Document:

Exhibit 10.52

 

 

 

August 28th, 2018

 

 

Mr. Arturo Araya

*****

 

Re: Offer of Employment

 

Dear Mr. Araya:

 

I am pleased to confirm
an offer for you, by way of this offer letter (this “Letter”) to join BRAINSTORM CELL THERAPEUTICS INC., a Delaware
corporation (the “Company”) on a full-time basis, in the position of Chief Commercial Officer (CCO). Your employment
commencement date shall be no later than August 28th , 2018 (the “Effective Date”) and shall continue
until terminated pursuant to the terms hereof (collectively, the “Employment Period”).

 

The terms of your
employment and compensation will consist of the following:

 

		(i)	Hours Commitment: a. During the first three months of your employment with the Company (the
 “Initial Period”), you will be expected to work two or three days each week or an average of 20 hours per week. b.
On or about December 1st, 2018, you will be expected to work in a full-time capacity, meaning a 40-hour work week, with
the days and hours to be mutually agreed upon by the parties, pursuant to the Company’s ordinary course of business. You
may be required to travel in connection with your position. The Company shall pay for or reimburse all properly approved Company
related travel expenses. It is understood and acknowledged by the Company and by you that you will work from the Company’s
New Jersey offices, except as otherwise agreed by you and the Company from time to time.

 

		(ii)	Title: Chief Commercial Officer (as further detailed on Exhibit A)

 

		(iii)	Nature of Services: You will directly report to our Chief Executive Officer (the “CEO”),
and your primary responsibilities will consist of those listed on Exhibit A (collectively, the “Executive Duties”)
or as may otherwise be directed from time to time by the CEO.

 

		(iv)	Compensation*:

 

		a.	In consideration of the performance of the Executive Duties, you shall be entitled to receive an
annual base compensation of Three Hundred Thousand and 00/100s U.S. Dollars (USD$300,000) (the “Base Salary”),
paid to you on the 15th and final day of each month in arrears (or as otherwise required in compliance with applicable
law), during the Employment Period. No additional compensation shall be payable to you by reason of the number of hours worked
or any hours worked on Saturdays, Sundays or holidays, by reason of special responsibilities assumed (whether on behalf of the
Company or any of its subsidiaries or affiliates), special projects completed, or otherwise. All Base Salary payable hereunder
shall be payable in accordance with the Company’s regular payroll practices (e.g., timing of payments and standard
employee deductions, such as income and employment tax withholdings).

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

 

		b.	You shall be eligible to receive an annual cash bonus equal to twenty percent (20%) of the Base
Salary, subject to your satisfaction of pre-established performance goals to be mutually agreed upon by the CEO and the Board of
Directors of the Company (the “Board), or a committee thereof, each year during the Employment Period.

 

 

		c.	Director Compensation: The Restricted Stock Agreements between you and the Company, respectively
dated February 26, 2018 and March 26, 2018 are (subject to the approval of the terms of this Letter by the Board or its committees
and execution of this Letter by all parties hereto) hereby amended such that they will cease vesting on the Effective Date (and
all unvested shares are automatically forfeited to the Company on the Effective Date); you shall be entitled to receive your pro
rata share (calculated based on the number of days from February 26, 2018 to the Effective Date) of the annual cash award of $12,500
payable for your Board services from February 26, 2018 through February 25, 2019.

 

		d.	Upon the Effective Date you shall receive a one-time grant of an option to purchase 200,000 shares
of Company’s common stock under the 2014 Stock Incentive Plan or 2014 Global Share Option Plan, as applicable, or
successor plan thereto (collectively, the “Plan”), at an exercise
price per share equal to the per share closing price of the Company’s common stock on the date of the grant according to
Nasdaq (the “Grant”). Provided you remain
employed by the Company on each applicable vesting date, the vesting schedule of the Grant shall be as follows: 25% of
the Grant shall vest and become exercisable on each of the first, second, third and fourth anniversaries of the Effective Date,
so that the Grant becomes fully vested and exercisable on the fourth anniversary of the Effective Date. Grant shall be subject
to accelerated vesting upon a Change of Control (defined below) of the Company and such other accelerated vesting as provided in
this Letter or the Plan (and any award agreement evidencing such grant, to the extent such award agreement contains more preferential
terms). The Grant shall have a ten (10) year term. Any unvested shares underlying
the Grant as of the date of the termination of your employment with the Company shall
automatically terminate. You shall have ninety (90) days after termination of your employment with the Company to exercise the
Grant to the extent then vested. The Grant is also contingent upon the prior approval of the Board or the Compensation Committee
of the Board and Executive’s execution of one or more stock option agreements in such form and substance as may reasonably
be determined by the Company, which the parties will endeavor to execute within ten (10) days from the Effective Date. In addition
to the foregoing, you shall be entitled to participate in the Plan and receive such stock options or other equity awards relating
to the equity of the Company as determined by the Board (or the Compensation Committee of the Board) in its sole and absolute discretion.
For the purposes of this Letter “Change of Control” means the first to occur
of any of the following: (i) The sale, transfer, conveyance or other disposition by
the Company, in one or a series of related transactions, whereby an independent third party(s) becomes the beneficial owner of
a majority of the voting securities of the Company; (ii) any merger, consolidation or similar transaction involving the Company,
other than a transaction in which the stockholders of the Company immediately prior to the transaction hold immediately thereafter
in the same proportion as immediately prior to the transaction not less than 50% of the combined voting power of the then voting
securities with respect to the election of the Board of Directors of the resulting entity; or (iii) any
sale of all or substantially all of the assets of the Company. Notwithstanding the
foregoing, no change in ACCBT Corp., ACC International Holdings Ltd. or their affiliates’ ownership of the Company
shall be deemed a Change of Control under this Letter, and none of the following shall, either
together or alone, constitute a Change of Control: (A) the subscription for, or issuance of Company securities (whether or not
constituting more than 50% of the Company’s issued and outstanding securities (unless such subscription or issuance
would result in a Change of Control under clause (i) above)); (B) the issuance or exercise
of Board appointment or nomination rights of any kind (whether or not relating to a majority of Board members); (C) preemptive
rights to purchase securities of the Company, or the exercise of such rights; (D) the right to consent to Company corporate actions;
or (E) the exercise of warrants or options.

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

 

 

		e.	Upon presentation of vouchers and similar receipts, you shall be entitled to receive reimbursement
in accordance with the policies and procedures of the Company maintained from time to time for all reasonable business expenses
actually incurred in the performance of the Executive Duties, and as more fully detailed in the Employee Manual.

 

*Subject to all mandatory
withholdings required by applicable law.

 

		(v)	Employee Benefits: You shall be entitled to participate in such employment benefits, including
but not limited to a Section 401(k) retirement plan, health, dental, and long-term disability plans as are established by the Company
and as in effect from time to time applicable to executives of the Company. The Company shall provide health and dental insurance
plans or, if the Company is unable to provide such plans, the Company will reimburse you for your health and dental insurance costs.
The Company shall not be required to establish, continue or maintain any other specific benefits or benefit plans other than health
and dental insurance.

 

		(vi)	Other Employee Benefits; Vacation: You shall be entitled to those other employee benefits
which are (a) expressly stated in the Company’s employee handbook, as may be applicable (the “Employee Manual”)
and offered to the Company’s full-time employees, and (b) required by applicable law. Notwithstanding, following the Initial
Period, you shall also be entitled to vacation during each year of the Employment Period in accordance with the Employee Manual;
provided that you shall be entitled to four (4) weeks of vacation per fiscal year.

 

		(vii)	No Additional Compensation. Except as provided herein or as determined in the discretion
of the Compensation Committee of the Board, you shall not be entitled to any other compensation, salary or bonuses for services
as an employee of Company.

 

		(viii)	Confidentiality; Work for Hire: You will be required to execute the Company’s standard
Assignment, Non-Competition, Non-Solicitation and Confidentiality Agreement on or prior to your Start Date. A copy of this Assignment,
Non-Competition, Non-Solicitation and Confidentiality Agreement has been appended to this Letter for your review and execution.

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

 

As you are aware, following
the Initial Period, you will be a full-time employee with the Company and must devote your full attention and efforts to the Company
during regular work hours. It is understood that during the Initial Period you will be allowed to consult for other companies (but
in no event will you consult for a competitor of the Company), so long as your consulting work: (i) does not interfere with your
performance of your job duties and other obligations outlined in this Letter (including Exhibit A hereto); (ii) does not violate
your obligations under the Assignment, Non-Competition, Non-Solicitation and Confidentiality Agreement; (iii) is approved by the
CEO of the Company; and (iv) ceases on or before the end of the Initial Period. Your employment with the Company is "at will,"
which means your employment may be terminated at any time for any reason, by either party, with or without notice; and this Letter
is an outline of the terms of our offer and is not intended to create a contract of employment between you and the Company.

