Document:

Exhibit 10.18

 

Employment Agreement

 

This Employment Agreement is entered into
as of this 6 day of November 2018, by and between Mark Hasleton, an individual residing in Ra’anana, Israel (the “Executive”),
and ORAMED Ltd., a company incorporated under the laws of the State of Israel, with an address at Hi-Tech Park 2/4 Givat
Ram, Jerusalem, Israel 91390 (the “Company”).

 

WHEREAS, the
Company has agreed to engage the Executive to serve in the role of VP Business Development of the Company and ORAMED PHARMACEUTICALS
INC. (the “Parent”); and

 

WHEREAS, Company
and the Executive wish to formally record the terms and conditions upon which the Executive will be employed by the Company, and
each of the Company and the Executive have agreed to the terms and conditions set forth in this Agreement, as evidenced by their
execution hereof.

 

NOW, THEREFORE,
the Company and the Executive agree as follows:

 

		1.	ENGAGEMENT

 

		1.1	Engagement of Executive. Subject to earlier termination of the Agreement as hereinafter
provided, the Company hereby agrees to employ the Executive in accordance with the terms and provisions hereof.

 

		1.2	Term. Unless terminated earlier in accordance with the provisions hereof, the term of employment
under this Agreement shall commence on November 7, 2018 (the “Effective Date”) and shall continue until
terminated by either party as provided herein (the “Term”).

 

		1.3	Service.

 

the Executive
shall serve in the role of VP Business Development of the Company and ORAMED PHARMACEUTICALS INC. (the “Parent”)

 

		(a)	Scope of service – from the Effective Date, the Executive shall perform his work on the basis
of a full time position. The Executive shall be entitled to conduct his work at a location outside the offices of the Company for
one day each week, which will be coordinated with the Company in advance.

 

		(b)	The Executive agrees to faithfully, honestly and diligently serve the Company and to devote Executive’s
attention and best efforts to further the business and interests of the Company during the period of this Agreement. The Executive
agrees and undertakes to inform the Company’s Chief Executive Officer (the “CEO”) immediately after becoming
aware of any matter that may in any way raise a conflict of interest between the Executive and the Company. For the avoidance of
doubt, nothing in this Section 1.3 shall degrade from the Executive’s obligation to continue observing all of his undertakings
under this Agreement in their entirety, including, without limitation, his obligations of confidentiality and non-disclosure.

 

     

     

    

 

		(c)	The Company acknowledges that the Executive has previously been, and intends to continue to be,
involved in a non-competing pharmaceutical venture in a limited capacity. the Executive will ensure that any involvement in such
venture shall not impact his obligations to the Company hereunder, and shall be conducted outside of business hours, provided that
he shall be entitled to engage in activities relating to such venture for no more than 10 business hours a month. For the avoidance
of doubt, any Developments related to such venture made or developed by the Executive (which are not related to the business of
the Company) will be property of the Executive and/or such venture, and the Company will not have any ownership or other rights
therein

 

		1.4	Duties. The Executive’s services hereunder shall be provided on the basis of the following
terms and conditions:

 

		(a)	reporting to the CEO and the Company’s and Parent’s Board of Directors (the “Board”),
the Executive shall serve as the VP Business Development of the Company and Parent;

 

		(b)	effective November 15, 2018, the Executive shall be responsible for the everyday operations in
all aspects of the company, including: patent portfolio, production and supply, clinical trial, contracts and negotiations with
different vendors, managing and overseeing the office, being part of the strategic and executive strategic planning and executing
it, and being part of the PR and IR implementation, all subject to any applicable law and to instructions provided by the CEO and/or
the Board from time to time;

 

		(c)	the Executive shall faithfully, honestly and diligently serve the Company and the Parent and cooperate
with the Company and the Parent and utilize his professional skill and care to ensure that all services rendered hereunder are
to the satisfaction of the Company and the Parent, acting reasonably, and the Executive shall provide any other services not specifically
mentioned herein, but which by reason of the Executive’s capability the Executive knows or ought to know to be necessary to ensure
that the best interests of the Company and the Parent are maintained;

 

		(d)	the Executive shall assume, obey, implement and execute such duties, directions, responsibilities,
procedures, policies and lawful orders as may be determined or given from time to time by the Board, and/or CEO; and

 

		(e)	the Executive shall report the results of his duties hereunder to the CEO and/or the Board as it
may request from time to time.

