Document:

Exhibit
10.4

 

EMPLOYMENT
AGREEMENT

 

This employment agreement (the “Agreement”)
dated as of October 14, 2015, effective as of November 3, 2015 (the “Effective Date”),
by and between Cellect Biomed Ltd., an Israeli company, with offices at 20 Hataas St., Kfar Saba, Israel(hereinafter the
“Company”), and Ronen Twito I.D. Number: 032161655, an individual whose address is Yehuda Hanassi 8a, Herzeliya,
Israel (the “Employee”),

 

WITNESSETH:

 

WHEREAS, the Company
desires to employ Employee as its Deputy Chief Executive Officer & Chief Financial Officer(the “Position”),
and Employee desires to be employed by the Company in such capacity, on the terms and conditions set forth below:

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual promises and covenants herein contained, the parties hereto agree as follows:

 

It is hereby agreed by and between the
parties as follows:

 

		1.	Preamble

 

The preamble to this Agreement and any
attachments thereto are an integral part of this Agreement.

 

		2.	Job Description

 

The Company hereby employs the Employee,
and Employee hereby accepts employment, to serve in a position Deputy to the Chief Executive Officer & Chief Financial Officer
of the Company. The Employee shall report directly to the Chief Executive Officer.

 

		3.	Working Hours

 

The Employee shall be employed by the Company
on a full-time basis. The Employee agrees that his position is considered to be a management position as defined in the Hours of
Work and Rest Law - 1951, which requires a special measure of personal trust. Accordingly, the provisions of the Hours of Work
and Rest Law - 1951 shall not apply and the Employee shall not be entitled to receive any additional payment for his work other
than those that are set forth in this Agreement.

 

		4.	Term of Agreement

 

This Agreement shall take effect from the
Effective Date and shall remain in effect unless it is earlier terminated as hereinafter provided.

 

     

     

    

 

		5.	Monthly Salary

 

		5.1	The Monthly gross salary of the Employee shall be NIS 52,000 (the “Monthly Salary”).

 

		5.2	Upon (i) the successful completion of a financing round in an amount exceeding US$ 7.5 million
or (ii) successful completion of a transaction including among other; merger, acquisition, join venture, in a valuation of at least
US$ 10 million, the Monthly Salary will increase to NIS 60,000.

 

		5.3	The Monthly Salary shall be paid to the Employee not later than the 10th day of each month with
respect to the preceding month.

 

		6.	Annual Bonus

 

		6.4	The employee shall be entitled to an annual bonus of up to 5monthly salaries commencing as of Jan
1, 2016 subject to targets which will be determined by the Compensation Committee and Board for each year. In case of fundraising
the bonus payment will be as following :

 

		6.4.1	Subject to successful completion of a financing round in an accumulated amount exceeding US$ 4
million and up to US$ 5 million, the Employee shall be entitled to an Annual Bonus of two (2) Monthly Salaries.

 

		6.4.2	Subject to successful completion of a financing round in an accumulated amount exceeding US$ 5
million and up to US$ 7.5 million, the Employee shall be entitled to an Annual Bonus of three (3) Monthly Salaries.

 

		6.4.3	Subject to successful completion of a financing round in an accumulated amount exceeding US$ 7.5
million and up to US$ 12 million, the Employee shall be entitled to an Annual Bonus of four (4) Monthly Salaries.

 

		6.4.4	Subject to successful completion of a financing round in an accumulated amount exceeding US$ 12
million, the Employee shall be entitled to an Annual Bonus of five (5) Monthly Salaries.

 

		6.5	The Annual Bonus will be paid to Employee subject to and upon successful completion of a financing
round in an amount exceeding as described above.

 

		6.6	The Employee shall not be entitled to receive from the Company any salary or payment of any kind
other than the Monthly Salary & Annual Bonus and other payments specifically set forth in this Agreement or properly authorized
by the Board of Directors.

 

    	 	2	 

     

    

 

		7.	Other Terms of Employment

 

		7.1	Pension Benefits and Severance Payments

 

		7.1.1	Managers Insurance. The Company shall pay an aggregate amount equal to 14-1/3 and/or 13-1/3%of
the Employee’s monthly installment of the Monthly Salary for the preceding month to a Managers Insurance (Bituach Menahalim)
policy respectively (the “Policy”) and/or a comprehensive pension plan (“Pension Plan”) through
an agency and with an insurance company or a pension fund, to be selected by the Employee, to be divided as follows: 8-1/3% towards
Severance (the “Company’s Severance Contribution”); 6% toward provident (pensions compensation) or 5%
for management insurance ("ביטוח מנהלים")
(all in accordance with Section 14 of the Severance Compensation Act, 1963),In addition to the 14-1/3 and or 13-1/3% mentioned
above, at the beginning of each month the Company shall deduct from the monthly installment of the Monthly Salary of Employee an
amount equal to 5.5% of the Employee’s monthly installment of the Monthly Salary for the preceding month, and shall pay such
amount as premium payable in respect of the provident pensions compensation component of Policy or 5% for management insurances
(all in accordance with Section 14 of the Severance Compensation Act, 1963). In addition the Company shall also pay up to 2.5%
of the Employee’s monthly installment of the Monthly Salary towards loss of (working capacity) disability insurance (depending
on the cost to the Company necessary to provide coverage). In the event the Employee elects to be insured under a Pension Plan,
the allocations shall be modified in accordance with the Pension Plans policies, provided, in any event they do not exceed the
amounts set forth above.