 

This Letter will be
governed solely by the laws of the State of New York without giving effect to the conflict of laws principles thereof. You further
agree to submit to the exclusive jurisdiction of the courts situated in the State of New York in respect of any issue and/or dispute
which arises hereunder and/or in connection with your employment with the Company.

 

By signing this Letter,
you confirm that you are not subject to any agreements or other restrictions that would prevent you from working for the Company
and carrying out the services described above. You further confirm that your employment with the Company will not violate or breach
any confidential relationship between you and any third party, and that you will not disclose to the Company or use for the Company’s
benefit any confidential or trade secret information of any third party. You agree that at no time during the period of your employment
with the Company will you undertake responsibilities or obligations which will present a conflict of interest with, or limit your
ability to fulfill the duties of your position with the Company.

 

You are required by
law to provide documentation necessary to complete U.S. Government Form I-9. Your employment will not commence until the Company
has received such materials/documentation. In addition, this offer is contingent on verification of the information you have provided
on your employment application and in your job interview.

 

We look forward to
having you join the Brainstorm team, and we are confident that you’ll contribute to its overall success. If you should have
any questions, please feel free to contact me at your earliest convenience.

 

Sincerely,

 

BRAINSTORM CELL THERAPEUTICS
INC.

 

By: /s/ Chaim Lebovits

Name: Chaim Lebovits

Title: President and CEO

 

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

 

 

 

ACKNOWLEDGED AND AGREED

AS OF THE DATE SET FORTH BELOW:

 

By: /s/ Arturo Araya

Name: Arturo Araya

Title: In his individual capacity

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

 

 

EXHIBIT A

 

Description of Position:

 

The Chief Commercial Officer (CCO) is a
senior executive who will lead Brainstorm’s commercialization activities.

 

Detailed Roles and Responsibilities:

 

Reporting to: CEO Chaim
Lebovits, BrainStorm Cell Therapeutics

The CCO will be responsible for
the development and execution of the commercialization strategy for NurOwn® and other biological products in BrainStorm’s
pipeline. The CCO will also be responsible to build an appropriately scaled commercialization infrastructure and organization to
drive market readiness and adoption of NurOwn® and BrainStorm’s biological products and be responsible for projected
revenue growth. The CCO will take a global perspective on market opportunities and lead in the commercial assessment and prioritization
of geographic as well as clinical market segments. The CCO is an integral member of BrainStorm’s executive leadership team.

  

KEY ACCOUNTABILITIES & RESPONSIBILITIES 

 

		·	Commercial Strategy: Deliver strategic leadership to define the optimal commercial path
to growth and profitability of NurOwn® and other BrainStorm biological products and for the development of an effective growth
process and infrastructure.

		·	Collaboration: Develop collaborative working relationships within the organization in pursuit
of the of the company’s overall business goals.

		·	Marketing: Lead development of the company’s multichannel marketing strategy with
an emphasis on achieving ALS market penetration for NurOwn® and sales growth.

		·	Market Access: Develop and execute strategy to maximize NurOwn® access in the US and
other key markets.

		·	Strategic Alliances: Develop strategy for partnerships to commercialize NurOwn across geographies,
where appropriate.

		·	Pricing and Reimbursement: Develop and execute pricing and reimbursement strategies to effectively
penetrate key markets and collaborate with BrainStorm colleagues to develop the necessary health economic data to support health
technology assessment and payer requirements across geographies.

		·	Sales strategy: Develop and implement NurOwn®’s commercial launch strategy across
key market segments to ensure that the company identifies and optimizes a clear path to product uptake and growth. Assess, build
and manage an array of necessary product and logistical channels capable of delivering on the company’s growth objectives.

		·	Lifecycle and portfolio management: Collaborate with Brainstorm leadership team to evaluate
in- and out-licensing opportunities as required and provide commercial input and assessment to key executive team decisions.

		·	Investor relations: participate in investor relations meetings to communicate the commercial
strategies and business results as required.

 

EXPERIENCE & EXPERTISE 

 

		·	Advanced degree

		·	Strong leadership and collaboration skills

		·	Demonstrated experience in developing AND executing successful commercialization strategies
in gene or cell therapies and/or rare disease, CNS experience a plus

		·	Successful experience in leading the building, planning, launch and successful commercialization
of novel, rare disease therapies on a global basis.

		·	Strong and demonstrated strategic thinking skills

		·	Ability to think creatively and develop non-traditional solutions to complex business challenges

		·	Strong negotiation and analytical skills

		·	Ability to be hands-on as well strategic

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

 

 

ASSIGNMENT, NON-COMPETITION, NON-SOLICITATION

AND CONFIDENTIALITY AGREEMENT

 

This Assignment, Non-Competition,
Non-Solicitation and Confidentiality Agreement (this “Agreement”) is hereby effective as of August [__], 2018.
As a condition of my employment with BRAINSTORM CELL THERAPEUTICS INC., its subsidiaries, affiliates, successors or assigns
(collectively, the "Company"), and in consideration of my employment with the Company and my receipt of the compensation
now and hereinafter paid to me by the Company, I, the undersigned, agree to the following:

 

1.       At-Will
Employment. I understand and acknowledge that, unless I enter into a written employment agreement with the Company my employment
with the Company is for an unspecified duration and constitutes "at-will" employment. I also understand that any representation
to the contrary is unauthorized and not valid unless obtained in writing and signed by an authorized representative of the Company.
I acknowledge that this employment relationship may be terminated at any time, with or without good cause or for any or no cause,
at the option either of the Company or me, with or without notice.

2.       Confidential
Information.

 

2.1       Company
Information. I recognize that the Company has devoted substantial money, time and resources in developing Confidential
Information, and that the Company pays its employees, among other things, to develop and preserve its business information. Accordingly,
I agree at all times during the term of my employment and thereafter, to hold in strictest confidence, and not to use, except for
the benefit of the Company, or to disclose to any person, firm or corporation without written authorization of an authorized representative
of the Company, any Confidential Information of the Company. I understand that "Confidential Information" means any Company
technology or economic competitively valuable proprietary information, technical data, patients advocacy strategies, communications
relating to patients (both internal and external), trade secrets or know-how, including, but not limited to, research, product
plans, company business or working plans, products, Public Relations & Investor Relation strategies or communications, pricing
and pricing methods, services, customer lists and customers (including, but not limited to, prospective and actual customers of
the Company on whom I called or with whom I became acquainted during the term of my employment), markets, software, developments,
inventions, processes, technology, designs, drawings, models, engineering, marketing, finances, employee compensation data or other
business information disclosed to me by the Company either directly or indirectly in writing, orally or by drawings or observation
of parts or equipment. In addition, I agree not to do any of the following: (a) disclose or disseminate Confidential Information
to anyone, including any Company employee or volunteer, who lacks a need to know; (b) remove proprietary information from the Company's
premises without the express written authorization from Company; and (c) use the Confidential Information for my own or any third
party's benefit. I further understand that Confidential Information does not include any of the foregoing items which have become
publicly known and made generally available through no wrongful act of mine or of others who were under confidentiality obligations
as to the item or items involved or improvements or new versions thereof.

 

2.2       Former
Employer Information. I agree that I will not, during my employment with the Company, improperly use or disclose any proprietary
information or trade secrets of any former or concurrent employer or other person or entity and that I will not bring onto the
premises of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless
consented to in writing by such employer, person or entity.

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

 

2.3       Third
Party Information. I recognize that the Company has received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use
it only for certain limited purposes. I agree to hold all such confidential or proprietary information in the strictest confidence
and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out my work for the Company
consistent with the Company's agreement with such third party.

 

2.4       Governmental
Limitations. Nothing set forth in the Agreement or in any other agreement or policy of the Company shall prohibit any person
from reporting possible violations of federal or state law or regulation to any governmental agency or entity, including but not
limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or
making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation. No person
shall require prior authorization of any party to make any such reports or disclosures, and no person shall be required to notify
the Company that he or she has made such reports or disclosures. Furthermore, nothing in the Agreement shall prohibit or limit
a person from receiving a whistleblower award or other financial benefit for participating in a government investigation.

