Document:

EX-10.4 Employment Agreement w/David Aviezer

 

Exhibit 10.4

EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT (this “Agreement”) is made effective as of                     , 2006 (the
“Effective Date”), by and between Protalix Ltd., a company organized under the laws of the State of
Israel (the “Company”) and Dr. David Aviezer, Israel Identification No. 0-2603079-1 (the “Employee”
or “David”) (each of the Company and Employee shall be referred to herein, as a “Party” and
collectively, the “Parties”).

	 	 	 
	WHEREAS,

	 	the Company is engaged, inter alia, in the research and
development of proteins and expression thereof in plant cells
cultures; and
	 
	 	 
	WHEREAS,

	 	the Company desires to engage David as an employee of the Company
in the position of Company’s Chief Executive Officer (“CEO”) and
the Employee desires to serve the Company as an employee in such
position, on the terms and conditions hereinafter set forth;

NOW, THEREFORE, based on the representations contained herein and in consideration of the mutual
promises and covenants set forth herein, the Parties agree as follows:

	1.	 	Employment.
	 
	1.1.	 	Commencing as of the Effective Date, the Company shall engage David as an employee in the
position of CEO, reporting to the Board of Directors of the Company.
	 
	1.2.	 	The Employee’s duties and responsibilities shall be those duties and responsibilities
customarily performed by a Chief Executive Officer of a company.
	 
	1.3.	 	The Employee shall be employed on a full-time basis. The Employee shall devote his full and
undivided attention and full working time to the business and affairs of the Company and the
fulfillment of his duties and responsibilities under this Agreement.
	 
	 	 	Without derogating from the generality of the above, during the term of this Agreement the
Employee shall not be engaged in any other employment nor engage in any other business
activity or render any services, with or without compensation, for any other person or
entity. Notwithstanding the foregoing, it is agreed that (i) Employee shall be entitled to
engage in academic activity and teaching during no more than two (2) hours per week and
provided that such activity does not derogate from or hinder the performance of his
obligations hereunder, as may be determined by the Board of Directors; and (ii) Employee
shall be entitled to render limited consulting services to customers for up to a limited
number of hours per month, provided however that (a) the provision of such services does not
derogate from, or impair or hinder Employee’s performance of, any of Employee’s obligations
hereunder; (b) the provision of such services is not against the Company’s interests; and (c)
the written consent of the Chairman of the Board for the provision of such services has been
obtained in advance. The Chairman of the Board shall be entitled to withdraw or revoke his
consent.
	 
	 	 	The Employee shall notify the Company immediately of any event or circumstance which may
hinder the performance of his obligations hereunder or result in the Employee having a
conflict of interest with his position with the Company.

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	1.4.	 	The Employee acknowledges that the Company’s facilities are located in Carmiel and that he
will be required to attend such facilities at least two (2) working days per week. Employee
further acknowledges and agrees that the performance of his duties hereunder may require
significant domestic and international travel at the Company’s needs.
	 
	1.5.	 	It is agreed between the Parties that the position that Employee holds within the Company is
a management position, which demands a special level of loyalty and accordingly the Work Hours
and Rest Law (1951) shall not apply to Employee’s employment by the Company and this
Agreement. The Employee further acknowledges and agrees that his duties and responsibilities
may entail irregular work hours and extensive traveling in Israel and abroad, for which he is
adequately rewarded by the compensations provided for in this Agreement. The Parties confirm
that this is a personal services contract and that the relationship between the Parties shall
not be subject to any general or special collective bargaining agreement or any custom or
practice of the Company in respect of any of its other employees or contractors.

	2.	 	Salary and Employee Benefits.

In full consideration of Employee’s employment with the Company, commencing as of the Effective
Date (unless otherwise expressly provided in this Section 2), the Employee shall be entitled to the
following payments and benefits, it being understood and agreed that any Salary-based benefits
shall be calculated exclusively on the basis of the base Salary (without consideration to any other
benefit):

	2.1.	 	Salary. Effective as of January 1, 2006, the Company shall pay the Employee a gross
salary of NIS 80,000 per month (the “Salary”). The Salary will be adjusted from time to time
in accordance with the Cost of Living Index (“Tosefet Yoker”) as may be required by law. The
Salary shall be payable monthly in arrears, and shall be paid to the Employee in accordance
with Company’s policy. A Salary increase shall be considered by Board annually. Without
limiting the generality of the last paragraph of Section 2, the Employee confirms the receipt
of the entire Salary in respect of the period commencing on January 1, 2006 and expiring on
the Effective Date.

	2.2.	 	Bonuses.

	 	2.2.1	 	Annual Bonus.

Employee shall be entitled to an annual bonus based on multiples of Employee’s base monthly
Salary, subject to the Board’s approval and at the Board’s discretion. Board’s determination
shall be made following the end of each calendar year during the term hereof. Employee’s
contribution to Company’s fund raising, generation of income through material strategic
agreements and general achievements shall serve as a significant factor in Board’s
determination as aforesaid. Employee hereby confirms the receipt of an annual bonus for the
year 2005 in the amount of NIS 400,000 less the bonus for IND approval of the Company’s GCD
product set forth in Subsection 2.2.3(a) below.

	 	2.2.2	 	Bonus upon a Public Offering or Sale.

Employee shall be entitled to a significant bonus subject to the Board’s approval and at
Board’s discretion, upon consummation of (i) a public offering of the Company’s or a
Company’s parent company’s securities on the NYSE, NASDAQ, AMEX or any equivalent stock
exchnage but excluding the OTCBB, or (ii) an acquisition of all or substantially all of the
Company’s assets or shares by, or merger of the Company with or into, any other company other
than a company who’s shares are listed on the OTCBB
and/or a wholly-owned subsidiary of the Company and excluding a transaction (or a

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series of
related transactions) in which shareholders of the Company (“Shareholders”) prior to such
transaction (or a series of related transactions) will own a majority of the voting power of
the entity surviving the transaction.

	 	2.2.3	 	Bonus Upon Achievement of Certain Clinical Development Milestones.

	 	(a)	 	Employee hereby confirms the receipt of a bonus in the amount of US$25,000 for IND
approval of the Company’s GCD product.
	 
	 	(b)	 	Employee hereby confirms the receipt of a bonus in the amount of US$25,000 for the
completion of the Company’s Phase I — Clinical Trial for the Company’s GCD product
	 
	 	(c)	 	Employee shall be entitled to a bonus in the amount of US$200,000 conditional upon the
obtaining from the FDA or EMEA of a marketing approval of the Company’s GCD product.

