Document:

Exhibit 10.3

 

BioBlast Pharma Ltd.

 

The 2013 Incentive Option Plan

 

		1.	PURPOSE OF THE PLAN

 

The purpose of this 2013 Incentive
Option Plan (the “Plan”) is to advance the interests of BioBlast Pharma Ltd. (the “Company”)
and its shareholders by attracting and retaining the best available personnel for positions of substantial responsibility,
providing additional incentive to employees, office holders and service providers and promoting a close identity of interests between
those individuals and entities and the Company, and to enable the Company, under appropriate circumstances, to donate share capital
for charitable purposes.

 

		2.	DEFINITIONS

 

As used herein, the following
definitions shall apply:

 

		2.1.	“Administrator”
                                         means the Board or the Committee, as shall administer the Plan, as set forth herein.

 

		2.2.	“Articles”
                                         mean the Company’s Articles of Association, as amended from time to time.

 

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

 

		2.4.	“Committee”
                                         means the Company’s compensation committee, or in the case there is no such
                                         committee, a committee appointed in order to administer the Plan, and until such committee
                                         is appointed, the Board.

 

		2.5.	“Companies Law” means the Israeli Companies Law
5759 - 1999.

 

		2.6.	“Employee” means: (I) any person, employed by the
Company or employed by any Related Entity; and (II) any Office Holder (as such term is defined in the Companies Law), officer or
Director of the Company or a Related Entity.

 

		2.7.	“Exercise Price” means the price that is to be
paid in order to exercise an Option.

 

		2.8.	“Group” means the Company and the Related Entities
taken together.

 

		2.9.	“IPO” means an initial public offering of the
Company's Shares.

 

		2.10.	“Option”
                                         means an option to purchase a Share according
                                         to the provisions of this Plan.

 

		2.11.	“Option Grant” means a single grant of Options
to a certain Participant as determined by the Board or the Committee.

 

		2.12.	“Option
                                         Grant Letter Agreement” means the notice
                                         letter attached to this Plan as Exhibit A.

 

		2.13.	“Participant”                                         means a person or entity that has been granted
                                         Options.

 

BioBlast Pharma
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		2.14.	“Related Entity” means any parent or subsidiary
of the Company. In addition, Related Entity shall include any business, corporation, partnership, limited liability company or
other entity in which the Company, or the Company’s parent or a subsidiary holds a substantial ownership and/or interest,
directly or indirectly, and is determined by the Board to be a Related Entity.

 

		2.15.	“Service Provider” means a person or entity who
is engaged by the Company or any Related Entity to render services (e.g., consulting services, advisory services, development services,
marketing and sale services or any other services, including suppliers) to the Company or a Related Entity.

 

		2.16.	“Share”
                                         means the Company’s Ordinary Share of
                                         NIS 0.01 par value, or that was issued following an exercise of an Option.

 

		2.17.	“Total Option Amount” means the amount of Options
granted to a Participant in a single Option Grant.

 

		3.	ADMINISTRATION OF THE PLAN

 

		3.1.	Subject to the provisions of the Plan, any applicable law, the Articles
and any other binding commitments taken by the Company, the Board or the Committee shall have the power and authority to administer
the Plan. Such power and authority shall include, but not be limited to: (i) approval of Option Grants and the determination of
the terms and provisions of respective Option Grants, including, the vesting schedules of the Options; the Exercise Price thereof;
provisions concerning the time or times when and the extent to which Options may be exercised; the nature and duration of restrictions
as to transferability; or any other special conditions relating to an Option Grant; (ii) the acceleration of any Participant’s
right to exercise Options, in whole or in part; (iii) the interpretation of the provisions of the Plan; (iv) altering, amending
or rescinding any resolution or act previously taken by the Committee; and (v) the determination of any other matter which is necessary
or desirable for, or incidental to, the administration of the Plan, as set forth in the Plan.

 

		3.2.	Notwithstanding the above, the Board shall have the power and authority
to take any act the Committee is empowered and authorized to take and to alter amend or rescind any act or resolution taken by
the Committee.

 

		3.3.	The Committee shall consist of such number of directors as may be
appointed by the Board.

 

		3.4.	The Board shall have the exclusive discretion and power to grant
Options. Such power may be delegated by the Board to the Committee subject to the provisions of the Companies Law.

 

		3.5.	All Committee resolutions and decisions, including the interpretation
and construction of any provision of the Plan, shall be final and conclusive unless otherwise determined by the Board.

 

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		3.6.	No member of the Board or of the Committee shall be held liable for
any act or determination made in good faith with respect to the Plan or any Option Grant.

 

		4.	SHARES RESERVED FOR
THE PLAN

 

		4.1.	Subject to adjustments, as set forth in Section 9 below, a total
of 14,247 Ordinary Shares, of NIS 0.01 par value each, from the Company’s authorized share capital shall be reserved and
subject to the Plan (the “Reserved Shares”).

 

		4.2.	Until termination of the Plan the Company shall at all times reserve
sufficient number of Ordinary Shares in its authorized share capital to cover for all Reserved Shares that were not issued.

 

		4.3.	Without derogating from Section 4.2 above:

 

		4.3.1.	The Company need not reserve Shares with respect to Options that
terminated, expired or were canceled for any reason prior to exercise thereof.

 

		4.3.2.	In the case that there are certain Reserved Shares, which remain
unissued and which are not subject to outstanding Options, then the Board may resolve that such Reserved Shares shall cease to
be reserved.

 

		5.	DESIGNATION OF PARTICIPANTS;
OPTION GRANTS

 

		5.1.	The Board may grant Option Grants to the following persons and entities:

 

		5.1.1.	Employees.

 

		5.1.2.	Service Providers and their employees.

 

		5.1.3.	Charitable entities or
other persons or entities that Option Grants may be donated to in order to promote charitablepurposes.

 

		5.2.	Unless determined otherwise by the Board or Committee, a Participant
shall not be required to pay any consideration for an Option Grant.