 

    - 2 -

     

    

 

		2.	COMPENSATION

 

		2.1	Salary. For services rendered by the Executive during the Term, the Executive shall be paid
a monthly salary, as follows:

 

		(a)	the Executive shall be entitled to a gross monthly amount of NIS 38,000
(the “Salary”).

 

		(b)	The Executive’s assignment is included among the positions of management or those requiring a special
degree of personal trust, and the Company is not able to supervise the number of working hours of the Executive; therefore the
provisions of the Israeli Hours of Work and Rest Law - 1951, will not apply to the Executive and he will not be entitled to any
additional remuneration whatsoever for his work with the exception of that specifically set out in this Agreement.

 

		(c)	Executive’s Salary and other benefits shall be annually reviewed by the Board based on his
and the Company’s performance, all at the Board’s sole and absolute discretion.

 

		2.2	Company Vehicle. The Executive shall be entitled to the use of a Class 2 vehicle, as shall
be determined by the Company (the “Car”). The Company shall incur all reasonable expenses associated with use
of the Car, including fuel expenses, however excluding personal traffic fines, payments to the tax authorities resulting from the
use of the Car (“Shovi Shimush”) and the like, and the Executive hereby authorizes the Company to deduct any such
amount from any amount owing to him thereby, including from the Salary. The use of the Car shall be in accordance with the provisions
of the Company’s car internal procedures, as may be amended from time to time by the Company and the Executive hereby authorizes
the Company to deduct any amount needs to be deducted according to such internal procedures from any amount owing to him thereby,
including from the Salary. The Executive shall bear any tax payments resulting from the aforesaid, to the extent applicable. The
Car will be returned to the Company by the Executive immediately upon termination of Executive’s employment by the Company, for
any reason whatsoever. Should the Executive choose not to use a car as described in this section 2.2, he will be entitled to a
gross monthly amount of NIS 4,200 (instead of statutory travel expenses from home to the office and back).

 

		2.3	Expenses. The Executive will be reimbursed by the Company for pre-approved business expenses
incurred by the Executive in connection with his duties, and in accordance with Company’s policy.

 

		2.4	Vacation; Recreation Pay. The Executive shall be entitled to 18
vacation days per year. The Executive shall be entitled to accrue a maximum of 24 vacation days (the “Maximum”).
Any days accrued beyond the Maximum shall be erased. In addition, Executive shall be entitled to sick leave and recreation pay
according to applicable law.

 

    - 3 -

     

    

 

		2.5	Additional Benefits. The Executive shall be entitled to the use of a Company paid mobile
phone for business purposes, according to the Company’s policies and instructions, as amended from time to time. In addition, the
Executive shall be entitled to the use of a Company owned laptop computer, according to the Company’s policies and instructions,
as amended from time to time. The Executive shall bear any tax payments resulting from the aforesaid, to the extent applicable.

 

		2.6	Deductions. The Executive acknowledges that all payments by the Company in respect of the
services provided by the Executive shall be subject to the deduction of any amount which the Company as an employer is required
to deduct or withhold from the Salary or other payments to an executive in accordance with statutory requirements (including, without
limitation, income tax, employee contributions and unemployment insurance contributions).

 

		2.7	Bonus. The Executive shall be entitled to an annual cash bonus at the discretion of the
Compensation Committee of the Board of Directors of the Company.

 

		3.	Social Insurance and Benefits

 

		3.1	The Executive shall be entitled to a pension arrangement, a Managers’ Insurance Policy (the “Policy”)
and/or Pension Fund (the “Pension Fund”) as follows:

 

The Company
shall contribute 8.33% of the Salary for severance compensation (the “Severance Contribution”).

 

In addition,
the Company shall contribute 6.5% of the Salary for pension compensation (Tagmulim) towards Policy/Pension Fund.

 

In the event
that the Executive chooses Policy arrangement, the pension compensation (Tagmulim) shall include the Company’s payment for purchase
of disability insurance coverage sufficient to secure 75% of the Salary; provided that the Company’s contributions solely for pension
compensation (Tagmulim) shall be not less than 5% and subject to the consent of the insurance company to insure the Executive.
For the avoidance of any doubt, in the event that the cost to the Company shall be more than the required contributions rates towards
pension compensation (6.5% as described above) due to the cost of the disability insurance, the total cost of the Company’s contributions
to pension compensation and disability insurance collectively shall not exceed 7.5% of the Salary.

 

The Company
shall deduct from the Salary the Executive’s contributions for pension compensation (Tagmulim) in an amount of 6% of the Salary
towards Policy/Pension Fund.

