Document:

Exhibit 10.1

 

EGS Comment 11/29

 

AMENDMENT AND RELEASE AGREEMENT

 

This AMENDMENT AND
RELEASE AGREEMENT (the “Agreement”), dated as of November 29, 2013, is by and between Recon Technology Ltd.,
a Cayman Islands exempted company (the “Company”), and each of the Buyers (as defined in the Purchase Agreement
(as defined below)).

 

RECITALS

 

A.On November 25,
2013, the Company and each of the Buyers entered into that certain Securities Purchase Agreement (the “Purchase Agreement”).
Capitalized terms used in this Agreement that are not otherwise defined herein have the meanings set forth in the Purchase Agreement.

 

B.In accordance
with Section 8(e) of the Purchase Agreement, the parties hereto desire to amend the Purchase Agreement and the form of Warrants
as contemplated by this Agreement.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each of the parties hereto hereby agree as follows:

 

1.Amendments.

 

(a)The
Schedule of Buyers attached to the Purchase Agreement is hereby deleted in its entirety and replaced with the Schedule of Buyers
attached hereto as Exhibit A.

 

(b)Section
1(b) of the form of Warrant is hereby deleted in its entirety and replaced with the following:

 

“(b)Exercise
Price. For purposes of this Warrant, “Exercise Price” means $5.38, subject to adjustment as provided herein.” 

 

 

    	 

    	 

    

 

2.Company Release.
The Company, on its own behalf and on behalf of its Subsidiaries and its and their respective officers, directors, affiliates,
investors and other related Persons (the Company and all of the foregoing Persons referred to above in this Section ‎2 are
referred to herein as “Company Releasors”), hereby irrevocably, fully and unconditionally releases and forever
discharges (x) each Buyer and (y) each of the present and former directors, officers, shareholders, members, managers, investment
managers, investment advisers, partners, employees, agents, advisors, consultants and representatives of each Buyer, (and any other
Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other
title) and each Person, if any, who controls each Buyer, within the meaning of the 1933 Act or the 1934 Act, and each of the present
and former directors, officers, shareholders, members, managers, investment managers, investment advisers, partners, employees,
agents, advisors, consultants and representatives (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding the lack of such title or any other title) of such controlling Persons and each of their direct and
indirect related Persons (each Buyer and all such other Persons referred to above in clause (y) in this Section ‎2 are referred
to herein collectively as the “Buyer Releasees”) from all claims, actions, obligations, causes of action, suits,
losses, omissions, damages, contingencies, judgments, fines, penalties, charges, costs (including, without limitation, court costs,
reasonable attorneys’ fees and costs of defense and investigation), expenses and liabilities, of every name and nature, whether
known or unknown, absolute or contingent, suspected or unsuspected, matured or unmatured, both at law and in equity, (collectively,
the “Claims”) which any Company Releasor may now own, hold, have or claim to have against any of the Buyer Releasees
for, upon, or by reason of any nature, cause, action or inaction or thing whatsoever which arises from the beginning of the world
to the date and time of this Agreement relating to the Company or any of its Subsidiaries (collectively, the “Company
Claims”). The Company, on behalf of itself and its successors, assigns and other legal representatives and all of the
other Company Releasors, covenants that it will not (and that it will cause all other Persons who may seek to claim as, by, through
or in relation to any of the Company Releasors or the matters released by the Company Releasors in this Agreement not to) sue any
of the Buyer Releasees on the basis of or related to or in connection with any Company Claim herein released and discharged, as
provided in this paragraph. Notwithstanding the foregoing, nothing contained in this paragraph shall release or relieve any obligations
of any Buyer under this Agreement, the Purchase Agreement or under any other Transaction Document to which it is a party.

 

3.Buyer Release.
Each Buyer, on its own behalf and on behalf of such Buyer’s officers and directors (or managers (as applicable), (and all
of the foregoing Persons of such Buyer referred to above in this Section ‎3 are referred to herein as “Buyer Releasors”),
hereby irrevocably, fully and unconditionally releases and forever discharges the Company and its present and former officers and
directors (the Company and its present and former officers and directors are referred to herein collectively as the “Company
Releasees”) from all Claims which such Buyer and its Buyer Releasors may now own, hold, have or claim to have against
any of the Company Releasees for, upon, or by reason of any nature, cause, action or inaction or thing whatsoever which arises
from the beginning of the world to the date and time of this Agreement relating to the Buyer (collectively, the “Buyer
Claims”). Each Buyer on behalf of itself and its successors, assigns and other legal representatives and each of its
Buyer Releasors, covenants that it will not (and that it will cause all other Persons who may seek to claim as, by, through or
in relation to such Buyer or its Buyer Releasors or the matters released by such Buyer in this Agreement not to) sue any of the
Company Releasees on the basis of or related to or in connection with any of such Buyer’s Buyer Claims herein released and
discharged, as provided in this paragraph. Notwithstanding the foregoing, nothing contained in this paragraph shall release or
relieve any obligations of the Company under this Agreement, the Purchase Agreement or any of the other Transaction Documents.

 

    	2

    	 

    

 

4.Entire Agreement;
Amendment and Waiver. This Agreement supersedes all other prior oral or written agreements between the parties hereto, their
affiliates and Persons acting on their respective behalf solely with respect to the matters contained herein, and this Agreement
contains the entire understanding of the parties solely with respect to the matters covered herein; provided, however, that the
Purchase Agreement and the other Transaction Documents shall continue in full force and effect, as amended by this Agreement. The
parties hereto make no representations or warranties to each other, express (except as contained in this Agreement) or implied,
and any and all prior representations and warranties made by any party hereto or its representatives, whether verbally or in writing,
are deemed to have been merged into this Agreement and the other written agreements contemplated hereby, it being intended that
no such prior representations or warranties shall survive the execution and delivery of this Agreement. The Purchase Agreement,
the other Transaction Documents and this Agreement shall be read and construed as a single agreement, and all references to the
Purchase Agreement and the other Transaction Documents shall hereafter refer to the Purchase Agreement or the other Transaction
Documents (as the case may be), as amended by this Agreement. No provision of this Agreement may be amended other than by an instrument
in writing signed by the parties hereto. No waiver shall be effective unless it is in writing and signed by an authorized representative
of the waiving party. This Agreement shall be a Transaction Documents for all purposes of all Transaction Documents.

