Document:

Exhibit 10.12

 

English Summary of the Material Terms
of the Series C Debentures of Kamada Ltd.

 

Shelf Offering Report dated October 15,
2009, issued pursuant to the Shelf Prospectus dated November 26, 2008 as amended on September 17, 2009 

 

The Offering: Under the shelf offering report dated October
15, 2009, Kamada Ltd. (the “Company”) offered to the public, in a uniform offering through a public tender,
up to NIS 100,000,000 par value of Series C Debentures of NIS 1.0 par value each (the “Debentures”). The Debentures
bear a variable annual interest rate, consisting of the annual interest rate borne by “Israeli Government Bonds 817”
throughout the interest period, plus an additional 6.1% annual margin rate. The principal amount of the Debentures and the accompanying
interest are not linked to the Israeli consumer price index or any other index or currency.

 

Interest Payments: The interest on the unpaid principal
amount of the Debentures shall be paid in quarterly installments, the first was made on December 1, 2009, and thereafter on March
1, June 1, September 1, and December 1 of the years 2010 through 2015.

 

Principal Amount Payments: The principal amount shall
be paid in three installments, as follows: the first payment (at a rate of 20%) shall be made on December 1, 2013, and two equal
payments (at a rate of 40%) shall be made on December 1 of each of the years 2014 and 2015.

 

Final Interest and Principal Amount Payments: The last
interest payment on the Debentures shall be made by the Company on December 1, 2015, together with the last payment on the principal
amount of the Debentures, in exchange for the transfer of the Debentures to the Company, at the Company’s registered office
and/or any other location (provided that the Company notifies the Debenture holders of the location at least five business days
prior to the date for paying the principal amount and the interest).

 

Conversion: The Debentures shall be convertible into
the Company’s ordinary shares of NIS 1.0 par value each (the “Ordinary Shares”), on each business day,
commencing from the day they are listed for trading on the Tel Aviv Stock Exchange and until December 15, 2015, except between
November 16 and December 1 of each of the years 2013 and 2014. From the day they are listed for trading and until December 1, 2012
(inclusive), each NIS 35.0 par value of the Debentures shall be convertible into one Ordinary Share, and subsequently, commencing
on December 2, 2012 and until November 15, 2015, each NIS 38.5 par value of the Debentures shall be convertible into one Ordinary
Share. The conversion of the Debentures is subject to adjustments in the event that bonus shares, rights or dividends are allocated.

 

Liens: The Debentures are not secured by any security
or lien.

 

    	 

    	 

    

 

Additional Provisions Regarding Interest and Principal Amount
Payments:

 

		·	The interest on the unpaid principal amount of the Debentures shall
be paid in quarterly installments, the first on December 1, 2009, and on March 1, June 1, September 1, and December 1 of the years
2010 through 2015, for the three-month period ending on the day prior to the date of payment. The first Debenture interest payment,
made on December 1, 2009, is for the period commencing on the day following the tender date specified in the Shelf Offering Report
and ending on November 30, 2009. The interest for the first payment shall be calculated on the basis of 365 days per year, according
to the number of days in the said period. Subsequent interest payments shall be equal to the annual interest rate divided by the
number of interest payments per year.

 

		·	The Company will publish the interest rate for the first payment,
which will be based on the yearly interest rate published in the immediate report on the results of the issuance pursuant to this
Shelf Offering Report.

 

		·	The record date for the repayment of the principal amount to the Debenture
holders shall be the end of the day on November 19 of each year, prior to the date for paying the principal amount. 

 

		·	The record date for interest payments to the Debenture holders shall
be made be the end of the day on February 17, May 20, August 20 and November 19 of each year, prior to the applicable date for
paying the interest.

 

Amended Trust Deed dated September 16,
2009

 

Right to Immediate Repayment:

 

		A)	Subject to Subsection (B) below, the Trustee is entitled to declare that the remaining balance of the unpaid principal amount
of the relevant debentures shall be immediately due and payable, and the Trustee shall be required to do so if the relevant debenture
holders adopt a special resolution at a debenture holders’ meeting to this end, upon the occurrence of one or more of the
following events:

 

		1)	Any indebtedness is not paid in connection with the relevant series of debentures, within 14 business days of the date of repayment.

 

		2)	The Company submits a request to receive a stay of proceedings order and/or a stay of proceedings order has been issued against
the Company, upon the request of the Company or with its consent, pursuant to Section 350 of the Companies Law-1999.

