Document:

Exhibit 10.8

 

INTEC PHARMA LTD.

 

Date: [____]

 

Grant Letter No: [____]

 

GRANT LETTER – SECTION 102 

 

To the Participant [ ______].

 

1. You
are hereby notified that the shareholders of Intec Pharma Ltd. (the “Company”) have approved, at the
annual general meeting of the shareholders which was held on [____], that you shall be granted annually (provided that you are
still in office as a director) with an option to purchase [____] ordinary shares of the Company, having no par value per share.
In accordance with the foregoing approval, the options shall have an exercise price per share of US $[__], reflecting the average
price of the Company’s ordinary shares on Nasdaq in the last 30 days prior to the anniversary date of your previous grant
date (collectively, the “Option”).

 

2. The
Option, shares resulting from its exercise (the “Shares”) and any additional rights including cash dividend
that shall be distributed to you in connection with the Option (the “Additional Rights”), shall be granted on
your behalf to the trustee, “Altshuler Shaham Trusts Ltd” (the “Trustee”).

 

3. The
Option, Shares and Additional Rights shall be granted on your behalf to the Trustee under the provisions of the Capital Gains Tax
Track Through a Trustee, and will be held by the Trustee for the period stated in Section 102 of the Income Tax Ordinance, 1961
and the Income Tax Regulations (Tax Relieves for Issuance of Shares to Employees), 2003 promulgated thereunder (“Section
102”).

 

4. The
Option, Shares and Additional Rights are granted on your behalf to the Trustee according to the provisions of Section 102, the
2015 Equity Incentive Plan, adopted by the Company (the “Plan”) and the Trust Agreement signed between the Company
and the Trustee attached herewith, as Exhibit A and made a part of this Grant Letter. Defined terms not explicitly
defined in this Grant Letter but defined in the Plan shall have the meaning ascribed to them in the Plan.

 

5. Unless
otherwise determined by the Administrator, the Option granted to you on this date shall, subject to your continued engagement as
a director of the Company or Affiliate, become vested and exercisable in accordance with the vesting schedule detailed below. The
commencement date of your vesting schedule is [____] (the “Vesting Commencement Date”). The Option will become
vested and exercisable following the Vesting Commencement Date as follows:

 

(i) 1/3
of the shares underlying the Option shall become vested and exercisable on the first anniversary of the Vesting Commencement Date;

 

(ii) 2/3
of the shares underlying the Option shall become vested and exercisable in eight (8) equal quarterly installments thereafter.

 

(iii) The
options will accelerate upon the occurrence of a "Merger Transaction" (as such term is defined in the 2015 Equity Incentive
Plan) or the entry into a “Material Agreement” (as shall be defined by the Compensation Committee and the Board of
Directors of the Company).

 

6. Unless
otherwise expired earlier or extended in accordance with the Plan, the right to exercise the Options shall expire on the seventh
(7th) anniversary of this date. 

 

7. For
the avoidance of doubt, all tax consequences (including any withholding tax) under any applicable law which may arise from the
grant of the Option, from the exercise thereof or from the holding or sale of the Shares deliverable upon exercise (or other securities
issued in connection of the Option) shall be borne solely by you.

 

8. The
Option is granted to you on condition that you sign the Approval of the Participant as detailed below.

 

	 	Sincerely,
	 	 
	 	Intec Pharma Ltd.
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	 

  

     

     

    

 

Grant Letter No: 2019-[_]

 

APPROVAL OF THE PARTICIPANT (SECTION
102):

 

I hereby agree that
the Option and Additional Rights granted to me, shall be granted to the Trustee under provisions of the Capital Gains Tax Track
Through a Trustee and shall be held by the Trustee for the period stated in Section 102 and in accordance with the provisions of
the Trust Agreement, or for a shorter period if an approval is received from the Israeli Tax Authorities.

 

I am aware of the
fact that upon termination of my engagement as a director of the Company or its Affiliate(s), I shall not have a right to the Option,
except as specified in the Plan.

 

I hereby confirm that:

 

1. I
have read the Plan and I understand and accept its terms and conditions. I am aware of the fact that the Company agrees to grant
me the Option based on my confirmation.

 

2. I
understand the provisions of Section 102 and the applicable tax track of this grant of Option.

 

3. I
agree to the terms and conditions of the Trust Agreement.

 

4. Subject
to the provisions of Section 102, I confirm that I shall not sell nor transfer the Option, Shares or Additional Rights from the
Trustee until the end of the Holding Period.

 

5. If
I shall sell or withdraw the Shares from the Trust before the end of the Holding Period as defined in Section 102 (the “Violation”),
either (A) I shall reimburse the Company within three (3) days of its demand for the “employer” portion of the payment
by the Company or an Affiliate to the National Insurance Institute plus linkage and interest in accordance with the law, as well
as any other expense that the Company shall bear as a result of the said Violation (all such amounts defined as the “Payment”);
or (B) I agree that the Company may, in its sole discretion, deduct such amounts directly from any monies to be paid to me as a
result of my disposition of the Shares.

