Amount (if applicable) and is fully indemnifiable
                                            pursuant to this Agreement (subject to Section ‎1.2 of this Agreement) and/or applicable
                                            law, and any such settlement, compromise or judgment does not impose any penalty or limitation
                                            on Indemnitee without the Indemnitee’s prior written consent. If
                                            the Company has the right to conduct the defense of Indemnitee pursuant to the terms of this
                                            Agreement, then at the request of the Company, the Indemnitee shall execute all documents
                                            reasonably required to enable the Company and/or its attorney as aforesaid to conduct Indemnitee’s
                                            defense in his/her name, and to represent the Indemnitee in all matters connected therewith,
                                            in accordance with the aforesaid. The Indemnitee’s
                                            consent shall not be required only if the settlement includes a complete release of Indemnitee,
                                            does not contain any admission of wrongdoing by Indemnitee, and includes monetary sanctions
                                            only as provided above. In the case of criminal proceedings, the Company and/or its
                                            legal counsel will not have the right to plead guilty or agree to a plea-bargain in the Indemnitee’s
                                            name without the Indemnitee’s prior written consent. Neither the Company nor Indemnitee
                                            will unreasonably withhold or delay their consent to any proposed settlement.

 

		8.6	Indemnitee
                                            shall fully cooperate with the Company and its attorneys in every reasonable way as may be
                                            required of Indemnitee within the context of their conduct of such legal proceedings, including
                                            but not limited to the execution of power(s) of attorney and other documents. Indemnitee
                                            shall give the Company all documents and other information with respect to any claim which
                                            is the subject matter of this Agreement or to the defense of other claims asserted against
                                            the Company (other than claims asserted by Indemnitee), except for documents or other information
                                            that (i) are privileged or otherwise protected from disclosure, or (ii) are otherwise reasonably
                                            available to Company, and provided that the Company shall cover all expenses, costs and fees
                                            incidental thereto such that the Indemnitee will not be required to pay or bear such expenses,
                                            costs and fees.

 

     

     

    

 

8

 

		8.7	Indemnitee
                                            will do all things reasonably requested by the Board of Directors of the Company to subrogate
                                            to the Company any rights of recovery (including rights to insurance or indemnification from
                                            persons other than the Company, but other than Secondary Indemnitors) which the Indemnitee
                                            may have with respect to any proceeding.

 

		8.8	If,
                                            in accordance with the terms of this Agreement, the Company has assumed the conduct of Indemnitee’s
                                            defense, the Company will have no liability or obligation pursuant to this Agreement to indemnify
                                            the Indemnitee for any legal expenses, including any legal fees, that Indemnitee may expend
                                            in connection with its defense following such assumption of defense, except in the event
                                            that the Indemnitee is entitled to retain separate counsel pursuant to the terms of this
                                            Agreement.

 

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

 

	9.	EXCULPATION.

 

Subject
to the provisions of the Companies Law, the Company hereby releases, in advance, the Office Holder from liability to the Company for
any damage that arises from the breach of the Office Holder’s duty of care to the Company (within the meaning of such terms under
Sections 252 and 253 of the Companies Law), other than breach of the duty of care towards the Company in a distribution (as such term
is defined in the Companies Law) or other acts and omissions as to which, according to applicable law, the Company is not entitled to
exempt the Indemnitee.

 

		10.	NON-EXCLUSIVITY.

 

The
rights of the Indemnitee hereunder shall not be deemed exclusive of any other rights Indemnitee may have under the Articles, applicable
law or otherwise, and to the extent that during the Indemnification Period the indemnification rights of the then serving directors and
officers are more favorable to such directors or officers than the indemnification rights provided under this Agreement to Indemnitee,
Indemnitee shall be entitled to the full benefits of such more favorable indemnification rights to the extent permitted by law.

 

	11.	PARTIAL
                                            INDEMNIFICATION.

 

If
Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expenses,
judgments, fines or penalties actually or reasonably incurred by Indemnitee in connection with any proceedings, but not, however, for
the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such expenses, judgments, fines or penalties
to which Indemnitee is entitled under any provision of this Agreement. Subject to the provisions of Section ‎6 above, any amount
received by Indemnitee in respect of Indemnifiable Events under any insurance policy which is not maintained by Company or otherwise
shall not reduce the Limit Amount hereunder and shall not derogate from the Company’s obligation to indemnify the Indemnitee in
accordance with the provisions of this Agreement up to the Limit Amount, as set forth in Section ‎1.2.

 

     

     

    

 

9

 

	12.	BINDING
                                            EFFECT.

 

This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors
and assigns. In the event of a merger or consolidation of the Company or a transfer or disposition of all or substantially all of the
business or assets of the Company, the Indemnitee shall be entitled to the same indemnification and insurance provisions as the most
favorable indemnification and insurance provisions afforded to the then-serving Office Holders of the Company. In the event that in connection
with such transaction the Company purchases a directors’ and officers’ “tail” or “run-off” policy
for the benefit of its then serving Office Holders, then such policy shall cover Indemnitee. This Agreement shall continue in effect
during the Indemnification Period regardless of whether Indemnitee continues to serve in a Corporate Capacity.

 

Any
amendment to the Companies Law, the Securities Law, the Competition Law or other applicable law adversely affecting the right of the
Indemnitee to be indemnified insured or released pursuant hereto shall be prospective in effect, and shall not affect the Company’s
obligation or ability to indemnify or insure the Indemnitee for any act or omission occurring prior to such amendment, unless otherwise
provided by applicable law.

