Document:

Exhibit 10.2

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”),
dated as of [_____], 2022 , is entered into by and between Regentis Biomaterials Ltd., an Israeli company whose address is 12 Ha’ilan
Street, Northern Industrial Zone, P.O. Box 260 Or-Akiva 306000, Israel (the “Company”), and the undersigned Director
or Officer of the Company whose name appears on the signature page attached hereto (the “Indemnitee”).

 

	WHEREAS,	 	Indemnitee is an Office Holder (“Nosse Misra”), as such term is defined in the Companies Law, 5759—1999, as amended (the “Companies Law” and “Office Holder” respectively), of the Company;
	 	 	 
	WHEREAS,	 	both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against Office Holders of companies and that highly competent persons have become more reluctant to serve corporations as directors and officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to, and activities on behalf of, companies;
	 	 	 
	WHEREAS,	 	the Amended and Restated Articles of Association of the Company (the “Articles”) authorize the Company to indemnify and advance expenses to its Office Holders and provide for insurance and exculpation to its Office Holders, in each case, to the fullest extent permitted by applicable law, and this Agreement is provided to Indemnitee in accordance with applicable law, the Articles and all requisite corporate approvals;
	 	 	 
	WHEREAS,	 	the Company has determined that (i) the increased difficulty in attracting and retaining competent persons is detrimental to the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future, and (ii) it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law, so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;
	 	 	 
	WHEREAS,	 	the Company acknowledges that Indemnitee is relying on the obligations of the Company set forth in this Agreement in agreeing to serve the Company, which obligations are therefore irrevocable; and
	 	 	 
	WHEREAS	 	, in recognition of Indemnitee’s need for substantial protection against loss arising from the Indemnitee’s liability, including costs and expenses incurred by the Indemnitee due to his or her position as an Office Holder, in order to assure Indemnitee’s continued service to the Company in an effective manner and, in part, in order to provide Indemnitee with specific contractual assurance that the indemnification, insurance and exculpation afforded by the Articles will be available to Indemnitee, the Company wishes to undertake in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent permitted by applicable law and as set forth in this Agreement and provide for insurance and exculpation of Indemnitee as set forth in this Agreement.

 

     

     

    

 

NOW, THEREFORE, the parties hereto agree
as follows:

 

		1.	INDEMNIFICATION AND INSURANCE.

 

		1.1.	The Company hereby undertakes to indemnify Indemnitee to the fullest extent permitted by applicable law
and the Articles, as each may be amended from time to time, for any liability and expense specified in Sections 1.1.1 through 1.1.4 below,
imposed on Indemnitee due to or in connection with an act performed by such Indemnitee, either prior to or after the date hereof, in Indemnitee’s
capacity as an Office Holder, including, without limitation, as a director, officer, employee, agent, observer or fiduciary of the Company,
any subsidiary thereof or any other corporation, collaboration, partnership, joint venture, trust or other enterprise, in which Indemnitee
serves at any time at the request of the Company (the “Corporate Capacity”). The term “act performed in Indemnitee’s
capacity as an Office Holder” shall include, without limitation, any act, omission and failure to act and any other circumstances
relating to or arising from Indemnitee’s service in a Corporate Capacity. Notwithstanding the foregoing, in the event that the Office
Holder is the beneficiary of an indemnification undertaking provided by a subsidiary of the Company or any other entity, with respect
to his or her Corporate Capacity with such subsidiary or entity, then the indemnification obligations of the Company hereunder with respect
to such Corporate Capacity shall only apply to the extent that the indemnification by such subsidiary or other entity does not actually
fully cover the indemnifiable liabilities and expenses relating thereto. The following shall be hereinafter referred to as “Indemnifiable
Events”:

 

		1.1.1.	a financial liability imposed on Indemnitee in favor of another person by any court judgment, including
a judgment given as a result of a settlement or an arbitrator’s award which has been confirmed by a court in respect of an act performed
by the Indemnitee. For purposes of Section 1 of this Agreement, the term “person” shall include, without limitation,
a natural person, firm, partnership, joint venture, trust, company, corporation, limited liability entity, unincorporated organization,
estate, government, municipality, or any political, governmental, regulatory or similar agency or body;

 

		1.1.2.	reasonable Expenses (as defined below) expended by Indemnitee as a result of an investigation or proceeding
instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (1) no indictment
(as defined in the Companies Law) was filed against such Indemnitee as a result of such investigation or proceeding; and (2) no financial
liability in lieu of a criminal proceeding (as defined in the Companies Law) was imposed upon him or her as a result of such investigation
or proceeding or if such financial liability was imposed, it was imposed with respect to an offence that does not require proof of criminal
intent, or in connection with a financial sanction;

 

		1.1.3.	reasonable Expenses expended by Indemnitee or that were imposed on Indemnitee by a court in a proceeding
filed against the Indemnitee by the Company or in its name or by any other person or in a criminal charge in respect of which the Indemnitee
was acquitted or in a criminal charge in respect of which the Indemnitee was convicted for an offence that does not require proof of criminal
intent;

 

		1.1.4.	a financial liability imposed upon Indemnitee and reasonable Expenses expended by Indemnitee as a result
of an administrative proceeding instituted against Indemnitee. Without derogating from the generality of the foregoing, such liability
or Expense will include a payment which Indemnitee is obligated to make to an injured party as set forth in Section 52(54)(a)(1)(a) of
the Israeli Securities Law, 1968 — 5728 (the “Securities Law”) and Expenses that Indemnitee incurred in connection
with a proceeding under Chapters H’3, H’4 or I’1 of the Securities Law; and

 

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		1.1.5.	any other event, occurrence, matter or circumstance under any law with respect to which the Company may,
or will be able to, indemnify the Indemnitee (including, without limitation in accordance with Section 50P of the Israeli Economic Competition
Law, 5758-1988 (the “RTP Law”), if and to the extent applicable).

 

For the purpose of this Agreement,
“Expenses” shall include, without limitation, attorneys’ fees and all other costs, expenses and obligations paid
or incurred by Indemnitee in connection with investigating, defending, being a witness in or participating in (including on appeal), or
preparing to defend, be a witness in or participate in any claim, action, suit, proceeding, alternative dispute resolution mechanism,
hearing, inquiry or investigation relating to any matter for which indemnification hereunder may be provided, and costs and expenses paid
or incurred by Indemnitee in successfully enforcing this Agreement. Expenses shall be considered paid or incurred by Indemnitee at such
time as Indemnitee is required to pay or incur such cost or expenses, including upon receipt of an invoice or payment demand. The Company
shall pay the Expenses in accordance with the provisions of Section 1.3.

