Document:

Exhibit
10.18

 

PATENT
LICENSE AGREEMENT

 

This
PATENT LICENSE AGREEMENT (“Agreement”), is dated as of December 1, 2019, made effective as of December 1, 2019
(“Effective Date”), by and between Medigus Ltd., a company organized under the laws of the State of Israel
(“Licensor”) and ScoutCam Ltd., a company organized under the laws of the State of Israel (“Licensee”).
Licensor and Licensee are each referred to herein separately as “Party” and are referred to herein collectively
as the “Parties.”

 

W
I T N E S S E T H:

 

	WHEREAS	 	Licensee
    desires to obtain a license from Licensor to use the patent described in Exhibit A, attached hereto (“Licensed IP”);
    and

 

	WHEREAS	 	Licensor
    is willing to grant such right and license on the terms and conditions set forth herein.

 

NOW,
THEREFORE, 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, Licensor and Licensee shall not be deemed Affiliates
    of one another.

 

	 	1.1.2.	“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).

 

	 	1.1.3.	“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.

 

	 	1.1.4.	“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.

 

	 	1.1.5.	“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.

 

	 	1.1.6.	“M&A
    Event” means a merger, acquisition or sale of all or substantially all of the assets of Licensee.

 

	 	1.1.7.	“Products”
    means products, applications, technologies or solutions, relating to the miniature video technology, referred to as ScoutCamTM.

 

    	 

    	 

    

 

	2.	PATENT
    LICENSE

 

2.1.
With respect to the patent included in Exhibit A (the “Licensed IP”), Licensor hereby grants Licensee,
subject to the IIA prior approval, a perpetual, non-exclusive, transferable solely upon an M&A Event, royalty free, license
to access, use, improve, develop either by or on behalf of the Licensee, 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”).

 

2.2.
As a condition of the License, Licensor shall not sell, offer to sell or grant any ownership right in the Licensed IP to any potential
direct competitor of Licensee. For the avoidance of doubt, the Licensee does not (and shall not be construed) to limit or restrict
the Licensor’s right to grant any additional licenses relating to the Licensed IP including to non-direct competitors of
Licensee.

 

2.3.
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.

 

	3.	REPRESENTATIONS
    AND WARRANTIES

 

3.1.
General. Each Party hereby represents and warrants that it has the full legal right, power, and authority to enter into
this Agreement and to perform its obligations hereunder, that the performance of such obligations will not conflict with or result
in a breach of any agreement to which such Party is a party or is otherwise bound, and that this Agreement is legally binding
upon such representing and warranting Party.

 

3.2.
The License is granted to Licensee on an as-is basis, and all representations and warranties, whether express, implied, statutory
or otherwise, including, without limitation, any implied warranty of merchantability, fitness for a particular purpose or non-infringement,
are hereby disclaimed to the maximum extent permitted by applicable law by Licensor, and Licensee assumes the full risk in connection
therewith.

 

	4.	CONDITION
    OF LICENSE

 

4.1.
Condition Precedent to the Obligation of Each Party. The grant of the License shall be subject to the prior approval of
IIA, to the extent required (the “IIA Approval”). Licensor shall submit as soon as practicable an appropriate request
for the grant of the IIA Approval and will use best efforts to obtain the IIA Approval as soon as possible. In the event that
the IIA Approval is not obtained within ninety (90) days of the Effective Date, Licensee may opt to terminate this Agreement without
any further liability to Licensor.

 

4.2.
IIA Undertaking. As condition of receiving the License, Licensee will be obligated to execute and undertaking in a form
acceptable to Licensor, pursuant to which Licensee agrees to comply with the obligations stipulated by the Law for Encouragement
of Research & Development, 1984.

 

	5.	CONSIDERATION;
    TAXES

 

5.1.
In consideration for the Transferred Assets and Assumed Liabilities Licensee issues Licensor 1,000,000 ordinary shares, no par
value each, of Licensee.

 

5.2.
Any tax consequences arising from the sale and assignment or any other event or act hereunder, shall be borne solely by the Licensor.

 

	6.	MISCELLANEOUS

 

6.1.
Entire Agreement. The Parties hereto acknowledge that this Agreement and each of the exhibits attached hereto set forth
the entire agreement and understanding of the Parties as to the subject matter hereto, and supersedes all prior and contemporaneous
discussions, agreements and writings in respect hereto.

 

    	2

    	 

    

 

6.2.
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.

 

6.3.
Binding Effect. This Agreement shall be binding upon the Parties immediately upon signing of the Agreement by the Parties,
subject to fulfillment of the conditions in Section 4.

 

6.4.
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 Licensor or the Licensee 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.

 

6.5.
Amendment 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, 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.

 

6.6.
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.

