Document:

EX-10.1

 Exhibit 10.1 
  

 
 SEPARATION AGREEMENT 

AND GENERAL RELEASE 
 August 21, 2018

 Rebecca Jacoby 
 c/o Cisco Systems, Inc. 

170 West Tasman Drive 
 San Jose, CA 95134 

Dear Rebecca: 
 This Separation Agreement and
General Release (“Agreement”) sets forth the terms of your departure with Cisco Systems, Inc. (“Cisco” or “Company”) effective September 21, 2018 (the “Termination Date”). 

Your execution of this Agreement applies to all potential claims you may have against Cisco and the other Releasees (as defined below),
including those in connection with the termination of your employment. Please read the following carefully as it sets forth the terms of our agreement. If you agree to its terms after considering them as provided herein, you are asked to sign it and
it will be binding upon you. 
 Although your health coverage will end on the last day of September, you may be eligible to continue that
coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at your own expense, and Cisco will provide you with a lump sum payment with respect to seventeen (17) months of coverage as described below. Subject
to the terms of this Agreement with respect to equity awards and certain other benefits, all of your other benefits, including, but not limited to, vesting of restricted stock units (“RSUs”) and participation in the employee stock
purchase plan, will end on the Termination Date. Whether or not you sign this Agreement, any unvested equity-based awards (other than awards that will continue to vest under the terms of this Agreement), including without limitation any Cisco RSUs
you may hold, will be cancelled on the Termination Date. Also, you are ineligible to participate in the Company’s Executive Incentive Plan (the “EIP”) for fiscal 2019. 

Please read the following paragraphs carefully as they set forth the terms of this Agreement and contain a release of claims. 

I. Termination Date and Restrictive Covenants: Until the one (1) year anniversary of your Termination Date, the commencement of
employment with any of the companies set forth below will be deemed a breach of this Agreement and, in the event of such a breach, Cisco shall have the right to terminate the vesting, settlement, or payment of any unvested, unsettled, or unpaid
benefit provided to you in this Agreement: Amazon Web Services LLC; Arista Networks, Inc.; ARRIS Group, Inc.; Check Point Software Technologies Ltd.; Dell Technologies Inc.; Extreme Networks, Inc.; F5 Networks, Inc.; FireEye, Inc.; Fortinet, Inc.;
Hewlett-Packard Enterprise Company; Huawei Technologies Co., Ltd.; Juniper Networks, Inc.; Lenovo Group Limited; Microsoft Corporation; New Relic, Inc.; Nokia Corporation; Nutanix, Inc.; Palo Alto Networks, Inc.; Symantec Corporation; Ubiquiti
Networks and VMware, Inc (the “Competitor Companies”). For purposes of this Section I, “employment” shall include board of directors or advisory board memberships, and consulting arrangements. 

II. What You Will Receive. In exchange for entering into this Agreement and provided you do not exercise your right to
revoke this Agreement, violate the covenants set forth herein or terminate your employment prior to the Termination Date without the consent of the Company, you will be eligible for the following benefits: 

	 	•	 	 Separation Pay: You will be paid a lump sum payment in an amount equal to 18 months of your annual base
salary as of June 30, 2018 ($975,000) plus 18 months of your fiscal 2018 target bonus, prior to any salary reductions, under the EIP based on a CPF and IPF of 1.0 ($1,121,250) (the “Separation Payment”), which shall be paid no
later than the first payroll date following the Effective Date (as defined in section IV), less applicable payroll deductions, applicable payroll taxes and authorized after-tax deductions. If you commence new
employment prior to the receipt of any portion of this Separation Payment, you agree that you have an affirmative obligation to notify Cisco of such new employment. Your failure to notify Cisco of such subsequent employment does not impact
Cisco’s right to eliminate, offset or reduce your future payments hereunder or seek a refund from you for such amounts improperly paid to you. 

  

	 	•	 	 PTO Payout: You shall be entitled to receive payment for any unused PTO as of your Termination Date. This
payout will be calculated using your annual base salary rate as of June 30, 2018. 

  

	 	•	 	 An Amount to Cover Your COBRA Payment: You shall be entitled to receive a lump sum payment equal to
seventeen (17) months of COBRA premiums ($20,718.18) for you and your eligible dependents at the same level and for the same eligible dependents covered as of your Termination Date, which shall be paid no later than the first payroll date
following the Effective Date, less applicable payroll deductions, applicable payroll taxes and authorized after-tax deductions. Please note that if you choose and are eligible to continue your health coverage
through COBRA, you are solely responsible for timely election of COBRA continuing coverage and for making all COBRA premium payments. 

  

	 	•	 	 Equity Awards: 

Restricted Stock Units 
 The vesting of the following
unvested RSUs, which would have vested on the dates indicated below, will accelerate and immediately vest on your Termination Date (the “Accelerated RSUs”), subject to your continued compliance with this Agreement. Any Accelerated
RSUs that would normally have vested in calendar year 2018 will be settled in September 2018. Any Accelerated RSUs that would normally have vested in calendar years 2019 and 2020 will be settled in January 2019. 

