Document:

CONSULTING SERVICES
AGREEMENT

    

    THIS CONSULTING SERVICES AGREEMENT is
made and entered into as of April 21, 2009 (the “Effective Date”), by and
between ADRES Advanced Regulatory Services Ltd., an Israeli company #514239045,
with its principal office and place of business at Hacramim 2, Ness Ziona
(“Consultant”) and
Oramed Ltd., an Israeli company #513076712, with its principal office and place
of business at Givat Ram, Jerusalem,
Israel ("Company") (each
a “Party” and
collectively the “Parties”).

    

    Consultant
provides consulting services relating to quality assurance and regulatory
processes and procedures.  Company desires to engage the services of
Consultant and Consultant desires to accept such engagement to perform the
Consulting Services described herein upon the terms and conditions set forth
herein.

    

    NOW, THEREFORE, in consideration of the
mutual promises set forth herein, Company and Consultant hereby agree as
follows:

    

    
      	
              1

            	
              Services and Scope of
      Work

            

    

    

    
      	
               
      

            	
              1.1

            	
              Services and Scope of
      Work. Consultant agrees to provide to Company consulting services
      as described on Schedule
      1 attached hereto (“Consulting Services” or
      "Services"). The
      parties may amend the Services and Scope of Work to increase, decrease,
      redefine or clarify the Services and/or the Scope of Work at anytime
      during the term of this Agreement. However, the amendment must be provided
      in writing and signed by both Consultant and Company prior to
      implementation of the change.

            

    

    

    
      	
               
      

            	
              1.2

            	
              Performance of
      Services. Consultant has the right to (i) control and direct the
      means, manner and method by which the Consulting Services are performed,
      in particular, Company acknowledges and agrees to the use of
      subcontractors by Consultant for performance of the Consulting Services or
      portions thereof, including, CBR International Corp., and (ii) perform the
      Consulting Services at any place or location and at such time as
      Consultant may reasonably determine. Unless otherwise agreed to by the
      Parties in writing or on a Schedule, Consultant shall (i) observe the work
      rules and policies of Company while working on Company’s premises, (ii)
      furnish all equipment and materials used to perform the Consulting
      Services, including but not limited to telephone lines, personal computers
      and modems, and (iii) comply with Company’s policies, guidelines, and
      specifications with respect to computer security, network connectivity,
      and acceptable use, which have been provided to Consultant in
      writing.

            

    

    

    
      	
               
      

            	
              1.3

            	
              Other Work.
      Consultant has the right to perform services for others during the term of
      this Agreement as long as such other engagement or performance does not
      interfere with the timely performance of the Consulting Services to be
      performed hereunder or compromise Company’s Confidential Information, as
      defined herein.

            

    

    

    
      	
              2

            	
              Independent
      Contractor

            

    

    

    
      	
               
      

            	
              2.1

            	
              Independent
      Contractor; No Agency. Consultant is an independent
      contractor.  Consultant shall not be deemed for any purpose to
      be an employee of Company.  Company shall not be responsible to
      Consultant or any governing body for any payroll-related taxes related to
      the performance of services hereunder, including but not limited to,
      withholding or other taxes related to income tax, social security benefits
      or unemployment compensation. Neither Party is an agent, representative or
      partner of the other Party.  Neither Party shall have any right,
      power or authority to enter into any agreement for or on behalf of, or
      incur any obligation or liability on behalf of, or to otherwise bind, the
      other Party.  This Agreement shall not be interpreted or
      construed to create an employment relationship, an association, agency,
      joint venture or partnership between the Parties or to impose any
      liability attributable to such a relationship upon either
      Party.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              2.2

            	
              Consultant’s Employees
      and Assistants.  From time to time, Consultant may,
      subject to the terms and conditions set forth in this Agreement engage
      independent contractors or consultants (collectively, “Assistants”) to aid
      Consultant in performing Consultant’s duties under this
      Agreement.  Company has no relationship with or to Consultant’s
      employees or such Assistants and all such parties are not employees,
      agents, consultants, representatives, assistants or independent
      contractors of Company.  Consultant, at its sole expense and
      without additional charges to the Company, shall be fully and solely
      responsible for the supervision and payment of its employees and such
      Assistants and for all work performed by its employees and such Assistants
      and any third party subcontractors approved by Company as provided in this
      Agreement.

            

    

    

    
      	
              3

            	
              Fees, Expenses,
      Records, and Taxes

            

    

    

    
      	
               
      

            	
              3.1

            	
              Fees. Schedule 2 sets forth
      the fee due for the Consulting Services and Consultant agrees to invoice
      Company as set forth in Schedule
    2.

            

    

    

    
      	
               
      

            	
              3.2

            	
              Budget. The
      budget provided in Schedule 2 is a “Not to
      Exceed” (NTE) Budget. Any increase in the costs above the Budget in Schedule 2 requires
      written pre-approval by Company subject to a presentation by Consultant of
      an updated Budget.

            

    

    

    
      	
               
      

            	
              3.3

            	
              Expenses.
      Company shall reimburse Consultant for any travel expenses incurred in
      carrying out the services under this Agreement, provided that such
      expenses were pre-approved by Company in writing.  Consultant
      shall invoice for expenses once per month.  Payment is due 30
      days after receipt of the expenses
invoice.

            

    

    

    
      	
               
      

            	
              3.4

            	
              Consultant
      shall be entitled to reimbursement of the categories of expenses set forth
      on Schedule
      2.  Consultant shall invoice Company on a monthly basis
      for expenses incurred as a result of performing Consulting Services in
      accordance with Schedule 2.

            

    

    

    
      	
               
      

            	
              3.5

            	
              Payment Terms.
      The charges and/or expenses invoiced in accordance with this Section 4
      shall be payable in US$ by Company within thirty (30) days of Company’s
      receipt of each invoice.

            

    

    

    
      	
               
      

            	
              3.6

            	
              Taxes.  Consultant
      shall clearly and separately state Value Added Tax (VAT) on Consultant’s
      invoice to Company for corresponding Consulting Services. Company shall
      pay VAT on the invoice or, in lieu of the payment of VAT, Company may
      provide Consultant with a certificate acceptable to the taxing authorities
      exempting Company from payment of
VAT.

            

    

    

    
      	
              4

            	
              Term and
      Termination

            

    

    

    
      	
               
      

            	
              4.1

            	
              Term.  This
      Agreement shall commence on the Effective Date and shall continue in full
      force and effect thereafter until the completion of the Consulting
      Services, unless it is terminated or expires sooner in accordance with the
      provisions of this Agreement.

            

    

    

    
      	
               
      

            	
              4.2

            	
              Termination at
      will. This Agreement may be terminated in its entirety without
      cause by either Party on thirty (30) days’ prior written notice to the
      other Party.

