**EMPLOYMENT      AGREEMENT**

**XTL      Biopharmaceuticals Ltd.**
**Company**
**Employee**

**It      is hereby agreed by and between the parties as follows:**

| **1.** | **Preamble** |
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| **2.** | **Job                Description** |
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| **3.** | **Working                Hours** |
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| **4.** | **Term                of Agreement** |
|--------|--------------------------------------|

| **5.** | **Annual                Salary** |
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|  | 5.1. | The                Employee’s annual salary shall be as                follows: |
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|   | 5.1.1. | The                Employee shall receive an annual gross salary of seventy eight thousand                dollars (US$78,000) payable in New Israeli Shekels according the                representative rate of exchange in effect each month at the time                Company                salaries are calculated (the "Annual Salary"). In the event that                (1) the                Employee assumes the financial and accounting management of the Company,                and (2) the departure of the Company’s current CFO, the Employee’s Annual                Salary shall be increased to US$90,000 payable in New Israeli Shekels                according the representative rate of exchange in effect each month                at the                time the Company salaries are calculated. The Employee’s Annual Salary                shall be paid in twelve equal installments, monthly in arrears. |
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|   | 5.1.2. | On each anniversary date of this Agreement the Employee’s              Annual Salary shall be increased by an amount to be determined by the              Chief Executive Officer in consultation with the Board of              Directors. |
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|   | 5.1.3 | The Annual Salary set forth in paragraph 5.1.1,              above,              shall be referred to as the “Global Salary”. The linkage of the Global              Salary to the United States dollar is in lieu of any generally-applicable              increases, whether the statutory cost of living increase (“Tosefet Yoker”)              or any other industry-wide increase applicable as the result of collective              bargaining agreements or other order of the Ministry of Labor and Welfare              (such as Tzavei Harhava). By signing this Agreement and accepting              employment pursuant to its terms, the Employee represents that he will              not              claim any such increase. |
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|   | 5.1.4. | The Employee shall not be entitled to receive from              the              Company any salary or payment of any kind other than the Global Salary              and              other payments specifically set forth in this Agreement or properly              authorized by the Board of Directors. |
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|   | 5.2. | Other                Terms of Employment |
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|  | 5.2.1. | Bonuses:                The Employee shall be eligible to receive one or more bonuses during                any                calendar year at the discretion of the Chief Executive Officer, acting                in                consultation with the Board of                Directors. |
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|  | 5.2.2. | Expenses:                The Employee shall be entitled, in accordance with the Company’s standard                policy in effect from time to time, to be reimbursed for expenses                (Hotza’ot Eshel) incurred in Israel and abroad in connection with Company                business against receipt by the Company of appropriate vouchers,                receipts                or other proof of the Employee’s                expenditures. |
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|  | 5.2.3. | Continuing                Education Fund:                The Employee shall be entitled to participate in the Company’s continuing                education fund (Keren Hishtalmut). The Company shall contribute an                amount                equal to seven and a half percent (7.5%) of the Employee’s Global Salary                and shall deduct two and a half percent (2.5%) of the Employee’s Global                Salary and transfer it as the Employee’s contribution. The Employee                consents to the deduction of this amount as his contribution to the                continuing education fund. These contributions will be calculated                up to                the permissible tax-exempt salary ceiling according to the income                tax                regulations in effect from time to time. If the amount of the Company’s                contribution is greater than permitted by those regulations, the                Employee                shall not have the right to receive the excess                amount. |
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|  | 5.2.4. | Reserve                Duty:                The Employee shall be entitled to receive his full Global Salary                and other                payments while performing reserve duty, provided that any amount                received                by the Employee from the I.D.F. or any other source (excluding Damei                Calcala) is transferred to the Company or, in the alternative, an                amount                equal to that received from the I.D.F. or any other source is deducted                from the Global Salary payable to the                Employee. |
