Document:

Exhibit
10.2

 

founders
agreement

 

This
Founders Agreement (this “Agreement”) is entered into as of January 12, 2020 (the “Effective Date”),
by and among Medigus Ltd., a company incorporated under the laws of the State of Israel (“Medigus”) and Kfir
Zilberman, whose address is at 20 Raoul Wallenberg St., Tel Aviv 6971916, Israel (“Zilberman”), referred to
together as the “Founders” and sometimes referred to individually as a “Founder”.

 

WHEREAS,
the Founders wish to form a private company named GERD IP, Inc. under the laws of the State of Delaware (the “Company”),
with the purpose of monetizing certain patents to be transferred by Medigus to the Company (the “Purpose”);

 

WHEREAS,
in order to further the Purpose, Medigus shall transfer certain patents to the Company in consideration for US$14 million in capital
notes issued by the Company;

 

WHEREAS,
Zilberman serves as a consultant to Medigus and desires to assist Medigus in connection with the Purpose by acting as Founder
of the Company for no consideration besides the right to receive dividend distributions by the Company, if and when applicable;
and

 

WHEREAS,
the Founders desire to set forth and regulate their respective rights and obligations with respect to the Company, its operations
and the Purpose, in accordance with the terms and conditions provided for herein.

 

NOW,
THEREFORE, in consideration of the mutual representations, warranties, and covenants contained herein, the Founders hereby
agree as follows:

 

1.
INCORPORATION; ISSUANCE OF SHARES IN THE COMPANY.

 

		1.1	Incorporation.
The Founders intend to form the Company as soon as practicable in the State of Delaware (the “Incorporation”).

 

		1.2	Share
Capital. The Company’s initial authorized and issued share capital shall consist of one class of ordinary shares (the
“Shares”), all of which shall rank pari passu in all respects. Each issued and outstanding Share shall
be entitled to one vote in any matter brought before the shareholders of the Company. The Shares shall not have any preferences
in dividend, liquidation or any other matter.

 

		1.3	Founder
Share Allocation. Upon the Incorporation, the Company’s issued share capital shall be allocated among the Founders such
that Medigus shall own 90% and Zilberman shall own 10% of the Company’s share capital on a fully diluted basis.

 

2.
UNDERTAKINGS OF THE FOUNDERS.

 

		2.1	Each
of the Founders shall commit the time necessary to further the Purpose and undertake to serve the interests of the Company diligently
and with maximum ethics and care, and to use his best efforts to promote the business of the Company.

 

		2.2	Each
of the Founders undertakes to notify the Board immediately in the event of the occurrence, or possibility, of any conflict of
interests between him and the Company or between him and the other Founders.

 

		2.3	The
Founders hereby acknowledge and confirm that all proceeds arising from the Purpose shall be used primarily for repayment of any
outstanding loans extended by Medigus to the Company, including, but not limited to, the repayment of seven (7) capital notes,
each in an amount equal to two million US dollars to be issued in consideration for the transfer of certain patents by Medigus
to the Company, with any residual proceeds to be distributed to the Founders subject to the Company’s board of directors
full discretion. For the avoidance of doubt, Zilberman hereby confirms that he shall not be entitled to any other consideration,
besides the aforementioned dividend distributions if any, in connection with his capacity as Founder.

 

     

     

    

 

3.
TRANSFER OF SHARES.

 

		3.1	No
Sale. For a period of five (5) years commencing on the date of Incorporation, the Founders shall not sell, transfer, assign,
pledge or otherwise dispose of (each, a “Transfer”), any of the Shares held by them, other than in accordance
with the terms of this Agreement. The Founders hereby acknowledges that any attempted Transfer in violation of this Agreement
shall be void and of no force and effect and shall not be honored by the Company.

 

		3.2	Notwithstanding
the above and except for the Purpose, the Founders shall not under any circumstance Transfer their respective Shares to a person
or entity engaged in a business similar to the Purpose, or engaged in a business similar to the business of Medigus (“Competitor”).

 

		3.3	Right
of First Offer. Subject to this Section ‎3, if Zilberman (the “Selling Party”) desires to Transfer
any or all of its Shares in the Company, whether ordinary shares or not, he shall be required to first offer the shares that he
wishes to transfer (the “Offered Shares”) to Medigus (the “First Offer Party”), the First
Offer Party being entitled to purchase the Offered Shares. The Selling Party shall send the First Offer Party a written offer
in which the Selling Party shall specify the following information (the “First Offer”): (i) the number of shares
that the Selling Party proposes to sell or transfer; (ii) a representation and warranty that the shares proposed to be sold or
transferred are Free and Clear; and (iii) the price that the Selling Party intends to receive in respect of the Offered Shares,
which price shall be stated in cash, and the requested terms of payment thereof.

 

		3.3.1	The
First Offer shall constitute an irrevocable offer made by the Selling Party to sell the Offered Shares to the First Offer Party,
upon the terms specified in the First Offer and as described below.