 

		7.1.2	Section 14 of the Severance Compensation Law - 1963.

 

		(i)	It is hereby agreed that upon termination of employment under this Agreement, the Company shall
release to the Employee all amounts accrued in the Pensions and or Managers Insurance on account of both the Company’s and
Employee’s contributions. It is hereby clearly agreed and understood that the amounts accrued in the Pensions and/or Managers
Insurance on account the Company’s contribution [i.e. 13.33%-14.33 of each monthly installment of the Monthly Salary payment]
shall be in lieu and in full and final substation of any severance pay the Employee shall be or become entitled to under any applicable
Israeli law.

 

		(ii)	The Company hereby waives in advance any right to any amounts accrued in the Pensions and/or Managers
Insurance, unless the Employee is either not entitled to Severance Pay according to Section 17 of the Severance Compensation
Act, 1963, or has withdrawn amounts from the Pensions and/or Managers Insurance not due or as a result of an “Entitling Event”,
as such term is defined in the General Approval of the Labor Minister, dated June 30, 1998, issued in accordance to the said
Section 14 (the “General Approval”).

 

    	 	3	 

     

    

 

		(iii)	Sub-Sections (i) and (ii) are in accordance with Section 14 of the Severance Compensation Act,
1963 and the General Approval, a copy of which is attached hereby as Exhibit A.

 

		7.2	Continuing Education Fund:

 

		7.2.1	The Employee shall be entitled to participate in the Company’s continuing education fund
(Keren Hishtalmut). The Company shall contribute an amount equal to seven and a half percent (7.5%) of the Employee’s Monthly
Salary and shall deduct two and a half percent (2.5%) of the Employee’s Monthly Salaryand transfer it as the Employee’s
contribution.

 

		7.2.2	It is clarified that unless Employee instructs Company, in writing, to transfer Company contributions
exceeding that recognized for such purpose by the tax authorities directly to Employee as part of the Salary, such contributions
shall be transferred to the Study Fund. For the avoidance of doubt, any and all tax charges in connection with Company contributions
shall be borne solely by Employee.

 

		7.2.3	Upon termination of Employment, Company will remit to Employee all sums accumulated for Employee’s
benefit in the Study Fund. Notwithstanding, in the event of termination for Cause, Company’s contribution to the Study Fund
(principal + interest) shall not be remitted to Employee but rather returned to the Company.

 

		7.3	Annual Vacation: The Employee shall be entitled to twenty-two (22) working days of paid
annual Vacation each year. Any accrued and unused vacation days can be redeemed by the Employee in accordance with the provisions
of the Annual Leave Law - 1951. The Employee may accumulate up to Forty four (44) Annual Vacation days. in accordance with the
Company compensation plan as will be amended from time to time

 

		7.4	Sick Leave: The employee shall be entitled to Sick Leave in accordance with the provisions
of Sick Pay Law-1976.

 

		7.5	Recreation Pay (Dmei Havra’ah): The Employee shall be entitled to Recreation Pay according
to applicable law.

 

		7.6	Cell-Phone Expenses: The Company shall provide and maintain for the Employee a cellular
Smartphone for as long as the Employee is employed by the Company. It is agreed that the Employee may transfer his own current
cellular phone number to the Company. Upon cessation of the Employee’s employment with the Company for whatever reason, the
Company agrees to return to the Employee his cellular phone number.

 

    	 	4	 

     

    

 

		7.7	Business Flight: In the case that employee in his capacity will be required to travel abroad
the company will buy him business class air ticket, in transatlantic flights.

 

		7.8	Company Automobile: The Company will provide a leased, Group level up to a sum of NIS 175,000
(or equally priced) all in accordance with the Company compensation plan as will be amended from time to time, automobile to the
Employee, and will place such automobile at the disposal of the Employee under the terms of the Company’s general leasing
plan (to be provided to the Employee upon provision of the automobile).The Company shall bear all of the fixed and variable maintenance
costs and actual expenses incurred directly in connection with his use of such automobile, including licenses, insurance, gas,
repairs, parking at the Company offices, etc. but excluding any fines (“Aggregate Automobile Expenses”).Should
Employee choose not to take a leased automobile from the Company, or to take a leased an automobile of Group lower than Group detailed
above, the Company will pay the difference in Employer cost to Employee on a monthly basis; provided however that such amount shall
not be part of the Employee’s salary for calculation of severance pay, or any other social benefits under this Agreement
or under law (“Car Replacement Payment”).The Employee will be compensated for all taxes he will be liable to
as a consequence (“gross-up”) of the Aggregate Automobile Expenses/Car Replacement Payment of car of Employee under
this Section. ((the “Car”).

