Document:

Exhibit 4.8

 

Employment Agreement

 

Made and executed in _____________on
the 3rd day of May 2016

 

	 	Between:	
        Enlivex Therapeutics Ltd., Private Company Registration No.
        513736264 

        Of Hadassah Ein Kerem, Jerusalem 91120

        (Hereinafter: the “Company”)

         

        The first party;

	 	 	 
	 	And between:	
        Shachar Shlosberger, ID. No. 38628939 

        19 Nachal Dan St., Kiryat Ono

        (Hereinafter: the “Employee”)

         

        The second party;

 

	 	Whereas:	The Employee wishes to be employed in the Company as a Director of Finance; 
	 	 	 
	 	And whereas:	The Employee declared that he possesses the experience, knowledge and skills for the purpose of filling the position; 
	 	 	 
	 	And whereas:	The parties wish to set out and regulate their relationship in anything related to the Employee’s employment in the Company; 

 

Therefore, it is Declared, Stipulated
and Agreed between the Parties as Follows:

 

		1.	Preamble, headings and interpretation 

 

		1.1.	The preamble to this Agreement and Appendices thereof constitute an integral part hereof and shall
have the same force as any other provision hereof.

 

		1.2.	The headings of the Sections will serve for the purpose of orientation and convenience only and
will not serve for the purpose of interpreting the Agreement.

 

		1.3.	In this Agreement words which are in the masculine gender shall be deemed to include the feminine
gender, and vice versa.

 

		2.	Roles and responsibilities of the Employee 

 

		2.1.	The Employee will be employed by the Company in the position of Director of Finance or any other
position that is compatible with her skills and capabilities, as determined by the management of the Company from time to time
according to the requirements of the Company. The Employee’s supervisor will be the CEO.

 

		2.2.	During the term of this Agreement the Employee shall not engage and shall not be involved in any
manner, whether or not for payment, whether directly or indirectly, whether in whole or in part, in any other business or occupation
in addition to her employment in the Company, without obtaining the prior and written approval of the Company.

 

     

     

    

 

		2.3.	The Employee shall avoid anything and any matter that might give rise to a conflict of interests
between the interest of the Company and her interest and/or the interest of another person and/or another entity, and the Employee
undertakes to notify the Company promptly and without delay regarding any matter in which the Employee may have any personal interest.
In addition, the Employee undertakes not to take advantage, whether directly or indirectly, of her status and/or position in the
Company and/or the property of the Company in a manner that might give rise to a conflict of interests with her position in the
Company, including for the purpose of producing personal gains for himself and/or for anyone acting on her behalf.

 

		2.4.	The Employee undertakes to fill in her position as set out by the Company and by whoever was authorized
by the Company for the purpose of this matter, honestly, loyally and faithfully and to the best of her skill and capabilities for
the purpose of advancing the Company’s business and interests, and undertakes to invest the required time and energy for
the purpose of fulfilling the tasks imposed on him.

 

		2.5.	The Employee undertakes not to receive any payment or any other benefit from any third-party in
connection with her employment, whether directly or indirectly. It is hereby clarified that in the event of breach of the provisions
set forth in this Section the payment or the benefit the Employee will receive as aforesaid including returns thereof will be the
property of the Company that shall be entitled to deduct this amount or the value of the benefit from payments due to the Employee
from the Company without derogating from any of the rights of the Company in accordance with the provisions set forth in this Agreement
and/or in accordance with the provisions set forth in any law.

 

		2.6.	The Employee will observe all instructions, guidelines, regulations, procedures and resolutions
of the Company in connection with her employment and/or the fulfillment of her position.

 

		3.	Salary

 

		3.1.	In return for employment in the position as stated in this Agreement and the fulfillment of her
entire undertakings in accordance with this Agreement the Employee shall be entitled to receive each month a salary in the amount
of NIS 18,000 gross for 80% job scope (hereinafter: the “Salary”).

 

		3.2.	Upon commencement of her employment the Employee shall
be entitled to an adjustment grant in the amount of six full months of salary including the value of a leased car and fuel expenses.
The Employee will receive 50% of the adjustment grant in the Salary of May 2016 and the balance of the grant will be paid in the
Salary of June 2016. 

 

		3.3.	The Employee’s position requires a special degree of personal trust, within its meaning in
the Hours of Work and Rest Law 5711-1951 and therefore the provisions set forth in said law and the regulations promulgated thereunder
shall not apply to the Employee and the Employee shall not be entitled to any additional consideration of any kind in respect of
work in overtime or on rest days, to the extent required from the Employee, beyond the Employee’s Salary as set out in this
Agreement and that reflects, inter alia, the consideration for work during irregular hours.

 

		3.4.	The Company will deduct from the Salary and from the other payments in accordance with this Agreement
any deductible amount in accordance with the provisions set forth in any law including income tax, National Insurance Institute
and health tax. The Employee will notify the Company regarding any change in her status that may affect the tax rate paid by the
Employee.

 

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		3.5.	The Salary shall be paid once a month, no later than the 9th day of the month for the
previous month.

 

		3.6.	The Employee shall keep in confidence anything related to her Salary and the other terms of her
employment and undertakes not to disclose said information to other employees and/or to any third-party during the term of the
Agreement or thereafter, whether directly or indirectly.

 

		3.7.	Save as otherwise provided herein expressly or in any other law applicable to this Agreement, the
Employee shall not be entitled to any additions, linkages, consideration, benefits, payments or any other benefit.

 

		4.	Bonuses 

 

		4.1.	Subject to the Company’s satisfaction with the performance of the Employee and the Company’s
compliance with its targets, and on the condition that the Employee meets her personal targets, the Company shall pay to the Employee
an annual bonus up to a rate of 15% of her annual Salary. Entitlement to the bonus and the bonus amount shall be determined according
to performance criteria and targets as set out from time to time by the CEO of the Company at her sole discretion. For the avoidance
of doubt, the Company shall have sole discretion with respect to the bonus and the Company shall be entitled to cancel, reduce
and/or delay the payment of the bonus at its absolute and sole discretion.

 

		4.2.	For the avoidance of doubt it is hereby clarified that the bonus that will be paid to the Employee
is not and will not constitute part of the Employee’s Salary for all intents and purposes, including for the purpose of calculating
severance pay, leave, deposits to managers’ insurance and deposits to study fund and any other social-benefit payment calculated
according to the Salary to which the Employee is entitled, to the extent that there is any.

 

		5.	Options 

 

		5.1.	As an Employee of the Company you shall be entitled to be part of the employees’ option plan
after at least six months as of the date you joined the Company. Details of the plan and its terms will be set out in a separate
options agreement that the parties will sign.

 

		6.	Leased car 

 

		6.1.	The Company shall provide to the Employee and for her use a leased car (Mazda 3 or any other car
of the same category). The Employee shall incur the value of use in accordance with the income tax and National Insurance Institute
regulations for the purpose of this matter and that are in effect from time to time.

 

		6.2.	Provision of the car to the Employee and the value of the right of use of the car are not and will
not constitute in any manner part of the Employee’s Salary for all intents and purposes and will not be included in any calculation
that will be made in connection with the employment relationship between the Employee and the Company, including for the purpose
of calculating severance pay, leave days and any other social-benefit payment calculated based on the Salary and to which the Employee
is entitled, to the extent that there is any.

 

		6.3.	The Employee will use the car in accordance with the procedures set out by the Company and the
car lease agreement signed between the Employee and the Company.