 

		3.3.2	If
the First Offer Party shall wish to purchase the Offered Shares, it shall notify the Selling Party of its desire to purchase its
respective Offered Shares within 14 calendar days of receipt of the First Offer, and following the purchase by the First Offer
Party of the Offered Shares on the terms specified in the First Offer, the Offered Shares shall become the property of the First
Offer Party.

 

		3.3.3	If
the First Offer Party declines the First Offer to purchase the Offered Shares upon the terms specified in the First Offer or does
not respond to the First Offer within the 14 calendar day period, the Selling Party may sell the Offered Shares to a third party,
provided that (i) such sale is consummated at a price that is not lower than that specified in the First Offer; and (ii) such
sale is subject to payment terms that are no more favorable to the purchaser than those specified in the First Offer, all within
90 calendar days of the expiration of the period specified in Section ‎3.3.2 above; and (iii) the third party, with
respect to such sale, is not, and is not related, directly or indirectly, to a Competitor.

 

		3.3.4	The
provisions of this Section ‎3.3 shall not apply to a Transfer by will or succession, or to a Permitted Transferee (as
defined below) provided, however, that, in each case (i) the Transfer of shares to such transferee is in compliance with all of
the Company’s formation documents, as shall be amended from time to time, this Agreement, and any other agreement governing
the subject matter hereof and to which the transferor-Founder is subject, as the case may be from time to time; and (ii) such
transferee undertook in advance and in writing to be bound by and to be subject to the terms and conditions of this Agreement,
and of any other agreement governing the subject matter hereof and to which the transferor-Founder is subject, as shall be from
time to time, as if it were an original Founder thereunder.

 

		3.3.5	For
the purpose of this Agreement, the term “Permitted Transferees” shall mean one or more voluntary Transfers
to (i) a parent, sibling, spouse, lineal descendant or antecedent (other than pursuant to any decree of divorce, dissolution or
separate maintenance, any property settlement, any separation agreement or any other agreement with a spouse (except for bona
fide estate planning purposes)); (ii) a trust for the benefit of the transferor or any of the persons indicated in clause (i);
or (iii) an entity wholly owned and controlled by the transferor.

 

		3.4	Bring
Along. In the event that Founders holding at least 51% of the shares held by all Founders at such time (the “Requisite
Majority”) (in this Section, the “Proposing Shareholders”) (i) accept an offer to sell all of their
Shares to a third party not affiliated with the Proposing Shareholders, and (ii) such third party requires that all share capital
of the Company is acquired in such transaction (a “Sale of the Company”), all remaining Founders shall be required
to sell all of their Shares to such third party in such Sale of the Company, upon the same terms and conditions as applicable
to the Proposing Shareholders, and shall vote all their Shares in favor of such Sale of the Company and shall take such other
action and sign such other documents in furtherance of the foregoing.

 

    - 2 -

     

    

 

4.
REPRESENTATION, WARRANTIES AND COVENANTS

 

		4.1	Each
of the Founders hereby represents, warrants, covenants and undertakes to the other Founder and the Company as follows:

 

		4.1.1	Such
Founder is not obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement, or
subject to any judgment, decree or order of any court or administrative agency that would conflict with the obligations specified
in this Agreement or with the interests of the Company. Neither the execution nor performance of this Agreement by such Founder
will conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, any contract,
agreement, judgment, decree or order of any court or administrative agency under which such Founder is now obligated.

 

5.
CONFIDENTIALITY

 

		5.1	Each
of the Founders hereby acknowledges and agrees that any information regarding the Company and its business or regarding the other
Founder or this Agreement will not be disclosed, except to the extent required in order to perform such Founder’s duties
to the Company in his engagement with the Company and his capacity as an employee, consultant or officer of the Company or with
the prior written consent of the Company, to any third party and will not be used for any purpose other than as set forth in this
Agreement or as required in order to perform such Founder’s duties to the Company in his capacity as an employee, consultant
or officer of the Company. The foregoing provision shall not apply to (i) information which is in the public domain, except as
a result of a breach of a confidentiality obligation to the Company; (ii) information which is required (at the advice of counsel)
to be disclosed under applicable law and only to the extent so required, provided, however, that such Founder shall use his reasonable
best efforts to promptly advise the Company in writing prior to such disclosure in order to permit the Company to seek an appropriate
protective order or other remedy, that such disclosure shall be made only to the extent required by such law or court order, and
that such disclosing Founder will use his reasonable best efforts to ensure that information so disclosed will be accorder confidential
treatment; or (iii) disclosure of this Agreement in connection with a due diligence investigation conducted by a bona fide investor
in or acquirer of the Company (and/or their respective advisors), subject to such receiving party being subject to customary confidentiality
obligations.