 

					
	 RSU Grant Number
	  	 Original Vest Date
	  	 Number of Shares

	1361271	  	November 10, 2018	  	19,275
	1335757	  	November 20, 2018	  	20,175
	1361271	  	February 10, 2019	  	4,818
	1361271	  	May 10, 2019	  	4,819
	1361271	  	August 10, 2019	  	4,819
	1305908	  	September 11, 2019	  	12,501
	1306764	  	September 11, 2019	  	26,800
	1361271	  	November 10, 2019	  	4,819
	1335757	  	November 20, 2019	  	20,175
	1361271	  	February 10, 2020	  	4,818

 Performance-based Restricted Stock Units 

All outstanding PRSUs for which you are already eligible for Retirement vesting shall otherwise continue to be subject to the terms and conditions of the
applicable PRSU Agreement including the restrictive covenants set forth therein, except that the list of Competitor Companies set forth above shall be considered the organizations and businesses which compete with or are in conflict with the
interests of Cisco for purposes of interpreting Section 3(b)(iii) of the applicable PRSU Agreement. For the avoidance of doubt the Retirement eligible grants consist of the PRSUs granted to you on May 28, 2015, September 21, 2016, and
September 20, 2017, respectively. 

 III. The Release and What You Are Agreeing To Release: You agree to the terms of the
release as set forth below, which shall be executed on your Termination Date. 
 Except as set forth in Section V, which identifies claims
expressly excluded from this release, in consideration for the cash severance, equity acceleration and other consideration hereunder, you release Cisco, any affiliated companies of Cisco, any Cisco sponsored or established benefit plans, the
administrators, fiduciaries, and trustees of any Cisco sponsored or established benefit plans, and the current and former officers, directors, agents, employees and assigns of Cisco, of any affiliated companies of Cisco and of any Cisco sponsored or
established benefit plans (the “Releasees”), to the maximum extent permitted by law, from any and all known and unknown claims up through the date that you execute this Agreement. The claims which you are releasing include, but are
not limited to, those related to your employment with Cisco and the termination thereof. All such claims (including related claims for attorneys’ fees and costs) are waived and released without regard to whether those claims are based on any
alleged breach of a duty arising in statute, contract, or tort. This expressly includes waiver and release of all claims for monetary damages and any other form of personal relief and any claims arising under any and all laws, rules, regulations, or
ordinances, including but not limited to the Age Discrimination in Employment Act; the Family and Medical Leave Act; the Worker Adjustment and Retraining Notification Act; Title VII of the Civil Rights Act of 1964; the Americans with Disabilities
Act; the Employee Retirement Income Security Act; the Equal Pay Act of 1963; the California Fair Employment and Housing Act; the California Business and Professions Code; and any similar laws of any state or governmental entity. 

California law will govern this Agreement, except to the extent preempted by federal law. Accordingly, you further waive any rights under
Section 1542 of the Civil Code of the State of California or any similar state statute. Section 1542 states: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the
time of executing the release, which, if known to him or her, must have materially affected his or her settlement with the debtor.” 

IV. Timeline For Considering And Signing This Agreement: You understand and acknowledge that you have been provided a period of
thirty (30) calendar days within which to decide whether you will execute this Agreement, no one hurried you into executing this Agreement during that period, and no one coerced you into executing this Agreement. The offer of this Agreement
shall expire on September 21, 2018 (the “Expiration Date”). 
 Your signed, accurately dated, and unmodified Agreement
must be mailed to: Francine Katsoudas, Executive Vice President and Chief People Officer, Cisco Systems, Inc., 170 West Tasman Drive, San Jose, CA 95134 on or before the Expiration Date. You may not date the Agreement
for a future (or past) date. 
 You understand that unless more time is required by applicable law, you have a limited period of seven
(7) calendar days after your signing to revoke your acceptance of this Agreement. You must mail written notification of revocation to: Francine Katsoudas, Executive Vice President and Chief People Officer, Cisco Systems, Inc., 170 West
Tasman Drive, San Jose, CA 95134. Unless you personally deliver the signed revocation on or before the end of the eighth (8th) calendar day after the signing, it must be sent by a traceable overnight delivery service or traceable overnight
express mail and postmarked on or before the end of the eighth (8th) calendar day after the signing. This deadline will be extended to the next business day should it fall on a Saturday, Sunday or holiday recognized by the U.S. Postal Service
and, if a revocation period longer than seven (7) calendar days is required under applicable law, to the first business day after such revocation period expires. 

This Agreement will become effective and enforceable on the date that the revocation period has expired, provided that you have delivered the
signed Agreement to Cisco, Cisco has accepted it and you have not revoked it (the “Effective Date”). Your benefits will commence or be made available to you as set forth above in this Agreement, provided you comply with all of your
obligations and the terms of this Agreement. 
 If you exercise your right of revocation with respect to the signing, your employment will
still cease on the Termination Date. If you exercise your right of revocation or resign your employment prior to your Termination Date without the consent of the Company, you will not be entitled to the applicable benefits pursuant to this
Agreement. 

 Cisco reserves the right after receiving your signed Agreement to reject it and decline to
accept it in the event it is untimely or if it is modified by you. In the event the Agreement is rejected or not accepted by Cisco, it will be void and unenforceable. 

In limited circumstances such as, for example, a medical emergency, Cisco reserves the right in its sole discretion to accept an Agreement
signed after the Expiration Date. However, you should not expect that Cisco will accept an Agreement signed after the Expiration Date and this paragraph cannot be used or cited as imposing any obligation on Cisco to accept an Agreement signed after
the Expiration Date. If you sign the Agreement any time after the Expiration Date, or deliver it to Cisco more than one business day following the Expiration Date (as set forth above), and Cisco accepts the Agreement, you will be solely responsible
for any and all tax liabilities, including penalties, excise taxes, and/or interest, if any, under Section 409A of the Internal Revenue Code (“Section 409A”). 