 

3.       Inventions.

 

3.1       Assignment
of Inventions. I agree that I will promptly make full written disclosure to the Company, will hold in trust for the sole
right and benefit of the Company, and hereby assign to the Company, or its designee, all my right, title, and interest in and to:
(a) any and all inventions, developments, concepts, designs, discoveries, ideas, patents, patent applications, improvements, and
all other worldwide rights of inventorship; (b) all copyrights in copyrightable works, all copyright registrations and/or applications,
all original works of authorship, any derivations thereof and all moral rights appurtenant thereto; (c) all trademarks, service
marks, trade names, trade dress, product names and slogans and any common law rights and good will appurtenant thereto, and all
applications and registrations thereof; (d) all registered and unregistered domain names, uniform resource locators and keywords;
(e) all computer and electronic data, documentation and software, including both source and object code, computer and database
applications and operating programs; (f) all trade secrets and Confidential Information, including ideas, research notes, client
lists, development notes, know-how, formulas, business methods and techniques and marketing, financial and pricing data; and (g)
all other intellectual property rights relating to any or all of the foregoing, including any renewals, continuations or extensions
thereof, whether or not patentable or registrable under copyright, trademark or similar laws (collectively hereinafter, the "Inventions"),
which I may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice,
during the period of time I am in the employ of the Company. I further acknowledge that all original works of authorship, as mentioned
in this Section 3, which are or have been made by me (solely or jointly with others) within the scope of and during the period
of my employment with the Company and which are protectible by copyright, patent and/or trademark are "works made for hire,"
as that term is defined in the United States Copyright Act. I understand and agree that the decision whether or not to commercialize
or market any Invention developed by me solely or jointly with others is within the Company's sole discretion and for the Company's
sole benefit and that no royalty will be due to me as a result of the Company's efforts to commercialize or market any such Invention.

 

3.2       Maintenance
of Records. I agree to keep and maintain adequate and current written records of all Inventions made by me (solely or jointly
with others) during the term of my employment with the Company. The records will be in the form of notes, sketches, drawings, and
any other format that may be specified by the Company. The records will be deemed Confidential Information and will be available
to and remain the sole property of the Company at all times.

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

3.3       Patent,
Copyright and Trademark Registrations. I agree to assist the Company, or its designee, at the Company's expense, in every
proper way to secure the Company's rights in the Inventions and any copyrights, trademarks, patents, mask work rights or other
intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent
information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other
instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey
to the Company, its successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Inventions,
and any copyrights, trademarks, patents, mask work rights or other intellectual property rights relating thereto. I further agree
that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue
after the termination of this Agreement. If the Company is unable because of my mental or physical incapacity or for any other
reason to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations
covering Inventions or original works of authorship assigned to the Company as above, then I hereby irrevocably designate and appoint
the Company and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf and stead
to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of
patent, trademark, copyright or other intellectual property registrations thereon with the same legal force and effect as if executed
by me.

 

4.       Solicitation
of Customers. I recognize that the Company pays its employees, among other things, to develop and preserve customer and
client goodwill, customer loyalty and customer and client contacts for and on behalf of the Company. Accordingly, for the period
of twelve (12) months after the date of termination of my employment with the Company for any reason, whether with or without cause,
I will not solicit the business of any client or customer of the Company, directly or indirectly, who is such on or prior to the
date of such termination. In addition, I will not solicit the business of any defined prospective client or customer. A defined
prospective client or customer is one that is (a) an assigned account of any Company employee or (b) on an account list in any
employee's sales or pipeline report within the last year from the termination date. I expressly agree that the limitation of this
Section protects a legitimate business interest of the Company. Nevertheless, in the event that any of the restrictions and limitations
contained in this Section are deemed unreasonable or to otherwise exceed the time and/or geographic limitations permitted by applicable
law, such provisions of this Section shall be reformed to the maximum time and/or geographic limitations permitted by applicable
law.

 

5.       Conflicting
Employment. I agree that, during the term of my employment with the Company, I will not engage in any other employment,
occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes
involved during the term of my employment, nor will I engage in any other activities that conflict with my obligations to the Company.
I expressly agree that the limitation of this Section protects a legitimate business interest of the Company. Nevertheless, in
the event that any of the restrictions and limitations contained in this Section are deemed unreasonable or to otherwise exceed
the time and/or geographic limitations permitted by applicable law, such provisions of this Section shall be reformed to the maximum
time and/or geographic limitations permitted by applicable law. Further, the non-competition provision in this Section shall not
apply to employment and other statuses set forth in this Section in any jurisdiction in which they are prohibited. The remainder
of this Agreement shall apply within and outside of such jurisdictions.

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

 

6.       Returning
Company Property. I agree that, at the time of leaving the employ of the Company, I will deliver and return to the Company
(and will not keep in my possession, recreate or deliver to anyone else) any and all Company-owned devices, records, data, files,
notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents
or property, or reproductions of any of the aforementioned items developed by me or in my possession, including, without limitation,
those records maintained pursuant to paragraph 3.3.

 

7.       Notification
of New Employer. In the event that I leave the employ of the Company, I hereby grant to the Company the right to notify
my new employer about my rights and obligations under this Agreement.

 

8.       Solicitation
of Employees. I agree that for a period of twelve (12) months immediately following the termination of my relationship
with the Company for any reason, whether with or without cause, I shall not either directly or indirectly solicit, induce, recruit,
hire, offer employment or encourage any of the Company's employees, independent contractors or vendors to leave their employment
/ engagement, either for myself or for any other person or entity. I expressly agree that the limitation of this Section protects
a legitimate business interest of the Company. Nevertheless, in the event that any of the restrictions and limitations contained
in this Section are deemed unreasonable or to otherwise exceed the time and/or geographic limitations permitted by applicable law,
such provisions of this Section shall be reformed to the maximum time and/or geographic limitations permitted by applicable law.

 

9.       Representations.
I agree to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. I represent
that my performance of all the terms of this Agreement will not breach any prior agreement to keep in confidence proprietary information
acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I agree I will not
enter into, any oral or written agreement in conflict with this Agreement.

 

10.       Equitable
Relief. I acknowledge and agree that it is impossible to measure in money the damages which will accrue to the Company
if I should breach or be in default of any of my representations or agreements set forth in this Agreement. Accordingly, if I breach
or am in default of any such representations or agreements, the Company shall have the full right to seek injunctive relief, in
addition to any other existing rights provided in this Agreement or by operation of law, without the requirement of posting bond.
If any action or proceeding is instituted by or on behalf of the Company to enforce any term of this Agreement, I hereby waive
any claim or defense thereto that the Company has an adequate remedy at law or that the Company has not been, or is not being,
irreparably injured by my breach or default. The rights and remedies of the Company pursuant to this Section are cumulative, in
addition to, and shall not be deemed to exclude, any other right or remedy which the Company may have pursuant to this Agreement
or otherwise, at law or in equity.

 

11.       Governing
Law; Venue. This Agreement will be governed solely by the laws of the State of New York without giving effect to the conflict
of laws principles thereof. I further agree to submit to the exclusive jurisdiction of the courts situated in the State of New
York in respect of any issue and/or dispute which arises hereunder.

 

12.       Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the Company and me relating to the
subject matter herein and supersedes all prior discussions between us. No modification of or amendment to this Agreement, nor any
waiver of any rights under this Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent
change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

 

13.       Full Knowledge
and Volition.I acknowledge and agree that I have received a copy of this Agreement, that I have read and understood
all of the terms and conditions of this Agreement, and that I have had full opportunity to be advised of my right and to discuss
all aspects of this Agreement with counsel of my own choosing prior to execution hereof.

 

14.       Severability.
If one or more of the provisions in this Agreement are deemed void by law, then the remaining provisions will continue in full
force and effect.

 

15.       Waiver.
No course of dealing or omission on the party of the Company in asserting or exercising any right, power or remedy conferred by
this Agreement shall constitute or operate as a waiver thereof or otherwise prejudice its rights, powers and remedies conferred
by this Agreement or shall preclude any other or further exercise thereof of any other right, power and remedy.

 

16.       Successors
and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and
will be for the benefit of the Company, its successors, and its assigns.

 

17.       Attorney’s
Fees. Should I be found liable for any action taken to enforce this Agreement, I will reimburse the Company for all reasonable
attorney’s fees and court costs.

 

18.       Waiver.
No act or failure to act by Company waives any rights herein. To be effective, any waiver by Company must be in writing and executed
by an executive officer of the Company.

 

19.       Headings.
Section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret,
define or limit the scope or intent of this Agreement or any provision hereof.

 

20.       Counterparts.
This Agreement may be executed in one or more counterparts each of which shall be deemed one in the same original instrument.

 

 

	 	BRAINSTORM CELL THERAPEUTICS INC.
	 	 
