# EDGAR Filing Document

**Accession Number:** 0001885408
**File Stem:** 0001213900-23-024983
**Filing Date:** 2023-3
**Character Count:** 44349
**Document Hash:** 1fda39d9cd37cb58fee3228f51de1dfe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-024983.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001213900-23-024983

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20230331

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jeffs' Brands Ltd
- **CENTRAL INDEX KEY:** 0001885408
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41482
- **FILM NUMBER:** 23783372

**BUSINESS ADDRESS:**
- **STREET 1:** 7 MEZADA STREET
- **CITY:** BNEI BRAK
- **STATE:** L3
- **ZIP:** 5126112
- **BUSINESS PHONE:** 0097236899124

**MAIL ADDRESS:**
- **STREET 1:** 7 MEZADA STREET
- **CITY:** BNEI BRAK
- **STATE:** L3
- **ZIP:** 5126112

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**Form 6-K**

Report of Foreign Private Issuer<br> Pursuant to Rule 13a-16 or 15d-16<br> under the Securities Exchange Act of 1934

For the month of March 2023 (Report No. 3)

Commission file number: 001-41482

**<u>Jeffs' Brands Ltd</u>**

(Translation of registrant's name into English)

**7 Mezada St.<br> <u>Bnei Brak, Israel 5126112</u>**<br> (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**<u>CONTENTS</u>**

On March 22, 2023, Jeffs' Brands Holdings Inc. ("Jeffs' Brands Holdings"), a wholly owned subsidiary of Jeffs' Brands Ltd. (the "Company"), completed its previously reported acquisition from SciSparc Ltd. ("SciSparc") of 360,297 shares of common stock of SciSparc Nutraceuticals Inc. ("SciSparc U.S."), a wholly-owned subsidiary of SciSparc that owns and operates Wellution, a top-selling Amazon food supplements and cosmetics brand, subject to the holdback by SciSparc of 11 shares as described below, representing approximately 49% of the issued and outstanding shares of common stock of SciSparc U.S., pursuant to that certain stock purchase agreement by and between the Company, Jeffs' Brands Holdings and SciSparc, dated February 23, 2023 (the "Wellution Agreement"), as amended on March 22, 2023 by Addendum No. 1 to the Wellution Agreement (the "Addendum"), for approximately $3.0 million in cash, of which approximately $2.5 million was paid at the closing (the "Wellution Transaction"). The Addendum provided for the payment by the Company to SciSparc of an additional amount of $489,330 in cash for purchase price adjustments (the "Price Adjustment") related to inventory and working capital, payable in five equal installments of $97,866 on the tenth day of each consecutive calendar month, beginning in May 2023. As collateral for the payment in full of the Price Adjustment, SciSparc held back 11 shares of common stock of SciSparc U.S, which will be released to Jeffs' Brands Holdings once the final payment is made.

Pursuant to the Wellution Agreement, in connection with the closing of the Wellution Transaction, on March 22, 2023, the Company entered into a consulting agreement with SciSparc U.S. (the "SciSparc Consulting Agreement"), pursuant to which the Company will provide management services to SciSparc U.S. for the Wellution brand for a monthly fee of $20,000, and the Company received a one-time signing bonus in the amount of $51,000. The SciSparc Consulting Agreement is for an undefined period of time and may be terminated by either party with 30 days advance notice.

Also pursuant to the Wellution Agreement, in connection with the closing of the Wellution Transaction, on March 28, 2023, effective as of March 22, 2023, the Company issued 247,415 of its ordinary shares to SciSparc and SciSparc issued 360,297 of its ordinary shares to the Company in a share exchange (collectively, the "Exchange Shares"), representing approximately 2.97% and 4.99%, respectively, of the Company's and SciSparc's issued and outstanding ordinary shares. The number of Exchange Shares acquired by each company was calculated by dividing $288,238, which was adjusted from $300,000, pursuant to the 4.99% ownership limitation included in the Wellution Agreement, by the average closing price of the relevant company's shares on the Nasdaq Capital Market for the 30 consecutive trading days ending on the third trading day immediately prior to the closing date.