 

6.
INDEMNIFICATION

 

		6.1	Medigus
undertakes to indemnify Zilberman and hold him harmless (without limitation) with respect to any liability or expense imposed
or incurred by Zilberman in connection with his capacity as a shareholder of the Company, irrespective of whether he remains a
shareholder at the time, including all Litigation Expenses incurred as a consequence of legal proceedings arising from the Purpose
or in connection thereto, whether initiated by the Company or a third party against the Company, Zilberman or Medigus, as well
as costs arising from responses to discovery requests in any proceeding involving the Company and Zilberman.

 

		6.2	“Litigation
Expenses” include, without limitation, all reasonable attorneys’ fees, retainers, court costs, transcript costs,
fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending,
preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a proceeding. Litigation
Expenses also shall include litigation expenses incurred in connection with any appeal resulting from any proceeding, including
without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond
or its equivalent.

 

    - 3 -

     

    

 

7.
MISCELLANEOUS PROVISIONS.

 

		7.1	Expenses.
Each party shall bear his own expenses in connection with this Agreement.

 

		7.2	Entire
Agreement. This Agreement, including the exhibits and schedules hereto embody the entire agreement and understanding of the
Founders in respect of the transactions contemplated by this Agreement. There are no restrictions, promises, representations,
warranties, covenants or undertakings, other than those expressly set forth or referred to herein. This Agreement supersedes all
prior agreements and understandings between the Founders with respect to such transactions.

 

		7.3	Amendment
and Modification. This Agreement may be amended, modified or supplemented only by written agreement of the Founders holding
a majority interest in the Company.

 

		7.4	Assignment.
No Founder may assign this Agreement or any of his or its rights, interests, or obligations hereunder without the prior written
approval of the other Founders.

 

		7.5	Termination
and Survival. This Agreement shall terminate with respect to a Founder once such Founder no longer holds shares in the Company
as of such date. Notwithstanding the foregoing, Sections 6 shall survive any termination.

 

		7.6	Waiver
of Compliance; Consents. Except as otherwise provided in this Agreement, the failure of any of the Founders to comply with
any obligation, covenant, agreement or condition herein may be waived by the Founder or Founders entitled to the benefits thereof
only by a written instrument signed by the Founder granting such waiver, but such waiver or failure to insist upon strict compliance
with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent
or other failure.

 

		7.7	Notices.
All notices and other communications hereunder shall be in writing and shall be deemed given upon delivery if delivered personally
or sent by facsimile transmission with electronic confirmation, or four (4) business days following the date upon which such notice
was sent, if mailed by registered or certified mail (return receipt requested), postage prepaid, to the Founders at the addresses
as mentioned in the signature page to this Agreement (or at such other address for a Founder as shall be specified by like notice;
provided that notices of a change of address shall be effective only upon receipt thereof).

 

		7.8	Governing
Law; Jurisdiction; Interpretation. This Agreement shall be governed by and construed in accordance with the laws of the state
of Israel, without giving effect to principles of conflicts of law of any jurisdiction. Any dispute arising under or in relation
to this Agreement shall be resolved in the competent court for Tel Aviv-Jaffa district only, and each of the parties hereby submits
irrevocably to the exclusive jurisdiction of such court.

 

		7.9	Severability.
If any provision of this Agreement is held by a competent court to be invalid or 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.

 

		7.10	Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument, it being understood that all Founders need not sign the same counterpart and that
signatures may be provided by facsimile transmission.

 

[Signature
Page Follows]

 

    - 4 -

     

    

 

IN
WITNESS HEREOF, the Founders hereto have duly executed this Agreement as of the Effective Date, in one or more counterparts.

 

	Medigus
    Ltd.	 	 
	 	 	/s/
    Kfir Zilberman
	By:	 /s/ Liron Carmel	 	Kfir
    Zilberman
	Name: 	Liron Carmel	 	 
	Title: 	Chief Executive Officer	 	 
	Address: 	Omer Industrial Park, No. 7A, P.O. Box 3030, Omer 8496500,
Israel	 	Address: 	20 Raoul Wallenberg Street, Tel Aviv 6971916, Israel

 

[Signature
Page to GERD IP Founders Agreement]

 

 

- 5 -Exhibit 10.3

 

AMENDED AND RESTATED ASSET TRANSFER AGREEMENT

 

THIS AMENDED AND RESTATED
ASSET TRANSFER AGREEMENT, dated as of December 1, 2019 (the “Agreement”), effective as of March 1, 2019 (the
“Effective Date”) is entered into by and between ScoutCam Ltd., a company organized under the laws of the State
of Israel (the “Transferee”), and Medigus Ltd., a company organized under the laws of the State of Israel (“Transferor”).
The Transferee and Transferor are referred to hereunder as the “Parties”, and each of them individually as a
“Party”.