	 	By:  		 
	 	
        Name: Chaim Lebovits

	 	Title:  Chief Executive Officer
	 	 	 	 
	 	EMPLOYEE
	 	 
	 	By:  	 	 
	 	Name:  Arturo Araya
	 	Title:  In his individual capacity

  

 

    
Confidential
BrainStorm Cell Therapeutics Inc., 3 University Plaza Drive, Suite 320, Hackensack, NJ 07601
Phone: 201-488-0460 Fax: 201-430-7555Exhibit 10.12

 

	EMPLOYMENT AGREEMENT RHINEBECK SAVINGS
    BANK (the “Bank”), and Michael J. McDermott (“Executive”) agree to enter into this EMPLOYMENT AGREEMENT
    dated as of March 7, 2005 as follows: 1. SUPERCESSION OF PRIOR EMPLOYMENT AGREEMENT. Executive and the Bank previously originally
    entered into an Employment Agreement dated as of May 1, 2002 (the “Prior Agreement”). The parties have agreed
    that the terms and conditions set forth in this Agreement shall supersede any and all provisions of the Prior Agreement and
    any other existing oral or written agreements, representations, or warranties, between Executive and the Bank, and that such
    agreements shall be null and void and of no further force and effect, except as otherwise specifically provided in this Agreement.
    2. EMPLOYMENT. The Bank hereby agrees to continue to employ Executive, and Executive hereby agrees to continue to be employed
    by the Bank, upon the terms and subject to the conditions set forth in this Agreement. 3. TERM OF EMPLOYMENT. The period of
    Executive’s employment under this Agreement shall begin as of March 7, 2015 (the “Effective Date” and shall
    continue until terminated in accordance with Section 6 below. As used in this Agreement, the phrase “Employment Term”
    refers to Executive’s period of employment from the Effective Date until his date of termination. 4. DUTIES AND RESPONSIBILITIES.
    (a) The Bank will continue to employ Executive as its Chief Financial Officer. In such capacity, Executive shall perform the
    customary duties and have the customary responsibilities of such positions and such other duties as may be assigned to Executive
    from time to time by the Bank’s Board of Directors (the “Board”). (b) Executive agrees to faithfully serve
    the Bank, devote his full working time, attention and energies to the business of the Bank, its subsidiaries and affiliated
    entities, and perform the duties under this Agreement to the best of his abilities. Executive may participate in other outside
    business, charitable and/or civic activities provided that such activities (i) do not violate the restrictive covenant requirements
    set forth in Section 10 below and (ii) are not inconsistent with Executive’s duties under this Agreement and will not
    be disadvantageous to the Bank. (c) Executive agrees (i) to comply with all applicable laws, rules and regulations, and all
    requirements of all applicable regulatory, self-regulatory, and administrative bodies; (ii) to comply with the Bank’s
    rules, procedures, policies, requirements, and directions; and (iii) not to engage in any other business or employment without
    the written consent of the Bank except as otherwise specifically provided herein. 5. COMPENSATION AND BENEFITS. (a) Base Salary.
    During the Employment Term, the Bank shall pay Executive a base salary at the annual rate of $133,473.00 per year or such
    higher rate as may be determined from time to time by the Board in accordance with the Bank’s compensation policies
    and practices (“Base Salary”). Page 1 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	Such Base Salary shall be paid in accordance
    with the Bank’s standard payroll practice for executives. (b) Annual Bonus. During the Employment Term, Executive shall
    be eligible to participate in the Bank’s Management Incentive Plan. Executive’s annual target bonus under the
    Plan shall be equal to 22.5% of his Base Salary. Notwithstanding anything in the Management Incentive Plan to contrary, if
    Executive’s employment is terminated prior to the end of a bonus award cycle and Executive is eligible to receive the
    additional compensation described in Section 8 below, Executive shall not be entitled to any payment under the Management
    Incentive Plan for the bonus award cycle in which his employment terminates. (c) Expense Reimbursement. The Bank shall promptly
    reimburse Executive for the ordinary and necessary business expenses incurred by Executive in the performance of the duties
    under this Agreement in accordance with the Bank’s customary practices applicable to executives at the same grade level,
    provided that such expenses are incurred and accounted for in accordance with the Bank’s policy. (d) Benefit Plans,
    Fringe Benefits and Vacations. Executive shall be eligible to participate in or receive benefits under any pension plan, 401(k)
    savings plan, nonqualified deferred compensation plan, supplemental executive retirement plan, medical and dental benefits
    plan, life insurance plan, short-term and long-term disability plans, supplemental and/or incentive compensation plans, or
    any other employee benefit or fringe benefit plan, generally made available by the Bank to executives at the same grade level
    in accordance with the eligibility requirements of such plans and subject to the terms and conditions set forth in this Agreement.
    (e) Dues, Memberships, etc. During the Employment Term, the Bank shall reimburse Executive for such golf/country club and
    health club dues and memberships, as may be determined by mutual agreement of the parties. 6. TERMINATION OF EMPLOYMENT AND
    BOARD MEMBERSHIP. Executive’s employment under this Agreement may be terminated under any of the circumstances set forth
    in this Section 6. Upon termination, Executive (or his beneficiary or estate, as the case may be) shall be entitled to receive
    the compensation and benefits described in Section 7 below, and, if applicable, Section 8 below. (a) Death. Executive’s
    employment shall terminate upon Executive’s death. (b) Total Disability. The Bank may terminate Executive’s employment
    upon his becoming “Totally Disabled”. For purposes of this Agreement, Executive shall be “Totally Disabled”
    if Executive is physically or mentally incapacitated so as to render Executive incapable of performing his usual and customary
    duties under this Agreement. Executive’s receipt of disability benefits under the Bank’s long-term disability
    benefits plan or receipt of Social Security disability benefits shall be deemed conclusive evidence of Total Disability for
    purpose of this Agreement; provided, however, that in the absence of Executive’s receipt of such long-term disability
    benefits or Social Security benefits, the Board may, in its reasonable discretion (but based upon appropriate medical evidence),
    determine that Executive is Totally Disabled. (c) Termination by the Bank for Cause. The Bank may terminate Executive’s
    employment for “Cause”. Such termination shall be effective as of the date specified in the written Notice of
    Termination provided to Executive. Page 2 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	(i) For purposes of this Agreement, the term “Cause”
    shall mean any of the following: (A) conviction of a crime (including conviction on a nolo contendere plea) involving the
    commission by Executive of a felony or of a criminal act involving, in the good faith judgment of the Board, fraud, dishonesty,
    or moral turpitude but excluding any conviction which results solely from Executive’s title or position with the Bank
    and is not based on his personal conduct; (B) deliberate and continual refusal to perform employment duties reasonably requested
    by the Bank or an affiliate after thirty (30) days’ written notice by certified mail of such failure to perform, specifying
    that the failure constitutes cause (other than as a result of vacation, sickness, illness or injury); (C) fraud or embezzlement
    determined in accordance with the Bank’s normal, internal investigative procedures consistently applied in comparable
    circumstances; (D) gross misconduct or gross negligence in connection with the business of the Bank or an affiliate which
    has a substantial adverse effect on the Bank or the affiliate; or (E) breach of any of the covenants set forth in Section
    10 of this Agreement. (ii) Regardless of whether Executive’s employment initially was considered to be terminated for
    any reason other than Cause, Executive’s employment will be considered to have been terminated for Cause for purposes
    of this Agreement if the Board subsequently determines that Executive engaged in an act constituting Cause. (iii) Any determination
    of Cause under this Agreement shall be made by resolution adopted by two-thirds (2/3rds) vote of the Board of Directors at
    a meeting called and held for that purpose. Executive shall be provided with reasonable notice of such meeting and Executive
    shall be given the opportunity to be heard before such vote is taken by the Board. (d) Termination by the Bank without Cause.
    The Bank may terminate Executive’s employment under this Agreement without Cause at any time after providing Notice
    of Termination to Executive. (e) Termination by Executive. Executive may terminate his employment under this Agreement after
    providing at least 45 days’ written Notice of Termination to the Bank. Such Notice shall state whether Executive’s
    termination is by reason of a deemed “Constructive Termination Event.” Termination of employment by Executive
    by reason of a “Constructive Termination Event” shall be deemed to have occurred if Executive provides the Notice
    of Termination within nine (9) months after the occurrence of any of the following: (i) Without Executive’s express
    written consent, a change in Executive’s responsibilities, status, or titles or offices, and in the reasonable judgment
    of Executive, such change represents a material diminution of the Executive’s responsibilities, status, or titles or
    offices, or any removal of Executive from, or any failure to re-elect Executive to, any of such titles or offices, except
    in connection with the termination of Executive’s employment as a result of his death, or by the Bank for Total Disability
    or Cause, or by Executive other than by reason of a Constructive Termination Event. (ii) A reduction by the Bank in Executive’s
    Base Salary. (iii) An intentional, material reduction by the Bank of Executive’s aggregate incentive opportunities under
    the Bank’s annual and long-term incentive compensation plans. Page 3 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	(iv) The failure of the Bank to maintain
    Executive’s relative level of coverage under the Bank’s employee benefit, retirement, or material fringe benefit
    plans, policies, practices, or arrangements in which Executive participates, both in terms of the amount of benefits provided
    and the relative level of Executive’s participation. For this purpose, the Bank may eliminate and/or modify existing
    employee benefit plans and coverage levels on a consistent and non-discriminatory basis applicable to all such executives;
    provided, however, that Executive’s level of coverage under all such programs must be at least as great as is such coverage
    provided to employees who have the same or lesser levels of reporting responsibilities within the Bank’s organization.
    (v) The failure by the Bank to pay Executive any material amount of his current compensation, or any material amount of his
    compensation deferred under any plan, agreement or arrangement of or with the Bank, within ten (10) days after Executive makes
    written demand for such amount. (vi) The failure by the Bank to obtain an assumption of the obligations of the Bank under
    this Agreement by any successor to the Bank. (vii) Any purported termination of Executive’s employment which is not
    effected pursuant to a Notice of Termination, and for purposes of this Agreement, no such purported termination shall be effective.
    (f) Notice of Termination. Any termination of Executive’s employment by the Bank or by Executive shall be communicated
    by written Notice of Termination to the other party in accordance with Section 20 below. For purposes of this Agreement, a
    “Notice of Termination” shall mean a notice in writing which shall indicate the specific termination provision
    in this Agreement relied upon to terminate Executive’s employment. (g) Termination of Board Membership. In the event
    that Executive’s employment terminates for any reason, Executive shall resign from membership on the Board of Directors
    effective as of his date of termination. 7. COMPENSATION FOLLOWING TERMINATION OF EMPLOYMENT. Upon termination of Executive’s
    employment under this Agreement, Executive (or his designated beneficiary or estate, as the case may be) shall be entitled
    to receive the following compensation: (a) Earned but Unpaid Compensation. The Bank shall pay Executive any accrued but unpaid
    Base Salary for services rendered to the date of termination, any accrued but unpaid expenses required to be reimbursed under
    this Agreement, and any vacation accrued to the date of termination. (b) Supplemental Long-Term Disability Benefits. In the
    event that Executive’s employment is terminated by reason of Total Disability pursuant to Section 6(b) above, the Bank
    shall pay Executive an amount equal to (i) the Base Salary (at the rate in effect as of the date of Executive’s Total
    Disability) which would have been payable to Executive if Executive had continued in active employment until the end of the
    12 month period following Executive’s date of termination reduced by (ii) the amount of disability insurance benefits
    payable to Executive during such period under any employer-paid disability insurance plan. Payment shall be made at the same
    time and in the same manner as such compensation would have been paid if Executive had remained in active employment until
    the end of such period. Page 4 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	(c) No Other Separation Pay. Executive
    shall not be entitled to separation pay benefits under any plan, practice or policy maintained by the Bank. (d) Other Compensation
    and Benefits. Except as otherwise provided under this Agreement, (i) any benefits to which Executive may be entitled pursuant
    to the plans, policies and arrangements referred to in Sections 5(b) or 5(d) above shall be determined and paid in accordance
    with the terms of such plans, policies and arrangements, and (ii) Executive shall have no right to receive any other compensation,
    or to participate in any other plan, arrangement or benefit, with respect to future periods after such termination or resignation.
    8. ADDITIONAL COMPENSATION PAYABLE FOLLOWING TERMINATION WITHOUT CAUSE OR CONSTRUCTIVE TERMINATION. (a) Requirements for Additional
    Compensation. In addition to the compensation set forth in Section 7 above, Executive will receive the additional compensation
    and benefits set forth in paragraph (b) below, if the following requirements are met: (i) Executive’s employment is
    terminated by the Bank without Cause pursuant to Section 6(d) above or Executive terminates employment by reason of a Constructive
    Termination Event pursuant to Section 6(e) above; and (ii) Executive executes a Separation Agreement and Release in the form
    attached as Attachment “A” to this Agreement (or such substantially similar form as may be provided by the Bank)
    on or after his date of termination. (b) Additional Compensation. The Bank shall provide Executive with the following compensation
    and benefits during Executive’s Separation Pay Period (as determined pursuant to paragraph (d) below) subject to the
    limitation set forth in Section 9 below: (i) Separation Pay. The Bank shall pay Executive separation pay during the Separation
    Pay Period at an annualized rate equal to the sum of (A) his Base Salary as determined under Section 5(a) at the annual rate
    in effect immediately prior to his date of termination; and (B) an amount equal to the average of the bonus payments made
    to Executive under the Management Incentive Plan for each of the most recent bonus award cycles ending prior to the year in
    which Executive’s employment is terminated. Such separation pay shall be paid in equal installments at the same time
    and in the same manner as the Bank pays base salary to executives. (ii) Health Benefits. The Bank shall provide for Executive’s
    continued coverage under all health benefit plans, programs, or arrangements, whether group or individual, in which Executive
    was entitled to participate immediately prior to the date of his termination, until the earliest to occur of: (A) the end
    of the Separation Pay Period; (B) Executive’s death (provided that benefits payable to his beneficiaries shall continue
    until the end of the Separation Pay Period); or (C) with respect to any particular plan, program or Page 5 of 14 Final January
    11, 2005