 

		3)	A permanent or temporary order is granted by a court, or a valid decision to dissolve the Company has been made (including
a temporary decision) (except for dissolution for the purpose of merging with another company or restructuring the Company), or
a stay of proceedings order has been issued against the Company pursuant to Section 350 of the Companies Law-1999, and the order
and the aforesaid decision have not been cancelled within 45 days from the date they were issued.

 

    	 

    	 

    

 

		4)	A writ of attachment has been issued, a lien has been realized, or execution office actions have been implemented, all with
respect to the Company’s Primary Assets, and the writ of attachment, the realization or the action has not be cancelled within
60 business days following the issuance of the writ of attachment, the realization of the lien or the implementation of the action.
“Primary Assets” shall mean assets that constitute the majority of the assets on the Company’s consolidated
balance sheet.

 

		5)	A receiver or temporary receiver has been appointed for the Company’s Primary Assets, and the appointment is not cancelled
within 60 business days.

 

		6)	The Company has ceased (or has announced its intention to cease) paying its debts or has ceased to conduct its business.

 

		7)	The Company has breached or failed to fulfill all of the terms and obligations pertaining to the relevant debenture series
or the Trust Deed, such that in the opinion of the Trustee there is a material adverse effect on the rights of the debenture holders
of the relevant debenture series.

 

		8)	One of the material terms of the debentures or the Trust Deed has been breached, and in this regard, in certain matters the
representations made by the Company in the debentures or the Trust Deed prove to be untrue and/or incomplete, provided that (i)
the Trustee has notified the Company and requested that the Company remedy the breach and the Company has not remedied the breach
within 21 days of the notice; and (ii) there is a material adverse effect on the payments to the debenture holders and/or their
rights.

 

		B)	Notwithstanding subsection (A) above, the debentures of the relevant series shall not be immediately due and payable unless
the Trustee has provided the Company with advance notice of his intention to take such action and the Company has not complied
with the requests made in the notice within 30 days of receiving such notice. In the notice, the Company shall be required to cause
the cancellation and/or cessation of one of the events listed in subsection (A) above for which the notice has been given. Notwithstanding
the forgoing, if the Trustee believes that the time periods enumerated in Sections (A) or (B) may endanger the rights of the debenture
holders, then the Trustee shall be entitled to reduce the notice period in subsection (B) or the time periods listed in subsection
(A), to the extent the Trustee finds necessary in order to prevent endangering the debenture holders’ rights, provided that
the Trustee has notified the Company of this in writing five business days prior to taking steps to facilitate immediate repayment.

 

    	 

    	 

    

 

Governing Law: The Trust Deed is governed by Israeli
law and exclusive jurisdiction is granted to the courts of Tel Aviv-Jaffa in connection with any dispute related to the Trust Deed.

 

Additional Provisions: The Trust Deed includes provisions
regarding claims and proceedings initiated by the Trustee, trusteeship over the funds obtained from such proceedings and the Trustee’s
authority to delay the allocation of such funds.

 

Series C Debenture Certificate

 

Early Redemption: The Company does not have the right
to redeem its debentures prior to their maturity date. Without derogating from the foregoing, the Company reserves its right to
purchase, at any time, the debentures it issued from a specific series, at a price and according to the terms it deems fit. In
the event of such a purchase, the purchased debentures shall automatically expire.

 

Additional Provisions: The
Certificate includes provisions protecting the debenture holders during the conversion period. The protection provisions shall
apply in the event of, inter alia, the allocation of bonus shares, the issuance of rights or the allocation of dividends. The Certificate
also includes provisions regarding the willful dissolution of the Company.

 

Mishmeret Trust Company Ltd. (former Ziv Haft Trustee Company
Ltd.) serves as the Trustee for the Debentures.Exhibit 10.15

 

Attn:

 

_________________

 

 

Letter of Exemption from Liability
and Undertaking to Indemnify – Kamada Ltd. (the "Company)

 

		1.	General

 

		1.1.	In this letter of exemption from liability and undertaking to indemnify:

 

"Officers / Directors in
the Company" – Including officers and/or directors that serve and/or that shall serve in the future in the Company and/or
in subsidiaries and/or affiliated companies of the Company.

 

(Where it has not been expressly
mentioned otherwise, the meaning of the term "officer" in his letter of exemption and indemnity shall include - directors).