Neither the SciSparc U.S. common stock received by the Company nor the Exchange Shares were registered under the Securities Act, or any state's securities laws and such common stock and Exchange Shares were issued pursuant to an exemption from registration under the Securities Act. Neither the SciSparc U.S. common stock nor the Exchange Shares may be offered or sold in the United States by the receiving party, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

 ****

Copies of the Wellution Agreement, the Addendum and the SciSparc Consulting Agreement are filed as Exhibits 10.1, 10.2 and 10.3 to this Report of Foreign Private Issuer on Form 6-K (this "Form 6-K") and are incorporated by reference herein. The foregoing summaries of the Wellution Agreement, the Addendum and the SciSparc Consulting Agreement are subject to and qualified in their entirety by reference to Exhibits 10.1, 10.2 and 10.3, respectively.

On March 28, 2023, the Company issued a press release titled "Jeffs' Brands Completes the Acquisition of a 49% interest in a Company that Owns Wellution, a Top Seller Brand on Amazon, for $3 million," a copy of which is furnished as Exhibit 99.1 to this Form 6-K.

This Form 6-K, including its exhibits, is incorporated by reference into the Company's registration statement on [Form S-8](http://www.sec.gov/Archives/edgar/data/1885408/000121390023000913/ea171182-s8_jeffsbrands.htm) (File No. 333-269119) filed with the Securities and Exchange Commission to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** |  |
| 10.1 | [Stock Purchase Agreement, dated February 23, 2023, by and among Jeffs' Brands Ltd, Jeffs' Brands Holdings Inc. and SciSparc Ltd. (incorporated by reference to Exhibit 99.2 to the Company's Foreign Private Issuer on Form 6-K filed by the Company on February 27, 2023).](http://www.sec.gov/Archives/edgar/data/1885408/000121390023014814/ea174331ex99-2_jeffsband.htm) |
| 10.2 | [Addendum No. 1 to Stock Purchase Agreement, dated March 22, 2023, by and among Jeffs' Brands Ltd, Jeffs' Brands Holdings Inc. and SciSparc Ltd.](ea176115ex10-2_jeffsbrands.htm) |
| 10.3 | [Consulting Agreement, dated March 22, 2023, by and between Jeffs' Brands Ltd and SciSparc Nutraceuticals Inc.](ea176115ex10-3_jeffsbrands.htm) |
| 99.1 | [Press release issued by Jeffs' Brands Ltd dated March 28, 2023, titled "Jeffs' Brands Completes the Acquisition of a 49% interest in a Company that Owns Wellution, a Top Seller Brand on Amazon, for $3 million."](ea176115ex99-1_jeffsbrands.htm) |

---

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Jeffs' Brands Ltd** | **Jeffs' Brands Ltd** |
| Date: March 31, 2023 | By: | /s/ Ronen Zalayet |
|  |  | Ronen Zalayet |
|  |  | Chief Financial Officer |

---

## Exhibit 10.2

**Exhibit 10.2**

**ADDENDUM NO. 1 TO STOCK PURCHASE AGREEMENT**

**THIS ADDENDUM NO. 1** (this "**Addendum**"), dated as of March 22, 2023, to that certain Stock Purchase Agreement (the "**Purchase Agreement**"), dated as of February 23, 2023, is entered into by and among SciSparc Ltd., a company incorporated under the law of the State of Israel ("**Seller**"), Jeffs' Brands Holdings Inc., a company incorporated under the laws of the State of Delaware, a wholly-owned subsidiary of Jeffs' Brands Ltd., a company incorporated under the law of the State of Israel and Jeffs' Brands Ltd. (the "**Purchaser**" and the "**Parent**", respectively, and collectively, the "**Purchasers**").

 

*Capital terms used but not otherwise defined herein shall have the meanings set forth in the Purchase Agreement*.

**WHEREAS**, the Seller and Purchasers have entered into a the Purchase Agreement pursuant to which the Seller agreed to sell and transfer to Purchaser shares of common stock, par value $0.01 per share of SciSparc Nutraceuticals Inc., a company incorporated under the laws of the State of Delaware and a wholly-owned subsidiary of Seller (the "**Seller Subsidiary**") for an aggregate purchase price of $2,500,000, subject to certain price adjustments (the "**Seller Shares**"), in accordance with the terms set forth therein;

**WHEREAS**, Section 10.9 of the Purchase Agreement provides that the Purchase Agreement may be amended by an agreement in writing executed by the Seller and Purchasers; and

