Document:

Exhibit 10.3

 

Foamix Pharmaceuticals Ltd. 

(the "Company")

  

Officer
indemnity AND EXCULPATION agreement

 

THIS AGREEMENT, dated as of ____________,
is between Foamix Pharmaceuticals Ltd., an Israeli company (the "Company"), and ____________, a
director or officer of the Company (the "Indemnitee").

	WHEREAS, 	the Indemnitee is an Officer (as defined below) of the Company;
	WHEREAS, 	both the Company and the Indemnitee recognize the increased risk of litigation, investigations and other claims being asserted against Officers of a private company; 
	WHEREAS, 	the Amended Articles of Association of the Company (the "Articles of Association") authorize the Company to indemnify Officers to the greatest extent permitted by law; 
	WHEREAS, 	in recognition of the Indemnitee's need for substantial protection against personal liability in order to assure the Indemnitee's continued service to the Company in an effective manner and the Indemnitee's reliance on the aforesaid Articles of Association and, in part, to provide the Indemnitee with specific contractual assurance that the protection promised by the Articles of Association will be available to the Indemnitee (regardless of, among other things, any amendment to or revocation or any change in the composition of the Company's Board of Directors or the Company's management or acquisition of the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of Expenses (as defined below) (whether partial or complete) to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing premises and intending to be legally bound hereby, the parties hereto agree

 

	1.	CERTAIN DEFINITIONS

 

		1.1.	"Expenses": includes reasonable costs of litigation, including attorney's
fees, expended by the Indemnitee or for which the Indemnitee has been charged by a court. Expenses shall also include, without
limitation and to the fullest extent permitted by applicable law, all expenses reasonably incurred in defending any claim (including
investigation and pre-litigation negotiations), being a witness in or participating in (including on appeal), or preparing to defend,
being a witness in or participate in any claim relating to any Indemnifiable Event (as defined below) and any security or bond
that the Indemnitee may be required to post in connection with an Indemnifiable Event.

 

		1.2.	"Officer": "Office Holder" as such term is defined in
the Israeli Companies Law, 5759-1999 (the “Companies Law”).

    	 

    	 

    

	2.	INDEMNIFICATION AND ADVANCEMENT OF EXPENSES

 

		2.1.	The Company hereby undertakes to indemnify the Indemnitee to the fullest extent permitted by applicable
law, for any liability and Expense that may be imposed on the Indemnitee due to an act performed or failure to act by him in his
capacity as an Officer of the Company or any subsidiary of the Company or any entity in which the Indemnitee serves as an Officer
at the request of the Company either prior to or after the date hereof for (the following shall be hereinafter referred to as "Indemnifiable
Events"):

 

		2.1.1.	monetary liability imposed on the Indemnitee in favor of a third party in a court judgment (which
third parties include, without limitation and to the fullest extent permitted by applicable law, any governmental entity), including
a settlement or an arbitral award confirmed by a court; and

 

		2.1.2.	reasonable costs of litigation, including attorney's fees, expended by the Indemnitee as a result
of an investigation or proceeding instituted against the Indemnitee by a competent authority, provided that such investigation
or proceeding (i) is concluded without the filing of an indictment against the Indemnitee (as defined in the Companies Law) or
the imposition of any financial liability in lieu of criminal proceedings (as defined in the Companies Law), or (ii) is concluded
without the filing of an indictment against the Indemnitee and a financial liability was imposed on the Indemnitee in lieu of criminal
proceedings with respect to a criminal offense in which a proof of criminal intent is not required, or (iii) in connection with
a monetary sanction; and

 

		2.1.3.	reasonable costs of litigation, including attorneys' fees, expended by the Indemnitee or for which
the Indemnitee has been charged by a court, (a) in an action brought against the Indemnitee by or on behalf of the Company or a
third party, or (b) in a criminal action in which the Indemnitee was found innocent, or (c) in a criminal offense in which the
Indemnitee was convicted and in which a proof of criminal intent is not required; and

 

		2.1.4.	a payment which the Office Holder is obligated to make to an injured
party as set forth in Section 52(54)(a)(1(a)) of the Securities Law, 5728-1968.

 

		2.1.5.	any other circumstances arising under the law in respect of which the Company may indemnify an
Officer of the Company.

 

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		2.2.	The indemnification undertaking made by the Company pursuant to Section 2.1.1 above shall be only
with respect to such events as are described in Schedule A attached hereto and additional events that the Board of Directors
determines from time to time are reasonable under the circumstances. The maximum amount payable by the Company to the Indemnitee
pursuant to Section 2.1.1 above shall be one million United States dollars (US$ 1,000,000). The indemnification provided herein
shall not be subject to the limitations imposed by this Section ‎2.2 and Schedule A if and to the extent
such limits are no longer required by law. All amounts stated herein in US$, and if paid in NIS, are to be calculated according
to the representative rate of exchange, or any other official rate of exchange that may replace it, published by the Bank of Israel
on the date of payment by the Company hereunder.

 

		2.3.	Subject to applicable law and to the other provisions of this Agreement, if so requested by the
Indemnitee, the Company shall advance an amount (or amounts) estimated by the Company to cover the Indemnitee's reasonable litigation
expenses with respect to which the Indemnitee is entitled to be indemnified under Sections 2.1 and 2.2 above, subject to Section
3 below. The Company will also make available to the Indemnitee any security or guarantee that may be required to post in accordance
with an interim decision given by a court or an arbitrator in procedings with respect to which the Indemnitee is entitled to be
indemnified under Sections 2.1 and 2.2 above, subject to Section 3 below, including for the purpose of substituting liens imposed
on the Indemnitee's assets.

 

		2.4.	The Company's obligation to indemnify the Indemnitee and advance expenses in accordance with this
Agreement shall be for such period as the Indemnitee shall be subject to any possible claim or threatened, pending or completed
action, suit or proceeding or any inquiry or investigation, whether civil, criminal or investigative, arising out of the Indemnitee's
service in the foregoing positions, whether or not the Indemnitee is still serving in such positions.