 

		6.	VESTING; EXERCISE
PERIOD

 

		6.1.	Unless determined otherwise by the Committee, upon approval of the
Option Grant or thereafter, Options underlying an Option Grant shall vest over four (4) years, commencing on the vesting commencement
date (the “Vesting Commencement Date”) as determined by the Committee.

 

		6.2.	The vesting schedule of each Option Grant shall be as determined
by the Committee. However, unless determined otherwise by the Committee, upon approval of the Option Grant or thereafter, the following
shall apply:

 

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Twenty five percent (25%) of the
Total Option Amount shall vest on the first anniversary of the Vesting Commencement Date, and additional one twelfth (1/12) of
the balance of the Total Option Amount shall vest on the last day of each three months period immediately after the first anniversary
of the Vesting Commencement Date.

 

In the case that as a consequence
of the vesting schedule mentioned above a fraction of vested Option is created, then such fraction shall be rounded up or down,
as determined by the Company.

 

		6.3.	Notwithstanding anything to the contrary in this Plan, all Options
shall terminate and not bestow any rights on their owner after ten years from the date the Options were granted. All Options that
have not been exercised by such date shall expire immediately and the Participants shall not have any claim against the Company
with respect thereto.

 

		6.4.	The period within which Options are exercisable shall be called the
“Exercise Period”. Options which have not been exercised during the Exercise Period shall expire immediately,
and will be automatically returned to the Options pool and may be re-allocated.

 

		7.	TERMINATION OF EMPLOYMENT
WITH THE GROUP

 

In the event that the Participant
is an Employee at the time of the Option Grant, whose employment with the Group was subsequently terminated, for whatever reason
but subject to Section 7.6 (including but not limited to (i) dismissal of a Participant or (ii) a Participant’s resignation,
or (iii) death of a Participant or (iv) disability of a Participant), then the following provisions shall apply:

 

		7.1.	The
                                         date on which employment was terminated under applicable labor laws, or, in the case
                                         an Employee is not an employee under applicable labor laws the date in which such Employee
                                         ceases to be an Employee as defined in the Plan, shall be deemed the date in which such
                                         Employee’s employment was terminated (“Employment Termination Date”).

 

		7.2.	On the Employment Termination Date all Options that are not vested
shall immediately expire.

 

		7.3.	In the event that the Participant's termination of employment is
not due to the Participant's death (but does include termination due to Disability), then the Participant will be entitled to exercise
all, or part of, the vested Options that have not expired, for a period of ninety (90) days after the Employment Termination Date.
After such ninety (90) days period, all unexercised Options will automatically expire.

 

For purposes of this Section 7.3,
“Disability” shall mean the inability, due to illness or injury, to engage in any gainful occupation for which the individual
is suited by education, training or experience, which condition continues for at least six (6) months.

 

		7.4.	Notwithstanding the above, in the event of termination of employment
due to the Participant's death or Disability, the Participant (if applicable) or Participant's estate, or other person who acquired
the right to exercise the Options by way of bequest or inheritance, may, but only within six (6) months after the date of such
death, exercise all, or part of, the vested Options that have not expired. After such six (6) months period, all unexercised options
shall automatically expire.

 

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		7.5.	Notwithstanding Section 7.3 above, all Options granted to a certain
Employee (whether vested or unvested) will immediately expire if the termination of the Participant’s employment is due to
Participant’s breach of his/her employment agreement (whether written or oral) including without limitation, a breach of
non compete obligations, or breach of his/her fiduciary duties towards the Company or a Related Entity as determined by the Committee,
in its sole discretion, or any other termination by the company for “cause” (if such term is defined otherwise in the
employment agreement with the Employee) or in the case that competent court or other authority resolves that such employee is not
entitled to discharge compensation.

 

		7.6.	For the purposes of this Plan, the Committee or Board is authorized
to determine if and when a Participant terminated his/her employment with the Company, and due to what reason, subject to the provisions
of Israeli labor laws with respect to Israeli employees.

 

		7.7.	The Committee or the Board shall be entitled, prospectively and retroactively,
to extend the periods in which Options (either vested or unvested) do not expire and remain exercisable after the Employment Termination
Date.

 

		7.8.	In no event shall the Company be required to notify a Participant
regarding the expiration of the applicable exercise period prior thereto.

 

		8.	TERMINATION OF ENGAGEMENT
WITH THE GROUP

 

In the event that a Participant
is not an Employee, and the engagement of such Participant with the Group is terminated, or such engagement materially and adversely
changes, then, unless otherwise specified in the Option Grant Letter Agreement, or otherwise determined by the Committee, on the
date of such termination or change, all Options that have not vested by then shall expire and the vested options shall remain exercisable
as specified in sections 7.3, 7.4 or 7.5, as the case may be, which shall apply mutatis mutandis to such Participant.

 

		9.	ADJUSTMENTS

 

		9.1.	Merger, Sale of the Company or Sale of the Company’s Assets.

 

In the event of a merger of the
Company into another corporation, in a way that the Company shall no longer continue to exist as a legal entity subsequent to
such merger, the sale of all, or substantially all of the Company’s issued and outstanding shares to a third party or the
sale of all, or substantially all of the assets of the Company (each of them, a “Transaction”), then
the following provisions shall apply, as will be determined by the Board, at its sole discretion:

 

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		9.1.1.	Each outstanding Option shall be assumed by, or an equivalent option
shall be substituted by the successor corporation or a parent or subsidiary of the successor corporation.

 

		9.1.2.	In the event that the successor corporation does not agree to assume
the Options or to substitute them with equivalent options, the Committee may in lieu of such assumption or substitution, provide
for the Participant to have the right to exercise the Options as to all, or part of the Shares, including certain Shares as to
which it would not otherwise be exercisable.

 

		9.1.3.	In addition to Section 9.1.2 above, and if Section 9.1.1 does not
apply, the Committee may notify the Participants that all Options that are exercisable shall remain so for a period of no less
then seven (7) days from the date of such notice, and that all Options will terminate upon the expiration of such period. In any
case, the Committee may condition the termination of all said Options upon consummation of the Transaction.