It is agreed that the terms of this Subsection 2.2.3 shall apply to any drug product other
than the GCD product, independently developed by the Company.

	2.3.	 	Options. Employee shall be entitled to options to purchase Ordinary Shares of the
Company (“Ordinary Shares”), as follows:

	 	(a)	 	an option under the Company’s 2003 Israeli Stock Option Plan (the “Plan”) to purchase
26,226 Ordinary Shares, pursuant to the terms of the Option Agreement attached hereto as
Exhibit B; and
	 
	 	(b)	 	an option under the Plan to purchase additional 16,000 Ordinary Shares (the “Additional
Option”), subject to the following terms and conditions:

(i) vesting over a period of four (4) years on a quarterly basis (1,000 shares per
quarter), commencing on June 1, 2006;

(ii) a purchase price per Ordinary Share of US$59.40; and

(iii) the entering by the Employee into an Option Agreement covering such Additional
Option, acceptable to the Board of Directors.

	2.4.	 	Manager’s Insurance. The Company shall insure the Employee under a Manager’s
Insurance Policy, including insurance in the event of illness or loss of capacity for work
(the “Policy”), and shall pay a sum of up to an aggregate of 15.83% of the Salary towards the
Policy, of which (i) 8.33% shall be on account of severance compensation, which shall be
payable to the Employee upon severance, in accordance with the provisions of this Agreement;
(ii) 5% of the Salary on account of pension fund payments; and (iii) up to 2.5% of the Salary
on account of disability pension payments. The Company shall deduct 5% from the Salary to be
paid on behalf of the Employee towards the Policy. The Employee may extend an existing policy
or plan and incorporate it into the Policy, at his discretion.

The Company and the Employee agree and acknowledge that in the event the Company transfers
ownership of the Policy or the right to receive such policy to the Employee, then such
transfer shall be credited against any obligation that the Company may have to pay severance
pay to the Employee pursuant to the Severance Pay Law — 1963 (the “Severance Pay Law”).
Employee agrees that the payments by the Company to the Policy in accordance with the terms
hereof, shall be instead of any statutory obligation of the Company to pay severance pay to
the Employee, and not in addition thereto, all in accordance with Section 14 of the Severance
Pay Law. The Parties hereby adopt the
General Approval of the Minister of Labor and Welfare, on Employers’ Payments to

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Pension
Funds and Insurance Policies Instead of Severance Pay According to Section 14 of the
Severance Pay Law, attached hereto as Exhibit C.

The Company hereby waives its right to a refund of payments it made to the Policy, except:
(i) in the event that Employee’s right to severance pay was denied by a final judgment
pursuant to Section 16 or 17 of the Severance Pay Law (in which case Company shall only be
entitled to a refund of such funds to the extent that severance pay was denied); or (ii) in
the event that the Employee withdrew monies from the Policy (other than by reason of an
“Entitling Event”, i.e. death, disability or retirement at or after the age of sixty (60)).

	2.5.	 	Vocational Studies. The Company shall open and maintain a “Keren Hishtalmut” Fund for
the benefit of the Employee (the “Fund”). The Company shall contribute to such Fund an amount
equal to 7-1/2% of the Salary and the Employee shall contribute to the Fund an amount equal to
2-1/2% of the Salary. The Employee hereby instructs the Company to transfer to the Fund
Employee’s contribution from the Salary.
	 
	2.6.	 	Vacation. The Employee shall be entitled to annual paid vacation of 24 working days.
Subject to applicable law, up to two (2) years’ equivalent of vacation days may be accumulated
and may, at the Employee’s option, upon thirty (30) days’ prior written notice to the Company,
be converted into cash payments in an amount equal to the proportionate part of the Salary for
such days. Without limiting the generality of the last paragraph of Section 2, the Employee
confirms that neither he nor Agenda is entitled to any vacation and/or vacation pay with
respect to the services provided by any of them to the Company through the Effective Date or
activities conducted under the Services Agreement (as defined in Section 7 below) or
otherwise, prior to the Effective Date.

It is agreed that, without limiting the annual paid vacation to which Employee is entitled in
accordance with the first two sentences of this Section 2.6, it shall not be deemed a breach
of this Agreement by the Employee in case Employee is absent from work for an aggregate
period of up to forty eight (48) working days during the entire term of this Agreement,
provided that Employee shall not be entitled to any payment, compensation or benefit
(including without limitation the Salary) in respect of such days, but shall be entitled to
use the Company Car during such days (the “Approved Absence”).

Employee shall coordinate in advance with the Chairman of the Board the dates of the vacation
and Approved Absence hereunder.

	2.7.	 	Sick Leave. The Employee shall be entitled to fully paid sick leave pursuant to the
Sick Pay Law (1976).
	 
	2.8.	 	Annual Recreation Allowance (Dme’i Havra’a). The Employee shall be entitled to annual
recreation allowance according to applicable law.
	 
	2.9.	 	Company Car.

	 	(a)	 	The Company shall provide the Employee with a Company car (the “Company Car”), as
determined by the Board of Directors of the Company (the “Board of Directors” or “Board”),
at its discretion, which car shall be categorized “Group 4”. The Company Car shall be
placed with the Employee for his business and personal use. Employee shall take good care
of the Company Car and ensure that the provisions of the insurance policy and the Company’s
rules relating to the Company Car are strictly, lawfully and carefully observed.
	 
	 	(b)	 	Subject to applicable law, the Company shall bear all fixed and ongoing expenses
relating to the Company Car and to the use and maintenance thereof, excluding expenses
incurred in connection with any violations of law, which shall be paid

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	 	 	 	solely by Employee.
The Employee shall bear any and all taxes applicable to him in connection with said Company
Car and the use thereof, in accordance with income tax regulations applicable thereto.
	 
	 	(c)	 	Upon the termination of employment hereunder, the Employee shall return the Company Car
(together with its keys and any other equipment supplied and/or installed therein by
Company and any documents relating to the Company Car) to the Company’s principal office.
Employee shall have no rights of lien with respect to the Company Car and/or any of said
equipment and documents.

	2.10.	 	Telephone. The Company shall furnish, for the use of the Employee, a cellular
telephone (the “Company Phone”), and shall bear all the costs and expenses associated with the
use of the Company Phone. The Company will bear the tax applicable to the use of the Company
Phone by the Employee, according to applicable law. All such costs, expenses and tax payments
borne and payable by the Company pursuant to this Section 2.10 are included in the Salary. The
provisions of Section 2.9(c) above shall apply to the Company Phone, mutatis mutandis.
	 