 

		2.5.	All amounts paid as indemnification pursuant hereto will be grossed-up to cover any tax payments
the Indemnitee may be required to make if the indemnification payments are taxable to the Indemnitee.

 

	3.	GENERAL LIMITATIONS ON INDEMNIFICATION

 

		3.1	Notwithstanding anything to the contrary in this Agreement, the Company shall not indemnify or
advance Expenses to Indemnitee: (i) with respect to a counter claim made by the Company or in its name in connection with a claim
against the Company filed by the Indemnitee; or (ii) if, when and to the extent that the Indemnitee
would not be permitted to be so indemnified under applicable law. The Company shall be entitled to be reimbursed by the Indemnitee
(who hereby agrees to reimburse the Company) for all such amounts theretofore paid (unless the Indemnitee has commenced legal proceedings
in a court of competent jurisdiction to secure a determination that the Indemnitee should be indemnified under applicable law,
in which event the Indemnitee shall not be required to so reimburse the Company until a final judicial determination is made with
respect thereto as to which all rights of appeal therefrom have been exhausted or lapsed) and shall not be obligated to indemnify
or advance any additional amounts to the Indemnitee (unless there has been a determination by a court or competent jurisdiction
that the Indemnitee would be permitted to be so indemnified under this Agreement).

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		3.2	Advances of expenses given to cover litigation expenses in accordance with Section 2.3 above will
be repaid by Indemnitee to the Company if such investigation or proceeding has ended in a financial liability imposed in lieu of
a criminal proceeding for a crime which requires a finding of criminal intent or if Indemnitee is found guilty of a crime that
requires proof of criminal intent, within thirty (30) days of the court's final decision as to which all rights of appeal therefrom
have been exhausted or lapsed). Other advances will be repaid by Indemnitee to the Company within thirty (30) days from a final
determination by a court as to which all rights of appeal therefrom have been exhausted or lapsed that Indemnitee is not entitled
to such indemnification.

 

		3.3	The Company undertakes that in the event of a Change in Control, the Company's obligations under
this Agreement shall continue to be in effect following such Change in Control, and the Company shall take all necessary actions
to ensure that the party acquiring control of the Company shall independently undertake to continue in effect this Agreement, to
maintain the provisions of the Articles of Association allowing indemnification and to indemnify the Indemnitee in the event that
the Company shall not have sufficient funds or otherwise shall not be able to fulfill its obligations hereunder.

 

	 	 	"Change of Control" means any merger or consolidation
of the Company with or into another entity, other corporate reorganization, sale of control, or any transaction in which all or
substantially all of the assets or shares of the Company are sold.

 

	4.	NO MODIFICATION, NO WAIVER

 

No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver. Any waiver shall be in writing.

 

	5.	SUBROGATION

 

In the event of payment under
this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee,
who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

	6.	REIMBURSEMENT

 

The Company shall not be liable
under this Agreement to make any payment in connection with any claim made against the Indemnitee to the extent the Indemnitee
has otherwise actually received payment (under any insurance policy of the Company or otherwise) of the amounts otherwise indemnifiable
hereunder, other than for indemnifiable amounts which are in excess of the amounts actually paid to the Indemnitee pursuant to
any such insurance policy or otherwise. Any amounts paid to the Indemnitee under such insurance policy or otherwise after the Company
has indemnified the Indemnitee for such liability or Expense shall be repaid to the Company promptly upon receipt by the Indemnitee.

 

	7.	EFFECTIVENESS

 

This agreement shall be in
full force and effect as of the date hereof.

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	8.	NOTIFICATION AND DEFENSE OF CLAIM

 

Promptly after receipt by the
Indemnitee of notice of the commencement of any investigation, action, suit or proceeding, the Indemnitee will, if a claim in respect
thereof is to be made against the Company under this Agreement, notify the Company of the commencement hereof; provided that failure
to notify the Company as aforesaid will not relieve the Company of its indemnification obligations pursuant hereto except to the
extent that it has been actually and materially prejudiced as a result of such failure and provided further that the omission so
to notify the Company will not relieve it from any liability which it may have to the Indemnitee otherwise than under this Agreement.
With respect to any such investigation, action, suit or proceeding as to which the Indemnitee notifies the Company of the commencement
thereof and without derogating from Section 2.1:

 

		8.1.	The Company will be entitled to participate therein at its own expense; and

 

		8.2.	Except as otherwise provided below, to the extent that it may wish, the Company jointly with any
other indemnifying party similarly notified will be entitled to assume the defense thereof, with counsel selected by the Company,
which counsel is reasonably reputable with experience in the relevant field and reasonably satisfactory to the Indemnitee. After
notice from the Company to the Indemnitee of its election to assume the defense thereof, the Company will not be liable to the
Indemnitee under this Agreement for any legal or other expenses subsequently incurred by the Indemnitee in connection with the
defense thereof other than reasonable costs of investigation or as otherwise provided below. The Indemnitee shall have the right
to employ his or her own counsel in such action, suit or proceeding, but the fees and expenses of such counsel incurred after notice
from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee, unless: (i) the employment
of counsel by the Indemnitee has been authorized in writing by the Company; (ii) the Indemnitee shall have,
based on a legal advise by his counsel, reasonably concluded that there may be a conflict
of interest between the Company and the Indemnitee in the conduct of the defense of such action; or (iii) the Company shall
not in fact have employed counsel to assume the defense of such action, within a reasonable
time, in each of which cases the fees and expenses of counsel shall be at the expense of the Company. The Company shall not be
entitled to assume the defense of any action, suit or proceeding brought by or on behalf of the Company or as to which the Indemnitee
shall have reached the conclusion specified in (ii) above.