 

		9.2.	Bonus Shares

 

In the event that the Company issues
any of its shares as bonus shares to all its shareholders, on a pro rata basis, then the number of Shares received upon exercise
of certain Options shall be increased to the number of Shares the Participant would have held after the issuance of the bonus shares
had such Participant exercised such Options immediately before the issuance of the bonus shares.

 

		9.3.	Reorganization; Separation

 

If the Company is separated, reorganized,
or consolidated with another corporation (other than as part of a Transaction) while Options which were not yet exercised remain
outstanding under this Plan, the Company shall use reasonable efforts to maintain the rights of each Participant through such separations,
reorganizations or consolidations, or compensate the Participant for such event in lieu of the Options such Participant holds.
The Committee, at its sole discretion, shall determine what steps shall be taken according to this section 9.3.

 

		9.4.	Changes in Capitalization

 

If the outstanding shares of the
Company shall at anytime be changed or exchanged by declaration of a share split, reverse share split, combination or reclassification
of Ordinary Shares, or any other increase or decrease in the number of the Company’s Ordinary Shares effected without receipt
of consideration by the Company from the shareholders, then the number, class and kind of Shares subject to this Plan or subject
to any Options therefore granted, and the Exercise Prices of the Options, shall be appropriately and equitably adjusted so as to
maintain the proportionate number of Shares without changing the aggregate Exercise Prices of the Options (except in case the Exercise
Price is equal to the par value of the shares, in which case the Exercise Price will be increased respectively). However no adjustment
shall be made by reason of the distribution of subscription rights on outstanding shares, or conversion of securities into shares
of the Company.

 

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		9.5.	Other terms and conditions

 

		9.5.1.	The allocation of each Option Grant hereunder is subject to the relevant
Participant’s agreement to sign any document he/she is required to sign pursuant to the provisions of this section 9. If
a Participant refuses to sign any such documents, the Committee or Board may determine that the Options held by the Participant
or by a trustee for such Participant’s benefit shall immediately expire.

 

		9.5.2.	Such adjustments as mentioned in this Section 9 shall be made by
the Committee, whose determination in such respect shall be final, binding and conclusive.

 

		9.5.3.	Anything herein to the contrary notwithstanding, if prior to an IPO,
there is a bona fide offer to purchase all or substantially all of the issued and outstanding shares of the Company, or upon a
reorganization separation or the like, all or substantially all of the shares of the Company are to be exchanged for securities
of another company, then each Participant shall be obliged to sell or exchange (in accordance with the value of such Participant’s
Options and Shares pursuant to the terms of such transaction) as the case may be, any Shares such Participant purchases hereunder,
in accordance with the instructions issued by the Board in connection with such transaction, which will be given according to a
policy of the Board concerning all of the Participants under the Plan and the Participant shall have no claim against the Board
and its policy.

 

		10.	ASSIGNABILITY AND
SALE OF OPTIONS

 

No Option shall be assignable,
transferable, given as collateral, hypothecated pledged or encumbered and no right with respect to the Options shall be given to
any third party whatsoever, and during the lifetime of each Participant, each and all of such Participant’s rights to purchase
Shares hereunder shall be exercisable only by such Participant.

 

		11.	TERM AND EXERCISE
OF OPTIONS

 

		11.1.	Options
                                         shall be exercised by a Participant by giving written notice to the Company, in the form
                                         substantially attached hereto as Exhibit B or such other form(s) and method
                                         as may be determined by the Company from time to time (the “Exercise Notice”).

 

		11.2.	The Exercise Price shall be payable upon the exercise of the Option
in cash or by check, or other form satisfactory to the Committee.

 

		11.3.	The Exercise Price will be paid in NIS, or if the Exercise Price
is fixed in U.S. dollars, in U.S. dollars or in accordance with the representative rate of exchange of the U.S. dollar, last published
by the Bank of Israel at the time of actual payment, or as provided for by the Company.

 

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		11.4.	Each Participant will be entitled to exercise, upon signing the Exercise
Notice and any additional documents as required by the Company, and paying the Exercise Price, all, or part of the Options that
are vested at the Exercise Period.

 

		11.5.	Options shall not be deemed exercised unless: (I) the Company receives
a duly signed Exercise Notice including all relevant details; and (II) the Company receives the Exercise Price.

 

		11.6.	The Options may be exercised only to purchase whole Shares, and in
no case may a fraction of a Share be purchased. If any fractional Shares would be deliverable upon exercise, such fraction shall
be rounded up or down, to the nearest whole number. Half of a Share will be rounded up.

 

		11.7.	Each Option granted under this Plan shall be exercisable during the
Exercise Period. Subject to adjustments, as set forth in Section 9 above, the exercise of one Option shall entitle the Participant
to hold one Share.

 

		11.8.	Without derogating from any restrictions mentioned hereinabove, the
exercise of the Options is being subject to the following terms, restrictions and conditions as may be in effect on the time of
the exercise of the Options is requested: (i) any applicable law or regulation; (ii) any order or limitation set by any stock exchange
in which the Company’s securities may be traded (e.g., blackout periods, and lock up after an IPO); and (iii) any limitation
undertaken by the Company with respect of the shares of the Company, including limitations set forth by Company’s underwriters.
Such period of restriction of sale or exercise shall not be counted as part of the applicable exercise period.

 

		12.	RIGHTS AND OBLIGATIONS
ATTACHED TO THE SHARES

 

		12.1.	No Participant shall have any of the rights or privileges of a shareholder
of the Company with respect to any of the Shares, unless and until, following exercise, the registration of the Participant as
holder of such Shares in the Company’s register of members is duly completed.

 

		12.2.	The rights and obligations attached to the Shares will be as set
forth in the Articles. The Shares may be subject to rights of first refusal, co-sale rights and other rights specified in the Articles.

 

		12.3.	The Participant waives any of the following rights to the extent
such rights are attached to the Shares: (i) pre-emptive rights in relation to issuance of new securities in the Company; (ii) rights
of first refusal in relation with any sale of shares of the Company; (iii) co-sale rights in relation with any sale of shares of
the Company.