	2.11.	 	Certain Reimbursements. The Employee shall be entitled to full reimbursement from
the Company for reasonable expenses incurred during the performance of his duties hereunder
upon submission of substantiating documents, according to the Company’s policy.
	 
	2.12.	 	Taxes. The Employee will bear any tax applicable on the payment or grant of any of
the above Salary and/or benefits, according to the then applicable law. The Company shall be
entitled to and shall deduct and withhold from any amount or benefit payable to the Employee,
any and all taxes, withholdings or other payments as required under any applicable law.

The Employee and Agenda (as defined in Section 7 below) hereby represent and warrant that they have
been paid in full for all services provided by any of them to the Company through the Effective
Date, and that the Company does not owe to any of them or is liable to pay to any of them any
amount or compensation in respect of such past services rendered or any activities conducted under
the Services Agreement (as defined in Section 7 below) or otherwise, prior to the Effective Date.

	3.	 	Confidentiality
	 
	3.1.	 	The Employee hereby agrees that he shall not, directly or indirectly, disclose or use at any
time any trade secrets or other confidential information of any type or nature, whether
patentable or not, of the Company, its subsidiaries or affiliates now or hereafter existing,
including but not limited to, any (i) processes, formulas, trade secrets, copyrights,
innovations, inventions, discoveries, improvements, research or development and test results,
specifications, data, patents, patent applications and know-how of any type or nature; (ii)
marketing plans, business plans, strategies, forecasts, financial information, budgets,
projections, product plans and pricing; (iii) personnel information, salary, and
qualifications of employees; (iv) agreements, customer and supplier information, including
identities and product sales forecasts; and (v) any other information of a confidential or
proprietary nature (collectively, “Confidential Information”), of which the Employee is or
becomes informed or aware during the employment, whether or not
developed by the Employee, it being agreed that for purposes of this Section 3.1, the term
Confidential Information shall not include information that has entered into the public domain
through no wrongful act by Employee. Upon termination of this Agreement, or at any other time
upon request of the Company, the Employee shall promptly deliver to the

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	 	 	Company all physical and
electronic copies and other embodiments of Confidential Information and all memoranda, notes,
notebooks, records, reports, manuals, drawings, blueprints and any other documents or things
belonging to the Company, and all copies thereof, in all cases, which are in the possession or
under the control of the Employee.

	3.2.	 	Employee hereby acknowledges and that all Confidential Information and any other rights in
connection therewith are and shall at all times remain the sole property of the Company.
	 
	4.	 	Non-Competition and Non-Solicitation
	 
	4.1.	 	The Employee agrees and undertakes that he will not, for so long as (i) this Agreement is in
effect, or (ii) he serves as a member of the Board of Directors and for a period of two (2)
years after the later of the above lapses for whatever reason (the “Non-Competition Period”),
compete or to assist others to compete, whether directly or indirectly, with the business of
the Company, as currently conducted and as conducted and/or proposed to be conducted during
the Non-Competition Period.
	 
	4.2.	 	The Employee further agrees and undertakes that during the Non-Competition Period, he will
not directly or indirectly solicit any business which is similar to the Company’s business
from individuals or entities that are customers, suppliers or contractors of the Company, any
of its subsidiaries or affiliates during the Non-Competition Period, without the prior written
consent of the Company’s Board of Directors.
	 
	4.3.	 	The Employee further agrees and undertakes that during the Non-Competition Period, without
the prior written consent of the Company’s Board of Directors, he will not offer to employ, in
any way directly or indirectly solicit or seek to obtain or achieve the employment by any
business or entity of, and/or during the term hereof, employ, any person employed by either
the Company, its subsidiaries, affiliates, or any successors or assigns thereof during the
Non-Competition Period.
	 
	4.4.	 	The Parties hereto agree that the duration and area for which the covenants set forth in this
Section 4 are to be effective are necessary to protect the legitimate interests of the Company
and its development efforts and accordingly are reasonable, in terms of their geographical and
temporal scope. In the event that any court determines that the time period and/or area are
unreasonable and that such covenants are to that extent unenforceable, the Parties hereto
agree that such covenants shall remain in full force and effect for the greatest period of
time and in the greatest geographical area that would not render them unenforceable. In
addition, the Employee acknowledges and agrees that a breach of Sections 3, 4 or 5 hereof,
shall cause irreparable harm to the Company, its subsidiaries, and/or affiliates and that the
Company shall be entitled to specific performance of this Agreement or an injunction without
proof of special damages, together with the costs and reasonable attorney’s fees and
disbursements incurred by the Company in enforcing its rights under Sections 3, 4 or 5. The
Employee acknowledges that the compensation and benefits he receives hereunder are paid, inter
alia, as consideration for his undertakings contained in Sections 3, 4 and 5.

	5.	 	Creations and Inventions 
	 
	5.1.	 	The Company shall be the sole and exclusive owner of any Inventions (as defined below), and
Employee hereby assigns to the Company any and all of his rights, title and interest in such
intellectual property free and clear of any third parties rights. The Employee shall inform
the Company of any Invention relating to the Company’s technology, its applications components
or any intellectual property relating thereto, and shall execute any necessary assignments,
patent forms and the like and will assist in the drafting of any

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	 	 	description or specification
of the Invention as may be required for the Company’s records and in connection with any
application for patents or other forms of legal protection that may be sought by the Company.
The Employee shall treat all information relating to any Invention as Confidential Information
according to Section 3 above.

	5.2.	 	Without limiting the foregoing, “Inventions” shall include any and all intellectual property,
including without limitation, ideas, inventions, processes, formulas, source and object codes,
data, programs, know how, improvements, discoveries, designs, techniques, trade secrets,
patents and patents applications, copyrights, mask work and any other intellectual property
rights throughout the world, generated, produced, reduced to practice, or developed by
Employee during or in connection with his employment by the Company.
	 
	5.3.	 	The Company’s rights under this Section 5 shall be worldwide, and shall apply to any such
Invention notwithstanding that it is perfected or reduced to specific form after the Employee
has ceased his services hereunder.
	 
	6.	 	Term and Termination.
	 
	6.1.	 	This Agreement shall be in effect commencing as of the Effective Date and shall continue in
full force and effect for an undefined period, unless and until terminated by either Party by
ninety (90) days prior written notice to the other Party. Each of such prior notice periods
shall be referred to as the “Notice Period”, as applicable.
	 
	6.2.	 	Notwithstanding anything to the contrary herein, the Company may terminate this Agreement in
the event of the inability of the Employee to perform his duties hereunder, whether by reason
of injury (mental or physical), illness or otherwise, incapacitating the Employee for a period
exceeding 90 days.
	 