 

	13.	SEVERABILITY.

 

The
provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity
or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof or any circumstance,
is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may
be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and
the application of such provision or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity
or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

 

	14.	NOTICE.

 

All
notices and other communications pursuant to this Agreement shall be in writing and shall be deemed provided if delivered personally,
telecopied, sent by electronic facsimile, email, reputable overnight courier or mailed by registered or certified mail (return receipt
requested), postage prepaid, to the parties at the addresses shown in the preamble to this Agreement, or to such other address as the
party to whom notice is to be given may have furnished to the other party hereto in writing in accordance herewith. Any such notice or
communication shall be deemed to have been delivered and received (i) in the case of personal delivery, on the date of such delivery,
(ii) in the case of telecopier or an electronic facsimile or email, one business day after the date of transmission if confirmation of
receipt is received, (iii) in the case of a reputable overnight courier, three business days after deposit with such reputable overnight
courier service, and (iv) in the case of mailing, on the seventh business day following that on which the mail containing such communication
is posted.

 

     

     

    

 

10 

 

	15.	GOVERNING
                                            LAW; JURISDICTION.

 

This
Agreement shall be exclusively governed by and construed and enforced in accordance with the laws of the State of Israel, without giving
effect to the conflicts of law provisions of those laws. The Company and Indemnitee each hereby irrevocably consent to the exclusive
jurisdiction and venue of the courts of Tel Aviv, Israel for all purposes in connection with any action or proceeding which arises out
of or relates to this Agreement.

 

	16.	ENTIRE
                                            AGREEMENT AND TERMINATION.

 

This
Agreement represents the entire agreement between the parties and supersedes any other agreements, contracts or understandings between
the parties, whether written or oral, with respect to the subject matter of this Agreement.

 

	17.	NO
                                            MODIFICATION AND NO WAIVER.

 

No
supplement, modification or amendment, termination or cancellation of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Any waiver shall be in writing. The
Company hereby undertakes not to amend its Articles in a manner which will adversely affect the provisions of this Agreement.

 

	18.	ASSIGNMENTS;
                                            NO THIRD PARTY RIGHTS

 

Neither
party hereto may assign any of its rights or obligations hereunder except with the express prior written consent of the other party;
provided that this Agreement shall inure to the benefit of the heirs, personal representatives, executors and administrators of Indemnitee.
Subject to the aforesaid, and without derogating from the terms of Section 5, nothing herein shall be deemed to create or imply an obligation
for the benefit of a third party. Without limitation of the foregoing, nothing herein shall be deemed to create any right of any insurer
that provides directors' and officers’ liability insurance, to claim, on behalf of Indemnitee, any rights hereunder.

 

	19.	COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties
actually executing such counterpart, and all of which together shall constitute one and the same instrument; it being understood that
parties need not sign the same counterpart. The exchange of an executed Agreement (in counterparts or otherwise) by facsimile or by electronic
delivery in pdf format shall be sufficient to bind the parties to the terms and conditions of this Agreement, as an original.

 

[Signature
Page Follows]

 

     

     

    

 

11

 

IN
WITNESS WHEREOF, the parties, each acting under due and proper authority, have executed this Indemnification Agreement as of the
date first mentioned above, in one or more counterparts.

 

	SatixFy
Communications Ltd.	 	[______________]
	 	 	 
	By:	 	 	By:	 
	Name:	 	 	 
	Title:	 	 	 

 

[SatixFy
Communications Ltd. – Signature Page to Indemnification Agreement]

 

     

     

    

 

13

 

EXHIBIT
A* 

 

CATEGORY
OF INDEMNIFIABLE EVENT

 

	1.	Claims
                                            in connection with employment relationships with employees of the Company, and in connection
                                            with business relations between the Company and its employees, independent contractors, customers,
                                            suppliers and various service providers.

 

	2.	Negotiations,
                                            execution, delivery and performance of agreements of any kind or nature, anti-competitive
                                            acts, acts of commercial wrongdoing, approval of corporate actions including the approval
                                            of the acts of the Company’s management, their guidance and their supervision, actions
                                            concerning the approval of transactions with Office Holders or shareholders, including controlling
                                            persons, actions pursuant to or in accordance with the policies and procedures of the Company
                                            (whether or not such policies and procedures are published) and claims of failure to exercise
                                            business judgment and a reasonable level of proficiency, expertise and care with respect
                                            to the Company’s business.

 

	3.	Violation,
                                            infringement, misappropriation, dilution and other misuse of copyrights, patents, designs,
                                            trade secrets, confidential information, proprietary information and any other intellectual
                                            property rights, acts in connection with the registration, assertion or protection of rights
                                            to intellectual property and the defense of claims related to intellectual property, breach
                                            of confidentiality obligations, acts in regard of invasion of privacy or any violation of
                                            privacy or privacy related right, including with respect to databases or handling, collection
                                            or use of private information, acts in connection with slander and defamation, and claims
                                            in connection with publishing or providing any information, including any filings with any
                                            governmental authorities, whether or not required under any applicable laws.

 

	4.	Approval
                                            of and recommendation or information provided to shareholders with respect to any and all
                                            corporate actions, including the approval of the acts of the Company’s management,
                                            their guidance and their supervision, matters concerning the approval of transactions with
                                            Office Holders (including, without limitation, all compensation related matters) or shareholders,
                                            including controlling persons and claims and allegations of failure to exercise business
                                            judgment, reasonable level of proficiency, expertise, care or any other applicable standard,
                                            with respect to the foregoing or otherwise with respect to the Company’s business,
                                            strategy, operations and prospective outlook, and any discussions, deliberations, reviews
                                            or other preparatory or preliminary phases relating to any of the foregoing.