    	 	 	 

     

    

 

	arrangement, the date Executive is afforded
    a comparable benefit at a comparable cost to Executive by a subsequent employer. In the event that Executive’s participation
    in any such health benefit plan, program, or arrangement of the Bank is prohibited, the Bank shall arrange to provide Executive
    with benefits substantially similar to those which Executive would have been entitled to receive from the Bank under such
    plan, program, or arrangement, for such period. (i) Outplacement Services. The Bank shall pay, or reimburse Executive, for
    the cost of outplacement services up to a maximum amount of $5,000.00. (a) Lump Sum Payment Following Change in Control. (i)
    In the event a “Change in Control” occurs, (A) any amounts payable under subparagraphs (b)(i) and (b)(ii) above
    as of the date of the Change in Control shall be paid in a single lump sum within thirty (30) business days following the
    Change in Control; and (B) any amounts that become payable under subparagraphs (b)(i) and (b)(ii) above as a result of Executive’s
    termination of employment on or after the Change in Control shall be paid in a single lump sum within thirty (30) business
    days following Executive’s date of termination. (ii) For purposes of this Section 8(c), a “Change in Control”
    of the Bank shall be deemed to have occurred as of the first day any one or more of the following conditions shall have been
    satisfied: (A) At any time during any twelve-month period the individuals who are members of the Board of Directors of the
    Bank at the beginning of any twelve-month period cease to constitute at least a majority of the Board of Directors during
    such twelve-month period other than as a result of death or disability ("Board Change"), unless prior to the Board
    Change, such Board Change is consented to by a majority of the Directors in office; or (B) A change in the form of ownership
    of the Bank; or (C) A majority of the Board of Directors determines in its sole and absolute discretion that there has been
    a change in control of the Bank or that there will be a change in control of the Bank upon the occurrence of certain specified
    events in which case the Change in Control shall occur upon the occurrence of such events. (b) Separation Pay Period. Executive’s
    Separation Pay Period shall be the 12 month period beginning on Executive’s date of termination. 9. GOLDEN PARACHUTE
    EXCISE TAX. (a) Limitation or Additional Payment. In the event that any portion of the payments and benefits provided to Executive
    under this Agreement (without regard to any amount payable under this Section 9) and any other payments and benefits under
    any other agreement with or plan of the Bank (in the aggregate, “Total Payments”) would be subject to the excise
    tax imposed by Section 4999 of the Internal Revenue Code (the “Excise Tax”), then (i) or (ii) below shall apply:
    Page 6 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	(i) In the event that the Total Payments
    (without regard to this Section 9) do not exceed 115% of the maximum amount that could be paid to Executive without becoming
    subject to the Excise Tax, then notwithstanding anything in this Agreement to the contrary, the amount payable to Executive
    under Section 8(b) above shall be reduced such that the value of the aggregate Total Payments that Executive are entitled
    to receive shall be one dollar ($1) less than such maximum amount. (ii) In the event that the Total Payments (without regard
    to this Section 9) exceed 115% of the maximum amount that could be paid to Executive without becoming subject to the Excise
    Tax, then Executive shall be entitled to receive an additional payment (a “Gross- Up Payment”) in an amount such
    that after payment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including,
    without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed
    upon the Gross-Up Payment, Executive retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Total
    Payments. (b) Determination by Accounting Firm. Subject to the provisions of Section 9(c) below, all determinations required
    to be made under this Section 9, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up
    Payment and the assumptions to be utilized in arriving at such determination, shall be made by the Bank’s independent
    auditors or such other certified public accounting firm reasonably acceptable to Executive as may be designated by the Bank
    (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Bank and Executive. All
    fees and expenses of the Accounting Firm shall be paid solely by the Bank. Any Gross-Up Payment, as determined pursuant to
    this Section 9, shall be paid by the Bank to Executive not later than the due date for the payment of any Excise Tax. Any
    determination by the Accounting Firm shall be binding upon the Bank and Executive. As a result of the uncertainty in the application
    of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that
    Gross-Up Payments which will not have been made by the Bank should have been made (“Underpayment”), consistent
    with the calculations required to be made hereunder. In the event that the Bank exhausts its remedies pursuant to Section
    9(c) and Executive thereafter are required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount
    of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Bank to or for Executive’s
    benefit. (c) The Bank’s Right to Contest Excise Tax. Executive agrees to notify the Bank in writing of any claim by
    the Internal Revenue Service that, if successful, would require the payment by the Bank of the Gross-Up Payment. Such notification
    shall be given as soon as practicable but no later than ten (10) business days after Executive are informed in writing of
    such claim and shall apprise the Bank of the nature of such claim and the date on which such claim is requested to be paid.
    Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which Executive give
    such notice to the Bank (or such shorter period ending on the date that any payment of taxes with respect to such claim is
    due). If the Bank notifies Executive in writing prior to the expiration of such period that it desires to contest such claim,
    Executive agree to: (i) the Bank any information reasonably requested by the Bank relating to such claim, (ii) take such action
    in connection with contesting such claim as the Bank shall reasonably request in writing from time to time, including, without
    limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Bank; Page
    7 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	(iii) cooperate with the Bank in good
    faith in order to effectively contest such claim, and (iv) permit the Bank to participate in any proceedings relating to such
    claim; provided, however, that the Bank agrees to bear and pay directly all costs and expenses (including additional interest
    and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis,
    for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation
    and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 9(c), the Bank shall control
    all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative
    appeals, proceedings, hearing and conferences with the taxing authority in respect of such claim and may, at its sole option,
    either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive
    agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction
    and in one or more appellate courts, as the Bank shall determine; provided, however, that if the Bank directs Executive to
    pay such claim and sue for a refund, the Bank shall advance the amount of such payment to Executive, on an interest-free basis
    and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest
    or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect
    to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes for Executive’s
    taxable year with respect to which such contested amount is claimed to be due is limited solely to such contested amount.
    Furthermore, the Bank control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be
    payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the
    Internal Revenue Service or any other taxing authority. (d) Repayment to the Bank. If, after the receipt by Executive of an
    amount advanced by the Bank pursuant to Section 9, Executive becomes entitled to receive any refund with respect to such claim,
    Executive agrees to promptly pay to the Bank the amount of such refund (together with any interest paid or credited thereon
    after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the Bank pursuant to Section
    9, a determination is made that Executive are not entitled to any refund with respect to such claim and the Bank does not
    notify Executive in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after
    such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance
    shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 10. RESTRICTIVE COVENANTS. (a) Confidential
    Information/Competitive Business. (i) Confidential Information and Trade Secrets. Executive agrees that during the course
    of employment with the Bank, Executive has and will come into contact with and have access to various forms of Confidential
    Information and Trade Secrets, which are the property of the Bank. This information relates both to the Bank, its customers
    and its employees. Such Confidential Information and Trade Secrets include, but are not limited to: (A) information with respect
    to costs, commissions, fees, profits, sales, markets, products and product formulae, mailing lists, strategies and plans for
    future business, new business, product or other development, new and innovative product ideas, potential acquisitions or divestitures,
    and new marketing ideas; (B) product formulations, methods, Page 8 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	procedures, devices, machines, equipment,
    data processing programs, software computer models, research projects, and other means used by the Bank in the conduct of
    its business; (C) the identity of the Bank’s customers, their names and addresses, the names of representatives of the
    Bank’s customers responsible for entering into contracts with the Bank, the amounts paid by such customers to the Bank,
    specific customer needs and requirements, and leads and referrals to prospective customers; and (D) the identity and number
    of the Bank’s employees, their salaries, bonuses, benefits, qualifications and abilities; all of which information Executive
    acknowledges and agrees is not generally known or available to the general public, but has been developed, compiled or acquired
    by the Bank at its great effort and expense. Confidential Information and Trade Secrets can be in any form: oral, written
    or machine readable, including electronic files. (i) Secrecy of Confidential Information and Trade Secrets Essential. Executive
    acknowledges and agrees that the Bank is engaged in a highly competitive business and that its competitive position depends