	6.3.	 	Notwithstanding anything to the contrary herein, the Company may terminate this Agreement at
any time, effective immediately and without need for prior written notice, and without
derogating from any other remedy to which the Company may be entitled, for Cause.
	 
	 	 	For the purposes of this Agreement, the term “Cause” shall mean: (i) a material breach by
Employee of this Agreement; (ii) any breach by Employee of his fiduciary duties or duties of
care to the Company; (iii) Employee’s dishonesty or fraud or felonious conduct; (iv)
Employee’s embezzlement of funds of the Company; (v) any conduct by Employee, alone or
together with others, which is materially injurious to the Company, monetary or otherwise;
(vi) Employee’s gross negligence or willful misconduct in performance of his duties and/or
responsibilities hereunder; (vii) Employee’s disregard or insubordination of any lawful
resolution and/or instruction of the Board of Directors with respect to Employee’s duties
and/or responsibilities towards the Company; (viii) the occurrence of an event or
circumstance which may result in the Employee having a conflict of interest with his position
with the Company, without Employee having
notified the Company thereof, as provided herein; (ix) any breach by Employee of his
confidentiality undertakings to the Company; or (x) any consequences which would entitle the
Company to terminate Employee’s employment without severance payments under the Severance Pay
Law.
	 
	6.4.	 	The Employee shall cooperate with the Company and assist the integration into the Company’s
organization of the person or persons who will assume the Employee’s responsibilities,
pursuant to Company’s instructions. At the option of the Company, the Employee shall, during
such period, either continue with his duties or remain absent from the premises of the
Company, subject to applicable law. At any time during the

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	 	 	Notice Period, the Company may
elect to terminate this Agreement and the relationship with the Employee immediately,
provided, that Employee shall be entitled to all payments and other benefits
due to him hereunder as he would have been entitled to receive for the remaining period of the
Notice Period.

	6.5.	 	Upon termination of Employee’s employment with the Company hereunder, for any reason
whatsoever, the Company shall have no further obligation or liability towards the Employee in
connection with his employment as aforesaid. The Company may set-off any outstanding amounts
due to it by Employee against any payment due by the Company to the Employee, subject to
applicable law. Without limiting the generality of the foregoing, in the event that Employee
fails to comply with his prior notice or other obligations hereunder or under applicable law,
the Company shall be entitled to set-off any amount to which Employee would have been entitled
during the Notice Period, from any payment due by the Company to the Employee, all without
prejudice to any other remedy to which the Company may be entitled pursuant to this Agreement
or applicable law.
	 
	6.6.	 	The provisions of Sections 2.9(c), last sentence of Section 2.10, 3, 4, 5, 6.5, 6.6 and 9.4
shall survive the termination or expiration of this Agreement for any reason whatsoever.
	 
	7.	 	Termination of Services Agreement.
	 
	7.1.	 	The Company and Agenda Biotechnology Ltd., a company wholly owned by David (“Agenda”), hereby
terminate the Advisory and Consultancy Services Agreement between the Company and Agenda dated
February 11, 2003, as amended on May 24, 2004 (the “Services Agreement”), and agree that, as
from the Effective Date, David’s engagement by the Company shall be governed solely by this
Agreement.
	 
	8.	 	Notices.
	 
	8.1.	 	Any and all notices and communications in connection with this Agreement shall be in writing,
addressed to the parties as follows:

	 	 	 	 	 
	 

	 	If to the Company:
	 	Protalix Ltd.
	 

	 	 	 	2 Snunit Street, POB 455, Carmiel, 20100, Israel
	 
	 	 	 	 
	 

	 	It to the Employee:
	 	David Aviezer
	 

	 	 	 	4 Hatena St., POB 1914, Hashmonaim, 73127, Israel

	8.2.	 	All notices shall be given by registered mail (postage prepaid), by facsimile or email or
otherwise delivered by hand or by messenger to the Parties’ respective addresses as above or
such other address as may be designated by notice. Any notice sent in accordance with this
Section 8 shall be deemed received upon the earlier of: (i) if sent
by facsimile or email, upon transmission and electronic confirmation of transmission or (if
transmitted and received on a non-business day) on the first business day following
transmission and electronic confirmation of transmission, (ii) if sent by registered mail,
upon 3 (three) days of mailing, (iii) if sent be messenger, upon delivery; and (iv) the
actual receipt thereof.

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	9.	 	Miscellaneous.
	 
	9.1.	 	Headings; Interpretation. Section and Subsection headings contained herein are for
reference and convenience purposes only and shall not in any way be used for the
interpretation of this Agreement.
	 
	9.2.	 	Entire Agreement. This Agreement constitutes the entire agreement between the Parties
with respect to the subject matters hereof and cancels and supersedes all prior agreements,
understandings and arrangements, oral or written, between the Parties with respect to such
subject matters.
	 
	9.3.	 	Amendment; Waiver. No provision of this Agreement may be modified or amended unless
such modification or amendment is agreed to in writing and signed by the Employee and the
Company. The observance of any term hereof may be waived (either prospectively or
retroactively and either generally or in a particular instance) only with the written consent
of the Party against which/whom such waiver is sought. No waiver by either Party at any time
to act with respect to any breach or default by the other Party of, or compliance with, any
condition or provision of this Agreement to be performed by such other Party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.
	 
	9.4.	 	Governing Law; Dispute Resolution. This Agreement shall be governed by and construed
in accordance with the laws of the State of Israel. Any dispute arising out of or relating to
this Agreement shall be resolved by a single arbitrator to be appointed by the Parties, or in
the event the Parties fail to agree on the identity of the arbitrator within ten (10) days of
a Party’s request to appoint same, the arbitrator shall be appointed by the Chairman of the
Israeli Bar Association.
	 
	 	 	Arbitration proceedings shall be conducted for no longer than forty-five (45) days. The
proceedings shall be conducted in Hebrew and according to the rules of substantive law. The
arbitrator will not be bound by rules of evidence or procedure and will give a reasoned
decision, in writing. The arbitrator’s decision shall be final and binding in any court.
Unless otherwise determined by the arbitrator, each party to the proceedings shall bear its
own expenses and the arbitrator’s fees and expenses shall be borne in equal parts by the
parties to the proceedings.
	 
	 	 	This Section shall constitute an arbitration agreement between the Parties.
	 
	9.5.	 	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 part of this Agreement is determined to
be invalid, illegal or unenforceable, such determination shall not affect the validity,
legality or enforceability of any other part of this Agreement; and the remaining parts shall
be enforced as if such invalid, illegal, or unenforceable part were not contained herein,
provided, however, that in such event this Agreement shall be interpreted so
as to give effect, to the greatest extent consistent with and permitted by applicable law, to
the meaning and intention of the excluded provision as determined by such court of competent
jurisdiction.
	 
