Exhibit
10.1


 


Employment
Agreement


 


This
Employment Agreement is made on 23 day of May 2021, by and between David Silberman, an individual residing in Jerusalem, Israel
(the “Executive”), and ORAMED Ltd., a company incorporated under the laws of the State of Israel, with an address
at Mamila 20, Jerusalem, Israel (the “Company”).


 


WHEREAS,
the Company has agreed to engage the Executive to serve in the role of Chief Financial Officer, Secretary and Treasurer of the Company
and ORAMED PHARMACEUTICALS INC. in accordance with the terms as described below.


 


NOW,
THEREFORE, the Company and the Executive agree as follows:


 


	1.	ENGAGEMENT


 


	 	1.1	Engagement
    of Executive. The Company hereby agrees to employ the Executive in accordance with the terms and provisions hereof.


 


	 	1.2	Term.
    The term of employment under this Agreement shall commence on June 27, 2021 (the “Effective Date”) and
    shall continue until terminated by either party as provided herein (the “Term”).


 


	 	1.3	Service.


 


	 	(a)	As
    of July 5, 2021, the Executive shall serve in the role of Chief Financial Officer, Secretary and Treasurer of the Company and ORAMED
    PHARMACEUTICALS INC. (the “Parent”).


 


	 	(b)	Scope
    of service – from the Effective Date, the Executive shall perform his work on the basis of a full-time position. The Company’s
    standard working days and hours are 5 days a week between Sunday and Thursday, four days of 9 gross hours (including lunch and rest
    breaks) per day and one shorten day of 8 gross hours including breaks. The working hours of the Executive shall be as required by
    the nature of the Executive’s position in the Company, including during additional and overtime hours if it is so required
    in order to fulfill the Executive’s obligations according to this Agreement. The regular weekly rest day is Saturday.


 


	 	(c)	In
    consideration of the conditions and circumstances of the Executive’s senior position and duties in the Company which requires
    a special degree of trust and as the conditions and circumstances of employment do not enable the Company to supervise the Executive’s
    hours of work, the provisions of the Hours of Work and Rest Law, 1951 shall not apply to the Executive and he shall not be entitled
    to any additional consideration for work during overtime hours and/or on days that are not regular business days, except as specified
    in this Agreement. The Executive acknowledges that the consideration set for his hereunder nevertheless includes within it consideration
    that would otherwise have been due to him by law.


 






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	 	(d)	The
    Executive agrees to faithfully, honestly and diligently serve the Company and to devote Executive’s attention and best efforts to
    further the business and interests of the Company. The Executive agrees and undertakes to inform the Company’s Chief Executive
    Officer (the “CEO”) immediately after becoming aware of any matter that may in any way raise a conflict of interest
    between the Executive and the Company. For the avoidance of doubt, nothing in this Section 1.3 shall degrade from the Executive’s
    obligation to continue observing all of his undertakings under this Agreement in their entirety, including, without limitation, his
    obligations of confidentiality and non-disclosure.


 


	 	1.4	Duties.
    The Executive’s services hereunder shall be provided on the basis of the following terms and conditions:


 


	 	(a)	reporting
    to the Company’s CEO as the Executive Supervisor and to the Company’s and Parent’s Board of Directors (the “Board”);


 


	 	(b)	the
    Executive shall be responsible for the financial reporting and controls of the Company and Parent, all subject to any applicable
    law and to instructions provided by the Board from time to time;


 


	 	(c)	the
    Executive shall faithfully, honestly and diligently serve the Company and the Parent and cooperate with the Company and the Parent
    and utilize his professional skills and care to ensure that all services rendered hereunder are to the satisfaction of the Company
    and the Parent, acting reasonably, and the Executive shall provide any other services not specifically mentioned herein, but which
    by reason of the Executive’s capability the Executive knows or ought to know to be necessary to ensure that the best interests of
    the Company and the Parent are maintained;


 


	 	(d)	the
    Executive shall assume, obey, implement and execute such duties, directions, responsibilities, procedures, policies and lawful orders
    as may be determined or given from time to time by the Board, and/or CEO; and


 


	 	(e)	the
    Executive shall report the results of his duties hereunder to the CEO and/or the Board as it may request from time to time.


 


	 	(f)	The
    Executive shall not, without the prior written authorization of the Company, directly or indirectly undertake any other employment,
    whether as an employee of another employer or independently as an agent, consultant, director or in any other manner (whether for
    compensation or otherwise), and shall not assume any position or render services in any of the above-stated manners to any other
    entity or person.


 






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	 	(g)	The
    Executive undertakes to fulfill the responsibilities described in this Agreement and assist the Company, its affiliates, subsidiaries,
    related corporations and parent company now or hereafter existing (collectively, “Affiliates”) and to make himself
    available to them, during the employment period and even after the termination of his employment relations with the Company, for
    any reason, in any matter which the Company may reasonably request his assistance, including for the purpose of providing any information
    relating to his work or actions taken by him and including in the framework of disputes (including legal or quasi-legal proceedings).
    If the Company requires the Executive’s services after the termination of the employment relations with him, for any reason, it shall
    reimburse the Executive for his expenses in connection with performing the provisions of this Section.


 


	 	(h)	The
    Executive shall not receive any payment and/or benefit from any third party, directly or indirectly, in connection with his employment
    with the Company. In the event the Executive breaches this Sub-section, without derogating from any of the Company’s right
    by law or contract, such benefit or payment shall become the sole property of the Company and the Company may set-of such amount
    from any sums due to the Executive.