**WHEREAS**, the parties desire to amend the Purchase Agreement as hereinafter set forth.

**NOW, THEREFORE**, the parties hereby agree as follows:

1. The following shall be added as Sub-Section 1.4.1 of the Purchase Agreement:

"1.4.1 The Purchaser shall deliver the amount of the Price Adjustment, which is determined to be $489,330, in five equal installments of $97,866, on the tenth day of each consecutive calendar month, beginning May 2023. As collateral for the payment in full of the Price Adjustment, the Seller shall withhold from the Purchaser 11 Seller Shares, which is equal to the outstanding due amount of the Price Adjustment, as determined according to the PPS (the "**Holdback Shares**"). Upon payment in full of the Price Adjustment, the Seller shall release the Holdback Shares and transfer to the Purchaser the Holdback Shares, free and clear of any lien, pledge, charge, encumbrance or other third party right.

2. This Addendum shall not constitute an amendment of any other provision of the Purchase Agreement not expressly
referred to herein. The Purchase Agreement shall remain in full force and effect, and this Addendum shall be effective and binding upon
the Seller and Purchasers upon execution and delivery by the Seller and Purchasers. From and after the date hereof, all references to
the term "Agreement" in the Purchaser Agreement shall be deemed to refer to the Purchase Agreement, as amended hereby.

3. This Addendum may be executed in two or more counterparts, all of which shall be considered an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more
such counterparts have been signed by each party and delivered (by facsimile, e-mail, or otherwise) to the other party.

4. The parties hereto agree to cooperate fully in taking all such further actions and executing all such
further documents, instruments and agreements as any of such parties may reasonably request in order to carry out the intent of this Addendum.

 

*[Signature page follows*]

 

**IN WITNESS WHEREOF**, the parties hereto have caused this Addendum to be duly executed as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| Parent: | Parent: |  |  |
| JEFFS' BRANDS LTD. | JEFFS' BRANDS LTD. |  |  |
| By: | /s/ Viki Hakmon | By: | /s/ Ronen Zalayet |
| Name: | Viki Hakmon | Name: | Ronen Zalayet |
| Title: | Chief Executive Officer | Title: | Chief Financial officer |

---

---

| | | | |
|:---|:---|:---|:---|
| Purchaser: | Purchaser: |  |  |
| JEFFS' BRANDS HOLDINGS INC. | JEFFS' BRANDS HOLDINGS INC. |  |  |
| By: | /s/ Viki Hakmon | By: | /s/ Ronen Zalayet |
| Name: | Viki Hakmon | Name: | Ronen Zalayet |
| Title: | Chief Executive Officer | Title: | Chief Financial officer |

---

---

| | | | |
|:---|:---|:---|:---|
| Seller: | Seller: |  |  |
| SCISPARC LTD. | SCISPARC LTD. |  |  |
| By: | /s/ Itschak Shren | By: | /s/ Amnon Ben Shai |
| Name: | Itschak Shren | Name: | Amnon Ben Shai |
| Title: | Director | Title: | Director |

---

*[Signature Page/ 1<sup>st</sup> Addendum to Purchase Agreement]*

## Exhibit 10.3

**Exhibit 10.3**

 ****

***Execution Copy***

**CONSULTING AGREEMENT**

**THIS AGREEMENT** (the "**Agreement**") is made on this 22 of March, 2023 by and between SciSparc Nutraceuticals Inc., whose address is 1007 N. Orange St., Wilmington, Delaware 19801 (the "**Company**") and Jeffs' Brands Ltd., company number 516356763 (the "**Consultant**") (each, a "**Party**", and collectively, the "**Parties**").

---

| | |
|:---|:---|
| **WHEREAS**: | the Company wishes the Consultant to provide the Company with certain services relating to the management and maintenance of the brand "Wellution", an Amazon.com account and food supplements and cosmetics brand manufacturing hemp-based products (the "**Business**" and the "**Products**", respectively) and the Consultant wishes to render such services to the Company; |

---

---

| | |
|:---|:---|
| **WHEREAS**: | Jeffs' Brands Holdings Inc., a wholly-owned subsidiary of the Consultant (the "**Purchaser**") is the holder of 57 shares of common stock, par value $0.01 per share of the Company (the "**Purchaser Shares**"); and |

---

---

| | |
|:---|:---|
| **WHEREAS**: | the Company and the Consultant desire to regulate their relationship in accordance to the terms and conditions set forth in this Agreement. |