	9.6.	 	Assignment. Neither this Agreement or any of the Employee’s rights, privileges, or
obligations set forth in, arising under, or created by this Agreement may be assigned or
transferred by the Employee without the prior consent in writing of the Company. The Company
shall be entitled to assign its rights and obligations hereunder to any entity

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	 	 	acquiring a
material part of its assets or to a subsidiary or affiliate thereof (as such terms are defined
in the Israeli Securities Law-1968).

[Signature Page to Protalix Ltd. Employment Agreement]

IN WITNESS WHEREOF, the Parties hereto have executed this Employment Agreement as of the date
first above-mentioned.

	 	 	 	 	 	 	 
	/s/ Eli Hurvitz
 

PROTALIX LTD.

	 	 
	 	/s/ David Aviezer
 

DR. DAVID AVIEZER
	 	 
	 
	 	 	 	 	 	 
	By: Eli Hurvitz
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Agreed as applicable to it:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ David Aviezer
 

AGENDA BIOTECHNOLOGY LTD.

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By: David Aviezer
	 	 	 	 	 	 

10EX-10.4 Employment Agreement w/Yossi Maimon

 

Exhibit 10.5

EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT (this “Agreement”) is made effective as of October 15, 2006 (the
“Effective Date”), by and between Protalix Ltd., a company organized under the laws of the State of
Israel (the “Company”) and Yossef Maimon, Israel Identification No. 24821233 (the “Employee”) (each
of the Company and Employee shall be referred to herein, as a “Party” and collectively, the
“Parties”).

			
	WHEREAS,	 	the Company is engaged, inter alia, in the research and
development of proteins and expression thereof in plant cells
cultures; and

			
	WHEREAS,	 	the Company desires to employ the Employee in the position of
Company’s Chief Financial Officer (“CFO”) and the Employee
desires to be employed by the Company in such position, on the
terms and conditions hereinafter set forth;

NOW, THEREFORE, based on the representations contained herein and in consideration of the mutual
promises and covenants set forth herein, the Parties agree as follows:

	1.	 	Employment.
	 
	1.1.	 	Commencing as of the Effective Date, the Company shall employ the Employee in the position of
CFO, reporting to the Chief Executive Officer of the Company (“CEO”).
	 
	1.2.	 	The Employee’s duties and responsibilities shall be those duties and responsibilities
customarily performed by a Chief Financial Officer of a company, as may be determined from
time to time by the CEO. These will include, inter alia, the following:

General -

	 	•	 	Supervision of recording of transactions and balances
	 
	 	•	 	Supervision of administrative accounting staff
	 
	 	•	 	Management of tax and related payments
	 
	 	•	 	Banking relations

Systems and policies –

	 	•	 	Ensuring overall integrity of accounting systems
	 
	 	•	 	Ensuring that applicable data is standardized and systems are well structured for proper
and easily accessible reporting
	 
	 	•	 	Acting as Chief Accounting Officer (CAO) to determine accounting policies and assist
others in accounting related matters
	 
	 	•	 	Working with others in the company to determine financial policies and reporting
practices
	 
	 	•	 	Identifying emerging tax and reporting issues and coordinating policies with outside
accountants and lawyers
	 
	 	•	 	Implementation of internal control procedures

Internal reporting -

	 	•	 	Preparing cash flow projections
	 
	 	•	 	Preparing monthly financial summaries and key performance indicators
	 
	 	•	 	Preparing and implementing budget and financial portion of business plan

1

 

External Reporting

	 	•	 	Preparing quarterly and annual financial statements, notes and related information, and
any other information as may be required according to US GAAP, tax, securities and other
applicable statutes and regulations, SEC reports, etc.
	 
	 	•	 	Working with public and private investors to explain financial information and verify
integrity of systems.

	1.3.	 	The Employee shall be employed on a full-time basis. The Employee shall devote his full and
undivided attention and full working time to the business and affairs of the Company and the
fulfillment of his duties and responsibilities under this Agreement, it being agreed that
during the period from the Effective Date until the end of calendar year 2006 (the “Assistance
Period”) Employee shall be entitled to assist his immediately prior employer in the
integration into such employer’s organization of the person who will assume the Employee’s
position therein, provided however that (i) such assistance is given up to a limited amount of
hours per month during the Assistance Period, (ii) the provision of such assistance is
coordinated promptly in advance with the CEO, and (iii) is the provision of such assistance
does not derogate from any of Employee’s obligations hereunder or the performance of any of
its duties or responsibilities hereunder.
	 
	 	 	Without derogating from the generality of the above, during the term of this Agreement the
Employee shall not be engaged in any other employment nor engage in any other business
activity or render any services, with or without compensation, for any other person or
entity.
	 
	 	 	The Employee shall notify the Company immediately of any event or circumstance which may
hinder the performance of his obligations hereunder or result in the Employee having a
conflict of interest with his position with the Company.
	 
	1.4.	 	The Employee acknowledges that the Company’s facilities are located in Carmiel and that he
will be required to attend such facilities at least three (3) working days per week, unless
coordinated otherwise with the CEO. Employee further acknowledges and agrees that the
performance of his duties hereunder may require significant domestic and international travel
at the Company’s request.
	 
	1.5.	 	It is agreed between the Parties that the position that Employee holds within the Company is
a management position, which demands a special level of loyalty and accordingly the Work Hours
and Rest Law (1951) shall not apply to Employee’s employment by the Company and this
Agreement. The Employee further acknowledges and agrees that his duties and responsibilities
may entail irregular work hours and extensive traveling in Israel and abroad, for which he is
adequately rewarded by the compensations provided for in this Agreement. The Parties confirm
that this is a personal services contract and that the relationship between the Parties shall
not be subject to any general or special collective bargaining agreement or any custom or
practice of the Company in respect of any of its other employees or contractors.
	 
	2.	 	Salary and Employee Benefits.

In full consideration of Employee’s employment with the Company, commencing as of the Effective
Date, the Employee shall be entitled to the following payments and benefits, it being understood
and agreed that any Salary-based benefits shall be calculated exclusively on the basis of the base
Salary (without consideration to any other benefit):

	2.1.	 	Salary. The Company shall pay the Employee a gross salary of NIS 45,000 per month
(the “Salary”). The Salary will be adjusted from time to time in accordance with the

2

 

	 	 	Cost of Living Index (“Tosefet Yoker”) as may be required by law. The Salary shall be payable monthly
in arrears, and shall be paid to the Employee in accordance with Company’s policy.
	 