 


	 	(i)	The
    Executive acknowledges that the Company is committed to the restrictions as mentioned in the Prevention of Sexual Harassment Law,
    1998, and that sexual harassment is a severe disciplinary offence.


 


	 	(j)	The
    Executive undertakes not to make improper use of computer, computer devices, internet and/or e-mails, including (but not limited
    to) use of illegal software or the receipt and/or transfer of pornographic material, and/or any other material that is not connected
    with his work and may be harmful to the Company, other employees or any other third party, as further detailed in the Company’s policy
    as may be amended from time. The current policy is attached hereto as Annex A.


 


	 	(k)	The
    Executive acknowledges and agrees that personal information related to his and the Executive’s terms of employment at the Company,
    as shall be received and held by the Company will be held and managed by the Company, and that the Company shall be entitled to transfer
    such information to third parties, in Israel or abroad. The information will be collected, retained, used, and transferred for legitimate
    business purposes and to the reasonable and necessary scope only, including: human resources management, business management and
    customer relations, assessment of potential transactions and relating to such transactions, compliance with law and other requests
    and requirements from government authorities and audit, compliance checks and internal investigations.


 






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	2.	COMPENSATION
    and additional TERMS


 


	 	2.1	Salary.
    For services rendered by the Executive during the Term, as the Chief Financial Officer, Secretary and Treasurer of the Company and
    ORAMED PHARMACEUTICALS INC. on a full-time basis, the Executive shall be paid a monthly salary, as follows:


 


	 	(a)	the
    Executive shall be entitled to a gross monthly amount of NIS 37,500 (the “Salary”).


 


	 	(b)	As
    mentioned above, the Executive’s positions is of a management or those requiring a special degree of personal trust, and the Company
    is not able to supervise the number of working hours of the Executive; therefore the provisions of the Israeli Hours of Work and
    Rest Law - 1951, will not apply to the Executive and he will not be entitled to any additional remuneration whatsoever for his work
    with the exception of that specifically set out in this Agreement.


 


	 	(c)	The
    aforementioned Salary and the fringe benefits that are described below constitutes the overall consideration for the Executive’s
    work and in view of his position and status, and he shall not be entitled to any additional consideration, of any form, for his work
    including during additional and overtime hours and on weekends or holidays, insofar as required. The Salary will be paid to the Executive
    in accordance with the Company’s normal and reasonable pay-roll practices, no later than the 9th day of each month. Any payment or
    benefit under this Agreement (including any bonuses or the like), other than the Salary, shall not be considered as a salary for
    any purpose whatsoever, and the Executive shall not maintain or claim otherwise.


 


	 	(d)	Executive’s
    Salary and other benefits shall be annually reviewed by the Board based on his and the Company’s performance, all at the Board’s
    sole and absolute discretion.


 


	 	2.2	Company
    Vehicle. The Executive shall be entitled to the use of a vehicle, as shall be determined by the Company (the “Car”).
    The Company shall incur all reasonable expenses associated with use of the Car, including fuel expenses, however excluding personal
    traffic fines, payments to the tax authorities resulting from the use of the Car (“Shovi Shimush”) and the like,
    and the Executive hereby authorizes the Company to deduct any such amount from any amount owing to him thereby, including from the
    Salary. The use of the Car shall be in accordance with the provisions of the Company’s car internal procedures, as may be amended
    from time to time by the Company and the Executive hereby authorizes the Company to deduct any amount needs to be deducted according
    to such internal procedures from any amount owing to him thereby, including from the Salary. The Executive shall bear any tax payments
    resulting from the aforesaid, to the extent applicable. The Car will be returned to the Company by the Executive immediately upon
    termination of Executive’s employment by the Company, for any reason whatsoever, or upon any request by the Company at any time.
    The Car is in lieu of travel expenses from Executive’s premises to work and back in accordance with the law. Should the Executive
    choose not to use a car as described in this section 2.2, he will be entitled to a gross monthly amount of NIS 4,500 (instead of
    statutory travel expenses from home to the office and back).


 






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	 	2.3	Expenses.
    The Executive will be reimbursed by the Company for pre-approved business expenses incurred by the Executive in connection with
    his duties, and in accordance with Company’s policy.


 


	 	2.4	Vacation;
    Sick Leave and Recreation Pay. The Executive shall be entitled to 20 vacation days per year. The Executive shall be entitled
    to accrue a maximum of 24 vacation days (the “Maximum”). Any days accrued beyond the Maximum shall be erased. In
    addition, Executive shall be entitled to sick leave and Recreation Pay according to applicable law. Executive shall be entitled to
    cash redemption of vested vacation only upon termination of his employment.


 


	 	2.5	Additional
    Benefits. The Executive shall be entitled to the use of a Company paid mobile phone for business purposes, according to the Company’s
    policies and instructions, as amended from time to time. In addition, the Executive shall be entitled to the use of a Company owned
    laptop computer, according to the Company’s policies and instructions, as amended from time to time. The Executive shall bear any
    tax payments resulting from the aforesaid, to the extent applicable.


 


	 	2.6	Deductions.
    The Executive acknowledges that all payments by the Company in respect of the services provided by the Executive shall be subject
    to the deduction of any amount which the Company as an employer is required to deduct or withhold from the Salary or other payments
    to an executive in accordance with statutory requirements (including, without limitation, income tax, employee contributions and
    unemployment insurance contributions).