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|  | 5.2.5. | Annual                Leave and Damei Havra’a:                The Employee shall be entitled to fifteen (15) working days of paid                annual                leave each year. The Employee shall not be allowed to accrue more                than                fifteen (15) working days of annual leave except in unusual circumstances                and with the permission of the Company. Any accrued and unused vacation                days can be redeemed by the Employee in accordance with the provisions                of                the Annual Leave Law –                1951. In                addition, the Employee shall be entitled to paid leave on the major                national and religious holidays celebrated in Israel, and in accordance                with the normal practice of the Company in effect from time to time.                The                Company shall also pay the Employee an amount equivalent to five                (5) days                of damei havra’a each year in accordance with the law and the normal                practice of the Company in effect from time to time. |
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|  | 5.2.7. | Sickness                and Disability Insurance:                The Employee shall be entitled to the number of days for sick leave                permitted by law. Compensation for sick days utilized shall be paid                according to his Global Salary only upon the presentation of medical                documentation as required by the Company. As detailed under Section                5.3.1                below, the Employee shall be covered by disability insurance that                provides                monthly compensation. Notwithstanding the foregoing, the Employee                shall                not be entitled to receive compensation for sick leave if such                compensation is covered by the Employee’s disability insurance referred to                above. However, should the amounts received by the Employee pursuant                to                such disability insurance be less than the amount that is properly                payable                as compensation for the Employee’s available sick leave, according to the                Global Salary, the Company shall pay the difference. It is understood                and                agreed that unused sick leave cannot be redeemed by the Employee.                For the                avoidance of doubt, it is understood and agreed that the payments                made by                the Company in consideration of sick leave covers all obligations                of the                Company pursuant to the Sick Leave Law -                1976. |
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|   | 5.3. | Pension                Benefits and Severance Payments |
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|  | 5.3.1 | Managers                Insurance. Within ten days after the end of each month during the                employment of Employee hereunder (or such other day as is consistent                with                the Company’s general practices), the Company shall pay an aggregate                amount equal to 13-1/3% of the Employee’s monthly installment of the                Global Salary for the preceding month to a Managers Insurance (Bituach                Manahalim) policy (the “Policy”) and/or a comprehensive pension plan                (“Pension Plan”) through an agency and with an insurance company or a                pension fund, to be selected by the Employee, to be divided as follows:                8-1/3% towards Severance (the “Company’s Severance Contribution”); 5%                toward provident (compensation) as required by the new regulations                in                effect as of January 2006, relating to payments made to provident                funds.                In addition to the 13-1/3% mentioned above, at the beginning of each                month                the Company shall deduct from the monthly installment of the Global                Salary                of Employee an amount equal to 5% of the Employee’s monthly installment of                the Global Salary for the preceding month, and shall pay such amount                as                premium payable in respect of the provident compensation component                of                Policy. In addition the Company shall also pay up to 2.5% of the                Employee’s monthly installment of the Global Salary towards disability                insurance (depending on the cost to the Company necessary to provide                coverage). In the event the Employee elects to be insured under a                Pension                Plan, the allocations shall be modified in accordance with the Pension                Plans policies, provided, in any event they do not exceed the amounts                set                forth above. |
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| (a)   | Section                14 of the Severance Compensation Law –1963. |