V. Protecting Your Rights: In understanding the terms of this Agreement and your rights, you are advised to consult with an
attorney of your choice at your expense prior to signing it. Also, the only claims that you are not waiving and releasing under this Agreement are claims you may have for (1) unemployment, state disability, worker’s compensation, and/or
paid family leave insurance benefits under applicable state law; (2) continuation of existing participation in Cisco-sponsored group health benefit plans, at your own expense, under COBRA and/or under an applicable state law counterpart(s); (3)
any benefits entitlements that are vested as of your termination date under the terms of a Cisco-sponsored benefit plan; (4) violation of any federal, state or local statutory and/or public policy right or entitlement that, by applicable law,
is not waivable; (5) any wrongful act or omission occurring after the date you execute this Agreement, including any breach by Cisco of this Agreement; (6) any rights you have to indemnification under the Restated Articles of Incorporation
of Cisco Systems, Inc. and the Amended and Restated Bylaws of Cisco Systems, Inc., as currently in effect, and the Indemnification Agreement between Cisco and you dated July 26, 2015; and (7) any rights to insurance coverage, including
expense reimbursement, under any D&O insurance policy maintained by Cisco. In addition, nothing in this Agreement prevents or prohibits you from filing a claim with or voluntarily participating in an investigation or proceeding conducted by the
Equal Employment Opportunity Commission (EEOC) or any other government agency that is responsible for enforcing a law on behalf of the government and deems such claims not waivable. However, please understand that, because you are waiving and
releasing all claims “for monetary damages and any other form of personal relief” (per Section II above), you may only seek and receive non-monetary forms of relief from the EEOC and similar
government agencies. Nothing in this Agreement prohibits you from receiving monetary rewards under the whistleblower provisions of federal law or regulation. If you sign this Agreement, you are agreeing that the benefits you will receive under
Section II fully and completely satisfy all claims you might possibly have against Cisco and the other released parties. 
 You are hereby
provided notice that under the 2016 Defend Trade Secrets Act (DTSA): (1) no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret (as defined in the Economic Espionage Act)
that: (A) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (B) is
made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected
violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the
trade secret, except as permitted by court order. 
 VI. Deferred Compensation Tax Consequences: In the event that any changes to
this Agreement or any additional terms are required to ensure that a payment is either exempt from or complies with Section 409A so that the penalty taxes under Section 409A(a)(1)(B) are not applied, you hereby agree that Cisco may make
such change or incorporate such terms (by reference or otherwise) without your consent. 
 VII. Protecting Cisco’s
Rights: In executing this Agreement, you acknowledge that you have not relied upon any statement made by Cisco, or any of its representatives or employees, with regard to this Agreement unless the representation is specifically included in
this written Agreement. Furthermore, this Agreement contains our entire understanding regarding eligibility for and the payment of separation benefits and supersedes any and all prior representations and agreements regarding the subject matter of
this Agreement. However, this Agreement does not modify, amend or supersede written Cisco agreements that are consistent with enforceable provisions of this 

 
Agreement such as Cisco’s “Proprietary Information and Inventions Agreement” and Cisco’s Arbitration Agreement and Policy. In addition, this Agreement in no way alters the at-will nature of your employment; both you and Cisco are free to terminate your employment at any time for any reason, with or without cause or advance notice. Except for any changes that Cisco may make with
respect to Section 409A as set forth herein, once effective and enforceable, this Agreement can only be changed by another written agreement signed by you and Cisco’s Senior Vice President and Chief People Officer (or his/her designee).

 On or before your Termination Date, you agree to satisfy any and all outstanding financial obligations to the Company and, return to the
Company all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time, including but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial
information, specifications, computer-recorded information, tangible property (including, but not limited to, computers, laptops, pagers, etc.), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain
or embody any proprietary or confidential information of the Company (and all reproductions thereof). Separation benefits will not be provided to you under this Agreement until you comply with this requirement. 

You agree that you will not disclose to others the fact or terms of this Agreement, except that you may disclose such information to your
spouse or to your attorney or accountant in order for such individuals to render services to you. 
 VIII. Mutual Non-Disparagement. You on the one hand, and the Company’s officers and directors with knowledge of this Agreement on the other, agree not to make any negative statement about or disparage the other
party with any written or oral statement. You specifically agree not to make any disparaging comments regarding the Releasees or their products, services, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors,
affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral statement. Notwithstanding the foregoing, nothing in the clause shall be deemed to limit in any way statements by you
(i) to your advisors, including legal counsel, that are under a contractual or legal obligation to preserve the confidentiality of such statements or (ii) that you in good faith believe are truthful to any regulatory or enforcement agency
which requests information from you regarding Cisco or in connection with any other legal or regulatory proceeding. 
 IX. Non-Solicitation; Confidential Information. For the one (1) year period following your Termination Date, you agree and acknowledge that your right to receive the severance consideration described in
Section II above shall be conditioned upon you not either directly or indirectly soliciting, attempting to hire, recruiting, encouraging, taking away, hiring any employee of Cisco or inducing or otherwise causing an employee to leave his or her
employment with the Company (regardless whether to commence employment with you or with any other entity or person; provided however that you shall not be prohibited from soliciting for employment or employing any such person after three
(3) months have lapsed since such person ceased to be employed by Cisco. If you engage in any such activity, then all severance consideration to which you otherwise would be entitled under Section II, above, as applicable, thereupon shall
cease. 
 You hereby acknowledge that you are and continue to be bound by the Proprietary Information and Inventions Agreement you signed
with the Company dated as of March 6, 1995 (the “Confidentiality Agreement”), and that the Confidentiality Agreement inures to the benefit of the Company to the same extent as set forth in the Agreement, and that as a result of
your employment with the Company you have had access to the Company confidential information, that you will hold all confidential information in strictest confidence and that you will not make use of such confidential information on behalf of
anyone. Insofar as Section F of the Confidentiality Agreement prohibits you from providing any input to any third party regarding any employee of the company, that language alone is superseded by Section VIII above. You further agree that you will
deliver to the Company no later than the Termination Date all documents and data of any nature containing or pertaining to such confidential information and that you have not taken with you any such documents or data or any reproduction thereof. If
you violate any of the provisions of the Confidentiality Agreement, then all severance consideration to which you otherwise would be entitled under Section II, above, as applicable, thereupon shall cease. 