 

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		6.4.	The Employee shall incur payment for any ticket and/or fine imposed on the use of the car during
the term of her employment in the Company. In the event the Employee fails to pay for the tickets and the Company receives a ticket
or any other fine imposed as a result of failure to pay the ticket, the Company shall be entitled to pay the fine and charge said
payment from the Employee. Police traffic tickets will be assigned to the Employee’s name.

 

		7.	Managers’ insurance/pension fund 

 

The Company will pay for the
Employee a premium for a managers’ insurance in an insurance company and/or to a pension fund as selected by the Employee,
and according to the following rates:

 

		7.1.	In the event the Employee selects managers’ insurance, the following premiums will be deposited:

 

		(a)	On account of severance pay – 8.33% of an amount equal to the monthly Salary.

 

		(b)	On account of benefits – 5% of an amount equal to the monthly Salary. Concurrently, the Company
will deduct from the Employee’s Salary 5% that will be deposited as a premium as part of the managers’ insurance.

 

		(c)	The Company will deposit, in addition to said amounts, an amount at a rate that is required for
the purpose of securing 75% of the Salary or at a rate of up to 2.5% of the Salary, whichever is lower, for the purpose of paying
for loss of working capacity insurance.

 

		(d)	In the event the amounts deposited in the managers’ insurance are greater than the maximum
amount recognized as deductible in accordance with the instructions set forth by the income tax authorities as periodically updated,
the Company shall deduct tax at source from the remaining amounts, according to their statutory rate, and shall deposit said amounts
in the managers’ insurance.

 

		7.2.	In the event the Employee wishes to be insured in a pension fund, the following premiums will be
deposited:

 

		(a)	On account of severance pay – 8.33% of the Employee Salary.

 

		(b)	On account of benefits – 6% of the amount equal to the Salary. Concurrently, the Company
will deduct 5.5% of the Salary and will be transferred as a premium as part of the pension fund.

 

		7.3.	The Employee shall be entitled to request from the Company to be insured in a managers’ insurance
and in a pension fund, i.e. that premiums will be deposited in a managers’ insurance in respect of part of her Salary according
to the rates set out in sub-section 4.1 and in respect of the balance of her Salary premiums will be deposited in a pension fund
according to the rates set out in sub-section 4.2. It is clarified that the Employee shall be entitled to select a combined insurance
track as stated in this sub-section on the condition that the deposits of the Company will not be at a rate greater than the rate
of deposits set out in sub-sections 4.1-4.2 respectively.

 

		7.4.	Company deposits are made in accordance with the provisions set forth in the General Approval regarding
Employer Deposits to Pension Fund and Insurance Fund in lieu of Severance Pay enclosed as Appendix A of this Agreement.

 

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		7.5.	The aforesaid deposits shall come in lieu of payment of severance pay in accordance with the provisions
set forth in the General Approval.

 

		7.6.	The full sums deposited in the name of the Employee shall be released to the Employee upon termination
of her employment, unless the termination of the Employee’s employment is made in circumstances in which severance pay can
be denied, in whole or in part, in accordance with the provisions set forth in the General Approval.

 

		8.	Study fund 

 

		8.1.	The Company shall deposit in a study fund an amount equal to 7.5% of the Salary. In addition, the
Company shall deduct from the Salary and shall transfer to the study fund an amount equal to 2.5% of the Salary for a study fund
as the Employee’s part. It is clarified that the Employee shall solely incur any tax liability that is imposed in connection
with the deposits made to the study fund and the Company shall not gross up any tax in connection therewith.

 

		8.2.	In the event of termination of the Employee’s employment, the Employee shall be entitled
to all the funds that accumulated in respect of said deposits in accordance with the provisions set forth in the study fund bylaws
and the instructions set forth by the income tax authorities and subject to the provisions set forth in any law.

 

		9.	Additional social-benefit payments 

 

		9.1.	Leave – the Employee shall be entitled to 22 leave days a year or to the number of
leave days set out in the law, whichever is higher. The Employee is required to use all leave days during the year of employment
in which the leave days were provided. Nevertheless, the Employee shall be entitled, with the approval of the Company, to take
only seven leave days and add the balance to the Employee’s leave in the subsequent two years of employment, in accordance
with the provisions set forth in the Annual Leave Law. The Employee shall not be entitled to accumulate leave days beyond the limit
– leave days beyond the limit will be canceled. The Employee’s leave dates will be coordinated between the Employee
and the Company in such manner that the Employee’s leaves will not affect the Company’s performance and requirements.
For the avoidance of doubt, the Company shall be entitled to instruct the Employee to take leave and use her leave days. In addition,
the Company shall be entitled to arrange collective leaves for Company employees.

 

		9.2.	Recuperation pay – the Employee shall be entitled to 10 recuperation days according
to the rate set out in the extension orders that will apply to the market from time to time.

 

		9.3.	Sick pay – the Employee shall be entitled to sick days and to sick pay in accordance
with the provisions set forth in any law. The Employee will notify the Company promptly regarding any absence as a result of illness
and will provide to the Company a sick note confirming her illness. In the event the Employee is absent and failed to furnish a
sick note, this shall be deemed as absence in respect of leave.

 

		9.4.	Commuting expenses – the Company will pay the Employee commuting expenses for each
month in accordance with the provisions set forth in the extension order regarding the employer’s participation in the commuting
expenses as applicable in the market from time to time.

 

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		9.5.	Mobile phone – the Company will provide the Employee with a mobile phone. The Company
will incur the maintenance and operation expenses of the mobile phone on the condition that the Employee pays the tax applicable
to this benefit that will be offset directly from her Salary. Immediately after receiving the demand of the Company to that effect,
and in any event no later than the termination date of her employment in the Company, for any reason, the Employee shall return
the mobile phone to the Company when the mobile phone is in working order. The Employee shall have no right of lien in the mobile
phone, i.e., the Employee shall not be entitled to keep the mobile phone for any reason after termination of her employment in
the Company.

 

		10.	Term and termination of the Agreement 

 

		10.1.	This Agreement shall come into operation on May 1, 2016 and is made for an unlimited period.

 

		10.2.	Each party shall be entitled to terminate this Agreement by delivery of a 30 days’ prior
and written notice to the other party.

 

		10.3.	During the advance notice period the Employee shall continue to fill her position and shall transfer
her position to whoever the Company instructs and in accordance with its instructions, in an organized manner and to the Company’s
satisfaction. Nevertheless, the Company shall be entitled to waive the Employee’s employment during the advance notice period,
in whole or in part, whether delivered by the Employee and whether delivered by the Company, provided that the Company will pay
the Employee for the advance notice the full amount for the full advance notice period.

 

		10.4.	In the event the Employee resigned without delivering advance notice to the Company as stated in
sub-section 7.2 above, the Company shall be entitled to deduct from any amount due to the Employee from the Company, including
from the Employee’s Salary, an amount equal to the Salary the Employee was entitled if the Employee had worked during the
advance notice period.

 

		10.5.	Without derogating from the rights of the Company in accordance with the provisions set forth in
this Agreement or in accordance with the provisions set forth in any law, the Company shall be entitled to terminate this Agreement
and dismiss the Employee forthwith and/or without delivering advance notice and/or paying for the advance notice period, upon the
occurrence of one of the following events:

 

		(a)	The Employee was convicted of an offense involving moral turpitude.

 

		(b)	The Employee breached the trust of the Company.

 

		(c)	The Employee acted in a manner that is inappropriate for her position and status in the Company,
in a manner that can harm the Company or its business.

 

		(d)	The Employee committed a serious disciplinary violation.