 

6. I
understand that this grant of Option is conditioned upon the receipt of all required approvals from the Israeli Tax Authorities.

 

7. I
hereby confirm that I read this letter thoroughly, received all the clarifications and explanations I requested, I understand the
contents of this letter and the obligations I undertake in signing it.

  

	 	 	 	 	 
	Name of Participant	 	Signature	 	Date

  

     

     

    

 

Exhibit A

 

מכתב נאמנות

 

שנחתם בתל
אביב ביום 7 בחודש ינואר
2016

   

בין:

 

חברת מיטב
דש נאמנויות בע"מ

רחוב ששת
הימים 30, בני ברק

(להלן: "הנאמן")

מצד
אחד

 

לבין:

 

חברת אינטק
פארמה בע"מ 

ח.פ. 513022780

(להלן: "החברה
המקצה")

  

מצד
שני

   

	הואיל	וביום 6 בינואר, 2016 אימצה החברה המקצה תוכנית הקצאת מניות לעובדים, כמשמעותה בסעיף 102 לפקודה (להלן: "התוכנית");
	 	 
	והואיל	ועל פי התוכנית תקצה החברה המקצה מדי פעם בפעם מניות או זכויות למניות לעובדים בהקצאת מניות באמצעות נאמן;
	 	 
	והואיל	ועל פי התוכנית יוקצו כל המניות בהקצאה לנאמן כדי שיחזיק אותן בנאמנות עד תום התקופה, כאמור בפקודה, בכללי מס הכנסה (הקלות מס בהקצאת מניות לעובדים), התשס"ג – 2003 (להלן: "הכללים"), בתכנית ובכתב נאמנות זה;
	 	 
	והואיל	והחברה בחרה בחברת מיטב דש נאמנויות בע"מ, לשמש כנאמן לצורך תוכנית ההקצאה האמורה והיא הביעה את הסכמתה לשמש כנאמן בעבור כל החברות המעבידות ועובדיהן;

  

לפיכך
הוסכם על הצדדים, כדלקמן:

 

	1.	המבוא לכתב נאמנות זה מהווה חלק בלתי נפרד ממנו.
	 	 
	2.	על פי התוכנית לא יוקצו מניות החברה המקצה לעובדי החברה המעבידה אלא יוקצו על שם הנאמן ויוחזקו בידיו עד לתום התקופה, כהגדרתה בסעיף 102 לפקודה.
	 	 
	3.	לפני ששולם המס החל כאמור בסעיף 7 לכללים, המניות לא יהיו ניתנות להעברה, המחאה, משכון, עיקול, או שיעבוד אחר מרצון ולא יינתן בשלהן ייפוי כוח או כתב העברה בין אם תוקפם מיידי ובין אם תוקפם בתאריך עתידי, למעט העברה מכוח צוואה או על פי דין;

                                                                                הועברו המניות מכוח צוואה או על פי דין כאמור, יחולו הוראות סעיף 102 והוראות הכללים על יורשיו או נעברים של העובד.

	 	 
	4.	לאחר תום התקופה יהיה כל עובד רשאי בכל עת לדרוש מהנאמן להעביר על שמו את המניות שהוא זכאי להן, ובלבד שהנאמן לא יעביר את המניות כאמור אלא לאחר ששולם המס החל לפי סעיף 102 לפקודה ולפי הכללים (להלן: "המס החל") ובידי הנאמן אישור לכך מפקיד השומה.
	 	 
	5.	אם על פי תנאי התכנית יוענקו לעובד זכויות לרכישת מניות או שיוקצו לו בשל המניות מניות הטבה, יוקצו הזכויות או מניות ההטבה על שם הנאמן. העובד יהיה זכאי להורות לנאמן לממש את הזכויות או את מניות ההטבה לאחר תום התקופה כקבוע בתוכנית. המניות נשוא הזכויות יוקצו לנאמן בהתאם לאמור בסעיף 2 לכללים ויחולו עליהם הוראות התוכנית, לרבות בחירת מסלול המיסוי והוראות כתב התחייבות זה, ואולם פרק הזמן עד תום התקופה יימנה מיום הקצאת המניות שבשלן הוקצו הזכויות או מניות ההטבה. 
	 	 
	6.	החברה המקצה מתחייבת כלפי הנאמן כי לא תקצה מניות לעובדי החברה המעבידה במסגרת תוכנית הקצאה, אם לא הצהיר העובד כי ידועים לו הוראות סעיף 102 לפקודה ומסלול המס החל עליו, וכן על הסכמתו בכתב לאמור בכתב נאמנות זה ועל התחייבותו שלא לממש את המניות לפני תום התקופה, כהגדרתה בסעיף 102 לפקודה.Exhibit 10.9

 

Intec
pharma Ltd. 2015 equity incentive Plan

 

NOTICE
OF NON-QUALIFIED STOCK OPTION AWARD

 

Participant’s
Name and Address:[____], of [_____], USA.

