Exhibit 10.9


 


EMPLOYMENT AGREEMENT


 


This employment agreement (the “Agreement”)
dated as of September 11, 2013 (the “Signing Date”), by and between XTL Biopharmaceuticals Ltd., an Israeli
company with its principal offices in 85 Medinat Hayehudim St., Building G, Herzliya Business Park, Herzliya 4676670, Israel, (the
"Company"), and Joshua Levine, I.D. Number: 321903650, an individual whose address is 25 Ahi Dakar St., Ra'anana
4325962, Israel (the "Employee").


 


WITNESSETH:


 


WHEREAS, the
Company desires to employ Employee as its Chief Executive Officer (the “Position”), and Employee desires to
be employed by the Company in such capacity, on the terms and conditions set forth below:


 


NOW, THEREFORE,
in consideration of the foregoing and the mutual promises and covenants herein contained, the parties hereto agree as follows:


 


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


 


		1.	Preamble



 


The preamble to this Agreement and any
attachments hereto are an integral part of this Agreement.


 


		2.	Job Description



 


The Company hereby employs the Employee,
and Employee hereby accepts employment, to serve in the position of the Chief Executive Officer of the Company. The Employee shall
be responsible for the general management of the Company and shall report directly to the Board of Directors of the Company (the
"Board"). The description of responsibilities set forth herein shall serve as a general statement of the duties,
responsibilities and authority of the Employee. Additional duties, responsibilities and authority may be assigned to the Employee
by the Board, from time to time in its sole discretion.


 


		3.	Working Hours



 


The Employee shall be employed by the Company
on a full-time basis. The Employee agrees that his position is considered to be a management position as defined in the Hours of
Work and Rest Law – 1951, which requires a special measure of personal trust. Accordingly, the provisions of the Hours of
Work and Rest Law – 1951 shall not apply and the Employee shall not be entitled to receive any additional payment for his
work other than those that are set forth in this Agreement.


 




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		4.	Term of Agreement



 


This Agreement shall be effective upon
its approval by the Company's shareholders and shall remain in effect unless it is earlier terminated as hereinafter provided.
Notwithstanding the abovementioned, Employee shall deliver notice of resignation from his current position upon execution of this
Agreement by both parties and commence his employment according to this Agreement upon termination of the notice provisions in
his current Employment Agreement or shortly thereafter. It is hereby agreed that all payments pursuant this agreement shall be
made as of the actual commencement date of the Employment by the Employee.


 


		5.	Remuneration Terms and Conditions



 


5.1. The annual gross salary
of the Employee shall be NIS 480,000 (the "Annual Salary"). The Annual Salary shall be paid to the Employee in
monthly installments of NIS 40,000 per month (the “Monthly Salary”).


 


		5.1.1	Upon the successful completion of cash fund raising of at least US$3 million in a public offering
or private placement of equity securities, including securities convertible or exercisable into equity by the Company or any entity
in its control (>50%), as long as the Employee is appointed as such entity's CEO (the "Fund Raising") during
the thirty six (36) month period from the date hereof, the Company will pay the Employee a bonus equal to 1% of the above Fund
Raising amount, up to a maximum aggregate amount of $200,000 in any calendar year.



 


		5.1.2	In the event the Company or any of its fully owned subsidiaries or any entity in its control (>50%)
as long as the Employee appointed as such entity's CEO receives payment in connection with any collaboration or other transaction
relating to their respective products or technologies, excluding payments made to finance specific research and development activity
and royalty payments, Employee shall be entitled to payment of 1% of the cash actually received by the Company in such transaction,
whether as upfront payments, milestone payments or payments of any other form, up to an aggregate maximum amount of $200,000 in
any calendar year and per single transaction (hereinafter the "Transaction Bonus"). Any Transaction Bonus payments
relating to milestone payments shall be valid only for as long as Employee is employed by the Company at the time of the transaction/payment.



 


		5.1.3	In the event the Company or any of its fully owned subsidiaries or any entity in its control (>50%)
as long as the Employee appointed as such entity's CEO receives payment in connection with payments made to finance specific research
and development activity, the Employee shall be entitled to receive payment of 0.5% of such funding actually received by the Company
up to an aggregate maximum of $200,000 in any calendar year and per single R&D Funding (hereinafter the "R&D Bonus").
Any R&D Bonus payments shall be valid only for as long as Employee is employed by the Company at the time of the transaction/payment.



 




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		5.1.3	Payments received according to Sections 5.1.1 and 5.1.3 shall be capped in the aggregate at $300,000
per calendar year.