	2.2.	 	Bonuses.

	 
	 	 	2.2.1 Annual Bonus.
	 
	 	 	At the end of each calendar year, the Company shall consider granting the Employee an annual
bonus, at the Company’s sole discretion and without any obligation on Company’s part to grant
such bonus. Without limiting such Company’s sole discretion, Employee’s skills, performance
of, and dedication to, his duties hereunder shall serve as a factor in Company’s
determination as aforesaid.
	 
	 	 	2.2.2 Bonus upon Achievement of Significant Milestones.
	 
	 	 	The Company shall consider granting the Employee a bonus upon achievement of a significant
milestone by the Company, at the Company’s sole discretion and without any obligation on
Company’s part to grant such bonus. Without limiting such Company’s sole discretion,
Employee’s contribution to the achievement of such a significant milestone shall serve as a
key factor in Company’s determination as aforesaid.
	 
	2.3.	 	Options. Employee shall be entitled to an option (the “Option”) to purchase 9,300
Ordinary Shares of the Company (“Ordinary Shares”) under the Company’s 2003 Israeli Stock
Option Plan, subject to the approval of the Board of Directors of the Company (the “Board”)
and the following additional terms and conditions:

(i) vesting over a period of four (4) years as follows: one fourth of the Option (i.e. an
option to purchase 2,325 Ordinary Shares) shall vest upon the lapse of one year from the
date of grant of the Option (the “Initial Vesting Date”). The remainder of the Option
(i.e. an option purchase 6,975 Ordinary Shares) shall vest on a quarterly basis in twelve
equal installments, commencing on the Initial Vesting Date;

(ii) a purchase price per Ordinary Share of US$24.36; and

(iii) the entering by the Employee into an Option Agreement covering such Option,
acceptable to the Board and similar in all material respects to the Option Agreements
between the Company and its other executive officers.

	2.4.	 	Manager’s Insurance. The Company shall insure the Employee under a Manager’s
Insurance Policy, including insurance in the event of illness or loss of capacity for work
(the “Policy”), and shall pay a sum of up to an aggregate of 15.83% of the Salary towards the
Policy, of which (i) 8.33% shall be on account of severance compensation, which shall be
payable to the Employee upon severance, in accordance with the provisions of this Agreement;
(ii) 5% of the Salary on account of pension fund payments; and (iii) up to 2.5% of the Salary
on account of disability pension payments. The Company shall deduct 5% from the Salary to be
paid on behalf of the Employee towards the Policy. The Employee may extend an existing policy
or plan and incorporate it into the Policy, at his discretion.
	 
	 	 	The Company and the Employee agree and acknowledge that in the event the Company transfers
ownership of the Policy or the right to receive such policy to the Employee, then such
transfer shall be credited against any obligation that the Company may have to pay severance
pay to the Employee pursuant to the Severance Pay Law — 1963 (the “Severance Pay Law”).
Employee agrees that the payments by the Company to the
Policy in accordance with the terms hereof, shall be instead of any statutory obligation of
the Company to pay severance pay to the Employee, and not in addition thereto, all

3

 

	 	 	in accordance with Section 14 of the Severance Pay Law. The Parties hereby adopt the General
Approval of the Minister of Labor and Welfare, on Employers’ Payments to Pension Funds and
Insurance Policies Instead of Severance Pay According to Section 14 of the Severance Pay Law,
attached hereto as Exhibit A.
	 
	 	 	The Company hereby waives its right to a refund of payments it made to the Policy, except:
(i) in the event that Employee’s right to severance pay was denied by a final judgment
pursuant to Section 16 or 17 of the Severance Pay Law (in which case Company shall only be
entitled to a refund of such funds to the extent that severance pay was denied); or (ii) in
the event that the Employee withdrew monies from the Policy (other than by reason of an
“Entitling Event”, i.e. death, disability or retirement at or after the age of sixty (60)).
	 
	2.5.	 	Vocational Studies. The Company shall open and maintain a “Keren Hishtalmut” Fund for
the benefit of the Employee (the “Fund”). The Company shall contribute to such Fund an amount
equal to 7-1/2% of the Salary and the Employee shall contribute to the Fund an amount equal to
2-1/2% of the Salary. The Employee hereby instructs the Company to transfer to the Fund
Employee’s contribution from the Salary. Upon termination of this Agreement by either Party,
other than termination by the Company for Cause, the Company shall assign and transfer to the
Employee the ownership in the Fund.
	 
	2.6.	 	Vacation. The Employee shall be entitled to annual paid vacation of 24 working days.
Subject to applicable law, up to two (2) years’ equivalent of vacation days may be accumulated
and may, at the Employee’s option, upon thirty (30) days’ prior written notice to the Company,
be converted into cash payments in an amount equal to the proportionate part of the Salary for
such days.
	 
	 	 	Employee shall coordinate in advance with the CEO the dates of the vacation hereunder.
	 
	2.7.	 	Sick Leave. The Employee shall be entitled to fully paid sick leave pursuant to the
Sick Pay Law (1976).
	 
	2.8.	 	Annual Recreation Allowance (Dme’i Havra’a). The Employee shall be entitled to annual
recreation allowance according to applicable law.
	 
	2.9.	 	Company Car.

	 	(a)	 	The Company shall provide the Employee with a Company car (the “Company Car”), as
determined by the CEO, at his discretion, which car shall be categorized “Group 4”. The
Company Car shall be placed with the Employee for his business and personal use. Employee
shall take good care of the Company Car and ensure that the provisions of the insurance
policy and the Company’s rules relating to the Company Car are strictly, lawfully and
carefully observed.
	 
	 	(b)	 	Subject to applicable law, the Company shall bear all fixed and ongoing expenses
relating to the Company Car and to the use and maintenance thereof, excluding expenses
incurred in connection with any violations of law, which shall be paid solely by Employee.
The Company shall gross-up any and all taxes applicable in connection with said Company Car
and the use thereof, in accordance with applicable income tax regulations. All such
expenses borne, and tax payments grossed-up, by the Company pursuant to this Section 2.9(b)
are included in the Salary.
	 
	 	(c)	 	Upon the termination of employment hereunder, the Employee shall return the Company Car
(together with its keys and any other equipment supplied and/or 

4

 

	 	 	 	installed therein by
Company and any documents relating to the Company Car) to the Company’s principal office.
Employee shall have no rights of lien with respect to the Company Car and/or any of said
equipment and documents.