 

		1.2.	The Company shall exempt the officers and directors in the Company from their liability for damage
as a result of a breach of a duty of caution towards the Company; furthermore the Company shall give officers and directors in
the Company an undertaking to indemnify them due to a liability or cost that shall be imposed on them as a result of an action
that they committed and/or shall commit by virtue of them being officers and/or directors in it, all as set forth in his letter
of exemption and undertaking to indemnify.

 

		1.3.	The terms in the letter of exemption from liability and undertaking to indemnify that were no defined
in it shall have the meaning and interpretation given to them in the Companies Law, 5759- 1999 (hereinafter the "Law"),
unless the context of the matter shall require otherwise.

 

		1.4.	This document is worded in the male gender however it is intended for both genders.

 

		2.	Exemption from Liability as a Result of Breaching the Duty of Caution Towards the Company

 

		2.1.	The Company hereby exempts you from liability towards it due to any damage it shall incur and/or
that is had incurred, whether directly or indirectly, due to a breach of your duty of caution towards the Company by virtue of
you being an officer in the Company and/or in the subsidiaries and/or in affiliated companies of the Company.

 

		2.2.	Notwithstanding the aforesaid, the exemption from liability shall not be in force due to any of
the following:

 

		2.2.1.	Breach of duty of faith.

 

    	 

    	 

    

 

		2.2.2.	Breach of duty of caution with respect to distribution.

 

		2.2.3.	Breach of duty of caution committed with willfully or recklessly, except if it was committed only
negligently.

		2.2.4.	An action committed with the intent to unlawfully gain personal profit.

 

		2.2.5.	Penalty or fine if imposed on you.

 

		2.3.	The exemption from liability as a result of a breach of the duty of caution shall not apply with
respect to any counter proceeding of the Company against an officer in reaction to a lawsuit of an officer against the Company,
except if the lawsuit of an officer is for protecting his rights according to labor laws and/or his personal employment agreement
with the Company.

 

		2.4.	The aforesaid in this exemption from liability clause cannot derogate from the Company's undertaking
to indemnification as set forth hereafter.

 

		2.5.	This exemption reflects the full and comprehensive arrangement between the Company and you regarding
the issues and matters discussed in it, and it replaces and cancels any representation, memorandum of agreement, proposals, summaries
of discussions, letters of intent and/or undertakings, agreements, letter of undertakings, letter of exemption and/or any other
document that existed or that were exchanged, whether in writing or orally, in respect to these issues between the Company and
you, before signing this letter of exemption.

 

		3.	Undertaking to Indemnify

 

The Company hereby undertakes
to indemnify you for a liability or expense, as set forth hereafter, that shall be imposed on you and/or that you shall incur as
a result of an action that you committed or that you shall commit by virtue of you being an officer in the Company or its representative
and at its request, in any other corporation that the Company holds rights in, directly or indirectly, or that has an interest
in, subject to the provisions and limits set forth in this letter of indemnify.

 

		4.	Liabilities and Expenses in respect to which the Indemnification shall Apply

 

The indemnification shall apply
to liabilities and expenses as follows:

 

		4.1.	A pecuniary liability that shall be imposed on you in favor of another person according to judgment,
including a judgment that was given in settlement and/or an arbitration judgment that was approved by court, provided that the
Maximum Indemnity Sum shall not exceed the sum that the board of directors determine is reasonable in the circumstances of the
matter, and which is set forth in section 5 hereafter, provided that such pecuniary liability shall be connected to one or more
of the events that according to the board of directors are foreseen in light of the companies actual activities when giving his
undertaking or any part of them or anything connected to them, and which are set forth in section 6.

 

    	 

    	 

    

 

		4.2.	Reasonable litigation costs, including legal fees, that you shall expend as a result of an investigation
or proceeding that shall be conducted against you by an authority authorized to conduct an investigation or proceeding and which
shall end without submitting an indictment against you and without any pecuniary liability being imposed on you as a substitute
to a criminal proceeding, or that shall end without submitting an indictment against you however a pecuniary liability shall be
imposed on you as a substitute to a criminal proceeding for an offense that does not require proof of criminal intent.

 

In this paragraph – "end
of proceeding without submitting an indictment in a matter in which a criminal investigation was instituted" and "pecuniary
liability as a substitute to a criminal proceeding" – in their sense in section 260 of the Companies Law, as shall be
amended from time to time.

 

		4.3.	Reasonable litigation costs including legal fees that you shall expend or that you shall be required
to pay by the court, in a proceeding which was submitted against you by the Company or in its name or by another person, or in
a criminal charge from which you were acquitted or in a criminal charge in which you were convicted by an offense that does not
require proof of criminal intent or other expenses that shall be determined in the law.