 

W I T N E S S E T H:

 

		WHEREAS	the Transferor and Transferee have previously entered
into an Asset Transfer Agreement, dated as of March 1, 2019 (the “Prior Agreement”); and

 

		WHEREAS	the Parties wish to treat such Prior Agreement as null and void and to replace the Prior Agreement
with the Agreement in all respects; and

 

		WHEREAS	the Agreement does not provide for transfer of any IIA funded know-how, patents or intellectual
property of any kind; and

 

		WHEREAS	the Transferor has developed a miniature video technology, referred to as ScoutCamTM; and

 

		WHEREAS	the Board of Directors of the Transferor has caused the formation of the Transferee and has decided
that Transferee shall engage in the Transferee’s Business (as defined below); and

 

		WHEREAS	Transferor desires to transfer and assign to the Transferee, and the Transferee desires to assume
from the Transferor, the Transferred Assets and Assumed Liabilities (as defined below), all as more specifically provided herein
and upon the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE in consideration of the
premises and the mutual representations, warranties, covenants and agreements hereinafter set forth, the parties hereby agree as
follows:

 

		1.	DEFINITIONS

 

1.1. Certain
Definitions. For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1.1:

 

1.1.1. “Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, such Person, and the term “control” (including the terms “controlled
by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract
or otherwise. For purposes of this Agreement, Transferor and Transferee shall not be deemed Affiliates of one another.

 

1.1.2. “Documents”
means all files, documents, instruments, correspondence, papers, books, reports, records, tapes, microfilms, photographs, letters,
e-mails archives (solely of Employees and consultants), budgets, forecasts, ledgers, journals, customer lists, customer files,
supplier lists, regulatory filings, operating data and plans, technical documentation (design specifications, functional requirements,
operating instructions, logic manuals, flow charts, etc.), user documentation (installation guides, user manuals, training materials,
release notes, working papers, etc.), marketing and advertising documentation (sales brochures, flyers, pamphlets, promotional
materials, web pages, etc.), and other similar materials, in each case in whatever form, including electronic databases, printed
and other electronic media.

 

     

     

    

 

1.1.3. “Governmental
Body” means any: (a) nation, principality, state, commonwealth, province, territory, county, municipality, district or
other jurisdiction of any nature, (b) federal, state, local, municipal, foreign or other government, (c) governmental, quasi-governmental
or regulatory body of any nature, including any governmental division, subdivision, department, agency, bureau, branch, office,
commission, council, board, instrumentality, organization, unit, or body, (d) court, public or private arbitrator or other public
tribunal or (e) fiscal, revenue, customs or excise authority, body, agency or official.

 

1.1.4. “IIA”
means the Israeli Innovation Authority of the Ministry of Economy and Industry of the State of Israel (formerly known as the Office
of the Chief Scientist).

 

1.1.5. “Law”
means any federal, state, local, municipal, foreign or other law (including common law), statute, legislation, constitution, code,
order, edict, decree, proclamation, treaty, convention, directive, ordinance, rule, regulation, permit, ruling, determination,
decision, interpretation or other requirement that is issued, enacted, adopted, passed, approved, promulgated, implemented or otherwise
put into effect by or under the authority of any Governmental Body and is applicable to and binding upon the relevant Person.

 

1.1.6.
“Lien” means any lien, pledge, security interest, charge, impairment of title, right of first refusal or other
rights granted or created by the Transferor or any of its Subsidiaries to third parties (other than licenses or rights of use in
the ordinary course of business), it being clarified that when referring to a right of use or license from a third party, “Lien”
shall only refer to the right of use or license and not to the underlying asset or right.

 

1.1.7. “Person”
means (whether or not a capitalized term) any individual, corporation, partnership, limited liability company, firm, joint venture,
association, joint-stock company, trust, estate, unincorporated organization, Governmental Body or other entity, including any
party to this Agreement.

 

1.1.8. “Representative(s)”
means, with respect to any Person, such Person's Affiliates and the respective directors, officers, employees, agents, consultants,
advisors and other representatives, including legal counsel, accountants and financial advisors of such Person and its Affiliates,
and the successors and assigns of any of the foregoing.

 

1.1.9. “Transferee’s
Business” means certain of the operations and activities currently conducted by the Transferor, including the research,
development, marketing, sale, distribution and maintenance of, and the provision of services for, the products, applications,
technologies or solutions, relating to the miniature video technology, referred to as ScoutCamTM (the “Products”).

 

		2.	TRANSFER OF ASSETS; ASSUMPTION OF LIABILITIES

 

2.1. Transfer
of Assets. On the terms and subject to the conditions set forth in this Agreement, at the Closing, the Transferor shall transfer,
assign, convey and deliver to the Transferee and the Transferee shall accept and assume from the Transferor, all of the Transferor’s
rights, titles and interests in, to and under the transferred assets listed on Schedule 2.1 (the “Transferred Assets”),
free and clear of any Liens.