 

6.7.
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
PAGE FOLLOWS]

 

    	3

    	 

    

 

IN
WITNESS WHEREOF, Licensor and Licensee have executed this Patent License Agreement by their respective duly authorized representatives
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

 

    	4

    	 

    

 

Exhibit
A

 

Licensed
IP

 

[***]Exhibit
10.19

 

Employment
Agreement

 

Of
February 28, 2019

 

 

Between:
ScoutCam Ltd., Company No. 515950400

 

Of
7A Gan Hata’asiya St., Omer, Israel

 

e-mail:
info@medigus.com (the “Company”)

 

And:
Yaron Silberman, identity no. 02491053-1

 

Address:
Ha’Malacha 8, Ramat Hasharon

 

e-mail:
yaron.silberman@medigus.com (the “Manager”)

 

Employment
and Compensation

 

	1.	The
    Parties wish to enter into an employment agreement for an unfixed period, in accordance with the conditions and provisions
    of this Employment Agreement. The date of commencement of the Manager’s employment, his job, his direct supervisor and
    other issues relating to the conditions of the Manager’s employment, including consideration, are set out in Appendix
    A, which is attached hereto. 
	 	 
	2.	In
    the performance of his job, the Manager shall devote all of his time, attention, ability and effort exclusively for the performance
    of his duties at the Company and he undertakes not to engage, either as an employee or otherwise, in any business, commercial
    or professional activities, either for consideration or otherwise, during the term of his employment, without receiving the
    Company’s prior written consent to such. The provisions of this section shall not derogate from the Manager’s
    undertakings as set out in Appendix B which is attached hereto. 
	 	 
	3.	Each
    party shall be entitled to rescind this Agreement at any time, by giving prior notice as set out in Appendix A
    below, and subject to any law. 
	 	 
	4.	Notwithstanding
    the provisions of section 3 above, and without derogating from its rights under this Agreement or under any law, the Company
    shall be entitled to terminate the employment of the Manager without prior notice, upon the occurrence of one of the following
    cases: (a) breach of the Manager’s fiduciary duty, intentional damage to the Company’s property, dealing in competing
    activity or any breach of Appendix B below; or (b) a fundamental breach of the provisions of this Agreement on condition that
    the Manager has not remedied the breach (to the extent that it can be remedied) within 7 days of receipt of a warning from
    the Company; or (c) indictment of the Manager for a criminal offense (except for a fine-related offense) or for involvement
    in sexual harassment incidentally to the Manager’s employment at the Company; or (d) the Manager has put himself in
    a position of conflict of interests; or (e) any other circumstance in respect of which it is legally permissible to fire an
    employee without the giving of prior notice. 
	 	 
	5.	The
    Manager shall not have a right of lien over the assets, equipment or any other of the Company’s property that might
    be in his possession. The Manager shall return all of the Company’s property that is in his possession not later than
    the date of termination of employer-employee relations, prior to his taking any unpaid leave or within 7 days of receipt of
    a demand to do so from the Company.
	 	 
	6.	The
    provisions of this Agreement shall not derogate from any right afforded to the Manager under any law, extension order, collective
    agreement, employment contract or any other contract relating to the conditions of his employment.

 

    	 	 	 

     

    

 

Managerial
Job / Position of Trust

 

	7.	It
    is agreed that this Agreement is a personal agreement and that the Manager shall be employed in a managerial job which requires
    a special level of personal trust, as such terms are defined in the Hours of Work and Rest Law, 5711-1951 (the “Hours
    of Work and Rest Law”). Therefore, the Hours of Work and Rest Law shall not apply to the Manager’s employment.
    The Manager declares that he is aware that he might be required to work more than usual working hours, including late in the
    evening or on Saturdays or Festivals, and that he shall not be entitled to any additional consideration for working such hours.
    The Manager declares that the economic significance of this provision was taken into account by the Parties for the purpose
    determining the consideration that is set out in Appendix A, and in his decision to enter into this Agreement. 

 

Confidentiality,
Prohibition of Competition and Title to Inventions

 

	8.	Together
    with the execution of this Agreement, the Manager shall sign an undertaking to the Company regarding confidentiality, prohibition
    of unfair competition, and title to inventions, which is attached hereto as Appendix B.

 

Representations
and Undertakings of the Manager

 

The
Manager declares and undertakes as follows:

 

	9.	He
    has the ability, skills and knowledge that are necessary for the performance of his Job pursuant to this Agreement and he
    does not suffer from any physical or mental health deficiency that might unreasonably prevent or impede him in the performance
    of his job and his other obligations under this Agreement.
	 	 
	10.	He
    is not bound by any undertaking or other agreement whatsoever that might restrict or prevent him from entering into this Agreement
    and performing his undertakings hereunder. By executing this Agreement and performing his job, he is not and will not be in
    breach of, or in a conflict of interests with: (1) the rights of his previous employers or his undertakings to them; or (2)
    his undertakings under any other document to which he is a party or which binds him. 
	 	 
	11.	He
    shall give notice to the Company, immediately, of any matter or subject in respect of which he or his close family might have
    a personal interest or that might generate a conflict of interests with his job and employment at the Company. 
	 	 
	12.	He
    shall not receive any beneficial interest from any third party, directly or indirectly, with respect to his employment. Should
    the Manager breach this undertaking, then without derogating from the rest of the Company’s rights, the beneficial interest
    or the value thereof shall be the property of the Company alone, and the Manager hereby grants the Company leave to deduct
    the value of the beneficial interest from any sum that may be owing to the Manager from it. This section shall not apply to
    gifts or benefits of a marginal value. 
	 	 