 

In this section: "Another
Person" – including in the event of a lawsuit that was filed against the officer by way of a derivative lawsuit.

 

		4.4.	Such indemnification as mentioned in section 4.1 shall not apply to any action that is:

 

		4.4.1.	A breach of duty of faith towards the Company or towards its subsidiary or an affiliated Company
or any other body, except if you acted in good faith and you had a reasonable basis to assume that the action would not harm the
interests of the Company or its subsidiary or its affiliated Company or any other body;

 

		4.4.2.	A breach of a duty of caution that was willfully or recklessly committed by you, except if it was
committed only negligently.

 

		4.4.3.	An action that was committed by with the intention to unlawfully produce personal profit;

 

		4.4.4.	A penalty or forfeit that was imposed on you.

 

		4.5.	For the sake of avoiding doubt, it is clarified that the Company shall not be required to pay according
to this letter of indemnification sums for any event and/or liability and/or cost, insofar as these sums were actually paid to
you and/or for you and/or instead of you for this matter, in any manner, from the Company's insurer in the framework of an insurance
policy of directors and officers liability and/or by virtue of any indemnification undertaking and/or agreement and/or from anyone
else except the Company.

 

    	 

    	 

    

 

		4.6.	Without derogating from the aforesaid, the Company undertakes to do everything it reasonably can
with respect to the insurance market terms in Israel at the relevant time, to purchase and hold directors and officers liability
insurance for a period that shall not be less than 7 years after your retirement and provided that they shall not be less than
the terms of the policy that shall be in force before your retirement as mentioned.

 

		4.7.	Upon the occurrence of an event for which you may be entitled to indemnification in accordance
with the provisions in this indemnification letter, the Company shall periodically provide you as an advance payment on account
of the expenses that you shall be due to you according to this letter of indemnification, sums that shall be estimated by the Company,
at the times that shall be determined by the Company for covering expenses and all kinds of other payments that are involved in
handling a legal proceeding against you that it connected to that event, and the Company shall provide you securities and/or guarantees
that you should be required to provide in the framework of the investigation and/or legal proceeding and/or according to interim
decisions, including in arbitration, including for replacing liens that shall be imposed on your assets, in a manner that you shall
not be required to pay them or finance them yourself, provided that the total amount of the sums, the securities and guarantees
as mentioned shall not exceed the Maximum Indemnity Sum, as defined hereafter, all subject to the terms and provisions set forth
in this letter of indemnification.

 

In the event the Company shall
provide you and/or in your place any sums and/or it shall pay you and/or any third party in respect to which you were found liable,
a sum in the framework of this letter of indemnification with respect to a proceeding as mentioned above, and afterwards it shall
turn out that you are not entitled to indemnification from the Company for these sums, these sums shall be considered as a loan
that you were given by the Company, which shall be linked to the consumer price index with additional interest stipulated in the
Income Tax Regulations (Determining the Interest Rate), 5743- 1985, as shall be in force from time to time, and you shall be required
to return these sums to the Company within 6 months after it turns out that you are not entitled to such indemnification as mentioned,
so that it will not constitute a benefit that is liable to tax by the receiver of the loan, and according to the payments arrangement
that the Company shall determine or, in accordance with the Company's decision, the Company shall assign within 6 months after
the time the charge was cancelled as mentioned, all of your rights to restitution of the sum from the plaintiff in the proceeding
and you shall do everything required so that this assignment shall be valid and the Company can realize it.

 

In the event the Company shall
provide you and/or in your place securities and/or guarantees as mentioned above and it shall turn out that you are not entitled
to indemnification for the action for which the securities and/or guarantees were given, the Company shall cause them to be cancelled,
and you shall assist with cancelling them insofar as you shall be required to do so by the Company, and if they or part of them
shall be realized, the sum that shall be realized shall be considered as a loan that was given to you by the Company, which shall
be linked to the consumer price index with additional interest set forth in the Income Tax Regulations (Determining the Interest
Rate), 5745- 1985 as shall be in force from time to time, and you shall be required to return this sum to the Company within 6
months after the time when it turned out that you are not entitled to indemnification as mentioned, so that it shall not constitute
a benefit that is liable to tax by the receiver of the loan, and according to the payments arrangement that the Company shall determine.