 

		7.9	Expenses: The Employee shall be entitled to reimbursement of expenses in accordance with
the Company’s standard policy for senior executive management in effect from time to time.

 

		7.10	Professional Fees: The Company shall pay on behalf of the Employee the annual accountant
membership fees and the accountant association fees in Israel. Such payment shall not be taken into account with respect to severance
or any other social payment that the Employee may be entitled to.

 

		7.11	D&O Insurance: The Employee shall be included within the Directors & Officers Insurance
Policy of the Company for the duration of his employment with the Company.

 

		7.12	Indemnification Agreement:

 

		7.12.1	Subject to the Israeli Companies Act - 1999, the Company shall defend and indemnify Employee in
his capacity as Deputy Chief Executive Officer &Chief Financial Officer of the Company against any and all claims, judgments,
damages, liabilities, costs and expenses (including reasonable attorney’s fees) arising out of, based upon or related to
Employee’ performance of services hereof, except to the extent that such claims arise out of Employee’ (i) willful
misconduct, (ii) bad faith, (iii) gross negligence or (iv) reckless disregard of the duties involved in the conduct
of Employee’ position.

 

    	 	5	 

     

    

 

		7.12.2	Subject to the Israeli Companies Act -1999, the Company shall take any steps which may be deemed
necessary to establish a policy of indemnifying its officers and directors, including, but not limited to Employee, for all actions
taken in good faith in pursuit of their duties and obligations to the Company. Such steps shall include, but shall not necessarily
be limited to, the obtaining of an appropriate level of Directors and Officers Liability coverage and including such provisions
in the Company’s’ Articles of Association, as applicable and customary.

 

		8.	Grant of Stock Options

 

		8.1.1	Subject to the approval of the board of directors of the Company (the “Board”),
the Employee will be granted options to purchase 3.5% from the Company’s issued & outstanding shares(the “Options”).The
exercise price of each Option will be equal the average of the company’s shares in the 30 trading days preceding the date
of approval of their grant by the Board, subject to any dilution and subject to the following conditions:

 

		(1)	The Option shall vest and become exercisable on a quarterly basis over 3 years period upon grant
for as long as Employee’s employment with the Company has not terminated.

 

		(2)	The option shall be grant according to the company ESOP plan and section 102 “capital gain”.

 

		(3)	In the case of termination of the agreement not due to a material breach as stated in Section 9.2
below, the Option shall vest on a monthly basis and will be exercisable for a period of 12 month from the date of termination.

 

		(4)	The Options shall be granted in accordance with an Option Agreement to be signed between the Employee
and the Company and shall be at all times subject to (i) all the terms of the Company’s Share Option Plan, (ii) any terms
and conditions as shall be determined and altered from time to time by the Board or any of its committees at their sole discretion,
and (iii) any terms and conditions as provided in any agreement or arrangement the Company may enter from time to time including
agreements and arrangements with Investment Banks or Underwriters.

 

However, any such alteration shall
not derogate from the rights granted herein.

 

    	 	6	 

     

    

 

		8.1.2	Notwithstanding the above and subject to any applicable law, in any Transaction as described in
Option Plan of the Company including among other merger or change of control, the Vesting Dates shall be accelerated so that any
unvested Option or any portion thereof shall be immediately vested as of the date which is 7 days prior to the effective date of
the Transaction.

 

		9.	Termination of Employment

 

		9.1	Either party may terminate the Employee’s employment with the Company without cause at any
time upon four(4) month’s prior written notice (the “Notice Period”). The Company shall have the right,
in its sole discretion, to require the Employee to continue working for the Company during the Notice Period.

 

		9.2	Notwithstanding the above, the Company may terminate this Agreement at any Material breach by Employee
of any provision of this Agreement.

 

		9.3	Following two years as of the Effective Date, the Employee will entitled to provide the services
according to this agreement via a fully owned company as a service providor or contractor.

 

		10.	Taxes and Other Payments

 

		10.1	Unless otherwise specifically provided for in this Agreement, the Company shall not be liable for
the payment of taxes or other payments for which the Employee is responsible as result of this Agreement or any other legal provision,
and the Employee shall be personally liable for such taxes and other payments.

 

		10.2	The Employee hereby agrees that the Company shall deduct from his Monthly Salary the Employee’s
national insurance fees, income tax and other amounts required by law or the terms of this Agreement. The Company shall provide
the Employee with documentation of such deductions.

 

		11.	The Obligations of the Employee

 

		11.1	The Employee agrees to devote his entire business time, energy, abilities and experience to the
performance of his duties, effectively and in good faith.

 

		11.2	Throughout the Term, the Employee shall not, directly or indirectly, be employed by and/or otherwise
render services to any other person or organization without the prior written consent of the Board or the CEO, Except: Director
position in companies that are not compete with the company business and as specified in Exhibit B to the agreement.

 

		11.3	The Employee agrees to immediately inform the Company of any Company issue or transaction in which
the Employee has a direct or indirect personal interest and/or where such issue or transaction could cause a conflict of interest
for the Employee in the fulfillment of his responsibilities as an employee of the Company.