 

5.Governing
Law. The parties hereby agree that pursuant to 735 Illinois Compiled Statutes 105/5-5 they have chosen that all questions concerning
the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State
of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois
or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Illinois.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Chicago, Illinois,
for the adjudication of any dispute hereunder or under any of the other Transaction Documents or in connection herewith or with
any transaction contemplated hereby or thereby or discussed herein or therein, and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall (i) limit,
or be deemed to limit, in any way any right to serve process in any manner permitted by law, (ii) operate, or shall be deemed to
operate, to preclude any Buyer from bringing suit or taking other legal action against the Company in any other jurisdiction to
collect on the Company’s obligations to such Buyer or to enforce a judgment or other court ruling in favor of such Buyer
or (iii) limit, or be deemed to limit, any provision of Section 13 of the Warrants. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER
TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY OR THEREBY.

 

    	3

    	 

    

 

6.Counterparts.
This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature
is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature
page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such signature page were an original thereof.

 

7.Severability.
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

8.Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns, including, as contemplated below, any assignee or transferee of any of the Securities. The Company shall not assign this
Agreement or any rights or obligations hereunder without the prior written consent of each of the Buyers (which may be granted
or withheld in each Buyer’s sole discretion), including, without limitation, by way of a Fundamental Transaction (as defined
in the Warrants) (unless the Company is in compliance with the applicable provisions governing Fundamental Transactions set forth
in the Warrants). A Buyer may assign some or all of its rights hereunder in connection with any assignment or transfer of any of
its Securities without the consent of the Company, in which event such assignee or transferee (as the case may be) shall be deemed
to be a Buyer hereunder with respect to such assigned rights.

 

9.Descriptive
Headings; Interpretation; No Third Party Beneficiaries. The headings of this Agreement are for convenience of reference and
shall not form part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun
herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,”
“includes,” “include” and words of like import shall be construed broadly as if followed by the words “without
limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer
to this entire Agreement instead of just the provision in which they are found. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against
any party. For clarification purposes, the Recitals are part of this Agreement and are all incorporated into this Agreement by
reference. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns,
and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

    	4

    	 

    

 

10.Disclosure
of this Agreement. The Company shall, on or before 8:30 a.m., New York time, on the date of this Agreement, file a Current
Report on Form 8-K describing all the material terms of this Agreement in the form required by the 1934 Act and attaching this
Agreement.

 

11.Prospectus
Supplement and Blue Sky. Immediately prior to execution of this Agreement, the Company shall have delivered, and as soon as
practicable after execution of this Agreement the Company shall file, a prospectus supplement with respect to the Securities as
required under, and in conformity with, the 1933 Act, including Rule 424(b) thereunder. Without limiting any other obligation of
the Company under any Transaction Document, the Company shall timely make all filings and reports relating to the offer and sale
of the Securities required under all applicable securities laws (including, without limitation, all applicable federal securities
laws and all applicable “Blue Sky” laws and including, without limitation, as a result of entering into this Agreement),
and the Company shall comply with all applicable foreign, federal, state and local laws, statutes, rules, regulations and the like
relating to the offering and sale of the Securities to the Buyers.

 

12.Independent
Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under this Agreement and the other Transaction
Documents are several and not joint with the obligations of any other Buyer, and no Buyer shall be responsible in any way for the
performance of the obligations of any other Buyer under this Agreement or any other Transaction Document. Nothing contained herein
or in any other Transaction Document, and no action taken by any Buyer pursuant hereto or thereto, shall be deemed to constitute
the Buyers as, and the Company acknowledges that the Buyers do not so constitute, a partnership, an association, a joint venture
or any other kind of group or entity, or create a presumption that the Buyers are in any way acting in concert or as a group or
entity with respect to such obligations or the transactions contemplated by this Agreement and the other Transaction Documents
or any matters, and the Company acknowledges that the Buyers are not acting in concert or as a group, and the Company shall not
assert any such claim, with respect to such obligations or the transactions contemplated by this Agreement or the other Transaction
Documents. The decision of each Buyer to purchase Securities pursuant to the Transaction Documents has been made by such Buyer
independently of any other Buyer. Each Buyer acknowledges that no other Buyer has acted as agent for such Buyer in connection with
such Buyer making its investment under the Transaction Documents and that no other Buyer will be acting as agent of such Buyer
in connection with monitoring such Buyer’s investment in the Securities or enforcing its rights under this Agreement or the
other Transaction Documents. The Company and each Buyer confirms that each Buyer has independently participated with the Company
in the negotiation of the transaction contemplated by this Agreement and the other Transaction Documents with the advice of its
own counsel and advisors. Each Buyer shall be entitled to independently protect and enforce its rights, including, without limitation,
the rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for any other
Buyer to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the purchase
and sale of the Securities contemplated by the Transaction Documents was solely in the control of the Company, not the action or
decision of any Buyer, and was done solely for the convenience of the Company and not because it was required or requested to do
so by any Buyer. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company and a Buyer, solely, and not between the Company and the Buyers collectively and not between and
among the Buyers.

 

[signature pages follow]

 

    	5

    	 

    

 

IN WITNESS WHEREOF,
Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written
above.