---

**NOW THEREFORE,** the parties hereto agree as follows:

1.  **<u>The Services</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Company hereby engages the Consultant as an independent consultant and the Consultant hereby agrees
to serve as a consultant to the Company and provide the services specified in  **<u>Schedule A</u>** attached hereto (the "**Services** ").
The engagement hereunder shall commence on and be effective as of February 15, 2023 (the "**Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The Consultant shall reasonably cooperate on an ongoing basis with the Company as determined by the Company
from time to time; the person within the Company who shall be in charge of the engagement of the Consultant shall be the Chairman of the
Board of Directors such other person as determined by the Company from time to time. The Consultant shall ensure that each employee, consultant,
manager or any other representative of the Consultant who are responsible for performing the Services hereunder (the "Consultant's
Representatives"), shall be aware of all the obligations and liabilities of the Consultant hereunder. Any breach of this Agreement
by the Consultant's Representatives shall be deemed a breach by the Consultant. The Consultant shall be liable towards the Company
for any breach by the Consultants' Representatives of any of its obligations or breaches under this Agreement and for any other
liability of the Consultants' Representatives hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. The Consultant shall devote all the necessary time in performing its duties and responsibilities under
this Agreement, as shall be reasonably required by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. The Consultant agrees to and to cause the Consultants' Representatives to perform its duties described
herein in a faithful, diligent and professional manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. The Consultant shall be responsible for maintaining, at the Consultant's own expense, a place of
work, any equipment and supplies necessary for the performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. Nothing in this Agreement shall be interpreted as preventing or restricting the Company from obtaining
or seeking from any other person services of the same nature as the Services, or otherwise from performing or seeking to perform any action
or operation. Nothing in this Agreement shall be interpreted as preventing or restricting the Consultant from supplying services to any
third party, as long as such services to third parties (i) do not conflict with any obligation or undertaking of the Consultant hereunder,
and (ii) do not interfere with the performance of or restrict the ability of the Consultant to perform the Services hereunder.

2.  **<u>Term and Termination</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. This Agreement shall commence upon the Effective Date and shall continue until terminated pursuant to
Section ‎2.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Notwithstanding the above, this Agreement may be terminated at any time by the Consultant or by the Company
by giving the other party 30 days' advance notice in writing (the "**Notice Period** "), provided that the Company
may terminate this Agreement forthwith for Cause (as defined herein) without advance notice. A termination for "Cause" is
a termination due to: (i) the Consultant's Representatives' conviction or indictment of any felony; (ii) a material breach
of any provision of this Agreement or its exhibits which is not cured (if deemed curable by the Company) within twenty (20) days of receipt
of a written notice about such breach from the Company; (iii) a material breach of trust by the Consultant or embezzlement of funds of
the Company or any Affiliate (as defined in Section ‎7.1 below) thereof; (iv) involvement of the Consultant's Representatives'
in sexual harassment of any employee of the Company or other party in connection with the performance of the Services; or (v) causing
grave injury to the business, assets, operations or reputation of the Company or any Affiliate thereof. Nothing herein shall derogate
from the Company's rights with respect to such termination for Cause including the right to set off damages against the Consultant's
Consulting Fees (as defined in Section ‎3.1 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. In the event of termination other than for Cause, the Consultant shall be entitled to any due and unpaid
Consulting Fees, including for Services provided during the Notice Period (to the extent that it provides Services to the Company during
the Notice Period).

3.  **<u>Consideration</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.  **<u>Consulting Fee</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. In consideration for the Services rendered by the Consultant pursuant to this Agreement, the Company shall
pay the Consultant a monthly fee, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.1. US$20,000 (plus VAT, if required by law) (the "**Increased Consulting Fee**") commencing
on the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.2. A one-time signing bonus, in the gross amount of $51,000 which shall be paid by the Company together with
the first monthly fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.3. All payments of Consulting Fees hereunder shall be made on the dates specified herein, within 10 days
from, and subject to, receipt by the Company of a duly issued tax invoice(s) and receipt(s) by the Consultant for the amount due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1.4. The Consulting Fees are inclusive of any and all taxes, and the Consultant shall bear full responsibility
for all tax obligations of any kind or nature relating (other than VAT), directly or indirectly, to the Consulting Fees and otherwise
to the Services hereunder. To the extent that any such taxes may be imposed upon the Company, the Company may deduct such amounts from
any payments due to the Consultant. The Company shall be entitled to withhold and deduct from payments due hereunder any and all amounts
as may be required from time to time under any applicable law. VAT shall be charged on all amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.  **<u>Expenses</u>** . The Company shall reimburse Consultant for reasonable travel and business related
expenses incurred in the course of performing Services hereunder subject to the provision of applicable receipts and invoices by the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.  **<u>Full Consideration</u>** 