 

		1.2.	Notwithstanding anything herein to the contrary, the Company’s undertaking to indemnify the Indemnitee
in advance under Section 1.1.1 shall only be with respect to events described in Exhibit A hereto. The Board of Directors
of the Company (the “Board”) has determined that the categories of events listed in Exhibit A are likely
to occur in light of the operations of the Company. The maximum amount of indemnification payable by the Company under Section 1.1.1 of
this Agreement with respect to all persons with respect to whom the Company undertook to indemnify under agreements similar to this Agreement
(the “Indemnifiable Persons”), for all events described in Exhibit A shall be as set forth in Exhibit
A hereto (the “Limit Amount”). If the Limit Amount is insufficient to cover all the indemnity amounts payable
with respect to all Indemnifiable Persons, then such amount shall be allocated to such Indemnifiable Persons pro rata according to the
percentage of their culpability, as finally determined by a court in the relevant claim, or, absent such determination or in the event
such persons are parties to different claims, based on an equal pro rata allocation among such Indemnifiable Persons. The Limit Amount
payable by the Company as described in Exhibit A is deemed by the Company to be reasonable in light of the circumstances.
The indemnification provided under Section 1.1.1 herein shall not be subject to the limitations imposed by this Section 1.2 and Exhibit
A if and to the extent such limits are no longer required by the Companies Law.

 

		1.3.	If so requested by Indemnitee, and subject to the Company’s repayment and reimbursement rights set
forth in Sections 3 and 5 below, the Company shall pay amounts to cover Indemnitee’s Expenses with respect to which Indemnitee is
entitled to be indemnified under Section 1.1 above, as and when incurred. The payments of such amounts shall be made by the Company directly
to the Indemnitee’s legal and other advisors, as soon as practicable, but in any event no later than fifteen (15) days after written
demand by such Indemnitee therefor to the Company, and any such payment shall be deemed to constitute indemnification hereunder. All amounts
paid as indemnification hereunder shall be grossed up to cover any tax payment that Indemnitee may be required to make if the indemnification
payments are taxable, subject to the Limit Amount if required by applicable law. As part of the aforementioned undertaking, the Company
will make available to Indemnitee any security or guarantee that Indemnitee may be required to post in accordance with an interim decision
given by a court, governmental or administrative body, or an arbitrator, including for the purpose of substituting liens imposed on Indemnitee’s
assets.

 

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		1.4.	The Company’s obligation to indemnify Indemnitee and advance Expenses in accordance with this Agreement
shall be for such period as Indemnitee shall be subject to any actual, possible or threatened claim, action, suit, demand or proceeding
or any inquiry or investigation, whether civil, criminal or investigative, arising out of the Indemnitee’s service in the Corporate
Capacity as described in Section 1.1 above, whether or not Indemnitee is still serving in such position (the “Indemnification
Period).

 

		1.5.	The Company undertakes that, subject to the mandatory limitations under applicable law and the Articles,
as in effect from time to time, as long as it may be obligated to provide indemnification and advance Expenses under this Agreement, the
Company will purchase and maintain in effect directors’ and officers’ liability insurance, which will include coverage for
the benefit of the Indemnitee, providing coverage in amounts as reasonably determined by the Board; provided that, the Company shall have
no obligation to obtain or maintain directors and officers insurance policy if the Company determines in good faith that such insurance
is not reasonably available, the premium costs for such insurance are disproportionate to the amount of coverage provided, or the coverage
provided by such insurance is so limited by exclusions that it provides an insufficient benefit. The Company hereby undertakes to notify
the Indemnitee thirty (30) days prior to the expiration or termination of such directors’ and officers’ liability insurance.

 

		1.6.	The Company undertakes to give prompt written notice of the commencement of any claim hereunder to the
insurers in accordance with the procedures set forth in each of the policies. The Company shall thereafter diligently take all actions
reasonably necessary under the circumstances to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of
such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. The above shall not derogate from
Company’s authority to freely negotiate or reach any compromise with the insurer which is reasonable at the Company’s sole
discretion provided that the Company shall act in good faith and in a diligent manner.
	 	 	 

		1.7.	In making a determination with respect to entitlement to indemnification hereunder, the person or persons
or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has
requested it, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination
contrary to that presumption.

 

		2.	SPECIFIC LIMITATIONS ON INDEMNIFICATION.

 

Notwithstanding anything to the contrary
in this Agreement, the Company shall not indemnify or advance Expenses to Indemnitee with respect to (i) any act, event or circumstance
with respect to which it is prohibited to do so under applicable law, or (ii) a counter claim made by the Company or in its name in connection
with a claim against the Company filed by the Indemnitee.

 

		3.	REPAYMENT OF EXPENSES.

 

		3.1.	In the event that the Company provides or is required to provide indemnification with respect to Expenses
hereunder and at any time thereafter the Company determines, based on advice from its legal counsel, that the Indemnitee was not entitled
to such payments, the amounts so indemnified by the Company will be promptly repaid by Indemnitee, unless the Indemnitee disputes the
Company’s determination, in which case the Indemnitee’s obligation to repay to the Company shall be postponed until such dispute
is resolved by a court of competent jurisdiction in a final and non-appealable order.

 

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		3.2.	Indemnitee’s obligation to repay the Company for any Expenses or other sums paid hereunder shall
be deemed as a loan given to Indemnitee by the Company subject to the minimum interest rate prescribed by Section 3(9) of the Income Tax
Ordinance [New Version], 1961, or any other legislation replacing it, which is not considered a taxable benefit.

 

		4.	SUBROGATION.

 

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

 

		5.	REIMBURSEMENT.

 

The Company shall not be liable under
this Agreement to make any payment in connection with any Indemnifiable Event to the extent Indemnitee has otherwise actually received
payment under any insurance policy or otherwise (without any obligation of Indemnitee to repay any such amount) of the amounts otherwise
indemnifiable hereunder. Any amounts paid to Indemnitee under such insurance policy or otherwise after the Company has indemnified Indemnitee
for such liability or Expense shall be repaid to the Company as soon as practical upon receipt by Indemnitee, in accordance with the terms
set forth in Section 3.2.

 

The Company hereby acknowledges that
the Indemnitee has now or may have in the future certain rights to indemnification, advancement of expenses and/or insurance provided
by third parties (the “Third Party Indemnitor”), and the Company hereby agrees (i) that the Company is the indemnitor
of first resort (i.e., its obligations to the Indemnitee are primary and any obligation of any Third Party Indemnitor to advance expenses
or to provide indemnification for the same expenses or liabilities incurred by the Indemnitee are secondary), (ii) it shall be required
to advance the full amount of expenses incurred by the Indemnitee and shall be liable for the full amount of all expenses, judgments,
penalties, fines and amounts paid in settlement to the fullest extent legally permitted and as required by the terms of this Agreement
and/or the Articles (or any other agreement between the Company and the Indemnitee), without regard to any rights the Indemnitee may have
against the Third Party Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases any Third Party Indemnitor from any
and all claims against any Third Party Indemnitor for contribution, subrogation or any other recovery of any kind of respect of the subject
matters of this Agreement. Without altering or expanding any of the Company’s indemnification obligations hereunder, the Company
further agrees that no advancement or payment by any Third Party Indemnitor on the Indemnitee’s behalf with respect to any claim
for which Indemnitee has sought indemnification from the Company shall affect the foregoing and any Third Party Indemnitor shall have
a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Indemnitee
against the Company. The Company and the Indemnitee agree that the Third Party Indemnitors are express third party beneficiaries of the
terms of this Section 5.