 

		8.3.	The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts
paid in settlement of any action or claim effected without its prior written consent. The Company shall have the right to conduct
the defense as it sees fit in its sole discretion (provided that the Company shall conduct the defense in good faith and in a diligent
manner), including the right to settle or compromise any claim or to consent to the entry of any judgment against Indemnitee, provided
that the Company shall not settle any action or claim in any manner that would impose any penalty or limitation on the Indemnitee
without the Indemnitee's prior written consent. However, in the case of civil proceedings, the Indemnitee's consent shall not be
required only if (i) the settlement includes a complete release of Indemnitee, (ii) does not contain any admission of wrong-doing
by Indemnitee, and (iii) includes monetary sanctions (without any admission of wrong-doing by Indemnitee) only up to the amount
indemnififable under this Agreement. In the case of criminal proceedings, the Company and/or its legal counsel will not have the
right to plead guilty or agree to a plea-bargain in the Indemnitee's name without the Indemnitee's prior written consent. Neither
the Company nor the Indemnitee will unreasonably withhold their consent to any proposed settlement.

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		8.4.	Without derogating of any of the Indemnitee's rights and obligations,
the Indemnitee shall use its reasonable efforts to advise the Company concerning all events which the Indemnitee is aware of and
that the Indemnitee reasonably suspects would give rise to the initiation of legal proceedings against the Indemnitee in his capacity
as an Officer of the Company.

 

		8.5.	Indemnitee shall fully cooperate with the Company and shall give the Company all information and
access to documents, files and to his advisors and representatives as shall be within Indemnitee's power, in every reasonable way
as may be required by the Company with respect to any claim which is the subject matter of this Agreement and in the defense of
other claims asserted against the Company (other than claims asserted by Indemnitee), provided that the Company shall cover all
reasonable expenses, costs and fees incidental thereto such that the Indemnitee will not be required to pay or bear such expenses,
costs and fees. In addition, at the request of the Company, the Indemnitee shall execute all documents reasonably required to enable
the Company or its attorney as aforesaid to conduct the defense in the Indemnitee's name, and to represent the Indemnitee in all
matters connected therewith, in accordance with the aforesaid, provided that the Company shall cover all costs incidental thereto
such that Indemnitee will not be required to pay the same or to finance the same himself.

 

	9.	EXCULPATION

The Company hereby exempts the Indemnitee, to the fullest extent permitted by law, from any liability for damages caused as a result
of the Indemnitee's breach of the duty of care to the Company while acting in good faith and having reasonable cause to assume
that such act or omission would not prejudice the interests of the Company, provided that the Indemnitee shall not be exempt with
respect to any action or omission as to which, under applicable law, the Company is not entitled to exculpate the Indemnitee.

 

	10.	NON-EXCLUSIVITY

 

The rights of the Indemnitee
hereunder shall not be deemed exclusive of any other rights the Indemnitee may have under the Company's Articles of Association,
as amended from time to time, or applicable law or otherwise, and to the extent that during the indemnification period the rights
of the then existing Officers are more favorable to such Officers than the rights provided thereunder or under this Agreement to
the Indemnitee, the Indemnitee shall be entitled to the full benefits of such more favorable rights.

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	11.	BINDING EFFECT

 

This Agreement shall be binding
upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any
direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets
of the Company, spouses, heirs and personal and legal representatives. This Agreement shall continue in effect regardless of whether
the Indemnitee continues to serve as an Officer of the Company or of any other enterprise at the Company's request, provided that
the claim for indemnification relates to an Indemnifiable Event. This Agreement is being executed by Company pursuant to the resolutions
adopted by the Board of Directors of the Company on May 13, 2014, and by the shareholders of the Company on April
28, 2014. The Board of Directors has determined, based on the current activity of the Company, that the amount stated in
Section 2.2 is reasonable and that the events qualifying as Indemnifiable Event are reasonably anticipated.

 

	12.	SEVERABILITY

 

The provisions of this Agreement
shall be severable in the event that any provision hereof (including any provision within a single section, paragraph or sentence)
is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall
remain enforceable to the fullest extent permitted by law.

 

	13.	GOVERNING LAW

 

This Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of Israel, without giving effect to the conflicts of law
provisions of those laws. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction and venue of the courts
of Tel Aviv, Israel for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement.

 

	14.	ENTIRE AGREEMENT AND TERMINATION

 

This Agreement represents the
entire agreement between the parties and supersedes any other agreements, contracts or understandings between the parties, whether
written or oral, with respect to the subject matter of this Agreement, including, without limitation any previous Officer Indemnity
and Exculpation Agreement (if any) entered into by the Company and the Indemnitee. No supplement, modification, amendment, termination
or cancellation of this Agreement shall be effective unless in writing and signed by both parties hereto.

 

	15.	ASSIGNMENTS; NO THIRD PARTY RIGHTS

 

Neither party hereto may assign
any of its rights or obligations hereunder except with the express prior written consent of the other party. Nothing herein shall
be deemed to create or imply an obligation for the benefit of a third party. Without limitation of the foregoing, nothing herein
shall be deemed to create any right of any insurer that provides directors’ and officers' liability insurance, to claim,
on behalf of Indemnitee, any rights hereunder.

 

	16.	COUNTERPARTS

 

This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually executing
such counterpart, and all of which together shall constitute one and the same instrument; it being understood that parties need
not sign the same counterpart. The exchange of an executed Agreement (in counterparts or otherwise) by facsimile or by electronic
delivery in pdf format shall be sufficient to bind the parties to the terms and conditions of this Agreement, as an original.

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IN WITNESS WHEREOF,
the parties, each acting under due and proper authority, have executed this Indemnification Agreement as of the date first mentioned
above, in one or more counterparts.