Other than (i) the Consulting Fees specified in Section ‎3.1 above, which consideration constitutes full consideration for the Services rendered hereunder, and (ii) the expenses reimbursement set forth in Section ‎3.2 above, Consultant will not be entitled to any other consideration for rendering the Services hereunder.

4.  **<u>Confidentiality, Proprietary Rights</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.  **<u>Confidentiality</u>** . Each Party shall keep all Confidential Information received by the other
Party in strict confidence and shall not directly or indirectly, use, divulge, publish or otherwise disclose or allow to be disclosed
the Confidential Information (as defined below) to any third party not authorized to view such Confidential Information. Each Party agrees
not to use any Confidential Information disclosed to it and/or anyone on its behalf, by the other Party for any purpose other than to
carry out the provision of this Agreement. Each Party agrees to take all reasonable measures to protect the secrecy of and avoid disclosure
or use of the other Party's Confidential Information in order to prevent it from falling into the public domain or the possession
of persons other than agents of the other Party or persons to whom such other Party consents to such disclosure. Each Party shall assume
full responsibility for enforcing this Agreement and shall take appropriate measures with its officers, employees, consultants, agents
and other persons acting on its behalf to ensure that such persons are bound by a like covenant of confidentiality, including but not
limited to, informing such party that such Confidential Information provided by the other Party shall not be disclosed except as provided
herein. Each Party shall protect the Confidential Information received from the other Party with at least the same degree of care as it
normally exercise to protect its own confidential information of a similar nature, but no less than a reasonable degree of care. "**Confidential Information**" means any information, technical data or know-how (whether disclosed before or after the date hereof), including,
but not limited to, information relating to business, product or service plans, customer lists, business forecasts, business methods and
strategies, sales and merchandising, human resources, patents, patent applications, computer object or source code, research, inventions,
processes, designs, drawings, engineering, marketing information and/or strategies to be confidential or proprietary or which information
would, under the circumstances, appear to a reasonable person to be confidential or proprietary. Confidential Information does not include
information, technical data or know-how that: (i) is in the other Party's possession, not in connection with this Agreement,
at the time of disclosure; or (ii) becomes part of the public knowledge or literature, not as a direct or indirect result of breach
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.  **<u>Proprietary Rights</u>** . All documents, summaries, presentations, data, records, apparatus, equipment
and other physical property, whether or not pertaining to the Confidential Information, furnished to a Party by the other Party, shall
be owned by such disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.  **<u>Assignment of Intellectual Property</u>** . To the extent Consultant,
either alone or jointly with others, conceive, develop or reduce to practice any new inventions, original works of authorship, developments,
concepts, know-how, improvements or trade secrets, whether or not patentable or registrable under copyright or similar laws or other intellectual

result of performance of the Services (but excluding, for the avoidance of doubt, any Intellectual Property Rights owned or otherwise
retained by the Consultant, and/or any Derivatives thereof) (the "**Company Inventions** "), Consultant does hereby acknowledge
that it is "work made for hire" for the benefit of Company, and shall remain the sole property of Company, and Consultant
does hereby assigns all rights, titles and interest to such Company Invention to Company, and waives any right in connection therewith.
" **Derivatives**" means a work of authorship or other development that is based on, derived from or extends, replaces,
emulates, substitutes for, or exposes to third parties the functionalities of the Intellectual Property Right, or the documentation, such
as a revision, enhancement, modification, improvement, translation, abridgement, compression, extension or expansion or any other form
in which such work may be recast, applied, transformed or adopted.