 


	 	2.7	Bonus.
    The appropriate organ of the Company shall consider granting the Executive a bonus for each then-outgoing calendar year and salary
    and compensation increases for each then-incoming calendar year in amounts to be determined by the Board at least once every calendar
    year in line with other Executives.


 


	3.	Social
    Insurance and Benefits


 


	 	3.1	The
    Executive shall be entitled to a pension arrangement, a Managers’ Insurance Policy (the “Policy”) and/or Pension
    Fund (the “Pension Fund”) as follows:


 


The
Company shall contribute 8.33% of the Salary for severance compensation (the “Severance Contribution”).


 


In
addition, the Company shall contribute 6.5% of the Salary for pension compensation (Tagmulim) towards Policy/Pension Fund.


 






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In
the event that the Executive chooses Policy arrangement, the pension compensation (Tagmulim) shall include the Company’s payment for
purchase of disability insurance coverage sufficient to secure 75% of the Salary; provided that the Company’s contributions solely for
pension compensation (Tagmulim) shall be not less than 5% and subject to the consent of the insurance company to insure the Executive.
For the avoidance of any doubt, in the event that the cost to the Company shall be more than the required contributions rates towards
pension compensation (6.5% as described above) due to the cost of the disability insurance, the total cost of the Company’s contributions
to pension compensation and disability insurance collectively shall not exceed 7.5% of the Salary.


 


The
Company shall deduct from the Salary the Executive’s contributions for pension compensation (Tagmulim) in an amount of 6% of the Salary
towards Policy/Pension Fund.


 


Any
tax liability in connection with pension arrangement shall be borne solely by the Executive.


 


The
Executive agrees and acknowledges that the Company’s Severance Contribution in accordance with the foregoing, shall be in lieu
of 100% of the severance payment to which the Executive (or his beneficiaries) shall be entitled with respect to the Salary and the contributions
were made and for the period in which they were made, pursuant to Section 14 of the Severance Pay Law, 1963 (the “Severance Law”)
in accordance with the instructions of “The General Approval Regarding Employers’ Payments to Pension Fund and Insurance
Fund Instead of Severance Pay” (the “General Approval”, a copy of which is attached hereto as Exhibit
A), as amended from time to time in case the Executive chooses a Policy and in the event that the Executive chooses Pension Fund
arrangement in accordance with Sections 7 and 9 to the Extension Order General Insurance Pension In The Israeli Market.


 


The
Company hereby waives any of its rights to refund monies from the payments it transfers to the Policy/Pension Fund in accordance with
this Section, unless the Executive’s right to severance pay is denied by virtue of a court order, under Sections 16 or 17 of the Severance
Law, and in the same amount which was denied, or the Executive withdraws monies from the Policy and/or the Pension Fund not due to a
Granting Event. The term “Granting Event” shall mean - death, disability or retirement at the age of sixty or more.


	 	3.2	Keren
    Hishtalmut. The Company shall make monthly contributions on the Employee’s behalf to a recognized advanced study fund (the “Fund”
    (“Keren Hishtalmut”)) in an amount equal to 7.5% of the Salary. In addition, the Company shall deduct 2.5% from the Salary
    and transfer those monies to the Study Fund; such contributions shall be subject to the maximum amount stated in Section 3(e) of
    the Income Tax Ordinance 1961 (the “Income Tax Ordinance”). For the avoidance of any doubt, said contributions
    shall not exceed the tax-exempt ceiling set by the applicable law for tax purposes.


 






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	 	3.3	Liability
    Insurance Indemnification. The Company shall provide the Executive (including his heirs, executors and administrators) with coverage
    under a standard directors’ and officers’ liability insurance policy at the Company’s expense.


 


	4.	CONFIDENTIALITY,
    NON-COMPETITION AND INTELLECTUAL PROPERTY


 


The
Executive agrees to be bound by, and shall have executed and delivered to the Company, the Confidential Information, Non-Compete, Non-Solicitation
and Invention Assignment Agreement, substantially in the form of Exhibit B hereto


 


	 	4.1	Fiduciary
    Obligation. The Executive declares that the Executive’s relationship to the Company is that of fiduciary, and the Executive agrees
    to act towards the Company and otherwise behave as a fiduciary of the Company.


 


	 	4.2	Remedies.
    The parties to this Agreement recognize that any violation or threatened violation by the Executive of any of the provisions
    contained in this Article ‎4 may result in immediate and irreparable damage to the Company and that the Company could not adequately
    be compensated for such damage by monetary award alone. Accordingly, the Executive agrees that in the event of any such violation
    or threatened violation, the Company shall, in addition to any other remedies available to the Company at law or in equity, be entitled
    as a matter of right to apply to such relief by way of restraining order, temporary or permanent injunction and to such other relief
    as any court of competent jurisdiction may deem just and proper.


 


	 	4.3	Reasonable
    Restrictions. The Executive agrees that all restrictions in this Article ‎4 are reasonable and valid, and all defenses to
    the strict enforcement thereof by the Company are hereby waived by the Executive.