 

    	 

    	 

    

 

		5.	The Maximum Indemnity Sum

 

		5.1.	The total and aggregate Maximum Indemnity Sum for which the Company shall be liable towards all
the officers in the Company according to all the Letters of Indemnification that shall be issued to them in the Company from time
to time (hereinafter the "Letters of Indemnification") is limited up to the amount of: A: a sum equal to – 30%
(thirty percent) of the Company's equity, according to its last audited and reviewed financial statements that were known at the
time of paying the indemnification in actual fact, or B. 20,000,000 (twenty million) NIS (hereinafter: the "Maximum Indemnity
Sum").

 

		5.2.	In the event the total indemnity sum that the Company shall be required to pay at any time in addition
to the total indemnity sums that the Company paid up to that time according to Letters of Indemnification, shall exceed the Maximum
Indemnity Sum, the Maximum Indemnity Sum or its balance, respectively, shall be divided between the officers in the Company that
shall be entitled to the indemnity sums as mentioned for payment demands that were submitted to the Company according and in accordance
with the terms of the Letters of Indemnification and were not paid to them before that time (hereinafter the "Demand Sum"),
in a manner that the indemnity sum that each of these officers shall receive in actual fact, shall be calculated according to the
ratio between the demand sum of each of these officers and the demand sums of each of these officers in the aggregate, at that
time, when it is multiplied by the Maximum Indemnity Sum, or its balance, respectively.

 

		5.3.	If the Company shall pay indemnity sums to officers in the Company in the sum of the Maximum Indemnity
Sum, the Company shall not pay additional indemnity sums unless the additional indemnity sums shall be approved by the Company's
organs that shall be authorized to approve this increase according to law at the time of paying the additional indemnity sums and
subject to changing the Company's articles of association, if this shall be required according to law.

 

		6.	The Events that the Indemnification shall Apply to

 

 

The undertaking to indemnify
shall be limited to the events set forth hereafter:

 

		6.1.	Any claim and/or demand with respect to an action that is connected to commerce relationships of
the Company and/or its contractual engagements and/or of an affiliated company and/or subsidiary of the Company with others and/or
between them, including negotiations and entering into agreements of any type and kind, including their performance and/or termination,
between them and/or with external contractors, customers, suppliers, concessionaires, distributors, service providers, manpower
contractors or any other third party that maintains any type of business with the Company, or its subsidiaries, its affiliated
companies (hereinafter in section 6 jointly and/or separately: the "Company").

 

    	 

    	 

    

 

		6.2.	Any claim and/or demand with respect with issuing securities of the Company in Israel and/or outside
of Israel, including, but without derogating from the generality of the aforesaid, public offerings of securities according to
a prospectus, private placement, issuing bonus shares and offering shares to the public.

 

		6.3.	Any claim and/or demand with respect with a decision and/or action that concerns the management
of the Company's business, including, but without derogating from the generality of the aforesaid, any decision and/or action with
respect with a transaction or negotiations for entering into a transaction (including an extraordinary transaction) in the sense
of section 1 of the Companies Law, whether it is during the ordinary course of business and whether it is not during the ordinary
course of business of the Company, and any decision and/or action with respect with purchase offers and/or with performing any
investments in the Company and/or the purchase or sale of assets, including the purchase and/or the sale of companies and/or businesses
and/or investments in the capital markets and/or other investments.

 

		6.4.	Any claim and/or demand with respect with a transaction and/or arrangement including the transfer,
sale or purchase or lease of assets or undertakings, including, but without derogating from the generality of the aforesaid, goods,
land, chattels, securities, or rights or giving or receiving a right in each of those and receiving and/or giving options to sell,
lease, transfer or purchase of assets or undertakings as mentioned.

 

		6.5.	Any claim and/or demand that is submitted by a lender or creditor, including but without derogating
from the generality of the aforesaid, a claim and/or demand regarding money that were lent by them and/or debts of the Company
towards them.

 

		6.6.	Any claim and/or demand for defects and/or delays in transporting and/or supplying the Company's
products and services and any claim and/or demand with respect with use and/or consumption of the Company's products and its services.

 

		6.7.	Any claim and/or demand with respect to giving or receiving credit, pledging assets and undertakings
and giving or receiving securities including entering into financial contracts with banks and/or other financial bodies for financing
transactions or contracts that are being performed, directly and/or indirectly by the Company and any action that is involved in
these matters.