 


		5.1.4	Upon meeting of achievements and goals to be set by the Board of Directors prior to the commencement
of any calendar year, the Company shall pay Employee an annual bonus of NIS 66,000. In the event no such goals and achievements
are set by the Board, the Employee shall not be entitled to such annual bonus.
	 	 	 



			



		5.1.5	The Employee shall not be entitled to receive from the Company any salary or payment of any kind
other than the Annual Salary and other payments specifically set forth in this Agreement or properly authorized by the Board of
Directors and the shareholders of the Company, as required by law.



			



 


5.2Intentionally Deleted.


 


5.3.Other Terms of Employment


 


		5.3.1.	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, and any other expenses incurred by the
Employee for business-related activities, including but not limited to parking expenses, guest hosting, taxis, etc.) 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.



 


		5.3.2.	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 Monthly Salary and shall deduct two and a half percent (2.5%) of the Employee’s Monthly 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 on the full amount of the Monthly Salary paid to the Employee and in the
event that such amount exceeds the amounts permissible tax-exempt salary ceiling according to the income tax regulations in effect
from time to time, then any amounts in excess of the permissible tax-exempt salary ceiling, will be paid to the Employee in addition
to his Monthly Salary and will not be paid into the continuing education fund.



 




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		5.3.3.	Reserve Duty: The Employee shall be entitled to receive his full Annual 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 Annual Salary payable to the Employee.



 


		5.3.4.	Annual Leave and Damei Havra’a: The Employee shall be entitled to twenty-four (24)
working days of paid annual leave each year. The Employee shall not be allowed to accrue more than thirty (30) 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.



 


		5.3.5.	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 Annual Salary only upon the
presentation of medical documentation as required by the Company. As detailed under Section 5.4.1 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 Annual 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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		5.4.	Pension Benefits and Severance Payments


 


		5.4.1	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 14-1/3% of the Employee’s Monthly Salary for the preceding month to a Managers Insurance (Bituach Menahalim)
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”) and 6% toward provident (compensation). In addition to the 14-1/3%
mentioned above, at the beginning of each month the Company shall deduct from the Monthly Salary of Employee an amount equal to
5.5% of the Employee’s Monthly 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
Salary towards loss of (working capacity) 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.



 


		5.4.2	Notwithstanding anything contained in this Agreement the following shall apply in the event of
the termination of the employment under this Agreement:



 


		(a)	Section 14 of the Severance Compensation Law – 1963.



 


		(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. 14.33% of each Monthly Salary payment] shall be in lieu and in full and final substitution of any severance
pay the Employee shall be or become entitled to under any applicable Israeli law.



 


		(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.



 


		5.5.	Company Automobile.



 


The Company will provide a leased,
Group 4 (or equally priced), automobile to the Employee, and will place such automobile at the disposal of the Employee under the
terms of the Company’s general leasing plan (to be provided to the Employee upon provision of the automobile), for as long
as the Employee is employed by the Company. The Company will bear all expenses of the automobile, including gasoline, but excluding
any traffic or parking fines resulting from the use of such automobile. All tax consequences resulting from the use of such automobile
by the Employee shall be his sole and exclusive responsibility.


 


		5.6.	Cellular Phone. The Company shall provide and maintain for the Employee a cellular telephone
for as long as the Employee is employed by the Company. It is agreed that the Employee may transfer his own current cellular phone
number to the Company. Upon cessation of the Employee’s employment with the Company for whatever reason, the Company agrees
to return to the Employee his cellular phone number. The costs of such transfer of the cellular phone number to the Company and
back to the Employee shall be borne by the Company. All tax consequences resulting from the usage of the cellular phone by the
Employee shall be borne by the Company.



 


		5.7.	Grant of Stock/Share Options



 





	 	5.7.1	Subject to the approval of the board of directors of the Company (the “Board”), the Employee shall be issued options to purchase 1,200,000 ordinary shares of the Company of nominal value of NIS 0.1, available through the Company’s ESOP (representing $340,000 B&S valuation) (as defined below) (the “Options”), subject to any dilution and subject to the following conditions:








 


(1) The Options shall vest on a
quarterly basis (with 1/12 of the Options vesting on the last day of each three month period), commencing from the date hereof,
over a period of 3 years thereafter in accordance with the terms set forth in the Option Agreement with the Employee and section
6.2 below.


 


(2)        The
exercise price of each Option shall be the average of the Company's closing share price on TASE during the 30 days prior to the
date of announcement regarding the assembly of an Extraordinary General Meeting regarding the approval of the employment of the
Employee by the Company's shareholders.