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| (i)   | It                is hereby agreed that upon termination of employment under this Agreement,                the Company shall release to the Employee all amounts accrued in                the                Managers Insurance on account of both the Company’s and Employee’s                contributions. It is hereby clearly agreed and understood that the                amounts                accrued in the Managers Insurance on account the Company’s contribution                [i.e. 13.33% of each monthly installment of the Global Salary payment]                shall be in lieu and in full and final substation of any severance                pay the                Employee shall be or become entitled to under any applicable Israeli                law. |
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| (ii)   | The                Company hereby waives in advance any right to any amounts accrued                in the                Managers Insurance, unless the Employee is either not entitled to                Severance Pay according to Section 17 of the Severance Compensation                Act,                1963, or has withdrawn amounts from the Managers Insurance not                due or as a result of an “Entitling Event”, as such term is defined in the                General Approval of the Labor Minister, dated June 30, 1998, issued                in                accordance to the said Section 14 (the “**General                Approval**”). |
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| (iii)   | Sub-Sections                (i) and (ii) are in accordance with Section 14 of the Severance                Compensation Act, 1963 and the General Approval, a copy of which                is                attached hereby to this **Schedule                A**                as                **Exhibit                A**. |
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|   | 5.4. | Company                Automobile. |
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|   | 5.5. | Cellular                Phone |
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|   | 5.6. | Grant                of Stock/Share Options |
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| 5.6.1.   | The                Employee shall be entitled to receive one or more grants of options                to                purchase the Company’s ordinary shares. The amount of options granted and                timing of each grant shall be determined at the sole discretion of                the                Chief Executive Officer in consultation with the Board of Directors.                The                options shall be granted in accordance with the Company’s share option                plans. The grant of such options and the terms and conditions applicable                thereto, are subject to (i) the inclusion of the of the Employee                in the                Company’s share option plan; (ii) approval of the Company’s Board of                Directors; and (iii) such other terms and conditions as required                in order                to effect the grant of the options. All tax consequences resulting                from                the grant, vesting and exercise of the share options to or by the                Employee                shall be his sole and exclusive responsibility. |
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| **6.** | **Termination                of Employment** |
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|  | 6.1. | Either                party may terminate the Employee’s employment with the Company without                cause at any time upon three (3) month’s prior written notice. The Company                shall have the right, in its sole discretion, to require the Employee                to                continue working for the Company during the notice period. |
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|  | 6.2. | The                Employee’s employment shall be terminated by his death or disability. (For                purposes of this section, “disability” shall be deemed to have occurred if                the Employee is unable, due to any physical or mental disease or                condition, to perform his normal duties of employment for 120 consecutive                days or 180 days in any twelve month period.). In such an event,                he shall                be entitled to continue to receive his annual salary for three (3)                months                following his last day of actual employment by the Company. Such                amount                shall be in addition to any severance payment he is entitled to receive                according the provisions of the Severance Compensation Law - 1963.                In                addition, in such events, the Board of Directors shall take the necessary                steps so that (a) any outstanding, but unvested, options granted                to the                Employee shall vest upon the effective date of his termination; and                (b)                the period during which the Employee shall be permitted to exercise                such                options shall be extended to two (2) years from the effective date                of his                termination as defined in the Share Option Plan governing the options                in                question. Should the Employee’s employment be terminated as a result of                his death, the benefits granted herein, shall be granted instead                to his                lawful heir or heirs. |
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| **7.** | **Taxes                and Other Payments** |
|--------|---------------------------------------------|