X. Full Disclosure: You confirm that you are not aware of any claim, grounds, facts or circumstances that are expected to
give rise to any material investigation, material claim or audit by any entity, including but not limited to, any state or federal or non-U.S. government agency, against Cisco in relation to any matter
whatsoever arising during your employment at Cisco. 

 XI. Enforceability Of This Agreement: Any controversy or any claim arising out of or
relating to the interpretation, enforceability or breach of this Agreement shall be settled by arbitration in accordance with Cisco’s Arbitration Agreement and Policy, a copy of which you acknowledge having previously received and agreed to. If
for any reason this Arbitration Agreement and Policy is not enforceable, Cisco and you agree to arbitration under the employment arbitration rules of the American Arbitration Association (which can be found at http://www.adr.org) or any
successor hereto. The parties further agree that, except as set forth in the following paragraph, the arbitrator shall not be empowered to add to, subtract from, or modify, alter or amend the terms of this Agreement. Any applicable arbitration
rules, agreement or policy shall be interpreted in a manner so as to ensure their enforceability under applicable state or federal law. 

Should any provision of this Agreement be determined by an arbitrator or a court of competent jurisdiction to be wholly or partially invalid
or unenforceable, the legality, validity and enforceability of the remaining parts, terms, or provisions are intended to remain in full force and effect. 

We trust that the separation payment and other consideration offered herein will assist you in your employment transition. We wish you the
best in your future endeavors. 
 CISCO SYSTEMS, INC. 

 I UNDERSTAND AND VOLUNTARILY ACCEPT AND AGREE TO THE ABOVE TERMS INCLUDING BUT NOT LIMITED TO THE RELEASE
OF CLAIMS AS OF THE DATE OF MY SIGNATURE (ORIGINAL) 
  

					
	/s/ Rebecca Jacoby	 		 	9-7-18
	Signature of Employee	 		 	Date Signed
			
	Rebecca Jacoby	 		 	San Jose, CA USA
	Printed Name of Employee	 		 	Location Signed at (e.g., San Jose, CA, USA)
			
	 	 		 	
	 Cisco Employee #
	 		 	

 FOR CISCO USE ONLY 

CISCO SYSTEMS, INC. 
  

					
	 Received by:
	 		 	 Accepted by:

			
	 /s/ Amy Manning
	 		 	 Amy Manning 9-7-18

	 Name/Date
	 		 	 Name/DateExhibit 10.20

 

Consulting Agreement

 

This Consulting Agreement (this “Agreement”) is entered into as of September, 12, 2018 (the “Effective Date”) by and between Pluristem Ltd., with its principal place of business at MATAM Park, Building 5, Haifa 31905 Israel (“Company”), and Rose High Tech Ltd. of Tel Mond, Israel (“Consulting Company”).

 

(Each may be referred to as a “Party” and collectively the “Parties”.)

 

	WHEREAS,	
the Company and the Consulting Company are parties to a certain consulting agreement dated November 10, 2005 as amended from time to time (together collectively: "Consulting Agreement"); and

 

	WHEREAS	
the Parties hereto wish to terminate the Consulting Agreement and to enter into a new agreement in accordance with the provisions set forth in this Agreement; and

 

	WHEREAS	
the Consulting Company is willing to provide the Company with the Services, as defined below, to be rendered to the Company solely by Mr. Zami Aberman (Zami Aberman or, together with Consulting Company, the “Consultant”); and

 

	WHEREAS,	
Consultant has the skills, connections and experience necessary to assist the Company in the development of its business, strategy and operations; and

 

	WHEREAS,	
Company wishes to retain Consultant, as an independent contractor, to provide Company with the Services, on a non-exclusive basis, pursuant to the terms and conditions hereunder;

 

NOW THEREFORE, in consideration of the premises and mutual covenants and agreements herein, the Parties, intending to be legally bound, hereby agree as follows:

 

	1.	
The Services

 

		1.1.	
The Consultant shall, during the Term of this Agreement (as defined below), provide the Company with services of Co-Chief Executive Officer (“Co-CEO”, and collectively, the “Services”).

 

		1.2.	
Consultant shall use all reasonable endeavors to promote, develop and expand Company’s business, shall devote all necessary time and attention to the performance of his duties, and will work in coordination with the Company.

 

		1.3.	
Consultant shall report to the Board of Directors of the Company (the “Board”) and comply with its instructions and guidelines.

 

		1.4.	
Without derogating from the above, the Consultant shall act in accordance with the Company's policies, regulations and general instructions as shall be published and updated from time to time, including, but not limited to, the Company's Sexual Harassment Policies, the Company's Insider Trade Policy, the Company’s whistle blowing policy, the Company's Ethic Code etc. Without derogating from the provisions of Section 4 below, in the event of a breach of this Section 1.4 or any of the policies mentioned herein, Company shall have the right to immediately terminate this Agreement without prior notice, based on Company’s sole discretion.