 




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(3)        The
Options shall be granted in accordance with an Option Agreement to be signed between the Employee and the Company and shall be
at all times subject to (i) all the terms of the Company's Share Option Plan (“ESOP”), (ii) any terms and conditions
as shall be determined and altered from time to time by the Board or any of its committees and meeting of the shareholders of the
Company, as applicable in accordance with the terms of the ESOP, and (iii) any reasonable and customary lock-up agreement the Company
may enter from time to time with investment banks or underwriters in connection with an offering of its securities.


 


However, any such alteration shall
not derogate from the rights granted herein.


 


(4)        Any
tax liability in connection with the Options (including with respect to the grant, exercise, sale of the Options or the shares
receivable upon their exercise) shall be borne solely by the Employee.


 


(5)        The
Company's Compensation Committee, Audit Committee, Board and shareholders approve the grant of the Options.


 


		5.9	D&O Insurance: The Employee shall be included within the Directors & Officers Insurance
Policy of the Company for the duration of his employment with the Company, subject to those approvals required according to applicable
law.



 


		5.10	Annual Medical Survey ("Seker Refoi"): The Employee shall be entitled, during
his employment, to conduct an annual medical survey to be performed in any recognized medical institition in the state of Israel
and the Company shall finance such survey up to an aggregate amount of NIS 3,000 in each employment year.



 


		6.	Termination of Employment



 


		6.1.	Either party may terminate the Employee’s employment with the Company without cause at any
time upon three (3) months' prior written notice within the first year of employment and four (4) months' prior written notice
for any consecutive employment year (the "Notice Period"). The Company shall have the right, in its sole discretion,
to require the Employee to continue working for the Company during the Notice Period. During the Notice Period, the Employee shall
be entitled to all payments and shall continue to accrue all benefits to which he is entitled under this Agreement in the same
manner as he was entitled prior thereto.



 




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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 four (4) 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 ESOP 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.



 


		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.



 


		7.2.	The Employee hereby agrees that the Company shall deduct from his Annual 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.



 


		8.	The Obligations of the Employee



 


		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.



 


		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 (or any of its subsidiaries), without the prior permission
of the Company.



 


		8.3.	Notwithstanding the foregoing, the Employee may serve as a director or advisory board member or
in a similar role in other companies or entities, provided that such activity does not interfere with the fulfillment of his obligations
under this Agreement, and subject to section 8.4 below.



 


		8.4	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 which 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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		8.5.	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.



 


		8.6.	The Employee declares that the terms and conditions of his employment are personal and confidential
and will not be disclosed by him.



 


		8.7.	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.



 


		8.8.	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.



 


		8.9.	The Employee 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.



 


		8.10	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 six (6) months 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 Board has given his explicit written consent prior
the commencement of such employment or the giving of such services.



 


		8.11	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 and any equipment that were given to him or which were created by him in connection with his employment.



 




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		9.	Intellectual Property Rights



 


		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.



 


		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.



 


		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 shall have the discretion to award the Employee a cash payment as a result of any
Development or subsequent intellectual property arising therefrom developed primarily by the Employee.



 


		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.



 


		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.



 


		10.	Indemnification and Insurance



 


The Company shall take whatever steps are
necessary to indemnify the Employee for all actions taken in good faith in pursuit of his duties and obligations to the Company.
Such steps shall include, but shall not necessarily be limited to, the obtaining of an appropriate level of Directors and Officers
Liability insurance coverage and including the Employee in its Directors and Officers Liability insurance coverage.


 




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		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.



 


		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.



 


		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.



 


		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.



 


		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.



 


		11.6	The headings of Sections are inserted for convenience and
shall not affect any interpretation of this Agreement.



 


		12.	Notices



 


		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.



 


		12.2.	The addresses of the parties for the purposes of this Agreement are:



 




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XTL Biopharmaceuticals Ltd.


Herzliya Business Park (Building
G, 14th floor)


85 Medinat Hayehudim St.,


Herzliya Pituach 46766, Israel


 


Employee:


Joshua Levine


25 Ahi Dakar Street


Raanana 4325962


Israel


 


IN WITNESS WHEREOF the parties have
hereunto set their hands at the place and on the date first above written.


 


XTL Biopharmaceuticals Ltd.


 


	By:	 	 
	 	 	 
	Name	Amit Yonay	 
	Title	Chairman	 
	Date:	September 11, 2013	 
	 	 	 
	By:	 	 
	Name	Joshua Levine	 
	Date:	September 11, 2013	 


 








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