 

	5.	Violations
                                            or failure to comply with of securities laws of any jurisdiction, including without limitation,
                                            claims under the U.S. Securities Act of 1933, as amended from time to time, or the U.S. Securities
                                            Exchange Act of 1934, as amended from time to time, or under the Israeli Securities Law,
                                            as amended from time to time, fraudulent disclosure claims, failure to comply with any securities
                                            authority or any stock exchange disclosure or other rules and any other claims relating to
                                            relationships with investors, debt holders, shareholders optionholders, holders of any other
                                            equity or debt instrument of the Company, and otherwise with the investment community (including
                                            without limitation any such claims relating to merger, change in control, issuances of securities,
                                            restructuring, spin out, spin off, divestiture, recapitalization or any other transaction
                                            relating to the corporate structure or organization of the Company) and any claims related
                                            to the Sarbanes-Oxley Act of 2002, as amended from time to time; claims relating to or arising
                                            out of financing arrangements, any breach of financial covenants or other obligations towards
                                            lenders or debt holders of the Company, class actions, violations of laws requiring the Company
                                            to obtain regulatory and governmental licenses, permits and authorizations in any jurisdiction,
                                            including in connection with disclosure, offering or other transaction related documents;
                                            actions taken in connection with the issuance, purchase, holding or disposition of any type
                                            of securities of Company, including, without limitation, the grant of options, warrants or
                                            other rights to purchase any of the same.

 

     

     

    

 

14

 

	6.	Actions
                                            in connection with investments the Company makes, whether before and/or after the investment
                                            is made, entering into the transaction, the execution, development and monitoring thereof,
                                            including actions taken by you in the name of the Company;

 

	7.	Actions
                                            in connection with the sale, purchase and holding of negotiable securities or other investments
                                            by, for or in the name of the Company.

 

	8.	Liabilities
                                            arising in connection with any products or services developed, distributed, sold, provided,
                                            licensed or marketed by the Company, and any actions in connection with the distribution,
                                            sale, license or use of such products or services.

 

	9.	The
                                            offering of securities by the Company (whether on behalf of itself or on behalf of any holder
                                            of securities and any other person) to public/private investors or the offer by the Company
                                            to purchase securities from the public and/or from private investors or other holders pursuant
                                            to a prospectus, agreements, notices, reports, tenders and/or other proceedings.

 

	10.	Reorganization,
                                            dissolution, or any decision concerning any of the foregoing.

 

	11.	Any
                                            claim or demand made in connection with any transaction not in the ordinary course of business
                                            of the Company, including the sale, lease or purchase of any assets or business.

 

	12.	Any
                                            claim or demand made by any third party suffering any personal injury and/or bodily injury
                                            or damage to business or personal property or any other type of damage through any act or
                                            omission attributed to the Company, or its employees, agents or other persons acting or allegedly
                                            acting on its behalf.

 

	13.	Any
                                            claim or demand made directly or indirectly in connection with complete or partial failure,
                                            by the Company or its directors, officers and employees, to pay, report, keep applicable
                                            records or otherwise, of any foreign, federal, state, county, local, municipal or city taxes
                                            or other compulsory payments of any nature whatsoever, including, without limitation, income,
                                            sales, use, transfer, excise, value added, registration, severance, stamp, occupation, customs,
                                            duties, real property, personal property, capital stock, social security, unemployment, disability,
                                            payroll or employee withholding or other withholding, including any interest, penalty or
                                            addition thereto, whether disputed or not.

 

	14.	Any
                                            administrative, regulatory or judicial actions, orders, decrees, suits, demands, demand letters,
                                            directives, claims, liens, investigations, proceedings or notices of noncompliance or violation
                                            by any governmental entity or other person alleging the failure to comply with any statute,
                                            law, ordinance, rule, regulation, order or decree of any governmental entity applicable to
                                            the Company or any of its businesses, assets or operations, or the terms and conditions of
                                            any operating certificate or licensing agreement.

 

	15.	Participation
                                            and/or non-participation at the Company’s Board meetings, bona fide expression of opinion
                                            and/or voting and/or abstention from voting at the Company’s Board meetings, including,
                                            in each case, any committee thereof.

 

	16.	Review
                                            and approval of the Company’s financial statements, including any action, consent or
                                            approval related to or arising from the foregoing, including, without limitations, execution
                                            of certificates for the benefit of third parties related to the financial statements.

 

	17.	Violation
                                            of laws, rules or regulations requiring the Company to obtain regulatory and governmental
                                            licenses, permits and authorizations (including without limitation relating to export, import, encryption,
antitrust or competition authorities) or laws related to any governmental grants in any jurisdiction.

 

     

     

    

 

15

 

	18.	Resolutions
                                            and/or actions relating to investments in the Company and/or its subsidiaries and/or affiliated
                                            companies and/or investment in corporate or other entities and/or investments in other traded
                                            or non-traded securities and/or any other form of investment.

 

	19.	Liabilities
                                            arising out of advertising, including misrepresentations regarding the Company's products
                                            or services and unlawful distribution of emails.

 

	20.	An
                                            announcement or statement, including a position taken or an opinion or representation made
                                            in good faith by the Office Holder in the course of his duties or in conjunction with his
                                            duties, whether in public or in private.

 

	21.	Management
                                            of the Company’s bank accounts, including money management, foreign currency deposits,
                                            securities, loans and credit facilities, credit cards, bank guarantees, letters of credit,
                                            consultation agreements concerning investments including with portfolio managers, hedging
                                            transactions, options, futures, and the like.

 

	22.	Any
                                            action or decision in relation to protection of work safety and/or working conditions, including
                                            with respect to provisions of the law, procedures or standards as applicable in or outside
                                            of Israel with relating to protection of work safety, pertaining, inter alia, to contamination,
                                            health protection, production processes, distribution, use, treatment, storage and transportation
                                            of certain materials, including in connection with corporal damage, property and environmental
                                            damages.

 

	23.	All
                                            actions, consents and approvals relating to a distribution of dividends, in cash or otherwise,
                                            or to any other “distribution” as such term is defined under the Companies Law
                                            and/or repurchase of shares or returns of capital of the Company.