 

    	 

    	 

    

 

		6.8.	Any claim and/or demand with respect to actions of reporting and/or notices to any authorized authority
according to any law and/or according to rules or instructions or according to tax laws that apply to the Company, including reports
arising from the Company and/or affiliated companies and/or subsidiaries of the Company being public Companies whose securities
have been offered to the public and/or which are listed for trade on the stock exchange in Israel and/or abroad, including providing
notices and/or statements and/or failing to file statements and/or give notices as mentioned and/or failing to provide information,
representations and opinion and/or the non disclosure, directly or indirectly, by omission or not by omission, of any type of information,
representations and opinions, as mentioned, at the time required in accordance with the law and/or with respect to the a misleading
or flawed disclosure of information, representations and opinions as mentioned to third parties, including to authorized authorities
and governmental bodies.

 

		6.9.	Any claim and/or demand that is submitted directly or indirectly with respect to an omission in
full or in part, by the Company and/or officer, managers and/or employees of the Company, with respect to payment, reporting and/or
documenting documents, of one of the State's authorities, foreign authority, municipal authority and/or any other payment that
is required according to the laws of the State of Israel, including payments of income tax, Company tax, land appreciation tax,
transfer taxes, customs, value added tax, national insurance, salaries, and/or detaining employees salaries and/or other detainments,
including any type of interest and addition for linkage.

 

		6.10.	Any claim and/or demand regarding a decision and/or action with respect to employment relationships
in the Company, including with respect to employment terms or contracts of the Company's employees with the Company and/or pension
plans and/or compensation funds and/or provident funds and/or loans to employees and/or insurance and/or option plans and other
bonuses to employees and/or progress plans, including with respect to safety and hygiene conditions at work.

 

		6.11.	Any claim and/or demand with respect to a decision and/or action regarding a patent, model, trademark
or any other intellectual property of and/or by the Company.

 

		6.12.	Any claim and/or demand with respect to a decision and/or action regarding issues connected directly
or indirectly to quality of the environment and issues connected to the protection of health, manufacturing processes, distribution
processes, transporting, storage, handling or using dangerous materials, including bodily harm, harm to property and environmental
damage.

 

		6.13.	Any claim and/or demand with respect to a decision and/or action in issues connected directly or
indirectly to restraints of trade, including restrictive trade practices, mergers and monopolies.

 

		6.14.	Any claim and/or demand with respect to a decision and/or action regarding a structural change
of the Company or its reorganization, including, but without derogating from the generality of the aforesaid, purchase, merger,
split, change in the Company's capital, an arrangement between the Company and its shareholders or between companies under their
control, establishing subsidiaries or affiliated companies, their liquidation or sale, issue or distribution.

 

    	 

    	 

    

 

		6.15.	Any claim and/or demand regarding a decision and/or action with respect to an affiliated Company
and/or subsidiary.

 

		6.16.	Any claim and/or demand for a decision or action with respect to the distribution of dividends
in the Company and/or bonus shares and/or the purchase of Company shares and/or of a Company that holds the Company.

 

		6.17.	Any claim and/or demand for actions and/or decisions connected to submitting offers to tenders
and/or issuing and receiving licenses and permits of any type and kind (including business licenses and licenses and approvals
required for running the Company's business).

 

		6.18.	Any claim and/or demand that is submitted for a decision and/or action with respect to approving
a transaction with an officer and/or with a controlling shareholder in the Company.

 

		6.19.	Any claim and/or demand that is submitted by a third party that suffers from a bodily injury or
damage to business or personal asset, including loss of the use of it during any action or omission attributed to the Company,
including as a result of using the products and tools of the Company and/or as a result of renovation actions in the Company.

 

		6.20.	Any decision and/or action that caused inappropriate and/or insufficient insurance arrangements
to be taken.

 

		6.21.	Any administrative, public and judicial action including but without derogating from the generality
of the aforesaid, orders, judgments, claims, demands, letters of demand, instructions, claims, investigations, proceedings and/or
notices of non adherence or breach of an action of a government authority and/or other body that claim that a provision of a law,
regulation, order, rule, custom, instruction, license or judgment of the Company and/or of any officer in the Company in the framework
of his job in the Company, has not been fulfilled.

 

		6.22.	Any claim and/or demand that refer, inter alia, to the types of events that are set forth above,
with respect to the service as an officer in the Company and/or in another corporation if this was done in the framework of his
position as officer and/or as employed in the Company.

 

		6.23.	Any claim and/or demand that are submitted with respect to the appointment and/or motion to appoint
a receiver for the Company's assets and/or any part of the Company's assets and/or a liquidation motion against the Company and/or
any process for settlement or arrangement with creditors of the Company.