    upon its ability to maintain the confidentiality of the Confidential Information and Trade Secrets which were developed, compiled
    and acquired by the Bank over a considerable period of time and at its great effort and expense. Executive further acknowledges
    and agrees that any disclosure, divulging, revelation or use of any of the Confidential Information and Trade Secrets, other
    than in connection with the Bank’s business or as specifically authorized by the Bank, will be highly detrimental to
    the Bank, and that serious loss of business and pecuniary damage may result therefrom. (a) Non-Disclosure of Confidential
    Information. Accordingly, Executive agrees, except as specifically required in the performance of his duties on behalf of
    the Bank, Executive will not, while associated with the Bank and for so long thereafter as the pertinent information or documentation
    remains confidential, directly or indirectly use, disclose or disseminate to any other person, organization or entity or otherwise
    use any of the Bank’s Confidential Information and Trade Secrets. (b) Return of Material. Executive further agrees to
    deliver to the Bank, immediately upon resignation or separation from the Bank or at any other time the Bank so requests, (i)
    any and all documents, files, notes, memoranda, databases, computer files and/or other computer programs reflecting any Confidential
    Information and Trade Secrets whatsoever, or otherwise relating to the Bank’s business; (ii) lists of the Bank’s
    customers or leads or referrals to prospective customers; and (iii) any computer equipment, home office equipment, automobile
    or other business equipment belonging to the Bank which Executive may then possess or have under his control. (c) No Competitive
    Activity. Executive acknowledges and agrees that the Bank is engaged in a highly competitive business and that by virtue of
    Executive’s position and responsibilities with the Bank and Executive’s access to the Confidential Information
    and Trade Secrets, engaging in any business which is directly competitive with the Bank will cause it great and irreparable
    harm. Executive covenants and agrees that at all times (i) during his period of employment with the Bank, and (ii) during
    the period beginning on the date of termination of his employment (whether such termination is voluntary or involuntary, or
    otherwise) and ending on the later of one (1) year following his date of termination or the last date on which Executive receives
    compensation and benefits pursuant to Section 8 above, as applicable, Executive will not, within the New York State counties
    of Columbia, Duchess, Orange, Putnam, Ulster, or in any other county where the Bank may have a branch, directly or indirectly,
    engage in, assist, or have any active interest or involvement whether as an employee, agent, consultant, creditor, advisor,
    officer, director, Page 9 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	stockholder (excluding holding of less
    than 1% of the stock of a public company), partner, proprietor or any type of principal whatsoever) in any person, firm, or
    business entity which, directly or indirectly, is engaged in the same financial services businesses as that conducted and
    carried on by the Bank during the Executive’s employment with the Bank, without the specific written consent to do so
    by the Board and which consent will not be unreasonably withheld. (e) Non-Solicitation of Customers. Executive acknowledges
    and agrees that solely by reason of employment by the Bank, Executive has and will come into contact with some, most or all
    of the Bank’s customers and will have access to Confidential Information and Trade Secrets regarding the Bank’s
    customers as set forth in Section 10(a) of this Agreement. Consequently, Executive covenants and agrees that in the event
    of separation from employment with the Bank, whether such termination is voluntary or involuntary, Executive will not, for
    a period beginning on the date of termination of his employment (whether such termination is voluntary or involuntary, or
    otherwise) and ending on the later of one (1) year following his date of termination or the last date on which Executive receives
    compensation and benefits pursuant to Section 8 above, as applicable, directly or indirectly, solicit, contact, do business
    with, call upon, communicate with any customer, former customer or prospective customer of the Bank for the purpose of providing
    or selling financial services or other business engaged in by the Bank at the time of Executive’s separation from employment.
    This restriction shall apply to any customer, former customer or prospective customer of the Bank with whom Executive had
    contact or about whom Executive obtained Confidential Information or Trade Secrets during the twenty-four (24) months preceding
    Executive’s separation from employment with the Bank. (f) Non-Solicitation of Employees. Executive acknowledges and
    agrees that solely as a result of employment with the Bank, Executive has and will come into contact with and acquire confidential
    information regarding some, most, or all of the Bank’s employees. Accordingly, both during employment with the Bank
    and for a period beginning on the date of termination of his employment (whether such termination is voluntary or involuntary,
    or otherwise) and ending on the later of one (1) year following his date of termination or the last date on which Executive
    receives compensation and benefits pursuant to Section 8 above, as applicable, Executive shall not, either on Executive’s
    own account or on behalf of any person, company, corporation, or other entity, recruit, solicit, interfere with, or endeavor
    to cause any employee of the Bank with whom Executive came into contact or about whom Executive obtained confidential information,
    to leave employment with the Bank. (g) Non-Disparagement. Executive covenants and agrees that during the course of his employment
    by the Bank or at any time thereafter, Executive shall not, directly or indirectly, in public or private, deprecate, impugn,
    disparage, or make any remarks that would tend to or be construed to tend to defame the Bank or any of its employees, members
    of its board of directors or agents, nor shall Executive assist any other person, firm or Bank in so doing. (h) Conflict of
    Interest. Executive may not use his position, influence, knowledge of confidential information or the Bank assets for personal
    gain. A direct or indirect financial interest, including joint ventures in or with a supplier, vendor, customer or prospective
    customer without disclosure and written approval from the Board is strictly prohibited and constitutes cause for dismissal.
    11. ENFORCEMENT OF COVENANTS. (a) Termination of Employment and Forfeiture of Compensation. Executive agrees that in the event
    that the Bank determines that he has breached any of the covenants set forth in Section 10 above during his employment, the
    Bank shall have the right to terminate his employment for Page 10 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	Cause. In addition, Executive agrees that
    if the Bank determines that he has breached any of the covenants set forth in Section 10 at any time, the Bank shall have
    the right to discontinue any or all remaining benefits payable pursuant to Section 8 above, as applicable. Such termination
    of employment or discontinuance of benefits shall be in addition to and shall not limit any and all other rights and remedies
    that the Bank may have against Executive. (b) Right to Injunction. Executive acknowledges and agrees that compliance with
    the covenants set forth in this Agreement is necessary to protect the business and goodwill of the Bank and any breach of
    the covenants set forth in Section 10 above will cause irreparable damage to the Bank with respect to which the Bank’s
    remedy at law for damages will be inadequate. Therefore, in the event of breach or anticipatory breach of the covenants set
    forth in this section by Executive, Executive and the Bank agree that the Bank shall be entitled to the following particular
    forms of relief, in addition to any remedies otherwise available to it at law or equity: (i) injunctions, both preliminary
    and permanent, enjoining or retraining such breach or anticipatory breach and Executive hereby consents to the issuance thereof
    forthwith and without bond by any court of competent jurisdiction; and (ii) recovery of all reasonable sums expended and costs,
    including reasonable attorney’s fees, incurred by the Bank to enforce the covenants set forth in Section 10. (c) Separability
    of Covenants. The covenants contained in Section 10 above constitute a series of separate covenants, one for each applicable
    State in the United States and the District of Columbia, and one for each applicable foreign country. If in any judicial proceeding,
    a court shall hold that any of the covenants set forth in Section 10 permitted by applicable laws, Executive and the Bank
    agree that such provisions shall and are hereby reformed to the maximum time, geographic, or occupational limitations permitted
    by such laws. Further, in the event a court shall hold unenforceable any of the separate covenants deemed included herein,
    then such unenforceable covenant or covenants shall be deemed eliminated from the provisions of this Agreement for the purpose
    of such proceeding to the extent necessary to permit the remaining separate covenants to be enforced in such proceeding. Executive
    and the Bank further agree that the covenants in Section 10 shall each be construed as a separate agreement independent of
    any other provisions of this Agreement, and the existence of any claim or cause of action by Executive against the Bank whether
    predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Bank of any of the covenants
    set forth in Section 10. 12. WITHHOLDING OF TAXES. The Bank shall withhold from any compensation and benefits payable under
    this Agreement all applicable federal, state, local, or other taxes. 13. ARBITRATION OF DISPUTES. Any controversy or claim
    arising out of or relating to this Agreement, or the breach thereof, except for any claim or breach arising under Section
    10 of this Agreement which shall be resolved as provided in Section 11 above, shall be settled by arbitration administered
    by the American Arbitration Association under its National Rules for the Resolution of Employment Disputes subject to the
    following: (a) such arbitration shall take place in the State of New York; (b) discovery in such arbitration shall be governed
    by the Federal Rules of Civil Procedure; (c) the prevailing party shall be entitled to recover the relief available under
    the statute(s) under which relief or recovery is sought; and (d) judgment upon the award rendered by the arbitrator(s) may
    be entered by any court having jurisdiction thereof. The Bank shall bear the cost of such arbitration. Page 11 of 14 Final
    January 11, 2005