 

    - 4 -

     

    

 

Any tax liability
in connection with pension arrangement shall be borne solely by the Executive.

 

The
Executive agrees and acknowledges that the Company’s Severance Contribution in accordance
with the foregoing, shall be in lieu of 100% of the severance payment to which the Executive (or his beneficiaries) shall be entitled
with respect to the Salary and the contributions were made and for the period in which they were made, pursuant to Section 14 of
the Severance Pay Law, 1963 (the “Severance Law”) in accordance with the instructions of “The General Approval
Regarding Employers’ Payments to Pension Fund and Insurance Fund Instead of Severance Pay” (the “General
Approval”, a copy of which is attached hereto as Annex A), as amended from time to time in case the Executive
chooses a Policy and in the event that the Executive chooses Pension Fund arrangement in accordance with Sections 7-9 to the Extension
Order General Insurance Pension In The Israeli Market.

 

The Company
hereby waives any of its rights to refund monies from the payments it transfers to the Policy/Pension Fund in accordance with this
Section, unless the Executive’s right to severance pay is denied by virtue of a court order, under Sections 16 or 17 of the Severance
Law, and in the same amount which was denied, or the Executive withdraws monies from the Policy and/or the Pension Fund not due
to a Granting Event. The term “Granting Event” shall mean - death, disability or retirement at the age of sixty or more.

 

		3.2	Keren Hishtalmut. The Company shall make monthly contributions on the Executive’s behalf
to a recognized advanced study fund (the “Fund” (“Keren Hishtalmut”)) in an amount equal to 7.5%
of the Salary. In addition, the Company shall deduct 2.5% from the Salary and transfer those monies to the Study Fund; such contributions
shall be subject to the maximum amount stated in Section 3(e) of the Income Tax Ordinance 1961 (the “Income Tax Ordinance”).
For the avoidance of any doubt, said contributions shall not exceed the tax-exempt ceiling set by the applicable law for tax purposes.

 

		3.3	Effect of Termination. Upon termination of this Agreement by either party, other than in
circumstances constituting Cause (as defined below), the Company shall assign and transfer to the Executive, after Executive has
met all of Executive’s obligations hereunder in connection with such termination of employment, the ownership in the Keren Hishtalmut
Fund. Notwithstanding the above, in the event that this Agreement is terminated in circumstances constituting Cause, the Company,
in its absolute discretion, may retain its payments to such funds and release to the Executive only those sums contributed by Executive
to such funds.

 

		3.4	Liability Insurance Indemnification. The Company shall provide the Executive (including
his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at
the Company’s expense.

 

    - 5 -

     

    

 

		4.	CONFIDENTIALITY

 

		4.1	Maintenance of Confidential Information. The Executive acknowledges that in the course of
employment hereunder the Executive will, either directly or indirectly, have access to and be entrusted with information (whether
oral, written or by inspection) relating to the Company and its parent company, or its associates or customers (the “Confidential
Information”). For the purposes of this Agreement, “Confidential Information” includes, without limitation,
any and all Developments (as defined herein), trade secrets, inventions, innovations, techniques, processes, formulas, drawings,
designs, products, systems, creations, improvements, documentation, data, specifications, technical reports, customer lists, supplier
lists, distributor lists, distribution channels and methods, retailer lists, reseller lists, employee information, financial information,
sales or marketing plans, competitive analysis reports and any other thing or information whatsoever, whether copyrightable or
uncopyrightable or patentable or unpatentable. The Executive acknowledges that the Confidential Information constitutes a proprietary
right, which the Company is entitled to protect. Accordingly the Executive covenants and agrees that during the Term and thereafter
until such time as all the Confidential Information becomes publicly known and made generally available through no action or inaction
of the Executive, the Executive will keep in strict confidence the Confidential Information and shall not, without prior written
consent of the Company, disclose, use or otherwise disseminate the Confidential Information, directly or indirectly, to any third
party.

 

		4.2	Exceptions. The general prohibition contained in Section 4.1 against the unauthorized disclosure,
use or dissemination of the Confidential Information shall not apply in respect of any Confidential Information that:

 

		(a)	is available to the public generally in the form disclosed;

 

		(b)	becomes part of the public domain through no fault of the Executive;

 

		(c)	is already in the lawful possession of the Executive at the time of receipt of the Confidential
Information, as can be proven by written documentation; or

 

		(d)	is compelled by applicable law to be disclosed, provided that the Executive gives the Company prompt
written notice of such requirement prior to such disclosure and provides assistance in obtaining an order protecting the Confidential
Information from public disclosure.