 

 

	 	COMPANY:
	 	 
	 	RECON TECHNOLOGY,
        LTD.
	 	 
	 	 
	 	By: 	/s/ Shenping Yin

	 
	 	 	Name:	Shenping Yin	 
	 	 	Title:	Chief Executive Officer	 
	 	 	 	 

  

 

    	 

    	 

    

IN WITNESS WHEREOF,
Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written
above.

 

	 	
        BUYER:

         

	 	
        CRANSHIRE CAPITAL MASTER FUND, LTD.

         

        By:Cranshire Capital Advisors, LLC

        Its:Investment Manager

	 	 	 
	 	 
	 	/s/ Keith Goodman	 
	 	By:Keith Goodman
	 	Its:Authorized Signatory
	 	 

 

 

    	 

    	 

    

IN WITNESS WHEREOF,
Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first
written above.  

 

	 	
        BUYER:

         

	 	
        EQUITEC SPECIALISTS, LLC

         

        By:Cranshire Capital Advisors, LLC

        Its:Investment Manager

	 	 	 
	 	 
	 	/s/ Keith Goodman	 
	 	By:Keith Goodman
	 	Its:Authorized Signatory
	 	 

 

 

 

 

 

    	 

    	 

    

Exhibit A

 

SCHEDULE OF BUYERS

 

	(1)	(2)	(3)	(4)	(5)	(6)
	
        Buyer
	
        Address,
Facsimile Number and E-mail Address
	
        Number
        of Common Shares
	
        Number
        of 

        Warrant Shares
	
        Purchase
        Price
	
        Legal
        Representative’s

        Address and Facsimile Number

	
         

         

        Cranshire Capital Master Fund, Ltd.

         
	
         

        c/o Cranshire Capital Advisors, LLC

        3100 Dundee Road, Suite 703

        Northbrook, Illinois 60062

        Attn: Mitchell P. Kopin

        Facsimile: (847) 562-9031

        E-mail: notices@cranshirecapital.com

         
	
         

        136,625
	
         

        40,987
	
         

        $587,487.50
	
        Greenberg Traurig, LLP

        77 W. Wacker Drive, Suite 3100

        Chicago, Illinois 60601

        Attention: Peter H. Lieberman

           Todd A. Mazur

        Facsimile: (312) 456-8435

        E-Mail: liebermanp@gtlaw.com

                      mazurt@gtlaw.com

        

        

	Equitec Specialists, LLC	
         

         

         

        c/o Cranshire Capital Advisors, LLC

        3100 Dundee Road, Suite 703

        Northbrook, Illinois 60062

        Attn: Mitchell P. Kopin

        Facsimile: (847) 562-9031

        E-mail: notices@cranshirecapital.com

         

         

         

         
	
         

         

         

         

        45,542
	
         

         

         

         

        13,663
	
         

         

         

         

        $195,830.60
	
        Greenberg Traurig, LLP

        77 W. Wacker Drive, Suite 3100

        Chicago, Illinois 60601

        Attention: Peter H. Lieberman

           Todd A. Mazur

        Facsimile: (312) 456-8435

        E-Mail: liebermanp@gtlaw.com

        mazurt@gtlaw.com

	Hudson Bay Master Fund, Ltd.	
         

         

         

        c/o Hudson Bay Capital Management LP

        777 Third Avenue, 30th Floor

        New York, New York 10017

        Attn: George Antonopoulos

        Facsimile: (212) 571-1279

        E-mail: investments@hudsonbaycapital.com

         
	
         

         

         

         

        182,167
	
         

         

         

         

        54,650
	
         

         

         

         

        $783,318.10
	
        Elected Not To Provide

         

	Tenor Opportunity Master Fund, Ltd.	
         

         

         

        1180 Ave. of Americas, Ste. 1940

        New York, New York 10036

        Attn: Waqas Khatri

        Facsimile: (212) 918-5301

        E-mail: wkhatri@tenorcapital.com

         
	
         

         

         

         

        182,166
	
         

         

         

         

        54,650
	
         

         

         

         

        $783,313.80
	
        Elected Not To ProvideExhibit 10.1

 

PERSONAL EMPLOYMENT AGREEMENT

 

THIS PERSONAL EMPLOYMENT AGREEMENT (the
"Agreement") is made and entered into this 26th day of November, 2013 (the “Effective Date”)
by and between LabStyle Innovation Ltd., a company incorporated under the laws of the State of Israel, with its offices
at Menahem Begin 7 Ramat Gan (the "Company"), and Gadi Levin (the "Employee").

 

WHEREAS, the Company wishes to employ
the Employee, and the Employee wishes to be employed by the Company, as of the Commencement Date (as such term is defined hereunder);
and

 

WHEREAS, the parties hereto desire
to state the terms and conditions of the Employee's employment by the Company, as set forth below.

 

NOW, THEREFORE, in consideration
of the mutual premises, covenants and other agreements contained herein, the parties hereby agree as follows:

 

General

 

1.           Position. The Employee shall
serve in the position described in Exhibit A attached hereto. In such position, the Employee shall report regularly
and shall be subject to the direction and control of the Company's management and specifically under the direction of the person
specified in Exhibit A. The Employee shall also serve as an officer of Company's parent company, LabStyle Innovations
Corp., a Delaware corporation (the "Parent") and, in such capacity, shall be subject to the direction and control
of the Parent’s management and board of directors. The Employee shall perform his duties diligently, conscientiously and
in furtherance of the Company's and Parent’s best interests. The Employee agrees and undertakes to inform the Company and
Parent immediately after becoming aware of any matter that may in any way raise a conflict of interest between the Employee and
the Company and/or Parent. During his employment by the Company, the Employee shall not receive any payment, compensation or benefit
from any third party in connection, directly or indirectly, with his position in the Company and/or Parent.