 

 

 

	 	Foamix Pharmaceuticals Ltd.	____________
	 	
        Title:

         

        Signature:________________

         
	Signature:___________________      
	 	Name: 	 
	 	 	 	 	 

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	 	 	Schedule A	 
	 	
 1.	Negotiations, execution, delivery and performance of agreements on behalf of the Company, whether written or oral.	 
	 	2.	Anti-competitive acts and acts of commercial wrongdoing	 
	 	3. 	Acts in regard to invasion of privacy including with respect to databases and acts in regard of slander	 
	 	4. 	Acts in regard to copyrights, patents, designs and any other intellectual property rights, and acts in regard to defects in the Company's products or services, including but not limited to any claim or demand made for actual or alleged infringement, misappropriation or misuse of any third party's intellectual property rights by the Company including without limitation confidential information, patents, copyrights, design rights, service marks, trade secrets, copyrights, and misappropriation of ideas by the Company.	 
	 	5. 	Approval of corporate actions including the approval of the acts of the Company's management, their guidance and their supervision	 
	 	6. 	Claims of failure to exercise business judgment and a reasonable level of proficiency, expertise and care in regard to the Company's business 	 
	 	7. 	Claims relating to the offering of securities and claims relating to violations of securities laws of any jurisdiction, including, without limitation, fraudulent disclosure claims, failure to comply with the Securities Exchange Commission and/or the Israeli Securities Authority rules and other claims relating to relationships with investors and the investment community	 
	 	8. 	Violations of securities laws of any jurisdiction, including without limitation, fraudulent disclosure claims and other claims relating to relationships with investors and the investment community	 
	 	9. 	Violations of laws requiring the Company to obtain regulatory and governmental licenses, permits and authorizations in any jurisdiction	 
	 	10. 	Claims in connection with publishing or providing any information, including any filings with governmental authorities, on behalf of the Company in the circumstances required under applicable laws	 
	 	11. 	Actions regarding investments by the Company and/or the acquisition of assets, including the acquisition of companies and/or businesses through merger or otherwise or the investment of funds in tradeable securities and/or in any other manner.	 
	 	 	 	 	 

 

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	 	12. 	Claims in connection with employment relationships with Company's employees	 
	 	13. 	Claims in connection with Company's liquidation	 
	 	14. 	Any claim or demand made directly or indirectly in connection with complete or partial failure, by the Company or its directors, officers and employees, to pay, report, keep applicable records or otherwise, any state, municipal or foreign taxes or other mandatory payments of any nature whatsoever, including, without limitation, income, sales, use, transfer, excise, value added, registration, severance, stamp, occupation, customs, duties, real property, personal property, capital stock, social security, unemployment, disability, payroll or employee withholding or other withholding, including any interest, penalty or addition thereto, whether disputed or not	 
	 	15. 	Actions taken in connection with the approval and execution of financial reports and business reports and the representations made in connection therewith	 
	 	16. 	Occurrences resulting from the Company's becoming, or its status as, a public company, and/or from the fact that the Company's securities were offered to the public and/or are traded on any stock exchange.	 
	 	17. 	The sale, purchase and holding of negotiable securities or other investments for or in the name of the Company.	 
	 	18. 	Actions in connection with the sale of the operations and/or business, or part thereof, of the Company.	 
	 	19. 	Without derogating from the generality of the above, actions in connection with the purchase or sale of companies, legal entities or assets, and the division or consolidation thereof.	 
	 	20. 	Actions concerning the approval of transactions of the Company, with officers and/or directors and/or holders of controlling interests in the Company, or any other transaction with a related party.	 
	 	21. 	Actions in connection with the testing of products developed by the Company, or in connection with the distribution, sale, license or use of such products.	 
	 	22. 	Actions taken pursuant to or in accordance with the policies and procedures of the Company, whether such policies and procedures are published or not.	 
	 	23. 	Any claim or demand made by any lenders or other creditors or for moneys borrowed by, or other indebtedness of, the Company.	 
	 	 	 	 	 

 

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	 	24. 	Any claim or demand made by any third party suffering any personal injury and/or bodily injury or damage to business or personal property through any act or omission attributed to the Company, or its employees, agents or other persons acting or allegedly acting on their behalf.	 
	 	 	 	 	 

For the purpose of this Schedule A,
"Company" shall include all subsidiaries and affiliates of Company.

    	11Exhibit 10.4

Personal Employment Agreement

 

This Personal Employment Agreement (“Agreement”)
is entered into as of August 22, 2014 by and between Foamix Pharmaceuticals Ltd., a company organized under the laws of
the State of Israel, whose principal place of business is located at 2 Chaim Holzman St., Rehovot, Israel, (the “Company”)
and Dr. Dov Tamarkin (“Executive”).

 

		WHEREAS	Executive has been acting as the Chief Executive Officer (“CEO”) of the Company
since 2003; and

 

		WHEREAS	In view of the contemplated listing of the Company’s shares on the NASDAQ Stock Market (“NASDAQ”),
and the anticipated expansion of the Company’s activities and in the Executive’s responsibilities, the Company and the Executive
(collectively: the “Parties” and each: a “Party”) wish to adjust the terms of the Executive’s
employment (as such were set in the Personal Employment Agreement by and between the Company and the Executive on January 2, 2003,
as such was amended from time to time, hereinafter: the “Original Agreement”) terms accordingly, as set forth
herein.

 

NOW THEREFORE, in consideration
of the mutual promises, covenants and other agreements contained herein, and intending to be legally bound, the parties hereto
hereby declare and agree as follows:

 

	1.	Appointment; the Position 	 

 

		1.1.	The Company hereby extends the appointment of Executive and Executive undertakes to continue to
act, as of the Commencement Date (as such term is defined below), as the CEO.

 

		1.2.	In the performance of his tasks and duties and in carrying out his position as the CEO of the Company,
Executive shall report to the Board and shall be subject to the direction and control of the Board.

 

		1.3.	During the Term (as such term is defined below), Executive’s employment shall be on a full time
basis. Executive undertakes to devote his entire business time and attention to the business of the Company and not to undertake
or accept any other paid or unpaid employment or occupation or engage in or be associated with, directly in any other businesses,
duties or pursuits without the prior consent of the Board.

 

		1.4.	Executive shall perform his duties diligently, in good faith and in furtherance of the Company’s
best interests. Executive agrees and undertakes to inform the Company, immediately after Executive becomes aware of it, of any
matter that may in any way raise a conflict of interest between Executive or any member of Executive’s family and the Company.
During the Term, Executive shall not receive any payment, compensation or benefit from any third party in connection, directly
or indirectly, with the execution of Executive’s employment with the Company.