 

	24.	Any
                                            claim or demand, not covered by any of the categories of events described above, which, pursuant
                                            to any applicable law, a person serving in a capacity of an Office Holder of the Company
                                            may be held liable to any government or agency thereof, or any person or entity, in connection
                                            with actions taken by such person serving in such Office Holder.

 

	*	Any
                                            reference in this Exhibit A to the Company shall include the Company, all of its subsidiaries
                                            and companies held by it and any entity in which the Indemnitee serves in a Corporate Capacity.Exhibit 10.9

 

COMPENSATION POLICY

 

SATIXFY COMMUNICATIONS
LTD.

Compensation Policy
for Executive Officers and Directors

 

(As Adopted by the Shareholders
on [______] [__], 2022)

 

		A.	Overview and Objectives

 

		1.	Introduction

 

This document
sets forth the Compensation Policy for Executive Officers and Directors (this “Compensation Policy” or “Policy”)
of SatixFy Communications Ltd. (“SatixFy” or the “Company”), in accordance with the requirements
of the Israeli Companies Law, 5759-1999 (the “Companies Law”).

 

Compensation
is a key component of SatixFy’s overall human capital strategy to attract, retain, reward, and motivate highly skilled individuals
that will enhance SatixFy’s value and otherwise assist SatixFy to reach its business and financial long-term goals. Accordingly,
the structure of this Policy is established to tie the compensation of each officer to SatixFy’s goals and performance.

 

For purposes
of this Policy, “Executive Officers” shall mean “Office Holders” as such term is defined in Section 1 of
the Companies Law, excluding, unless otherwise expressly indicated herein, those SatixFy’s directors who do not also serve as managers
in the Company.

 

This policy
is subject to applicable law and is not intended, and should not be interpreted, to limit or derogate from provisions of applicable law
to the extent not permitted.

 

This Policy
shall apply to compensation agreements and arrangements which will be approved after the date on which this Policy is adopted and shall
serve as SatixFy’s Compensation Policy for five (5) years, commencing as of its adoption, unless amended earlier.

 

The Compensation
Committee and the Board of Directors of SatixFy (the “Compensation Committee” and the “Board”, respectively)
shall review and reassess the adequacy of this Policy from time to time, as required by the Companies Law.

 

		2.	Objectives

 

SatixFy’s
objectives and goals in setting this Policy are to attract, motivate and retain highly experienced leaders who will contribute to SatixFy’s
success and enhance shareholder value, while demonstrating professionalism in a highly achievement-oriented culture that is based on merit
and rewards excellent performance in the long term, and embedding SatixFy’s core values as part of motivated behavior. To that end,
this Policy is designed, among others:

 

		2.1.	To closely align the interests of the Executive Officers with those of SatixFy’s shareholders in
order to enhance shareholder value;

 

		2.2.	To align a significant portion of the Executive Officers’ compensation with SatixFy’s short
and long-term goals and performance;

 

		2.3.	To provide the Executive Officers with a structured compensation package, including competitive salaries,
performance-motivating cash and equity incentive programs and benefits, and to be able to present to each Executive Officer an opportunity
to advance in a growing organization;

 

		2.4.	To strengthen the retention and the motivation of Executive Officers in the long term;

 

		2.5.	To provide appropriate awards in order to incentivize superior individual excellency and corporate performance;
and

 

		2.6.	To maintain consistency in the way Executive Officers are compensated.

 

     

     

    

 

		3.	Compensation Instruments

 

Compensation
instruments under this Policy may include the following:

 

		3.1.	Base salary, including any fixed amount paid by the Company to its Officers in return for work performed;

 

		3.2.	Benefits;

 

		3.3.	Cash bonuses;

 

		3.4.	Equity based compensation;

 

		3.5.	Change of control terms; and

 

		3.6.	Retirement and termination terms.

 

		4.	Overall Compensation - Ratio Between Fixed and Variable Compensation

 

		4.1.	This Policy aims to balance the mix of “Fixed Compensation” (comprised of base salary and
benefits) and “Variable Compensation” (comprised of cash bonuses and equity-based compensation) in order to, among other things,
appropriately incentivize Executive Officers to meet SatixFy’s short and long-term goals while taking into consideration the Company’s
need to manage a variety of business risks.

 

		4.2.	The total annual bonus and equity-based compensation of each Executive Officer in any calendar year shall
not exceed 90% of the total compensation package paid to such Executive Officer in that year.

 

		5.	Inter-Company Compensation Ratio

 

		5.1.	In the process of drafting and updating this Policy, SatixFy’s Board and Compensation Committee
have examined the ratio between employer cost associated with the engagement of the Executive Officers, including directors, and the average
and median employer cost associated with the engagement of SatixFy’s other employees (including contractor employees as defined
in the Companies Law) (the “Ratio”).

 

		5.2.	The possible ramifications of the Ratio on the daily working environment in SatixFy were examined and
will continue to be examined by SatixFy from time to time in order to ensure that levels of executive compensation, as compared to the
overall workforce will not have a negative impact on work relations in SatixFy.

 

		B.	Base Salary and Benefits

 

		6.	Base Salary

 

		6.1.	A base salary provides stable compensation to Executive Officers and allows SatixFy to attract and retain
competent executive talent and maintain a stable management team. The base salary varies among Executive Officers, and is individually
determined according to the educational background, prior professional experience, qualifications, company’s role, business responsibilities
and the past performance of each Executive Officer.