 


	5.	Termination


 


	 	5.1	Termination
    For Cause or Disability. This Agreement may be terminated at any time by the Company without notice, for Cause or in the event
    of the Disability of Executive. For the purposes of this Agreement, “Cause” shall mean circumstances upon the
    occurrence of which the Executive would not be entitled to severance pay according to the Severance Pay Law, 1963, and shall also
    means that the Executive shall have:


 


	 	(a)	committed
    an act of fraud, embezzlement or theft in connection with the Executive’s duties or in the course of the Executive’s employment with
    the Company;


 


	 	(b)	intentionally
    and wrongfully damaged property of the Company, or any of its respective affiliates, associates or customers;


 


	 	(c)	intentionally
    or wrongfully disclosed any of the Confidential Information;


 






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	 	(d)	made
    material personal benefit at the expense of the Company without the prior written consent of the management of the Company;


 


	 	(e)	accepted
    shares or options or any other gifts or benefits from a vendor without the prior written consent of the management of the Company;


 


	 	(f)	fundamentally
    breached any of the Executive’s material covenants contained in this Agreement; or


 


	 	(g)	willfully
    and persistently, without reasonable justification, failed or refused to follow the lawful and proper directives of the Company specifying
    in reasonable detail the alleged failure or refusal and after a reasonable opportunity for the Executive to cure the alleged failure
    or refusal.


 


For
the purposes of this Agreement, an act or omission on the part of the Executive shall not be deemed “intentional,” if it
was due to an error in judgment or negligence, but shall be deemed “intentional” if done by the Executive not in good faith
and without reasonable belief that the act or omission was in the best interests of the Company, or its respective affiliates, associates
or customers.


 


For
the purposes of this Agreement, “Disability” shall mean any physical or mental illness or injury as a result of which
Executive remains absent from work for a period of six (6) successive months, or an aggregate of six (6) months in any twelve (12) month
period. Disability shall occur upon the end of such six-month period.


 


	 	5.2	Termination
    Without Cause. Either the Executive or the Company may terminate the Executive’s employment without Cause, for any reason whatsoever,
    with 30 days prior written notice within the first 12 months of the Executive’s engagement, and 60 days, prior written notice
    thereafter.


 


	 	5.3	The
    Notice Period.


 


	 	(a)	During
    the period following the notice of termination (the “Notice Period”), Executive shall cooperate with the Company
    and use his best efforts to assist the integration into the Company’s organization of the person or persons who will assume Executive’s
    responsibilities, and shall act according to the instructions of the Company.


 


	 	(b)	During
    the Notice Period, the Executive shall continue to perform his duties until the conclusion of the Notice Period. Nevertheless, the
    Company shall be entitled, but not obligated, at any time prior to the expiration of the Notice Period, at its sole discretion: (i)
    to waive the Executive’s actual work during the Notice Period, or to reduce the scope of the Executive’s work hours, while continuing
    to pay the Executive his regular payments and benefits until the completion of the Notice Period; or (ii) terminate this Employment
    Agreement and the employment relationship, at any time prior to the expiration of the Notice Period, and pay a cash equivalent to
    his Salary for the remainder of the Noticed Period as a payment in lieu of prior notice in accordance with the law.


 






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	 	(c)	It
    is hereby expressly stated that the Company reserves the right to terminate the Executive’s employment at any time during the
    Notice Period, regardless of whether notice of termination of employment was delivered by the Company or whether such notice was
    delivered by the Executive. In the latter case, such termination shall not constitute a dismissal of the Executive by the Company.


 


	 	(d)	Notwithstanding
    the foregoing, the Company may terminate the Executive’s employment without the delivery of prior written notice, in the event
    of termination under circumstances as described in Section 5.1 above.


 


	 	(e)	In
    the event that the Executive terminates his employment with the Company, for any reason, without the delivery of a written notice
    in accordance with Section 5.2 above, or without the completion of the Notice Period or any part thereof, the Company will be entitled
    to deduct from any debt which it may owe the Executive an amount equal to the salary that would have been paid to the Executive during
    the Notice Period, had he worked.


 


	 	5.4	Return
    of Materials. Upon termination of employment hereunder, or upon any request by the Company at any time, the Executive will return
    or cause to be returned any and all Confidential Information and other assets of the Company (including all originals and copies
    thereof), which “assets” include, without limitation, hardware, software, keys, security cards and backup tapes that
    were provided to the Executive either for the purpose of performing the employment services hereunder or for any other reason. The
    Executive acknowledges that the Confidential Information and the assets are proprietary to the Company, and the Executive agrees
    to return them to the Company in the same condition as the Executive received such Confidential Information and assets. In addition,
    immediately upon the termination of his employment with the Company (for any reason) or at such other time as directed by the Company,
    following coordination with the Company’s IT persons, he shall delete any information relating to the Company or its business from
    his personal computer, if any.


 


	 	5.5	Effect
    of Termination. Articles ‎4 and Exhibit B hereto shall remain in full force and effect after termination of this Agreement,
    for any reason whatsoever.


 


	6.	Mutual
    Representations


 


	 	6.1	Executive
    represents and warrants to the Company that the execution and delivery of this Agreement and the fulfillment of the terms hereof
    (i) will not constitute a default under or conflict with any agreement or other instrument to which he is a party or by which he
    is bound, and (ii) do not require the consent of any person or entity.


 






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	 	6.2	The
    Company represents and warrants to Executive that this Agreement has been duly authorized, executed and delivered by the Company
    and that the fulfillment of the terms hereof (i) will not constitute a default under or conflict with any agreement of other instrument
    to which it is a party or by which it is bound, and (ii) do not require the consent of any person of entity.


 


	 	6.3	Each
    party hereto warrants and represents to the other that this Agreement constitutes the valid and binding obligation of such party
    enforceable against such party in accordance with its terms subject to applicable bankruptcy, insolvency, moratorium and similar
    laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless if enforcement
    is sought in proceeding in equity or at law).