            

    

    

    
      	
               
      

            	
              4.3

            	
              Termination For
      Breach.  Either Party may terminate this Agreement at any
      time in the event of a material breach by the other Party that remains
      uncured after thirty (30) days written notice thereof (or such shorter
      period as may be specified in this Agreement or in any applicable
      Schedule).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              4.4

            	
              Termination for
      Bankruptcy/Insolvency.  Either Party may terminate this
      Agreement immediately following written notice to the other Party if the
      other Party (i) ceases to do business in the normal course, (ii) becomes
      or is declared insolvent or bankrupt, (iii) is the subject of any
      proceeding related to its liquidation or insolvency (whether voluntary or
      involuntary) which is not dismissed within ninety (90) calendar days or
      (iv) makes an assignment for the benefit of
  creditors.

            

    

    

    
      	
               
      

            	
              4.5

            	
              Payment Upon
      Termination.  If either Party terminates the Agreement,
      Company agrees to pay Consultant for all fees and expenses incurred by the
      Consultant up to the effective date of
  termination

            

    

    

    
      	
               
      

            	
              4.6

            	
              Survival.
      Sections 5 and 6 shall survive expiration or termination of this
      Agreement.

            

    

    

    
      	
              5

            	
              Confidentiality

            

    

    

    The
parties shall be bound by obligations of confidentiality regarding confidential
information received by either party. Such obligations are set forth in the
Company's standard Nondisclosure Agreement attached hereto as Schedule
C (the "NDA"),
the terms of which are incorporated herein by reference and shall apply to any
Confidential Information (as defined therein) disclosed or acquired by either
party during the term of this Agreement.

    

    
      	
              6

            	
              Ownership

            

    

    

    Consultant
agrees that all data, know-how, inventions and discoveries (whether or not
patentable), that are developed, generated, conceived or first reduced to
practice by or on behalf of either Party as a result of performing the services
pursuant to this Agreement (collectively, “Inventions”) shall be the sole
and exclusive property of Company. Consultant shall promptly disclose any and
all Inventions and, if and when requested by Company, deliver to Company any
tangible embodiments thereof, and Consultant hereby assigns and agrees to assign
to Company all of its right, title and interest in, to and under the Inventions,
and to execute any documents or undertake any further actions if requested by
Company to evidence such transfer of title thereto and to assist in securing
legal protection therefore. Company shall reimburse Consultant for any expenses
incurred at Company’s request to secure title or legal protection for any such
Inventions.  Nothing in this Agreement shall be deemed to grant
Consultant or any of its Subcontractors any license or similar right to use or
practice any of the Inventions, or any intellectual property of Company not
resulting from the performance of the services. Consultant shall also continue
to own the copyright to all forms previously created by Consultant, including
those modified for use by Company. It is further agreed by Consultant, that any
improvements to existing inventions owned by Company resulting from the trials
will be reassigned to Company at the end of the clinical study, regardless of
any future business relationship.

    

    
      	
              7

            	
              Reports

            

    

    

    
      	
               
      

            	
              7.1

            	
              Reports.  The Company shall
      be entitled to full transparency insofar such data pertains to the
      Services, including performance thereof by the
  Consultant.

            

    

    

    
      	
              8

            	
              Representations
      and Warranties

            

    

    

    
      	
               
      

            	
              8.1

            	
              Consultant
      represents and warrants that:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              8.1.1

            	
              it
      has full corporate power and authority to enter into and carry out its
      obligations under this Agreement;

            

    

    
      	
               
      

            	
              8.1.2

            	
              this
      Agreement has been duly executed and delivered by Consultant and
      constitutes the legal, valid and binding obligation of Consultant
      enforceable against it in accordance with its terms;
  and

            

    

    
      	
               
      

            	
              8.1.3

            	
              it
      has never been and, to the best of its knowledge, none of its employees or
      contractors assigned to perform the Services has ever been (i) debarred or
      threatened to be debarred or (ii) indicted for a crime or otherwise
      engaged in conduct for which a person can be debarred under 21 U.S.C.
      335a, as amended.

            

    

    

    
      	
               
      

            	
              8.2

            	
              Consultant
      warrants that it will perform the Services in a (i) good faith, timely,
      professional, cost effective, and diligent manner; (ii) in accordance with
      the project requirements set forth in Schedule A; (iii) in compliance with
      all applicable domestic and international laws and regulations; and (iv)
      in compliance with acceptable scientific standards and practices and (v)
      in accordance with the purpose of this Agreement as set forth in Schedule
      1.  Consultant further warrants that it will negotiate all third
      party vender agreements in a cost effective manner and make all reasonable
      efforts to ensure fair and reasonable
pricing.

            

    

    

    
      	
               
      

            	
              8.3

            	
              Disclaimer.
      Except as otherwise stated in the Agreement or its Schedules, each party
      makes no representations or warranties and hereby expressly disclaims all
      implied warranties (including the warranties of merchantability and
      fitness for a particular purpose).

            

    

    

    
      	
              9

            	
              Limitation of
      Liability

            

    

    

    NEITHER
PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY INCIDENTAL, INDIRECT,
CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES OF ANY KIND OR NATURE, INCLUDING
WITHOUT LIMITATION LOST REVENUES OR LOST PROFITS, WHETHER SUCH LIABILITY IS
ASSERTED ON THE BASIS OF CONTRACT (INCLUDING, WITHOUT LIMITATION, THE BREACH OF
THIS AGREEMENT OR ANY TERMINATION OF THIS AGREEMENT), TORT (INCLUDING NEGLIGENCE
OR STRICT LIABILITY), OR OTHERWISE, EVEN IF THE OTHER PARTY HAS BEEN WARNED IN
ADVANCE OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE.

    

    IN NO
EVENT SHALL CONSULTANT’S MAXIMUM LIABILITY TO COMPANY UNDER THIS AGREEMENT
EXCEED THE AMOUNTS ACCTUALY PAID BY COMPANY TO CONSULTANT PURSUANT TO THIS
AGREEMENT.