 

		6.2.	Since a competitive base salary is essential to SatixFy’s ability to attract and retain highly skilled
professionals, SatixFy will seek to establish a base salary that is competitive with base salaries paid to Executive Officers in a peer
group of other companies operating in the telecommunications sectors which are similar in their characteristics to SatixFy’s, as
much as possible, while considering, among others, such companies’ size and characteristics including their revenues, profitability
rate, growth rates, market capitalization, number of employees and operating arena (in Israel or globally), the list of which shall be
reviewed and approved by the Compensation Committee at least every two years. To that end, SatixFy shall utilize as a reference, comparative
market data and practices, which will include a compensation survey that compares and analyses the level of the overall compensation package
offered to an Executive Officer of SatixFy with compensation packages in similar positions to that of the relevant officer) in such companies.
Such compensation survey may be conducted internally or through an external independent consultant.

 

		6.3.	The Compensation Committee and the Board may periodically consider and approve base salary adjustments
for Executive Officers. The main considerations for salary adjustment are similar to those used in initially determining the base salary,
but may also include change of role or responsibilities, recognition for professional achievements, regulatory or contractual requirements,
budgetary constraints or market trends. The Compensation Committee and the Board will also consider the previous and existing compensation
arrangements of the Executive Officer whose base salary is being considered for adjustment.

 

     

     

    

 

		7.	Benefits

 

		7.1.	The following benefits may be granted to the Executive Officers in order, among other things, to comply
with legal requirements:

 

		7.1.1.	Vacation days in accordance with market practice;

 

		7.1.2.	Sick days in accordance with market practice;

 

		7.1.3.	Convalescence pay according to applicable law;

 

		7.1.4.	Monthly remuneration for a study fund, as allowed by applicable law and with reference to SatixFy’s
practice and the practice in peer group companies;

 

		7.1.5.	Contribution on behalf of the Executive Officer to an insurance policy or a pension fund, as allowed by
applicable law and with reference to SatixFy’s policies and procedures and the practice in peer group companies (including contributions
on bonus payments); and

 

		7.1.6.	Contribution on behalf of the Executive Officer towards work disability insurance, as allowed by applicable
law and with reference to SatixFy’s policies and procedures and to the practice in peer group companies.

 

		7.2.	Non-Israeli Executive Officers may receive other similar, comparable or customary benefits as applicable
in the relevant jurisdiction in which they are employed. Such customary benefits shall be determined based on the methods described in
Section 6.2 of this Policy (with the necessary changes and adjustments).

 

		7.3.	In events of relocation or repatriation of an Executive Officer to another geography, such Executive Officer
may receive other similar, comparable or customary benefits as applicable in the relevant jurisdiction in which he or she is employed
or additional payments to reflect adjustments in cost of living. Such benefits shall include reimbursement for out-of-pocket one-time
payments and other ongoing expenses, such as housing allowance, car allowance, and home leave visit, etc.

 

		7.4.	SatixFy may offer additional benefits to its Executive Officers, which will be comparable to customary
market practices, such as, but not limited to: cellular and land line phone benefits, company car and travel benefits, reimbursement of
business travel including a daily stipend when traveling and other business related expenses, insurances, other benefits (such as newspaper
subscriptions, academic and professional studies), etc., provided, however, that such additional benefits shall be determined in
accordance with SatixFy’s policies and procedures.

 

		C.	Cash Bonuses

 

		8.	Annual Cash Bonuses - The Objective

 

		8.1.	Compensation in the form of an annual cash bonus is an important element in aligning the Executive Officers’
compensation with SatixFy’s objectives and business goals. Therefore, a pay-for-performance element, as payout eligibility and levels
are determined based on actual financial and operational results, as well as individual performance.

 

		8.2.	An annual cash bonus may be awarded to Executive Officers upon the attainment of pre-set periodical objectives
and individual targets determined by the Compensation Committee (and, if required by law, by the Board) at the beginning of each calendar
year, or upon engagement, in case of newly hired Executive Officers, taking into account SatixFy’s short and long-term goals, as
well as its compliance and risk management policies. The Compensation Committee and the Board shall also determine applicable minimum
thresholds that must be met for entitlement to the annual cash bonus (all or any portion thereof) and the formula for calculating any
annual cash bonus payout, with respect to each calendar year, for each Executive Officer. In special circumstances, as determined by the
Compensation Committee and the Board (e.g., regulatory changes, significant changes in SatixFy’s business environment, a significant
organizational change, a significant merger and acquisition events etc.), the Compensation Committee and the Board may modify the objectives
and/or their relative weights during the calendar year.

 

     

     

    

 

		8.3.	In the event the service of an Executive Officer is terminated prior to the end of a fiscal year, SatixFy
may (but shall not be obligated to) pay such Executive Officer a full annual cash bonus or a prorated one.

 

		8.4.	The actual annual cash bonus to be awarded to Executive Officers shall be approved by the Compensation
Committee and the Board.

 

		9.	Annual Cash Bonuses - The Formula

 

Executive Officers other than
the CEO

 

		9.1.	The annual cash bonus of SatixFy’s Executive
Officers, other than the chief executive officer (the “CEO”), will be based on performance objectives and a discretionary
evaluation of the Executive Officer’s overall performance by the CEO and subject to minimum thresholds. The performance objectives
will be approved by SatixFy’s Compensation Committee and Board of Directors on the basis of, but not limited to, company, division
and individual objectives. The performance measurable objectives, which include the objectives and the weight to be assigned to each achievement
in the overall evaluation, will be based on overall company performance measures, which are based on actual financial and operational
results, such as revenues, operating income and cash flow and may further include, divisional or personal objectives which may include
operational objectives, such as market share, initiation of new markets and operational efficiency, customer focused objectives, project
milestones objectives and investment in human capital objectives, such as employee satisfaction, employee retention and employee training
and leadership programs. The Company may also grant annual cash bonuses to its Executive Officers on a discretionary basis.

 

		9.2.	The target annual cash bonus that an Executive Officer, other than the CEO, will be entitled to receive
for any given calendar year, will not exceed 100 % of such Executive Officer’s annual base salary.