 

2.           Full Time Employment. The
Employee will be employed on a full time basis (i.e. 45 hours per work week). The Employee shall devote his entire business time
and attention to the business of the Company and Parent, and shall not undertake or accept any other paid or unpaid employment
or occupation or engage in any other business activity, except with the prior written consent of the Company (following approval
from the Parent). Notwithstanding the above, the Company hereby acknowledges and agrees that as of the signing date of this Agreement
that the Employee engaged in the consulting activities detailed in Exhibit A1 ("Permitted Existing External Activities").
The Employee hereby represents and undertakes that all of the conditions set in section 4 below are fully met with respect to the
Permitted Existing External Activities. Furthermore: (i) Employee shall not undertake any activities with respect to Permitted
Existing External Activities during the Company’s regular working hours; (ii) Employee shall dedicate no more than 5 hours
per month on the Permitted Existing External Activities; (iii) Employee shall not use any Company resources in connection with
any Permitted Existing External Activities and (iv) should there at any time be a conflict between the Employee’s time and
effort requirements on behalf of the Company and his time and effort requirements in respect of any Permitted Existing External
Activities, the Employee shall prioritize the requirements of the Company’s activities over those of the Permitted Existing
External Activities. The Employee’s weekly rest day shall be Saturday, unless otherwise determined by the Company in a notice
to the Employee.

 

3.           Location. The Employee shall
perform his duties hereunder at the Company's facilities in Israel, but he understands and agrees that his position may involve
significant domestic and international travel.

 

    	 

    	- 2 -

    

 

4.          Employee's Representations and
Warranties. The Employee represents and warrants that the execution and delivery of this Agreement and the fulfillment of its
terms: (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. Further, with respect to any past engagement of
the Employee with third parties and with respect to any Permitted Existing External Activities (for purposes hereof, such third
parties shall be referred to as "Other Employers"), the Employee represents, warrants and undertakes that: (a)
his engagement with the Company and/or Parent is, and/or will not, be in breach of any of his undertakings toward Other Employers,
and (b) he will not disclose to the Company and/or Parent, nor use, in provision of any services to the Company and/or Parent,
any proprietary or confidential information belonging to any Other Employer.

 

Term of Employment

 

5.          Term. The Employee's employment
by the Company shall commence on the date set forth in Exhibit A (the "Commencement Date"),
and shall continue until it is terminated pursuant to the terms set forth herein.

 

6.          Termination at Will. Either
party may terminate the employment relationship hereunder at any time, without the obligation to provide any reason or conduct
any prior hearing, by giving the other party a prior written notice as set forth in Exhibit A (the "Notice
Period"). Notwithstanding the Notice Period provided under Exhibit A, it is hereby agreed that, if, pursuant
to a decision of the Company's Board of Directors, the Company has reached the "zone of insolvency", then the Employee
shall be entitled to a Notice Period pursuant to the terms of applicable law. The Employee acknowledges and agrees that he has
been given ample opportunity to consider the aforesaid waiver and further acknowledges that the Salary (as defined in Section 10(b)
below) includes due consideration for such waiver. Notwithstanding the foregoing, the Company is entitled to terminate this Agreement
with immediate effect upon a written notice to Employee and to pay the Employee a one time amount equal to the Salary that would
have been paid to the Employee during the Notice Period, in lieu of such prior notice.

 

The Company and Employee
agree and acknowledge that the Company’s Severance Contribution to the Insurance Scheme in accordance with Section 11 below,
shall, provided contribution is made in full, be instead of severance payment to which the Employee (or his beneficiaries) is entitled
with respect to the Salary upon which such contributions were made and for the period in which they were made (the "Exempt
Salary"), pursuant to Section 14 of the Severance Pay Law 5713 – 1953 (the "Severance Law"). The
parties hereby adopt the General Approval of the Minister of Labor and Welfare, which is attached hereto as Exhibit C.
The Company hereby forfeits any right it may have in the reimbursement of sums paid by Company into the Insurance Scheme, except:
(i) in the event that Employee withdraws such sums from the Insurance Scheme, other than in the event of death, disability or retirement
at the age of 60 or more; or (ii) upon the occurrence of any of the events provided for in Sections 16 and 17 of the Severance
Law. Nothing in this Agreement shall derogate from the Employee’s rights to severance payment in accordance with the Severance
Law or agreement or applicable ministerial order including the General Approval of the Minister of Labor and Welfare, as set forth
in this Section 6, in the event contributions to the Insurance Scheme in accordance with Section 11 below have not been made in
full.

 

7.          Termination for Cause. The
Company may immediately terminate the employment of the Employee and this Agreement for Cause, and such termination shall be effective
as of the time of notice of the same. "Cause" means (a) conviction of any felony by the Employee affecting the
Company and/or Parent or any other subsidiary of the Parent or any crime involving fraud; (b) action taken by the Employee intentionally
to materially harm the Company and/or Parent; (c) embezzlement of funds of the Company or its affiliates (including, without limitation,
the Parent) by the Employee; (d) falsification of records or reports of Company and/or Parent or any other subsidiary of the Parent,
by the Employee; (e) ownership by the Employee, direct or indirect, of an interest in a person or entity (other than a minority
interest in a publicly traded company) in competition with the products or services of the Company and/or Parent or any other subsidiary
of the Parent, including those products or services contemplated in a plan adopted by the Board or its subsidiaries; (f) (i) any
material breach of the Employee's fiduciary duties or duties of care to the Company (except for conduct taken in good faith) or
(ii) a continuing material breach or material default (including, without limitation, any material dereliction of duty) by Employee
of the terms of this Agreement which, in either case, to the extent such breach is curable, has not been cured by Employee within
fifteen (15) days after its receipt of notice thereof from Company containing a description of the breach or breaches alleged to
have occurred; (g) any material breach of the Proprietary Information, Assignment of Inventions and Non-Competition Agreement attached
as Exhibit B by the Employee; and (i) any other act or omission that constitutes "cause" under the laws
of the State of Israel. In the event of termination for Cause, the Employee’s entitlement to severance pay will be subject
to Sections 16 and 17 of the Severance Law.