 

		12.4.	Unless
                                         provided otherwise by the Committee, until an IPO, all voting rights, and rights to receive
                                         information from the Company with respect to the Shares shall be granted to the Board
                                         or as determined by the Board, in accordance with Exhibit C attached hereto.

 

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		12.5.	Without derogating from any restrictions mentioned hereinabove, by
accepting an Option Grant, each Participant agrees that the sale or disposal of Shares is subject to the following terms, restrictions
and conditions as may be in effect on the time when such sale or disposal is requested: (i) any applicable law or regulation; (ii)
any order or limitation set by any stock exchange in which the Company’s securities may be traded (e.g., blackout periods,
and lock up after an IPO); and (iii) any limitation undertaken by the Company with respect of the shares of the Company, including
limitations set forth by Company’s underwriters.

 

		12.6.	Until an IPO the Company shall have the authority to endorse upon
the certificate or certificates representing the Shares such legends referring to the foregoing restrictions, and any other applicable
restrictions, as it may deem appropriate (and which do not violate the Participant's rights according to this Agreement).

 

		12.7.	By accepting an Option Grant, each Participant agrees that in the
case of an IPO or after registering the Company’s securities for trading, to sign any document and approve any resolution
or restriction upon the Shares, or modify the terms of allocation of the Shares, if such Participants signature or approval or
such restriction or modification were reasonably required, in the Committee’s discretion, in order to facilitate the Company
in meeting all the underwriters and stock exchange demands and all applicable securities and corporate laws and regulations.

 

		12.8.	The Participant shall not sell, pledge, transfer or otherwise dispose
of any Shares in transactions which violate, according to the Company’s sole discretion, any applicable laws, rules and regulations,
or the Articles.

 

		12.9.	No transfer of Shares shall be effective if the Committee determines
that the transferee is a competitor of the Company (either directly or indirectly).

 

		12.10.	Notwithstanding anything to the contrary in this Section 12, as long
as Shares are held by a trustee for the benefit of a Participant (if applicable) the Shares shall not be sold, pledged, transferred
or otherwise disposed of, by the Participant until an IPO, or until such time or event as determined by the Committee, either individually
or with respect to all Participants.

 

		13.	TERM
                                         OF THE PLAN

 

This Plan shall be
effective as of November __, 2013, which is the day it was adopted by the Board and shall terminate when all the Options are
exercised into Shares or expired in accordance with the provisions of this Plan or such other date as shall be determined by
the Board, which date shall be no later than November __, 2023.

 

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		14.	AMENDMENTS; TERMINATION

 

		14.1.	The Board may, at any time and from time to time, amend, alter or
terminate the Plan, provided, however, that the rights of the Participants shall not be adversely affected, unless such Participants
agreed to such amendment, alteration or termination.

 

		14.2.	The Plan may be terminated at any time by an action of the Board,
but any such termination will not terminate any Options granted under this Plan, which are then outstanding, without the consent
of the Participant that is holding such Options.

 

		15.	BINDING EFFECT

 

The provisions of the Plan shall
be binding upon the heirs, executors, administrators, and successors of the Participants.

 

		16.	GOVERNMENT REGULATIONS
AND OTHER RESTRICTIONS

 

		16.1.	This Plan, the Option Grant Letter Agreements, the grant and exercise
of Options hereunder, the obligation of the Company to issue the Shares, and any other act or obligation of the Company or any
related individual or entity acting in connection with this Plan are all subject to the Articles, all applicable laws, rules, and
regulations, whether of the State of Israel or of the United States or any other state having jurisdiction over the Company and
any Participant.

 

		16.2.	By accepting an Option Grant, each Participant agrees not to sell,
pledge, transfer or otherwise dispose of any of the Shares such Participant may hold except in compliance with: (I) the United
States Securities Act of 1933, as amended, and the rules and regulations thereunder if applicable; and (II) the Israeli Securities
Law 5728 – 1968; and (III) any other applicable securities law, regulations or other rules set by any stock exchange in which the
Company's securities may be traded; and to further agree that certificates evidencing any of such Shares shall bear appropriate
legend to reflect such restrictions. The Company does not obligate itself to register any shares under the United States Securities
Act of 1933, as amended or any other securities laws.

 

		17.	TAX CONSEQUENCES,
INDEMNIFICATION

 

		17.1.	Any tax consequences (pursuant to Israeli or any other applicable
law that the relevant Participant is subject to), including tax consequences due to adjustments, made in accordance with Section
9 above, arising from the grant or exercise of any Option, the payment for Shares covered thereby, or any other event or act (of
the Company or any Participant) relating to the Plan, shall be borne solely by each Participant.

 

		17.2.	The Company and/or the Board and/or the Committee and/or a trustee
for the Plan shall not be required to release any Share certificates or transfer any Shares to a Participant until all required
tax payments have been fully made.

 

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		17.3.	The Company may withhold taxes according to the requirements under
the applicable laws, rules, and regulations, including withholding taxes at source. In the case that applicable law requires so,
the Company shall deduct taxes at source. Such deduction may be made from any proceeds attributed to the exercise of the Options
and sale of Shares, or from any proceeds the Participant is entitled to receive from the Group or other proceeds such Participant
owns and are held by the Group, including from Participant’s salary or other proceeds he/she is entitled to receive from
the Company or a Related Entity. It is explicitly stated herein that each Participant who is an Employee, by accepting an Option
Grant agrees to the deduction from his/her salary of any amounts that in the Company’s determination are required to be deducted
under applicable law in connection with the Plan. In any such case, the Company shall be entitled to offset any amounts due to
such Participant on account of such taxes.

 

		17.4.	In the case that the Company, or any other person on its behalf is
required to pay taxes, that under applicable law should have been paid by the Participant, then such Participant shall immediately
either pay such tax, or, if such tax was already paid, reimburse the Company, or such other person for the total amount paid.

 

		17.5.	Neither the Company, nor any Related Entity nor anyone on their behalf,
shall give, or be deemed to be giving any Participant, or a potential Participant, advice regarding tax consequences relating to
the Plan and issuance of securities thereunder. Each Participant shall rely solely, while considering participation in the Plan,
on the advice of such Participant’s consultants.