 

    	 	7	 

     

    

 

		11.4	The Employee hereby gives irrevocable instructions and permission to the Company to deduct from
any amounts owed to the Employee by the Company, including amounts payable as severance compensation, (a) any debt he has
or will have to the Company; and/or (b) any amount that was wrongfully or mistakenly paid to him by the Company. Any such
amounts to be deducted shall be calculated in real terms as of the date of the deduction, including linkage to cost of living index.

 

		11.5	The Employee declares that the terms and conditions of his employment are personal and confidential
and will not be disclosed by him.

 

		11.6	The Employee declares that he is free to enter into this Agreement and that he has no obligations
of any kind to any third party that would impair this Agreement, either as an employee or an independent contractor. The Employee
further declares that as long as he remains an employee of the Company, he will not incur any such obligations.

 

		11.7	The Employee agrees to keep confidential (a) all professional, scientific, commercial, and business
information; and (b) any other information or document that comes to the Employee’s knowledge in connection with the affairs
of the Company (collectively, the “Confidential Information”), and agrees not to use or exploit the Confidential
Information or to disclose it to any third party where such use, exploitation or disclosure in not directly related to the affairs
of the Company, unless the Company gives prior written authorization of such disclosure.

 

		11.8	The Employees agrees that during his employment by the Company and thereafter he (a) will not disseminate
or otherwise make use of the Confidential Information or of other non-public information of which he learned while working for
the Company, except where such dissemination or use is directly related to the affairs of the Company; (b) will maintain the confidentiality
of the Confidential Information; and (c) will not in any way act to injure the reputation of the Company or any of its affiliated
companies.

 

		11.9	The Employee understands and recognizes that his services to the Company are special and unique.
Therefore, he agrees that during the term of this Agreement and for six (6) months after the termination for any reason of his
employment, he shall not be employed in or give any services to any business or third party that competes directly with the Company
or whose activities conflict with the activities of the Company, unless the Chief Executive Officer has given his explicit written
consent prior the commencement of such employment or the giving of such services.

 

    	 	8	 

     

    

 

		11.10	Upon the Company any documents, information and/or materials that were given to him or which were
created by him in connection with his employment.

 

		12.	Intellectual Property Rights

 

		12.1	The Employee declares that he is aware that anything that is done by him in the Company or in connection
with the Company, whether it be an invention, a discovery, or the development of an idea or a thing, all within the framework of
the Company’s business (the “Development”) shall belong to and be controlled by the Company, unless the
Board of Directors shall, in writing, direct otherwise.

 

		12.2	The Company shall have the right to fully utilize and exploit the Development, as it sees fit,
including changing it, registering part or all of it as a patent, whether in Israel or abroad, selling it, transferring it to a
third party, all without being required to either receive the Employee’s consent or pay the Employee any additional payment
for such Development apart from any payment he receives pursuant to this Agreement.

 

		12.3	The Development and any subsequent intellectual property arising therefrom shall remain the sole
property of the Employer even after the Employee’s employment terminates for any reason. The termination of this Agreement,
whether due to its breach or its own terms, shall not impair the Company’s exclusive rights in the Development. Notwithstanding
the termination of this Agreement, the Board shall have the discretion to award the Employee a cash payment in accordance with
the terms of Section 5 above, as a result of any Development or subsequent intellectual property arising therefrom developed primarily
by the Employee.

 

		12.4	The Employee may not do anything with the Development or any related materials without the knowledge
and prior consent of the Company. The Employee declares that he neither has nor will have any rights in the Development or its
fruits and that all rights to the Development and its fruits shall fully reside in the Company.

 

		12.5	Even in the event that at the time of the termination of the Employee’s employment for any
reason the Development has not been completed, the Employee shall be prohibited from any continued activity in connection with
the subject of the Development, alone or in concert with others, that is not explicitly allowed in writing by the Company. The
Company alone will be the sole owner of the uncompleted Development and shall have the sole right to complete the Development or
to take any other action in connection with the Development.

 

		13.	General

 

		13.1	It is agreed that the provisions of this Agreement represent the full scope of the agreement between
the parties and that neither side shall be bound by any promises, declarations, exhibits, agreements or obligations, oral or written,
that are not included in this Agreement prior to its execution. Any changes or amendments to this Agreement must be in writing
and signed by both parties.

 

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		13.2	This Agreement shall be governed by, and construed and interpreted under, the laws of the State
of Israel. The parties agree that any legal claim lodged by one party against the other arising from the terms of this Agreement
shall be adjudicated only by the appropriate court in Tel Aviv, Israel.

 

		13.3	If any provision of this Agreement shall be declared by a court of competent jurisdiction to be
invalid, illegal or incapable of being enforced in whole or in part, the remaining conditions and provisions or portions thereof
shall nevertheless remain in full force and effect and enforceable, and no provision shall be deemed dependent upon any other covenant
or provision unless so expressed herein.