 


	 	7.	Notices


 


	 	7.1	Notices.
    All notices required or allowed to be given under this Agreement shall be made either personally by delivery to or by facsimile
    transmission to the address as hereinafter set forth or to such other address as may be designated from time to time by such party
    in writing:


 


	 	(a)	in
    the case of the Company, to:


 


	 	Oramed
    Ltd.

    Mamila 20,

    PO
Box 39098

    Jerusalem

    Israel
Fax:    972 2 5660004



 


	 	(b)	and
    in the case of the Executive, to the Executive’s last residence address known to the Company.


 


	 	7.2	Change
    of Address. Any party may, from time to time, change its address for service hereunder by written notice to the other party in
    the manner aforesaid.


 


	8.	GENERAL


 


	 	8.1	Entire
    Agreement. As of from the date hereof, any and all previous agreements, written or oral between the parties hereto or on their
    behalf relating to the employment of the Executive by the Company are null and void. The parties hereto agree that they have expressed
    herein their entire understanding and agreement concerning the subject matter of this Agreement and it is expressly agreed that no
    implied covenant, condition, term or reservation or prior representation or warranty shall be read into this Agreement relating to
    or concerning the subject matter hereof or any matter or operation provided for herein.


 


	 	8.2	Personal
    Agreement. The provisions of this Agreement are in lieu of the provisions of any collective bargaining agreement, and therefore,
    no collective bargaining agreement shall apply with respect to the relationship between the parties hereto (subject to the applicable
    provisions of law).


 






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	 	8.3	Further
    Assurances. Each party hereto will promptly and duly execute and deliver to the other party such further documents and assurances
    and take such further action as such other party may from time to time reasonably request in order to more effectively carry out
    the intent and purpose of this Agreement and to establish and protect the rights and remedies created or intended to be created hereby.


 


	 	8.4	Waiver.
    No provision hereof shall be deemed waived and no breach excused, unless such waiver or consent excusing the breach is made in
    writing and signed by the party to be charged with such waiver or consent. A waiver by a party of any provision of this Agreement
    shall not be construed as a waiver of a further breach of the same provision.


 


	 	8.5	Amendments
    in Writing. No amendment, modification or rescission of this Agreement shall be effective unless set forth in writing and signed
    by the parties hereto.


 


	 	8.6	Assignment.
    Except as herein expressly provided, the respective rights and obligations of the Executive and the Company under this Agreement
    shall not be assignable by either party without the written consent of the other party and shall, subject to the foregoing, enure
    to the benefit of and be binding upon the Executive and the Company and their permitted successors or assigns. Nothing herein expressed
    or implied is intended to confer on any person other than the parties hereto any rights, remedies, obligations or liabilities under
    or by reason of this Agreement.


 


	 	8.7	Severability.
    In the event that any provision contained in this Agreement shall be declared invalid, illegal or unenforceable by a court or
    other lawful authority of competent jurisdiction, such provision shall be deemed not to affect or impair the validity or enforceability
    of any other provision of this Agreement, which shall continue to have full force and effect.


 


	 	8.8	Headings.
    The headings in this Agreement are inserted for convenience of reference only and shall not affect the construction or interpretation
    of this Agreement.


 


	 	8.9	Number
    and Gender. Wherever the singular or masculine or neuter is used in this Agreement, the same shall be construed as meaning the
    plural or feminine or a body politic or corporate and vice versa where the context so requires.


 


	 	8.10	Governing
    Law. This Agreement shall be exclusively construed and interpreted in accordance with the laws of the state of Israel applicable
    therein, and each of the parties hereto expressly agrees to the jurisdiction of the courts of the state of Israel. The sole and exclusive
    place of jurisdiction in any matter arising out of or in connection with this Agreement shall be the applicable Tel-Aviv court.


 


	 	8.11	Enurement.
    This Agreement is intended to bind and enure to the benefit of the Company, its successors and assigns, and the Executive and
    the personal legal representatives of the Executive.


 


	 	8.12	This
    Agreement shall be deemed due notification regarding the Executive’s employment terms in accordance with the provisions of the Notice
    to Executive and to Candidate (Employment Terms and Screening and Acceptance to Work Proceedings) Law, 2002 and the regulations thereunder.


 






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IN
WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date first written above.


 


 


	Oramed
    Ltd.	 	 
	 	 	 
	/s/
Nadav Kidron	 	/s/
David Silberman
	Nadav
    Kidron, CEO	 	David
    Silberman, Executive


 






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Exhibit A


To the Personal Employment Agreement by and
between


Oramed Ltd. and David Silberman


 


[Omitted]


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 






    Ex A-1


     


    

 


EXHIBIT
B – PROPRIETARY INFORMATION, NON COMPETE


 


AND
PROTECTION OF INTELLECTUAL PROPERTY undertaking (The “Undertaking”)


 


This
undertaking is an Exhibit B to the Employment Agreement dated May __, 2021 by and between David Silberman, I.D. Number 332391770, residing
in Jerusalem, Israel (the “Executive”) and Oramed Ltd. (the “Employment Agreement”).


 


The
Executive warrants and undertakes that during his/her relationship with the Company and thereafter, he/she shall maintain in complete
confidence any matters that relate to the Company (together with its Affiliates shall be defined as the “Company), its affairs
or business, including regarding the terms and conditions of his/her employment, and that he/she shall not harm its goodwill or reputation,
and he/she agrees to the provisions of the confidentiality, non-competition, non-solicitation and intellectual property clauses as specified
below.