 

    	 

    	 

    

 

Any provision in this section
above regarding the performance of a certain action, shall be interpreted as also referring to the non performance or refraining
from performing this action, unless the context of the matter in a certain provision requires that it be interpreted otherwise.

 

 

 

		7.	Terms with Respect to Indemnification

 

The indemnification according
to this letter of indemnification is subject to the fulfillment of the terms set forth hereafter:

 

		7.1.	You shall notify the Company of any legal investigation or proceeding that shall be institute against
you and/or any other proceeding that shall be instituted against you by an authority authorized to conduct an investigation or
proceeding, and any written warning and/or any fear or threat that a legal investigation and/or proceeding and/or any other proceeding
as mentioned could be instituted against you, and this is immediately and with the appropriate speed after you first find out about
it, and you shall transfer to the Company or to whoever the Company shall notify to you, without delay, any document that shall
be given to you with respect to that proceeding and/or investigation and any information that shall reach you regarding the proceeding
and/or investigation and its developments. Furthermore, you must routinely inform the Company regarding events for which there
is a concern that they shall cause the institution of a legal investigation and/or proceeding against you. The failure to give
a notice in accordance with the aforesaid shall not release the Company from its undertakings according to this letter, except
in the event that the failure to give such notice as mentioned shall materially harm the rights of the Company to defend itself
(in the event that the Company shall also be sued in that proceeding) and/or in your name against the claim.

 

		7.2.	The Company shall be entitled to take upon itself the handling of this legal investigation and/or
proceeding and/or any other proceeding that shall be instituted against it, by an authority authorized to conduct and/or appoint
a lawyer, that the Company shall choose for this purpose, to handle the legal investigation and/or proceeding and/or the other
proceeding as mentioned.

 

The Company and/or lawyer as
mentioned, shall be entitled to act, in the framework of such handling as mentioned, according to their discretion and they shall
be entitled to settle this proceeding and/or to take any means in order to finish this proceeding.

 

According to the Company's request
you shall sign any document that will authorize the Company and/or the lawyer as mentioned, to handle this proceeding in your name
and to represent you with respect to this.

 

For the sake of avoiding doubt,
it is clarified that the lawyer that shall be appointed by the Company as mentioned shall act and shall have a duty of faith to
the Company and to you, and that the Company and/or lawyer as mentioned shall not be entitled, in the framework of a criminal proceeding,
to end the legal proceeding and/or investigations as mentioned by way of settlement and/or arrangement and/or to admit to any of
the charges in your name and/or agree to a plea bargain, unless you give your consent to this, provided that you shall not refuse
to give this consent unless such refusal is for reasonable reasons.

 

    	 

    	 

    

 

Furthermore the Company and/or
the lawyer shall not be entitled to end the civil proceeding by way of settlement and/or arrangement as a result of which you shall
be required to pay sums that you shall not be indemnified for according to this letter of indemnification and for which you shall
not be paid in the framework of officers and directors liability insurance that the Company purchased and/or shall purchase and/or
to admit, in your name (whether in the framework of a court or arbitration hearing and whether in the framework of a settlement
arrangement) by the existence of an event that is not covered in this letter of indemnification and/or in the directors and officers
liability insurance that the Company purchased and/or shall purchase unless you have agreed, provided that you shall not refuse
to give your consent unless such refusal is for reasonable reasons.

 

		7.3.	You shall cooperate with the Company and/or with the lawyer as mentioned above and/or the insurer
of the directors and officers liability insurance in the Company, in any reasonable manner as shall be required from you by any
of them in the framework of their handling this legal proceeding, provided that the Company and/or the insurer shall make sure
that all the expenses that shall be involved in this shall be covered and you shall not be required to pay them or finance them
yourself.

 

		7.4.	The Company shall not be required to indemnify you according to this letter of indemnification
for any sum that shall be paid by you according to a settlement or arbitration, unless the Company approved the settlement or the
existence of this arbitration, respectively, in advance and in writing, and the Company shall not refrain from giving its consent
as mentioned unless this is for reasonable reasons.

 

		7.5.	The Company shall not be required to indemnify you according to this letter of indemnification
for any sum that you could receive in the framework of the officers' liability insurance of the Company and/or that any such payment
was not paid as a result of your action.

 

		7.6.	The Company's undertakings to indemnify according to this letter of indemnification are personal
towards you only, and this letter of indemnification and/or your rights according to it cannot be assigned and transferred to other(s),
except as set forth in section 8 hereafter.