 

    	 

    	- 3 -

    

 

8.          Notice Period; End of Relations.
During the Notice Period and unless otherwise determined by the Company in a written notice to the Employee, the employment relationship
hereunder shall remain in full force and effect, the Employee shall be obligated to continue to discharge and perform all of his
duties and obligations with Company, and the Employee shall cooperate with the Company and assist the Company with the integration
into the Company of the person who will assume the Employee's responsibilities.

 

Covenants

 

9.             Proprietary Information; Assignment
of Inventions and Non-Competition. Upon the execution of this Agreement, the Employee will execute the Company's Proprietary
Information, Assignment of Inventions and Non-Competition Agreement attached hereto as Exhibit B. Exhibit B hereto
shall survive the expiration or other termination of this Agreement.

 

Special Agreement; Salary and Special
Compensation; Insurance

 

10.           (a) Special
Agreement. It is agreed between the parties hereto that this Agreement is a personal agreement, and that the position
the Employee is to hold within the Company is a senior position which requires a special measure of personal trust, as such terms
are defined in the Working Hours and Rest Law 5711 - 1951, as amended (the "Law"). The provisions of any collective
bargaining agreement which exist or shall exist do not, and will not, apply to the employment of the Employee, whether such agreement
was signed among the government, the General Federation of Labor and Employers organizations, or any of such parties, or whether
signed by others, in relation to the field or fields of the business of the Company or in relation to the position held by or the
profession of the Employee. In light of this relationship of trust, the provisions of the Law, or any other law which may apply,
will not apply to the performance by the Employee of his duties hereunder. Thus, the Employee may be required, from time to time
and according to the work load demanded of him, to work beyond the regular working hours and the Employee shall not be entitled
to any further compensation other than as specified in this Agreement and the Appendixes hereto.

 

(b) Salary. The Company
shall pay to the Employee as compensation for the employment services an aggregate base salary in the amount set forth in Exhibit
A (the "Salary"). In addition, the Company shall pay the Employee for any and all daily travel costs to
which he may be entitled under any applicable law. Except as specifically set forth herein, the Salary includes any and all payments
to which the Employee is entitled from the Company hereunder and under any applicable law, regulation or agreement. The Employee's
Salary and other terms of employment may be reviewed and updated by the Company's management, from time to time, at the Company's
discretion. The Salary is to be paid to the Employee no later than the 9th day of each calendar month after the month
for which the Salary is paid, after deduction of applicable taxes and like payments.

 

(c) Special
Compensation for Non-Competition Obligations. The Employee acknowledges that 20% of the Salary is paid as special supplementary
monthly compensation in consideration for the Employee's non-competition undertakings and obligations set forth in Exhibit
B hereto (the "Special Non-Competition Monthly Compensation"). The Employee acknowledges, warrants and
represents that the Special Non-Competition Monthly Compensation constitutes a real, appropriate and full consideration to any
prejudice he may suffer due to his non-competition undertakings and obligations set forth in Exhibit B hereto, including
but not limited to restriction of his freedom of employment.

 

 

    	 

    	- 4 -

    

 

11.         
Insurance and Social Benefits.
The Company will insure the Employee under a "Manager's Insurance Scheme" (the "Insurance Scheme") as
follows: (i) the Company will pay an amount equal to 5% (five percent) of the Salary towards a fund for life insurance and pension;
(ii) the Company will pay an amount of up to 2.5% (two percent and one half of a percent) of the Salary for a fund for the event
of loss of working ability ("Ovdan Kosher Avoda") provided however that in the event that the Company shall pay
less then 2.5% for "Ovdan Kosher Avoda", the balance (up to 2.5%) shall be paid as a benefit to the Employee; and (iii)
the Company will pay an amount equal to 8 1/3% (eight percent and one third of a percent) of the Salary towards a fund for severance
compensation (the "Company’s Severance Contribution"). Similarly, at the beginning of each month the Company
shall deduct from the Salary an amount equal to 5% of the Salary for the preceding month, and shall pay such amount as premium
payable in respect of the provident compensation component of the Insurance Scheme. Additionally, the Company together with the
Employee will maintain an advanced study fund ("Keren Hishtalmut") and the Employee and the Company shall contribute
to such fund an amount equal to 2.5% (two percent and one half of a percent) of the Salary and 7.5% (seven percent and one half
of a percent) of the Salary, respectively. All of the Employee's aforementioned contributions shall be transferred to the above
referred to plans and funds by the Company by deducting such amounts from each monthly Salary payment.

 

Additional Benefits

 

12.          
Expenses. The Company will
reimburse the Employee for reasonable and customary business expenses borne by the Employee in connection with the specific performance
of his duties hereunder, provided that such expenses were approved in advance by the Chief Executive Officer of the Company, and
against valid invoices therefore furnished by the Employee to the Company, all in accordance with the Company's policy as amended
from time to time. Included in these Expenses are (a) annual subscription to the South African institute of Chartered Accountants
(approximately US$500 per annum); and (b) CFO Forum in Israel (approximately NIS 3,750 per annum) all against proper receipts to
be provided by the Employee.

 

13.         
Vacation. The Employee shall
be entitled to the number of vacation days per year as set forth in Exhibit A, as coordinated with the Company (with
unused days to be accumulated up to the limit set pursuant to applicable law).

 

14.          
Sick Leave; Convalescence Pay.
The Employee shall be entitled to that number of paid sick leave per year as set forth in Exhibit A (with unused
days to be accumulated up to the limit set pursuant to applicable law), and also to Convalescence Pay ("Dmei Havra'a")
pursuant to applicable law.