 


For
avoidance of any doubt, it is hereby clarified that the Executive’s obligations and representations and the Company’s rights under this
Undertaking shall apply retroactively as of the commencement of the parties’ engagement, regardless of the date of execution of this
Undertaking.


 


The
Executive’s obligations pursuant to this Undertaking derive from his/her status and his/her position in the Company, along with all matters
connected therewith, and the terms and conditions of the Executive’s employment pursuant to the Employment Agreement, including his/her
compensation and benefits, have been determined in part, inter alia, in consideration of this undertaking and constitute sufficient consideration
for his/her obligations hereunder.


 


	1.	Confidentiality



 


	 	1.1	The
    Executive undertakes to maintain the Confidential Information (as defined below) of the Company during the term of his/her engagement
    with the Company and after the termination of such, for any reason. The Executive acknowledges that the Confidential Information
    constitutes a proprietary right, which the Company is entitled to protect.


 


	 	1.2	Without
    derogating from the generality of the foregoing, the Executive hereby agrees that he/she shall not, directly or indirectly, disclose
    or transfer to any person or entity, at any time, either during or subsequent to his/her engagement with the Company, any trade secrets
    or other confidential information, whether patentable or not, of the Company, including but not limited to, any (i) processes, formulas,
    trade secrets, innovations, inventions, discoveries, improvements, research or development and test results, survey, specifications,
    data and know-how; (ii) marketing plans, business plans, strategies, forecasts, unpublished financial information, budgets, projections,
    product plans and pricing; (iii) personnel information, including organizational structure, salary, and qualifications of employees;
    (iv) customer and supplier information, including identities, product sales and purchase history or forecasts and agreements; and
    (v) any other information which is not known to the public (collectively, “Confidential Information”), of which
    the Executive is or becomes informed or aware during his/her engagement period with the Company, whether or not developed by the
    Executive.


 


Exceptions.
The general prohibition contained in Sections 1.1 and 1.2 against the unauthorized disclosure, use or dissemination of the Confidential
Information shall not apply in respect of any Confidential Information that: (i) is available to the public generally in the form disclosed;
(ii) becomes part of the public domain through no fault of the Executive; (iii) is already in the lawful possession of the Executive
at the time of receipt of the Confidential Information, as can be proven by written documentation; or (iv) is compelled by applicable
law to be disclosed, provided that the Executive gives the Company prompt written notice of such requirement prior to such disclosure
and provides assistance in obtaining an order protecting the Confidential Information from public disclosure.


 






    Ex B-1


     


    

 


	 	1.3	The
    Executive undertakes not to directly or indirectly give or transfer, directly or indirectly, to any person or entity, any material,
    raw material, product, part of a product, model, document or other information storage media, or any photocopied, printed or duplicated
    object containing any or all of the Confidential Information.


 


	 	1.4	The
    Executive undertakes, that the Company may receive from third parties confidential or proprietary information (“Third Party
    Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it
    only for certain limited purposes. During the term of the Executive’s relationship with the Company, and thereafter, the Executive
    will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need
    to know such information in connection with their work for the Company) or use, except solely for the purpose of and in connection
    with his/her work for the Company, Third Party Information unless expressly authorized by the Company in writing.


 


	 	1.5	During
    the Executive’s relationship with the Company the Executive shall not improperly use or disclose any confidential information or
    trade secrets, if any, of any former employer or any other person to whom the Executive has an obligation of confidentiality, and
    the Executive did not and will not bring onto the premises of the Company any unpublished documents or any property belonging to
    any former employer or any other person to whom he/she has an obligation of confidentiality unless consented to in writing by that
    former employer or person.


 


	 	1.6	In
    the event the Executive is in breach of any of his/her above obligations, he/she shall be liable to compensate the Company in respect
    of all damages or expenses incurred by the Company as a result of such breach, including trial costs and legal fees and statutory
    VAT, without derogating from any other relief or remedy available to the Company by virtue of any law.


 


	2.	Non-Competition/
Non-Solicitation



 


The
Executive undertakes that during the period of his/her engagement with the Company and for a period of (12) months following termination
of his/her engagement with the Company, for any reason:


 


	 	2.1	He
    shall not, anywhere in the world, do business, as an employee, independent contractor, consultant or otherwise, and shall not directly
    or indirectly participate in or accept any position, proposal or job offer that may directly or indirectly compete with or harm the
    Company, or in the field in which the Company engages, is engaged or the Company contemplates in good faith to be materially engaged
    in within six (6) months thereafter, provided that the Company has taken demonstrable actions to promote such engagement or that
    the Company’s Board of Directors has adopted a resolution authorizing such actions prior to the date of termination(the “Competitive
    Occupation”); provided, however, that Executive may own securities of any corporation which is engaged in such business
    and is publicly owned and traded but in an amount not to exceed at any one time one percent (1%) of any class of stock or securities
    of such company, so long as he has no active role in the publicly owned and traded company as director, employee, consultant or otherwise.


 






    Ex B-2


     


    

 


	 	2.2	Without
    derogating from the generality of the foregoing, the Executive undertakes not to maintain any business relations of any type whatsoever,
    including a proposal to conduct business relations, directly or indirectly, with any of the Company’s customers, suppliers or agents,
    including customers, suppliers or agents with whom the Company conducted negotiations towards an agreement at the time of the termination
    of his/her employment with the Company or prior thereto.


 


	 	2.3	In
    addition, the Executive undertakes not to approach, solicit or recruit any employee of the Company or any consultant, service provider,
    agent, distributor, customer or supplier of the Company, to terminate, reduce or modify the scope of such person’s engagement with
    the Company.