	2.10.	 	Telephone. The Company shall furnish, for the use of the Employee, a cellular
telephone (the “Company Phone”), and shall bear all the costs and expenses associated with the
use of the Company Phone. The Company will bear the tax applicable to the use of the Company
Phone by the Employee, according to applicable law. All such costs, expenses and tax payments
borne and payable by the Company pursuant to this Section 2.10 are included in the Salary. The
provisions of Section 2.9(c) above shall apply to the Company Phone, mutatis mutandis.
	 
	2.11.	 	Certain Reimbursements. The Employee shall be entitled to full reimbursement from
the Company for reasonable expenses incurred during the performance of his duties hereunder up
to a limit of NIS 1,500 per month, upon submission of substantiating documents, according to
the Company’s policy. The reimbursement of any expenses in excess of the foregoing limit shall
require the prior approval of the CEO.
	 
	2.12.	 	Taxes. The Employee will bear any tax applicable on the payment or grant of any of
the above Salary and/or benefits, according to the then applicable law. The Company shall be
entitled to and shall deduct and withhold from any amount or benefit payable to the Employee,
any and all taxes, withholdings or other payments as required under any applicable law.
	 
	3.	 	Confidentiality
	 
	3.1.	 	The Employee hereby agrees that he shall not, directly or indirectly, disclose or use at any
time any trade secrets or other confidential information of any type or nature, whether
patentable or not, of the Company, its subsidiaries, affiliates or parent company now or
hereafter existing, including but not limited to, any (i) processes, formulas, trade secrets,
copyrights, innovations, inventions, discoveries, improvements, research or development and
test results, specifications, data, patents, patent applications and know-how of any type or
nature; (ii) marketing plans, business plans, strategies, forecasts, financial information,
budgets, projections, product plans and pricing; (iii) personnel information, salary, and
qualifications of employees; (iv) agreements, customer and supplier information, including
identities and product sales forecasts; and (v) any other information of a confidential or
proprietary nature (collectively, “Confidential Information”), of which the Employee is or
becomes informed or aware during the employment, whether or not developed by the Employee, it
being agreed that for purposes of this Section 3.1, the term Confidential Information shall
not include information that has entered into the public domain through no wrongful act by
Employee. Upon termination of this Agreement, or at any other time upon request of the
Company, the Employee shall promptly deliver to the Company all physical and electronic copies
and other embodiments of Confidential Information and all memoranda, notes, notebooks,
records, reports, manuals, drawings, blueprints and any other documents or things belonging to
the Company, and all copies thereof, in all cases, which are in the possession or under the
control of the Employee.
	 
	3.2.	 	Employee hereby acknowledges and that all Confidential Information and any other rights in
connection therewith are and shall at all times remain the sole property of the Company.
	 
	4.	 	Non-Competition and Non-Solicitation
	 
	4.1.	 	The Employee agrees and undertakes that he will not, for so long as this Agreement is in
effect and for a period of two (2) years thereafter (the “Non-Competition Period”),

5

 

	 	 	compete or to assist others to compete, whether directly or indirectly, with the business of the Company,
as currently conducted and as conducted and/or proposed to be conducted during the
Non-Competition Period.
	 
	4.2.	 	The Employee further agrees and undertakes that during the Non-Competition Period, he will
not directly or indirectly solicit any business which is similar to the Company’s business
from individuals or entities that are customers, suppliers or contractors of the Company, any
of its subsidiaries, affiliates or parent company during the Non-Competition Period, without
the prior written consent of the CEO.
	 
	4.3.	 	The Employee further agrees and undertakes that during the Non-Competition Period, without
the prior written consent of the CEO, he will not employ, offer to employ, or in any way
directly or indirectly solicit or seek to obtain or achieve the employment by any business or
entity of any person employed by either the Company, its subsidiaries, affiliates, parent
company or any successors or assigns thereof during the Non-Competition Period.
	 
	4.4.	 	The Parties hereto agree that the duration and area for which the covenants set forth in this
Section 4 are to be effective are necessary to protect the legitimate interests of the Company
and its development efforts and accordingly are reasonable, in terms of their geographical and
temporal scope. In the event that any court determines that the time period and/or area are
unreasonable and that such covenants are to that extent unenforceable, the Parties hereto
agree that such covenants shall remain in full force and effect for the greatest period of
time and in the greatest geographical area that would not render them unenforceable. In
addition, the Employee acknowledges and agrees that a breach of Sections 3, 4 or 5 hereof,
shall cause irreparable harm to the Company, its subsidiaries, affiliates and/or parent
company and that the Company shall be entitled to specific performance of this Agreement or an
injunction without proof of special damages, together with the costs and reasonable attorney’s
fees and disbursements incurred by the Company in enforcing its rights under Sections 3, 4 or
5. The Employee acknowledges that the compensation and benefits he receives hereunder are
paid, inter alia, as consideration for his undertakings contained in Sections 3, 4 and 5.
	 
	5.	 	Creations and Inventions 
	 
	5.1.	 	The Company shall be the sole and exclusive owner of any Inventions (as defined below), and
Employee hereby assigns to the Company any and all of his rights, title and interest in such
intellectual property free and clear of any third parties rights. The Employee shall inform
the Company of any Invention relating to the Company’s technology, its applications components
or any intellectual property relating thereto, and shall execute any necessary assignments,
patent forms and the like and will assist in the drafting of any description or specification
of the Invention as may be required for the Company’s records and in connection with any
application for patents or other forms of legal protection that may be sought by the Company.
The Employee shall treat all information relating to any Invention as Confidential Information
according to Section 3 above.
	 
	5.2.	 	Without limiting the foregoing, “Inventions” shall include any and all intellectual property,
including without limitation, ideas, inventions, processes, formulas, source and object codes,
data, programs, know how, improvements, discoveries, designs,
techniques, trade secrets, patents and patents applications, copyrights, mask work and any
other intellectual property rights throughout the world, generated, produced, reduced to
practice, or developed by Employee during or in connection with his employment by the
Company.

6

 

	5.3.	 	The Company’s rights under this Section 5 shall be worldwide, and shall apply to any such
Invention notwithstanding that it is perfected or reduced to specific form after the Employee
has ceased his services hereunder.
	 
	6.	 	Term and Termination.
	 
	6.1.	 	This Agreement shall be in effect commencing as of the Effective Date and shall continue in
full force and effect for an undefined period, unless and until terminated by either Party by
sixty (60) days prior written notice to the other Party. Each of such prior notice periods
shall be referred to as the “Notice Period”, as applicable.
	 
	6.2.	 	Notwithstanding anything to the contrary herein, the Company may terminate this Agreement in
the event of the inability of the Employee to perform his duties hereunder, whether by reason
of injury (mental or physical), illness or otherwise, incapacitating the Employee for a period
exceeding 90 days.
	 