 

15.         
Options.
The Company may, from time to time, at its sole discretion, grant the Employee options (the "Options") to purchase
shares of common stock of the Parent. The Options shall be subject to the terms of the Parent’s 2012 Equity Incentive Plan
and the 2012 Israeli Sub Plan thereto, as may be amended from time to time, or any successor plans, and an Option Agreement to
be executed between Parent and the Employee. The Employee acknowledges that he will be required to execute additional documents
in compliance with the applicable tax laws and/or other applicable laws.

 

    	 

    	- 5 -

    

 

16.         
Company Car. Commencing three
months after the Effective Date, and during the term of this Agreement the Company will provide the Employee with a car of make
and model pursuant to Company's car policy, as adopted, as may be amended from time to time by the Company (the "Car").
The Car shall belong to or be leased by the Company and shall be registered in the Company’s name for use by the Employee
during the period of his employment with the Company. The Car will be returned to the Company by the Employee immediately after
termination of the Employee's employment by the Company. Use by the Employee of the Car shall be made at all times only in accordance
with the provisions of the Company's Car policy, as may be amended from time to time by the Company. The Company shall bear all
the fixed and variable costs of the Car, including licenses, insurance, gasoline, regular maintenance and repairs. The Company
shall not, at any time, bear the costs of any tickets, traffic offense or fines of any kind and insurance self participation payment.
The Employee shall bear all the personal tax consequences of the allocation of a Car to his benefit. Any expenses, payments or
other benefits that are made in connection with the Car shall not be regarded as part of the Salary, for any purpose or matter,
and no social benefits or other payments shall be paid on its account. It is hereby agreed that the Employee may waive his right
to receive the Car in consideration for the receipt of additional salary in the amount determined by the Company. Should the Employee
elect not to receive the benefit of the Car, the Company will make an additional monthly payment to the Employee that shall equal
the equivalent “cost to company value” of the benefit of the Car.

 

17.         
Mobile Phone. During the
term of this Agreement the Company may provide the Employee with a Company mobile phone, for use in connection with Employee's
duties hereunder, pursuant to Company's policy, as adopted, as may be amended from time to time by the Company. The Company shall
bear all expenses relating to the Employee’s use and maintenance of the phone attributed to the Employee under this Section.

 

Miscellaneous

 

18.         
The laws of the State of Israel shall apply to this Agreement and the sole and exclusive place of jurisdiction in any matter
arising out of or in connection with this Agreement shall be the Tel-Aviv Regional Labor Court.

 

19.         
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).

 

20.         
No failure, delay or forbearance of either party in exercising any power or right hereunder shall in any way restrict or
diminish such party's rights and powers under this Agreement, or operate as a waiver of any breach or nonperformance by either
party of any terms or conditions hereof.

 

21.         
In the event it shall be determined under any applicable law that a certain provision set forth in this Agreement (or in
any exhibit hereto) is invalid or unenforceable, such determination shall not affect the remaining provisions of this Agreement,
unless the business purpose of this Agreement is substantially frustrated thereby. It is further agreed that if any one or more
of such provisions shall be judged to be void as going beyond what is reasonable in all of the circumstances for the protection
of the interests of the Company and/or Parent, but would be valid if part of the wording thereof were deleted or the period thereof
reduced or the range of activities covered thereby reduced in scope, then such provisions will be deemed modified and reformed
to the maximum limitations permitted by applicable law, the parties hereby acknowledging their desire that in such event such action
be taken. Any such modifications and reformations shall not thereby affect the validity of any other paragraph or provisions contained
in this Agreement or any exhibit hereto.

 

22.         
The preface and exhibits to this Agreement constitute an integral and indivisible part hereof.

 

23.         
This Agreement constitutes the entire understanding and agreement between the parties hereto, supersedes any and all prior
or contemporaneous discussions, agreements and correspondence with regard to the subject matter hereof, and may not be amended,
modified or supplemented in any respect, except by a subsequent writing executed by both parties hereto.

 

    	 

    	- 6 -

    

 

24.         
The Employee acknowledges and confirms that all terms of the Employee's employment are personal and confidential, and undertake
to keep such terms in confidence and refrain from disclosing such terms to any third party.

 

25.        
All references to applicable law are deemed to include all applicable and relevant laws and ordinances and all regulations
and orders promulgated there under, unless the context otherwise requires. The parties agree that this Agreement constitutes, among
others, notification in accordance with the Notice to Employees (Employment Terms) Law, 2002. Nothing in this Agreement shall derogate
from the Employee’s rights according to any applicable law, extension order, collective agreement or other agreement with
respect to the terms of Employee’s employment.

 

26.         
This Agreement or any exhibit hereto may be signed in counterparts and delivered by facsimile or other electronic transmission,
and each such counterpart shall be deemed an original and all of which shall together constitute one agreement.

 

IN WITNESS WHEREOF the parties hereto
have signed this Agreement as of the date first hereinabove set forth.

 

	/s/ Erez Raphael	 	/s/ Gadi Levin
	 	 	 
	LabStyle Innovation Ltd.	 	Gadi Levin
	By: Erez Raphael	 	 
	Title: President	 	 

 

    	 

    	- 7 -

    

 

Exhibit A

 

To the Personal Employment Agreement
by and between

LabStyle Innovation Ltd. and the Employee
whose name is set forth herein

 

	1.Name of Employee:	Gadi Levin
	2.I.D. No. of Employee:	[              ]
	3.Address of Employee:	[              ]
	4.Position in the Company:	Chief Financial Officer, Treasurer and Secretary
	5.Under the Direct Direction of:	Chief Executive Officer
	6.Commencement Date:	November 26, 2013
	7.Notice Period:	30 days 
	8.Salary:	NIS 34,000.  From three months after the Effective Date: NIS 37,000
	9.Vacation Days Per Year:	21 days
	10.Sick Leave Days Per Year:	Pursuant to applicable law

 

    	 

    	- 8 -

    

 

Exhibit A1

 

List of Permitted
Existing External Activities

 

		1.	Representative of Brownstone Ventures Inc.’s and Pinetree Capital Ltd.’s Israeli held
entities in the field of Tax and VAT in Israel (also holds signatory rights of the above companies).