    	 	 	 

     

    

 

	14. WAIVER OF JURY TRIAL. In the event
    any controversy or claim arising out of Executive’s employment or the termination of Executive’s employment is
    found by a court of competent jurisdiction not to be subject to final and binding arbitration, Executive and the Bank agree
    to try such claim or controversy to the Court, without use of a jury or advisory jury. 15. NON-DISCLOSURE OF AGREEMENT TERMS.
    Executive agrees that he will not disclose the terms of this Agreement to any third party other than his immediate family,
    attorney, accountants, or other consultants or advisors or except as may be required by any governmental authority. 16. No
    CLAIM AGAINST ASSETS. Nothing in this Agreement shall be construed as giving Executive any claim against any specific assets
    of the Bank or as imposing any trustee relationship upon the Bank in respect of Executive. Subject to Section 17 below, the
    Bank shall not be required to establish a special or separate fund or to segregate any of its assets in order to provide for
    the satisfaction of its obligations under this Agreement. Executive’s rights under this Agreement shall be limited to
    those of an unsecured general creditor of the Bank and its affiliates 17. SUCCESSORS AND ASSIGNMENT. Except as otherwise provided
    in this Agreement, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
    heirs, representatives, successors and assigns. (a) Bank Successor, the Bank shall require any person (or persons acting as
    a group) who acquires ownership or effective control of the Bank or ownership of a substantial portion of the business or
    assets of the Bank (whether direct or indirect, by purchase, merger, consolidation or otherwise), by agreement in form and
    substance satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the
    same extent as the Bank would be required to perform it if no such acquisition had taken place. In the event that the Bank
    fails to obtain such agreement prior to the effectiveness of any such acquisition, the Bank shall establish an irrevocable
    trust fund or similar arrangement containing assets sufficient to assure payment of all obligations under this Agreement,
    provided that Executive’s right to payment from such trust fund or arrangement shall be no greater than the right of
    an unsecured creditor of the Bank and its affiliates. As used in this Agreement, “the Bank” shall mean the Bank
    as defined in the first sentence of this Agreement and any person (or group) who acquires ownership or effective control of
    the Bank or ownership of a substantial portion of the business or assets of the Bank or which otherwise becomes bound by all
    the terms and provisions of this Agreement, whether by the terms hereof, by operation of law or otherwise. (b) Assignment
    by Executive. The rights and benefits of Executive under this Agreement are personal to him and no such right or benefit shall
    be subject to voluntary or involuntary alienation, assignment or transfer; provided, however, that nothing in this Section
    17 shall preclude Executive from designating a beneficiary or beneficiaries to receive any benefit payable on his death. Page
    12 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	18. ENTIRE AGREEMENT; AMENDMENT. This
    Agreement shall supersede any and all existing oral or written agreements, representations, or warranties between Executive
    and the Bank or any of its subsidiaries or affiliated entities relating to the terms of Executive’s employment. It may
    not be amended except by a written agreement signed by both parties. 19. GOVERNING LAW. This Agreement shall be governed by
    and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in that
    State, without regard to its conflict of laws provisions. 20. NOTICES. Any notice, consent, request or other communication
    made or given in connection with this Agreement shall be in writing and shall be deemed to have been duly given when delivered
    or mailed by registered or certified mail, return receipt requested, or by facsimile or by hand delivery, to those listed
    below at their following respective addresses or at such other address as each may specify by notice to the others: To the
    Bank: Rhinebeck Savings Bank 2 Jefferson Plaza Poughkeepsie, New York 12601 Attention: Michael J. Quinn To Executive: Michael
    J. McDermott 7 S Hinterlands Dr Rhinebeck, New York 12572 21. MISCELLANEOUS. (a) Waiver. The failure of a party to insist
    upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that
    party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. (b) Separability.
    If any term or provision of this Agreement, other than Section 10 above, is declared illegal or unenforceable by any court
    of competent jurisdiction and cannot be modified to be enforceable, such term or provision shall immediately become null and
    void, leaving the remainder of this Agreement in full force and effect. (c) Headings. Section headings are used herein for
    convenience of reference only and shall not affect the meaning of any provision of this Agreement. (d) Rules of Construction.
    Whenever the context so requires, the use of the singular shall be deemed to include the plural and vice versa. Page 13 of
    14 Final January 11, 2005