 

	2.	
Representations and Warranties

 

Each Party hereby represents and warrants to the other Party as follows:

 

		2.1.	
It is not a party to any contract or agreement preventing it from entering into this Agreement and carrying out its obligations hereunder, and such do not violate, conflict with or constitute a default under applicable law.

 

		2.2.	
When executed, this Agreement shall become its legal, valid and binding obligation, enforceable in accordance with the Agreement’s terms.

 

		2.3.	
It has, and during the term of this Agreement shall continue to maintain, the expertise, knowledge, capacity, financial means, facilities and personnel necessary to carry out its obligations under this Agreement.

 

	3.	
Consideration

 

As sole and full consideration for the Services, Consultant shall be entitled to the followings (the “Consideration”):

 

		3.1.	
Consulting Fees. In considerations for the Services, Starting September 1, 2018, the Company shall pay the Consultant a monthly gross amount of 149,500 New Israeli Shekels (NIS) plus VAT (“Consulting Fees”), against a duly issued invoice.

 

		3.2.	
Fixed Annual Bonus. Consultant shall be eligible to receive an annual bonus in an amount equals to one month of Consulting Fees. Such bonus will be paid in November, each year against a duly issued invoice.

 

		3.3.	
Special Bonus. Consultant shall be entitled to receive performance based bonus of 1.5% of the sums actually received by the Company in case of: (i) consummation of a merger, acquisition or sale of all or substantially all of the outstanding securities or assets of the Company; (ii) non-diluting funding; and (iii) any other significant corporate transactions, including the equity component of such transaction, as determined by the Parent Company’s Board of Directors and/or Compensation Committee. For the avoidance of any doubt, Consultant is also entitled to receive such Special Bonus on events that materialized during the Adjustment Period and the Notice Period.

 

		3.4.	
Car. The Company shall reimburse the Consultant for all reasonable expenses incurred with respect to the Consultant Car. The Company shall reimburse the Consultant for all actual maintenance (including but not limited to: gas and toll road), tax and insurance expenses relating to such vehicle. The Company will reimburse the Consultant for tax amounts paid by the Consultant relating to the vehicle that are required to keep the Consultant Fee unaffected. It is hereby clarified that the Company shall not pay any tickets or fines resulting state and/or municipal traffic violations.

 

		3.5.	
Cellular Phone. The Company shall provide the Consultant with a cellular phone and shall bear all expenses relating to such cellular phone.

 

		3.6.	
Vacation Days. Consultant shall be entitled to twenty four (24) vacation days per year.

 

		3.7.	
Reimbursement for Expenses. Consultant shall be entitled to receive prompt reimbursement of all direct expenses reasonable incurred by him in connection with the performance of his duties hereunder; provided, however, that the Consultant has submitted, in writing, in the proper formant, an expense report for the same, together with written receipts, in accordance with the Expense Policy (each, an “Expense Report”), and the Expense Report has been submitted within fifteen (15) days of the incurrence of the expenses. The Company will issue a company credit card that will be used by the Consultant only for expenses reasonable incurred by him in connection with the performance of his duties. The Consultant hereby acknowledges that once reimbursement has been received for goods purchased by the Consultant on behalf of the Company, such goods shall become the sole property of the Company.

 

		3.8.	
D&O Insurance and indemnification. The Company undertakes to cause that the Consultant in its capacity as Office Holder of the Company, shall be covered by the Company’s D&O insurance policy, as shall be in effect from time to time. Furthermore, the Company shall act to provide indemnification to the Consultant in his capacity as an officer of the Company.

 

		3.9.	
For the avoidance of doubt, other than the Consideration, Consultant shall not be entitled to any further payment or compensation in connection with the performance of the Services, including any reimbursement of costs and expenses.

 

2

		3.10.	
For the avoidance of doubt, it is hereby clarified that each party to this Agreement will be liable for its own tax payments. In addition, any consideration shall include VAT at the applicable rate required by law and regulations.

 

		3.11.	
The Company shall withhold taxes from any paid Consideration, at an applicable rate as required by applicable laws and regulations, or at a rate that is determined by an authorized approval or certificate of the Israeli Tax Authority that may be provided to the Company by Consultant.

 

	4.	
Term and Termination

 

		4.1.	
This Agreement shall commence as of the Effective Date and shall continue in full force unless terminated by either party according to section 4.2 or section 4.5(the “Term”).

 

		4.2.	
Either Party may terminate this Agreement by giving the other Party ninety (90) days written notice (the “Notice Period”). Consultant shall continue to provide the Services during the Notice Period and shall be entitled to receive the Consideration for such Services. The Company retains the right, at its sole discretion and at any time within the Notice Period, to terminate, immediately and unilaterally, the Services, by giving a written notice to Consultant. Provided, however, that, Consultant shall be entitled to receive the Consideration.

 

		4.3.	
In the end of the Notice Period, the value of any unused vacation days will be paid to the Consultant, at a value of the Consulting Fee divided by 22. Such payment shall be made against a duly issued invoice.

 

		4.4.	
Adjustment Period - In the event of termination of this Agreement according to the terms of Section 4.2 above, Consultant will be entitled, in addition to any amounts payable to him during the Notice Period, to adjustment fees equal to nine (9) months Consulting Fees, Car expenses reimbursement, and Cellular Phone (the "Adjustment Fees"). The Adjustment Fees shall be paid on a month by month basis. During the 9 months adjustment period the Consultant will be available to the Company reasonably, as will be mutually agreed between the Consultant and the Company.