 

		2.	CFO of Adira Energy Ltd

 

 

    	 

    	- 9 -

    

 

Exhibit B

 

To the Personal Employment Agreement
by and between

LabStyle Innovation Ltd. and the Employee
whose name is set forth herein

 

	
        Name of Employee:

         
	Gadi Levin
	
        I.D. No. of Employee:

         
	[            ]
	Date:	November 26, 2013 (the "Commencement Date")

 

General

 

		1.	Capitalized terms herein shall have the meanings ascribed
to them in the Agreement to which this Exhibit is attached (the "Agreement"). For purposes of any undertaking
of the Employee toward the Company, the term "Company" shall include the Parent and any subsidiaries and affiliates
of the Company or Parent. The Employee's obligations and representations and the Company's rights under this Exhibit shall apply
as of the Commencement Date, regardless of the date of execution of the Agreement.

 

Confidentiality; Proprietary Information

 

		2.	"Proprietary Information" means any
confidential and proprietary information concerning the business and financial activities of the Company, including, without limitation,
patents, patent applications, trademarks, copyrights and other intellectual property, and any information relating to the same,
technologies and products (actual or planned), know how, inventions, research and development activities, inventions, trade secrets
and industrial secrets, and also confidential commercial information such as that regarding or relating to financial results,
accounting policies, investments, investors, officers, directors, employees, customers, suppliers, commercial partners, marketing
plans, manufacturing plans and other plans and strategies, whether documentary, written, oral or computer generated. Proprietary
Information shall also include information of the same nature which the Company may obtain or receive from third parties.

 

		3.	Proprietary Information shall be deemed to include
any and all proprietary information disclosed by or on behalf of the Company and irrespective of form but excluding information
that (i) was known to Employee prior to Employee's association with the Company, as evidenced by written records; (ii) is or shall
become part of the public knowledge except as a result of the breach of the Agreement or this Exhibit by Employee; or (iii) data
generally known in the industries or trades in which the Company operates.

 

		4.	Employee recognizes that the Company received and
will receive confidential or proprietary information from third parties, subject to a duty on the Company's part to maintain the
confidentiality of such information and to use it only for certain limited purposes. In connection with such duties, such information
shall be deemed Proprietary Information hereunder, mutatis mutandis.

 

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

 

    	 

    	- 10 -

    

 

		6.	Upon termination of Employee's engagement with the
Company for any reason, Employee will promptly deliver to the Company all documents and materials of any nature pertaining to
Employee's engagement with the Company, and will not take with him any documents or materials or copies thereof containing any
Proprietary Information.

 

		7.	Employee's undertakings set forth in Section 1 through
Section 6 shall remain in full force and effect after termination of the Agreement or any renewal thereof.

 

Disclosure and Assignment of Inventions

 

		8.	"Inventions" means any and all inventions,
improvements, designs, concepts, techniques, methods, systems, processes, know how, computer software programs, databases, mask
works and trade secrets, whether or not patentable, copyrightable or protectable as trade secrets or otherwise; "Company
Inventions" means any Inventions that are made or conceived or first reduced to practice or created by Employee, whether
alone or jointly with others, during the period of Employee's engagement with the Company, and which are: (i) developed using
equipment, supplies, facilities or Proprietary Information of the Company, (ii) result from work performed by Employee for the
Company, or (iii) related to the field of business of the Company.

 

		9.	Employee hereby confirms that all rights that he may
have had at any time in any and all Company's Inventions, are and have been from inception works for hire and in the sole ownership
of the Company, including during the process of its incorporation. If ever any doubt shall arise as to the Company’s rights
or title in any Invention and it shall be asserted that the Employee, allegedly, is the owner of any such rights or title, then
Employee hereby irrevocably transfer and assign in whole to the Company without any further royalty or payment any and all rights,
title and interest in any and all Inventions. Employee has listed below in this Section 9 a complete list of all inventions to
which he claim ownerships (the "Prior Inventions") and that he desires to remove from the operation of this Agreement,
and acknowledges and agrees that such list is complete. If no such list is attached to this Agreement, Employee represents that
he has no such Inventions at the time of signing this Agreements. The Prior Inventions, if any, patented or unpatented, are excluded
from the scope of this Agreement. If, in the course of employment with the Company, Employee incorporates a Prior Invention into
a Company product, process or machine, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable,
perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use
and sell such Prior Invention. Notwithstanding the foregoing, Employee agrees that he will not incorporate, or permit to be incorporated,
Prior Inventions in any Company Inventions without the Company's prior written consent. Employee hereby represents and undertakes
that none of his previous employers or any entity with whom he was engaged, has any rights in the Inventions or Prior Inventions
and such employment with the Company will not grant any of them any right in the results of the Employee’s work.

 

    	 

    	- 11 -

    

 

Prior
Inventions: [fill-in, if any.]

 

 

	None.
	 	 

  

		10.	Employee undertakes and covenants he will promptly
disclose in confidence to the Company all Inventions that are or may be deemed as Company Inventions. The Employee agrees and
undertakes not to disclose to the Company any confidential information of any third party and, in the framework of his employment
by the Company, not to make any use of any intellectual property rights of any third party.