    

    
      	
              10

            	
              Indemnification

            

    

    

    Consultant
shall, at all times indemnify, hold harmless, and defend Company, its officers,
directors, insurers, Affiliates, agents and employees (collectively, the “Indemnified Parties”) from and
against any and all loss, cost, liability or expense (including costs and
reasonable fees of attorneys and other professionals) arising out of or in
connection with the performance of the Services hereunder. The Company will
provide prompt written notice to Consultant of any claim or the assertion of a
claim by a third party giving rise to indemnification, provided, however, that
any failure to do so shall not limit any of the rights of the Company (except
and only to the extent such failure materially prejudices the defence of such
legal proceeding).  Upon such notice, Consultant shall have the right
to defend against any such claims or actions filed against the Company, and to
select counsel for such defence reasonably acceptable to the Company, and
Consultant, at its expense, shall pay all costs and expenses associated
therewith.  The Company shall cooperate reasonably with Consultant, in
supporting the defense against the claim or assertion. Consultant shall have no
obligation to indemnify any of the Indemnified Parties under this Section 10 to
the extent any such loss, cost, liability or expense is caused by and/or
resulting from (i) the use of any materials provided to Consultant by the
Company; (ii) performing the Services in accordance with the information,
instructions and/or guidelines provided to Consultant by the Company; or (iii)
the Company’s failure to substantially comply with Consultant’s reasonable
instructions which if implemented would have prevented such loss, cost,
liability or expense.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              11

            	
              General

            

    

    

    
      	
               
      

            	
              11.1

            	
              Notice.  Any
      notice, approval, request, authorization, direction or other communication
      under this Agreement will be given in writing and will be deemed to have
      been delivered and given for all purposes (i) on the delivery date if
      delivered by confirmed facsimile; (ii) on the delivery date if delivered
      personally to the party to whom the same is directed; (iii) one business
      day after deposit with a commercial overnight carrier, with written
      verification of receipt; or (iv) five business days after the mailing
      date, whether or not actually received, if return receipt requested,
      postage and charges prepaid, or any other means of rapid mail delivery for
      which a receipt is available.  The notice address shall be the
      address for the Party set forth in the first paragraph of this Agreement,
      with the other relevant notice
information.

            

    

    

    
      	
               
      

            	
              11.2

            	
              No
      Waiver.  No waiver under this Agreement shall be valid or
      binding unless set forth in writing and duly executed by the Party against
      whom enforcement of such waiver is sought.  The failure of
      either Party to insist upon or enforce strict performance by the other
      Party of any provision of this Agreement or to exercise any right under
      this Agreement shall not be construed as a waiver or relinquishment to any
      extent of such Party's right to assert or rely upon any such provision or
      right in that or any other instance; rather, the same shall be and remain
      in full force and effect.

            

    

    

    
      	
               
      

            	
              11.3

            	
              Entire
      Agreement.  This Agreement sets forth the entire
      agreement and supersedes any and all prior agreements of the Parties with
      respect to the transactions set forth herein.  Neither Party
      shall be bound by, and each Party specifically objects to, any term,
      condition or other provision which is different from or in addition to the
      provisions of this Agreement (whether or not it would materially alter
      this Agreement) and which is proffered by the other Party in any
      correspondence or other document, unless the Party to be bound thereby
      specifically agrees to such provision in
  writing.

            

    

    

    
      	
               
      

            	
              11.4

            	
              Amendment.  No
      change, amendment or modification of any provision of this Agreement shall
      be valid unless set forth in a written instrument signed by the Party
      subject to enforcement of such
amendment.

            

    

    

    
      	
               
      

            	
              11.5

            	
              Assignment.
      Neither Party shall assign or transfer this Agreement or any of its rights
      and obligations hereunder whether in whole or in part without the prior
      written consent of the other Party. Company hereby consents to the use by
      Consultant of sub-contractors, at its choice, including CBR International
      Corp. Notwithstanding the foregoing, neither Party need obtain the consent
      of the other Party prior to assigning this Agreement (a) to an affiliate
      of the assigning Party, or (b) to any third party acquiring all or
      substantially all of the assets relating to this Agreement or a
      controlling interest in the voting stock or voting interest of the
      assigning party or any controlling affiliate of the assigning
      party.  Except as permitted by the foregoing, any attempted
      assignment or delegation shall be null, void, and of no
      effect.  Subject to the foregoing, this Agreement shall be fully
      binding upon, inure to the benefit of and be enforceable by the Parties
      hereto and their respective successors and
  assigns.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              11.6

            	
              Force Majeure.
      Neither Party shall be responsible for failure to perform the terms of
      this Agreement and/or Schedule thereto, when performance is prevented by
      force majeure.  The term force majeure shall mean acts of God,
      earthquakes, flood, or any other cause whatsoever, whether similar or
      dissimilar to the causes herein enumerated, not within the reasonable
      control of either party which through the exercise of due diligence, a
      party is unable to foresee or overcome but specifically excluding
      financial distress.  In no event shall the term force majeure
      include normal or reasonable foreseeable or reasonably avoidable
      operational delays.

            

    

    

    
      	
               
      

            	
              11.7

            	
              Construction;
      Severability.  In the event that any provision of this
      Agreement conflicts with the law under which this Agreement is to be
      construed or if any such provision is held invalid by a court with
      jurisdiction over the Parties to this Agreement, (i) such provision shall
      be deemed to be restated to reflect as nearly as possible the original
      intentions of the Parties in accordance with applicable law, and (ii) the
      remaining terms, provisions, covenants and restrictions of this Agreement
      shall remain in full force and
effect.

            

    

    

    
      	
               
      

            	
              11.8

            	
              Applicable Law;
      Jurisdiction. This Agreement shall be interpreted, construed and
      enforced in all respects in accordance with the laws of the State of
      Israel, except for its conflicts of laws principles.  Each Party
      irrevocably consents and submits to the exclusive jurisdiction of the
      courts of State of Israel situated in Tel-Aviv-Jaffa, in connection with
      any action to enforce the provisions of this Agreement, to recover damages
      or other relief for breach or default under this Agreement, or otherwise
      arising under or by reason of this
Agreement.

            

    

    

    
      	
               
      

            	
              11.9

            	
              Headings;
      Interpretations. The captions and headings used in this Agreement
      are inserted for convenience only and shall not affect the meaning or
      interpretation of this Agreement.  This Agreement shall be
      construed fairly according to its terms, without regard to the drafter of
      any provision hereof.

            

    

    

    
      	
            	
              11.10

            	
              Counterparts;
      Facsimile.  This Agreement may be executed in
      counterparts, each of which shall be deemed an original and all of which
      together shall constitute one and the same document. Delivery of an
      executed signature page to this Agreement by facsimile shall be effective
      to the same extent as if such Party had delivered a manually executed
      counterpart.

            

    

    

    

    IN
WITNESS WHEREOF, the Parties hereto, each acting under due and proper authority,
have executed this Agreement as of the date first written above.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                          ADRES
      Advanced Regulatory Services Ltd.

                                        	 	

                                          COMPANY

                                        
	 
      	 
      	 	 
      	 
      
	
                                          By:

                                        	
                                          /s/
      Rivka Zaibel

                                        	 	
                                          By:

                                        	
                                          /s/
      Nadav Kidron

                                        
	 
      	 
      	 	
                                           
      

                                        	 
      
	
                                          Print
      Name:

                                        	
                                          Rivka
      Zaibel

                                        	 	
                                          Print
      Name:

                                        	
                                          Nadav
      Kidron

                                        
	 
      	 
      	 	 
      	 
      
	
                                          Title:

                                        	
                                          CEO

                                        	 	
                                          Title:

                                        	
                                          CEO

                                        
	 
      	 
      	 	 
      	 
      
	
                                          Date:

                                        	
                                          April
      21, 2009

                                        	 	
                                          Date:

                                        	
                                          April
      21,
2009

                                        

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Schedule
1

    

    The
Services

    

    The
Services and Scope of Work is outlined in the following table. Consultant is
responsible for all regulatory document preparation and appropriate strategic
development to support pre-IND activities, and the submission of a U.S. IND
according to FDA regulations. The consultant is responsible to guide the company
to act according to FDA recommendations resulting from the pre-IND meeting. The
following outlines the Scope and Timelines for this effort.