 

		18.	CONTINUANCE OF EMPLOYMENT
OR ENGAGEMENT

 

Neither the Plan nor any Option
Grant shall be construed to impose any obligation on any entity included in the Group to continue any Participant’s employment
with it (in the case that the Participant is an Employee) or to maintain any business engagement with such Participant. Nothing
in the Plan or in any Option Grant shall confer upon any Participant any right to continue to be employed by the Group or to maintain
any other business engagement with it, or restrict the right of any entity included in the Group to terminate such employment or
business engagement at any time.

 

		19.	RULES PARTICULAR TO
SPECIFIC COUNTRIES

 

		19.1.	Notwithstanding
                                         anything herein to the contrary, the terms and conditions of the Plan may be amended
                                         with respect to particular types of Participants as determined by the Board (for example,
                                         Israeli employees, employees that are subject to US taxation) by an addendum to the Plan
                                         (the “Appendix”).

 

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		19.2.	The Company may adopt
one or more Appendixes.Each Appendix shall be approved by the Board and as required oradvisable under applicable law.

 

		19.3.	The terms of an Appendix shall govern only with respect to the types
of Participants specified in such Appendix.

 

		19.4.	In the case that the
terms and conditions set forthin an Appendix conflict with any provisions of the Plan, the provisionsof the Appendix shall
govern with respect to Participants that aresubject to such Appendix, provided, however, that such Appendix shall not be construed
to grant the Participants rights not consistent with the terms of the Plan, unless specifically provided in such Appendix.

 

		20.	NON-EXCLUSIVITY OF
THE PLAN

 

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

 

		20.2.	The grant of Options hereunder shall neither entitle the recipient
thereof to participate, nor disqualify him from participating in, any other grant of Options pursuant to this Plan or any other
option or stock plan of the Company.

 

		21.	MULTIPLE AGREEMENTS;
OTHER CORPORATE ACTIONS

 

		21.1.	The terms of each Option Grant may differ from other Options Grants
granted under the Plan at the same time, or at any other time. The Board may also grant more than one Option Grant to a certain
Participant during the term of this Plan, either in addition to, or in substitution for, one or more Option Grants previously granted
to such Participant.

 

		21.2.	Under no circumstances shall the Plan be construed to grant any right
to a Participant, or any other third party, to postpone, delay or affect any corporate action resolved by the Company.

 

		22.	GOVERNING LAW &
JURISDICTION

 

This Plan shall be governed by,
construed and enforced in accordance with the laws of the State of Israel, without giving effect to the principles of conflict
of laws. Any dispute or claim shall be put to the Board’s resolution. Subject to the above, the competent courts of Tel-Aviv,
Israel shall have sole jurisdiction in any matter pertaining to this Plan, and any other issue related to it.

 

		23.	NO WAIVER

 

The failure of the Company or
any other party acting on its behalf or assisting it in implementing the Plan to enforce at any time any provisions of the Plan
shall not be construed to constitute a waiver of such provision or of any other provision hereof.

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-12-

    	 

    

 

		24.	NOTICES

 

		24.1.	Any notice, request, demand or other communication required or permitted
under the Plan shall be in writing and shall be deemed to have been duly given, made and received only by personal delivery or
if sent by certified mail, postage prepaid, return receipt requested, overnight delivery service, facsimile transmission (with
confirmation of delivery), or confirmed e-mail to the address of the Company (if sent to the Company), or to the address of the
Participant as such was provided by him in the Option Grant Letter Agreement, unless such address is changed by written notice
received by the Company.

 

		24.2.	Except as otherwise set forth herein, any notice sent by mail shall
be deemed to be given six days after deposit with the relevant post service; any notice sent by overnight delivery service shall
be deemed given the first business day after deposited with the delivery service; and any notice sent by facsimile transmission
or e-mail, shall be deemed given when transmitted if sent during normal business hours or if not, on the next business day; and
any notice given by personal delivery shall be deemed given on the date of delivery.

 

		24.3.	In the case a certain Participant changes his or her contact details,
in a way that the contact details provided to the Company by him do not enable the Company to provide notices and other communications
to such Participant, then such Participant shall be deemed to have waived his or her right to receive any notices, and the Committee
shall have the right, in its sole discretion, to take any appropriate action under the circumstances.

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-13-

    	 

    

 

Appendixes

 

Appendix A: Terms of grant of options to
Israeli employees

 

Exhibits:

 

Exhibit A: Option Grant Letter Agreement

 

Exhibit B: Form of Exercise Notice

 

Exhibit C: Proxy

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-14-

    	 

    

 

Appendix A

 

Terms of grant of Options to Israeli
employees

 

		1.	Purpose of the Appendix

 

		1.1.	This Appendix (the “Appendix”) is made as part
of the Plan (as defined herein whereas all terms not otherwise defined herein shall have the meaning ascribed to them in the Plan)
and pursuant to the provisions of Section 102 of the Income Tax Ordinance (as defined herein).

 

		1.2.	This Appendix governs grants of Options to Israeli Employees, either
by a Trustee, or without a Trustee.

 

		2.	Definitions

 

As used herein, the following definitions shall apply:

 

		2.1.	“Capital Gain Method” means choosing the alternative
of capital gain method under Section 102.

 

		2.2.	“Eligible Participant” means any employee as such
term is defined in Section 102. Without derogating from the foregoing Eligible Participant shall include any employee or Office
Holder (as such term is defined in the Companies Law) of the Company or any Subsidiary except for such persons that are deemed
to be ‘Ba’al Shlita’ under Section 32 to the Income Tax Ordinance.

 

		2.3.	“Deposit
Date” means the date in which options were deposited with the Trustee for the benefit of a certain Participant.

 

		2.4.	“Income Tax Authorities” mean the Israeli income
tax authorities that are authorized to give approvals in relation with this Appendix and Option Grants to Eligible Participants.

 

		2.5.	“Income Tax Ordinance” means the Israeli Income
Tax Ordinance (New Version) 1961, as amended from time to time.

 

		2.6.	“Labor Income Method” means choosing the alternative
of labor income method under Section 102.