 

		11.	Employee hereby irrevocably transfers and assigns
to the Company (on a royalty-free, perpetual and worldwide basis) all patents, patent applications, copyrights, mask works, trade
secrets and other intellectual property rights in any Company Invention, and any and all moral rights that he may have in or with
respect to any Company Invention. For the removal of any doubt, it is hereby clarified that the provisions concerning assignment
of Inventions contained in Section 8 and this Section 11 will apply also to any "Service Inventions" as defined in the
Israeli Patent Law, 1967 (the "Patent Law"). However, in no event will such Service Invention become the
property of the Employee and the provisions contained in Section 132(b) of the Patent Law shall not apply unless the Company
provides in writing otherwise. The Employee will not be entitled to royalties or other payment with regard to any Prior Inventions,
Company Inventions, Service Inventions or any of the intellectual property rights set forth above, including any commercialization
of such Prior Inventions, Company Inventions, Service Inventions or other intellectual property rights. The Employee irrevocably
confirms that the consideration explicitly set forth in the employment agreement is in lieu of any rights for compensation that
may arise in connection with the Inventions under applicable law and the employee hereby expressly and irrevocably confirms that
the provisions contained in Section 134 of the Patent Law shall not apply and he waives any right to claim royalties or other
consideration with respect to any Invention.

 

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

 

Non-Competition

 

		13.	In consideration of Employee's terms of employment
hereunder, which include special compensation for his undertakings under this Section 13 and the following Section 14, and in
order to enable the Company to effectively protect its Proprietary Information, Employee agrees and undertakes that he will not,
so long as the Agreement is in effect and for a period of twelve (12) months following termination of the Agreement or Employee’s
association with the Company, for any reason whatsoever, directly or indirectly, in any capacity whatsoever, engage in, become
financially interested in, be employed by, or have any connection with any business or venture that is primarily engaged in any
activities competing with the activities of the Company. Employee hereby acknowledges and agrees that the Salary and social benefits
to which the Employee is or shall be entitled to, if any, as set forth in the Agreement, is set to a level which reflects adequate
compensation sufficient to reimburse prejudice, if any, including but not limited to any of Employee's legitimate rights and interests.
Employee further warrants and represents that the Special Non-Competition Monthly Compensation (as defined in the Agreement) constitutes
a real, appropriate and full consideration to any prejudice Employee may suffer due to his non-competition undertakings and obligations
set forth in this Exhibit, including but not limited to restriction of his freedom of employment.

 

    	 

    	- 12 -

    

 

		14.	Employee agrees and undertakes that during the employment
relationship and for a period of twelve (12) months following termination of the Agreement or Employee’s association with
the Company for whatever reason, Employee will not, directly or indirectly, including personally or in any business in which Employee
may be an officer, director or shareholder; (i) solicit for employment any person who is employed by the Company, or any person
retained by the Company as a consultant, advisor or the like who is subject to an undertaking towards the Company to refrain from
engagement in activities competing with the activities of the Company (for purposes hereof, a "Consultant"),
or was retained as an employee or a Consultant during the six months preceding termination of Employee's employment with the Company
or (ii) solicit for business, on behalf of any entity primarily engaged in any activities competing with the activities of the
Company, any customer or client of the Company that was a customer or client during the six months preceding termination of Employee's
employment with the Company.

 

Reasonableness of Protective Covenants

 

		15.	Insofar as the protective covenants set forth in this
Exhibit are concerned, Employee specifically acknowledges, stipulates and agrees as follows: (i) the protective covenants are
reasonable and necessary to protect the goodwill, property and Proprietary Information of the Company, and the operations and
business of the Company; and (ii) the time duration of the protective covenants is reasonable and necessary to protect the goodwill
and the operations and business of Company, and does not impose a greater restrain than is necessary to protect the goodwill or
other business interests of the Company. Nevertheless, if any of the restrictions set forth in this Exhibit is found by a court
having jurisdiction to be unreasonable or overly-broad as to geographic area, scope or time or to be otherwise unenforceable,
the parties hereto intend for the restrictions set forth in this Exhibit to be reformed, modified and redefined by such court
so as to be reasonable and enforceable and, as so modified by such court, to be fully enforced.

 

		16.	Employee hereby consents to the Company’s notification
of any third party, including any prospective or new employer of, Employee’s rights and/or obligations under this Agreement.

 

    	 

    	- 13 -

    

 

Remedies for Breach

 

		17.	Employee acknowledges that the legal remedies for
breach of the provisions of this Exhibit may be found inadequate and therefore agrees that, in addition to all of the remedies
available to Company in the event of a breach or a threatened breach of any of such provisions, the Company may also, in addition
to any other remedies which may be available under applicable law, obtain temporary, preliminary and permanent injunctions against
any and all such actions.

 

Intent of Parties

 

		18.	Employee recognizes and agrees: (i) that this Exhibit
is necessary and essential to protect the business of Company and to realize and derive all the benefits, rights and expectations
of conducting Company’s business; (ii) that the area and duration of the protective covenants contained herein are in all
things reasonable; and (iii) that good and valuable consideration exists under the Agreement, for Employee's agreement to be bound
by the provisions of this Exhibit.

 

		19.	It is expressly acknowledged and agreed that the Parent
is intended to be and shall be a third party beneficiary of this Exhibit and shall have the right to enforce this Exhibit against
the Employee.

 

IN WITNESS WHEREOF the Employee
has signed this Agreement as of the date first hereinabove set forth.

 

	/s/ Gadi Levin	 	 
	 	 	 
	Gadi
Levin	 	 

 

    	 

    	- 14 -

    

 

Exhibit C

 

GENERAL APPROVAL REGARDING PAYMENTS BY EMPLOYERS TO A PENSION FUND AND INSURANCE FUND IN LIEU OF SEVERANCE
PAYUNDER THE SEVERANCE PAY

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