     

    
      
        
          	
                  Tasks

                	
                  Timelines

                
	
                  1.
      Prepare Pre-IND Type B Meeting Request Letter

                   

                	
                  Six
      working weeks from the Effective Date

                
	
                  2.
      Submit Pre-IND Type B Request Letter

                   

                	
                  60
      days prior to pre-IND meeting

                
	
                  3.
      Prepare Strategic Development Plan

                   

                	
                  Throughout
      the term of the Agreement

                
	
                  4.
      Prepare Pre-IND Meeting Package

                   

                	
                  For
      the first 60-90 days

                
	
                  5.
      Submit Pre-IND Meeting Package

                   

                	
                  30
      days prior to the pre-IND meeting

                
	
                  6.
      Attend/Conduct Pre-IND Meeting with FDA

                   

                	
                  August
      1, 2009

                
	
                  7.
      Prepare CMC Technical Writing, Review and Revision for the IND
      submission

                   

                	
                  November
      1, 2009

                
	
                  8.
      Preparation of the Clinical Development Plan (CDP)

                   

                	
                  Throughout
      the term of the Agreement

                
	
                  9.
      Prepare Clinical Protocol (CTO ready for the pre-IND package)

                   

                	
                  Prior
      to IND

                
	
                  10.
      Draft and ensure completeness and compliance of the IND application with
      all FDA requirements*

                   

                	
                  November
      1, 2009 provided tox study results available

                
	
                  11.
      Serve as U.S. Representative to the FDA (CBR)

                   

                	
                  Throughout
      the term of the Agreement

                
	
                  12.
      Prepare any response and correspondence required to the U.S. FDA including
      any IND amendments 

                       
      required until
      the IND approval **

                   

                	
                  Throughout
      the term of the Agreement

                
	
                  13.
      Quality Assurance Services (ADRES)

                   

                	
                  Throughout
      the term of the
Agreement

                

        

      

    

     

    
      
        	
              	
                *

              	
                This
      includes but is not limited to the following sections of the IND
      application and any parts of complementary U.S. FDA
      requirements:

              

      

    

    
      	
               
      

            	
              a.

            	
              Introductory
      Statement and General Investigational
Plan

            

    

    
      	
               
      

            	
              b.

            	
              Investigator
      Brochure

            

    

    
      	
               
      

            	
              c.

            	
              Protocols

            

    

    
      	
               
      

            	
              d.

            	
              Chemistry,
      Manufacturing, Control information

            

    

    
      	
               
      

            	
              e.

            	
              Pharmacology
      and Toxicity Information

            

    

    
      	
               
      

            	
              f.

            	
              Previous
      Human Experience with the IND

            

    

     

    
      
        	
              	
                **

              	
                Limited
      to 20 hours, starting 30 days after IND submission; additional working
      hours will be charged as per CBR and ADRES hourly
  rates.

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Schedule
2

     

     Budget
and Payment Milestones

     

     The consulting NTE
Budget for this program is $211,000 (US). The type of agreement is both fixed
fee (retainer) and milestone based.

    

    Costs

     

    All
supplies, postage and photocopy charges will be billed as direct pass through
costs in addition to the Consulting Costs provided that, any single expense or
cost exceeding the amount of $1000 shall require the prior written consent of
the Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Milestones
and Retainer Payments

    

    
      
        
          
            
              	
                      Milestone

                    	
                      Estimated

                      Timeline

                    	
                      Milestone
      $

                    	
                      Monthly
      Retainer

                      (11
      Months)

                    
	
                      1.
      Pre-IND Meeting Letter Submitted

                    	
                      June
      1, 2009

                    	
                      $10,000

                    	
                      $10,000/Month

                    
	
                      2.
      Pre-IND Meeting Package Submitted

                    	
                      July
      1, 2009

                    	
                      $10,000

                    
	
                      3.
      Pre-IND Meeting Conducted

                    	
                      August
      1, 2009

                    	
                      $10,000

                    
	
                      4.
      IND Submitted

                    	
                      November
      1, 2009

                    	
                      $71,000

                    
	
                      Total

                    	 
      	
                      $101,000

                    	
                      $110,000

                    

            

          

        

      

    

    

    

    
      	
              A.

            	
              Milestones
      payments will be invoiced upon completion of each milestone indicated.
      Payment of each milestone invoices is due Net 30 days.  Payment
      of milestone invoices must be received before the deliverable of the next
      milestone

            

    

    

    
      	
              B.

            	
              Payment
      of monthly retainer is due at the beginning of each month in the 11 month
      period.

            

    

    

    
      	
              C.

            	
              A
      delay in a completion of any milestone of more then 60 days of dates
      above, will enable Company to withhold the monthly retainer payment, until
      such time when such milestone will be
completed.

            

    

    

    
      	
              D.

            	
              The
      last monthly payment will be invoiced 30 days after IND submission. If IND
      submission is done before the elapse of 12 months, the entire balance of
      the retainer will be due and payable upon the IND
    submission

            

    

    

    
      	
              E.

            	
              If
      cost of work performed is less than the milestone budget, the difference
      will be credited to Company at the end of the
  project.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Schedule
3

     

    NDAEMPLOYMENT
AGREEMENT

     

     

    THIS
AGREEMENT is made this 19 day of April, 2009 by and between ORAMED Ltd., a company
incorporated under the laws of the State of Israel, with an address at 2/5 High
Tech Park, Givat Ram, Jerusalem, Israel 91390  (the ”Company”) and Yifat Zommer an individual
residing at, Ramat Gan Israel  (the ”Executive”).

     

    WHEREAS:

     

    A. The
Company has agreed to engage the Executive to serve in the role of Chief
Financial Officer, Secretary and Treasurer of the Company and ORAMED PHARMACEUTICALS INC.
(the “Parent”);
and

     

    B. The
Executive and the Company wish to formally record the terms and conditions upon
which the Executive will be employed by the Company, and each of the Company and
the Executive have agreed to the terms and conditions set forth in this
Agreement, as evidenced by their execution hereof.

     

    NOW
THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and the
mutual covenants and agreements herein contained, the parties hereto covenant
and agree as follows:

     

    
      	
              1.  

            	
              ENGAGEMENT

            

    

     

    
      	1.1     
      	
              Engagement of
      Executive.  Subject to earlier termination of the
      Agreement as hereinafter provided, the Company hereby agrees to employ the
      Executive in accordance with the terms and provisions
    hereof.

