A fee of $10,000 (ten thousand US dollars) per month; (ii) Option Grant . Subject to the sole discretion and determination of the Board of directors of Oramed Pharmaceutical Inc (" Oramed ") and/or its compensation committee as applicable and to the terms and provisions of Oramed's Second Amended and Restated 2008 Stock Incentive Plan (" Plan "), the Consultant shall be granted during the second quarter of 2017 an option (" Option ") to purchase into 37,152 shares of common stock, par value $0.012 per share, of Oramed (" Shares "). The exercise or “strike” price of the Options shall be the fair market price as of the date of grant of the Options but not less than $6.00. The Options shall vest in 24 consecutive equal installments during the 24 months following March 20, 2017, such that the first installment will be on March 31, 2017. The Consultant undertakes to take all actions and to sign all documents required, at the discretion of the Company, in order to give effect to and enforce the above terms and conditions.