	13.	In
    the context of his employment, he shall not act in contravention of the signature rights that are prescribed by the Company.
    

 

    	 	 	 

     

    

 

	14.	He
    agrees and confirms that from time to time, he might be required to travel and stay overseas in the framework of his job.
	 	 
	15.	For
    the purpose of performance of his job, the Company may provide the Manager with a computer, hardware, software, an email address
    and/or mobile telephone as the case may be (“Computers”) which shall be the exclusive property of the Company.
    Subject to the Company’s procedures in this regard, and without derogating from his undertakings and the performance
    of his job pursuant to this Agreement, the Manager shall be entitled to make reasonable, private use of the Computers provided
    that the Manager shall not be entitled to store private files on the Computers (except for private folders that are prominently
    marked as such) and shall not be entitled to store Company files on private storage measures. It is clarified that the professional
    email address shall be used for professional purposes only, whilst the Manager shall be entitled, for private purposes, to
    use external email services (such as gmail). 
	 	 
	16.	The
    Manager is aware and agrees that: (1) the Company may allow other employees and third parties to make use of the Computers;
    (2) in order to preserving its legitimate interests, the Company may monitor the activities on the Computers, including the
    usage log and the contents of email and internet correspondence, which shall be admissible as evidence in legal proceedings;
    (3) in light of the Manager’s undertakings above, the Manager shall not have a right to privacy with respect to the
    contents of the Computers, with the exception of private folder that have been prominently marked as such. 
	 	 
	17.	The
    Manager is aware and agrees that the information about him and about the conditions of his employment which may be accrued
    and documented by the Company (the “Information”) may be provided to third parties, including outside of
    Israel, on condition that: (a) such transfer is effected for the purpose of the performance of some relevant legal provision
    or for the purpose of the Company’s business (including any transactions related thereto); (b) no information shall
    be provided beyond what is necessary and reasonable; (c) the party to which the information is provided shall undertake to
    the Company, to the extent that such is possible and relevant, that it shall maintain the privacy of the information at a
    level of protection that is at least that which is employed by the Company with respect to the information. 
	 	 
	18.	In
    the event of rescission of this Agreement, for any reason whatsoever, the Manager shall cooperate with the Company and shall
    make best endeavors to assist in the orderly transition of his job at the Company, and in the orderly overlap between him
    and the person or persons due to replace him in his job.

 

General
Provisions

 

	19.	This
    Agreement and the Appendixes hereto constitute the full agreement between the Parties and prevail over any prior agreement,
    offer, understanding, correspondence, content, conversation or arrangement, whether in writing or oral, if any, between the
    Parties, with respect to the conditions of the Manager’s employment. Any matter not expressly regulated in this Agreement
    shall be in accordance with the law. Any amendment and/or addition to this Agreement shall bind the Parties to this Agreement
    and shall only be in force if it is in writing and signed by the Parties.
	 	 
	20.	Israeli
    law shall apply to this Agreement. The competent courts / tribunals in the city of Tel Aviv Yafo shall have exclusive jurisdiction
    with respect to any matter stemming from this Agreement or with respect to this Agreement. 
	 	 
	21.	All
    notices must be sent by one party to the other by registered mail, by email or by hand delivery to the address at the top
    of this Agreement or to such other address as a Party may notify. Any notice shall be deemed to have been received by the
    recipient: if sent by registered mail – 4 business days after dispatch; if sent by email – one business day after
    dispatch provided that an automatic confirmation is obtained from the server that the notice reached its destination; if delivered
    by hand – upon delivery provided that a “certificate of delivery” is received.

 

The
Manager declares that: (1) he has read carefully and has understood all of the provisions of the Agreement and the Appendixes
hereto; (2) he has been given a reasonable opportunity to consult with third parties, including with an advocate; (3) he has signed
this Agreement with full volition and consent.

 

In
witness whereof, the Parties have hereunto set their hands:

 

	The
    Manager: 	/s/
    Yaron Silberman	 	The
    Company: 	/s/
    Benad Goldwasser
	 	 	 	 	 
	 	 	 	 	/s/
    Tanya Yosef

 

    	 	 	 

     

    

 

Appendix
A – Conditions of Employment

 

	1.	Date
    of Commencement, Job and Supervisor – The Manager’s employment shall commence on March 1, 2019,
    full time, in the position of Interim CEO or such other similar position, whatever its title may be. The Manager shall report
    directly to the board of directors of the Company. The Employee’s seniority for the purposes of rights that are dependent
    upon seniority shall be calculated in accordance with seniority as of January 28, 2011. 
	 	 
	2.	Prior
    Notice – two months in advance. Notice shall be given notice in writing however, even if notice is not given
    in writing as aforesaid, the Manager shall be deemed to have resigned if he gives clear notice in such regard. 
	 	 
	3.	Salary
    – A gross monthly salary of NIS 44,400 (the “Salary”). Any payment or bonus that are granted
    to the Manager pursuant to this Appendix, apart from the Salary, shall not be deemed to be a salary for any purpose whatsoever,
    and the Director shall not be able to argue otherwise. The Salary shall be paid on the lawful date. 
	 	 