            

    

     

    
      	1.2     	
              Term.  Unless
      terminated earlier in accordance with the provisions hereof, the term of
      employment under this Agreement shall commence on April 19, 2009
      (the ”Effective
      Date”) and shall continue until terminated by either party as
      provided herein (the “Term”).

            

    

     

    
      	1.3     	
              Service.

            

    

     

    
      	
              (a)  

            	
              Scope
      of service – from the Effective Date, the Executive shall perform his work
      on the basis of an 80%  part time position, which will comprise
      of four full working days (i.e. 35 hours at least) per
    week.

            

    

     

    
      	
              (b)  

            	
              The
      Executive agrees to faithfully, honestly and diligently serve the Company
      and to devote Executive's attention and best efforts to further the
      business and interests of the Company during the period of this Agreement.
      The Executive agrees and undertakes to inform the Company’s Chief
      Executive Officer (the “CEO”) immediately after
      becoming aware of any matter that may in any way raise a conflict of
      interest between the Executive and the Company. For the avoidance of
      doubt, nothing in this Section 1.3 shall degrade from the Executive's
      obligation to continue observing all of his undertakings under this
      Agreement in their entirety, including, without limitation, his
      obligations of confidentiality and
  non-disclosure.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -2-

      

    

     

    
      	1.4     	
              Duties.  The
      Executive's services hereunder shall be provided on the basis of the
      following terms and conditions: 

            

    

     

    
      	
              (c)  

            	
              reporting
      to the CEO and the Company’s and Parent’s Board of Directors (the “Board”), the Executive
      shall serve as the Chief Financial Officer, Secretary and Treasurer of the
      Company and Parent;

            

    

     

    
      	
              (d)  

            	
              the
      Executive shall be responsible for the financial reporting and controls of
      the Company and Parent, all subject to any applicable law and to
      instructions provided by the Board from time to
  time;

            

    

     

    
      	
              (e)  

            	
              the
      Executive shall faithfully, honestly and diligently serve the Company and
      the Parent and cooperate with the Company and the Parent and utilize his
      professional skill and care to ensure that all services rendered hereunder
      are to the satisfaction of the Company and the Parent, acting reasonably,
      and the Executive shall provide any other services not specifically
      mentioned herein, but which by reason of the Executive's capability the
      Executive knows or ought to know to be necessary to ensure that the best
      interests of the Company and the Parent are
  maintained;

            

    

     

    
      	
              (f)  

            	
              the
      Executive shall assume, obey, implement and execute such duties,
      directions, responsibilities, procedures, policies and lawful orders as
      may be determined or given from time to time by the Board, and/or CEO;
      and

            

    

     

    
      	
              (g)  

            	
              the
      Executive shall report the results of his duties hereunder to the CEO
      and/or the Board as it may request from time to
  time.

            

    

     

    
      	
              2.  

            	
              COMPENSATION

            

    

     

    
      	2.1     	
              Salary. For
      services rendered by the Executive during the Term, the Executive shall be
      paid a monthly salary, as follows:

            

    

     

    
      	
              (a)  

            	
              the
      Executive shall be entitled to a gross monthly amount of NIS 17,600. As of
      October 19, 2009, the gross monthly amount will be increased to NIS 19,360
      (the “Salary”).

            

    

     

    
      	
              (b)  

            	
              The
      Executive's assignment is included among the positions of management or
      those requiring a special degree of personal trust, and the Company is not
      able to supervise the number of working hours of the Executive; therefore
      the provisions of the Israeli Hours of Work and Rest Law - 1951, will not
      apply to the Executive and he will not be entitled to any additional
      remuneration whatsoever for his work with the exception of that
      specifically set out in this
Agreement.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -3-

      

    

     

    
      	
              (c)  

            	
              Executive’s
      Salary and other benefits shall be annually reviewed by the Board based on
      his and the Company’s performance, all at the Board’s sole and absolute
      discretion.

            

    

     

    
      	2.2     	
              Company
      Vehicle.  The Executive shall be entitled to the use of a
      Class 2 vehicle, as shall be determined by the Company (the "Car"). The Company shall
      incur all reasonable expenses associated with use of the Car, including
      fuel expenses, however excluding personal traffic fines, payments to the
      tax authorities resulting from the use of the Car ("Shovi Shimush") and the
      like, and the Executive hereby authorizes the Company to deduct any such
      amount from any amount owing to him thereby, including from the Salary.
      The use of the Car shall be in accordance with the provisions of the
      Company's car internal procedures, as may be amended from time to time by
      the Company and the Executive hereby authorizes the Company to deduct any
      amount needs to be deducted according to such internal procedures from any
      amount owing to him thereby, including from the Salary. The Employee shall
      bear any tax payments resulting from the aforesaid, to the extent
      applicable. The Car will be returned to the Company by the Employee
      immediately upon termination of Employee's employment by the Company, for
      any reason whatsoever.

            

    

     

    
      	2.3    	
              Expenses.  The
      Executive will be reimbursed by the Company for pre-approved business
      expenses incurred by the Executive in connection with his duties, and in
      accordance with Company’s policy.

            

    

     

    
      	2.4 
         	
              Vacation; Recreation
      Pay.  The Executive shall be entitled to 18 vacation days
      per year. The Executive shall be entitled to accrue a maximum of 24
      vacation days (the "Maximum"). Any days
      accrued beyond the Maximum shall be erased. In addition, Executive shall
      be entitled to sick leave and recreation pay according to applicable
      law.

            

    

     

    
      	2.5     	
              Additional
      Benefits. The Employee shall be entitled to the use of a Company
      paid mobile phone for business purposes, according to the Company's policies
      and instructions, as amended from time to time. In addition, the Employee
      shall be entitled to the use of a Company owned laptop computer, according
      to the Company's policies and instructions, as amended from time to time.
      The Employee shall bear any tax payments resulting from the aforesaid, to
      the extent applicable.

            

    

     

    
      	2.6     	
              Deductions.  The
      Executive acknowledges that all payments by the Company in respect of the
      services provided by the Executive shall be subject to the deduction of
      any amount which the Company as an employer is required to deduct or
      withhold from the Salary or other payments to an executive in accordance
      with statutory requirements (including, without limitation, income tax,
      employee contributions and unemployment insurance
      contributions).

            

    

     

    
      	
              3.  