 

		6.	EFFECTIVENESS.

 

The Company represents and warrants
that this Agreement is valid, binding and enforceable in accordance with its terms and was duly adopted and approved by the Company, and
shall be in full force and effect immediately upon its execution and shall continue to be in full force for the duration of the Indemnification
Period.

 

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		7.	NOTIFICATION AND DEFENSE OF CLAIM.

 

Indemnitee shall notify the Company
of the commencement of any action, suit or proceeding, and of the receipt of any notice or threat that any such legal proceeding has been
or shall or may be initiated against Indemnitee (including any proceedings by or against the Company and any subsidiary thereof), promptly
upon Indemnitee first becoming so aware; but the omission to so notify the Company will not relieve the Company from any liability which
it may have to Indemnitee under this Agreement unless and to the extent that such failure to provide notice materially and adversely impacts
the Company’s ability to defend such action. Notice to the Company shall be directed to the Chief Executive Officer or Chief Financial
Officer of the Company at the address shown in the preamble to this Agreement (or such other address as the Company shall designate in
writing to Indemnitee). With respect to any such action, suit or proceeding as to which Indemnitee notifies the Company of the commencement
thereof and without derogating from Sections 1.1 and 2:

 

		7.1.	The Company will be entitled to participate therein at its own expense.

 

		7.2.	Except as otherwise provided below, the Company, alone or jointly with any other indemnifying party similarly
notified, will be entitled to assume the defense thereof, with counsel selected by the Company. Indemnitee shall have the right to employ
his or her own counsel in such action, suit or proceeding, but the fees and expenses of such counsel incurred after notice from the Company
of its assumption of the defense thereof shall be at the expense of Indemnitee, unless: (i) the employment of counsel by Indemnitee has
been authorized in writing by the Company; (ii) the Company shall have, in good faith, reasonably concluded that there may be a conflict
of interest under the law and rules of attorney professional conduct applicable to such claim between the Company and Indemnitee in the
conduct of the defense of such action; or (iii) the Company has not in fact employed counsel to assume the defense of such action within
reasonable time, in which cases the reasonable fees and expenses of Indemnitee’s counsel shall be at the expense of the Company.
The Company shall not be entitled to assume the defense of any action, suit or proceeding brought by or on behalf of the Company or as
to which the Company shall have reached the conclusion specified in (ii) above.

 

		7.3.	The Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts or expenses
paid in connection with a settlement of any action, claim or otherwise, effected without the Company’s prior written consent.

 

		7.4.	The Company shall have the right to conduct the defense as it sees fit in its sole discretion (provided
that the Company shall conduct the defense in good faith and in a diligent manner and that the Company and its counsel shall keep the
Indemnitee reasonably notified on a regular basis of all events in the action), including the right to settle or compromise any claim
or to consent to the entry of any judgment against Indemnitee without the consent of the Indemnitee, provided that, the amount of such
settlement, compromise or judgment does not exceed the Limit Amount (if applicable) and is fully indemnifiable pursuant to this Agreement
(subject to Section 1.2 of this Agreement) and/or applicable law, and any such settlement, compromise or judgment does not impose any
penalty or limitation on Indemnitee without the Indemnitee’s prior written consent. The Indemnitee’s consent shall not be
required if the settlement includes a complete release of Indemnitee, does not contain any admission of wrong-doing by Indemnitee, and
includes monetary sanctions only as provided above. In the case of criminal proceedings, the Company and/or its legal counsel will not
have the right to plead guilty or agree to a plea-bargain in the Indemnitee’s name without the Indemnitee’s prior written
consent. Neither the Company nor Indemnitee will unreasonably withhold or delay its consent to any proposed settlement.

 

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		7.5.	Indemnitee shall fully cooperate with the Company and shall give the Company all information and access
to documents, files and to his or her advisors and representatives as shall be within Indemnitee’s power, in every reasonable way
as may be required by the Company with respect to any claim that is the subject matter of this Agreement and in the defense of other claims
asserted against the Company (other than claims asserted by Indemnitee), provided that the Company shall cover all expenses, costs and
fees incidental thereto such that the Indemnitee will not be required to pay or bear such expenses, costs and fees.

 

		8.	EXCULPATION.

 

Subject to the provisions of the Companies
Law, the Company hereby releases, in advance, the Office Holder from liability to the Company for any damage that arises from the breach
of the Office Holder’s duty of care to the Company (within the meaning of such terms under Sections 252 and 253 of the Companies
Law), other than breach of the duty of care towards the Company in a distribution (as such term is defined in the Companies Law).

 

		9.	NON-EXCLUSIVITY.

 

The rights of the Indemnitee hereunder
shall not be deemed exclusive of any other rights Indemnitee may have under the Articles, applicable law or otherwise, and to the extent
that during the Indemnification Period the indemnification rights of the then serving Indemnitees are more favorable to such Indemnitees
than the indemnification rights provided under this Agreement, Indemnitee shall be entitled to the full benefits of such more favorable
indemnification rights to the extent permitted by law.

 

		10.	PARTIAL INDEMNIFICATION.

 

If Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines or penalties actually
or reasonably incurred by Indemnitee in connection with any proceedings, but not, however, for the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion of such Expenses, judgments, fines or penalties to which Indemnitee is entitled under
any provision of this Agreement. Subject to the provisions of Section 5 above, any amount received by Indemnitee (under any insurance
policy or otherwise) shall not reduce the Limit Amount hereunder and shall not derogate from the Company’s obligation to indemnify
the Indemnitee in accordance with the provisions of this Agreement up to the Limit Amount, as set forth in Section 1.2.

 

		11.	BINDING EFFECT.

 

This Agreement shall be binding upon
and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns and their respective
heirs, personal representatives, executors and administrators. In the event of a merger or consolidation of the Company or a transfer
or disposition of all or substantially all of the business or assets of the Company, the Indemnitee shall be entitled to the same indemnification
and insurance provisions as the most favorable indemnification and insurance provisions afforded to the then-serving Office Holders of
the Company. In the event that in connection with such transaction the Company purchases a directors and officers’ “tail”
or “run-off” policy for the benefit of its then serving Office Holders, then such policy shall cover Indemnitee and such coverage
shall be deemed to be in satisfaction of the insurance requirements under this Agreement. This Agreement shall continue in effect during
the Indemnification Period regardless of whether Indemnitee continues to serve in a Corporate Capacity.

 

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Any amendment to the Companies Law,
the Israeli Securities Law, the RTP Law or other applicable law adversely affecting the right of the Indemnitee to be indemnified, insured
or released pursuant hereto shall be prospective in effect, and shall not affect the Company’s obligation or ability to indemnify
or insure the Indemnitee for any act or omission occurring prior to such amendment, unless otherwise provided by applicable law.