 

    - 6 -

     

    

 

		4.3	Developments. Any information, technology, technical data or any other thing or documentation
whatsoever which the Executive, either by himself or in conjunction with any third party, has conceived, made, developed, acquired
or acquired knowledge of during the Executive’s employment with the Company or in connection therewith or which the Executive,
either by himself or in conjunction with any third party, shall conceive, make, develop, acquire or acquire knowledge of (collectively
the “Developments”) during the Term or in connection with the Executive’s employment with the Company
shall automatically form part of the Confidential Information, and shall become and remain the sole and exclusive property of the
Company. Accordingly, the Executive does hereby irrevocably, exclusively and absolutely assign, transfer and convey to the Company
in perpetuity all worldwide right, title and interest in and to any and all Developments and other rights of whatsoever nature
and kind in or arising from or pertaining to all such Developments created or produced by the Executive during the course of performing
this Agreement or in connection therewith, including, without limitation, the right to effect any registration in the world to
protect the foregoing rights. The Company shall have the sole, absolute and unlimited right throughout the world, therefore, to
protect the Developments by patent, copyright, industrial design, trademark or otherwise and to make, have made, use, reconstruct,
repair, modify, reproduce, publish, distribute and sell the Developments, in whole or in part, or combine the Developments with
any other matter, or not use the Developments at all, as the Company sees fit.

 

		4.4	Protection of Developments. The Executive does hereby agree that, both before and after
the termination of this Agreement, the Executive shall perform such further acts and execute and deliver such further instruments,
writings, documents and assurances (including, without limitation, specific assignments and other documentation which may be required
anywhere in the world to register evidence of ownership of the rights assigned pursuant hereto) as the Company shall reasonably
require in order to give full effect to the true intent and purpose of the assignment made under Section ‎4.3
hereof.

 

		4.5	Fiduciary Obligation. The Executive declares that the Executive’s relationship to the Company
is that of fiduciary, and the Executive agrees to act towards the Company and otherwise behave as a fiduciary of the Company.

 

		4.6	Remedies. The parties to this Agreement recognize that any violation or threatened violation
by the Executive of any of the provisions contained in this Article ‎4 may result in immediate
and irreparable damage to the Company and that the Company could not adequately be compensated for such damage by monetary award
alone. Accordingly, the Executive agrees that in the event of any such violation or threatened violation, the Company shall, in
addition to any other remedies available to the Company at law or in equity, be entitled as a matter of right to apply to such
relief by way of restraining order, temporary or permanent injunction and to such other relief as any court of competent jurisdiction
may deem just and proper.

 

		4.7	Reasonable Restrictions. The Executive agrees that all restrictions in this Article ‎4
are reasonable and valid, and all defenses to the strict enforcement thereof by the Company are hereby waived by the Executive.

 

    - 7 -

     

    

 

		5.	Non-Competition

 

		5.1	Non Competition. Executive agrees and undertakes that he will not, so long as he is employed
by the Company and for a period of 12 months following termination of his employment for whatever reason, directly or indirectly,
as owner, partner, joint venture, stockholder, employee, broker, agent, principal, corporate officer, director, licensor or in
any other capacity whatever engage in, become financially interested in, be employed by, or have any connection with any business
or venture that competes with the Company’s business, including any business which, when this Agreement terminates, the Company
contemplates in good faith to be materially engaged in within six (6) months thereafter, provided that the Company has taken demonstrable
actions to promote such engagement or that the Company’s Board of Directors has adopted a resolution authorizing such actions prior
to the date of termination; provided, however, that Executive may own securities of any corporation which is engaged in such business
and is publicly owned and traded but in an amount not to exceed at any one time one percent (1%) of any class of stock or securities
of such company, so long as he has no active role in the publicly owned and traded company as director, employee, consultant or
otherwise.

 

		5.2	No Solicitation. Executive agrees and undertakes that during the period of his employment
and for a period of 12 months following termination for any reason whatsoever, he will not, directly or indirectly, including personally
or in any business in which he is an officer, director or shareholder, for any purpose or in any place, employ any person (as an
employee or consultant) employed by the Company at such time or during the preceding twelve months, unless such person has been
terminated by the Company, provided however, that such person who is terminated by the Company may be employed by Executive as
described above only after the expiration of twelve months after the effective date of such termination.

