Document:

Exhibit
10.14

 

[Informal
English Translation]

 

Tenancy Agreement

 

Made and
executed in Jerusalem this 30th day of January 2017

 

Between:

 

Ms. Rachel
Zacks Identity No. 29581

Dr. Moshe
Eliash Advocate Identity No. 1940998

(jointly
and severally)

(hereinafter
– “the Landlord”)

 

of the one
part;

 

And:

 

Sol-Gel
Technologies Ltd.

Corporate
number 51-254469-3

(hereinafter called: “the Tenant”)

 

of the other part

 

		WHEREAS:	by a tenancy agreement signed between the parties on October 10, 2007, (hereinafter called:
                                                                         “the Tenancy Agreement”) the Tenant took a tenancy of the Premises as defined in the Agreement; and

 

		WHEREAS:	the Tenant wishes to take and the Landlord wishes to grant a tenancy of additional areas.
	 	 	 
	 	 	It is therefore
declared and agreed between the parties as follows:

 

		1.	The preamble to this Agreement constitutes an integral
part thereof.

 

		2.	The Landlord hereby grants to the Tenant the area of approximately 151 square meters (net),
                                                         which are approximately 188.75 square meters (gross) on the fourth floor of the Building, as described in the plan annexed
                                                         hereto and                                                          which
                                                         constitutes an integral part of this Agreement. It is agreed                                                          that
                                                         the passage areas marked in blue on the above plan will                                                          remain
                                                         vacant and not be leased to any party for the duration of the Tenancy Agreement term.

 

		3.	The Landlord hereby grants also a tenancy of the entire mezzanine floor of the Building having
a floor area of 105.76 square meters as described in the plan annexed hereto and which constitutes an integral part of this Agreement.

 

		4.	The foregoing areas will be hereinafter called: “the Premises”.

 

    	 	1	 

     

    

 

		5.	The Tenancy Term commences on  January 1, 2017 and expires on the expiration of the Tenancy
                                                         Term according to the Tenancy Agreement.

 

		6.	The monthly rent for the area described in clause 2 above has been set according to NIS 65
                                                         per square meter (gross) at the sum of NIS 12,268.75, such sum being linked to the Consumer Price Index published on
                                                         November 15, 2016 (99.3 points).

 

		7.	The monthly rent for the mezzanine floor described in clause 3 above has been set according to
NIS 30 per square meters of the floor area, at the sum of NIS 3172.80, such sum being linked to the Consumer Price Index published
on  November 15, 2016 (99.3 points).

 

		8.	The aggregate rent for the Premises will be paid for three months in advance every calendar quarter
as defined in the Tenancy Agreement. The payment for the first three months of the tenancy will be made on the date of the execution
of this Agreement.

 

		9.	The management fees for the Premises will be at the rate of NIS 13 per square meter (gross) of
the area described in clause 2 above and will be paid pursuant to the provisions of the Tenancy Agreement. The Tenant will sign
a management agreement with the Management Company pursuant to the provisions of the Tenancy Agreement, immediately after signing
this Agreement. No management fee will be paid with respect to the mezzanine floor. The management fees will be linked to the Index
as described above.

 

		10.	VAT will be added to all of the above payments according to the rate thereof at the time of making
the payment, and will be paid together with each of such payments.

 

		11.	The Tenant will pay on the execution of this Agreement collateral at the rate of four months of
the tenancy together with VAT pursuant to the provisions of clause 33 of the Tenancy Agreement.

 

		12.	The Tenant takes the Premises in its present condition “as is” and all adjustments
that will be required in order to adjust the Premises to the purposes of their use by the Tenant will be carried out by the Tenant
at its own expense.

 

		13.	Possession of the area described in clause 2 above will be conveyed to the Tenant upon the execution
of this Agreement. Possession of the area of the mezzanine floor will be conveyed to the Tenant upon vacation by the existing tenant,
on  January 1, 2017.

 

		14.	Subject as provided above, all of the terms of the Tenancy Agreement will mutatis mutandis
apply to the tenancy according to this Agreement.

 

In witness whereof the parties have set their
hands on the date first above written

 

	/s/ Dr. Moshe Eliash	 	/s/ Kobbi Nir
	The Landlord	 	Sol-Gel Technologies Ltd.
	in his own name	 	The Tenant
	and in the name of Ms. Rachel Zacks	 	 
	by general power of attorney	 	 

 

    	 	2Exhibit 10.15

 

PROMISSORY NOTE

 

FOR VALUABLE CONSIDERATION
RECEIVED, SOL-GEL TECHNOLOGIES LTD., an Israeli company (the “Company”), hereby promises to pay to MOSHE
ARKIN., an Israeli individual, I.D number 05-164306-2 (“Holder”), the principal amounts specified in Schedule
A hereto (the “Aggregate Principal Amount”) comprised of several outstanding loans advanced prior or following
the date hereof (each, a “Loan”), until this Promissory Note (“Note”) is paid in full.
Schedule A may be updated form time to time in order to reflect additional principal amounts advance hereunder, by confirmation
of the parties through the exchange of written instrument (including in electronic form).