    	 	 	 

     

    

 

	(e) Counterparts. This Agreement may be
    executed in any number of counterparts, each of which so executed shall be deemed to be an original, and such counterparts
    will together constitute but one Agreement. IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
    the day and year set forth below. RHINEBECK SAVINGS BANK EXECUTIVE By: /s/ Michael J. Quinn /s/ Michael J. McDermott Name:
    Michael J. Quinn Date: 3/7/05 Title: President & CEO Address: 7 S Hinterlands Dr. Rhinebeck, New York 12572 Date: 3/7/05
    Page 14 of 14 Final January 11, 2005

    	 	 	 

     

    

 

	ATTACHMENT A SEPARATION AGREEMENT AND
    RELEASE 1. TERMINATION OF EMPLOYMENT. My employment with Rhinebeck Savings Bank (the “Bank”) terminated effective
    as of 2. CONSIDERATION. I understand that in consideration for my execution of this Separation Agreement and Release (the
    “Separation Agreement”), and my fulfillment of the promises made in this Separation Agreement and Employment Agreement
    between the Bank and me dated_________ (the “Employment Agreement”), the Bank agrees to provide me with the compensation
    and benefits set forth in Section 8 of the Employment Agreement. 3. CONDITIONS APPLYING TO PAYMENT OF BENEFITS. I understand
    and agree that the compensation and benefits payable to me pursuant to Section 2 above are subject to my compliance with the
    terms and conditions set forth in this Separation Agreement and the Employment Agreement. 4. GENERAL RELEASE OF CLAIMS. I
    hereby voluntarily release the Bank and its parent companies, subsidiaries, partners, affiliates, owners, agents, officers,
    directors, employees, successors and assigns, and all related persons, individually and in their official capacities (hereinafter
    collectively referred to as the “Released Parties”), of and from any and all claims, known and unknown, relating
    to my employment or cessation of employment that I, my heirs, executors, administrators, successors, and assigns, have or
    may have as of the date of execution of this Separation Agreement, including, but not limited to, any alleged violation of:
    • The National Labor Relations Act; • Title VII of the Civil Rights Act of 1964; • Sections 1981 through 1988
    of Title 42 of the United States Code; • Civil Rights Act of 1991; • The Employee Retirement Income Security Act
    of 1974; • The Age Discrimination in Employment Act of 1967; • The Immigration Reform Control Act; • The Americans
    with Disabilities Act of 1990; • The Fair Credit Reporting Act; • The Occupational Safety and Health Act; •
    The Family and Medical Leave Act of 1993; • Executive Order 11246; • The New York Equal Pay Law; • The New
    York Human Rights Law; • The New York Civil Rights Act; • The New York State Wage and Hour Laws; • The New
    York Occupational Safety and Health Laws; Page 1 of 4 Final- January 11, 2005

    	 	 	 

     

    

 

	• any other federal, state or local
    civil or human rights law or any other local, state or federal law, regulation or ordinance; • any public policy, contract,
    tort, or common law; • any claims for vacation, sick or personal leave, pay or payment pursuant to any practice, policy,
    handbook, or manual of the Bank; or • any allegation for costs, fees, or other expenses including attorneys’ fees
    incurred in these matters. Notwithstanding the foregoing, the release set forth in this Section 4 shall not apply to any vested
    benefits accrued by me prior to the effective date of this Separation Agreement under any compensation or benefit plans, programs
    and arrangements maintained by the Bank for the benefit of its employees and subject to ERISA or with respect to any other
    compensation and benefits set forth in the Employment Agreement. 5. SET-OFF AGAINST AWARD. Executive acknowledges and agrees
    that in the event that any claim, charge, complaint, or action against the Released Parties in any forum or form and Executive
    obtains a judgment, it is the intent of the parties that all or a portion of the payments made to Executive under this Agreement
    shall be offset against any such judgment. 6. NONADMISSION OF WRONGDOING. I agree that neither this Separation Agreement nor
    the furnishing of the consideration for the general release set forth in this Separation Agreement shall be deemed or construed
    at any time for any purpose as an admission by the Released Parties of any liability or unlawful conduct of any kind. 7. BREACH
    OF AGREEMENT. By signing this Agreement, I am providing a complete waiver of all claims that may have arisen, whether known
    or unknown, up until the time that this Agreement is executed. I agree that if I breach the general release contained in this
    Agreement by filing a claim against the Released Parties other than a claim to enforce the provisions of this Agreement, the
    Bank shall have the right to discontinue any or all remaining benefits payable pursuant to the Employment Agreement. Such
    discontinuance shall be in addition to and shall not limit any and all other rights and remedies that the Bank may have against
    me. 8. GOVERNING LAW AND INTERPRETATION. This Separation Agreement shall be governed by and construed in accordance with the
    laws of the State of New York without regard to its conflict of laws provisions. If any provision of the Separation Agreement
    other than the general release set forth in section 4 above, is declared legally or factually invalid or unenforceable by
    any court of competent jurisdiction and if such provision cannot be modified to be enforceable to any extent or in any application,
    then such provision immediately shall become null and void, leaving the remainder of this Separation Agreement in full force
    and affect. If any portion of the general release set forth in this Separation Agreement is declared to be unenforceable by
    a court of competent jurisdiction in any action in which I participate or join, I agree that all consideration paid to me
    under this Separation Agreement and the Employment Agreement shall be offset against any monies that I may receive in connection
    with any such action. Page 2 of 4 Final- January 11, 2005

    	 	 	 

     

    

 

	9. ENTIRE AGREEMENT. This Separation Agreement
    sets forth the entire agreement between me and the Released Parties and it supersedes any and all prior agreements or understandings,
    whether written or oral, between the parties, except as otherwise specified in this Separation Agreement and the Employment
    Agreement. I acknowledge that I have not relied on any representations, promises, or agreements of any kind made to me in
    connection with my decision to sign this Separation Agreement, except for those set forth in this Separation Agreement and
    the Employment Agreement. I acknowledge agree that all of the terms and provisions of the Employment Agreement shall continue
    in full force and effect. 10. AMENDMENT. This Separation Agreement may not be amended except by a written agreement signed
    by both parties which specifically refers to this Separation Agreement. 11. RIGHT TO REVOKE. I understand that I have the
    right to revoke this Separation Agreement at any time during the seven (7) day period following the date on which I first
    sign the Separation Agreement. If I want to revoke, I must make a revocation in writing which states: “I hereby revoke
    my acceptance of the Separation Agreement and General Release.” This written revocation must be delivered by hand or
    sent by certified mail with a postmark dated before the end of the seven-day revocation period to _________, otherwise the
    revocation will not be effective. 12. EFFECTIVE DATE. This Separation Agreement shall not become effective or enforceable
    until the expiration of the 7-day revocation period described in Section 11 above. I UNDERSTAND THAT BY SIGNING THIS SEPARATION
    AGREEMENT, I WILL BE WAIVING MY RIGHTS UNDER FEDERAL, STATE AND LOCAL LAW TO BRING ANY CLAIMS THAT I HAVE OR MIGHT HAVE AGAINST
    THE RELEASED PARTIES. I UNDERSTAND THAT MY RIGHT TO RECEIVE BENEFITS SET FORTH IN SECTION 7 OF THE EMPLOYMENT AGREEMENT IS
    SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THIS SEPARATION AGREEMENT AND THAT I WOULD NOT RECEIVE SUCH BENEFITS BUT
    FOR MY EXECUTION OF THIS SEPARATION AGREEMENT. I HAVE BEEN ADVISED IN WRITING TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING
    THIS SEPARATION AGREEMENT. I ALSO HAVE BEEN ADVISED IN WRITING BY THE BANK THAT I HAVE TWENTY-ONE (21) DAYS TO CONSIDER THIS
    SEPARATION AGREEMENT. I AGREE THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS SEPARATION AGREEMENT DO NOT RESTART
    OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) DAY CONSIDERATION PERIOD. [Signature Page is Page 4] Page 3 of 4 Final-
    January 11, 2005

    	 	 	 

     

    

 

	IN WITNESS WHEREOF, I have executed this
    Separation Agreement and Release as of the date set forth below. Signed: Name: Date: ACCEPTED AND ACKNOWLEDGED BY RHINEBECK
    SAVINGS BANK: By: Name: Title: Date: Page 4 of 4 Final- January 11, 2005

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