 

		6.	Termination

 

		6.1	Termination For Cause or Disability. This Agreement may be terminated at any time by the
Company without notice, for Cause or in the event of the Disability of Executive. For the purposes of this Agreement, “Cause”
also means that the Executive shall have:

 

		(a)	committed an intentional act of fraud, embezzlement or theft in connection with the Executive’s
duties or in the course of the Executive’s employment with the Company;

 

		(b)	intentionally and wrongfully damaged property of the Company, or any of its respective affiliates,
associates or customers;

 

    - 8 -

     

    

 

		(c)	intentionally or wrongfully disclosed any of the Confidential Information;

 

		(d)	made material personal benefit at the expense of the Company without the prior written consent
of the management of the Company;

 

		(e)	accepted shares or options or any other gifts or benefits from a vendor without the prior written
consent of the management of the Company;

 

		(f)	fundamentally breached any of the Executive’s material covenants contained in this Agreement; or

 

		(g)	willfully and persistently, without reasonable justification, failed or refused to follow the lawful
and proper directives of the Company specifying in reasonable detail the alleged failure or refusal and after a reasonable opportunity
for the Executive to cure the alleged failure or refusal.

 

For the purposes of this Agreement,
an act or omission on the part of the Executive shall not be deemed “intentional,” if it was due to an error in judgment
or negligence, but shall be deemed “intentional” if done by the Executive not in good faith and without reasonable
belief that the act or omission was in the best interests of the Company, or its respective affiliates, associates or customers.

 

For the purposes
of this Agreement, “Disability” shall mean any physical or mental illness or injury as a result of which Executive
remains absent from work for a period of six (6) successive months, or an aggregate of six (6) months in any twelve (12) month
period. Disability shall occur upon the end of such six-month period.

 

		6.2	Termination Without Cause. Either the Executive or the Company may terminate the Executive’s
employment without Cause, for any reason whatsoever, with 30 days prior written notice within the first 12 months of the Executive’s
engagement, and 60 days, prior written notice thereafter.

 

		6.3	The Notice Period.

 

		(a)	During the period following the notice of termination (the “Notice Period”),
Executive shall cooperate with the Company and use his best efforts to assist the integration into the Company’s organization of
the person or persons who will assume Executive’s responsibilities.

 

		Nevertheless, the Company shall have the right not to take
advantage of the full Notice Period. In the event of such termination, the Company shall pay the Executive his Salary [and all
other benefits] as detailed in this Agreement for the remainder of the Notice Period.

 

    - 9 -

     

    

 

		It is hereby expressly stated that the Company reserves
the right to terminate the Executive’s employment at any time during the Notice Period, regardless of whether notice of
termination of employment was delivered by the Company or whether such notice was delivered by the Executive. In the latter case
such termination shall not constitute a dismissal of the Executive by the Company.

 

		(b)	Notwithstanding the foregoing, the Company may terminate the Executive’s employment without
the delivery of prior written notice, in the event of termination under circumstances which deprive the Executive of severance
pay under Israeli law, and/or a breach of trust.

 

		(c)	In the event that the Executive terminates his employment with the Company, for any reason, without
the delivery of a written notice in accordance with Section 6.2 above, or without the completion of the Notice Period or any part
thereof, the Company will be entitled to deduct from any debt which it may owe the Executive an amount equal to the salary that
would have been paid to the Executive during the Notice Period, had he worked.

 

		6.4	Limitation of Damages. It is agreed that in the event of termination of employment, neither
the Company, nor the Executive shall be entitled to any notice, or payment in excess of that specified in this Article ‎6.

 

		6.5	Return of Materials. Within three days of any termination of employment hereunder, or upon
any request by the Company at any time, the Executive will return or cause to be returned any and all Confidential Information
and other assets of the Company (including all originals and copies thereof), which “assets” include, without limitation,
hardware, software, keys, security cards and backup tapes that were provided to the Executive either for the purpose of performing
the employment services hereunder or for any other reason. The Executive acknowledges that the Confidential Information and the
assets are proprietary to the Company, and the Executive agrees to return them to the Company in the same condition as the Executive
received such Confidential Information and assets.

 

		6.6	Effect of Termination. Articles ‎4 and ‎5
hereto and hereto shall remain in full force and effect after termination of this Agreement, for any reason whatsoever.

 

    - 10 -

     

    

 

		7.	Mutual Representations

 

		7.1	Executive represents and warrants to the Company that the execution and delivery of this Agreement
and the fulfillment of the terms hereof (i) will not constitute a default under or conflict with any agreement or other instrument
to which he is a party or by which he is bound, and (ii) do not require the consent of any person or entity.