 

		2.7.	“Participant” means any Eligible Participant who
is granted with Options.

 

		2.8.	“Plan” means the 2013 Incentive Option Plan this
Appendix is attached to.

 

		2.9.	“Realization Event” means, with respect to each
Option Grant granted to a certain Participant, the earlier to occur of: (I) transfer of Securities from the Trustee to such Participant;
or (II) the sale of Shares by the Trustee; or (III) one day before such Participant is no longer an Israeli resident (as provided
for in Section 100A to the Income Tax Ordinance).

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-15-

    	 

    

 

		2.10.	“Release Term” means: (i) in the case of Capital
Gains Method, a period ending twenty four (24) months after the Deposit Date; (ii) In the case of Labor Income Method ‘Release
Term’ shall mean a period ending twelve (12) months after the Deposit Date.

 

		2.11.	“Section 102” means Section 102 to the Income
Tax Ordinance as amended from time to time, and / or as superseded and any rules regulations or instructions promulgated or enacted
under such Section 102.

 

		2.12.	“Securities” mean Options subject to a certain
Option Grant and Shares received subsequent exercise of such Options.

 

		2.13.	“Tax Method” means either Capital Gains Method
or Labor Income Method.

 

		2.14.	“Trust” means a trust, maintained under the Trust
Agreement entered into between the Company and the Trustee for administration of grant of Options under Section 102.

 

		2.15.	“Trust Agreement” means the agreement between
the Company and the Trustee as may be in effect from time to time specifying the duties and authorities of the Trustee.

 

		2.16.	“Trust Assets” mean all Securities and other assets
held in Trust for the benefit of the Participants pursuant to this Appendix and the Trust Agreement

 

		2.17.	“Trustee” means who was, or shall be appointed
by the Board of Directors of the Company and approved by the Income Tax Authorities to hold the Trust Assets.

 

		3.	Provisions of the
Appendix shall govern

 

The provisions of the Appendix
shall supersede and govern in the case of any inconsistency or conflict arising between the provisions of the Appendix and the
provisions of the Plan, provided, however, that this Appendix shall not be construed to grant Participant rights not consistent
with the terms of the Plan, unless specifically provided herein.

 

		4.	Selection of Tax Method
- Capital Gains Method

 

The Company chooses the Capital
Gain Method (‘Maslul Revach Hon’). This choice may be changed in the future, by a Board resolution, provided,
however, that the change in selection is permissible under the provisions of Section 102.

 

		5.	Holding of Securities
by the Trustee

 

		5.1.	All Securities shall be issued to the Trustee to be held in the Trust
for the benefit of the relevant Participants. All certificates representing Securities issued to the Trustee under this Appendix
shall be deposited with the Trustee, and shall be held by the Trustee until such time that such Options or Shares are released
from the Trust as herein provided.

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-16-

    	 

    

 

		5.2.	After the Release Term is over, a Participant shall be entitled to
instruct the Trustee to transfer the Shares held for such Participant’s benefit to such Participant, provided, however, that
the Trustee confirms that all applicable tax as set in Section 102 was actually paid and the Trustee holds a confirmation to that
effect from Income Tax Authorities.

 

		5.3.	In the case that the Company distributes dividends, than the amount
of dividends with respect of Shares held in Trust shall be paid to the Participants that are the beneficial holders of such Shares,
subject to deduction at source of the applicable tax.

 

		6.	Provisions governing
this Appendix and Plan

 

Notwithstanding anything to the
contrary in the Plan or elsewhere in this Appendix:

 

		6.1.	The Plan shall have one, sole, Trustee.

 

		6.2.	The Appendix shall be subject to one Tax Method, unless the provisions
of Section 102 allow otherwise.

 

		6.3.	Unless the provisions of Section 102 allow otherwise, the Participants
shall not be entitled to cause a Realization Event to occur unless the Release Term is fulfilled.

 

		6.4.	All rights or benefits that are received subsequent to the grant
or exercise the Options or the Shares underlying such Options (including and not limited to bonus shares) shall be deposited with
the Trustee until the end of the Release Term, and all such rights and benefits shall be subject to the Tax Method selected by
the Company.

 

		7.	Effectiveness of the
Appendix.

 

This Appendix shall become effective,
and Option Grants may be granted hereunder only after receipt the required approvals under Section 102 from the Income Tax Authorities.

 

		8.	Additional limitations

 

		8.1.	The Company shall not issue Options to a Participant unless such
Participant confirmed in writing that he/she is aware of the provisions of Section 102 and the applicable Tax Method, and such
Participant agreed in writing to the terms of the Trust Agreement, and that he/she shall not cause a Realization Event to occur
before the Release Term is over. The form for the above confirmation shall be determined by the Committee, and shall be attached
to the Plan as Exhibit A.

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-17-

    	 

    

 

		8.2.	By accepting an Option Grant, each Participant agrees irrevocably
to discharge the Trustee, the Company and any other office holder, employee or agent thereof from any liability with respect of
any action or decision duly taken and bona fide executed in relation with the Plan, or relating to any Option Grant or Shares.

 

		8.3.	The Trustee shall use the voting rights vested in any such shares
issued upon the exercise of any Options granted under the Plan, in accordance with Exhibit C of the Plan.

 

		9.	Grant of Options not
by a Trustee

 

Notwithstanding the above, the
Company shall be entitled to allocate Option Grants not according to the Tax Methods, but by direct grant to Participants, provided,
however, that the requirements of Section 102 are met.

 

		10.	Governing Law

 

Notwithstanding anything to the
contrary in the Plan, this Appendix shall be governed by, construed and enforced in accordance with the laws of the state of Israel,
without giving effect to the principles of conflict of laws. Any dispute or claim shall be put to the Board’s resolution.
Subject to the above, the competent courts of Tel-Aviv, Israel shall have sole jurisdiction in any matter pertaining to this Appendix,
and any other issue related to it.