 

		(e)	The Employee acted in a manner that entitles the Company to dismiss him by law without paying him
severance pay.

 

		(f)	The Employee delivered to another information about the Company or its customers not within the
framework of her position and not in favor of the Company or breached the provisions set forth in the Undertaking of Confidentiality.
Non-Competition and Intellectual Property enclosed as Appendix B of this Agreement.

 

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		10.6.	Upon termination of the Employee’s employment in the Company for any reason, and before the
Company releases the entire sums due to the Employee, the Employee undertakes to act in the following manner:

 

		(a)	The Employee shall deliver to the Company all documents, discs or any other magnetic media, letters,
notes, reports and all other documents the Employee holds and that are related to her employment in the Company and/or its operations,
whether delivered to the Employee by the Company and whether prepared, produced and/or developed by the Employee during and/or
in connection with her employment until the actual termination of her employment in the Company and any other equipment and/or
property of the Company that was provided to the Employee, including an employee tag or any other item of equipment;

 

		(b)	The Employee, in coordination with the Company, will delete any information relating to the Company
or its business and that is stored in the personal computer owned by the Employee, if any;

 

		(c)	The Employee will retire following coordination with her superiors, and will provide an organized
on-the-job training process according to a reasonable schedule set out by her superiors, and will transfer her position in an organized
and proper manner and in accordance with Company procedures, and will deliver all documents and all matters under her care to whoever
the Company instructs. In any event in which the Employee fails to act in accordance with the provisions set forth in this Section,
the Company shall be entitled to offset from the sums to which the Employee is entitled in respect of her retirement any damage
caused to the Company.

 

		11.	Confidentiality, non-competition and protection of intellectual property 

 

As a fundamental condition
for the coming into force of this Agreement, the Employee undertakes to act in accordance with all provisions set forth in the
Undertaking of Confidentiality, Non-Competition and Intellectual Property Rights enclosed as Appendix B of this Agreement,
constituting an integral part thereof.

 

		12.	Company computers 

 

		12.1.	The use of the Company’s computers, including its email systems, network and other means
of communication of the Company is intended for work purposes and will comply with Company procedures as delivered from time to
time.

 

		12.2.	The email account provided to the Employee upon commencement of her employment is a professional
email intended solely for the Employee’s work and the Company expects the Employee to use this email account solely for her
work.

 

		12.3.	It is clarified that in order to protect its secrets and prevent damages such as viruses and communication
of information or software in violation of the law or infringement of rights and/or harm to the computer and communication network
of the Company and/or harm to the reputation of the Company and/or any other harm caused to the business of the Company and/or
its current operations and its relationships with its customers, and in order to assure that the use of the computer systems of
the Company is made for work purposes in accordance with the procedures practiced by the Company, and in order to prevent exposure
of the Company to damages that might be caused as a result of use in contravention of the procedures of use of the Company’s
computers and communication network, the Company monitors and controls any information stored in the computers of the Company,
in the Company email accounts and any other digital means the Company provides to the Employee and/or any information transferred
in the computer and communication networks in the Company. In addition, the Company performs different backups of the entire materials
transferred in the Company’s computer networks.

 

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		12.4.	The Company will perform monitoring at any time and without delivering advance notice by applying
different measures. The monitoring may be technological monitoring on the traffic volume and the content of traffic and human monitoring,
as may be required, in the event of a suspicion regarding the violation of procedures and/or in the event it is necessary to find
information for the Company’s current operations, for the purpose of handling technical malfunctions and/or for any other
need as may be required for the proper management of the Company’s affairs.

 

		12.5.	The Company reserves the right to take over the computer provided to the Employee for the purpose
of her work at any time and without advance notice and deny access thereto, for the purpose of protecting its rights, its current
operations, handling malfunctions and any other professional and/or business purpose.

 

		12.6.	In order to prevent inconvenience and for the purpose assuring the professional use of the Company’s
computers, including its email accounts, Internet website, media and professional email account provided to the Employee for the
purpose of her work, the Employee will avoid sending and/or storing in her professional email account and/or in any other digital
medium provided to him any personal information the Employee wishes to keep private.

 

		12.7.	The Employee understands and agrees willingly and out of her own free will that in order to maintain
the proper management of its businesses the Company, as a company whose principal work is performed by computers, is obligated
to operate any means of monitoring and control as stated in this Agreement and in the Company procedures, and the Employee accepts
the limitations that might be imposed as a result of the operation of all the means of monitoring and control specified in this
Agreement and in the Company procedures.

 

		12.8.	The provisions set forth in this Section shall not affect the right of the Employee to open for
himself personal email accounts in any other computer other than the Company computers.

 

		12.9.	The Employee is aware and the Employee agrees that the Company shall be entitled to make any use
of the information that is transferred in the Company computer and communication networks for the purpose of protecting its rights
at any time and without delivering advance notice.

 

		13.	Assignment of rights

 

The Company shall be entitled
to assign its rights and obligations, in whole or in part in accordance with this Agreement to any related company that controls
the Company and/or under its control and/or that is under joint control together with the Company.

 

		14.	Miscellaneous 

 

		14.1.	This Agreement also constitutes a “notice” in accordance with the provisions set forth
in the Notice to an Employee (Terms of Employment) Law, 5762 – 2002.

 

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		14.2.	This Agreement shall not derogate from the rights of the Employee in accordance with the law and/or
the extension orders as long as this Agreement does not grant to the Employee similar and/or improved rights than the rights granted
in the law.

 

		14.3.	By signing this Agreement the Employee affirms that he is entitled to enter into this Agreement
and assume all of its undertakings in accordance with this Agreement and there is no preclusion, whether in accordance with this
Agreement and whether in any other manner, preventing her entering into this Agreement and her employment in the Company and that
by entering into this Agreement the Employee does not violate any other agreement or undertaking to which the Employee is a party
or to which the Employee was a party.

 

		14.4.	This Agreement including the Appendices thereof express everything agreed between the parties hereto.
Upon signing this Agreement all prior agreements, understandings and letters of undertaking exchanged between the parties prior
to signing hereof, if any – shall be null and void.

 

		14.5.	In any event in which a party to this Agreement fails to exercise any of the rights granted to
that party in accordance with this Agreement or in accordance with the provisions set forth in any law, this shall not be deemed
as waiver of that party of said right and said party shall be entitled to exercise the aforesaid rights. The breaching party shall
not be entitled to raise any contentions regarding delay or waiver.

 

		14.6.	The terms set forth in this Agreement shall be construed, to the extent possible, in a manner that
will maintain their effect and legality. Without derogating from the foregoing, if any one or more of the provisions contained
in this Agreement is held invalid, illegal or unenforceable due to the fact that its scope is broader than permitted or that its
application is not sufficiently limited in time, the parties hereby empower, subject to the provisions of the law, the tribunal
interpreting said provision, to replace said provision that was interpreted as aforesaid with an admissible provision whose effect
and meaning that are similar in tenor to the stricken provision as is legally permissible. The interpretation of said provision
as aforesaid shall not affect the legality and validity of any other of the provisions set forth herein.

 

		14.7.	Any modification, addition or amendment of this Agreement shall be null and void unless executed
in writing and signed by the parties.

 

		14.8.	The addresses of the parties for the purpose of this Agreement are as stated in the preamble to
this Agreement and any notice delivered by registered mail by a party to the other party to the aforesaid addresses shall be deemed
to have reached its recipient 72 hours from the time of its dispatch from the post office in Israel, or within 4 hours from the
time of its delivery in person or by fax (and provided that after delivery of notice by fax the sender will receive proof of delivery
from the fax machine).