 

		13.4	The rights, benefits, duties and obligations under this Agreement shall inure to, and be binding
upon, the Company, its successors and assigns, and upon the Employee and his legal representatives. This Agreement constitutes
a personal service agreement, and the performance of the Employee’s obligations hereunder may not be transferred or assigned
by the Employee.

 

		13.5	The failure of either party to insist upon the strict performance of any of the terms, conditions
and provisions of this Agreement shall not be construed as a waiver or relinquishment of future compliance therewith or with any
other term, condition or provision hereof, and said terms, conditions and provisions shall remain in full force and effect. No
waiver of any term or condition of this Agreement on the part of either party shall be effective or any purpose whatsoever unless
such waiver is in writing and signed by such party.

 

		13.6	The headings of Sections are inserted for convenience and shall not affect any interpretation of
this Agreement.

 

		14.	Notices

 

		14.1	A notice that is sent by registered mail to a party at its address as set forth in paragraph 12.2,
below, shall be deemed received three (3) days after its posting, and the receipt stamped by the post office shall represent definitive
evidence of the date of mailing.

 

		14.2	The addresses of the parties for the purposes of this Agreement are:

 

Company

Cellect Biomed Ltd.

20 Hataas St.,

Kfar Saba,

Israel

 

Employee

Ronen Twito

Yehuda Hannasi Sa,

Herzliya

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF
the parties have hereunto set their hands at the place and on the date first above written.

 

	Cellect Biomed Ltd.	 
	By:	/s/ Cellect Biomed Ltd.	 
	Title	CFO	 
	Date:	 	 
	 	 	 
	By:	Ronen Twito	 
	Date:	/s/ Ronen Twito	 

 

 

    	 	11	 

     

    

 

Exhibit A

 

(Unofficial translation from Hebrew original)

 

A General Approval regarding Employers'
Payments to a Pension Fund and Insurance Fund in lieu of Severance Pay

 

Under Severance Pay Law – 1963

 

Pursuant to the authority vested in me under
Section 14 of the Severance Pay Law - 1963 (the "Law"), I hereby confirm that the payments paid by an employer effective
with publication date of publication of this approval for his employees to a comprehensive pension in a provident fund that is
not an insurance fund within the meaning of the Income Tax Regulations (rules on the approval and management of provident funds)
- 1964 (the "Pension Fund"), or to managers' insurance including the possibility of an annuity or a combination of payments
to annuity plan and to a plan that is not for a pension in such insurance fund (the "Insurance Fund"), including payments
paid through a combination of payments to a pension and Insurance Funds, whether or not there is a pension plan in the Insurance
Fund (the "Employer Payments"), will be in lieu of the severance pay due to the employee in respect of the salary from
which said payments were made and for the period payments were made (the “Exempt Wage”) provided that all of the following
were met:

 

		1.	Employer Payments

 

		a.	To a pension fund, payments that are not less than 14 1/3% of the Exempt Wage or 12% of the Exempt Wage if the employer pays
for his employee payments in addition to supplement severance pay to the severance pay fund or to insurance fund in the name of
employee at a rate of 2 1/3% of the Exempt Wage. If the employer does not pay in addition to 12% the 2 1/3% as above, the payments
will be in lieu of only 72% of the employee's severance pay;

 

		b.	To an insurance fund, payments that are not less than one of the following:

 

		1)	13 1/3% of the Exempt Wage if the employer pays for his employee also payments to secure monthly income in the event of work
disability in a plan approved by the commissioner of capital market and insurance and savings in the Ministry of Finance at a rate
required to secure at least 75% of the Exempt Wage or 2.5% of the Exempt Wage, whichever is lower ("Payment for Work Disability
Insurance");

 

		2)	11% of the Exempt Wage if the employer paid insurance payments for work disability insurance and in this case the Employer
Payments will be in lieu of 72% of the severance pay of the employee provided that; the employer paid in addition to these payments
also payments for supplementing the severance pay severance to severance pay fund or to an insurance fund in the name of the employee
at the rate of 2 1/3% of the Exempt Wage, the Employer Payments will be in lieu of 100% of the employee's severance pay.

 

    	 	12	 

     

    

 

		2.	Not later than three months after making the Employer Payments, a written agreement entered into between the employer and the
employee containing the following –

 

		a)	the employee's consent to the arrangement according to this approval under the version specifying the payments of the employer
and the pension fund and insurance fund, as the case may be; the agreement also shall include the version of this approval;

 

		b)	a waiver of the employer in
advance of any right it may have for a refund
of monies from his payments
unless the employee's right to
severance pay was denied in a ruling under
section 17 of the Law and to the extent such
right was denied, or in the event that the employee withdrew money from
the pension fund or the insurance fund not due
to a qualifying event; In this regard, "qualifying
event" - death, disability, or
retirement at age of sixty or
more.

 

		3.	This approval does not derogate from the employee's severance pay right under the Law, collective agreement, expansion order
or labor agreement in respect of wages in excess of the Exempt Wage.