5.  **<u>Relationship of Parties</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Parties hereto hereby declare and approve, that this Agreement is a Contractors Agreement within the
meaning of the Israeli Contractors Law – 1974 (the "**Contractors Law** "), and that nothing in this Agreement that
shall be interpreted or construed as creating or establishing any partnership, joint venture, employment relationship, franchise or agency
or any other similar relationship between the Company or its Affiliates and the Consultant, and it is specifically clarified that with
respect to the Services, no employer-employee relationship will be formed between the Company or its Affiliates and the Consultant, and
the Consultant is not entitled to any social or other benefits resulting from employer-employee relationship. Notwithstanding the above,
the Consultant hereby waives any right to a lien in accordance with Section 5 of the Contractors Law or any other law. The Consultant
hereby acknowledges that the Company is relying upon the truthfulness and accuracy of the representations set forth in this Section 5.2
in engaging the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. The Consultant shall indemnify the Company and its Affiliates, for any claims, damages, losses and expenses,
including reasonable fees and expenses of attorneys and other professionals, relating to any obligation, future or past, imposed upon
the Company to pay any withholding tax payments regarding the Services, social security, unemployment or disability insurance or similar
terms in connection with compensation received by the Consultant or, or which are based upon a stipulation by a competent judicial authority
that an employer – employee relationship was created between the Company or its Affiliates and the Consultant and resulting from
any act, omission or negligence on the Consultant's and the Consultants' Representatives part in the performance or failure
to perform the scope of work under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. The Consultant acknowledges that the Consultant's Representatives' understood that the terms
of this structure of the relationship between the Parties as an independent contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. It is hereby clarified that any right granted to the Company to instruct and/or oversee the Services by
the Consultant is granted in order to ensure the performance of the Services in full and not to imply or justify an employer -employee
relationship between the Company and the Consultant or the Consultant's Representatives'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. The Consultant shall be responsible to pay any and all payments, salary, taxes and all other benefits
and any amounts due to any relevant social security or similar authority with respect to its employees and/or the Services provided by
it pursuant to this Agreement. The Consultant, hereby releases and forever discharges the Company and its Affiliates, from any and all
claims, which it ever had, now has, or may claim to have against the Company and/or its Affiliates in connection with the existence of
any employer - employee relationship between Company or its Affiliates and the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. The Company will be entitled to deduct from and set off against amounts due to the Consultant pursuant
to this Agreement and/or pursuant to any other agreement, law, or otherwise, any amounts, which the Consultant is required to pay the
Company pursuant to this Agreement (including the Surplus Sum), any other agreement, any law, or otherwise.

6.  **<u>Warranties</u>** 

The Parties represent and warrant to each other as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Such Party does not have currently and shall not have during the term of the provisions of the Services,
any outstanding agreement or obligation that is or will be in conflict with any of the provisions of this Agreement, or that would preclude
such Party from complying with the provisions hereof or otherwise restrict such Party's ability to perform the Services in a reasonable
manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The execution and delivery of this Agreement, the performance of the Services and the fulfillment of the
terms hereof will not: (a) constitute, in whole or in part, a default, violation or breach under or conflict in any way with any agreement,
obligation, undertaking or commitment to which such Party is a party or by which it is bound, including without limitation, any confidentiality,
invention assignment or non-competition agreement and (b) do not require the consent, permission or authorization of or notification to
any person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The Consultant shall comply with all Company disciplinary regulations, work rules, policies, procedures
and objectives, which are relevant to the performance of the Services or otherwise to consultants of the Company; all of which were provided
to the Consultant in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. The Consultant shall not solicit or accept in connection with the performance of the Services or in connection
with the Company, any gift, benefit, favor, loan, or any other thing of monetary value, from a person who is or is possibly connected,
directly or indirectly, to either the business of the Company, a competitor of the Company or a potential competitor of the Company.