	4.	Pension
    Arrangements – The Company shall insure the Manager under a pension arrangement of his choice (insurance fund,
    pension fund or a combination of the two), in accordance with the rates and conditions that are set out below:

 

	 	4.1.	Insurance
    fund (“executive insurance”) – in accordance with the following components:

 

	 	4.1.1.	Insurance
    for loss of capacity to work – the Company shall, at its own expense and from an insurer of its choice, purchase coverage
    in the event of loss of capacity to work with the usual and acceptable conditions, at the rate that is necessary for the insurance
    of 75% of the Salary. The Company’s payment for insurance for loss of capacity to work shall not, in any event, be greater
    than 2.5% of the Salary. 
	 	 	 
	 	4.1.2.	The
    Company’s provisions for severance pay - 81/3% of the Salary. 
	 	 	 
	 	4.1.3.	The
    Company’s provisions for compensation – the difference between 6.5% of the Salary and the Company’s payment
    for insurance for loss of capacity to work, provided that in any event, the Company’s provisions for compensation shall
    not be less than 5% of the Salary. 
	 	 	 
	 	4.1.4.	The
    Manager’s provisions for compensation – 6% of the Salary. 

 

	 	4.2.	Pension
    fund – in accordance with the following components: The Company’s provisions for severance pay – 8 1/3%
    of the Salary; the Company’s provisions for compensation - 6.5% of the Salary; the Manager’s provisions for compensation
    - 6% of the Salary. 

 

	5.	Release
    of Pension Funds – The Parties adopt the provisions of the General Authorization regarding Employer Payments
    into Pension Funds and Insurance Funds in lieu of Severance Pay, which was issued pursuant to the Severance Pay Law, 5723-1963,
    as is in force from time to time, a copy of which is attached to this Agreement as Appendix C. The Company hereby
    waives its right to a refund of the monies that it paid to the Pension Fund and/or to an executive insurance policy unless
    the Manager’s right to severance pay is repudiated in a judgment pursuant to sections 16 and 17 of the Severance Pay
    Law, 5723-1963 (in accordance with the provisions thereof), or if the Manager withdraws monies from the pension fund and/or
    executive insurance policy, other than due to an “entitling event”. For this purpose, an “entitling event”:
    death, disability or retirement at age sixty or above. The Manager declares, confirms and undertakes that the Company’s
    provisions for the executive insurance policy or pension fund shall stand in place of all of the severance pay owing to him
    if any, pursuant to section 14 of the Severance Pay Law, 5723-1963, and in accordance with the General Authorization referred
    to above. 

 

    	 	 	 

     

    

 

	6.	Study
    Fund – The Company and the Manager shall set up a study fund for the Manager. The Company shall deposit a sum
    equal to 7.5% of the Salary into a study fund each month, and the Manager shall set aside a sum equal to 2.5% of the Salary
    to the study fund, provided that the deposits pursuant to this section shall only be made up to the sum of the ceiling of
    the tax exemption for provisions to study funds pursuant to the Income Tax Ordinance. The Manager hereby instructs the Company
    to transfer the sums constituting the Manager’s portion of the provisions, to the study fund. 
	 	 
	7.	Vacation
    – The Manager shall be entitled to leave of 20 days of work for each period of twelve (12) months of employment
    (the “Annual Quota”) but in any event, not less than that which is set out in the Annual Leave Law, 5711-1951,
    as such may be from time to time (the “Annual Leave Law”). The Company encourages its employees to take
    leave and to use up the entire Annual Quota of leave days. However, the Employee shall be entitled to accrue vacation days
    in a quantity of not more than twice the Annual Quota (the “Accrual Quota”). Vacation days beyond the Accrual
    Quota shall be deleted without the Manager being given compensation for such. The dates for taking vacations shall be prescribed
    by the Company at its discretion, in accordance with its possibilities and needs, and where possible, taking into account
    the Manager’s wishes. The Company shall be entitled to decide on a uniform annual leave period for all or some of its
    employees, with respect to some or all of their annual leave quota, as it may see fit.
	 	 
	8.	Sick
    Pay – The Manager shall be entitled to the payment of sick pay in accordance with the provisions of the Sick
    Pay Law, 5736-1976. In the event that the Manager is absent from work due to illness, the Manager shall inform the Company
    of the illness on the first day of such absence, unless the Manager is unable to give such notice due to his medical condition,
    in which case the notice shall be given as soon as possible. Such notice shall refer, inter alia, to the estimated period
    in which the Manager is unable to work. 
	 	 
	9.	Convalescence
    Pay – The Manager shall be entitled to payment of convalescence pay in accordance with the Extension Order regarding
    Payment of Convalescence Pay. 
	 	 
	10.	Company
    Car – In place of travel expenses, the Company shall provide the Manager with a company car, for the purposes
    of the Manager’s job capacity, of which such model and specifications shall be determined exclusively by the Company
    (the “Car”). The Company shall pay for all ordinary expenses in connection with the Car, including licensing
    fees, insurance, gasoline and repairs; however, the Company shall not pay for traffic tickets or infractions, toll road fees
    or any other penalties or fines. It is agreed that the Manager shall not be entitled to certain tax benefits pertinent to
    the Car.
	 	 