 

The Transferred Assets shall include, in
addition to the assets listed on Schedule 2.1:

 

2.1.1. all
rights and title to the severance funds maintained for or on behalf of the Transferred Employees;

 

2.1.2. all
past, present and future causes of action and other enforcement rights primarily under, or on account of, the Transferee’s
Business, the Products or any of the Transferred Assets, including, without limitation, all causes of action and other enforcement
rights for damages, profits, royalties or other payments, injunctive relief, and any other remedies of any kind for past, current
and future infringement, misappropriation or any violations of any one of the rights embodied in any of the Transferred Assets;

 

2.1.3. all
of the goodwill associated with the Transferee’s Business and/or any of the Transferred
Assets;

 

     

     

    

 

2.1.4. all
Documents that are primarily used or relate to the Transferee’s Business or any of the Transferred Assets;

 

2.1.5. all
other current assets of the Transferee’s Business.

 

Any rights, assets, properties
and business that fall within the above definition of Transferred Assets shall be deemed a Transferred Asset, notwithstanding the
failure to list the same on any of the aforementioned lists and schedules.

 

2.2. Assumption
of Liabilities. On the terms and subject to the conditions set forth in this Agreement, at the Closing, the Transferee shall
assume all liabilities related to or arise from the Transferred Assets, the Products and/or the Transferee’s Business and/or
the operation of the Transferee’s Business, including without limitation liabilities arising from the Transferred Assets
(the “Assumed Liabilities”).

 

2.3. No
Representations. The Transferred Assets are transferred by the Transferor on an “as is” basis, namely, their state
or condition on the date hereof and on the Closing Date, whether or not any fact, act or circumstance of any nature whatsoever
relating thereto is known, disclosed or discussed, and regardless of any investigation, inquiry or disclosure that was or could
have been made, and whether or not any fact or circumstance is different than expected by the Transferee, and without receiving
or relying on any representations or warranties with respect to such matters from the Transferor and its Representatives, except
for the Transferor’s title in the applicable Transferred Assets being on the Closing Date free and clear of Liens.

 

2.4. Further
Conveyances and Assumptions.

 

2.4.1. From
time to time following the Closing and without additional consideration to the Transferor, the Transferor and the Transferee shall
execute, acknowledge and deliver in a reasonably prompt manner, all such further deeds, agreements, instruments, conveyances, notices,
assumptions, releases and such other instruments, and shall take such further actions, in each case, as may be commercially reasonably
necessary or appropriate to assure fully to the Transferee and its respective successors or assigns, all of the properties, rights,
titles, interests, remedies, powers and privileges intended to be conveyed to the Transferee under this Agreement, including with
respect to the Transferred Assets, and to assure fully to the Transferor and its Affiliates, successors and assigns, the assumption
of the Assumed Liabilities, and to otherwise make effective the transactions contemplated hereby and thereby.

 

		3.	LICENSES; CONSULTATION SERVICES;

 

3.1. Back
License. With respect to the patents included in Schedule 2.1(a) (the “Transferred IP”), Transferee hereby
grants Transferor a perpetual, transferable, worldwide, royalty free, sub-licensable license to access and use the Transferred
IP for the purpose of developing, marketing and sale of the Transferor’s Medigus Ultrasonic Surgical Endostapler (collectively,
the “License Back”).

 

3.2. Patent
License. 

 

3.2.1. With
respect to the patents included in Schedule 3.2 (the “Licensed IP”), Transferor hereby grants Transferee a perpetual,
non-exclusive, transferable, royalty free, license to access, use, improve, develop either by or on behalf of the Transferee, market
and sell the Licensed IP, including the right to any future versions, enhancements, improvements and derivative works of the Licensed
IP for the purpose of developing and commercializing the Products (collectively, the “License”).

 

3.2.2. As
a condition of the License, Transferor shall not sell, offer to sell or grant any ownership right in the Licensed IP to any potential
direct competitor of Transferee. For the avoidance of doubt, the License does not (and shall not be construed) to limit or restrict
the Transferor’s right to grant any additional licenses relating to the Licensed IP including to non-direct competitors of
Transferee.

 

3.3. Consulting
Services. Transferee shall provide Transferor consultancy and support services for no consideration, on matters relating to
the management, development, maintenance and commercialization of Transferor’s patent portfolio (the “Consulting
Services”). 

 

3.4. Successors
and Assigns. The terms and conditions of the License will bind and inure to the benefit of each of the Parties, their successors
and Affiliates. 

 

     

     

    

 

		4.	CONSIDERATION; TAXES. 

 

4.1. In
consideration for the Transferred Assets and Assumed Liabilities Transferee issues Transferor 1,000,000 ordinary shares, no par
value each, of Transferee. 

 

4.2. Any
tax consequences arising from the sale and assignment or any other event or act hereunder, shall be borne solely by the Transferor.