 

And in witness hereof the parties are
hereby undersigned: 

 

	/s/
Eyal Fima	 	/s/
Shachar Shlosberger
	Enlivex Therapeutics Ltd. 	 	The Employee 

  

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Appendix A

 

General approval regarding employer
deposits to pension fund and insurance fund in lieu of

severance pay pursuant to the Severance Pay Law 5723-1963 

 

(OG 4659, 4394 5758-1998)

 

By virtue of my authority pursuant to Section
14 to the Severance Pay Law 5763-1963 (hereinafter: the Law), I affirm that deposits made by an employer as of the date of publication
of this Approval, for his employee for pension in a pension fund other than an insurance fund, within its meaning in the Income
Tax Regulations (Rules for Approval and Management of Provident Funds) 5764-1964 (hereinafter: Pension Fund), or manager’s
insurance that includes an option of pension or a combination of deposits for pension plan and non-pension plan in an insurance
fund as said (hereinafter: Insurance Fund), including deposits made while combining deposits to a pension fund and an Insurance
Fund whether or not the Insurance Fund includes a pension plan (hereinafter: Employer’s Deposits), shall come in lieu of
severance pay due to the aforesaid employee for the Wages from which the aforesaid deposits were made and for their period of payment
(hereinafter: the Exempt Wages) provided that the following are met:

 

		(1)	Employer’s deposits -

 

		(a)	To a pension fund do not fall below 14.33% of the Exempt Wages or 12% of the Exempt Wages if the
employer makes deposits for his employee, in addition to the above, also deposits to supplement for severance pay, for severance
pay fund or insurance fund in the name of the employee at a rate of 2.33% of the Exempt Wages. If the employer failed to pay 2.33%
in addition to 12% as said, his deposits shall come in lieu of 72% of the employee’s severance pay only;

 

		(b)	To an Insurance Fund do not fall below any of the following:

 

		(1)	13.33% of the Exempt Wages, if the employer makes deposits for his employee in addition to these
deposits, for monthly income support in the event of loss of working capacity according to a plan approved by the Commissioner
of the Capital Market, Insurance and Savings in the Ministry of Finance, at a rate required to secure at least 75% of the Exempt
Wages or at a rate of 2.5% of the Exempt Wages, upon the lower of the two (hereinafter: Deposits for Insurance of Loss of Working
Capacity);

 

		(2)	11% of the Exempt Wages, if the employer also made Deposits for Insurance of Loss of Working Capacity,
and in such event the employer’s deposits shall come in lieu of 72% of the employee’s severance pay only; if the Employer
made, in addition to these deposits to make up severance pay for provident fund for severance pay or an insurance fund in the employee’s
name, deposits at a rate of 2.33% of the Exempt Wages, the employer’s deposits shall come in lieu of 100% of the employee’s
severance pay.

 

		(2)	No later than three months following start of making the Employer’s Deposits, a written agreement
was drawn up between the employer and the employee containing:

 

		(a)	The employee’s consent for an arrangement in accordance with this Approval in a form specifying
the employer’s deposits and the pension fund and the insurance fund, as the case may be; in the aforesaid agreement the form
of this Approval will also be included;

 

		(b)	The employer waives in advance any right that might be granted to him to receive payments out of
his deposits, unless the employee’s right for severance pay was denied by judgment pursuant to Sections 16 or 17 of the law
and in the event it was denied or that the employee withdrew funds from the pension fund or the insurance fund for a purpose other
than an entitling event; for the purpose of this matter, “entitling event” – death, disability or retirement
at the age of sixty or above.

 

		(c)	This Approval does not derogate from the Employee’s right for severance pay by law, collective
agreement, extension order, or employment contract, for wages exceeding the Exempt Wages.

 

	Shachar
    Schlosberger	 	 
	The Employee	 	 

 

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Appendix B

 

Undertaking of Confidentiality, Non-Competition
and Intellectual Property

 

I, the undersigned, Shachar Shlosberger,
ID. No. 38628939, hereby declares towards Enlivex Therapeutics Ltd. and towards any of its parent companies/subsidiaries
and/or related companies thereof, in and outside Israel (hereinafter: the “Company”) that I am aware that during
the term of my employment in the Company (hereinafter: the “Work”) I will be exposed to Information and/or Information
of the Company (within its meaning hereunder) will reach my possession and I am aware that the information is one of the primary
and most critical assets of the Company and therefore I hereby declare and warrant as follows:

 

		1.	Protection of confidentiality 

 

		1.1.	I undertake to keep in strict and absolute confidence and not to make any use, not to disclose
and/or present and/or communicate, whether directly or indirectly, to any person and/or entity, including Company employees who
do not need the Information for the purpose of performing their work any Information (within its meaning hereunder) concerning
the Company, the Occupations of the Company (within their meaning hereunder), the businesses and activities of the Company and/or
any other matter related to the Company and that reached my possession in the course of and/or in consequence of and/or within
the framework of my Work in the Company, whether directly or indirectly, including Information that reached my possession from
others who are related directly or indirectly to the Company and/or any Information of any party with whom the Company maintains
or might maintain any connections.

 

		1.2.	In this Undertaking “Information” constitutes all Information and know-how,
whether verbal, written and/or in any other form and/or medium, that is held or that will be held by the Company or anyone acting
on its behalf and that is connected and/or related in any manner to the Company and/or its businesses and/or activities and/or
to companies and/or corporations and/or entities related thereto.

 

Information includes, for the
sake of illustration only and without derogating from the generality of the aforesaid, inter alia, all trade secrets of
the Company, any Information that is related directly or indirectly to the Company, its property and businesses, any Information
relating directly or indirectly to research and development of existing or future products, test results, techniques and product
structure (existing or planned), inventions, hardware, software, production processes, work methods, production methods, prototypes
and production models, discoveries, enhancements, developments, innovations, mockups, experimental models, drawings, sketches,
design, calculations, diagrams, formulae, computer files, computer software, data, design processes, customers’ lists, suppliers’
lists, pricing, prices, terms of payment, terms of contracts with customers and suppliers, plans, commercial secrets, business
plans, customers’ names, sales, marketing methods and anything related to marketing and sales, prices and any other know-how
or Information relating to the business of the Company and/or the subsidiaries and/or affiliated companies and/or its customers,
including customers with which the Company is engaged in negotiations and including affiliated companies and/or subsidiaries in
the present and the future, and all whether or not the Information is patent protected or constitutes a proprietary right.

 

    11

     

    

 

I am aware that the Company
is bound by the duty of confidentiality by virtue of agreements the Company made with suppliers, customers and third-parties and
I undertake to observe loyally the undertakings of the Company towards these entities for the purpose of protecting confidentiality
and non-competition.

 

		1.3.	I undertake to protect the Company’s equipment and not to remove from the Company’s
offices and not take with me, and I will not give to others, any of the Company’s equipment and documents, including photos,
files, correspondences, contracts, lists or any other document in any form that is related in any manner to the operations of the
Company and that is not used solely for the purpose of my Work for the Company and in accordance with the Company’s procedures
for the purpose of this matter, except only after obtaining the Company’s prior and written approval. In the event I obtain
the Company’s written approval to perform the aforesaid actions, I undertake to return any document as aforesaid to the Company
immediately upon its first demand.

 

		1.4.	I am aware and I hereby confirm that my undertakings in accordance with this Section are made for
an unlimited period of time and shall be in effect in any territory and shall continue to be in effect even after the termination
of this Agreement or after employer-employee relationship between me and the Company expire for any reason.