 

		9.3.	The maximum annual cash bonus including for overachievement performance that an Executive Officer, other
than the CEO, will be entitled to receive for any given calendar year, will not exceed 150% in of such Executive Officer’s annual
base salary.

 

CEO

 

		9.4.	The annual cash bonus of SatixFy’s CEO will be mainly based on performance measurable objectives
and subject to minimum thresholds as provided in Section 8.2 above. Such performance measurable objectives will be determined annually
by SatixFy’s Compensation Committee (and, if required by law, by SatixFy’s Board) on the basis of, but not limited to, company
and personal objectives. These performance measurable objectives, which include the objectives and the weight to be assigned to each achievement
in the overall evaluation, will be based on overall company performance measures, which are based on actual financial and operational
results, such as revenues, sales, operating income, cash flow or Company’s annual operating plan and long-term plan. In addition,
SatixFy may grant the CEO a bonus of up to three (3) monthly base salaries or up to 25% of the total Variable Compensation, at the sole
discretion of SatixFy’s Compensation Committee and Board, based on the CEO’s contribution to SatixFy.

 

		9.5.	The minority portion of the annual cash bonus granted to SatixFy’s CEO, and in any event not more
than 30% of the annual cash bonus, may be based on a discretionary evaluation of the CEO’s overall performance by the Compensation
Committee and the Board based on quantitative and qualitative criteria.

 

		9.6.	The target annual cash bonus that the CEO will be entitled to receive for any given calendar year, will
not exceed 150% of his or her annual base salary.

        

		9.7.	The maximum annual cash bonus including for overachievement performance that the CEO will be entitled
to receive for any given calendar year, will not exceed 200% of his or her annual base salary.

 

		10.	Other Bonuses

 

		10.1.	Special Bonus. SatixFy may grant its Executive Officers a special bonus as an award for special
achievements (such as in connection with mergers and acquisitions, offerings, achieving target budget or business plan under exceptional
circumstances or special recognition in case of retirement) or as a retention award at the CEO’s discretion (and in the CEO’s
case, at the Board’s discretion), subject to any additional approval as may be required by the Companies Law (the “Special
Bonus”). The Special Bonus will not exceed 200%] of the Executive Officer’s annual base salary. A Special Bonus can be
paid, in whole or in part, in equity in lieu of cash and the value of any such equity component of a Special Bonus shall be determined
in accordance with Section 13.3 below

  

     

     

    

 

		10.2.	Signing Bonus. SatixFy may grant a newly recruited Executive Officer a signing bonus at the CEO’s
discretion (and in the CEO’s case, at the Board’s discretion), subject to any additional approval as may be required by the
Companies Law (the “Signing Bonus”). The Signing Bonus will not exceed 150% of the Executive Officer’s annual
base salary.

 

		10.3.	Relocation/ Repatriation Bonus. SatixFy may grant its Executive Officers a special bonus in the
event of relocation or repatriation of an Executive Officer to another geography (the “Relocation Bonus”). The Relocation
bonus will include customary benefits associated with such relocation and its monetary value will not exceed 100% of the Executive Officer’s
annual base salary.

 

		10.4.	Discretion Regarding Reducing a Bonus. The Compensation Committee and the Board of Directors of
SatixFy shall be entitled, in exceptional cases, at their discretion, to reduce or cancel a bonus to an Executive Officer.

 

		11.	Compensation Recovery (“Clawback”)

 

		11.1.	In the event of an accounting restatement, SatixFy shall be entitled to recover from its Executive Officers
(whether or not employed by the Company at such time) the bonus compensation or performance-based equity compensation in the amount in
which such compensation exceeded what would have been paid under the financial statements, as restated, provided that a claim is made
by SatixFy prior to the second anniversary of fiscal year end of the restated financial statements.

 

		11.2.	Notwithstanding the aforesaid, the compensation recovery will not be triggered in the following events:

 

		11.2.1.	The financial restatement is required due to changes in the applicable financial reporting
                                                                      standards; or

 

		11.2.2.	The Compensation Committee has determined that Clawback proceedings in the specific case would be
                                                                      impossible, impractical or not commercially or legally efficient.

 

		11.3.	Nothing in this Section 11 derogates from any other “Clawback” or similar provisions
regarding disgorging of profits imposed on Executive Officers by virtue of applicable securities laws.

 

		D.	Equity Based Compensation

 

		12.	The Objective

 

		12.1.	The equity-based compensation for SatixFy’s Executive Officers is designed in a manner consistent
with the underlying objectives in determining the base salary and the annual cash bonus, with its main objectives being to enhance the
alignment between the Executive Officers’ interests with the long-term interests of SatixFy and its shareholders, and to strengthen
the retention and the motivation of Executive Officers in the long term. In addition, since equity-based awards are structured to vest
over several years, their incentive value to recipients is aligned with longer-term strategic plans.

 

		12.2.	The equity-based compensation offered by SatixFy is intended to be in a form of share options and/or other
equity-based awards, such as RSUs, in accordance with the Company’s equity incentive plan in place as may be updated from time to
time.

 

		12.3.	All equity-based incentives granted to Executive Officers shall be subject to vesting periods in order
to promote long-term retention of the awarded Executive Officers. Unless determined otherwise in a specific award agreement approved by
the Compensation Committee and the Board, grants to Executive Officers other than non-employee directors shall vest gradually over a period
of between two (2) to four (5) years or based on performance. The exercise price of options shall be determined in accordance
with SatixFy’s policies, the main terms of which shall be disclosed in the annual report of SatixFy.