 

		12.	SEVERABILITY.

 

The provisions of this Agreement shall
be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof. If any provision of this Agreement, or the application thereof or any circumstance, is invalid or unenforceable, (i)
a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent
and purpose of such invalid or unenforceable provision and (ii) the remainder of this Agreement and the application of such provision
or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

 

		13.	NOTICE.

 

All notices and other communications
pursuant to this Agreement shall be in writing and shall be deemed provided if delivered personally, telecopied, sent by electronic facsimile,
email, reputable overnight courier or mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties
at the addresses shown in the preamble to this Agreement, or to such other address as the party to whom notice is to be given may have
furnished to the other party hereto in writing in accordance herewith. Any such notice or communication shall be deemed to have been delivered
and received (i) in the case of personal delivery, on the date of such delivery, (ii) in the case of telecopier or an electronic facsimile
or email, one business day after the date of transmission if confirmation of receipt is received, (iii) in the case of a reputable overnight
courier, three business days after deposit with such reputable overnight courier service, and (iv) in the case of mailing, on the seventh
business day following that on which the mail containing such communication is posted.

 

		14.	GOVERNING LAW; JURISDICTION.

 

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

 

		15.	ENTIRE AGREEMENT AND TERMINATION.

 

This Agreement represents the entire
agreement between the parties and supersedes any other agreements, contracts or understandings between the parties, whether written or
oral, with respect to the subject matter of this Agreement. For the avoidance of doubt, it is hereby clarified that nothing contained
herein derogates from the Company’s right in its sole discretion, subject to applicable law and the Articles, to indemnify Indemnitee
post factum for any amounts the Indemnitee may be obligated to pay.

 

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		16.	NO MODIFICATION AND NO WAIVER.

 

No supplement, modification or amendment,
termination or cancellation of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver. Any waiver shall be in writing. The Company hereby undertakes not to amend its Articles
in a manner that will adversely affect the provisions of this Agreement.

 

		17.	ASSIGNMENTS; NO THIRD PARTY RIGHTS.

 

Neither party hereto may assign any
of its rights or obligations hereunder except with the express prior written consent of the other party. Nothing herein shall be deemed
to create or imply an obligation for the benefit of a third party, except as set forth in Section 5. Without limitation of the foregoing,
nothing herein shall be deemed to create any right of any insurer that provides directors’ and officers’ liability insurance,
to claim, on behalf of Indemnitee, any rights hereunder.

 

		18.	INTERPRETATION; DEFINITIONS.

 

The obligations of the Company as
provided hereunder shall be interpreted broadly and in a manner that shall facilitate its execution, to the extent permitted by law, and
for the purposes for which it was intended.

 

Unless the context shall otherwise
require: words in the singular shall also include the plural, and vice versa; any pronoun shall include the corresponding masculine, feminine
and neuter forms; the words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”; the words “herein”, “hereof” and “hereunder” and words
of similar import refer to this Agreement in its entirety and not to any part hereof; all references herein to Sections or clauses shall
be deemed references to Sections or clauses of this Agreement; any references to any agreement or other instrument or law, statute or
regulation are to it as amended, supplemented or restated, from time to time (and, in the case of any law, to any successor provisions
or re-enactment or modification thereof being in force at the time); any reference to “law” shall include any supranational,
national, federal, state, local, or foreign statute or law and all rules and regulations promulgated thereunder; any reference to a “day”
or a number of “days” (without any explicit reference otherwise, such as to business days) shall be interpreted as a reference
to a calendar day or number of calendar days; reference to month or year means according to the Gregorian calendar; reference to a “company”,
“corporate body” or “entity” shall include a, partnership, firm, company, corporation, limited liability company,
association, joint venture, trust, unincorporated organization, estate, or a government municipality or any political, governmental, regulatory
or similar agency or body, and reference to a “person” shall mean any of the foregoing or a natural person.

 

		19.	COUNTERPARTS.

 

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

 

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

 

	Regentis Biomaterials Ltd.	 
	 	 
	By:	 	 
	 	 	 
	Name and title:	 	 

 

	Indemnitee:	 
	 	 
	Name:	 	 
	 	 	 
	Signature:	 	 
	 	 	 
	Address:	 	 

=

 

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EXHIBIT A*

 

	 	CATEGORY OF INDEMNIFIABLE EVENT	 	LIMIT AMOUNT PER EACH

SPECIFIC EVENT WITHIN

THIS CATEGORY OF EVENTS
	 	 	 	 
	1.	Claims in connection with employment relationships with and/or by employees or consultants of the Company, and in connection with business relations between the Company and its employees, independent contractors, customers, suppliers, partners and various service providers.	 	the greater of (i) an amount equal to 25% of our shareholders’ equity on a consolidated basis, based on our most recent financial statements made publicly available before the date on which the indemnity payment is made, and (ii) $40 million (the “Maximum Amount”).
	 	 	 	 
	2.	Negotiations, execution, delivery and performance of agreements of any kind or nature, anti-competitive acts, acts of commercial wrongdoing, approval of corporate actions including the approval of and recommendation or information provided to shareholders with respect to corporate actions, the approval of the acts of the Company’s management, their guidance and their supervision, actions concerning the approval of transactions with Office Holders or shareholders, including controlling persons, actions pursuant to or in accordance with the policies and procedures of the Company (whether or not such policies and procedures are published) and claims of failure to exercise business judgment and a reasonable level of proficiency, expertise and care or any other applicable standard with respect to the Company’s business.	 	The Maximum Amount
	 	 	 	 
	3.	Violation, infringement, misappropriation, dilution and other misuse of copyrights, patents, designs, trade secrets and any other intellectual property rights, acts in connection with the registration, assertion or protection of rights to intellectual property and the defense of claims related to intellectual property, breach of confidentiality obligations, acts in regard of invasion of privacy including with respect to databases or personal information, acts in connection with slander and defamation, and claims in connection with publishing or providing any information, including any filings with any governmental authorities, whether or not required under any applicable laws.	 	The Maximum Amount

 

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	4.	Violations of securities laws of any jurisdiction, including without limitation, claims under the U.S. Securities Act of 1933, as amended from time to time, or the U.S. Exchange Act of 1934, as amended from time to time, or under the Israeli Securities Law, as amended from time to time, fraudulent disclosure claims, failure to comply with any securities authority or any stock exchange disclosure or other rules and any other claims relating to relationships with investors, debt holders, shareholders, holders of any other equity or debt instrument of the Company and the investment community and any claims related to the Sarbanes-Oxley Act of 2002, as amended from time to time; claims relating to or arising out of financing arrangements, any breach of financial covenants or other obligations towards lenders or debt holders of the Company, class actions, violations of laws requiring the Company to obtain regulatory and governmental licenses, permits and authorizations in any jurisdiction; actions taken in connection with the issuance, purchase, holding or disposition of any type of securities of Company, including, without limitation, the grant of options, warrants or other rights to purchase any of the same or any offering of the Company’s securities to private investors or to the public, and listing of such securities, or the offer by the Company to purchase securities from the public or from private investors or other holders, and any undertakings, representations, warranties and other obligations related to any such offering, listing or offer or to the Company’s status as a public company or as an issuer of securities.	 	The Maximum Amount