 

		1.	No Interest Rate. Each of the Loans shall bear no interest.

 

		2.	Unsecured Note. Holder acknowledges and agrees that the indebtedness
represented by this Note is unsecured.

 

		3.	Right to Prepay By Company; Termination. The Company may, in its sole
discretion, prepay this Note in its entirety or any portion of, without premium or penalty.

 

Following the full payment of all
amounts outstanding under this Note, this Note shall be terminated.

 

		4.	Events of Default. Each of the following events shall be an Event
of Default (“Event of Default”) for purposes of this Note:

 

The Company makes an assignment
for the benefit of creditors or admits in writing its inability to pay its debts as they become due, or files a voluntary petition
in bankruptcy, or is adjudicated a “debtor” under the Israeli liquidation law or other similar law or insolvent, or
files any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any present or future statute, law or regulation, or files any answer admitting the material allegations
of a petition filed against the Company for any such relief, or a trustee, receiver or liquidator shall be appointed for the Company
or all or any substantial part of the properties of the Company, or if any petition for bankruptcy, reorganization or arrangement
under bankruptcy law shall be filed by or against, consented to, or acquiesced in by the Company, or if any proceeding for the
dissolution or liquidation of the Company shall be instituted; provided, that if such appointment, petition or proceeding was involuntary
and not consented to by the Company, the same shall become an Event of Default upon the same not being discharged, stayed or dismissed
within sixty (60) days.

 

    	 		 

     

    

 

		5.	Remedies on Default; Acceleration. Upon the occurrence of an Event
of Default, Holder shall have the right to declare any amount payable under this Note to be immediately due and payable upon written
notice from Holder to the Company.

 

		6.	Notices. All notices and other communications required or permitted
hereunder to be given to a party to this Note shall be in writing and shall be telecopied or mailed by registered or certified
mail, postage prepaid, or otherwise delivered by hand or by messenger, addressed to such party’s address as set forth below
or at such other address as the party shall have furnished to each other party in writing in accordance with this provision:

 

if to Holder,
to:

 

Moshe Arkin.

Ha'Choshlim 6 Herzliya

4672406 Israel

 

if to Company, to:

 

Sol-Gel Technologies Ltd.

7 Golda Meir St., Weizmann Science Park

Ness Ziona, 7403648 Israel

Atten: CEO

 

		7.	Modification and Waiver. No purported amendment, modification or waiver
of any provision hereof shall be binding unless set forth in a written document signed by the Company and Holder (in the case of
amendments or modifications) or by the party to be charged thereby (in the case of waivers).

 

		8.	Assignment.

 

		a.	Holder shall have the right to assign, sell, transfer, delegate, or otherwise
dispose of any right or obligation under this Note without the prior written consent of the Company.

 

		b.	This Note may not be assigned by the Company without Holder’s written
consent.

 

		9.	Governing Law and Venue. This Note shall be construed and interpreted
pursuant to and in accordance with the laws of the State of Israel. Any dispute arising out of or relating to this Note shall be
venued only in the courts of Tel Aviv in the State of Israel.

 

		10.	Entire Agreement. This Note states all the terms of the agreement between
the parties in respect of its subject matter. It supersedes all prior agreements in respect of the loans specified in Schedule
A (including the certain Promissory Note dated December 6, 2015).

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF, this
Promissory Note has been executed and delivered effective as of the date first set forth above.

 

	 	SOL-GEL TECHNOLOGIES LTD.
	 	 	 
	 	By: 	/s/ Kobbi Nir
	 	Name: Kobbi Nir
	 	Title: CFO

 

Agreed and accepted this 2nd day of August, 2016.

 

	/s/ Moshe Arkin	 

MOSHE ARKIN

 

    	 	3	 

     

    

 

Schedule A

 

	Loan No.	 	Date of Loan	 	Loan Amount	 
	1	 	18/08/2014	 	$	834,554	 
	2	 	22/10/2014	 	$	2,500,000	 
	3	 	04/02/2015	 	$	1,500,000	 
	4	 	24/04/2015	 	$	5,000,000	 
	5	 	08/07/2015	 	$	500,330	 
	6	 	30/11/2015	 	$	1,500,000	 
	7	 	16/12/2015	 	$	5,000,000	 
	8	 	31/12/2015	 	$	502,242	 
	9	 	3/5/2016	 	$	5,000,000	 
	Aggregate Principle Amount:	 	 	 	$	22,337,126	 

 

    	 	4

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