 

		12.4.	All other terms of the equity awards shall be determined in accordance with SatixFy’s incentive
plans and other related practices and policies. Accordingly, the Board may, following approval by the Compensation Committee, extend the
period of time for which an award is to remain exercisable and make provisions with respect to the acceleration of the vesting period
of any Executive Officer’s awards, including, without limitation, in connection with a corporate transaction involving a change
of control, subject to any additional approval as may be required by the Companies Law. Awards may also be exercised by a method of net
exercise.

 

     

     

    

 

		13.	General Guidelines for the Grant of Awards

 

		13.1.	The equity-based compensation shall be granted from time to time and be individually determined and awarded
according to the performance, educational background, prior business experience, qualifications, role and the personal responsibilities
of the Executive Officer and such other criteria as determined by the Compensation Committee and the Board (and in the case of the CEO
- also the Company’s general meeting of shareholders).

 

		13.2.	In determining the equity-based compensation granted to each Executive Officer, the Compensation Committee
and Board shall consider the factors specified in Section 13.1 above, and in any event the total fair market value of an annual equity-based
compensation shall not exceed with respect to the CEO 400% of his or her annual base salary and (ii) with respect to each
of the other Executive Officers—the higher of 300% of his or her annual base salary.

 

		13.3.	The fair market value of the equity-based compensation for the Executive Officers (including, for the
sake of clarity, Board members) will be determined according to acceptable valuation practices at the time of approval of the grant by
the Board by dividing the fair market value by the number of vesting years.

 

		13.4.	The Board considered the possibility of determining a ceiling for the exercise value of the equity-based
compensation and decided, taking into account the purpose of the equity-based compensation, not to set such a ceiling in this Policy.

 

		E.	Retirement and Termination of Service Arrangements

 

		14.	Advanced Notice Period

 

SatixFy may
provide an Executive Officer according to his/her seniority in the Company, his/her contribution to the Company’s goals and achievements
and the circumstances of retirement prior notice of termination of up to twelve (12) months in the case of the CEO and up to six (6) months
in the case of other Executive Officers, during which period the Executive Officer may be entitled to all of the compensation elements,
and to the continuation of vesting of his/her equity-based compensation. SatixFy shall be entitled to waive the employment or service
of an Executive Officer during the course of the prior notice period, in whole or in part, provided that it continues to make all of the
payments and provide all benefits s/he is due under his/her employment agreement and applicable law. Alternatively, SatixFy
shall be entitled to terminate the Executive Officer’s service without prior notice provided that the Company pays the Executive
Officer, on the date of the termination of his employment, payments that shall not be less than the payments he is owed in lieu of the
prior notice period (and, without limitation salary, vacation days and all payments and benefits he is due under this employment
agreement and applicable law).

 

		15.	Adjustment Period

 

SatixFy may
provide (but is not obligated to, unless otherwise required by applicable law) an additional adjustment period of up to six (6) months
to an Executive Officer, according to his/her seniority in the Company, his/her contribution to the Company’s goals and achievements
and the circumstances of retirement, during which the Executive Officer may be entitled to all of the compensation elements, and to the
continuation of vesting of his/her equity-based compensation.

 

		16.	Additional Retirement and Termination Benefits

 

SatixFy may
provide additional retirement and terminations benefits and payments as may be required by applicable law (e.g., mandatory severance pay
under Israeli labor laws), or which will be comparable to customary market practices.

 

		17.	Non-Compete Grant

 

Upon termination of service and subject
to applicable law, SatixFy may grant to its Executive Officers a non-compete grant as an incentive to refrain from competing with SatixFy
for a defined period of time. The terms and conditions of the non-compete grant shall be decided by the Board and shall not exceed such
Executive Officer’s monthly base salary multiplied by twelve (12).

 

     

     

    

 

		18.	Limitation Retirement and Termination of Service Arrangements

 

The total
non-statutory payments under Section 14-17 above shall not exceed the Executive Officer’s monthly base salary multiplied by
twenty four (24). The limitation under this Section 18 does not apply to benefits and payments provided under other chapters of this
Policy.

 

		F.	Exculpation, Indemnification and Insurance

 

		19.	Exculpation

 

SatixFy may
exempt its directors and Executive Officers in advance for all or any of his/her liability for damage in consequence of a breach of the
duty of care vis-à-vis SatixFy, to the fullest extent permitted by applicable law.

 

		20.	Insurance and Indemnification1

 

		20.1.	SatixFy may indemnify its directors and Executive Officers to the fullest extent permitted by applicable
law, for any liability and expense that may be imposed on the director or the Executive Officer, as provided in the indemnity agreement
between such individuals and SatixFy, all subject to applicable law and the Company’s articles of association.

 

SatixFy will provide directors’ and officers’
liability insurance (the “Insurance Policy”) for its directors and Executive Officers as follows:

 

		20.1.1.	The limit of liability of the insurer shall not exceed the greater of $100 million or 50% of the
                                                                      Company’s shareholders equity based on the most recent financial statements of SatixFy at the time of approval by the
                                                                      Compensation Committee; and

 

The Insurance Policy, as well as the limit of liability and
the premium for each extension or renewal shall be approved by the Compensation Committee (and, if required by law, by the Board) which
shall determine that the sums are reasonable considering SatixFy’s exposures, the scope of coverage and the market conditions and
that the Insurance Policy reflects the current market conditions, and it shall not materially affect the Company’s profitability,
assets or liabilities.

 

		20.2.	Upon circumstances to be approved by the Compensation Committee (and, if required by law, by the Board),
SatixFy shall be entitled to enter into a “run off” Insurance Policy of up to seven (7) years, with the same insurer
or any other insurance, as follows:

 

		20.2.1.	The limit of liability of the insurer shall not exceed the greater of $100 million or 50% of the
                                                                      Company’s shareholders equity based on the most recent financial statements of SatixFy at the time of approval by the
                                                                      Compensation Committee;

 

The Insurance Policy, as well as the limit of liability and
the premium for each extension or renewal shall be approved by the Compensation Committee (and, if required by law, by the Board) which
shall determine that the sums are reasonable considering the Company’s exposures covered under such policy, the scope of cover and
the market conditions, and that the Insurance Policy reflects the current market conditions and that it shall not materially affect the
Company’s profitability, assets or liabilities.