 

	5.	Liabilities arising in connection with development of any products or services developed, distributed, rendered, sold, provided, licensed or marketed by the Company, and any actions or omission in connection with the distribution, provision, sale, marketing, license or use of such products or services, including without limitation in connection with professional liability and product liability claims.	 	The Maximum Amount
	 	 	 	 
	6.	The offering of securities by the Company to the public, including the offering of securities by a shareholder in connection with a secondary offering.	 	The gross proceeds raised by the Company and/or any selling shareholder in such public offering
	 	 	 	 
	7.	The offering of securities by the Company to private investors or the offer by the Company to purchase securities from the public and/or from private investors or other holders pursuant to a prospectus, agreements, notices, reports, tenders and/or other proceedings.	 	The Maximum Amount
	 	 	 	 
	8.	Events in connection with change in ownership or in the structure of the Company, its reorganization, dissolution, winding up, any other arrangements concerning creditors rights or any decision concerning any of the foregoing, including but not limited to, merger, sale or acquisition of assets, division, spin off, divestiture, change in capital.	 	The Maximum Amount
	 	 	 	 
	9.	Any claim or demand made in connection with any transaction not in the ordinary course of business of the Company, including the sale, lease or purchase of, or the receipt or any grant of any rights with respect to, any assets or business.	 	The Maximum Amount

 

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	10.	Any claim or demand made by any third party suffering any personal injury and/or bodily injury or damage to business or personal property or any other type of damage through any act or omission attributed to the Company, or its employees, agents or other persons acting or allegedly acting on its behalf, including, without limitation, failure to make proper safety arrangements for the Company or its employees and liabilities arising from any accidental or continuous damage or harm to the Company’s employees, its contractors, its guests and visitors as a result of an accidental or continuous event, or employment conditions, permanent or temporary, in the Company’s offices.	 	The Maximum Amount
	 	 	 	 
	11.	Any claim or demand made directly or indirectly in connection with complete or partial failure, by the Company or its directors, officers and employees, to pay, report, keep applicable records or otherwise, of any foreign, federal, state, county, local, municipal or city taxes or other compulsory payments of any nature whatsoever, including, without limitation, income, sales, use, transfer, excise, value added, registration, severance, stamp, occupation, customs, duties, real property, personal property, capital stock, social security, unemployment, disability, payroll or employee withholding or other withholding, including any interest, penalty or addition thereto, whether disputed or not.v	 	The Maximum Amount

 

	12.	Any administrative, regulatory or judicial actions, orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of noncompliance or violation by any governmental entity or other person alleging the failure to comply with any statute, law, ordinance, rule, regulation, order or decree of any governmental entity applicable to the Company or any of its businesses, assets or operations, or the terms and conditions of any operating certificate or licensing agreement.	 	The Maximum Amount
	 	 	 	 
	13.	Participation and/or non-participation at the Company’s Board meetings, bona fide expression of opinion and/or voting and/or abstention from voting at the Company’s Board meetings, including, in each case, any committee thereof.	 	The Maximum Amount
	 	 	 	 
	14.	Review and approval of the Company’s financial statements and any specific items or matters within, including any action, consent or approval related to or arising from the foregoing, including, without limitations, execution of certificates for the benefit of third parties related to the financial statements.	 	The Maximum Amount
	 	 	 	 
	15.	Violation of laws, rules or regulations requiring the Company to obtain regulatory and governmental licenses, permits and authorizations (including without limitation relating to export, import, encryption, antitrust or competition authorities) or laws related to any governmental grants in any jurisdiction.	 	The Maximum Amount
	 	 	 	 
	16.	Resolutions and/or actions relating to investments in the Company and/or its subsidiaries and/or affiliated companies and/or the purchase and sale of assets, including the purchase or sale of companies and/or businesses, and/or investment in corporate or other entities and/or investments in traded securities and/or any other form of investment.	 	The Maximum Amount

 

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	17.	Liabilities arising out of advertising, including misrepresentations regarding the Company’s products or services and unlawful distribution of emails.	 	The Maximum Amount
	 	 	 	 
	18.	An announcement or statement, including a position taken or an opinion or representation made in good faith by the Office Holder in the course of his duties or in conjunction with his duties, whether in public or in private, including during a meeting of the Board of Directors of the Company or any of the committees thereof.	 	The Maximum Amount

 

	19.	Management of the Company’s bank accounts, including money management, foreign currency deposits, securities, loans and credit facilities, credit cards, bank guarantees, letters of credit, consultation agreements concerning investments including with portfolio managers, hedging transactions, options, futures, and the like.	 	The Maximum Amount
	 	 	 	 
	20.	Any action or decision in relation to protection of work safety and/or working conditions, including with respect to provisions of the law, procedures or standards as applicable in or outside of Israel with relating to protection of work safety, pertaining, inter alia, to contamination, health protection, production processes, distribution, use, treatment, storage and transportation of certain materials, including in connection with corporal damage, property and environmental damages.	 	The Maximum Amount
	 	 	 	 
	21.	Any liability arising under any administrative, regulatory, judicial or civil actions orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of noncompliance or violation of Section 50P of the RTP Law.	 	The Maximum Amount
	 	 	 	 
	22.	All actions, consents and approvals relating to a distribution of dividends, in cash or otherwise, or to any other “distribution” as such term is defined under the Companies Law.	 	The Maximum Amount

 

    14

     

    

 

	23.	Any administrative, regulatory, judicial, civil or criminal, actions orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of noncompliance, violation or breaches alleging potential responsibility, liability, loss or damage (including potential responsibility or liability for costs of enforcement, investigation, cleanup, governmental response, removal or remediation, property damage or penalties, or for contribution, indemnification, cost recovery, compensation or injunctive relief), whether alleged or claimed by customers, consumers, regulators, shareholders or others, arising out of, based on or related to: (a) cyber security, cyber-attacks, data loss or breaches, unauthorized access to databases and use or disclosure of information contained therein, not preventing or detecting the breach or failing to otherwise disclose or respond to the breach; (b) circumstances forming the basis of any violation of any law, permit, license, registration or other authorization required under applicable law governing data security, data protection, network security, information systems, privacy or any cyber environment (including, users, networks, devices, software, processes, information systems, databases, information in storage or transit, applications, services, and systems that can be connected directly or indirectly to networks); (c) failure to implement a reporting system or control, or failure to monitor or oversee the operation of such a system; (d) data destruction, extortion, theft, hacking, and denial of service attacks; losses or liabilities to others caused by errors and omissions, failure to safeguard data or defamation; or (e) security-audit, post-incident public relations and investigative expenses, criminal reward funds, data breach/privacy crisis management (including, management of an incident, investigation, remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines), extortion liability (including, losses due to a threat of extortion, professional fees related to dealing with the extortion), or network security liability (including, losses as a result of denial of access, costs related to data on third-parties and costs related to the theft of data on third-party systems).	 	The Maximum Amount
	 	 	 	 
	 	Aggregate Limit Amount for all events together.	 	The Maximum Amount

 

 

	*	Any reference in this Exhibit
A to the Company shall include the Company and any entity in which the Indemnitee serves in a Corporate Capacity.