 

You
(the “Participant”) have been granted an option to purchase ordinary shares, no par value of Intec Pharma Ltd.
(the “Company”), subject to the terms and conditions of this Notice of Non-Qualified Stock Option Award (the
“Notice”) and the Intec Pharma Ltd. 2015 Equity Incentive Plan, as amended from time to time (the “Plan”).
Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice.

 

	Date of Award 	[_____] 
	Vesting Commencement Date 	[_____]
	Exercise Price per Share 	$[____], the average price of the Company’s ordinary shares on NASDAQ Capital Market in the last 30 days prior to the Date of the Award, which is equal to or greater than the fair market value of a Share (as determined in  accordance with Section 409A of the U.S. Internal Revenue Code of 1986, as amended).  
	Total Number of Shares Subject to the Option (the
    “Shares”)	[____]
	Total Exercise Price 	$[_____]
	Type of Option:  	Non-Qualified Stock Option
	Expiration Date: 	Seven Year Anniversary of Date of Award 

 

Vesting
Schedule:

 

Subject
to the Participant’s continued status as director of the Company, and other limitations set forth in this Notice and the
Plan, the Option may be exercised, in whole or in part, in accordance with the following schedule:

 

1/3
of the Shares subject to the Option shall vest on the first anniversary date of the Vesting Commencement Date, and the additional
2/3 of the Shares subject to the Option shall vest in eight equal quarterly installments thereafter over a period of two years,
provided that the Participant continues to serve as director of the Company.

 

The
options will accelerate upon the occurrence of a “Merger Transaction” (as such term is defined in the 2015 Equity Incentive
Plan) or the entry into a “Material Agreement” (as shall be defined by the Compensation Committee and the Board of
Directors of the Company)

  

     

     

    

 

IN
WITNESS WHEREOF, the Company and the Participant have executed this Notice and agree that the Option is to be governed by the
terms and conditions of this Notice and the Plan.

  

	 	Intec Pharma Ltd.
	 	 
	 	By:	 
	 	Title:	 

  

     

     

    

 

THE
PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE PARTICIPANT’S CONTINUOUS
STATUS AS A DIRECTOR OF THE COMPANY. THE PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE OR THE PLAN SHALL
CONFER UPON THE PARTICIPANT ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE PARTICIPANT’S STATUS AS A DIRECTOR
OF THE COMPANY OR ANY OF ITS AFFILIATES, NOR SHALL IT INTERFERE IN ANY WAY WITH THE PARTICIPANT’S RIGHT OR THE RIGHT OF
THE COMPANY OR ANY OF ITS AFFILIATES TO TERMINATE THE PARTICIPANT’S STATUS AS A DIRECTOR.

 

The
Option shall be exercisable during its term in accordance with the Vesting Schedule set out in this Notice and with the applicable
provisions of the Plan. The Participant shall be subject to reasonable limitations on the number of requested exercises during
any monthly or weekly period as determined by the Administrator. In no event shall the Company issue fractional Shares.

 

The
Participant may incur tax liability as a result of the Participant’s purchase or disposition of the Shares. THE PARTICIPANT
IS ADVISED TO CONSULT WITH A TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING OR EXERCISING THE OPTION IN LIGHT OF
THE PARTICIPANT’S PARTICULAR CIRCUMSTANCES

 

The
Participant acknowledges receipt of a copy of the Plan and this Notice, and represents that he or she is familiar with the terms
and provisions thereof, and hereby accepts the Option subject to all of the terms and provisions hereof and thereof. The Participant
has reviewed this Notice and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing
this Notice, and fully understands all provisions of this Notice and the Plan. The Participant hereby agrees that all questions
of interpretation and administration relating to this Notice and the Plan shall be resolved by the Administrator in accordance
with Section 5 of the Plan.

 

The
Company and the Participant agree that any suit, action, or proceeding arising out of or relating to the Notice and/or the Plan
shall be brought in the competent Court located in Tel-Aviv, Israel, and that the parties shall submit to the jurisdiction of
such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying
of venue for any such suit, action or proceeding brought in such court. If any one or more provisions of this Notice and/or the
Plan shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall
be modified to the minimum extent necessary to make it or its application valid and enforceable. The Participant further agrees
to notify the Company upon any change in the residence address indicated in this Notice.

 

This
Notice and the Plan, pertaining to this Option constitute the entire agreement of the parties with respect to the subject matter
hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to
the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing
signed by the Company and the Participant. Nothing in this Notice and/or the Plan (except as expressly provided therein) is intended
to confer any rights or remedies on any persons other than the parties. This Notice and the Plan are to be construed in accordance
with and governed by the internal laws of the State of Israel without giving effect to any choice of law rule that would cause
the application of the laws of any jurisdiction other than the State of Israel to the rights and duties of the parties. Should
any provision of this Notice and/or the Plan be determined to be illegal or unenforceable, such provision shall be enforced to
the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable.

  

	Dated: 	                            	 	Signed: 	                            
	 	 	 	Participant

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