 


	 	2.4	The
    foregoing shall apply irrespective of whether the Competitive Occupation is carried out by the Executive alone or in cooperation
    with others and shall apply to the participation of the Executive in a Competitive Occupation, whether as a controlling shareholder
    or as an interested party.


 


	3		Intellectual
    Property, Copyright and Patents


 


	 	3.1	The
    Executive hereby acknowledges and agrees that the Company exclusively owns and shall own all right, title and interest in and to
    any work, products, processes, materials, inventions, texts, algorithms, designs, sketches, ideas or discoveries, all derivatives,
    enhancements or improvements thereof and any and all Intellectual Property Rights associated therewith, created, conceived made or
    discovered by the Executive (whether solely or jointly with others) during the term of employment; or in connection therewith; or
    in connection with the Company, its business (actual or contemplated), products, technology or know how (“Company IPR”).
    “Intellectual Property Rights” means all worldwide (a) patents, patent applications, designs and patent rights;
    (b) rights associated with works of authorship, including, but not limited to, copyrights, copyrights applications, copyrights restrictions,
    mask work rights, mask work applications and mask work registrations; (c) rights relating to the protection of trade secrets and
    confidential information; (d) moral rights, trademarks, service marks, logos, domain names, trade dress and goodwill; (e) rights
    analogous to those set forth herein and any other proprietary rights relating to intangible property including ideas; and (f) divisions,
    continuations, renewals, reissues and extensions of the foregoing (as applicable) now existing or hereafter filed, issued, or acquired.


 






    Ex B-3


     


    

 


	 	3.2	The
    Executive acknowledges and agrees that all Company IPR and all modifications, derivatives and enhancements thereof belong to, and
    shall be the sole property of, the Company (or its designees) upon creation thereof. The Executive hereby irrevocably assigns to
    the Company or its designee and shall assign all right, title and interest the Executive may have or may acquire in and to Company
    IPR upon its creation. The Executive acknowledges and agrees that no rights relating to any Company IPR are reserved to Executive.


 


The
Executive will assist the Company, upon Company’s first request, to obtain, and from time to time enforce, any Company IPR worldwide,
including without limitation, executing, verifying and delivering such documents and performing such other acts as the Company may reasonably
request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Company IPR. Such obligation shall
remain in effect beyond the termination of the Executive’s relationship with the Company, all for no additional consideration, provided
that Executive shall not be required to bear any expenses as a result of such assignment. In the event the Company is unable for any
reason, after reasonable effort, to secure Executive’s signature on any document required, Executive hereby irrevocably designates and
appoints the Company and its duly authorized officers and agents as its agent and attorney in fact to act for and on its behalf to further
the above purposes.


 


	 	3.3	The
    Executive irrevocably confirms that the consideration explicitly set forth in the employment agreement between the Executive and
    the Company is inclusive of any and all rights for compensation that may arise in connection with the Company IPR under applicable
    law and the Executive irrevocably waives any legal right he/she may have in connection with the Company IPR, including without limitation
    any right, moral rights or right to claim royalties or any other additional consideration from the Company with regard to the assigned
    Company IPR, including without limitation, in respect of Section 134 of the Patent Law 5727-1967 or other applicable laws. The foregoing
    waiver relates to any claims or demands whatsoever, whether in the present, past or future, and whether under contract or other legal
    or equitable theory.


 


	 	3.4	The
    Executive represents and warrants that upon execution hereof, he/she has not created and does not have any right, title or interest
    in and to any Intellectual Property Rights related, similar to and/or required for Company’s business, products or Intellectual Property
    Rights (“Prior Inventions”). The Executive undertakes not to incorporate any Prior Inventions or third party’s Intellectual
    Property Rights (including of a former employer) in any Company IPR.


 


	 	3.5	The
    Executive undertakes to immediately inform and deliver IN WRITING to the Company, written notice of any Company IPR conceived or
    invented by him or personnel of the Company or its successors who are subordinate to him, immediately upon the discovery thereof.


 


	 	3.6	The
    Executive’s obligations pursuant to this Section 3 shall survive the termination of his/her employment with the Company or its successors
    and assigns with respect to inventions conceived by him during the term of his/her employment or as a result of his/her employment
    with the Company.


 






    Ex B-4


     


    

 


	4.	The
    Executive acknowledges that the restricted period of time and geographical are as specified hereunder are reasonable, in view of
    his/her position and the nature of the business in which the Company is engaged, the Executive’s knowledge of the Company’s
    business and the compensation he/she receives. Notwithstanding anything contained herein to the contrary, if the period of time or
    the geographical area specified herein should be determined to be unreasonable in any judicial proceeding, then the period of time
    and area of the restriction shall be reduced so that this Undertaking may be enforced in such area and during such period of time
    as shall be determined to be reasonable by such judicial proceeding. The Executive acknowledges that the compensation and benefits
    granted to him by the Company under the Employment were determined, inter alia, in consideration for his/her obligations under this
    Undertaking.


 


	5.	This
    Undertaking, the rights of the Company hereunder, and the obligations of Employee hereunder, will be binding upon and inure to the
    benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company may assign
    any of its rights under this Undertaking. Employee may not assign, whether voluntarily or by operation of law, any of its obligations
    under this Undertaking, except with the prior written consent of the Company.