 

June 9, 1998

 

	 	Eliyahu Yishai
	 	 
	 	Minister of Labor and Social Welfare

 

    	 	13	 

     

    

 

Exhibit B

 

Other Activities - The Employee is currently
engaged in the following activities: (i) the Employee is the owner of a family business specializing mainly in the importation,
branding and marketing of children and baby goods in the regions of Israel and Latin America, (ii) The Employee serves as project
manager-director of corporate finance for a real-estate property project. The Employee wan-ants and undertakes that none of its
current or future other activities will affect his duties under this Agreement and further warrants and undertakes that in no event
such activities will breach any of his obligations hereunder (including without limitation, non compete obligations).

 

    	 	14Exhibit 10.5

 

Consulting
Agreement

 

Entered into on April 30, 2013

 

By and Between

  

	
         

         
	
        Cellect Biotechnology Ltd. a private company
        number 514625805

        From 10 Hataas Street, Kfar Saba, POB 2409,
        44641 (the Company)
	
          

        The first party

	 	 	 

And

	 	

        Dr. Nadir Askenasy ID number 014692909 from
        18 Arvei Nahal, Tel Aviv 67454 (the Consultant)
	
         

         

        The second party

 

(the Company the Consultant shall
be collectively called: the parties)

 

	Whereas 	The Company addressed the Consultant for receiving its services as the Company's chief scientist (the consulting services or the services); 
	 	 
	And whereas	The Consultant is interested in providing the Company, as an independent contractor, and the Company is interested in receiving from the Consultant, as an independent contractor the consulting services subject to the provisions of this agreement as follows;
	 	 
	And whereas 	The Consultant declares that he has the knowhow, means and the ability to provide the Company with the consulting services; 
	 	 
	And whereas  	The parties wish to settle in this agreement the services  to be provided by the Consultant, the conditions and the consideration to be paid for the services.

 

Now therefore, it was stated, agreed and
stipulated by and between the parties as follows:

 

		1.	Preamble

 

		1.1	The preamble to this agreement and its appendices constitute an integral part thereof.

 

		1.2	The sections and the headings of the sections were purported for convenience only and are not to
be used as for interpretation purposes estimate the opinion of the parties concerning the agreement.

 

    	 	- 1 -	 

     

    

  

		2.	The appointment

 

		2.1	The Company hereby appoints the Consultant and the Consultant agrees and accepts to provide the
Company with the consulting services.

 

		2.2	The Consultant shall fulfill his position loyally and diligently as required by such position.

 

		3.	Warrants and representations of the Consultant

 

The Consultant warrants and represents
as follows: 

 

		3.1	The Consultant warrants and represents that the consulting services under this agreement are clear
to him and he has the knowhow, ability, experience, business contacts, reliability and skills required for rendering the services
as per the Company's requirements.

 

		3.2	The Consultant commits to be available to the Company as necessary according to the requirements
of his position.

 

		3.3	The Consultant warrants and represents that he is not precluded by any law and/or agreement and/or
otherwise from entering into this agreement and provide the services and approval of a third party is not required for fulfilling
the liabilities of the Consultant under this agreement whether by law or an agreement.

 

		3.4	The Consultant warrants and represents that he is not in conflict of interests with the Company
and commits to notify the Company immediately of any matter or issue for which him and/or anyone acting on its behalf may have
a personal interest and/or may create a conflict of interests by rendering the services under this agreement.

 

		3.5	The Consultant commits to comply with all of provisions regarding the rendering of the services
as dictated by the Company. The Consultant shall meticulously comply with the provisions of law.

 

		3.6	The Consultant commits to return to the Company upon its first demand and in any event no later
than the services termination date, any information and/or documents and/or equipment coming to him in connection with the performance
of this agreement. No copies of the equipment and/or information and/or documents as above shall remain with him or anyone acting
on its behalf.

 

		4.	The consideration 

 

		4.1	In return for complying with all of the Consultant's obligations under this agreement, the Company
commits to pay the Consultant for each actual consulting hour NIS 400 plus VAT (the consideration). The consulting hours are subject
to the work order placed by the Company. The consideration shall be paid in 30 days from the approval date of the invoice to be
submitted by the Consultant to the Company.

 

    	 	- 2 -	 

     

    

  

		4.2	The Consultant shall furnish, upon signing this agreement, to the Company the dealer's and tax
deduction confirmation and see that the Company is informed of any change or update in the this confirmations. The Company shall
deduct from the consideration to be paid all mandatory deductions if the Consultant does not furnish to the Company tax deduction
exemption.

 

		4.3	The Consultant warrants and represents that he shall not receive an any other consideration and/or
benefit, directly or indirectly from any party with respect to this agreement.

 

		4.4	The consideration specified in the above 4.2, represents the final and absolute consideration for
the Consultant's services and it includes all taxes and charges prevailing in Israel upon the date of signing this agreement and/or
any other tax and charge that shall be in force upon the payment date and/or any other expense of the Consultant and/or anyone
on its behalf in connection with the services. The Consultant and/or anyone on its behalf shall not be entitled to any payment
and/or expense reimbursement from the Company and/or anyone on its behalf beyond the consideration specified in section 4.2 as
above.  