	11.	The
    Manager: (1) will ensure the Car is in good shape and will verify the conditions of the insurance policy will be fulfilled
    and satisfied (including instructions and requirements in connection with the protection of the Car); (2) use the Car in accordance
    with the Company’s policies, which will be effective from time to time; and (3) in the event the Manager’s employment
    with the Company shall expire, either by termination of employment or otherwise, the Manager shall return the Car to the Company
    with the keys to the Car as well as other related licenses and documents in connection with the Car, in accordance with the
    framework of this Agreement.

 

    	 	 	 

     

    

 

	12.	Directors’
    and Officers’ Insurance – Throughout the entire term of the Manager’s employment at the Company,
    the Manager shall be covered by the Company’s directors’ and officers’ insurance in accordance with the
    conditions of the policy as shall be in force at such time, with respect to the other senior officers of the Company. The
    Company undertakes to keep such directors’ and officers’ insurance in force for a period of at least seven years
    after termination of the Manager’s office as an officer, so long as the Manager is not covered by a “retiring
    directors and officers” expansion or by a run-off policy, that may have been purchased by the Company. 
	 	 
	13.	Cellular
    Telephone – The Company shall provide the Manager with a cellular telephone for the purpose of the performance
    of his job, and for his reasonable private use. The Company shall bear the costs involved in the cellular telephone in accordance
    with the policy that it shall have in place from time to time. The Manager shall return the cellular telephone (together with
    all of the auxiliary equipment supplied to him) immediately upon the Company’s demand or upon termination of the Manager’s
    employment. 
	 	 
	14.	Business
    Expenses – The Company shall refund any payment to the Manager for necessary and acceptable business expenses
    incurred by the Manager, in accordance with the Company’s policy, as may be updated from time to time. 
	 	 
	15.	Taxes
    and Mandatory Payments – All of the taxes and benefits under this Agreement shall be gross sums. The Company
    shall deduct taxes and other mandatory payments as required by the law. 

 

	The
    Manager: 	/s/
    Yaron Silberman	 	The
    Company: 	/s/
    Benad Goldwasser
	 	 	 	 	 
	 	 	 	 	/s/
    Tanya Yosef

 

    	 	 	 

     

    

 

Appendix
B – Deed of Undertaking

 

This
Deed of Undertaking was executed on February 28, 2019 by Yaron Silberman, identity card no. 024910531,
of Ha’malacha 8, Ramat Hasharon, Israel (hereinafter: the “Manager”).

 

Since
the Manager wishes to enter into an employment agreement with ScoutCam Ltd. (the “Company”) and since the preservation
of the Confidential Information (as defined below), the Company’s rights in Inventions (as defined below) and in all of
the intellectual property rights auxiliary to such, are essential to the Company, the Manager is executing this Undertaking as
a condition of his employment by the Company, and he undertakes to perform it verbatim.

 

In
this Deed of Undertaking, all of the Manager’s undertakings to the Company shall be made to any parent companies, subsidiaries,
sister companies and related companies to the Company, directly or indirectly, and the substitutes or transferees of such companies.

 

Confidential
Information

 

	1.	The
    Manager recognizes the fact that he has and that he will have access to information that is confidential in nature (whether
    marked as such or not), that is related to the Company, including with respect to its commercial secrets, professional knowledge,
    technology, products (including products under development), research and development, experiments, formulas and processes,
    inventions, business, assets, financial condition, contracts and undertakings, obligations, operations, marketing and sales
    promotion issues, plans (including business and financial plans), strategies, procedures, forecasts, customers, suppliers,
    business partners and third parties to whom the Company has undertaken to keep information confidential and information relating
    to its employees, consultants, office bearers, directors and shareholders (all hereinafter jointly: the “Confidential
    Information”). The Confidential Information might be in any form whatsoever, including in writing, oral or on a
    magnetic or electronic medium. Confidential Information shall not include information that has come into the public domain
    as a result of a breach of this Deed of Undertaking by the Manager or information which the Manager is required to disclose
    pursuant to the legal demand of a competent authority, on condition that: (a) the Manager gives notice to the Company of such
    demand, immediately; (b) the Manager cooperates with the Company, if necessary, in order to reduce the scope of the demand;
    (c) the Manager does not disclose it beyond his duty to disclose in accordance with the aforesaid demand. 
	 	 
	2.	During
    the term of his employment and at all times thereafter, without any limitation in time, the Manager shall strictly preserve
    the Confidential Information and shall ensure its confidentiality, and shall not disclose the Confidential Information to
    any person or entity and shall not use the Confidential Information other than for the Company’s benefit. The Manager
    recognizes and understands that his work at the Company and his access to the Confidential Information give rise to a relationship
    of trust with respect to such Confidential Information. 
	 	 