            	
              SOCIAL INSURANCE AND
      BENEFITS

            

    

     

    
      	3.1     	
              The
      Executive shall be entitled to Manager's Insurance as
    follows:

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -4-

      

    

     

    The
Company shall make payments for the Executive’s benefit to a manager’s insurance
policy (the “Policy”),
which shall remain in the Company's possession and shall be managed on the
Executive’s name.  The Company shall pay into the Policy an aggregate
amount representing 13.33% of the then provided Salary as
follows:  8.33% for severance compensation and 5% for pension
compensation (“Tagmulim”).  In addition, the Company shall deduct 5%
of the Salary and transfer that amount to the Policy.  Also, the
Company shall contribute monies for disability insurance in accordance with the
Company's accepted policies. All payments to the
Pension Scheme will be made in compliance with Section 14 of the Severance
Compensation Law, 1963, and in accordance with the general approval of the Labor
Minister dated June 9, 1998, promulgated under said Section 14, a copy of which
is attached hereby as Exhibit A, and the terms of Section 14 and said general
approval will apply to the relationship hereunder. Therefore, the ownership of
the Pension Scheme will be transferred to the Employee upon the termination of
employment and the Company will not be entitled to retrieve any of the funds it
transferred to the Pension Scheme, other than in accordance with Section 14 and
said general approval and the transfer of the Pension Scheme to the ownership of
the Employee will be the full and only compensation to be paid by the Company to
the Employee in such circumstances in respect of severance pay with respect to
the insured Salary.

     

    
      	3.2     	
              Keren
      Hishtalmut. The Company and Executive shall open and maintain a
      Keren Hishtalmut Fund (the “Fund”). The Company
      shall contribute to the Fund an amount equal to 7.5% of the Salary, and
      Executive shall contribute to the Fund an amount  equal to 2.5%
      of the Salary. Executive hereby instructs the Company to transfer to the
      Fund the amount of Executive’s and the Company’s contribution from each
      monthly Salary payment.

            

    

    

     

    
      	3.3     	
              Effect of
      Termination. Upon termination of this Agreement by either party,
      other than in circumstances constituting Cause (as defined below), the
      Company shall assign and transfer to the Executive, after Executive has
      met all of Executive's obligations hereunder in connection with such
      termination of employment, the ownership in the Keren Hishtalmut Fund.
      Notwithstanding the above, in the event that this Agreement is terminated
      in circumstances constituting Cause, the Company, in its absolute
      discretion, may retain its payments to such funds and release to the
      Executive only those sums contributed by Executive to such
      funds.

            

    

    

     

    
      	3.4     	
              Liability Insurance
      Indemnification. The Company shall provide the Executive (including
      his heirs, executors and administrators) with coverage under a standard
      directors' and officers' liability insurance policy at the Company's
      expense.

            

    

     

    
      	
              4.  

            	
              CONFIDENTIALITY

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -5-

      

    

     

    
      	4.1     	
              Maintenance of
      Confidential Information. The Executive acknowledges that in the
      course of employment hereunder the Executive will, either directly or
      indirectly, have access to and be entrusted with information (whether
      oral, written or by inspection) relating to the Company and its parent
      company, or its associates or customers (the “Confidential
      Information”).  For the purposes of this Agreement,
      “Confidential
      Information”
      includes, without limitation, any and all Developments (as defined
      herein), trade secrets, inventions, innovations, techniques, processes,
      formulas, drawings, designs, products, systems, creations, improvements,
      documentation, data, specifications, technical reports, customer lists,
      supplier lists, distributor lists, distribution channels and methods,
      retailer lists, reseller lists, employee information, financial
      information, sales or marketing plans, competitive analysis reports and
      any other thing or information whatsoever, whether copyrightable or
      uncopyrightable or patentable or unpatentable.  The Executive
      acknowledges that the Confidential Information constitutes a proprietary
      right, which the Company is entitled to protect.  Accordingly
      the Executive covenants and agrees that during the Term and thereafter
      until such time as all the Confidential Information becomes publicly known
      and made generally available through no action or inaction of the
      Executive, the Executive will keep in strict confidence the Confidential
      Information and shall not, without prior written consent of the Company,
      disclose, use or otherwise disseminate the Confidential Information,
      directly or indirectly, to any third
party.

            

    

     

    
      	4.2     	
              Exceptions.  The
      general prohibition contained in Section 4.1 against the unauthorized
      disclosure, use or dissemination of the Confidential Information shall not
      apply in respect of any Confidential Information
  that:

            

    

     

    
      	
              (a)  

            	
              is
      available to the public generally in the form
  disclosed;

            

    

     

    
      	
              (b)  

            	
              becomes
      part of the public domain through no fault of the
    Executive;

            

    

     

    
      	
              (c)  

            	
              is
      already in the lawful possession of the Executive at the time of receipt
      of the Confidential Information, as can be proven by written
      documentation; or

            

    

     

    
      	
              (d)  

            	
              is
      compelled by applicable law to be disclosed, provided that the Executive
      gives the Company prompt written notice of such requirement prior to such
      disclosure and provides assistance in obtaining an order protecting the
      Confidential Information from public
disclosure.

            

    

     

    
      	4.3     	
              Developments.  Any
      information, technology, technical data or any other thing or
      documentation whatsoever which the Executive, either by himself or in
      conjunction with any third party, has conceived, made, developed, acquired
      or acquired knowledge of during the Executive's employment with the
      Company or in connection therewith or which the Executive, either by
      himself or in conjunction with any third party, shall conceive, make,
      develop, acquire or acquire knowledge of (collectively the “Developments”) during
      the Term or in connection with the Executive’s employment with the Company
      shall automatically form part of the Confidential Information, and shall
      become and remain the sole and exclusive property of the Company.
      Accordingly, the Executive does hereby irrevocably, exclusively and
      absolutely assign, transfer and convey to the Company in perpetuity all
      worldwide right, title and interest in and to any and all Developments and
      other rights of whatsoever nature and kind in or arising from or
      pertaining to all such Developments created or produced by the Executive
      during the course of performing this Agreement or in connection therewith,
      including, without limitation, the right to effect any registration in the
      world to protect the foregoing rights.  The Company shall have
      the sole, absolute and unlimited right throughout the world, therefore, to
      protect the Developments by patent, copyright, industrial design,
      trademark or otherwise and to make, have made, use, reconstruct, repair,
      modify, reproduce, publish, distribute and sell the Developments, in whole
      or in part, or combine the Developments with any other matter, or not use
      the Developments at all, as the Company sees
  fit.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -6-

      

    

     

    
      	4.4     	
              Protection of
      Developments.  The Executive does hereby agree that, both
      before and after the termination of this Agreement, the Executive shall
      perform such further acts and execute and deliver such further
      instruments, writings, documents and assurances (including, without
      limitation, specific assignments and other documentation which may be
      required anywhere in the world to register evidence of ownership of the
      rights assigned pursuant hereto) as the Company shall reasonably require
      in order to give full effect to the true intent and purpose of the
      assignment made under Section 4.3
      hereof.

            

    

     

    
      	4.5     	
              Fiduciary
      Obligation. The Executive declares that the Executive's
      relationship to the Company is that of fiduciary, and the Executive agrees
      to act towards the Company and otherwise behave as a fiduciary of the
      Company.