 

		4.5.	
Notwithstanding, Company may, at its sole discretion, immediately terminate the Agreement by giving written notice to the Consultant in the event that the Consultant engage in any illegal, unfair, or deceptive business practices or unethical conduct whatsoever, whether or not related to the Services. In case of termination according to this Section, the Services shall terminate immediately and unilaterally, and Consultant shall not be entitled to receive any amounts, including the Consideration.

 

		4.6.	
Termination of this Agreement shall be without prejudice to any other right or remedy of either Party as stipulated in this Agreement. All covenants set forth in this Agreement designated or designed to survive its Term, shall survive the termination or expiration of this Agreement for any reason.

 

	5.	
Stock Based Awards

 

During the term of this Agreement, Zami Aberman shall be entitled to participate in any of Pluristem Therapeutics Inc.’s (the Parent Company) equity compensation plans, whether currently in existence or as may be adopted in the future by the Parent Company's shareholders, from time to time (the “Plan”), and may be granted such awards, pursuant to any relevant grant instruments, that may be granted in accordance with the Plan (the “Awards”) as shall be determined by the Board and/or the Parent Company’s Compensation Committee.

 

It is hereby clarified that the grant of the Awards is subject to (a) the approval of the Parent Company's Board of Directors and/or Compensation Committee and (b) execution of any documents required pursuant to applicable law and the terms of the Plan, including execution of a grant Award agreement, and an irrevocable proxy. The terms of the Award, including but not limited to, the number of Awards granted, the exercise price, vesting period, adjustments and exercise period shall be determined in accordance with the provisions of the Plan and the executed grant Award agreement.

 

3

 

Zami Aberman shall be entitled to immediate acceleration of the of unvested Awards in the following circumstances: (i) in case of the termination of the Company of this Employment Agreement, 100% of any unvested Awards; (ii) in case of the termination of Employee of this Employment Agreement, 50% of any unvested Awards; and (iii) in the event of a Change of Control (as hereinafter defined) of the Parent Company (or the Company), 100% of any unvested Awards.

 

For purposes of this Agreement, “Change of Control” shall mean the occurrence of any of the following: (i) any one person, or more than one person acting as a group or in concert, acquires beneficial ownership of stock of the Parent Company that, together with stock held by such person or group, constitutes more than thirty percent (30%) of the total voting power of the stock of the Parent Company; (ii) any consolidation or merger of the Parent Company into another corporation or entity where the stockholders of the Parent Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own, directly or indirectly, securities representing in the aggregate more than fifty percent (50%) of the combined voting power of all the outstanding securities of the surviving corporation (or of its ultimate parent corporation, if any); (iii) the sale, lease or other transfer of all or substantially all of the Parent Company’s assets to an independent, unaffiliated third party in a single transaction or a series of related transactions; or (iv) the date that fifty percent (50%) or more  of the members of the Parent Company’s Board of Directors is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by fifty percent (50%) or more of the members of the Parent Company’s Board of Directors prior to the date of the appointment or election.

 

Any tax imposed on Consultant with respect to the grant and/or the exercise of the Award shall be borne by the Consultant.

 

	6.	
Confidentiality, Intellectual Property Assignment and Non-Competition

 

The Consultant undertakes to fully comply with the Confidentiality, Intellectual Property Assignment and Non-Competition provisions set forth in Exhibit A.

 

	7.	
Scope of Relationship

 

The relationship between the Company and Consultant shall be that of independent contractors. Neither Party is a partner, joint-venture, agent, employee or legal representative of the other, nor has either Party the authority to assume or create any obligation on behalf of the other, to bind the other or to represent itself as such to any third party. Consultant shall bear all social benefits required under any applicable law and shall not receive nor be entitled to overtime pay, insurance, severance payments or similar fringe or employment benefits from the Company.

 

		7.1.	
The Consultant affirms that this Agreement does not create any employee relationship between the Consultant and the Company.

 

		7.2.	
Without derogating from the above, Consultant shall reimburse and compensate the Company in the event that the Company is required to pay any sum of money to the Consultant and/or the Consultant’s heirs and/or dependents and/or to the National Social Security Authority (Bituach Leumi) and/or the tax authorities and/or any other party that sues in the name of the Consultant or on Consultant’s behalf, for any rights deriving from a status of an employee of the Company.

 

4

 

		7.3.	
The parties acknowledge that had the Company elected to retain the services of Consultant as an employee and had Consultant agreed to accept such employment, the salary payable to Consultant would be substantially lower than the Consulting Fee (as the Fee takes into account all social benefits that would otherwise be payable to an employee including, severance payments, etc.). Therefore, if any labor court, or other competent authority, determines that an employer-employee relationship does in fact exist between the Company and Consultant, the following shall apply:

 

		7.3.1	
For the period as to which it is claimed or determined that an employment relationship existed between the Company and Consultant (the “Relevant Period”), Consultant’s Fee shall be such amount equal to 67% of the Fee due to him for each month during the Relevant Period, and such consideration shall constitute the full Fee payable to Consultant on which basis any social contributions will be calculated.

 

		7.3.2	
Consultant hereby agrees to immediately repay the Company any amount which the Company has paid is under this Agreement, above the payments set forth in Section 7.3.1, such repaid amount to be linked to the Israeli Consumer Price Index and include interest at the annual rate of 5%.