	3.	The
    Manager declares that he has been made aware that all of the rights in the Confidential Information are the exclusive property
    of the Company (or of the third party to which the Company has undertaken to keep the Information confidential). Without derogating
    from the generality of the aforesaid, the Manager agrees that all of the Confidential Information that was prepared, collected,
    processed, received, kept or was in his use with respect to his employment in the Company (the “Material”)
    shall be the exclusive property of the Company and shall be deemed to be Confidential Information. Everything relating to
    the Material, including originals, copies and summaries, shall be transferred by the Manager to the Company upon termination
    of the term of his employment or at any time prior to such at the Company’s demand, without the Manager keeping any
    copies of the above and without the Manager having a right of lien over them. The Manager shall not remove the Material from
    the Company, unless such is required by virtue of his job and for the purpose of his employment, and unless such is permitted
    in accordance with the Company’s procedures. If the Material is removed from the Company’s offices as set out
    above, the Director shall take all of the necessary measures in order to maintain absolute confidentiality of the Material
    and shall return such to its place immediately after such use. 

 

    	 	 	 

     

    

 

	4.	Unless
    there is a lawful permit or approval for such, the Manager shall not use nor disclose Confidential Information or commercial
    secrets belonging to any third parties including to previous employers, towards which the Manager has a duty of confidentiality
    or non-use (including any academic institution or any related entity). 

 

Unfair
Competition and Prohibited Solicitation

 

	5.	The
    Manager undertakes that during the course of his employment at the Company, he shall not contract, set up, open or be in any
    way involved, directly or indirectly, either as an employee, owner, partner, agent, shareholder, director, adviser or in any
    other many, any business, occupation, employment or any other activity that is in competition with the Company’s business.
    
	 	 
	 	The
    Manager undertakes that during the period of 12 months following termination of his employment at the Company for any reason
    whatsoever, he shall not contract, set up, open or be in any way involved, directly or indirectly, either as an employee,
    owner, partner, agent, shareholder, director, adviser or in any other many, any business, occupation, employment or any other
    activity that is in which might reasonably include or require use of the Confidential Information. The Manager hereby confirms
    that it is reasonable that any engagement, set-up, opening or involvement, directly or indirectly, whether as an employee,
    owner, partner, agent, shareholder, director, adviser or in any other capacity, of any business, profession, employment or
    any other activity that is in competition with the Company’s business, as such was during the term of the Manager’s
    employment, or with the Company’s business as planned during the term of his employment, might require the use of all
    or part of the Confidential Information. 
	 	 
	 	The
    Manager agrees that in light of his position at the Company and his exposure to the Confidential Information, the provisions
    of this section 5 are reasonable and necessary for the purpose of lawfully protecting the Confidential Information, which
    constitutes a principal asset of the Company and he undertakes to perform such as a condition of his employment by the Company.
    The Manager declares that he has carefully read the provisions of this undertaking, that he understands the outcome of this
    undertaking and agrees to the provisions hereof, and that he has assessed the advantages and disadvantages involved in entry
    into this undertaking for himself.
	 	 
	 	The
    Manager hereby declares that he is aware that part of his Salary contains additional consideration that is being provided
    for the Manager’s undertaking under this non-competition stipulation. Without derogating from the aforesaid, the Manager
    declares that he has the financial capability to enter into this non-competition undertaking. 
	 	 
	6.	The
    Manager undertakes that during the course of his employment at the Company and for a period of 12 months thereafter, he shall
    not solicit, persuade or try to persuade any employee of the Company to cease his employment at the Company or to reduce the
    scope of his employment at the Company, and that he shall not employ such an employee. Furthermore, the Manager shall not
    solicit, persuade, try to solicit or try to persuade, directly or indirectly, any consultant, service provider, agent, distributor,
    customer or supplier of the Company to terminate, reduce or alter their relationship with Company. All of the above shall
    apply both directly and indirectly. 

 

    	 	 	 

     

    

 

Title
to Inventions

 

	7.	The
    Manager shall give notice and shall transfer to the Company or to whomever is appointed for such on its behalf with all inventions,
    improvements, enhancements, formulas, processes, techniques, professional knowledge and technological information, whether
    able to be registered as a patent, as copyright or any similar law or not, which come into being, are invented, made, developed
    or raised as an idea or implemented, or which may be deduced by the Manager alone or jointly with others, during the course
    of the Manager’s employment at the Company (including after business hours, on weekends , or during vacations) (all
    of the aforesaid shall hereinafter be defined as: “Inventions” or the “Invention”),
    immediately upon discovery, receipt, generation or invention thereof, as the case may be.
	 	 
	8.	The
    Manager agrees that any Inventions, as of the date of their invention or creation shall be the Inventions of the Company,
    shall be the exclusive property of the Company 0and its transferees, and the Company and its transferees shall be the exclusive
    owners of all of the property, rights and interests in the patents, copyright, commercial secrets and all of the other rights
    of any kind whatsoever, including moral rights with respect to the Inventions. The Manager hereby irrevocably and unconditionally
    assigns all of the rights set out below with respect to all of the Inventions to the Company: (1) all property, rights and
    interests in patents, patent applications and patent rights, extensions or expansions thereof; (2) rights related to a work,
    including copyright or applications for copyright, moral rights (as defined below) and proprietary rights in design; (3) rights
    related to the protection of commercial secrets and confidential information; (4) designs and the rights related thereto;
    (5) other proprietary rights related to intangible assets including trademarks, service marks and the implementation thereof,
    commercial names and packaging, and all of the goodwill related to them; (6) any property, rights and interests in any Invention;
    and (7) rights to sue for breach of any of the rights set out above and the right to revenues, royalties and other payments
    for the rights set out above. The Manager hereby waives all of the moral rights (as defined below) that it might have with
    respect to the Inventions, even after termination of his employment at the Company, and agrees never to sue with respect to
    such rights. “Moral rights” shall mean any right of an author to claim that his name be mentioned on his
    work, any right to object to any change in the work and any similar right that exists under any law in any country in the
    world, or under any treaty.
	 	 