            

    

     

    
      	4.6     	
              Remedies.  The
      parties to this Agreement recognize that any violation or threatened
      violation by the Executive of any of the provisions contained in this
      Article 4 may result in immediate and
      irreparable damage to the Company and that the Company could not
      adequately be compensated for such damage by monetary award
      alone.  Accordingly, the Executive agrees that in the event of
      any such violation or threatened violation, the Company shall, in addition
      to any other remedies available to the Company at law or in equity, be
      entitled as a matter of right to apply to such relief by way of
      restraining order, temporary or permanent injunction and to such other
      relief as any court of competent jurisdiction may deem just and
      proper.

            

    

     

    
      	4.7     	
              Reasonable
      Restrictions.  The Executive agrees that all restrictions
      in this Article 4 are reasonable and valid,
      and all defenses to the strict enforcement thereof by the Company are
      hereby waived by the Executive.

            

    

     

    
      	
              5.  

            	
              NON-COMPETITION

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -7-

      

    

     

    
      	5.1     	
              Non
      Competition. Executive agrees and undertakes that he will not, so
      long as he is employed by the Company and for a period of 12 months
      following termination of his employment for whatever reason, directly or
      indirectly, as owner, partner, joint venture, stockholder, employee,
      broker, agent, principal, corporate officer, director, licensor or in any
      other capacity whatever engage in, become financially interested in, be
      employed by, or have any connection with any business or venture that
      competes with the Company's business, including any business which, when
      this Agreement terminates, the Company contemplates in good faith to be
      materially engaged in within six (6) months thereafter, provided that the
      Company has taken demonstrable actions to promote such engagement or that
      the Company's Board of Directors has adopted a resolution authorizing such
      actions prior to the date of termination; provided, however, that
      Executive may own 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, so long as he has no active role in the publicly owned and
      traded company as director, employee, consultant or
    otherwise.

            

    

     

    
      	5.2     	
              No
      Solicitation. Executive agrees and undertakes that during the
      period of his employment and for a period of 12 months following
      termination for any reason whatsoever, he will not, directly or
      indirectly, including personally or in any business in which he is an
      officer, director or shareholder, for any purpose or in any place, employ
      any person  (as an employee or consultant) employed by the
      Company at such time or during the preceding twelve months, unless such
      person has been terminated by the Company, provided however, that such
      person who is terminated by the Company may be employed by Executive as
      described above only after the expiration of twelve months after the
      effective date of such termination.

            

    

     

    
      	
              6.  

            	
              TERMINATION

            

    

     

    
      	6.1     	
              Termination For Cause
      or Disability.  This Agreement may be terminated at any
      time by the Company without notice, for Cause or in the event of the
      Disability of Executive.  For the purposes of this Agreement,
      “Cause” also means
      that the Executive shall have:

            

    

     

    
      	
              (a)  

            	
              committed
      an intentional act of fraud, embezzlement or theft in connection with the
      Executive's duties or in the course of the Executive's employment with the
      Company;

            

    

     

    
      	
              (b)  

            	
              intentionally
      and wrongfully damaged property of the Company, or any of its respective
      affiliates, associates or
customers;

            

    

     

    
      	
              (c)  

            	
              intentionally
      or wrongfully disclosed any of the Confidential
    Information;

            

    

     

    
      	
              (d)  

            	
              made
      material personal benefit at the expense of the Company without the prior
      written consent of the management of the
  Company;

            

    

     

    
      	
              (e)  

            	
              accepted
      shares or options or any other gifts or benefits from a vendor without the
      prior written consent of the management of the
  Company;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -8-

      

    

     

    
      	
              (f)  

            	
              fundamentally
      breached any of the Executive's material covenants contained in this
      Agreement; or

            

    

     

    
      	
              (g)  

            	
              willfully
      and persistently, without reasonable justification, failed or refused to
      follow the lawful and proper directives of the Company specifying in
      reasonable detail the alleged failure or refusal and after a reasonable
      opportunity for the Executive to cure the alleged failure or
      refusal.

            

    

     

    
      	
               
      

            	
              For
      the purposes of this Agreement, an act or omission on the part of the
      Executive shall not be deemed “intentional,” if it was due to an error in
      judgment or negligence, but shall be deemed “intentional” if done by the
      Executive not in good faith and without reasonable belief that the act or
      omission was in the best interests of the Company, or its respective
      affiliates, associates or
customers.

            

    

     

    
      	
               
      

            	
              For
      the purposes of this Agreement, “Disability” shall mean
      any physical or mental illness or injury as a result of which Executive
      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.

            

    

     

    
      	6.2     	
              Termination Without
      Cause.  Either the Executive or the Company may terminate
      the Executive's employment without Cause, for any reason whatsoever, with
      30 days prior written notice within the first 12 months of the Executive’s
      engagement, and 60 days, prior written notice
  thereafter.

            

    

     

    
      	6.3     	
              The Notice
      Period.

            

    

     

    
      	
              (a)  

            	
              During
      the period following the notice of termination (the “Notice Period”),
      Executive shall cooperate with the Company and use his best efforts to
      assist the integration into the Company's organization of the person or
      persons who will assume Executive's
  responsibilities.

            

    

    Nevertheless,
the Company shall have the right not to take advantage of the full Notice
Period. In the event of such termination, the Company shall pay the Executive
his Salary [and all other benefits] as detailed in this Agreement for the
remainder of the Notice Period.

    

    It is
hereby expressly stated that the Company reserves the right to terminate
the Executive’s employment at any time during the Notice Period, regardless of
whether notice of termination of employment was delivered by the Company or
whether such notice was delivered by the Executive. In the latter case such
termination shall not constitute a dismissal of the Executive by the
Company.

     

    
      	
              (b)  

            	
              Notwithstanding
      the foregoing, the Company may terminate the Executive’s employment
      without the delivery of prior written notice, in the event of termination
      under circumstances which deprive the Executive of severance pay under
      Israeli law, and/or a breach of trust.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -9-

      

    

     

    
      	
              (c)  

            	
              In
      the event that the Executive terminates his employment with the Company,
      for any reason, without the delivery of a written notice in accordance
      with Section 6.2 above, or without the completion of the Notice Period or
      any part thereof, the Company will be entitled to deduct from any debt
      which it may owe the Executive an amount equal to the salary that would
      have been paid to the Executive during the Notice Period, had he
      worked.

            

    

     

    
      	6.4     	
              Limitation of
      Damages.  It is agreed that in the event of termination
      of employment, neither the Company, nor the Executive shall be entitled to
      any notice, or payment in excess of that specified in this Article 6.