 

		5.	CLOSING

 

5.1. Closing
Date. Subject to the satisfaction or waiver of the conditions set forth in Section 7 hereof, the closing of the transfer of
the Transferred Assets and the assumption of the Assumed Liabilities (the “Closing”) shall take place at the
offices of Meitar, Liquornik, Geva, Leshem, Tal, Law Offices, at 10:00 a.m. (Israel time) on not later than the second business
day following the date on which the condition to Closing set forth in Section 7 is met or waived, as applicable, unless
another time or date, or both, are agreed by the Parties (the date on which the Closing occurs, the “Closing Date”).
The actions and occurrences to occur prior to or at the Closing shall be deemed to have occurred simultaneously and no action shall
be deemed to have been completed and no document or certificate shall be deemed to have been delivered, until all actions are completed
and all documents and certificates are delivered.

 

5.2. Transferor’s
Closing Deliverables. The Transferor shall deliver or shall cause to be delivered to the Transferee, at or prior to the Closing:

 

5.2.1. The
Bill of Transfer, duly executed by the Transferor, in the form attached hereto as Schedule 5.2.1;

 

5.2.2. Assignment
deeds and powers of attorney with respect to any and all registrable Transferred Assets, and all the applications to register any
of the foregoing, in forms suitable for recordation in all jurisdictions, duly executed by the Transferor;

 

5.2.3. Executed
Transfer Letter for each one of the Transferred Employees.

 

5.3. Transferee’s
Closing Deliverables. The Transferee shall deliver or shall cause to be delivered to the Transferor, at or prior to the Closing
a counterpart of the documents referred to in Section 5.2 duly executed by the Transferee.

 

		6.	ADDITIONAL COVENANTS AND AGREEMENTS.

 

6.1. Intercompany
Services. Following the Closing the Transferor shall provide the Transferee with certain services, including but not limited
to administrative and office space services. The Parties wish to set their responsibilities in this regard in accordance with Appendix
A. 

 

6.2. Employees.

 

6.2.1. Promptly
following the date hereof, the Transferee shall make an offer of continued employment (‘haavara beretzef’ in
Hebrew), effective as of the Closing Date and contingent on the completion of the transactions contemplated hereunder, to the employees
agreed upon separately by the Parties to be fully countersigned by such employees (such form and any ancillary document thereto,
including waivers, shall be hereinafter referred to as the “Employee Offer”). Such employees who countersign
the Employee Offer and are transferred to Transferee at Closing are hereinafter referred to as “Transferred Employees”.

 

     

     

    

 

6.2.2. (a)
The Transferor hereby consents to the transfer at the Closing of each of the Transferred Employees to the Transferee and each such
employee shall become an employee of the Transferee at the Closing, and (b) the Transferor hereby undertakes to transfer and assign
to the Transferee for the benefit of the Transferred Employees (i) all education funds (‘keren hishtalmut’),
managers’ insurance policies (‘bituach menahalim’) and/or pension funds, severance pay funds and any other
funds and (ii) any accruals (prorated for partial month) for salary (including for the pay period in which the Closing occurs),
accrued annual vacation, recuperation fees entitlement, in each case of clauses (i) and (ii), that have been reserved or contributed
by the Transferor (whether required by applicable law, custom or agreement) with respect to any of such Transferred Employees (the
“Transferor Existing Funds”) and all of the Transferor’s rights with regard thereto. It is hereby acknowledged
and agreed that to the extent that any of the Transferor Existing Funds at Closing are not sufficient to cover all such funds to
which any Transferred Employee is entitled through the Closing Date (by applicable law, custom or agreement), the Transferor shall
transfer cash equal to the shortfall amount to the Transferor Existing Funds. Prior to the Closing, the Transferor shall make (and
the Transferee shall cooperate with the Transferor to the extent required) the appropriate filings with the ITA for the transfer
of the Transferor Existing Funds from the Transferor to the Transferee, and the Transferor shall submit, within the appropriate
time periods, all required documents to the Transferred Employees’ funds and insurance policies. At the Closing or promptly
thereafter (but not as a condition to Closing), the Transferor will transfer to Transferee all its title, rights and interests
in and to the Transferor Existing Funds.

 

6.2.3. The
Transferred Employees shall transfer to the Transferee, as applicable, with continuity of rights, and whilst taking their term
of employment with the Transferor in account for purposes of the calculation of their rights and entitlements.

 

6.2.4. Notwithstanding
any obligations of any Transferred Employee to the Transferor, all Transferred Employees (i) shall be permitted, on and after the
Closing Date, to engage in the Transferee’s Business, and (ii) shall be relieved and released from the confidentiality and
non-compete obligations owed to the Transferor solely to the extent required to perform the obligations and duties under their
respective employment or engagement agreements with the Transferee.

 

		7.	CONDITION TO CLOSING

 

7.1. Condition
Precedent to the Obligations of Each Party. The respective obligations of each of the Transferee and the Transferor to effect
the Closing shall be subject to Transferor and Transferee obtaining the approval of the IIA to cancel the Prior Agreement. 