	9.	The
    Manager has attached hereto as Appendix B1, a list of all of the Inventions, enhancements, improvements, formulas, processes,
    techniques, professional knowledge and technological information, whether able to be registered as a patent, as copyright
    or under any similar law, or not, and whether in fact implemented or not, original works and commercial secrets created or
    conceived or belonging to the Manager (whether generated by the Manager alone or jointly with others), which: (1) were developed
    by the Manager prior to his contract with the Company (hereinafter jointly: the “Previous Inventions”);
    (2) are related to the existing or planned business, products or research and development of the Company; and (3) are not
    assigned in favor of the Company pursuant to this Agreement; or, if the aforesaid Appendix B1 is missing or
    not attached at all, the Manager hereby declares that no such Previous Inventions exist.
	 	 
	10.	The
    Manager undertakes that during the term of his employment at the Company and thereafter, he shall take all of the actions
    reasonably necessary or required by the Company and he shall assist the Company, at its expense, in any way that it may request,
    in order to register, preserve, protect and enforce the Inventions in all countries around the world. These actions shall
    include, inter alia, the execution of documents and assistance in legal proceedings. The Manager hereby irrevocably authorizes
    and appoints the Company or a person appointed on its behalf as attorney for the Manager to act in his stead and in his place,
    to sign any document, to submit it and to do any other action on behalf of the Manager which may be permitted under any law
    in order to enable the registration, preservation, protection and enforcement of the Inventions in all countries around the
    world.
	 	 
	11.	The
    Manager shall not be entitled with respect to the above to any monetary or other consideration apart from that set out expressly
    in his Employment Agreement or beyond the provisions of any other special agreement or arrangement in this regard made in
    writing and signed by the Company. Without derogating from the generality of the aforesaid, the Manager irrevocably confirms
    that the consideration paid to the Manager under the express conditions of this Employment Agreement shall be in lieu of any
    right that the Manager might have been entitled to receive by law for payment for the Inventions and the Manager hereby waives
    any right to receive royalties or any other payment for the Inventions, including under section 134 of the Patents Law, 5727-1967.
    With respect to the above, no arrangement, contract or agreement made orally or in writing shall have any effect unless such
    is in writing and lawfully signed by the Company.

 

    	 	 	 

     

    

 

		General	

 

	12.	The
    Manager declares that in the performance of his undertakings under this Deed of Undertaking, and his function as an employee
    of the Company, he is not in breach of any undertaking regarding the assignment of inventions, non-competition, confidentiality
    or any similar undertaking towards, or right of, any previous employer (including any academic institution or any related
    entity). The Manager recognizes the fact that the Company has relied on this declaration in its decision to employ him at
    the Company. 
	 	 
	13.	The
    Manager agrees that the provisions of this undertaking which constitute an integral part of the conditions of his employment,
    are reasonable and necessary for the purpose of protecting the legitimate interests of the Company with respect to the subject
    of this undertaking.
	 	 
	14.	The
    Manager recognizes that in the event of breach of any of the provisions of this Deed of Undertaking, the Company might suffer
    damages that cannot be remedied and therefore, in the event of a breach of this Deed of Undertaking, the Company shall be
    entitled to an injunction in order to enforce this Deed of Undertaking (without derogating from the other remedies to which
    the Company might be entitled in such a case, under any law). 
	 	 
	15.	Should
    it be ruled by any competent judicial instance that any of the provisions of this Deed of Undertaking are not valid or enforceable,
    in any way whatsoever, such provision shall be enforced to the extent possible in accordance with the intention of the Company
    and the Manager. If such provision cannot be enforced in accordance with such intention, the provision shall be deemed to
    have been amended so that those parts of it which are held, as aforesaid, to be invalid or unenforceable, may be deleted therefrom,
    only in such country or region in which the decision that the provision is invalid or unenforceable as aforesaid has been
    handed down, in accordance with the local law. In addition, if it is held that a particular provision contained in this undertaking
    is too broad in terms of the time periods, geographical scope, actions or subject matter set out herein, it shall be interpreted
    such that the provision shall be limited and restricted with respect to such characteristic, so that the provision shall be
    enforceable to the greatest extent possible that is suitable to the applicable law as may be in force at such time.
	 	 
	16.	The
    provisions of this undertaking shall remain in full force even after termination of the employment between the Company and
    the Manager, for any reason whatsoever. This undertaking shall not in any way derogate from the undertakings and liabilities
    of the Manager under any law.
	 	 
	17.	The
    Manager hereby agrees that following termination of the employment between the Company and the Manager, the Company shall
    be entitled to give notice to the Manager’s new employer of the Manager’s rights and obligations pursuant to this
    Deed of Undertaking.
	 	 