 

		7.7.	It is hereby agreed that the only court that is authorized to hear disputes and/or disagreements
with respect to this letter of indemnification is the competent court in Tel Aviv – Jaffa.

 

		7.8.	With respect to the Company's undertaking to indemnify for an action that you committed or that
you shall committed by virtue of you being an officer and/or employed in a subsidiary of the Company and/or in an affiliated Company
of the Company and/or in another corporation (hereinafter jointly and separately: the "Liable Corporation") the following
provisions shall apply:

 

    	 

    	 

    

 

		7.8.1.	The Company shall not be required to pay, according to this letter of indemnification, sums that
you shall be entitled to receive and which you shall actually receive from the Liable Corporation in the framework of an insurance
policy that was taken out by the Liable Corporation and/or according to an advance undertaking to indemnify or according to a permit
to indemnify after the fact that was given by the Liable Corporation

 

		7.8.2.	If your demand to receive indemnification and/or insurance coverage for an action that you committed
by virtue of your job in the Liable Corporation and that could be indemnified according to this letter of indemnification, shall
be rejected by the Liable Corporation or the insurance Company of the Liable Corporation, respectively, the Company shall pay you
sums according to this letter of indemnification that you shall be entitled to according to this letter of indemnification, if
you shall be entitled to these sums and you shall assign your rights to the Company and from receiving them from the Liable Corporation
and/or the insurance policy of the Liable Corporation and you shall authorized the Company to collect these sums in your name insofar
as such authorization shall be required for performing the provisions of this section. With respect to this matter you undertake
to sign any document that shall be required by the Liable Corporation for assigning your rights as mentioned and the consent of
the Company to collect these sums in your name.

 

		7.8.3.	For the sake of avoiding doubt it is clarified that this letter of indemnification cannot grant
the Liable Corporation and/or any third party any rights towards the Company, including, but without derogating from the generality
of the aforesaid, the right to sue and/or demand any payment from the Company as participation in the indemnification and/or in
the insurance coverage that shall be given to you by the Liable Corporation for an action that you did by virtue of your job in
the Liable Corporation.

 

		8.	Applicability

 

The exemption from liability
and indemnification according to this letter of exemption and undertaking to indemnify shall apply starting from the approval of
the exemption and undertaking to indemnify by the general meeting for the events set forth above that also occurred before that
time. The exemption from liability and undertaking to indemnify according to this letter shall be available to you even after your
service as officer in the Company and/or in subsidiaries and/or in affiliated companies of the Company has ended, provided that
actions for which the exemption from liability and undertaking to indemnify was given were made and/or shall be made during the
period of your service as an officer in the Company and/or in subsidiaries and/or in affiliated companies of the Company. The Company's
undertakings as mentioned shall also apply to your estate, your heirs and your other substitutes according to law.

 

    	 

    	 

    

 

		9.	Miscellaneous

 

		9.1.	The Company's undertakings according to this letter of exemption from liability and undertaking
to indemnify shall be interpreted broadly and in the manner intended for their performance, insofar as permitted according to law,
for the purpose for which they were intended. In the event of a contradiction between any provision in this letter of exemption
and undertaking to indemnify and the provisions of a law that cannot be changed or added to, the provisions of this law shall prevail
however this shall not harm or derogate from the validity of the other provisions in this letter of exemption from liability and
undertaking to indemnify.

 

		9.2.	This letter of indemnification does not derogate from the Company's right to decide to indemnify
after the fact according to the provisions of any law.

 

		9.3.	This letter of indemnification shall come into force upon your signature on a copy of it in the
place intended for this and the delivery of a signed Company to the Company.

 

		9.4.	The provisions in this letter of indemnification cannot be changed unless such change was signed
by the Company and by you. In order to avoid doubt it is hereby stipulated that this letter of indemnification does not constitute
a contract in favor of a third party, including any insurer. Furthermore, this undertaking to indemnify cannot be assigned and
no insurer shall have the right to demand that the Company participate in any payment which the insurer is required to pay according
to an insurance agreement that was made with him, except for a deductible.

 

		9.5.	This letter of indemnification is subject to the provisions of the third chapter of the sixth part
of the Companies Law.

 

 

 

	Date: ____________________	 	Signature: __________________

  

 

I confirm receiving this letter and I agree
to its terms:

 

 

	Date: ____________________	 	Signature: __________________

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