 

		5.	The agreement's term 

 

		5.1	This agreements shall be in force and effect for 12 months effective from the date of signing the
agreement which shall be renewed automatically for an additional period of 12 months each time unless any party notified the other
party of his will not to renew the agreement 60 days before the end of each agreement period.

 

		5.2	Notwithstanding the foregoing, the Company may terminate the agreement at any time, without any
reason, by providing the Consultant with a written notice 30 days in advance however, the termination of the agreement under these
circumstances shall not absolve the Company of its obligation to pay the consideration to the Consultant to the extent that the
consideration is due to him under the conditions of this agreement and section 4 in particular.

 

		5.3	Notwithstanding the foregoing, the Company may terminate this agreement, at its exclusive discretion
without a prior notice and without being obligated for any payment and/or compensation to the Consultant in any of the following
cases representing a material breach of this agreement:

 

		5.3.1	The Consultant violated or did comply with one or more of its obligations under this agreement
and failed to cure the violation after receiving the warning from the Company and on the date contained in the warning;

 

		5.3.2	The Company notified the Consultant that he fails to properly provide the services in a manner
assuring the orderly performance and/or their progress and conclusion under this agreement and the Consultant failed to take the
measures in the time specified in the Company's notice that assure the orderly performance and/or progress of such services;

 

    	 	- 3 -	 

     

    

  

		5.3.3	In the event of appointing a receiver for the Consultant and/or in the event of the Consultant's
inability to carry out any activities relating to complying with the provisions of this agreement;

 

		5.3.4	In the event of a reasonable suspicion that the Consultant committed a criminal offense;

 

		5.3.5	In the event that the Consultant assigned the agreement, in whole or in part without the Company's
written approval.

 

		5.4	The foregoing of this section does not derogate from any right and/or remedy available to the Company
under this agreement and under any law, including the provisions of contract law (remedies for violating an agreement) –
1970 and it is addition to such right and/or remedy.

 

		5.5	Throughout the term of the agreement until its termination, the Consultant shall not be entitled
to any other payment, compensation or benefit in connection with the performance of this agreement or its termination beyond the
consideration specified in section 4 as above including its subsections.

 

		6.	Lack of employer employee relations 

 

		6.1	The Consultant warrants and represents that he is an independent contractor who provides services
and is not coming under employer employee relation with the Company and this agreement and any of its conditions do not create
employer employee relation and/or agency relations and/or agency between the Consultant and the Company and/or its employees and/or
anyone on its behalf and the Consultant may not engage and/or not authorized to carry out any deed and/or omission that may bind
the Company towards third parties without the Company's prior written approval.

 

		6.2	Therefore, the following provisions shall apply under the Consultant's obligations:

 

		6.2.1	The Consultant shall pay the income tax and national insurance payments for himself and any tax
and/or payment due from him resulting from the performance of his obligations and/or from the Consultant's revenues under this
agreement.

 

		6.2.2	The Consultant commits to comply with the provisions of the national insurance law – 1955
and the related regulations, with any replacement amendment and/or legislation so that his obligations under this agreement are
fulfilled.

 

		6.2.3	The Consultant shall take care of all social rights and insurances coupled with rendering the services
as an independent contractor and as required by law or agreement and shall pay regularly any payment concerning the provision of
such services.

 

    	 	- 4 -	 

     

    

  

		6.3	The Consultant commits to compensate the Company for any damage caused to the Company if the Company
shall be required to make any payment in respect of employer employee relations between the Company and the Consultant.

 

		6.4	Without derogating from the foregoing, it is agreed that if despite of the agreement between the
parties, it is ruled by a competent judicial instance that there are employer employee relations between the Company and the Consultant
and/or anyone on its behalf and/or the Company is required to pay the Consultant any amounts for rights by virtue of labor laws
and/or other rights that were not explicitly indicated in this agreement, all of the provisions specified below shall apply:

 

		6.4.1	The Consultant's wages from the commencement date of providing such services under this agreement
shall retroactively set on 60% of the consideration (the reduced wages).

 

		6.4.2	A settling of accounts shall take place between the parties and the Consultant shall return to
the Company surplus amount that he received in excess of the reduced wages as specified in section 6.4.1 plus full linkage differentials
and an annual interest rate of 4% to be calculated from the date of making the payment to the Consultant until its actual return
by the Consultant and all is based on the known CPI on the relevant date.

 

		6.4.3	The Consultant grants the Company an irrevocable order to offset from any amount awarded that is
due and/or from any amount that the right for receiving such amount was not explicitly indicated in this agreement, if it is ruled
to that effect, the entire debt he has to the Company deriving from the above settling of accounts. This offset order does not
release the Consultant from returning the debt if the offset does not cover the entire debt or if not performed.