 

		8.	TERMINATION OF AGREEMENT.

 

8.1. This
Agreement may be terminated prior to the Closing by mutual written consent of the Transferee and the Transferor. In the event of
termination, each of the Parties shall be relieved of their duties and obligations arising under this Agreement after the date
of such termination and such termination shall be without any liability to any of the Parties and their respective Representatives.

 

		9.	MISCELLANEOUS.

 

9.1. Entire
Agreement. This Agreement (including the schedules and exhibits hereto) represents the entire understanding and agreement between
the Parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings, both written
and oral among the Parties hereto with respect to the subject matter hereof. For the avoidance of doubt, the asset transfer agreement
by and between the Parties entered as of March 14, 2019, as amended thereafter on July 21, 2019 is hereby null and void. Notwithstanding
the above, the asset transfer agreement between the parties, dated as of September 3, 2019, effective as of May 28, 2019 shall
remain in full force and effect. 

 

9.2. Amendments
and Waivers. This Agreement may be amended, supplemented or changed, and any provision hereof can be waived, only by written
instrument signed by the parties hereto, or in case of a waiver by the party against whom enforcement of any such amendment, supplement,
modification or waiver is sought. No action taken pursuant to this Agreement, including without limitation, any investigation by
or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representation,
warranty, covenant or agreement contained herein. The waiver by any party hereto of a breach of any provision of this Agreement
shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach.
No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or
further exercise thereof or the exercise of any other right, power or remedy.

 

     

     

    

 

9.3. No
Third Party Beneficiaries; Assignment. Nothing in this Agreement shall create or be deemed to create any third party beneficiary
rights in any person or entity not a party to this Agreement, but other than rights expressly granted to Representatives of a party
hereunder. No assignment of this Agreement or of any rights or obligations hereunder may be made (by operation of law or otherwise)
by the Transferor or the Transferee without the prior written consent of the other party hereto and any attempted assignment without
the required consents shall be void; provided, however, that after Closing, either party may assign this Agreement and any or all
rights or obligations hereunder to any Affiliate.

 

9.4. Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Israel,
without giving effect to the rules of conflict of laws thereof. Each of the parties hereto irrevocably consents to the exclusive
jurisdiction and venue of any competent court located in Tel Aviv-Jaffa, Israel, in connection with any matter based upon or arising
out of this Agreement or the matters contemplated herein, agrees that process may be served upon them in any manner authorized
by the laws of the State of Israel for such persons and waives and covenants not to assert or plead any objection which they might
otherwise have to such jurisdiction and such process.

 

9.5. Severability.
If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any law or public policy,
all other terms or provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner
in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

9.6. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and enforceable against the
parties actually executing such counterpart, and all of which together shall be considered one and the same agreement, it being
understood that all parties need not sign the same counterpart. The exchange of an executed Agreement (in counterparts or otherwise)
by facsimile transmission or by electronic delivery in .pdf format or the like shall be sufficient to bind the parties to the terms
and conditions of this Agreement, as an original.

 

- Signature Pages Follow -

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto
have caused this AMENDED AND RESTATED ASSET TRANSFER AGREEMENT to be executed by their respective officers thereunto duly authorized,
as of the date first written above. 

 

	Medigus Ltd.	 	ScoutCam Ltd.
	 	 	 
	By:	/s/
    Liron Carmel /s/ Tatiana Yosef	 	By:	/s/
    Benad Goldwasser /s/ Yaron Silberman 
	 	 	 	 	 
	Name:Liron
    Carmel / Tatiana Yosef	 	Name:
    Benad Goldwasser / Yaron Silberman
	 	 	 
	Title:CEO
    / CFO	 	Title:
    Chairman / CEO

 

     

     

    

 

Schedule 2.1

 

List of Transferred Assets

 

[***]

 

     

     

    

 

Schedule 3.2

 

List of Licensed Assets

 

[***]

 

     

     

    

 

Schedule 5.2.1

 

BILL OF TRANSFER

 

THIS BILL OF TRANSFER (this “Bill”)
is made as of March 1, 2019 by and between Medigus Ltd. (“Transferor”) and ScoutCam Ltd. (“Transferee”).
Unless otherwise defined herein, capitalized terms used herein shall have the meaning ascribed to them in that certain Amended
and Restated Asset Transfer Agreement by and between Transferor and Transferee (the “Amended and Restated Asset Transfer
Agreement”).

 

W I T N E S S E T H:

 

WHEREAS Pursuant to the Amended
and Restated Asset Transfer Agreement, Transferor has agreed to convey, assign, transfer and deliver to Transferee all right, title
and interest of Transferor in and to all of the Transferred Assets; and

 

WHEREAS Pursuant to due authorization,
Transferor is executing and delivering this Bill for the purpose of conveying, assigning, transferring and delivering to Transferee
all of its right, title and interest in and to the Transferred Assets.