 

		20.3.	SatixFy may extend the Insurance Policy in place to include cover for liability pursuant to a future public
offering of securities as follows:

  

		20.3.1.	The Insurance Policy, as well as the additional premium shall be approved by the Compensation
                                                                      Committee (and if required by law, by the Board) which shall determine that the sums are reasonable considering the exposures
                                                                      pursuant to such public offering of securities, the scope of cover and the market conditions and that the Insurance Policy reflects
                                                                      the current market conditions, and it does not materially affect the Company’s profitability, assets or liabilities.

 

     

     

    

 

		G.	Arrangements Upon Change of Control

 

		21.	The following benefits may be granted to the Executive Officers in addition to the benefits applicable in the case of any retirement
or termination of service upon, or in connection with, a “Change of Control” as shall be defined in the respective incentive
plan or employment or service agreement:

 

		21.1.	Vesting acceleration of outstanding options or other equity-based awards;

 

		21.2.	Extension of the exercising period of equity-based compensation for SatixFy’s Executive Officer
for a period of up to one (1) year in case of an Executive Officer other than the CEO and two (2) years in case of the CEO,
following the date of service termination; and

 

		21.3.	Up to an additional six (6) months of continued base salary and benefits following the date of service
termination (the “Additional Adjustment Period”). For avoidance of doubt, such additional Adjustment Period shall be in addition
to the advance notice and adjustment periods pursuant to Sections 14 and 15 of this Policy, but subject to the limitation set forth in
Section 18 of this Policy.

 

		21.4.	A cash bonus not to exceed 150% of the Executive Officer’s annual base salary. in case of an Executive
Officer other than the CEO and 200% in case of the CEO.

 

		H.	Board of Directors Compensation

 

		22.	The following benefits may be granted to SatixFy’s Board members:

 

		22.1.	All of SatixFy’s Board members, excluding the chairman of the Board, may be entitled to an annual
cash fee retainer of up to US$ 75,000, committee membership annual cash fee retainer of up to US$ 20,000 and committee chairperson annual
cash fee retainer of up to US$ 35,000 (it is being clarified that the payment for the chairpersons would be in lieu of (and not in addition)
to the payments referenced above for committee membership). The chairperson of SatixFy’s Board may be entitled to an annual cash
fee retainer of up to US$ 1,500,000.

 

Board members may also receive
cash payments of up to US$ 2,500 for attendance at each meeting of the board of directors and at each of its committees whether in person
or by teleconference or other electronic means and cash payments of up to US$ 1,500 for each written consent of the board of directors
and of each of its committees.

 

		22.2.	The compensation of the Company’s external directors, if elected, shall be in accordance with the
Companies Regulations (Rules Regarding the Compensation and Expenses of an External Director), 5760-2000, as amended by the Companies
Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel), 5760-2000, as such regulations may be amended from
time to time.

 

		22.3.	Notwithstanding the provisions of Sections 22.1 above, in special circumstances, such as in the case of
a professional director, an expert director or a director who makes a unique contribution to the Company, such director’s compensation
may be different than the compensation of all other directors and may be greater than the maximal amount allowed under Section 22.1.

 

		22.4.	Each member of SatixFy’s Board (excluding the chairman of the Board) may be granted an initial equity-based
award in a market value of up to US$ 300,000 and annual grants in a market value of up to US$ 200,000 each. The equity-based awards shall
vest annually over a period of between one (1) to four (4) years.

 

		22.5.	The chairperson of SatixFy’s Board may be granted an initial equity-based award in a market value
of up to US$ 400,000 and annual grants in a market value of up to US$ 250,000 each. The equity-based awards shall vest annually over a
period of between one (1) to four (4) years.

 

The chairperson
of SatixFy’s Board may also be granted annual and other bonuses in accordance with Sections 9 and 10 of this Policy as if s/he were
an Executive Officer other than the CEO, provided that references to “Base Salary” in those sections shall be deemed to refer
to the annual cash fee retainer of the chairperson.

 

     

     

    

 

		22.6.	In addition, members of SatixFy’s Board may be entitled to reimbursement of expenses in connection
with the performance of their duties.

 

		22.7.	The compensation (and limitations) stated under Section H will not apply to directors who serve as
Executive Officers of the Company or provide other services to the Company. 2

 

		I.	Miscellaneous

 

		23.	Nothing in this Policy shall be deemed to grant any of SatixFy’s Executive Officers or employees or any third party any right
or privilege in connection with their employment by the Company. Such rights and privileges shall be governed by the respective personal
employment agreements. The Board may determine that none or only part of the payments, benefits and perquisites detailed in this Policy
shall be granted and is authorized to cancel or suspend a compensation package or part of it.

 

		24.	An Immaterial Change in the Terms of Employment of an Executive Officer other than the CEO may be approved by the CEO, provided that
the amended terms of employment are in accordance with this Policy. An “Immaterial Change in the Terms of Employment” means
a change in the terms of employment of an Executive Officer with an annual total cost to SatixFy not exceeding an amount equal to three
(3) monthly base salaries of such employee.

 

		25.	In the event that new regulations or law amendment in connection with Executive Officers’ and directors’ compensation
will be enacted following the adoption of this Policy, SatixFy may follow such new regulations or law amendments, even if such new regulations
are in contradiction to the compensation terms set forth herein.

 

*********************

 

This Policy
is designed solely for the benefit of SatixFy and none of the provisions thereof are intended to provide any rights or remedies to any
person other than SatixFy.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]