 

		1.5.	Executive shall perform his duties hereunder at the Company’s offices in Israel, in the US and
elsewhere, it being understood and agreed that Executive’s position may involve significant travel abroad.

 

    	 

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	2.
	Executive’s Representations and Warranties 

 

	 	Executive represents and warrants
that the execution and delivery of this Agreement and the fulfillment of Executive’s obligations and performance of the tasks and
duties entrusted to him: (a) will not constitute a default under or conflict with any agreement or undertaking that Executive may
be bound by, including, without limitation to the generality of the aforesaid, any confidentiality or non-competition agreement
towards any previous employer; and (b) do not require the consent of any person or entity.

 

	3.	 Term of Employment 

 

		3.1.	This Agreement shall enter into effect immediately upon, and subject to, the consummation of the
Company’s initial public offering (IPO) on the NASDAQ (the: “Commencement Date”) and Executive’s employment shall
continue until it is terminated as hereafter provided (the term of Executive’s employment shall be referred to herein as the “Term”).
For the avoidance of doubt it is hereby agreed and acknowledged that the execution of this Agreement shall not be deemed as terminating
the Executive’s employment under the Original Agreement, and/or as affecting any of the Executive’s rights which were accumulated
under the Original Agreement up to the Commencement Date.

 

		3.2.	Either party to this Agreement may terminate Executive’s employment hereunder at its own discretion
at any time, by giving a prior written notice of six months to the other Party. Notwithstanding the aforesaid, in case that the
Company’s securities are no longer traded on the NASDAQ and/or on any other stock exchange, the notice period shall be automatically
reduced to three months.

 

		3.3.	Without derogating from the aforesaid the Company shall be entitled to terminate Executive’s employment
with the Company and the employment relationships shall be deemed immediately terminated (as of the notice given by the Company
to that effect) in the event of Cause (as defined hereafter) or in the event of Disability of Executive (as hereinafter defined).
“Cause” shall mean: (a) a material breach of trust including but not limited to any breach of Executive’s obligations
set out in Exhibit B hereto that causes material damage to the Company; or (b) any willful and continued failure to perform
any of Executive’s fundamental functions or duties, which was not cured within 7 days after receipt by Executive of written notice
thereof from the Board. “Disability” shall mean any physical or mental illness or injury as a result of which
Employee remains absent from work for a period of six (6) successive months, or an aggregate of six (6) months in any twelve (12)
month period. Disability shall occur upon the end of such six-month period; Executive’s employment shall be deemed as immediately
terminated in case of his death.

 

		3.4.	During the period following notice of termination by either party, unless
                                                          otherwise determined by the Company in a written notice to Executive, Executive shall continue to perform any and all of his
                                                          duties and shall cooperate with the Company and use his best efforts to assist the transition of his office to the person or
                                                          persons who will assume the his responsibilities.

 

    	 

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		3.5.	For avoidance of doubt, the discontinuance of Executive’s service as a director or chairman of
the Board, for any reason, shall not be deemed as termination of this Agreement or as a breach of this Agreement.

 

	4.	 Proprietary Information; Confidentiality and Non-Competition

 

Executive hereby undertakes
to be bound by the provisions of the Company’s Proprietary Information, Confidentiality and Non-Competition Agreement as
set out in Exhibit B hereto which Executive simultaneously herewith executes.

 

	5.	 Salary

 

		5.1.	Salary. The Company shall pay to Executive for the performance of his undertakings and tasks
and duties entrusted to him, an aggregate monthly salary in the gross amount set forth in Exhibit A hereto (the “Salary”).
Except as specifically set forth in this Agreement, the Salary includes any and all payments to which Executive is or may be entitled
from the Company hereunder and under any applicable law, regulation or agreement. The Salary is to be paid to Executive in accordance
with the Company’s normal and reasonable payroll practices, after deduction of all applicable taxes and like payments.

 

		5.2.	Executive hereby declares and explicitly agrees that his office with the Company is of managerial
level that requires special degree of trust, and therefore the provisions of the Hours of Work and Rest Law 5711-1951 shall not
apply to his employment.

 

		5.3.	Payment of the Salary shall be made no later than the 9th day of each calendar month after the
month for which the Salary is being paid.

 

	6.	 Insurance and Social Benefits

 

		6.1.	The Company and the Executive have decided to apply the terms of the general permit with regard
to employers’ payments to pension funds and to insurance funds, instead of the severance payments, as published in the official
records (“Yalkut Pirsumim”) 4569 of June 30, 1998, which full version is attached to this Argeement as Exhibit
C, and forms an integral part of this Agreement. Therefore, subject to the terms of the Extension Order for Comprehensive
Pension Insurance in the Industry pursuant to the Collective Agreements Law 5717-1957 (the “Extension Order”)
as may be amended from time to time, the Company shall insure Executive as per his choice, either at a pension fund or under an
accepted Manager’s Insurance Scheme(the “Insurance Scheme”). The Company will, on a monthly basis pay to
the Insurance Scheme for the benefit of Executive and shall deduct from Executive’s Salary a respective payment towards such Insurance
Scheme. Unless requested otherwise by Executive, the Insurance Scheme shall be of a managers’ insurance type. The contribution
to the Insurance Scheme will be as follows: (i) the Company will pay an amount equal to 5% (five percent) of the Salary towards
savings, and shall deduct from the Salary an amount equal to 5% (five percent) of the Salary and pay such amount towards savings
on Executive’s behalf; and (ii) the Company will pay an amount equal to 8 1/3% (eight percent and one third of a percent) of the
Salary towards a severance compensation.