 

NOW, THEREFORE, the parties hereto,
intending to be legally bound hereby, hereby agree as follows:

 

		1)	Transferor hereby transfers to Transferee and its successors and assigns the Transferred Assets
and any and all legal and equitable interests therein, and Transferee hereby accepts such Transferred Assets, all in accordance
with the terms and subject to the conditions set forth in the Amended and Restated Asset Transfer Agreement. Neither the making
nor the acceptance of this Bill shall amend, restrict or otherwise modify any of the terms of the Amended and Restated Asset Transfer
Agreement or the rights and obligations of the parties thereunder.

 

		2)	Upon the transfer contemplated hereunder, Transferee shall have and hold the Transferred Assets,
forever, to its own proper use and behalf.

 

		3)	Upon the transfer contemplated hereunder, Transferee shall acquire the right to collect, assert,
and enforce all claims, causes of action, rights of recovery and rights of set off, pertaining to or arising out of the Transferred
Assets whether before or after the Closing Date, including without limitations, the right to sue, to enforce, and collect damages.

 

		4)	Transferor shall execute, acknowledge and deliver in a reasonably prompt manner, all such further
conveyances, notices, assumptions, releases and such other instruments, and shall take such further actions, in each case, as may
be reasonably necessary or appropriate to assure fully to Transferee and its respective successors or assigns, all of the properties,
rights, titles, interests, remedies, powers and privileges intended to be conveyed to Transferee with respect to the Transferred
Assets, and to otherwise make effective the transactions contemplated hereby.

 

		5)	Transferor hereby appoints Transferee (with a right of reappointment), and its designees, representatives
and the respective successors and assigns of the foregoing, the true and lawful attorney Transferee, in the name of Transferee
or in the name of Transferor, to demand and receive any and all interests in the assets hereby transferred; to give releases and
acquittances for or in respect of the same or any part thereof; and to collect, assert or enforce any claim, right or title hereby
assigned; in each case that Transferee, or its successors and assigns, shall deem necessary or advisable. Transferor hereby declares
that the foregoing powers are coupled with an interest and shall be irrevocable.

 

     

     

    

 

		6)	This Bill, together with the other applicable provisions of the Amended and Restated Asset Transfer
Agreement and the Transaction Documents, sets forth the entire understanding and agreement between the parties hereto with respect
to the subject matter hereof and supersedes all prior agreements or understandings among the parties hereto with respect to the
subject matter hereof. Notwithstanding the above, the asset transfer agreement between the parties, dated as of September 3, 2019,
effective as of May 28, 2019 shall remain in full force and effect. In the event that any of the terms of this Bill conflict
with or contradict any of the terms of the Amended and Restated Asset Transfer Agreement, the terms of the Amended and Restated
Asset Transfer Agreement shall prevail. All matters relating to the transfer of the Transferred Assets to Transferee and not expressly
regulated hereunder, shall be deemed to be regulated by the Amended and Restated Asset Transfer Agreement.

 

		7)	This Bill shall be governed by and construed in accordance with the laws of the State of Israel,
without giving effect to the rules of conflict of laws thereof. Each of the parties hereto irrevocably consents to the exclusive
jurisdiction and venue of any competent court located in Tel Aviv-Jaffa, Israel, in connection with any matter based upon or arising
out of this Bill or the matters contemplated herein, agrees that process may be served upon them in any manner authorized by the
laws of the State of Israel for such persons and waives and covenants not to assert or plead any objection which they might otherwise
have to such jurisdiction and such process.

 

		8)	This Bill is being executed by Transferor and Transferee and shall be binding upon, inure to the
benefit of, and be enforceable by, each of Transferor and Transferee, and their respective successors and assigns, for the uses
and purposes above set forth and referred to, and shall be effective as of the date hereof.

 

		9)	This Bill may be amended, supplemented or changed, and any provision hereof can be waived, only
by written instrument signed by the parties hereto, or in case of a waiver by the party against whom enforcement of any such amendment,
supplement, modification or waiver is sought.

 

		10)	This Bill may be executed in one or more counterparts, each of which shall be deemed an original
and enforceable against the parties hereto, and all of which together shall be considered one and the same agreement, it being
understood that all parties need not sign the same counterpart. The exchange of an executed Bill (in counterparts or otherwise)
by facsimile transmission or by electronic delivery in .pdf format or the like shall be sufficient to bind the parties to the terms
and conditions of this Bill, as an original.

 

- Signature Pages Follow –

 

     

     

    

  

	Medigus
        Ltd.
	 	ScoutCam
        Ltd.

	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	 	Name:	 	 	Name:
	 
	Title: 
	 	 	Title:

 

	By:	 	 	By:	 
	 	 	 	 	 
	 	Name:	 	 	Name:
	 
	Title:
	 	 	Title:

 

     

     

    

 

Appendix A

 

Intercompany Services

 

 

[***]

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