|  | 7.1. | Unless                otherwise specifically provided for in this Agreement, the Company                shall                not be liable for the payment of taxes or other payments for which                the                Employee is responsible as result of this Agreement or any other                legal                provision, and the Employee shall be personally liable for such taxes                and                other payments. |
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|  | 7.2. | The                Employee hereby agrees that the Company shall deduct from his Global                Salary the Employee’s national insurance fees, income tax and other                amounts required by law or the terms of this Agreement. The Company                shall                provide the Employee with documentation of such deductions. |
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| **8.** | **The                Obligations of the Employee**  |
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|   | 8.1. | The                Employee agrees to devote his entire business time, energy, abilities                and                experience to the performance of his duties, effectively and in good                faith. |
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|   | 8.2. | During                the period of his employment, the Employee shall not be employed,                whether                or not during regular business hours, for pay by any other party                other                than the Company, without the prior permission of the Company. The                Company                has approved that the Employee may continue his pre-existing consulting                relationship with Keryx Biopharmaceuticals, Inc., provided such consulting                relationship does not conflict in any way with the services provided                to                the Company hereunder. |
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|   | 8.3. | The                Employee agrees to immediately inform the Company of any Company                issue or                transaction in which the Employee has a direct or indirect personal                interest and/or where such issue or transaction could cause a conflict                of                interest for the Employee in the fulfillment of his responsibilities                as an                employee of the Company. |
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|   | 8.4. | The                Employee hereby gives irrevocable instructions and permission to                the                Company to deduct from any amounts owed to the Employee by the Company,                including amounts payable as severance compensation, (a) any debt                he has                or will have to the Company; and/or (b) any amount that was wrongfully                or                mistakenly paid to him by the Company. Any such amounts to be deducted                shall be calculated in real terms as of the date of the deduction,                including linkage to cost of living                index. |
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|   | 8.5. | The                Employee declares that the terms and conditions of his employment                are                personal and confidential and will not be disclosed by                him. |
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|   | 8.6. | The                Employee declares that he is free to enter into this Agreement and                that he                has no obligations of any kind to any third party that would impair                this                Agreement, either as an employee or an independent contractor. The                Employee further declares that as long as he remains an employee                of the                Company, he will not incur any such                obligations. |
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|   | 8.7. | The                Employee agrees to keep confidential (a) all professional, scientific,                commercial, and business information; and (b) any other information                or                document that comes to the Employee’s knowledge in connection with the                affairs of the Company (collectively, the “Confidential Information”), and                agrees not to use or exploit the Confidential Information or to disclose                it to any third party where such use, exploitation or disclosure                in not                directly related to the affairs of the Company, unless the Company                gives                prior written authorization of such                disclosure. |
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|   | 8.8. | The                Employees agrees that during his employment by the Company and thereafter                he (a) will not disseminate or otherwise make use of the Confidential                Information or of other non-public information of which he learned                while                working for the Company, except where such dissemination or use is                directly related to the affairs of the Company; (b) will maintain                the                confidentiality of the Confidential Information; and (c) will not                in any                way act to injure the reputation of the Company or any of its affiliated                companies. |
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|   | 8.9 | The                Employee understands and recognizes that his services to the Company                are                special and unique. Therefore, he agrees that during the term of                this                Agreement and for one (1) year after the termination for any reason                of his                employment, he shall not be employed in or give any services to any                business or third party that competes directly with the Company or                whose                activities conflict with the activities of the Company, unless the                Chief                Executive Officer has given his explicit written consent prior the                commencement of such employment or the giving of such                services. |
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|  | 8.10 | Upon                termination of his employment, the Employee agrees to assist the                Company                with an orderly transition of his responsibilities and to return                to the                Company any documents, information and/or materials that were given                to him                or which were created by him in connection with his                employment. |
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| **9.** | **Intellectual                Property Rights** |
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|  | 9.1. | The                Employee declares that he is aware that anything that is done by                him in                the Company or in connection with the Company, whether it be an invention,                a discovery, or the development of an idea or a thing, all within                the                framework of the Company’s business (the Development”) shall belong to and                be controlled by the Company, unless the Board of Directors shall,                in                writing, direct otherwise. |
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|  | 9.2. | The                Company shall have the right to fully utilize and exploit the Development,                as it sees fit, including changing it, registering part or all of                it as a                patent, whether in Israel or abroad, selling it, transferring it                to a                third party, all without being required to either receive the Employee’s                consent or pay the Employee any additional payment for such Development                apart from any payment he receives pursuant to this                Agreement. |
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|  | 9.3. | The                Development and any subsequent intellectual property arising therefrom                shall remain the sole property of the Employer even after the Employee’s                employment terminates for any reason. The termination of this Agreement,                whether due to its breach or its own terms, shall not impair the                Company’s                exclusive rights in the Development. Notwithstanding the termination                of                this Agreement, the Board of Directors shall have the discretion                to award                the Employee a cash payment in accordance with the terms of paragraph                5.2.1, above, as a result of any Development or subsequent intellectual                property arising therefrom developed primarily by the                Employee. |
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|  | 9.4. | The                Employee may not do anything with the Development or any related                materials                without the knowledge and prior consent of the Company. The Employee                declares that he neither has nor will have any rights in the Development                or its fruits and that all rights to the Development and its fruits                shall                fully reside in the Company. |
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|  | 9.5. | Even                in the event that at the time of the termination of the Employee’s                employment for any reason the Development has not been completed,                the                Employee shall be prohibited from any continued activity in connection                with the subject of the Development, alone or in concert with others,                that                is not explicitly allowed in writing by the Company. The Company                alone                will be the sole owner of the uncompleted Development and shall have                the                sole right to complete the Development or to take any other action                in                connection with the Development. |
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**10.      Indemnification**