 

		7.3.3	
The Company may set off any of the Consultant’s debt to the Company under this Section 7.3 from any amounts payable to Consultant under this Agreement or pursuant to his relationship with the Company in his capacity as such. For the avoidance of doubt, no deduction (as described in this section) shall exempt Consultant from repaying the Company the Consultant’s overall debt.

 

		7.4.	
The above obligations of the Consultant shall survive the termination of this Agreement.

 

	8.	
Miscellaneous

 

This Agreement, including its exhibits, when signed by the authorized representatives of the Parties hereto, shall constitute the sole and entire agreement between the Parties, with respect to the subject matter of this Agreement, and shall supersede any and all prior agreements, whether oral or written. No amendment or waiver to this Agreement shall be effective unless in writing and signed by authorized representatives of the Parties. This Agreement shall be governed by and construed in accordance with the laws of the State of Israel, without regard to its rules regarding conflict of laws. The competent courts located in the district of Tel-Aviv, Israel, shall have exclusive jurisdiction with respect to any claims or disputes arising out of or concerning this Agreement.

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

 

 

	
Pluristem Ltd.

	 	
Rose High Tech Ltd.

	 	 	 	 
	
By: /s/ Yaky Yanay

Name: Yaky Yanay

Title: Co - CEO

 

Zami Aberman  /s/ Zami Aberman 

	
By: /s/ Erez Egozi

Name: Erez Egozi

Title: CFO

	 	
By: /s/ Zami Aberman

Name: Zami Aberman

Title: 

 

5

	
EXHIBIT A

Confidentiality, Intellectual Property Assignment and Non-Competition

 

	1.	
Secrecy

 

		(a)	
The Consultant recognizes and acknowledges that its access whether prior to the date hereof or thereafter, to the trade secrets and confidential or proprietary information (collectively, the “Confidential Information”) of the Company and the Company’s subsidiaries and other affiliates (collectively, the “Companies”), is essential to the services the Consultant is giving to the Companies (the “Services”).

 

		(b)	
By way of illustration and not limitation, such Confidential Information shall include (i) any and all information concerning the business and affairs of the Companies, product specifications, data, know-how, compositions, processes, formulas, methods, designs, samples, inventions and ideas, past, current and planned development or experimental work, current and planned distribution methods and processes, customer lists, current and anticipated customer requirements, price lists, market studies, business plans, computer software and programs (including object code and source code), computer software and database technologies, systems, structures and architectures (and related processes, algorithms, compositions, improvements, know-how, inventions, discoveries, concepts, ideas, designs, methods and information) of the Company, and any other information, however documented of the Companies; (ii) any and all information concerning the business and affairs of the Companies (which includes historical financial statements, financial projections and budgets, historical and projected sales, capital spending budgets and plans, the names and backgrounds of key personnel, personnel training and techniques and materials), however documented; and (iii) all derivatives, improvements and enhancements to the Company’s technology which are created or developed in relation to the Services; and (iv) information of third parties as to which the Company has an obligation of confidentiality; and (v) any and all notes, analysis, compilations, studies, summaries, and other material prepared by or for the Companies containing or based, in whole or in part, on any information included in the foregoing.

		(c)	
The Confidential Information shall not include information which: (i) has become publicly known and made generally available through no wrongful act of the Consultant; (ii) was known to the Consultant prior to its involvement with the Companies; or (iii) is required to be disclosed as a result of court order to other legal process, provided, however, that the Consultant shall limit disclosure the required minimum, and will promptly notify the Company of the request to disclose the Confidential Information and the parts thereof that will, or have been disclosed.

		(d)	
Consultant further recognizes and acknowledges that such Confidential Information is a valuable and unique asset of the Company's, and that its use or disclosure (except use or disclosure as required for giving the Companies the Services) would cause the Company substantial loss and damages. Consultant undertakes and agrees that it will not, in whole or in part, disclose such Confidential Information to any person or organization under any circumstances (except use or disclosure as required for giving the Companies the Services), will not make use of any such Confidential Information for the Consultant’s own purposes or for the benefit of any other person or organization, and will not reproduce any of the Confidential Information without the Company’s prior written consent.

		(e)	
Consultant will not disclose or otherwise make available to the Companies in any manner any confidential information received by Consultant from third parties.

		(f)	
The obligations set forth in this section are perpetual, and shall survive termination of any agreement regarding Services given to the Company by the Consultant.

6

		(g)	
Consultant further recognizes and acknowledges that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to certain limited purposes. Consultant agrees to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in giving the Company the Services consistent with the Company’s agreement with the third party.

	2.	
Return of Materials. Upon termination of any agreement regarding the Services, or at the request of the Company before such termination, Consultant will promptly deliver to the Company all copies of all written and tangible material, in Consultant’s possession or under Consultant’s control, incorporating the Confidential Information or otherwise relating to the Company’s business, without retaining any copies thereof. The obligations set forth in this subsection shall survive termination of any agreement regarding the Services between Consultant and the Company.

	3.	
Ownership of Property and Rights

		(a)	
Exclusive Property. Consultant confirms that all Confidential Information and Works are, will be, and shall remain the exclusive property of the Company including all intellectual property rights therein under patent, copyright, trade secrets and similar laws in all countries throughout the world. All business records, papers and documents however documented kept or made by the Consultant as part of the Services given by it to the Company shall be and remain the property of the Company.