 


	6.	This
    Undertaking and all rights and duties of the parties hereunder shall be exclusively governed by and interpreted in accordance with
    the laws of the State of Israel. The competent courts of the State of Israel, Tel Aviv Jaffa district, shall have the exclusive jurisdiction
    over the parties with regard to this Undertaking, its execution, interpretation and performance.


 


	7.	Capitalized
    terms used herein and not otherwise defined shall have the respective meanings ascribed to them in the Employment Agreement.


 


	8.	This
    Undertaking is the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior understandings,
    agreements and discussions between them, oral or written.


 


I,
DAVID SILBERMAN, HAVE READ THIS UNDERTAKING CAREFULLY AND UNDERSTAND ITS TERMS.


ACCEPTED
AND AGREED TO:


 


/s/ David Silberman


 



 


Date:
5/24/2021


 






    Ex B-5


     


    

 


ANNEX
“A”


 


Use
of computer systems, internet browsing and company email


 


1.
It is strictly forbidden to make use of company1
computers, internet browsing or company email for any purposes which are illegal, inappropriate or unsuitable, including
accessing inappropriate or unsuitable websites (such as pornographic websites). it is additionally forbidden to install any programs
on company computer systems, or make use of any such system to transfer materials unrelated to work or detrimental to the company, its
clients, employees, or any other third party. misuse of company computers, internet browsing or company emails may cause considerable
harm to the company or other third parties, as well as the computer systems themselves and their users. if in doubt, please refer to
the company it manager.


 


2.
We would like to clarify that the company does not forbid
private use of the computer made available to you for work purpose or the office internet connection, within reasonable bounds, and while
always maintaining confidentiality (as set forth in your employment agreement), without derogating from work requirements and subject
to section 1 above. nonetheless, it is important to clarify that due to the nature of the company computer systems, network operational
maintenance requirements, as well as for the implementation of this section 2, the company may block certain websites from access, and
the company it manager may access any computer on the company network, and accordingly, any information found on your computer may be
exposed to the company it manager and his/her /her superiors.


 


3.
The company provides you with an email account exclusively
for professional use as required within the scope of your position in the company. therefore, the company shall be entitled to monitor
and conduct surveillance of the communicated data in any such professional mailbox. you are aware, and hereby consent that the company
shall be permitted to access the contents of such mailbox, should an urgent professional need arise or in case there is grave concern
or reasonable grounds for concern regarding activity which is illegal or harmful to the company or any third party (including violation
of the terms above), or in any other case in accordance with the law. such monitoring shall be conducted proportionally, in adherence
to the goals as stated above, and the information, if aggregated, shall be stored solely for the period of time required for the purposes
as stated above. the monitored information, if and any as such, shall not be transferred to any third party, excluding the security and
support service provider of the company’s computer systems, any security and support service provider which shall replace it in the future,
or in accordance with the law, subject to the aforementioned. accordingly, any information found in the professional electronic mailbox
may be accessible to the company, and as such it should be taken into account that any private use of the professional mailbox should
be avoided. at the expiration of your position with the company, any private correspondence saved in the professional mailbox must be
removed (if any such correspondence exists despite the above) and any information found in the professional mailbox (which should contain
solely professional correspondence) shall be exposed to the relevant parties in the company. if you wish to do so, you may make private
use of electronic mail correspondence using a private and external mail service (such as gmail), with which you may send and receive
private correspondence which will not be exposed to the company, and so long as such use is made reasonably and in adherence to the company
policy as stated above.


 


4.
It is also clarified that the company may allow other
employees and other third parties and use the personal laptop / laptop that is given to you for your work. since the computer, e-mail,
corporate network and internet connection are provided for professional purposes only, the company has the right to disconnect you from
such systems at its sole discretion at any time. without prejudice to the foregoing, it is prohibited to leave these tools and / or to
give access to any of these tools without supervision and / or contrary to the company’s policy. in any case where there is a concern
that another party, other than you, has access to these tools (for example, in the event of password disclosure, theft and / or loss),
contact the computer administrator immediately.





 





 



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


 






     


     


    

 


5.
In addition, you are to avoid using the internet in
general and social networks in particular in a manner that is likely to create the impression that your private use of the social networks
is on behalf of the company and/or in its name. thus, for example, it is forbidden to upload pictures or other information connected
to the company or the company’s events or the company’s employees, or make use of the company’s name or any insignia in a manner that
indicates that your publication is an official publication of the company, as opposed to your private publication, upon your own authority.
in any event of doubt, you may contact the it manager with any questions.


 


6.
For the avoidance of any doubt, the it manager, anyone
acting on his/her behalf, and any other person who has access to the e-mail, computer and the various folders, are to refrain from any
use at all of the information therein, including its publication or any other personal use, beyond the purposes delineated in this policy,
and to keep this information in strictest confidence.


 


7.
It is preferable, that during your absence from work,
for whatever reason, you leave an orderly “out of office” email message with the date of your return and a referral to whomever
is substituting for you during the period of your absence.


 


8.
You undertake that, at the termination of your employment,
you transfer the content of the computer and your email account, as is, to the it manager. if you wish to delete personal and private
files or to remove them from the computer – this shall be done only with the approval of and in coordination with the it manager.


 


9.
After termination of your employment, the company, by
means of the direct supervisor and it manager, shall be entitled to access your computer, email account and folders.


 


10.
You are required to keep current regarding the company’s
policy of computer use as will be updated from time to time.


 


I
hereby read and declare I read this annex A, understood its provisions and agree thereto.


 


David
Silberman: /s/ David Silberman                       Date: 5/23/2021