| **11.** | **General** |
|---------|-------------|

|  | 11.1. | It                is agreed that the provisions of this Agreement represent the full                scope                of the agreement between the parties and that neither side shall                be bound                by any promises, declarations, exhibits, agreements or obligations,                oral                or written, that are not included in this Agreement prior to its                execution. Any changes or amendments to this Agreement must be in                writing                and signed by both parties. |
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|  | 11.2. | This                Agreement shall be governed by, and construed and interpreted under,                the                laws of the State of Israel. The parties agree that any legal claim                lodged                by one party against the other arising from the terms of this Agreement                shall be adjudicated only by the appropriate court in Tel Aviv,                Israel. |
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|  | 11.3. | If                any provision of this Agreement shall be declared by a court of competent                jurisdiction to be invalid, illegal or incapable of being enforced                in                whole or in part, the remaining conditions and provisions or portions                thereof shall nevertheless remain in full force and effect and                enforceable, and no provision shall be deemed dependent upon any                other                covenant or provision unless so expressed herein. |
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|  | 11.4. | The                rights, benefits, duties and obligations under this Agreement shall                inure                to, and be binding upon, the Company, its successors and assigns,                and upon                the Employee and his legal representatives. This Agreement constitutes                a                personal service agreement, and the performance of the Employee's                obligations hereunder may not be transferred or assigned by the Employee. |
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|  | 11.5 | The                failure of either party to insist upon the strict performance of                any of                the terms, conditions and provisions of this Agreement shall not                be                construed as a waiver or relinquishment of future compliance therewith                or                with any other term, condition or provision hereof, and said terms,                conditions and provisions shall remain in full force and effect.                No waiver                of any term or condition of this Agreement on the part of either                party                shall be effective or any purpose whatsoever unless such waiver is                in                writing and signed by such party. |
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|  | 11.6 | The                headings of Sections are inserted for convenience and shall not affect                any                interpretation of this Agreement. |
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| **12.** | **Notices** |
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|  | 12.1. | A                notice that is sent by registered mail to a party at its address                as set                forth in paragraph 12.2, below, shall be deemed received three (3)                days                after its posting, and the receipt stamped by the post office shall                represent definitive evidence of the date of                mailing. |
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|  | 12.2. | The                addresses of the parties for the purposes of this Agreement                are: |
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**XTL      Biopharmaceuticals Ltd.**

**Employee:**

**IN      WITNESS WHEREOF**

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| By:  /s/              Ron Bentsur                                               |   |   | /s/              Michael              Weiss |
|-------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------|
| Name Ron                Bentsur                                                      |   |   | Michael              Weiss                  |
| Title Chief                Executive OfficerDate:                  February 10, 2006 |   |   | ChairmanFebruary              10, 2006      |

|                                           |   |   |   |
|------------------------------------------------|--------|--------|--------|
| By:  /s/                Bill Kessler |   |   |        |
| Name Bill                    Kessler      |   |   |        |
| Date:                      February 10, 2006   |   |   |        |

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