	6.3.	 	Notwithstanding anything to the contrary herein, the Company may terminate this Agreement at
any time, effective immediately and without need for prior written notice, and without
derogating from any other remedy to which the Company may be entitled, for Cause.
	 
	 	 	For the purposes of this Agreement, the term “Cause” shall mean: (i) a material breach by
Employee of this Agreement; (ii) any breach by Employee of his fiduciary duties or duties of
care to the Company; (iii) Employee’s dishonesty or fraud or felonious conduct; (iv)
Employee’s embezzlement of funds of the Company; (v) any conduct by Employee, alone or
together with others, which is materially injurious to the Company, monetary or otherwise;
(vi) Employee’s gross negligence or willful misconduct in performance of his duties and/or
responsibilities hereunder; (vii) Employee’s disregard or insubordination of any lawful
resolution and/or instruction of the CEO with respect to Employee’s duties and/or
responsibilities towards the Company; (viii) the occurrence of an event or circumstance which
may result in the Employee having a conflict of interest with his position with the Company,
without Employee having notified the Company thereof, as provided herein; (ix) any breach by
Employee of his confidentiality undertakings to the Company; or (x) any consequences which
would entitle the Company to terminate Employee’s employment without severance payments under
the Severance Pay Law.
	 
	6.4.	 	The Employee shall cooperate with the Company and assist the integration into the Company’s
organization of the person or persons who will assume the Employee’s responsibilities,
pursuant to Company’s instructions. At the option of the Company, the Employee shall, during
such period, either continue with his duties or remain absent from the premises of the
Company, subject to applicable law. At any time during the Notice Period, the Company may
elect to terminate this Agreement and the relationship with the Employee immediately,
provided, that Employee shall be entitled to all payments and other benefits
due to him hereunder as he would have been entitled to receive for the remaining period of the
Notice Period.
	 
	6.5.	 	Upon termination of Employee’s employment with the Company hereunder, for any reason
whatsoever, the Company shall have no further obligation or liability towards the
Employee in connection with his employment as aforesaid. The Company may set-off any
outstanding amounts due to it by Employee against any payment due by the Company to the
Employee, subject to applicable law. Without limiting the generality of the foregoing, in the
event that Employee fails to comply with his prior notice or other obligations hereunder or
under applicable law, the Company shall be entitled to set-off

7

 

	 	 	any amount to which Employee
would have been entitled during the Notice Period, from any payment due by the Company to the
Employee, all without prejudice to any other remedy to which the Company may be entitled
pursuant to this Agreement or applicable law.
	 
	6.6.	 	The provisions of Sections 2.9(c), last sentence of Section 2.10, Sections 3, 4, 5, 6.5, 6.6
and 8.4 shall survive the termination or expiration of this Agreement for any reason
whatsoever. The provisions of the last sentence of Section 2.5 shall survive the termination
of this Agreement subject to the terms set forth in such sentence.
	 
	7.	 	Notices.
	 
	7.1.	 	Any and all notices and communications in connection with this Agreement shall be in writing,
addressed to the parties as follows:

	 	 	 	 	 
	 

	 	If to the Company:
	 	Protalix Ltd.
	 

	 	 	 	2 Snunit Street, POB 455, Carmiel, 20100, Israel
	 
	 	 	 	 
	 

	 	It to the Employee:
	 	Yossef Maimon
	 

	 	 	 	10 Feinstein St., Tel Aviv

	7.2.	 	All notices shall be given by registered mail (postage prepaid), by facsimile or email or
otherwise delivered by hand or by messenger to the Parties’ respective addresses as above or
such other address as may be designated by notice. Any notice sent in accordance with this
Section 7 shall be deemed received upon the earlier of: (i) if sent by facsimile or email,
upon transmission and electronic confirmation of transmission or (if transmitted and received
on a non-business day) on the first business day following transmission and electronic
confirmation of transmission, (ii) if sent by registered mail, upon 3 (three) days of mailing,
(iii) if sent by messenger, upon delivery; and (iv) the actual receipt thereof.
	 
	8.	 	Miscellaneous.
	 
	8.1.	 	Headings; Interpretation. Section and Subsection headings contained herein are for
reference and convenience purposes only and shall not in any way be used for the
interpretation of this Agreement.
	 
	8.2.	 	Entire Agreement. This Agreement constitutes the entire agreement between the Parties
with respect to the subject matters hereof and cancels and supersedes all prior agreements,
understandings and arrangements, oral or written, between the Parties with respect to such
subject matters.
	 
	8.3.	 	Amendment; Waiver. No provision of this Agreement may be modified or amended unless
such modification or amendment is agreed to in writing and signed by the Employee and the
Company. The observance of any term hereof may be waived (either prospectively or
retroactively and either generally or in a particular instance) only with the written consent
of the Party against which/whom such waiver is sought. No waiver
by either Party at any time to act with respect to any breach or default by the other Party
of, or compliance with, any condition or provision of this Agreement to be performed by such
other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the
same or at any prior or subsequent time.
	 
	8.4.	 	Governing Law; Dispute Resolution. This Agreement shall be governed by and construed
in accordance with the laws of the State of Israel. Any dispute arising out of or relating to
this Agreement shall be exclusively resolved by the competent court in Tel-Aviv Jaffa.

8

 

	8.5.	 	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 part of this Agreement is determined to
be invalid, illegal or unenforceable, such determination shall not affect the validity,
legality or enforceability of any other part of this Agreement; and the remaining parts shall
be enforced as if such invalid, illegal, or unenforceable part were not contained herein,
provided, however, that in such event this Agreement shall be interpreted so
as to give effect, to the greatest extent consistent with and permitted by applicable law, to
the meaning and intention of the excluded provision as determined by such court of competent
jurisdiction.
	 
	8.6.	 	Assignment. Neither this Agreement or any of the Employee’s rights, privileges, or
obligations set forth in, arising under, or created by this Agreement may be assigned or
transferred by the Employee without the prior consent in writing of the Company. The Company
shall be entitled to assign its rights and obligations hereunder to any entity acquiring a
material part of its assets or to a subsidiary, affiliate or parent company thereof (as such
terms are defined in the Israeli Securities Law-1968).

[Signature Page to Protalix Ltd. Employment Agreement]

IN WITNESS WHEREOF, the Parties hereto have executed this Employment Agreement as of the date
first above-mentioned.

	 	 	 	 	 
	/s/ David Aviezer
 

PROTALIX LTD.

	 	Yossef Maimon
 

YOSSEF MAIMON
	 	 

By: David Aviezer

9

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