 

 

15Exhibit 10.5

 

AGREEMENT

 

This Agreement is entered into as of on December
5, 2022, effective as of October 1, 2022 (the “Commencement Date”), by and between Regentis Biomaterials Ltd.,
a company incorporated in the State of Israel whose address is 60 Medinat Hayehudim Street, Entrance C. Herzeliya, Israel (the “Company”),
and Yosef Shimony Certified Public Accountant whose address is 5 Badner St., Ramat Gan, Israel (the “Service Provider”).

 

	(A)	The Company desires to engage the Service Provider to provide
Chief Financial Officer services and to perform the duties and obligations customary practiced in such position including but not limited
to periodically signing on the financial statements of the Company (CFO), all in accordance with the terms of this Agreement (the “Services”)
as of the Commencement Date;

 

	(B)	The parties agree, as per the Service Provider’s specific
wish and requirement, made as a result of considerations and benefits personal to the Service Provider, that the Services shall be provided
to the Company by the Service Provider on an independent contractor basis, absent an employment relationship between the Company and
the Service Provider;

 

	(C)	The Service Provider is aware of all the financial consequences
resulting from the engagement of the Service Provider as an independent contractor, and is also aware that the Service Provider shall
receive from the Company consideration that would greatly exceed the Service Provider’s salary, had the Service Provider been hired as
an employee of the Company;

 

	(D)	This Agreement is entered into in reliance upon, inter alia,
the declarations of the Service Provider that the Services are provided solely on an independent contractor basis and that no claim shall
be submitted by the Service Provider or anyone on his behalf contradicting such declaration.

 

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

 

	1.	Representations, Duties and Obligations of Service Provider

 

		1.1.	The Service Provider declares and undertakes that he is free
to provide the Company with the Services, upon the terms contained in this Agreement, and there are no restrictions preventing the Service
Provider from fully performing all duties hereunder, including but not limited to non-compete or other obligations that the Service Provider
is bound by.

 

		1.2.	The
                                            Service Provider shall provide the Services to the Company, in a scope as shall be agreed
                                            between the Service Provider and the Chief Executive Officer of the Company (the “CEO”,
                                            or the chairman of the Board, as the case may be), but shall not exceed that of a full-time
                                            employee, at any location designated by the Company.

 

		1.3.	The
                                            Service Provider shall provide the Services in accordance with the directions of the Company’s
                                            CEO (or the chairman of the Board, as the case may be).

 

     

     

    

 

		1.4.	The
                                            Services Provider undertakes that the Services shall be provided exclusively by Mr. Arie
                                            Gordashnikov, Israeli ID no. [_________], (“Arie Gordashnikov”) in person
                                            during the Term., who will report directly to the CEO. Service Provider shall abide by the
                                            rules, regulations, and practices as adopted or modified from time to time in the Company’s
                                            sole discretion. The Service Provider shall not have any other person or entity perform any
                                            of the Services.

 

		1.5.	The Service Provider undertakes to perform all duties and
obligations under this Agreement with the highest degree of professionalism and to the full satisfaction of the Company and will ensure
the use of all professional knowledge, experience and skills in providing the Services, which shall be performed in a loyal, devoted
and professional manner in accordance with the terms of this Agreement.

 

		1.6.	Subject to the provisions of hereinafter Section 1.7, The
Company acknowledges that at the time of the Commencement Date, the Service Provider provides services to other companies, provided that
the services so provided is not a competitor of the Company.

 

		1.7.	Notwithstanding anything to the contrary contained herein,
Service Provider undertakes that Arie Gordashnikov shall not provide CFO services, whatever title is given to such position, to any third
party and shall not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would
create a conflict of interest with the Company. The Service Provider will notify the Company immediately of any such threatened or actual
conflict or if anything else occurs or comes to its attention which would or might prevent Arie Gordashnikov from providing the Services
at the level required by the Company.

 

		1.8.	The Service Provider shall not, directly or indirectly, accept
any commission, rebate, discount or gratuity in cash or in kind, from any person who has or is likely to have a business relationship
with the Company related in any way to the Service provided by the Service Provider.

 

	2.	Consideration

 

		2.1.	In consideration for the provision by Service Provider of
the Services, and subject to the fulfillment of the Service Provider’s obligations under this Agreement, from such time as the Company
shall complete an initial public offering of the Company’ shares and raise funds in such offering (the “IPO”),
the Service Provider shall be entitled to a payment of a monthly fee of US$3,000 (the “Fee”) plus VAT.

 

		2.2.	The Payment for each month’s Fee shall be made no later
than the ninth (9th) day of the following calendar month against a valid tax invoice issued by the Service Provider to the Company in
respect of the Fee for the Services provided in the previous month.

 

    2

     

    

 

		2.3.	Other than the payment of the Fee and the reimbursement of
expenses, as further detailed below, the Service Provider shall not be entitled to any further compensation in connection with the discharge
of its responsibilities hereunder.

 

		2.4.	The Company shall reimburse the Service Provider for Service
Provider’s reasonable out of pocket expenses incurred during its performance of the Services, provided said expenses have been
approved by the Company in advance and in writing, all subject to any Company policies as may be in force from time to time and against
the provision of proper receipts.

 

		2.5.	The Service Provider hereby represents and acknowledges that
all amounts paid under this Agreement in consideration for the provision of the Services are higher than the consideration that would
have been paid by the Company to an employee of the Company for the provision of the same or substantially the same services.

 

		2.6.	All payments under this Agreement include all taxes, duties,
levies, deductions or similar governmental charges (hereinafter referred to as “Taxes”). The Service Provider shall
pay all Taxes associated with the Services. The Company will pay any required withholding tax within its territory and provide the Service
Provider a certificate for such amount.

 

		2.7.	As Mr. Arie Gordashnikov is an officer of the Company, he
shall be added to the Company’s directors and officers insurance policy.

 

	3.	Status of Parties

 

		3.1.	The relationship between the Service Provider and the Company, in compliance with the Service Provider’s
request, is one of principal and independent contractor. The Service Provider must perform and continue to perform all actions legally
required to establish and maintain his status as an independent contractor with an independent business. No employment, agency or other
relations shall exist, be implied or asserted as a result of its engagement thereby between the Company and Arie Gordashnikov.

 

		3.2.	If, notwithstanding anything contained in this Agreement any person shall claim, or a judicial authority
shall determine, that Arie Gordashnikov provided the Services under this Agreement as an employee of the Company, then the following provisions
shall apply:

 

		3.2.1.	For the period as to which it is claimed or determined that an employment relationship existed between the
Company and the Service Provider (the “Relevant Period”), Service Provider shall promptly reimburse the Company for
the full amount of any and all expenses, costs, and fees, including but not limited to attorney’s fee incurred by the Company for
and related to such claim or judicial determination and the Service Provider shall not be entitled to the Fee, but only 60% thereof (the
“Reduced Fee”).