 

		2.	Limitation on occupation 

 

		2.1.	As used in this Section, the following terms shall have the respective meanings set forth beside
them below:

 

“Limitation Period”
– a period of 12 (twelve) months as of the date my employment in the Company is terminated for any reason.

 

“Occupations of the Company”
– technologies and methods for the purpose of treating diseases by cell immunotherapy and apoptotic cells.

 

“Similar Business”
– an entity that is in competition with the Company or that assists in the competition with the Company or that attempts
to compete with the Company, whether directly or indirectly, and that engages in operations, occupations and activities that are
identical or similar to the Occupations of the Company as hereinabove defined, whether an incorporated body and whether an individual.

 

“Engage in a Business”
– whether directly or indirectly, whether or not in return for pay, as follows: to operate a business, to be an employee
in a business for pay, in return for salary, under an instrument of appointment or in any other manner, to be an interested party
in a business or involved in any other manner as owner, shareholder, except for the holding of shares in public companies that
are traded in a known stock exchange, to incorporate with a business or to contract with the business in any other manner, to have
an interest in a partnership, director, office holder, agent or contractor.

 

		2.2.	I undertake that during the term of my employment in the Company and during the Limitation Period
I will not engage in any Similar Business in Israel or abroad without obtaining the Company’s prior and written approval.

 

		2.3.	Without derogating from the foregoing, I undertake that during the Limitation Period I will avoid
soliciting or working or performing works, whether or not in return for payment, whether directly or indirectly, for any person
or corporation that engages in the Occupations of the Company and that, during the term of my employment, maintained business relations
with the Company and/or any other entity that conducted negotiations regarding business connections with the Company and/or the
customers of the Company.

 

    12

     

    

 

		2.4.	I undertake that during the term of my employment in the Company and during the Limitation Period
I will not solicit employees of the Company to resign from their work and I will not employ such employees, whether directly or
indirectly, and I will not assist said employees to find employment in a Similar Business, I will not offer said employees to work
or to provide services in any manner to any party without obtaining the Company’s prior and written approval.

 

		2.5.	I undertake that during the term of my employment in the Company and during the Limitation Period
I will not solicit and I will not cause others to solicit customers and/or potential customers and/or suppliers and/or agents of
the Company (including suppliers and/or agents with whom the Company conducted negotiations prior to the signing of an agreement
before or at the time of terminating my employment in the Company) to obtain a license or lease a product or a service that are
in competition with the products and the services that are offered by the Company.

 

		2.6.	That which is stated in this Section shall not derogate from my undertakings as stated above in
this Undertaking and/or in the Employment Agreement.

 

		3.	Intellectual property 

 

		3.1.	All rights, including the right to submit patent and/or design applications, the right to a patent
and/or a design, trade secrets, trademarks, copyright and any industrial or intellectual property rights with respect to inventions
(patentable or other), advancements, developments, enhancements, ideas, applications that I will invent, develop, conceive, whether
by myself and whether together with the other employees of the Company or any thereof, or that reach my possession in any other
manner in connection with my employment in the Company or in connection with its Occupations at present and from time to time,
or that were created during the term of my employment in the Company, including all rights in auxiliary products thereof and any
future development of the products and the auxiliary products shall be the property of the Company and the Company shall retain
ownership therein for all intents and purposes in such manner that the Company shall be entitled to treat them as their owner and
I waive said right. For the avoidance of doubt, it is hereby clarified that the provisions set forth in this sub-section above
shall also apply regarding a service invention, within the meaning of this term in the Patent Law 5727-1967 (hereinafter: the “Patent
Law”), however under no circumstances shall the service invention become my property without obtaining the Company’s
written approval in connection therewith.

 

		3.2.	Without derogating from the foregoing, I hereby affirm irrevocably that the salary the Company
pays to me is and will be the full and final consideration in respect of or in connection with any inventions, including a service
invention and/or in connection with the commercial or other use of such rights and/or inventions as aforesaid. I shall not be entitled
to any royalties or other payments in respect of or in connection with a service invention and/or in connection with the commercial
use or any other use of such rights as aforesaid including and without derogating from the generality of the aforesaid, I shall
not be entitled to the consideration under Section 134 of the Patent Law beyond the Salary paid to me and this Section shall constitute
an agreement for the purpose of Section 134 of the Patent Law.

 

    13

     

    

 

		3.3.	The Company shall be solely registered as the exclusive owner and as the exclusive right holder
in a patent or a design in any registration of rights carried out under this Section, whether of a patent, a design or in any other
manner.

 

		3.4.	I will assist the Company, to the extent required, for the purpose of registering its rights in
any development and/or invention as aforesaid, whether in Israel and whether abroad, during the term of my employment or thereafter,
and I will sign any document that is required for the purpose of this matter.

 

		3.5.	I undertake to cooperate and to provide any information as may be required for the purpose of performing
registration and assist in the preparation and registration of patents and/or any other proprietary right in favor of the Company
and/or subsidiaries and/or related companies in Israel and/or abroad and sign any document that is required for the purpose of
performing said registration in Israel and/or abroad and to cooperate and assist the Company in the protection and enforcement
of its rights. This undertaking shall be in effect both during the term of my employment in the Company and after termination of
my employment in the Company, provided that in the event I am required to provide such assistance as aforesaid the Company shall
incur my expenses in connection therewith.

 

		3.6.	I undertake to notify, disclose and provide to the Company any Information that reaches my possession
in any manner, including Information emanating from my ideas or developments during the term of my employment in the Company, whether
or not said Information is patent protected, copyright protected or protected by any other proprietary rights and whether or not
said Information can be registered.

 

		3.7.	I undertake not to register any Domain Names in my name, trade names or any other right that might
restrict the activities of the Company or harm the Company whether directly or indirectly. In the event I register such a right
as aforesaid, I undertake to transfer all rights to the Company solely in return for the registration costs of the right as aforesaid.

 

		4.	General 

 

		4.1.	I declare and affirm that I am aware of the fact that breach of my undertakings as stated above
or any part thereof might cause to the Company or to related entities, corporations and/or companies serious and irreparable damages
and that monetary compensation will not constitute proper and sufficient remedy and relief in respect of such breach, and therefore
I hereby agree and warrant not to object that a competent court will issue against me a temporary injunction and/or other orders
for the purpose of preventing and/or eliminating the breach, in the event that any of my undertakings made under this Undertaking
is breached.

 

		4.2.	Without derogating from that which is stated in sub-section 4.1 above, I undertake to compensate
and indemnify the Company for any damage and/or expense caused to the Company and/or related companies thereof as a result of breach
of my undertakings as stated above, including trial costs and attorney fees, any loss and/or damage to reputation, without derogating
from any other relief and/or remedy the Company may seek in accordance with the provisions set forth in any law.

 

		4.3.	Without derogating from that which is stated in sub-sections 4.1-4.2, I agree and affirm that any
benefit and/or interest and/or consideration produced by me and/or by anyone acting on my behalf, whether directly or indirectly,
as a result of breach of my undertakings towards the Company, including my undertakings as stated in this Undertaking, shall be
the sole and exclusive property of the Company and shall be delivered promptly to the Company.

 

		4.4.	I hereby declare and affirm that I am aware that the Company would not have entered into a contract
with me and would not have disclosed any Information to me but for my undertakings made in this Undertaking.