7.  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. In this Agreement the term "**Affiliate**" shall mean, any person or entity that directly
or indirectly controls, is controlled by, or is under common control with, a party to this Agreement. For purposes hereof, the term "control"
means the power to direct the management or affairs of a person or entity through the ownership of voting securities, by contract, or
otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. The preamble and the schedules hereto shall form an integral part of this Agreement. All headings of the
Sections and Subsections of this Agreement are intended for convenience of reference and shall not be used in interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Assignment</u>. Neither this Agreement nor any interest herein may be assigned by such Party without
the prior written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Entire Agreement; Amendments</u>. This Agreement constitutes the entire agreement between the Consultant
and the Company with respect to the subject matter hereof and supersedes any other arrangement, understanding or agreement, verbal or
otherwise. No amendment of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set forth in
a writing signed by the parties hereto. No delay or failure to require performance of any provision of this Agreement shall constitute
a waiver of that provision as to that or any other instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>Law; Jurisdiction</u>. This Agreement shall be governed by the laws of the State of Israel (excluding
its conflict of law principles) and the competent courts/tribunals of Tel-Aviv shall have exclusive jurisdiction over any disputes arising
hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>No Waiver</u>. No failure or delay on the part of any party hereto in exercising any right, power or
remedy thereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude
any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver granted thereunder must be in writing
and shall be valid only in the specific instance in which given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Severability</u>. If any provision of this Agreement is held by a court of competent jurisdiction to
be unenforceable under applicable law, then such provision shall be excluded from this Agreement and the remainder of this Agreement shall
be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms; provided, however, that in
such event this Agreement shall be interpreted so as to give effect, to the greatest extent consistent with and permitted by applicable
law, to the meaning and intention of the excluded provision as determined by such court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. <u>Notices</u>. Any notice or other communication in connection with this Agreement must be in writing
to the address set forth in the preamble to this Agreement (or to such other address as shall be specified by like notice) and will be
deemed given: (i) if sent by a delivery service, on the date confirmed as the actual date of delivery by such service; (ii) if sent by
registered air mail, return receipt requested, within seven (7) days of mailing; or (iii) if sent by facsimile or email with electronic
confirmation of transmission, on the next business day after transmission, if not transmitted on a business day, or on the day of transmission,
if transmitted on a business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. <u>Survival</u>. The provisions of Sections ‎4, ‎5, ‎6 and ‎7 of this Agreement,
shall continue and remain in full force and effect following the termination or expiration of this Agreement, for whatever reason.

-Signature Page Follows-

**IN WITNESS WHEREOF**, the parties have signed this Agreement as of the date hereof.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Oz Adler | /s/ Oz Adler | /s/ Viki Hakmon /s/ Ronen Zalayet | /s/ Viki Hakmon /s/ Ronen Zalayet |
| SciSparc Nutraceuticals Inc. | SciSparc Nutraceuticals Inc. | Jeffs' Brands Ltd. | Jeffs' Brands Ltd. |
| By: | Oz Adler | By: | Viki Hacmon & Ronen Zalayet |
| Title: | Secretary | Title: | CEO & CFO |

---

**SCHEDULE A**

**<u>Services</u>**

*All undefined capitalized terms used herein shall have the meaning ascribed to such terms in the Consulting Agreement, to which this Schedule A is attached.*

 

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Services.</u> The Consultant shall provide the following services relating to the management
and maintenance of the Business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. fulfillment of the Amazon.com conditions and ongoing communications with Amazon.com;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. management of campaigns and advertising on Amazon.com;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. inventory and advertising management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. storage and shipment to the Amazon.com warehouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. updating Amazon.com lists; pictures and working with various designers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. management of relevant keywords to provide for an ongoing update of Amazon.com lists; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Quarterly reports in the form agreed upon by the Company and the manager.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Taxes</u>. If any party making any payment on its behalf pursuant to this Schedule is required under
any applicable law, regulation or government order to withhold or deduct any taxes or other governmental charges on any amounts payable
under this Schedule, it shall withhold or deduct, and shall pay to the appropriate governmental authorities, all such taxes and other
governmental charges.

<u>VAT</u>. All amounts mentioned in this Scheduled and the Agreement are exclusive of VAT, except as otherwise stated in this Schedule and the Agreement. Where applicable by law, the parties shall increase the amounts owed under this Schedule and the Agreement with VAT at the rate applicable. The parties will bear their own costs and are responsible for filing their own tax returns to comply with all applicable tax laws and regulations. In the event the parties agree to set-off amounts due under this Schedule and the Agreement, for the application of VAT reference is made to the value of the amounts under this Schedule and the Agreement before the set-off.