 

		6.2.	Under the terms of the Extension Order, to the extent permitted under applicable law, and notwithstanding
any terms of the Insurance Scheme, the Company’s payments for Employees’ Insurance Scheme substitute the statutory
severance pay for all intents and purposes pursuant to Section 14 of the Severance Pay Law (1963) and will be the full and only
compensation to be paid by the Company to Executive in such circumstances in respect of severance pay. In accordance with article
7 to the Extension Order, the Company’s payments for severance pay may not be returned to the Company unless:

 

		6.2.1	Executive’s entitlement for severance pay has been deprived by a judgment, under the provisions
of sections 16 or 17 of the Severance Pay Law (1963), and as long as it was so deprived; or

 

		6.2.2	Executive has withdrawn monies from his pension fund, before he or his heirs were entitled to do
so under the rules of such fund in case of an “Entitling Event”. For the purposes of this Section, “Entitling
Event” shall mean: death, disability or retirement at the age of 60 or more.

 

		6.3	The Company and Executive shall either open and maintain or use an existing (previously used by
Executive) Educational Fund (Keren Hishtalmut; hereinafter: the “Fund”). The terms of the Fund and the amounts
to be paid by the Company and the Executive shall be as set forth in Exhibit A. For the avoidance of doubt, no amount remitted
by the Company to the Fund will be considered as part of the Salary for purposes of any deduction therefrom or calculations of
severance pay or otherwise.

 

		6.4	The Company shall pay an amount of up to 2.5% of the Salary
towards an insurance coverage for the event of loss of working ability (Ovdan Kosher Avoda).

 

		6.5	Executive will bear any and all taxes applicable to an employee in connection
with any amounts paid by Executive and the Company to the Insurance Scheme under this Section 6.

 

		6.6	In the event of termination of Executive’s employment by either Executive
or the Company, other than for Cause, the Company shall transfer to Executive’s possession the Insurance Scheme and the Fund.

 

    	 

    	- 4 -

    

 

	7.	 Additional Benefits

 

		7.1.	The Company shall bear all expenses related to Executive’s use of a cellular phone, in Israel and
abroad.

 

		7.2.	Executive shall be entitled to be reimbursed for Executive’s necessary and actual business out
of pocket expenses in accordance with the Company’s policies, as the same may change from time to time.

 

		7.3.	The Company shall pay the Executive “per diem” payments with regard to Executive’s business
travels abroad (whether by way of a fixed payment per day, or by way of reimbursement for Executive’s out-of-pocket expenses incurred
in connection with such business travels.

 

		7.4.	Subject to the Board’s approval and discretion, Executive shall be entitled to a performance based
bonus payment based on the attainment of certain performance metrics that shall be set by the Board from time to time, and subject
to any approvals that may be required from the Company’s shareholders. Any bonus granted to Executive will not form part
of Executive’s Salary or social benefits and will not be taken into account for the purpose of calculating Executive’s social or
other benefits of any kind.

 

		7.5.	Executive shall be entitled to an annual vacation as set forth in Exhibit A. The Company
shall be entitled to direct use of vacation days at its discretion. Vacation days may be carried forward from one year to the next.

 

		7.6.	Executive’s entitlement to sick leave shall be in accordance with applicable law (but Executive
shall be entitled to 100% payment for sick leave from the first day of his absence).

 

		7.7.	Executive shall be entitled to Recreation Pay (Dmei Havra’a) pursuant to the applicable extension
order.

 

		7.8.	Executive may inform the Company in writing that he wishes to receive the remuneration due to him
under this Agreement by way of payment to a private company controlled by Executive (“Executive’s Entity”), in
which case, within thirty (30) days from receipt of Executive’s notice in this regard:

 

		7.8.1.	The Company, the Executive and the Executive’s Entity shall execute any additional agreements and
undertakings, as shall be reasonably requested by the Company, based on legal advice, in order to ensure that the Company is not
exposed to any financial and/or or other exposure due to such changes in Executive’s terms of service (including, without limitation,
in case that Executive, or any other third party, asserts that notwithstanding the aforesaid changes, the Executive remained an
employee of the Company.

 

		7.8.2.	Subject to Section 7.8.1 above, the Company shall start paying Executive’s Entity all payments
and benefits which were otherwise due to Executive under this Agreement (including, without limitation, all payments due under
Section 6 above, under this Section 7 and under Exhibit B of this Agreement, as well as all payments which were to be made
by the Company to third parties under the said provisions) + VAT as applicable.

 

		7.8.3.	Executive shall confirm in writing that the payment to the Executive’s Entity, as aforesaid, shall
not derogate from Executive’s undertakings and liabilities under this Agreement.

 

	8.	 Miscellaneous

 

		8.1.	The preamble to this Agreement and the exhibits and schedules thereto, constitute an integral part
hereof. Headings are included for reference purposes only and are not to be used in interpreting this Agreement.

 

		8.2.	The laws of the State of Israel shall apply to this Agreement and the sole and exclusive jurisdiction
in any matter arising out of or in connection with this Agreement shall be the Tel-Aviv Regional Labor Court.

 

		8.3.	The provisions of this Agreement are in lieu of the provisions of any collective bargaining agreement,
and therefore, no collective bargaining agreement shall apply with respect to the relationships between the parties hereto (subject
to applicable mandatory provisions of law).

 

    	 

    	- 5 -

    

		8.4.	The Company shall withhold, or charge Executive with all taxes and other compulsory payments as
required under all applicable laws with respect to all payments, benefits and other compensation payable to Executive in connection
with Executive’s employment with Company.

 

		8.5.	The Company shall be entitled to offset from any payments to which Executive shall be entitled
hereunder, any amounts which the Company shall be entitled to receive from Executive at such time.

 

		8.6.	No failure, delay of forbearance of either party in exercising any power or right hereunder shall
in any way restrict or diminish such party’s rights and powers under this Agreement, or operate as a waiver of any breach or nonperformance
by either party of any terms of conditions hereof.

 

		8.7.	In the event it shall be determined under any applicable law that a certain provision set forth
in this Agreement is invalid or unenforceable, such determination shall not affect the remaining provisions of this Agreement unless
the business purpose of this Agreement is substantially frustrated thereby.