 

	 	/s/ Shachar Schlosberger
	 	Name + Signature 

 

 

14Exhibit 4.9

 

CONSULTING AGREEMENT

 

This CONSULTING AGREEMENT (this “Agreement”)
is entered into as of the 1st day of January, 2017(the “Effective Date”), by and between:

Hadasit Medical Research Services and Development Ltd. (“Hadasit”), whose address, for the purposes hereof,
is P.O.Box 12000, Jerusalem 91120;

Prof. Dror Mevorach (the “Consultant”), whose address, for the purposes hereof, is care of Hadasit;
and

Enlivex Therapeutics Ltd., an Israeli corporation having an address at (the “Company”), whose address,
for the purposes hereof, is POB 12167 Jerusalem 91120.

 

		WHEREAS,	Hadasit is a wholly owned subsidiary of Hadassah Medical Organization (“HMO”),
and is authorized to enter this Agreement and to utilize HMO’s facilities, employees and agents for purpose of this Agreement,
and the Consultant is an employee of HMO;

 

		WHEREAS,	the Company is engaged in development of therapeutic applications
resulting from the utilization of cells triggered to undergo apoptosis including dying cell clearance (“Field”)
and further represents that it is the sole owner of any and all intellectual property rights thereto,
and that to the best of its knowledge and without making any special inquiry, the execution of this Agreement does not infringe
any third parties’ rights and/or any applicable law;

 

		WHEREAS,	the Company is interested in receiving and Hadasit desires to make the Consultant serve as the
Company’s chief scientific officer and as such report directly to the Company’s CEO and/or Board of Directors and provide
the Company consulting services in the Field, which services are more fully detailed in Schedule A hereto (the “Services”),
all under the terms and conditions herein.

 

NOW, THEREFORE, the parties
agree as follows:

 

		1.	SCOPE OF SERVICES

 

		1.1.	During the Term (as defined below), Hadasit shall make the Consultant available to perform the
Services as an independent consultant. The Company acknowledges that the Services rendered to the Company under this Agreement
are supplementary to the Consultant’s duties as an active physician at HMO.

 

		1.2.	Consultant shall perform the Services both off-site and on-site at the offices of the Company,
as required. Should the Company and the Consultant agree that part of the Services should be performed outside HMO, all traveling
expenses of the Consultant will be covered by the Company.

 

		1.3.	All Services will be provided by the Consultant on part time basis, on an as-required basis and
shall comply with all the Company’s internal procedures and regulations communicated to him.

 

		1.4.	Consultant shall perform the Services in a diligent, timely, faithful, responsible, competent and
trustworthy manner and with the highest degree of professionalism and in accordance with all applicable laws and regulations.

 

		1.5.	Without derogating from the Company’s responsibilities hereunder, any amendment to the scope
of the Services shall require the written consent of all of the parties hereto.

 

     

     

    

 

		2.	TERM AND TERMINATION

 

		2.1.	This Agreement shall become effective from the Effective Date and shall remain in force and effect
for a period of twelve (12) months from the Effective Date, and shall be automatically extended for additional twelve (12) month
periods thereafter, unless earlier terminated by the parties as set forth herein (the “Term”).

 

		2.2.	Either party hereto may terminate this Agreement:

 

		2.2.1.	immediately, upon the filing by any person of a petition for the winding-up or liquidation of any
other party or the appointment of a receiver over a majority of the assets of the other party, and such petition is not dismissed
within twenty one (21) days; or

 

		2.2.2.	immediately, in the event of any breach by the other party of any material term of this Agreement,
and such breach is not cured (if curable) within twenty one (21) days of delivery to the other party with a written notice of such
material breach; or

 

		2.2.3.	with prior written notice of thirty (30) days, for any reason.

 

		2.3.	In the event of any termination pursuant to Section ‎2.2, the Company shall reimburse Hadasit
for all costs and non-cancelable commitments incurred prior such termination with regard to the performance of any of Hadasit and/or
the Consultant obligations pursuant to this Agreement. Upon expiration or termination of this Agreement for any reason whatsoever,
Consultant shall assist in the transferring of the position, matters and documents under the Consultant’s supervision under
the Services to whomever the Company shall determine and return to Company any equipment and/or other property of the Company,
such as Company laptop.

 

		2.4.	Termination of this Agreement by either party shall not affect the rights and obligations of the
parties accrued prior to the effective date of the termination. The rights and obligations under Sections ‎2, ‎5, ‎6,
‎7, ‎8, 9, ‎11 and ‎13 will survive any termination or expiration of this Agreement.

 

		3.	CONSIDERATION FOR THE SERVICES

 

In consideration for the execution
of this Agreement and for the performance of the Services contemplated hereunder and in return for the Patents and Know-How (defined
thereafter), the Company will provide Hadasit with such compensation as is set forth on Schedule B hereto.

 

Method of Payment: Either via check, made out to “Hadasit
Medical Research Services and Development Ltd.”, or via a bank transfer to the following account:

Account name: Hadasit Medical Research Services &
Development Ltd.

Account No.: 561600 /82

Bank: Leumi Le’Israel

Main Branch Jerusalem No. 968

Branch Address: 1 Kiryat Mada, Har Hotzvim, Jerusalem
9777601

Interbank Swift Code (TID): LUMIILITXXX

IBAN: IL670109680000056160082

 

    2 

     

    

 

		4.	REPRESENTATION & WARRANTIES

 

		4.1.	Consultant hereby represents and warrants that:

 

		4.1.1.	The performance of the Services does not and will not breach or conflict with any other agreement
and/or undertaking to which Consultant is a party or by which Consultant is bound by.

 

		4.1.2.	He shall not to enter into any contractual relationship during the term of this Agreement which
might create a conflict of interest with Consultant's obligations hereunder unless notifying the Company in advance.

 

		4.1.3.	He shall not make any representations or give any guarantees on behalf of the Company, except as
expressly authorized so to do.

 

		4.1.4.	Save from receiving payment from Hadasit, the Consultant shall not receive any payment and/or benefit
from any third party, directly or indirectly in connection with rendering the Services to the Company.

 

		4.1.5.	He shall use the Company’s equipment and facilities only for the purpose of the Services.
The Consultant acknowledges that the Company is permitted to have access to any files and transmissions stored or held in the Company’s
computers and that such content is owned by the Company.

 

		4.1.6.	He shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate,
reveal, transfer or provide access to, or share with Company any confidential, proprietary or non-public information or intellectual
property relating to a current or former employer or any third party without the prior written permission of such third party.

 

		4.2.	During the period of the Services and for a period of twelve months (12) months following the expiration
or termination of this Agreement for any reason, the Consultant shall not directly (including, by any corporation, partnership
or other entity for which the Consultant directly or indirectly holds a shareholder or other ownership position greater than five
percent (5%)): (i) offer employment to, hire, engage or assist another in offering employment to, hiring or engaging (without regard
to whether it would be in competition with the Company’s business) a person who is or was an employee of the Company or solicit
the business of any such employee, in any such case without the prior written consent of the Company.

 

		5.	CONFIDENTIAL INFORMATION

 

		5.1.	For the purposes of this Agreement, “Confidential Information” shall mean any
and all non-public, proprietary or confidential information in whatever form, including, data, trade secrets, know-how, technical
and scientific information, databases, discoveries, conceptions, methods, processes, formulae, technology, innovations, business
plans and other intellectual property that is disclosed or provided on a confidential basis for the purpose of rendering the Services
to the Company in the Field to Hadasit and/or to the Consultant by the Company, whether in tangible or intangible form.