## Exhibit 99.1

**Exhibit 99.1**

Jeffs' Brands Completes the Acquisition of a 49% interest in a Company that Owns Wellution, a Top Seller Brand on Amazon, for $3 million

*Upon the closing which occurred on March 22, 2023, the purchase price was adjusted from $2.5 million and increased to approximately $3 million.*

Tel Aviv, Israel, March 28, 2023 (GLOBE NEWSWIRE) -- Jeffs' Brands Ltd (the "Company" or "Jeffs' Brands") (Nasdaq: JFBR), a data-driven e-commerce company operating on the Amazon marketplace, today announced that it completed the purchase (the "Closing") of approximately 49% of the outstanding capital stock of SciSparc Nutraceuticals Inc. ("SciSparc Nutraceuticals"), a wholly-owned subsidiary of SciSparc Ltd. ("SciSparc") (Nasdaq: SPRC) that owns Wellution<sup>TM</sup>, a top-selling Amazon.com Marketplace food supplements and cosmetics brand (the "Brand"), for $2.5 million in cash, pursuant to a stock purchase agreement entered into between the Company, Jeffs' Brands Holdings Inc, a wholly-owned Delaware subsidiary of Jeffs' Brands (the "Subsidiary") and SciSparc on February 23, 2023 (the "Wellution Agreement"). Additional deferred cash payments of approximately $489,330 for price adjustments related to inventory and working capital, will be paid in five equal monthly installments, beginning in May 2023 (the "Price Adjustment") pursuant to an addendum to the Wellution Agreement entered into between the Company, the Subsidiary and SciSparc on March 22, 2023. As collateral for the payment in full of the Price Adjustment, SciSparc will hold back such number of shares of common stock of SciSparc Nutraceuticals, equal to the outstanding due amount of the Price Adjustment (the "Holdback Shares"). The stock interest of Jeffs' Brands in SciSparc Nutraceuticals will be held by the Subsidiary.

Also pursuant to the Wellution Agreement, in connection with the Closing, the Company will issue 247,415 of its ordinary shares to SciSparc and SciSparc will issue 360,297 of its ordinary shares to the Company in a mutual share exchange at an aggregate value of $288,238, which was adjusted from $300,000, pursuant to the 4.99% ownership limit included in the Wellution Agreement (the "Exchange Shares"). The number of the Exchange Shares acquired by each company was calculated based on the average closing price of the relevant company's shares on the Nasdaq Capital Market for the 30 consecutive trading days ending on the third trading day immediately prior to the Closing. In addition, at the Closing, the Company and SciSparc Nutraceuticals entered into a consulting agreement by which the Company will provide management services for the Brand for a monthly fee of $20,000; in addition the Company received a signing bonus of $51,000. The consulting agreement is for an undefined period of time, and may be terminated by either party with 30-days' advance notice.

The Brand is profitable with millions of dollars in gross annual sales on the Amazon marketplace.

The Brand sells dozens of hemp-based, top-ranked products, including hemp gummies, hemp oil capsules, hemp gel, hemp cream, detox pills, height pills, antibacterial creams, and anti-aging creams, among other beauty and hair treatment products that are all manufactured in the United States.

The Brand offers eight variations of natural hemp candy supplements under two parent Amazon Standard Identification Number (each, an "ASIN") on Amazon that are differentiated by their hemp oil potency. The leading parent ASIN, that was launched in 2019, has received over 26,500 reviews and has consistently ranked as the #1 best seller in the category. In total, the Brand had approximately 40,000 product reviews to date, most of which are 4 and 5-star reviews.

Mr. Oz Adler, the Chairman and a director of the Company is the Chief Executive Officer and Chief Financial Officer of SciSparc, Mr. Amitai Weiss, the Chairman of SciSparc, is a director of Jeff's Brands, and Mr. Moshe Revach is a member of the board of directors of both the Company and SciSparc.

Neither the SciSparc Nutraceuticals stock to be received by the Company nor the Exchange Shares will be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any states' securities laws and such stock and Exchange Shares may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act.

**<u>About Jeffs' Brands Ltd</u>**

Jeffs' Brands is transforming the world of e-commerce by creating and acquiring products and turning them into market leaders, tapping into vast, unrealized growth potential. Through our stellar team's insight into the FBA Amazon business model, we're using both human capability and advanced technology to take products to the next level. For more information on Jeffs' Brands Ltd visit https://jeffsbrands.com.

**<u>About SciSparc Ltd.</u>**

SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc's focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of Tourette Syndrome, for the treatment of Alzheimer's disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism spectrum disorder and status epilepticus.

**<u>Forward-Looking Statement Disclaimer</u>**

<u>Investor Relations Contact:</u>

Michal Efraty<br> Adi and Michal PR- IR<br> Investor Relations, Israel<br> +972-(0)52-3044404<br> <u>michal@efraty.com</u>