 

    3

     

    

 

		3.2.2.	The Reduced Fee shall constitute the full Fee payable to the Service Provider as salary in connection with
said employment relationship, on which basis any social benefits will be calculated - to the extent that such social benefits are required
to be paid to or in respect of the Service Provider pursuant to any third-party authority’s decision reclassifying the Service Provider
as an employee.

 

		3.2.3.	In view thereof, an accounting shall be conducted between the parties, and the Service Provider shall immediately
return and pay to the Company all amounts paid to him in excess of the Reduced Fee for the Relevant Period, along with linkage differentials
and interest from the date of payment of each amount by the Company to the Service Provider and up to the date upon which actual return
and payment of the funds is made by the Service Provider, all based on the Consumer Price Indices known at the relevant dates and as provided
by the Adjudication of Interest and Linkage Law, 1961.

 

		3.3.	In addition, in the event that the relationship between the Company and the Service Provider shall be claimed,
regarded or determined by any third party, including any governmental or judicial or tax authority to be an employment relationship, the
Service Provider shall reimburse and indemnify the Company for any expense and payment incurred by or demanded of the Company as a consequence,
no later than seven days of its receipt of such demand.

 

		3.4.	The Company shall be entitled to offset any amounts due to it under this Section ‎‎3 from any amounts
payable to the Service Provider under this Agreement.

 

	4.	Term and Termination

 

		4.1.	The term of this Agreement shall begin on the Commencement
Date and shall continue unless terminated in accordance with the terms of this Agreement (the “Term”). Either party
may terminate this Agreement immediately without cause upon prior written notice of 60 days to the other party.

 

		4.2.	Notwithstanding Section ‎4.1 above, the Company may terminate
this Agreement forthwith and without prior notice (Termination for Cause) if: (i) the Service Provider commits a fundamental breach of
the Agreement or other duties owed to the Company, including but not limited to any breach of the Service Provider’s representations
or obligations under Sections ‎1, ‎3, ‎5, ‎6 or ‎7 of this Agreement; (ii) in the event of any act or omission of
the Service Provider which would have entitled the Company legally to dismiss the Service Provider without severance pay, in whole or
in part, had the Service Provider been engaged as an employee of the Company; (iii) if the Service Provider engages or engaged in any
act of dishonesty or fraud, whether or not it involves the Company. The foregoing is without prejudice to any relief available to the
Company by law or under this Agreement.

 

    4

     

    

 

		4.3.	Upon termination of this Agreement, or at such other time
as directed by the Company, the Service Provider shall immediately return to the Company all assets and Confidential Information (as
defined below) and any and all copies thereof, in the Service Provider’s possession or control which belong to, or have been entrusted
to it by, the Company. The Service Provider shall not retain or make copies thereof in whatever form and shall neither have, nor retain,
any proprietary interest in such assets.

 

	5.	Proprietary Rights

 

		5.1.	For the purposes of this Agreement “Intellectual Property”
means all intellectual property rights relating to the business of the Company, in connection with the field of tissue
repair solutions that restore the health and quality of life of patients (the “Field”), whether or not patentable,
including without limitation (i) patents and patent applications, and any divisional, continuation, continuation in part, reissue, renewal
or re-examination patent issuing therefrom (including any foreign counterparts), (ii) copyrights and registrations thereof, (iii) trade
secrets and other confidential business information, whether patentable or unpatentable and whether or not reduced to practice, know-how,
financial, marketing and business data, pricing and cost information, business and marketing plans and customer and supplier lists and
information, inventions and, with respect to all of the foregoing, related confidential documentation, (iv) trademarks, service marks,
trade names and applications and registrations therefor, and (v) other proprietary rights relating to the foregoing, and any rights analogous
to the foregoing anywhere in the world.

 

		5.2.	The Service Provider and the Company agree that the Company
shall be the owner, upon creation, of all right, title and interest in, to and under the Intellectual Property created in or as a result
of any communication between the Service Provider and the Company prior to and leading to this agreement, in particular as a result of
any information divulged by the Company to the Service Provider (“Prior Inventions”). The Service Provider and the Company
further agree that the Company is and shall be the owner, upon creation, of all right, title and interest in, to and under the Intellectual
Property created in the course of, or in consequence of, the performance of the Agreement, which shall be deemed work made for hire,
owned exclusively by the Company, and any ensuing rights, including all rights, powers, privileges and immunities arising thereunder
or conferred thereby, and all applications for intellectual or industrial property that may hereinafter be filed for the Intellectual
Property in any jurisdiction, and all divisions, renewals and continuations thereof, and all registrations that may be granted thereon
and all extensions and reissues thereof, together with any and all rights of priority relating to the Intellectual Property and any registrations
that may be granted thereon, expressly including the right to sue for past infringement (all the above together with the Prior Inventions,
as defined below, referred to as the “Company’s IP Rights”).

 

		5.3.	If the ownership in any of the Company’s IP Rights,
as a matter of law, not vest in the Company upon creation, then the Service Provider shall assign and does hereby irrevocably assign
to the Company, its successors, legal representatives all right, title and interest in, to and under the Company’s IP Rights to
the extent that the Service Provider may have such rights, and the Service Provider shall have no right whatsoever in, to and under the
Company’s IP Rights. To the extent that any right in the Company’s IP Rights may not under applicable law be assigned to
the Company as above, the Service Provider hereby waives any and all such rights in favor of the Company, and the Service Provider shall
not have any claim to any right, moral rights, compensation, royalties or reward in respect of any such Company’s IP Rights, including,
but not limited to, the payment of any consideration pursuant to Section 134 of the Israeli Patent Law, 1967 subject to the provision
of Section ‎3.2 hereinabove and/or any other rights under any applicable law.

 

		5.4.	The Service Provider agrees and undertakes to: (i) promptly
disclose to the Company in writing, sufficient to identify the Company’s IP Rights in question, the creation or existence of all
such Company’s IP Rights; and, (ii) take such action, during the term of the Agreement and thereafter, as the Company may request,
to enable the Company to acquire, evidence, transfer, maintain, vest, enforce or confirm the Company’s right, title and interest
in and to the Company’s IP Rights.

 

		5.5.	The Service Provider hereby irrevocably appoints the Company
and its duly authorized officers and agents to be the Service Provider’s agents and attorney in fact to act for and on the behalf of
the Service Provider and in its stead and to do any action and make any legal disposition in respect of the Company’s IP Rights,
including without limitation, to execute and file any documents, and generally do everything possible to ensure that the Company, its
successors, legal representatives and assigns, obtain and enforce proper protection for the Company’s IP Rights in all jurisdictions,
all the foregoing with the same legal force and effect as if executed by the Service Provider.

