| SHARE-BASED PAYMENT TRANSACTIONS |
NOTE 10:- SHARE-BASED PAYMENT TRANSACTIONS
On November 28, 2013, the board of
directors approved the adoption of the 2013 Share Option Plan (the “2013 Plan”). Under the 2013 Plan, the Company may grant
its officers, directors, employees and consultants, stock options, of the Company. Each stock option granted shall be exercisable at such
times and terms and conditions as the Board of Directors may specify in the applicable option agreement, provided that no option will
be granted with a term in excess of 10 years.
Upon the adoption of the 2013 Plan
the Company reserved for issuance 2,500,000 shares of ordinary shares, NIS 0.25 par value each. In May 2020, the Company’s Board
of Directors approved to increase number of ordinary shares reserved for issuance to 25,000,000. As of December 31, 2021, 6,618,500 shares
available for future grant under the 2013 Plan.
| |
b. |
Expenses recognized in the financial statements: |
| |
|
Year ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
|
2019 |
|
| |
|
USD |
|
| |
|
|
|
|
|
|
|
|
|
| Research and development expenses |
|
$ |
200 |
|
|
$ |
159 |
|
|
$ |
138 |
|
| General and administrative expenses |
|
|
198 |
|
|
|
158 |
|
|
|
132 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
398 |
|
|
$ |
317 |
|
|
$ |
270 |
|
| |
c. |
Share-based payment transactions granted by the Company: |
The fair value of the Company’s
share options granted was estimated using the binomial option pricing model using the following range assumptions:
| Description |
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
| Risk-free interest rate |
|
|
1.22-1.28 |
% |
|
|
0.93-2.40 |
% |
| Expected volatility |
|
|
82.40-82.43 |
% |
|
|
65.63-78.77 |
% |
| Dividend yield |
|
|
0 |
|
|
|
0 |
|
| Contractual life |
|
|
10 |
|
|
|
9.83 - 10 |
|
| Early Exercise Multiple (Suboptimal Factor) |
|
|
3 |
|
|
|
2.5 - 3 |
|
| Exercise price (NIS) |
|
|
0.25-0.253 |
|
|
|
0.25
- 2.344 |
|
| |
c. |
Movement during the year: |
The following table lists the number
of share options, their weighted average exercise prices and modification in option plans of employees, directors and consultants for
the periods indicated:
| |
|
|
|
| |
|
Shares subject to options
outstanding |
|
| |
|
2021 |
|
| |
|
Number |
|
|
Weighted
average
exercise
price |
|
| |
|
|
|
|
USD |
|
| Outstanding at beginning of year |
|
|
11,923,400 |
|
|
|
0.28 |
|
| Grants |
|
|
7,100,000 |
|
|
|
0.08 |
|
| Forfeited/expired |
|
|
(600,700 |
) |
|
|
1.00 |
|
| |
|
|
|
|
|
|
|
|
| Outstanding at end of year |
|
|
18,422,700 |
|
|
|
0.18 |
|
| |
|
|
|
|
|
|
|
|
| Exercisable at end of year |
|
|
6,322,700 |
|
|
|
0.35 |
|
| | d. | The weighted average remaining contractual life for the shares subject to options outstanding as of December 31, 2021, 2020 and 2019 was 8.45 years, 6.98 years and 7.93 years, respectively. |
| | e. | The weighted average grant date fair value in 2021 was $0.18 and in 2020 was $0.16 and the remaining compensation costs not yet recognized as of December 31, 2021 is $1,139 with a weighted average period of 2.82 years to recognize these expenses. |
| |
f. |
The range of exercise prices for shares subject to options outstanding as of December 31, 2021 have been separated into ranges of exercise prices, as follows: |
| Outstanding |
|
|
Exercisable |
|
| Exercise price per share |
|
|
Options
outstanding |
|
|
Weighted
average
remaining
contractual
life in
years |
|
|
Weighted
average
exercise
price per
share |
|
|
Options
exercisable |
|
|
Weighted
average
exercise
price per
share |
|
| $ |
0.08 - $0.94 |
|
|
|
17,796,500 |
|
|
|
8.32 |
|
|
$ |
0.13 |
|
|
|
5,696,500 |
|
|
$ |
0.21 |
|
| $ |
1.09 - $1.73 |
|
|
|
555,000 |
|
|
|
0.14 |
|
|
$ |
0.04 |
|
|
|
555,000 |
|
|
$ |
0.11 |
|
| $ |
2.61
- $5.18 |
|
|
|
71,200 |
|
|
|
0.01 |
|
|
$ |
0.01 |
|
|
|
71,200 |
|
|
$ |
0.04 |
|
| |
|
|
|
|
18,422,700 |
|
|
|
|
|
|
|
|
|
|
|
6,322,700 |
|
|
|
|
|
|