 

    3 

     

    

 

Notwithstanding the aforesaid,
Confidential Information shall not include:

 

		5.1.1.	information that is or becomes part of the public domain other than as a result of any breach of
any obligations of confidentiality towards the Company;

 

		5.1.2.	information made legitimately available to the Consultant by a third party without breach of any
confidentiality obligation; and

 

		5.1.3.	information that, as evidenced by written documentation, is independently known or developed by
the Consultant, Hadasit and/or HMO, or any of their respective employees, agents or contractors, without any recourse to or reliance
upon any Confidential Information.

 

		5.2.	All Confidential Information shall be maintain in strict confidence and shall not be used or disclosed
by the Consultant except in furtherance of this Agreement and the performance of the Services. Notwithstanding the aforesaid, in
the event that the disclosure of any Confidential Information is required under any law, court writ or the demand of any competent
authority, any such disclosure shall not be deemed a breach of this Agreement provided that prompt written notice of such demand
or requirement is given to the Company prior to the actual disclosure, disclose no more information than is so required, and cooperate
with any attempts by Company to obtain a protective order and/or confidential treatment.

 

		5.3.	Unless expressly authorized by the Company, Hadasit and the Consultant each agree to maintain the
confidentiality of all Confidential Information until the later to occur of:

 

		5.3.1.	the lapse of five (5) years from the Effective Date; or

 

		5.3.2.	the lapse of three (3) years from date of any termination of expiration of this Agreement.

 

		5.4.	Upon termination of Consultant’s employment with Company for any reason, Consultant shall
(x) cease and not thereafter commence use of any Confidential Information; (y) immediately destroy, delete or return
to Company, at Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans,
computer files, letters and other data) in Consultant’s possession or control (including any of the foregoing stored or located
in Consultant’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information,
except that Consultant may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential
Information; (z) notify and fully cooperate with Company regarding the delivery or destruction of any Confidential Information
in the possession of the Consultant.

 

    4 

     

    

 

		6.	INTELLECTUAL PROPRTY

 

		6.1.	Each party hereto retains all right, title and interest in any patent, patent application, trade
secret, know-how and other intellectual property that was owned by such party prior to the Effective Date, and no license grant
or assignment, express or implied, by estoppel or otherwise, is intended by, or shall be inferred from this Agreement.

 

		6.2.	Data, information and documents, memoranda, conceptions, reports, results, books, notes, records,
charts, formula, specifications, presentations, lists, drafts, patent applications and other documents as well as any inventions,
discoveries, improvements, materials, compounds, methods, procedures and formulations, products, compositions, processes, ideas,
conceptions, know-how, trade secrets, drawings, formulas, developmental or experimental work, research or clinical data, developments,
designs and/or techniques, whether or not capable of being patented or copyrighted, made, conceived, developed, or first reduced
to practice by the Consultant, either alone or jointly with others, in the Field that are as a result of rendering the Services
and/or in connection with the performance of the Services under this Agreement (collectively the “Patents and Know-How”)
shall be reported to Hadasit.

 

		6.3.	The inventors/contributors (among which is the Consultant) shall fill-in a Disclosure of Invention
from (known also as Invention Disclosure Form) in the format used by Hadasit and the Consultant share in the Patents and Know-How
shall be assigned to Hadasit. The Patents and Know-How that the Consultant has inventorship rights are listed in Schedule
C hereto and shall be updated from time to time (at least annually), and its updated list shall be annexed to this Agreement.

 

		6.4.	The Consultant and Hadasit hereby each assign all right, title and interest in and to the Patents
and Know-How to the Company, and undertake to cooperate with the Company and execute all documents, at Company's request, if and
to the extent needed to give full effect to the Company's ownership, on a world-wide basis, of the Patents and Know-How at Company’s
expense (but without special remuneration, provided that this Agreement has not been terminated or at an customary hourly rate
if this Agreement has been terminated).

 

		6.5.	An patent listed in Patents and Know-How listed Patents (in Schedule C) that the Company decides
not to further pay patent expenses for, for no matter reason, shall be counter-assigned to Hadasit.

 

		6.6.	The entire right and title in all inventions, discoveries, improvements or other technology, whether
patentable or not, and all patent applications or patents based thereon, made or conceived by the Consultant that are not part
of the Services shall be owned solely by Hadasit.

 

		7.	USE OF NANE

 

The Company shall not use the
names of Hadasit, HMO or the Consultant, without Hadasit’s prior written approval, all except for (x) references to scientific
publications which are already in the public domain;(y) regulatory applications or as requested by regulatory authorities; (z)
under law or applicable regulation; (v) investor presentations & communications, scientific posters and presentations referencing
that the Consultant is the Company's chief scientific officer and its affiliation with Hadassah, as long as this Agreement is not
terminated.

 

    5 

     

    

 

		8.	INDEMNIFICATION, LIMITED LIABILITIES

 

		8.1.	The Company shall defend, indemnify and hold harmless the Consultant, Hadasit, HMO and any of their
respective employees, agents or contractors (collectively, the “Indemnitees”), promptly upon their first
demand, from and against any loss, damage, liability and expense (including reasonable legal fees), with respect to any responsibility,
charges, damages derived from product liability claim which may result from the performance of the Services. Indemnification obligations
hereunder shall be proportionately reduced and shall not apply to the extent that any particular claim results from Indemnitee’s
(a) breach of this Agreement, or (b) negligence, recklessness or willful misconduct. Notwithstanding the aforesaid, the Company’s
indemnification obligations shall be subject to the Company being notified in writing as soon as practicable under the circumstances
of any complaint or claim potentially subject to indemnification.

 

		8.2.	Nothing contained in this Agreement shall be construed as a warranty by Hadasit and/or by the Consultant
that the results of the Services will be useful or commercially exploitable or of any value whatsoever. In addition, and without
derogating from the aforementioned, Hadasit and the Consultant disclaim all warranties, either express or implied, with respect
to the Services, including without limitation implied warranties of merchantability, efficacy and fitness for a particular purpose.
The entire risk arising out of the use of the results of the Services remains solely with the Company.

 

		8.3.	Without derogating from the above, if Hadasit or the Consultant are found liable (whether under
contract, tort (including negligence) or otherwise), the cumulative liability thereof for all claims whatsoever related to the
Services or otherwise arising out of this Agreement, shall not exceed the total consideration actually paid to Hadasit by the Company
pursuant to this Agreement.

 

		8.4.	Neither party shall be liable (whether under contract, tort (including negligence) or otherwise)
to the other party, or any third party for any indirect, incidental or consequential damages, including, without limitation, any
loss or damage to business earnings, lost profits or goodwill and lost or damaged data or documentation, suffered by any person,
arising from and/or related with and/or connected to this agreement even if such party is advised of the possibility of such damages.

 

The Consultant, Hadasit, AND
HMO hereby waive any right and claim to any additional compensation of any kind from the Company, other as specifically stated
in this Agreement

 

		9.	INDEPENDENT CONTRACTORS

 

Each party hereto is an independent
contractor and the relationship between the Company, Hadasit and the Consultant shall be that of client and independent contractor.
Hadasit shall be solely responsible for the payment of the salaries, social rights and any other rights that the Consultant may
be entitled to under any applicable law, including any deductions and allocations. Nothing contained herein shall be construed
as forming employee-employer relations between the Company and Hadasit’s and HMO’s employees, agents or contractors
(including the Consultant). It is agreed between the parties that in the event that, despite of this Section 9, a duly authorized
legal body or other authorized forum, orders the Company to grant the Consultant rights and privileges of an employee for the Services
rendered in accordance with this Agreement, the Consultant’s compensation/salary (including for all over-time hours, if relevant)
shall be 55% of the total compensation to which the Consultant is entitled pursuant to this Agreement commencing from execution
of this Agreement and the Consultant shall return to the Company the remaining 45% of the compensation paid to the Consultant.