            

    

     

    
      	6.5     	
              Return of
      Materials.  Within three days of any termination of
      employment hereunder, or upon any request by the Company at any time, the
      Executive will return or cause to be returned any and all Confidential
      Information and other assets of the Company (including all originals and
      copies thereof), which “assets” include, without limitation, hardware,
      software, keys, security cards and backup tapes that were provided to the
      Executive either for the purpose of performing the employment services
      hereunder or for any other reason.  The Executive acknowledges
      that the Confidential Information and the assets are proprietary to the
      Company, and the Executive agrees to return them to the Company in the
      same condition as the Executive received such Confidential Information and
      assets.

            

    

     

    
      	6.6     	
              Effect of
      Termination. Articles 4 and 5 hereto and hereto shall remain in full force
      and effect after termination of this Agreement, for any reason
      whatsoever.

            

    

     

    
      	
              7.  

            	
              MUTUAL
      REPRESENTATIONS

            

    

     

    
      	7.1     	
              Executive
      represents and warrants to the Company that the execution and delivery of
      this Agreement and the fulfillment of the terms hereof (i) will not
      constitute a default under or conflict with any agreement or other
      instrument to which he is a party or by which he is bound, and (ii) do not
      require the consent of any person or
entity.

            

    

     

    
      	7.2     	
              The
      Company represents and warrants to Executive that this Agreement has been
      duly authorized, executed and delivered by the Company and that the
      fulfillment of the terms hereof (i) will not constitute a default under or
      conflict with any agreement of other instrument to which it is a party or
      by which it is bound, and (ii) do not require the consent of any person of
      entity.

            

    

     

    
      	7.3     	
              Each
      party hereto warrants and represents to the other that this Agreement
      constitutes the valid and binding obligation of such party enforceable
      against such party in accordance with its terms subject to applicable
      bankruptcy, insolvency, moratorium and similar laws affecting creditors'
      rights generally, and subject, as to enforceability, to general principles
      of equity (regardless if enforcement is sought in proceeding in equity or
      at law).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -10-

      

    

     

    
      	
              8.  

            	
              NOTICES

            

    

     

    
      	8.1     	
              Notices.  All
      notices required or allowed to be given under this Agreement shall be made
      either personally by delivery to or by facsimile transmission to the
      address as hereinafter set forth or to such other address as may be
      designated from time to time by such party in
  writing:

            

    

     

    
      	
              (a)  

            	
              in
      the case of the Company, to:

            

    

    
      	 
      	
              Oramed
      Ltd.

              2/5
      High Tech Park

              PO
      Box 39098

              Givat
      Ram, Jerusalem

              Israel
      91390

               

              Fax:     972
      2 5660004

            

    

     

    
      	
              (b)  

            	
              and
      in the case of the Executive, to the Executive's last residence address
      known to the Company.

            

    

     

    
      	8.2     	
              Change of
      Address.  Any party may, from time to time, change its
      address for service hereunder by written notice to the other party in the
      manner aforesaid.

            

    

     

    
      	
              9.  

            	
              GENERAL

            

    

     

    
      	9.1     	
              Entire
      Agreement.  As of from the date hereof, any and all
      previous agreements, written or oral between the parties hereto or on
      their behalf relating to the employment of the Executive by the Company
      are null and void.  The parties hereto agree that they have
      expressed herein their entire understanding and agreement concerning the
      subject matter of this Agreement and it is expressly agreed that no
      implied covenant, condition, term or reservation or prior representation
      or warranty shall be read into this Agreement relating to or concerning
      the subject matter hereof or any matter or operation provided for
      herein.

            

    

     

    
      	9.2     	
              Personal
      Agreement. 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
      relationship between the parties hereto (subject to the applicable
      provisions of law).

            

    

     

    
      	9.3     	
              Further
      Assurances.  Each party hereto will promptly and duly
      execute and deliver to the other party such further documents and
      assurances and take such further action as such other party may from time
      to time reasonably request in order to more effectively carry out the
      intent and purpose of this Agreement and to establish and protect the
      rights and remedies created or intended to be created
    hereby.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -11-

      

    

     

    
      	9.4     	
              Waiver.  No
      provision hereof shall be deemed waived and no breach excused, unless such
      waiver or consent excusing the breach is made in writing and signed by the
      party to be charged with such waiver or consent.  A waiver by a
      party of any provision of this Agreement shall not be construed as a
      waiver of a further breach of the same
  provision.

            

    

     

    
      	9.5     	
              Amendments in
      Writing.  No amendment, modification or rescission of
      this Agreement shall be effective unless set forth in writing and signed
      by the parties hereto.

            

    

     

    
      	9.6     	
              Assignment.  Except
      as herein expressly provided, the respective rights and obligations of the
      Executive and the Company under this Agreement shall not be assignable by
      either party without the written consent of the other party and shall,
      subject to the foregoing, enure to the benefit of and be binding upon the
      Executive and the Company and their permitted successors or
      assigns.  Nothing herein expressed or implied is intended to
      confer on any person other than the parties hereto any rights, remedies,
      obligations or liabilities under or by reason of this
      Agreement.

            

    

     

    
      	9.7     	
              Severability.  In
      the event that any provision contained in this Agreement shall be declared
      invalid, illegal or unenforceable by a court or other lawful authority of
      competent jurisdiction, such provision shall be deemed not to affect or
      impair the validity or enforceability of any other provision of this
      Agreement, which shall continue to have full force and
    effect.

            

    

     

    
      	9.8     	
              Headings.  The
      headings in this Agreement are inserted for convenience of reference only
      and shall not affect the construction or interpretation of this
      Agreement.

            

    

     

    
      	9.9     	
              Number and
      Gender.  Wherever the singular or masculine or neuter is
      used in this Agreement, the same shall be construed as meaning the plural
      or feminine or a body politic or corporate and vice versa where the
      context so requires.

            

    

     

    
      	9.10     	
              Governing
      Law.  This Agreement shall be exclusively construed and
      interpreted in accordance with the laws of the state of Israel applicable
      therein, and each of the parties hereto expressly agrees to the
      jurisdiction of the courts of the state of Israel. The sole and exclusive
      place of jurisdiction in any matter arising out of or in connection with
      this Agreement shall be the applicable Tel-Aviv
  court.

            

    

     

    
      	9.11     	
              Enurement.  This
      Agreement is intended to bind and enure to the benefit of the Company, its
      successors and assigns, and the Executive and the personal legal
      representatives of the Executive.

            

    

     

    This
Agreement constitutes due notification in accordance with the Notice to Employee
Law (Employment Terms), 2002 and the regulations promulgated
thereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        -12-

      

    

     

    IN
WITNESS WHEREOF the parties hereto have executed this Agreement effective as of
the date and year first above written.

     

    

    
      	

              ORAMED
      Ltd.

            	 
	 	 
	
              Per: /s/ Nadav
      Kidron                         
      

            	
                              
      /s/ Yifat
      Zommer                
      

            
	

              Name:
      Nadav
      Kidron                          
      

            	

              Yifat
      Zommer

            
	
              Title:
      Chief Executive
      Officer

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