 

		5.6.	The Service Provider further covenants and agrees that he
will communicate to the Company, its successors, legal representatives and assigns, any facts known to him representing the Company’s
IP Rights, testify in any legal proceeding, sign all lawful papers, execute all divisional, continuing, reissue and foreign applications,
make all rightful oaths, and generally do everything possible to aid the Company, its successors, legal representatives and assigns,
to obtain and enforce proper protection for the Company’s IP Rights.

 

    5

     

    

 

		6.	Confidentiality

 

		6.1.	The Service Provider agrees that all the Company information,
whether in oral form, visual form or in writing, including but not limited to, all specifications, formulas, prototypes, computer programs
and any and all records, data, ideas, methods, techniques, processes and projections, plans, marketing information, business plans, projects,
pricing, customers and customer information, materials, financial statements, memoranda, analyses, notes, legal documents, and other
data and information, as well as test results, processes, know-how, improvements, inventions, techniques, patents (whether pending or
duly registered) and any know-how related thereto, relating to the Company and its affiliates, the Company IP Rights, and the terms and
conditions of this Agreement, will be considered and referred to collectively as “Confidential Information”.

 

		6.2.	The Service Provider agrees that it shall not use Confidential
Information for its own, or any third party’s benefit; the Service Provider further agrees to accept and use Confidential Information
solely for the purpose of providing the Services for the benefit of the Company; the Service Provider shall keep in confidence and trust
all Confidential Information and shall not, directly or indirectly, disclose, publish, or disseminate Confidential Information to any
third party or allow the same to occur.

 

		7.	Non-Competition and Non-Solicitation

 

During the term of this Agreement and for a period
of twelve (12) months following its termination, the Service Provider shall not:

 

		7.1.	directly or indirectly, in any capacity whatsoever, whether
independently or as a shareholder, an employee, Service Provider, an officer or any managerial capacity, carry on, set up, own, manage,
control or operate, be employed, engaged or interested in a business, anywhere in the world, which competes with, or proposes to compete
with the Company or any of its affiliates (the “Group”), in connection with slow release of analgesic agent.

 

		7.2.	directly or indirectly, in any way (i) offer, solicit or
attempt to solicit, induce or attempt to induce or endeavor to entice away, any person with whom any member of the Group has or had or
shall have any contractual or commercial relationship as a Service Provider, licensor, joint venturer, supplier, customer, distributor,
agent or contractor of whatsoever nature, existing or under negotiation on or prior to date of termination of this Agreement, to cease
his, her or its relationship with that member of the Group, or otherwise interfere in any way with the relationship between that member
of the Group and such person or (ii) have any business dealings with any such person.

 

		7.3.	directly or indirectly, in any way offer, solicit or attempt
to solicit for employment or other engagement, or otherwise contract or seek to contract the services of, any individual who is, at the
effective date of termination of this Agreement, employed or engaged (whether directly or indirectly) by any member of the Group or induce
or entice or attempt to induce or entice such individual to leave such employment or other engagement or otherwise interfere in his or
her relationship with any member of the Group.

 

    6

     

    

 

The Service Provider acknowledges that its obligations
under this Section are reasonable, in light of knowledge it will gain of the Group’s Confidential Information and that the consideration
it receives hereunder is paid, inter alia, as consideration for its undertaking under this Section ‎7.

 

		8.	No Conflicting Obligations

 

		8.1.	The Service Provider will not, at any time during the term
of the Agreement, use or disclose any trade secrets or proprietary or confidential information in such manner that may breach any confidentiality
or other obligation that the Service Provider owes to any former employer or other third party, without their prior written consent.

 

		8.2.	The Service Provider warrants that he has the full right
to assign the Company’s IP Rights and the associated rights, titles and interests and that the Service Provider has not made, and
will not make, any agreement in conflict with this paragraph or Section 5 above.

 

		9.	Personal Liability

 

Notwithstanding anything to the contrary provided
in this Agreement, it is specifically understood and agreed, such agreement being a primary consideration for the execution of this Agreement,
that there shall be a personal liability on Arie Gordashnikov with respect to any and all services provided by Service Provider to the
Company.

 

		10.	General

 

		10.1. 	The Service Provider shall not assign any of his rights and
obligations hereunder without the prior written consent of the Company, and any attempt to do so shall be null and void.

 

		10.2. 	No behavior by either party hereto shall be deemed to constitute
a waiver of any rights according to this Agreement, a waiver of or consent to any breach or default in respect of any of the terms hereof,
or a change, invalidation or addition to any term, unless expressly made in writing.

 

		10.3. 	All disputes with respect to this Agreement shall be determined
in accordance with the laws of Israel. The competent courts of Tel-Aviv, Israel shall have exclusive jurisdiction to hear any such dispute
and no other courts shall have any jurisdiction whatsoever in respect of such disputes.

 

		10.4.	The terms of this Agreement shall be interpreted in such
a way as to give them maximum enforceability at law. The unenforceability of any term (or part thereof) shall not affect the enforceability
of any other part of this Agreement.

 

    7

     

    

 

		10.5. 	The Service Provider hereby declares that he is aware that
the Company shall rely on the statements and representations in this Agreement, including the absence of employer-employee relationship,
in managing its businesses and providing due diligence to third parties regarding the conditions and the obligations of the Company.
In addition, the Service Provider undertakes that it is aware that third parties might rely on the declarations and the representations
in this Agreement.

 

		10.6. 	This Agreement, contains the entire agreement and understanding
between the parties with respect to the subject matter contained herein, and supersedes all prior discussions, agreements, representations
and understandings in this regard. This Agreement shall not be modified except by an instrument in writing signed by both parties.

 

		10.7. 	Provisions intended to survive the termination of this Agreement,
including but not limited to Sections ‎3, ‎5, ‎6, ‎7 and ‎9 herein, shall so survive.

 

		10.8. 	Each notice or demand given by one party to the other pursuant
to this Agreement shall be given in writing and shall be sent by registered mail to the other party at the address shown at the beginning
of this Agreement (unless another address has been notified in accordance with this Section), or delivered by hand. Any such notice or
demand shall be deemed given at the expiration of three days from the date of mailing by registered mail (against a proper certification)
or immediately if delivered by hand (against a signature of acceptance).

 

		10.9. 	Without derogating from any relief to which the Company is
entitled to pursuant to any law or agreement, the Company may set off any amount which the Service Provider owes it pursuant to this
Agreement or any other source from any sum that the Service Provider is entitled to receive from the Company, from whatever source.

 

		10.10. 	The Service Provider hereby declares that this Agreement
is signed by it upon its request, after he has checked all its rights and obligations deriving from this Agreement, according to any
law and after it has investigated all its rights pursuant to this Agreement against the Company.

 

    8

     

    

 

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

 

		 	 	
	Yosef Shimony Certified Public Accountant	 	 	
    Regentis Biomaterials Ltd. 

    

    

     

	 	 	 	 
	 	 	By:	Dr. Ehud Geller
	 	 	Title:	Chairman of the Board

 

 

 

9

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