	18.	This
    Deed of Undertaking constitutes the full agreement between the Company and the Manager with respect to the subject of this
    Deed of Undertaking. Any addition, amendment or waiver of any undertaking pursuant to this Deed of Undertaking shall only
    be valid if in writing and signed by the Company as well. The Company’s waiver of the Manager’s undertaking shall
    constitute a one-time waiver and shall not constitute a precedent or serve for the drawing of inferences to similar, different
    or other cases. 
	 	 
	19.	This
    Deed of Undertaking and the rights and obligations hereunder shall be valid towards the substitutes, transferees and legal
    representatives of the Manager and the Company. The Company shall be entitled to assign all or part of its rights under this
    Deed of Undertaking. The Manager shall not convert, assign or otherwise transfer the duties imposed upon him under this Deed
    of Undertaking other than with the prior written consent of the Company.

 

	Yaron
    Silberman: 	/s/
    Yaron Silberman	 	Date:	February
    28, 2019
	 	 	 	 	 
	The
    Manager:	/s/
Yaron Silberman	 	The
    Company:	/s/
    Benad Goldwasser
	 	 	 	 	 
	 	 	 	 	/s/
    Tanya Yosef

 

    	 	 	 

     

    

 

Appendix
C

 

 

General
Authorization (Consolidated Version) regarding Employer Payments into Pension Funds and Insurance Funds in lieu of Severance Pay

 

Pursuant
to the Severance Pay Law, 5723-1963

 

By
virtue of my authority pursuant to section 14 of the Severance Pay Law, 5723-1963, (hereinafter: the “Law”), I authorize
that payments made by the Employer as of the date of publication of this Certificate, for the Employee, into a comprehensive pension
in an annuity fund which is not an insurance fund as defined in the Income Tax (Rules for Approval of and Management of Pension
Funds) Regulations, 5724-1964 (hereinafter: a “Pension Fund”), or into an executive insurance policy which includes
the ability to pay an annuity or a combination of payments into an annuity plan and a plan which is not an annuity plan, into
such insurance fund (hereinafter: an “Insurance Fund”), including payments made by combining payments into a Pension
Fund and an Insurance Fund, whether the Insurance Fund contains an annuity plan or not (hereinafter: “Employer Payments”)
shall stand in lieu of the severance pay owing on the Salary out of which the aforesaid payments are made, and for the period
paid (hereinafter: the “Severance Salary”), provided that all of the above exist:

 

	1.	Employer’s
    payments –

 

	 	(a)	Into
    a Pension Fund shall be no less than 141/3% of the Severance Salary or 12% of the Severance Salary if
    the Employer also makes payments for the Employee, in addition to the above, for supplementation of severance pay into a severance
    pay pension fund or an Insurance Fund in the Employee’s name in the rate of 21/3% of the Severance
    Salary. Where the Employer has not paid the aforesaid 21/3% in addition to the 12%, the Employer’s
    payments shall stand in lieu of 72% of the Employee’s severance pay only;
	 	 	 
	 	(b)	Into
    an Insurance Fund are no less than one of the following:

 

	 	(1)	131/3%
    of the Severance Salary, if the Employer pays for the Employee, in addition to the above, for monthly salary assurance in
    the event of loss of capacity to work, under a plan approved by the Commissioner for Capital Markets, Insurance and Savings
    at the Ministry of Finance, in the rate required to assure 75% of the Severance Salary at least, or in the rate 21/2%
    of the Severance Salary, whichever is the lesser (hereinafter: “Payment for Insurance of Loss of Capacity to Work”);
	 	 	 
	 	(2)	11%
    of the Severance Salary, if the Employer also makes payment for insurance for loss of capacity to work, in which case the
    Employer’s payments shall be in lieu of 72% of the Employee’s severance pay, only; should the Employer make payments
    to supplement severance pay in addition to the above into a Pension Fund or Insurance Fund for severance pay in the Employee’s
    name, in the rate of 21/3% of the Severance Salary, the Employer’s payments shall be in lieu of
    100% of the Employee’s severance pay.

 

	2.	No
    more than 3 months after the commencement of the Employer’s payments, a written agreement is entered into between the
    Employer and the Employee containing:

 

	 	A.	The
    Employee’s consent to an arrangement under this Authorization in a form setting out the Employer’s payments to
    the Pension Fund or Insurance Fund, as the case may be; such agreement shall also contain the wording of this Authorization;
	 	 	 
	 	B.	A
    waiver by the Employer in advance of any right that it may have to restitution of the monies from its payments, unless the
    Employee’s right to severance pay is repudiated in a judgment under sections 16 and 17 of the Law, and to the extent
    so repudiated, or that the Employee has withdrawn monies from the Pension Fund or the Insurance Fund not due to an entitling
    event; in this regard, “entitling event” – death, disability or retirement at the age of 60 or more.
	 	 	 
	 	C.	This
    Authorization shall not derogate from an employee’s right to severance pay under the Law, under a collective agreement,
    extension order or employment contract, in respect of salary above the exempt salary.

 

(Eliyahu
Yishai)

 

	The
    Manager: 	/s/
    Yaron Silberman	 	The
    Company: 	/s/
    Benad Goldwasser
	 	 	 	 	 
	 	 	 	 	/s/
    Tanya Yosef

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