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-18-

    	 

    

 

Exhibit A 

 

Option Grant Letter Agreement

 

This letter agreement (the “Agreement”)
is made as of ______________  __, 201_, by and among BioBlast Pharma Ltd. (the “Company”),
an Israeli Company with main place of business at 35 Ehad Ha'am St. Tel-Aviv, Israel, and [_________________], an Israeli
citizen, I.D number _______ (the “Participant”).

 

	Whereas	The Company adopted an Incentive Option Plan (together
    with applicable Appendixes, the “Plan”), a copy of which was reviewed by the Participant; and
	 	 
	Whereas	The Company resolved to grant to the Participant an Option Grant, subject to the terms and conditions herein; and

 

NOW, THEREFORE, it is agreed as
follows:

 

		1.	All terms not defined herein shall have the meaning ascribed to them in the Plan.

 

		2.	The
                                         Company resolved to grant certain options (the “Option Grant”)
                                         to purchase the Company’s Ordinary Shares to the Participant.

 

		3.	The terms of the Option Grant are as follows:

 

		3.1.	Number of Options:

 

		3.2.	Vesting Schedule:

 

		3.3.	Vesting Commencement Date:

 

		3.4.	Exercise Price per options:

 

		3.5.	Date of Grant:

 

		4.	The grant of the Option
Grant is conditioned upon, andshallnotbecome effective unless and until the Participant agreeing to the terms of this
Agreement.

 

		5.	Contact details and personal
details of the Participant as suppliedbyit:

 

		5.1.	Full name:_______________.

 

		5.2.	Identification number:
_______________. [For Israeli citizens or entities]

 

		5.3.	Address:_______________.

 

		5.4.	Telephone (home):_______________.

 

		5.5.	Cellular Phone:_______________.

 

		5.6.	Facsimile:_______________.

 

		5.7.	E-mail:_______________.

 

		6.	The grant is made in
accordance with the terms of the Plan.

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-19-

    	 

    

 

		7.	Prior to signing this Agreement Participant had the reasonable opportunity
to review the Plan and consult with his / her advisors (such advisors shall not include the Company or anyone on the Company’s
behalf) as Participant deemed fit.

 

		8.	Participant hereby confirms that he /she received reasonable opportunity
to review the Plan and understand its terms, and that Participant agrees to the terms and provisions of the Plan.

 

		9.	The Participant acknowledges and agrees that the Company may be merged,
or acquired or sold to a third party, and in such case, by signing this Agreement, the Participant grants the Board, or anyone
on behalf of the Board, the right to sign on behalf of such Participant any document or agreement reasonably necessary, in the
Board’s discretion, in order to consummate such acquisition, merger or sale.

 

		10.	Participant hereby confirms that he /she is aware of the provisions
of Section 102 (the updated Section 102 is attached hereto as Schedule A) and the applicable Tax Method.

 

		11.	Participant shall not exercise shares (as such term is defined in
Section 102) before the Release Term.

 

		12.	Participant agrees to the terms in the Trust Agreement (attached
hereto as Schedule B).

 

	Sincerely yours,	 	 
	 	 	 
	 	 	 
	BioBlast Pharma Ltd.	 	____________________
	 	 	 
	By:    ____________________	 	Name:  ____________________
	Title:  ____________________	 	 

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-20-

    	 

    

 

Exhibit B 

 

Form of Exercise Notice

 

To: BioBlast Pharma Ltd. (the “Company”)

 

Attention: Secretary, CFO

 

1.         Exercise
of Option. Effective as of today,___________ __, 20__, I the undersigned (“Participant”) hereby elects
to exercise Participant's option to________ Shares, each [0.01] NIS par value of the Company (hereinafter the: “Shares”),
under and pursuant to the Company’s 2013 Incentive Option Plan (the “Plan”) and the Option Grant
Letter Agreement dated ________ __, 20 __ (the “Option Agreement”).

 

2.         Delivery
of Payment. Participant herewith delivers to the Company the full payment for the Shares, as set forth in the Option Agreement.

 

3.         Representations
of Participant. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement
and agrees to abide by and be bound by their terms and conditions.

 

4.         Rights
as Shareholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to receive dividends or any other rights as a shareholder shall exist
with respect to the Optioned Shares, notwithstanding the exercise of the Option. The Shares shall be issued to Participant as soon
as practicable after the Option is exercised. No adjustment shall be made for a dividend or other right for which the record date
is prior to the date of issuance of the Shares.

 

5.         Waiver
of Rights. The Participant hereby waives any of the following rights to the extent such rights are attached to the Shares:
(i) pre-emptive rights in relation to issuance of new securities in the Company; (ii) rights of first refusal in relation with
any sale of shares of the Company; (iii) co-sale rights in relation with any sale of shares of the Company

 

5.         Tax
Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant's purchase
or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems
advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company or any
Related Entity for any tax advice.

 

Submitted by:

PARTICIPANT

 

Signature: ______________________

 

Print Name: ____________________

 

Address:

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-21-

    	 

    

 

Exhibit C

 

BioBlast Pharma Ltd.

 

IRREVOCABLE PROXY

 

The undersigned holder, being a service
provider of BioBlast Pharma Ltd. (the “Company”), an Israeli corporation, or a subsidiary thereof, who holds
(or will hold, after exercising options to purchase the Company’s Ordinary Shares) Ordinary Shares of the Company (the “Shares”),
hereby appoint the Company’s Secretary (or another person, in the Company’s discretion) (the “Proxy Holder”)
as my proxy to vote for me and on my behalf at shareholders meetings of the Company with respect to the Shares. The Proxy Holder
is hereby appointed as my true and lawful proxy and attorney-in-fact, with full power of substitution and revocation, to attend
meetings of the shareholders of the Company to be held at any time, or any continuation or adjournment thereof, to vote or take
action by written consent with respect to the Shares, on all matters as the Proxy Holder shall determine in its discretion, including,
without limitation, shareholders meetings, shareholders actions by written consent and waivers. In addition, the undersigned hereby
appoint the Proxy Holder as my true and lawful proxy and attorney-in-fact, with full power of substitution, to receive all notices
to which I am entitled to by virtue of contract or the Company’s Articles of Association. Furthermore, the undersigned hereby
appoint the Proxy Holder as my exclusive true and lawful proxy and attorney-in-fact, with full power of substitution, to request
from the Company and to receive all information or documentation which I am entitled to by virtue of contract, the Company’s
Articles of Association or applicable law, as the Proxy Holder shall deem fit in its discretion.