 

For the purpose of this section, the term “Works” shall mean any and all works, projects or Inventions (as defined below) performed and/or developed by the Consultant for or used by the Companies or otherwise included in the source code or object code of the Company's products or otherwise used in the business of the Companies whether made prior or after the date of this Agreement.

		(b)	
Assignment & Waiver. Consultant hereby assigns and waives to the Company, without additional consideration to the Consultant, the entire right, title and interest in the Works and to any ideas, inventions, original works of authorship, developments, improvements, modifications, enhancements, trade secrets, and in and to any documentation, software, hardware, firmware, creative works, know-how and information, conceived or reduced to practice, in whole or in part, by Consultant during Consultant’s period giving the Company the Services, or caused to be conceived or reduced to practice, during the above period, and/or related to the Companies’ business, whether or not patentable, copyrightable or otherwise protectable, and Consultant assigns to the Company as above stated, the entire right, title and interest in and to any proprietary rights therein or based thereon including all intellectual property rights therein under patent, copyright, trade secrets and similar laws in all countries throughout the world (collectively, the “Inventions”). This assignment applies to all Works and Inventions created before, on and after the date of this Agreement, and also includes the right to sue for and recover damages for any past, present and/or future infringement of any of the Works and/or Inventions.

For the avoidance of doubt, it is agreed and clarified that the provisions of this Section 3 would also apply to any Company IP constituting a service invention as defined in the Israeli Patents Law, 5727-1967 (the “Service Invention” and the “Patents Law”, respectively), and such would constitute Consultant's property unless Company explicitly approved otherwise, in writing, within six months of receiving written notice of the Service Invention (for the avoidance of doubt, Section 132(b) of the Patents Law will not apply to the Service Invention). Consultant hereby waives any right to royalties, payment, or any other compensation from the Company with regard to any assigned Inventions and/or Works, as well as the ownership, utilization or commercial use of any Service Invention. For the avoidance of doubt, it is agreed that this Section 3 shall be deemed a “Contract” for the purpose of Section 134 of the Patents Law, and as such would prohibit Consultant from applying to the Compensation and Royalties Committee regarding the Service Inventions.

7

		(c)	
Perfection of Rights. Consultant shall provide all assistance the Company may request, and shall execute, verify and deliver such documents and perform such other acts (including appearing as a witness) the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such proprietary rights and the assignment thereof, as set forth above. Consultant’s obligation to assist the Company with respect to proprietary rights in any and all countries shall continue beyond the termination of any agreement between the Company and Consultant regarding the Services, but the Company shall compensate the Consultant at a reasonable rate after termination of such agreement for the time actually spent by the Consultant at the Company’s request on providing such assistance.

		(d)	
Consultant represents and warrants that except for the Company's rights in the Inventions and/or the Works, no other third party has any rights whether contractual, by law or otherwise from any kind whatsoever in the Inventions and/or the Works or in any intellectual property rights relating thereto. Consultant further represents and warrants that it has not granted to any third party any licenses in and to any of the Works, Inventions or any of the intellectual property rights relating thereto.

		(e)	
Survivability. The obligations set forth in this section are perpetual, and shall survive termination of any agreement regarding Services given to the Company by the Consultant.

		(f)	
Attorney-in-fact.  If the Company is unable because of the Consultant’s mental or physical incapacity or the Consultant's refusal to cooperate with the Company after receiving the Company's request pursuant Section 3(c) above to secure the Consultant’s signature to application for any Israeli or foreign patent or copyright registration covering Inventions, Works or original works of authorship assigned to the Company as set forth above, Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Consultant’s agent and attorney-in-fact, to act on behalf and instead to execute and file any such application and to do all other lawfully permitted acts to further the prosecution and issuance of letter patent or copyright registration thereon with same legal force and effect as if executed by the Consultant.

	4.	
No Competition. For so long as Consultant is giving Services to the Company and continuing for 12 months after the termination or expiration of any agreement between the Consultant and the Company regarding such Services, the Consultant shall not, directly or indirectly:

		(a)	
solicit,  endeavor to entice away from the Companies  or otherwise interfere with the relationship of the Companies with any person or organization who is, or was within the preceding 6 months, a customer of the Companies, or who is employed by the Companies; or

		(b)	
own an interest in, manage, operate, join, control, or participate in or be connected with, as an officer, employee, partner, stockholder, consultant or otherwise, any project, at such time, competing with the core technology and business of the Company anywhere in the world or providing products or services substantially similar to the products or services offered by the Company. It is hereby agreed that holding up to 3% of a publicly traded company by the Consultant shall not be deemed as engagement in competition with the Company.

8

	5.	
Enforcement. The Company may enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for the breach of this Agreement. This Agreement shall be enforced to the fullest extent permissible under the laws of the State of Israel, without regard to its conflict of law principles. If any portion of this Agreement shall be adjudicated to be invalid or unenforceable, it shall be deemed to be amended to delete such portion. Consultant expressly consents to the exclusive personal jurisdiction and venue of Tel-Aviv courts for any lawsuit arising from or relating to this Agreement and venue of Tel-Aviv courts for any lawsuit arising from or relating to this Agreement.

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

 

 

	
Pluristem Ltd.

	 	
Rose High Tech Ltd.

	 	 	 	 
	
By: /s/ Yaky Yanay

Name: Yaky Yanay

Title: Co - CEO

 

Zami Aberman  /s/ Zami Aberman 

	
By: /s/ Erez Egozi

Name: Erez Egozi

Title: CFO

	 	
By: /s/ Zami Aberman

Name: Zami Aberman

Title: 

9

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