 

    6 

     

    

 

		10.	ASSIGNMENTS

 

This Agreement, and the rights
and obligations hereunder, may not be assigned by any party hereto without the express written consent of the other parties, which
shall not be unreasonably withheld. Notwithstanding, the Company may assign its rights and obligations hereto to its successor
or by merger to a firm or corporation to which all or substantially all of the respective assets and business of the Company may
be sold or otherwise transferred.

 

		11.	APPLICABLE LAW

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of Israel. The competent courts in Jerusalem, Israel shall have exclusive
jurisdiction over any dispute that may arise with respect to this Agreement.

 

		12.	WAIVER

 

The rights and remedies of the
parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party in exercising any
right, power or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such
right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further
exercise of such right, power or privilege or the exercise of any other right, power or privilege.

 

		13.	SEVERABILITY

 

Whenever possible, each provision
of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of
this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent
of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
Without limiting the generality of the foregoing, if the scope of any provision contained in this Agreement is too broad to permit
enforcement to its full extent, but may be made enforceable by limitations thereon, such provision shall be enforced to the maximum
extent permitted by law, and the Consultant hereby agrees that such scope may be judicially modified accordingly.

 

		14.	ENTIRE AGREEMENT

 

This Agreement represents the
entire understanding of the parties with respect to the subject matter hereof, including any previous employment/consulting of
the Consultant by/to the Company. In the event of any inconsistency between this Agreement and any schedule hereto, the terms of
this Agreement shall govern. The invalidity or unenforceability of any term or provision of this Agreement shall not affect the
validity or enforceability of any other term or provision hereof. This Agreement may be amended only by a written document signed
by the parties hereto.

 

    7 

     

    

 

		15.	NOTICES

 

All notices or other communications
required or permitted to be made or given hereunder shall be deemed so made or given when hand-delivered or sent by confirmed facsimile,
or the day after delivery to a recognized overnight courier service guaranteeing next-day delivery, charges prepaid, and properly
addressed to such other party in accordance with the addresses as set forth in the preamble above or at such other address as may
be specified by each party hereto by written notice similarly sent or delivered.

 

		16.	COUNTERPARTS

 

This Agreement may be executed
in one or more counterparts, each of which shall be an original and all of which shall constitute together the same document.

  

[signatures appear on the following page]

 

    8 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the Effective Date.

 

	Hadasit
    Medical Research Services

    and Development Ltd.		

    Enlivex Therapeutics Ltd.
	 Name:
	Tamar
    Raz	 	 Name:
	Eyal
    Fima
	 Title:
	Chief
    Executive Officer	 	 Title:
	Chief
    Executive Officer
	 Signature: 
	/s/
    Tamar Raz	 	 Signature: 
	/s/
    Eyal Fima
	

    Prof. Dror Mevorach	 	 	 
	Signature:	/s/
    Dror Mevorach	 	 	 

 

    9 

     

    

 

Schedule A

 

The Services

 

During
the Term, the Consultant shall provide the following services in the Field to the Company (“Services”):

 

		1.	Serve as the Chief Scientific Officer of the Company and,
together with the CEO of the Company.

 

		2.	Supervise the research, medical and development activities
of the Company.

 

		3.	Assist in various operations of the Company, subject to
the direction and control of the Board of Directors of the Company;

 

		4.	Report to Company’s Board of Directors or to any
person designated by it with respect to all matters relating to the services hereunder, including monthly reports regarding these
performed.

 

    10 

     

    

 

Schedule B

 

Consideration

 

		A.	In consideration for the execution of this Agreement and simultaneously therewith, the Company
shall:

 

		1.	Cash Consideration

 

		i.	Upon execution of this Agreement, pay Hadasit the sum of $63,333.33 plus V.A.T for past unpaid Consultant's Services' institutional
overhead between April 2014 and until the Effective Date.

 

		ii.	pay to the Consultant an annual consulting fee of One Hundred and fifty Thousand U.S. Dollars ($150,000.00) plus V.A.T if applicable
(“Compensation”); payable in equal monthly instalments on the fifth of each month upon Hadasit providing the Company
with an invoice. Payments will be in Israeli Shekels (IS) according to the official IS-US$ exchange rate as published by the Bank
of Israel on the date of payment in (www.bankisrael.gov.il). Compensation will be divided between the Consultant and Hadasit in
a ratio of 5/6-1/6 (five sixths [eighty three point thirty three percent] to the Consultant and one sixth [sixteen point sixty
six percent] to Hadasit).

 

		2.	Consultancy Services Options

 grant the Consultant
and Hadasit an option to purchase 9,888,448 ordinary shares of the Company, which consist of 8,240,373 options granted to Consultant
on January 6th, 2015 and 1,648,075 options that will be granted to Hadasit on the Effective Date, this will conclude
the split between the Consultant and Hadasit in a ratio of 5/6-1/6 (five sixths to the Consultant and one sixth to Hadasit) (the “Consultant
Options”). The Consultant Options shall be fully vested and exercisable at a price per share of NIS [$0.13].

  

		3.	Reconciliation Options

grant the Consultant
and Hadasit an option to purchase 1,050,754 ordinary shares of the Company constituting one and a half percent (1.5%) of the
share capital of Company as of the date of grant, which consist of 630,345 options that will be granted to Consultant and
420,229 options that will be granted to Hadasit on the Effective Date, at a split between the Consultant and Hadasit in a
ratio of 40% to the Consultant and 60% to Hadasit a full consideration for the rights in the Patents and Know-How during the
period that no valid consulting agreement was in force. These Options shall be fully vested and exercisable at a price per
share of NIS [$0.13]

 

		B.	The Consultant will be reimbursed for out of pocket expenditures related to the performance of
the Services, subject to prior written approval of the Company. The Company will cover all reasonable costs of travel, local transportation,
stay (including meals) and hotel accommodation for each visit overseas of the Consultant as part of the provision of the Services
provided such expenses were agreed in advance in accordance with the reasonable standards and procedures established by the Company
and communicated to the Consultant. The travel related arrangements (such as decent hotel - at least 4 starts hotel from a worldwide
chain, bookings and flights) shall be arranged and paid by the Company, and be subject to the booking and overhead procedures of
HMO management.

  

    11 

     

    

 

Schedule C

 

Patents and Know How

 

Patents

 

		1.	US 8,617,561 IMMUNE DISEASE MEDICAMENT COMPRISING
A MODULATOR OF THE BINDING BETWEEN A HEPARIN BINDING DOMAIN OF THROMBOSPONDIN-1 AND A BETA1 INTEGRIN

		2.	P-77821 DISEASE THERAPY USING DYING OR DEAD
CELLS

		3.	P-77824 THERAPEUTIC APOPTOTIC CELL PREPARATIONS,
METHOD FOR PRODUCING SAME AND USES THEREOF

		4.	P-78621 THERAPEUTIC POOLED BLOOD APOPTOTIC
CELL PREPARATIONS AND USES THEREOF

 

Know how

 

		5.	Methods for manufacturing apoptotic cells from matched
and non-matched allogenic donor or pooled donors.

		6.	Methods for manufacturing apoptotic cells from autologous
(self) patient/subject.

		7.	Methods for in process and release testing of apoptotic
cells.

		8.	Methods of treating cancer with apoptotic cells or
apoptotic cell supernatant, either as a stand-alone treatment of as combination with other therapies

		9.	Methods of manufacturing apoptotic cell supernatant

 

 

12

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