 

		8.8.	This Agreement constitutes the entire understanding and agreement between the parties hereto, supersedes
any and all prior discussions, agreements (including without limitation, the Original Agreement, which is hereby substituted by
this Agreement) and correspondence with regard to all subject matters hereof, and may not be amended, modified or supplemented
in any respect, except by a subsequent writing executed by both parties hereto.

 

		8.9.	Executive acknowledges and confirms that all terms of Executive’s employment are personal and confidential,
and undertakes to keep such terms in confidence and refrain from disclosing such terms to any third party.

 

		8.10.	This Agreement serves also as a notification for Employee regarding his terms of employment in
pursuant of the Notification to Employee (terms of Employment) Law, 5762 – 2002.

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the date first above written.

 

	
        Foamix Pharmaceuticals Ltd.

         

        /s/ Meir Eini 

        ________________________________________ 

         

        By: Meir Eini
	
        Dov Tamarkin:

         

        /s/ Dov Tamarkin 

        ___________________________________ 

         

        Signature 

    	 

    	- 6 -

    

 

Exhibit A 

 

To Personal Employment Agreement by and
between

 

Foamix Pharmaceuticals Ltd. (the “Company”)
and Dr. Dov Tamarkin (the “Executive”)

 

Executive’s Remuneration

 

	 	 
	ID Number of Executive	00-534452-8
	Executive’s Personal Address	537 Har Hila St. Modiin, M.R 71908, Israel
	Monthly Salary (NIS)	NIS 90,000 (ninety thousand New Israeli Shekels) 
	Bonus	Executive may also be eligible for a gross annual performance bonus of up to 6 months’ Salary, which bonus shall be conditioned upon attainment of individual performance targets and corporate goals to be determined by the Board and the Company’s shareholders, as applicable, and subject also to Executive’s continuous employment with the Company or any of its affiliates in the position of CEO throughout the period to which the respective bonus applies. The Company may decide, from time to time that the Company shall not grant bonuses to the Executive with regard to a specific year. Further – the Company may modify the parameters for the grant of bonus during the respective calendar year, in response to special or unforeseen events. The Board may set targets for a period of more than one year, in which case Executive will be entitled to the bonus (per each year included in such multi-year period) only upon achieving such targets at the end of such period.  If Executives’ employment is terminated by the Company other than for “Cause” prior to the bonus payment date, the bonus shall be prorated to reflect the actual amount of time Executive was employed by the Company during the year for which the bonus was earned.  If Executive’s employment terminates for Cause, Executive shall not be entitled to receive the annual performance bonus or any portion thereof.
	Vacation Days per Year	30 calendar days of annual paid vacation.
	Car	The Company shall reimburse Executive for his expenses related to the purchase, maintenance and use of the car used by Executive in the performance of his duties under this Agreement, in the amount of NIS 10,700 per month. The Company shall also bear all tax expenses related to such reimbursement of expenses, up to an amount of NIS 10,700 per month.
	Keren Hishtalmut	The Company and Executive shall maintain an advanced study fund (Keren Hishtalmut according to law). The Company shall contribute to such Fund an amount equal to 7.5% of the Salary, and Executive shall contribute to such fund an amount equal to 2.5% the Salary. Executive hereby instructs the Company to transfer to such fund the amount of the Executive’s and the Company’s contribution from each monthly Salary payment. The funds in such Fund shall be released to the Executive upon termination of this Agreement. 
	 	 
	 	 	 

 

    	 

    	- 7 -

    

	
        The Company: Foamix Pharmaceuticals Ltd.

         

        /s/ Meir Eini 

        _________________________________ 

        By: Meir Eini

         
	
        Dov Tamarkin:

         

        /s/ Dov Tamarkin 

        ____________________________ 

        Signature 

	 	 
	 	 	 

    	 

    	- 8 -

    

 

Exhibit B

 

to Personal Employment Agreement by and
between Foamix Pharmaceuticals Ltd. (the “Company”) and Dov Tamarkin (the: “Executive”)

 

	Company’s Proprietary Information, Confidentiality

 

and Non-Competition Agreement 

	 	 	 
	 	 	 	 

	1. 	General

 

		1.1.	All the capitalized terms herein shall have the meanings ascribed to them in the Employment Agreement
to which this Exhibit is attached (the “Agreement”); For purposes of any undertaking of the Executive toward
the Company, the term Company shall include all subsidiaries and affiliates of the Company.

 

		1.2.	The Executive’s obligations and representations and the Company’s rights under this Exhibit shall
apply as of the commencement of the employment relationship between the Company and the Executive, regardless of the date of execution
of the Agreement.

 

	2.	 Confidentiality; Proprietary Information

 

		2.1.	Executive acknowledges and agrees that Executive will have access to confidential and proprietary
information (whether originated by the Company or received from third parties) concerning the business and financial activities
of the Company, including information relating to the Company’s research and development, banking, investments, investors, properties,
employees, marketing plans, customers, suppliers, trade secrets, test results, processes, data, know-how, improvements, inventions,
techniques and products (actual or planned). Such information, whether documentary, written, oral or computer generated, shall
be referred to as “Proprietary Information”.

 

		2.2.	Proprietary Information shall be deemed to include any and all proprietary information disclosed
by or on behalf of the Company and irrespective of form but excluding information that the Executive is able to show, through clear
and convincing evidence, (i) was known to Executive prior to Executive’s association with the Company; (ii) is or shall become
part of the public knowledge except as a result of the breach of the Agreement or this Exhibit by the Executive; (iii) reflects
general skills and experience gained during Executive’s engagement by the Company; or (iv) reflects information and data generally
known in the industries or trades in which the Company operates.

 

		2.3.	Executive agrees that all Proprietary Information and all patents, trademarks, copyrights and other
intellectual property and all ownership rights in connection therewith, shall be the sole property of the Company and its assigns.
At all times, both during Executive’s engagement by the Company and after Executive’s termination, Executive will keep in confidence
and trust all Proprietary Information, and the Executive will not use or disclose any Proprietary Information or anything relating
to it without the written consent of the Company, except as may be necessary in the ordinary course of performing Executive’s duties
under the Agreement.