 

		7.	Confidentiality 

 

		7.1	The Consultant warrants and represents that he shall keep in absolute secrecy and take reasonable
measures to keep in secret and avoid the leakage of any information and/or knowhow and/or plans delivered to him directly and/or
indirectly by the Company and/or anyone on its behalf and/or any of its customers during and/or due and/or in the framework
and/or in connection with this agreement and/or any of the agreements and/or transactions and/or projects to be performed, not
to use transfer to others or disclose it other than for complying with the Consultant's obligations under this agreement and the
Company's directives to be delivered in writing. The Consultant shall deliver to the Company immediately upon its demand and/or
immediately upon the termination of this agreement for any reason whatsoever, the entire information held by the Consultant and
no information in any format whatsoever shall remain with the Consultant.

 

    	 	- 5 -	 

     

    

  

		8.	Intellectual property rights 

 

		8.1	All proprietary rights and copyrights for each invention, development, or patent relating to the
Company or its businesses and/or deriving from the provision of services to be invented or developed by the Consultant under the
provision of services to the Company or that he shall be a partner in their creation even if the invention or development is completed
by the Company after employment termination, shall be the exclusive property of the Company.

 

		8.2	The Company may protect the invention and/or development and/or the patent by registration or by
any other way in Israel or elsewhere and the Consultant may not register the invention and/or development and/or patent or take
any other course of action with respect to the above other than activities that are required to register or use the patent in the
name of the Company or by the Company or for the Company.

 

		8.3	The Consultant shall notify in writing the Company's Board of any invention and/or development
and/or patent immediately after their creation.

 

		8.4	The Consultant shall cooperate with the Company with respect to registering its rights for each
patent or invention which were invented by him for the Company during the service provision period to the Company also after the
termination of this consulting agreement.

 

		8.5	For the avoidance of doubt, the consideration paid to the Consultant under this agreement represent
the full consideration for the services provided by the Consultant to the Company including for each invention and/or patent invented
by him in the course of the period of this agreement. The consideration represents a fair value and full compensation in connection
with the invention and/or patent. The Consultant warrants and represents that he shall not be entitled to any compensation in connection
with inventions and/or any intellectual property by virtue of providing consulting services to the Company other than the consideration
specified in this agreement and the Consultant hereby waives any claim and/or demand based on section 134 of the patent law –
1967.

 

		9.	Accountability, indemnification and insurance

 

		9.1	The Consultant warrants and represents that he shall be accountable for any damage or loss that
may be caused to the property and/or person due to his own omission and/or the omissions of anyone acting on its behalf in the
course and/or from the provision of such services.

 

		9.2	The Consultant shall take all precautionary measures required by law towards a person for bodily
injuries and/or damage to property relating directly and/or indirectly to the provision of services and/or to this agreement.

 

		9.3	It is hereby clarified that the Company and anyone acting on its behalf are not accountable and
shall not be responsible for any payment and/or expense and/or loss and/or damage of any type of for any reason whatsoever that
may be caused to the Consultant or any third party who are directly and/or indirectly related to the provision of services under
third agreement.

 

    	 	- 6 -	 

     

    

  

		9.4	The Consultant commits to indemnify the Company for any amount the Company shall be charged in
connection with damages to property and/or bodily injuries due to the omissions of the Consultant and/or its employees and/or anyone
acting on its behalf including court and legal fees and all upon the first demand of the Company.

 

		9.5	The Consultant commits to purchase, at his own expense, all personal and professional insurances
in the acceptable coverage in the Consultant's area of activity that are required for providing the consulting services.

 

		10.	The agreement's assignment 

 

The Consultant may not assign and/or
transfer its obligations or rights under this agreement, or any part thereof whether or not for consideration without the prior
and written consent of the Company.

 

		11.	Miscellaneous 

 

		11.1	This agreement shall be deemed as exhausting the rights and the obligations of the parties on any
matter contained therein and any amendment or change or addition in the this agreement shall not have any effect unless were agreed
upon in writing by the parties.

 

		11.2	This agreement with its appendices includes all agreed issues among the parties and shall prevail
over any agreement, arrangement, correspondence or agreements among the parties on issues contained therein. Any promise, obligation,
consent, MOU, representation or conduct in the past, if were made prior to signing the agreement, whether in writing or verbally,
are null and void and are not to be used against the Company or the parties.

 

		11.3	Any delay and/or waiver and/or extension or the avoidance of any party to exercise its rights and/or
demand the performance of any of the agreement's conditions and/or its consent to deviate from the agreement shall not be deemed
as a precedent or a waiver or consent of the waiving party of its rights.

 

		11.4	The provisions of this agreement shall bind the parties and their representatives and/or heirs
and/or successors and/or their representatives of any type.

 

		11.5	This agreement shall be subject to Israeli law. In case of disputes between the parties in connection
with this agreement the competent court in Tel Aviv shall have exclusive jurisdiction.

    	 	- 7 -	 

     

    

  

		11.6	Any notice sent by registered mail to the other party according to its address, as aforesaid, shall
be deemed as if it was received by the addressee three days after its delivery to the post office and if it was delivered by facsimile,
email or courier - upon its delivery.

 

In witness whereof we executed
this agreement

 

	/s/ Cellect Biotechnology Ltd.	 	/s/ Dr. Nadir Askenasy
	Cellect Biotechnology Ltd.	 	Dr. Nadir Askenasy

 

    	 	- 8 -

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