 

This Proxy is irrevocable, for an indefinite
time, or until another date as determined by the Company’s Compensation Committee or Board. Notwithstanding the foregoing,
this Proxy shall terminate automatically upon the consummation of an initial public offering of the Company’s securities.
The undersigned further agrees that this proxy is coupled with an interest.

 

In the case that the Shares shall be held
for my benefit by a trustee (the “Trustee”), then this Proxy shall act as irrevocable instructions in writing
to the Trustee, so the Trustee shall perform all of the above with respect to the Shares.

 

This Irrevocable Proxy shall be governed
by and construed in accordance with the laws of the State of Israel, without regard to its conflict of laws principles.

 

This Irrevocable Proxy is effective as
of _________, 201__.

 

	 	 
	 	Signature	 
	 	 	 
	Name:	 	 
	Date:	 	 
	 	 	 
	Witness:	 	 
	Witness	 	 
	Name:	 	 

 

	 	Acknowledged and Agreed to: 
	 	 
	 	PROXY HOLDER:
	 	_______________

 

    	BioBlast Pharma Ltd. – 2013 Incentive Option Plan

-22-Exhibit 10.5

 

SERVICES AGREEMENT

 

This Services Agreement (the “Agreement”)
is made as of the _____day of November, 2013, by and among Bioblast Pharma Ltd., a company organized under the laws of the Israel
(the “Company”) and TopNotch Consultancy (2009) Ltd. a company organized under the laws of the Israel
(the “Service Provider”).

 

WITNESSETH:

 

	WHEREAS	The Service Provider wishes to render the Company with the Office Services (as defined below); and

 

	WHEREAS 	The Company wishes to receive such Office Services from the Service Provider.

 

NOW, THEREFORE, in consideration
of the premises and mutual agreements herein set forth, the parties hereto, intending to be legally bound, have agreed as follows:

 

		1.	Office Services

 

Subject to the terms and conditions
of this Agreement, as of September 10, 2013 the Service Provider shall render the Company with the Office Services specified in
Exhibit A attached hereto (the “Office Services”).

 

		2.	Compensation

 

		2.1.	In
                                         consideration for the Office Services rendered by the Service Provider, the Company shall
                                         pay the office service monthly fees in the amount of NIS14,832 + VAT as applicable
                                         (the “Office Services Fees”).

 

		2.2.	In
                                         addition, Service Provider will provide secretarial services to the Company in consideration
                                         for 50% of the costs of the Service Provider's secretarial services as may be updated
                                         from time to time (“Secretarial Services Fees”). The Office
                                         Services Fees and the Secretarial Services Fees shall be paid by the Company during the
                                         term of this Agreement on the first day of each month in respect of such month. Upon
                                         payment, Service Provider will furnish to the Company an invoice and a receipt.

 

		2.3.	It is expressly agreed that except as set forth in this section 2,
the Service Provider shall not be entitled to any further compensation, reimbursement of expenses, fees, commissions etc. in connection
with the performance of the Office Services or the secretarial services set forth above.

 

		3.	Term and Termination

 

		3.1.	This Agreement shall
become effectiveonSeptember10,2013andshall continue until terminated by either party.

 

		3.2.	Either party may terminatethis
Agreementat willbydeliveringa30-days prior written notice to the other party.

 

    	 

    	 

    

 

		4.	Independent Contractor

 

The status of the Service Provider
in providing the Office Services and secretarial services set forth above to the Company, according to this Agreement, shall be
that of an independent contractor and nothing herein contained shall be so construed as to constitute the relationship with the
Company (or between the Company and any employees of the Service Provider) hereby created as an employment, partnership, joint
venture or agency relationship, or as any other relationship, other than that of an independent contractor, as aforesaid.

  

		5.	Governing Law

 

This agreement and the right of
the parties hereunder shall be governed by and interpreted in accordance with the laws of the state of Israel. Any conflicts and/or
disputes should be brought for decision before the competent court in Tel-Aviv, Israel.

 

		6.	Amendments and
Waivers

 

No amendment to this Agreement
shall be valid unless such amendment is in writing and is signed by both of the parties to this Agreement. Any of the terms and
conditions of this Agreement may be waived at any time in writing by the party entitled to the benefit thereof, but a waiver in
one instance shall not be deemed to constitute a waiver in any other instance. A failure to enforce any provision of this Agreement
shall not operate as a waiver of the provision or of any other provision hereof.

 

		7.	Severability

 

In the event that any provision
of this Agreement shall be held to be invalid, illegal or unenforceable in any circumstances, the remaining provisions shall nevertheless
remain in full force and effect and shall be construed as if the unenforceable portion or portions were deleted.

 

		8.	Notices

 

All notices, request, consents
and other communications, required or permitted to be given hereunder, shall be in writing and shall be deemed to have been duly
given if delivered personally or sent by fax, or mailed, by registered or certified mail, to the addresses set forth above (or
to such other address and fax numbers as either party shall designate by notice in writing to the other in accordance herewith).
Notices sent by fax shall be deemed to have been given upon transmission and electronic confirmation of receipt or (if transmitted
and received on a non-business day) on the first business day following transmission and electronic confirmation of receipt, notices
sent by mail shall be deemed to have been given 96 hours after delivery.

 

IN WITNESS HEREOF, the undersigned have executed this
Agreement as of the date above first written.

 

	By: 	/s/ Dr. Dalia Megiddo	 	By: 	/s/ Mr. Udi Gilboa
	 	The Company	 	 	The Service Provider

 

    	- 2 -

    	 

    

 

Exhibit A 

The Office Services

 

1.         Lease
of offices to the Company. In addition, the Company may use the meeting rooms, Kitchen and reception without limitation.

 

2.         Payment
will include management services as well as payments for municipality taxes, electricity and utilities. 

 

    	- 3 -

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