 

    	 

    	- 9 -

    

		2.4.	Upon termination of Executive’s employment with the Company, Executive will promptly deliver to
the Company all documents and materials of any nature pertaining to Executive’s work with the Company, and will not take with Executive
any documents or materials or copies thereof containing any Proprietary Information.

 

		2.5.	At all times, both during Executive’s employment with the Company and thereafter, Executive will
keep in confidence and trust all information in connection with his employment terms with the Company, including, without limitation,
Executive’s salary, social and other benefits, and any other related information (the “Employment Terms”). Executive
will not disclose or discuss any of Executive’s Employment Terms or anything relating to it, except with Executive’s legal counsel,
without the written consent of the Company.

 

		2.6.	Executive’s undertakings set forth in this Section 2 shall remain in full force and effect after
termination of this Agreement or any renewal thereof until the Proprietary Information becomes part of the public domain, if ever,
except as a result of the breach of the Agreement or this Exhibit by the Executive.

 

	3.	 Disclosure and Assignment of Inventions

 

		3.1.	Executive understands that the Company is engaged in a continuous program of research, development,
and production and marketing in connection with its business.

 

		3.2.	From and after the date Executive first became employed with the Company, Executive undertakes
and covenants that Executive will promptly disclose in confidence to the Company all inventions, improvements, designs, concepts,
formulas, techniques, methods, systems, processes, know how, computer software programs, databases, mask works and trade secrets,
whether or not patentable, copyrightable or protectible as trade secrets, that are made or conceived or first reduced to practice
or created by Executive, either alone or jointly with others, during the period of Executive’s employment and in connection with
Executive’s employment (“Inventions”).

 

		3.3.	Executive agrees that all Inventions that (a) are developed using equipment, supplies, facilities
or trade secrets of the Company, (b) result from work performed by Executive for the Company, or (c) relate to the Company’s business
or current or anticipated research and development, will be regarded as Service Invention in the meaning of the Israeli Patent
Law, 5727-1967 and will be the sole and exclusive property of the Company (“Company Inventions”). The conditions
set out in (a), (b) and (c) above are several and not cumulative, and any invention meeting one or more of such conditions shall
be designated a Company Invention.

 

		3.4.	Executive hereby irrevocably transfers and assigns to the Company all worldwide patents, patent
applications, copyrights, mask works, trade secrets and other intellectual property rights in any Company Invention, and any and
all moral rights that Executive may have in or with respect to any Company Invention, and expressly waives any right to any consideration
of any kind with regard to the Company Inventions, the assignment of such and any use thereof, including without limitation any
royalty payment and other payment with respect thereto.

 

		3.5.	Executive agrees to assist the Company, at the Company’s expense, in every reasonable way to obtain
for the Company and enforce patents, copyrights, mask work rights, and other legal protections for the Company’s Inventions in
any and all countries. Executive will execute any documents that the Company may reasonably request for use in obtaining or enforcing
such patents, copyrights, mask work rights, trade secrets and other legal protections. Such obligation shall continue beyond the
termination of Executive’s employment with the Company for a period of 2 years. Executive hereby irrevocably designates and appoints
the Company and its authorized officers and agents as Executive’s agent and attorney in fact, coupled with an interest to act for
and on Executive’s behalf and in Executive’s stead to execute and file any document needed to apply for or prosecute any patent,
copyright, trademark, trade secret, any applications regarding same or any other right or protection relating to any Proprietary
Information (including Company Inventions), and to do all other lawfully permitted acts to further the prosecution and issuance
of patents, copyrights, trademarks, trade secrets or any other right or protection relating to any Proprietary Information (including
Company Inventions), with the same legal force and effect as if executed by the Executive himself.

 

    	 

    	- 10 -

    

 

	4.	  

 

		4.1.	Both Company and Executive acknowledge Executive’s right for freedom of occupation whilst protecting
the Company’s legitimate interests. Therefore Executive agrees and undertakes that, so long as Executive is employed by the Company
and for a period of twelve (12) months thereafter, Executive will not, directly or indirectly, as owner, partner, joint venturer,
stockholder, employee, broker, agent, principal, trustee, corporate officer, director, licensor or in any capacity whatsoever engage
in, become financially interested in, be employed by, or otherwise render services to, any business or venture that is engaged
in any activities involving products, information, processes, technology or equipment that are or could reasonably and imminently
be directly competitive to those of the Company or any of its subsidiaries or affiliates, as conducted as of the date of termination
of Executive’s employment with the Company; provided, however, that Executive may own any securities of any corporation
which is engaged in such business and is publicly owned and traded but in an amount not to exceed at any one time one percent (1%)
of any class of stock or securities of such company, and so long as Executive has no role in the publicly owned and traded company
as director, employee, consultant or otherwise. Executive agrees and understand that his Salary (set forth in Exhibit A) includes
adequate compensation for his undertakings in this Section 4.1 and is at least 20% higher than it would have been should the Executive
had not taken said undertakings.

 

		4.2.	Executive agrees and undertakes that during the period of Executive’s employment and for a period
of twelve (12) months following effective termination, Executive will not, directly or indirectly, including personally or in any
business in which Executive is an officer, director, advisor or shareholder of more than 1% of the equity or voting rights, for
any purpose or in any place, solicit for employment or hire any person employed by the Company (or retained by the Company as a
consultant, if such consultant is prevented thereby from continuing to render its services to the Company) on the date of such
termination or during the preceding twelve (12) months.

 

		4.3.	If any one or more of the terms contained in this Section 4 shall for any reason be held to be
excessively broad with regard to time, geographic scope or activity, the term shall be construed in a manner to enable it to be
enforced to the fullest extent compliant with applicable Israeli law.

 

	 	Date:	Name:	Signature
	 	 	 	 
	 	22/8/2014	Dov Tamarkin	/s/ Dov Tamarkin

 

    	 

    	- 11 -

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