 

		7.2	The Company represents and warrants to Executive that this Agreement has been duly authorized,
executed and delivered by the Company and that the fulfillment of the terms hereof (i) will not constitute a default under or conflict
with any agreement of other instrument to which it is a party or by which it is bound, and (ii) do not require the consent of any
person of entity.

 

		7.3	Each party hereto warrants and represents to the other that this Agreement constitutes the valid
and binding obligation of such party enforceable against such party in accordance with its terms subject to applicable bankruptcy,
insolvency, moratorium and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles
of equity (regardless if enforcement is sought in proceeding in equity or at law).

 

		8.	Notices

 

		8.1	Notices. All notices required or allowed to be given under this Agreement shall be made
either personally by delivery to or by facsimile transmission to the address as hereinafter set forth or to such other address
as may be designated from time to time by such party in writing:

 

		(a)	in the case of the Company, to:

 

Oramed Ltd.

2/4 High Tech Park

PO Box 39098

Givat Ram, Jerusalem

Israel 91390

Fax: 972 2 5660004

 

		(b)	and in the case of the Executive, to the Executive’s last residence address known to the Company.

 

		8.2	Change of Address. Any party may, from time to time, change its address for service hereunder
by written notice to the other party in the manner aforesaid.

 

    - 11 -

     

    

 

		9.	GENERAL

 

		9.1	Entire Agreement. As of from the date hereof, any and all previous agreements, written or
oral between the parties hereto or on their behalf relating to the employment of the Executive by the Company are null and void.
The parties hereto agree that they have expressed herein their entire understanding and agreement concerning the subject matter
of this Agreement and it is expressly agreed that no implied covenant, condition, term or reservation or prior representation or
warranty shall be read into this Agreement relating to or concerning the subject matter hereof or any matter or operation provided
for herein.

 

		9.2	Personal Agreement. The provisions of this Agreement are in lieu of the provisions of any
collective bargaining agreement, and therefore, no collective bargaining agreement shall apply with respect to the relationship
between the parties hereto (subject to the applicable provisions of law).

 

		9.3	Further Assurances. Each party hereto will promptly and duly execute and deliver to the
other party such further documents and assurances and take such further action as such other party may from time to time reasonably
request in order to more effectively carry out the intent and purpose of this Agreement and to establish and protect the rights
and remedies created or intended to be created hereby.

 

		9.4	Waiver. No provision hereof shall be deemed waived and no breach excused, unless such waiver
or consent excusing the breach is made in writing and signed by the party to be charged with such waiver or consent. A waiver by
a party of any provision of this Agreement shall not be construed as a waiver of a further breach of the same provision.

 

		9.5	Amendments in Writing. No amendment, modification or rescission of this Agreement shall
be effective unless set forth in writing and signed by the parties hereto.

 

		9.6	Assignment. Except as herein expressly provided, the respective rights and obligations of
the Executive and the Company under this Agreement shall not be assignable by either party without the written consent of the other
party and shall, subject to the foregoing, enure to the benefit of and be binding upon the Executive and the Company and their
permitted successors or assigns. Nothing herein expressed or implied is intended to confer on any person other than the parties
hereto any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

		9.7	Severability. In the event that any provision contained in this Agreement shall be declared
invalid, illegal or unenforceable by a court or other lawful authority of competent jurisdiction, such provision shall be deemed
not to affect or impair the validity or enforceability of any other provision of this Agreement, which shall continue to have full
force and effect.

 

    - 12 -

     

    

 

		9.8	Headings. The headings in this Agreement are inserted for convenience of reference only
and shall not affect the construction or interpretation of this Agreement.

 

		9.9	Number and Gender. Wherever the singular or masculine or neuter is used in this Agreement,
the same shall be construed as meaning the plural or feminine or a body politic or corporate and vice versa where the context so
requires.

 

		9.10	Governing Law. This Agreement shall be exclusively construed and interpreted in accordance
with the laws of the state of Israel applicable therein, and each of the parties hereto expressly agrees to the jurisdiction of
the courts of the state of Israel. The sole and exclusive place of jurisdiction in any matter arising out of or in connection with
this Agreement shall be the applicable Tel-Aviv court.

 

		9.11	Enurement. This Agreement is intended to bind and enure to the benefit of the Company, its
successors and assigns, and the Executive and the personal legal representatives of the Executive.

 

This Agreement constitutes due notification
in accordance with the Notice to Employee Law (Employment Terms), 2002 and the regulations promulgated thereunder.

 

    - 13 -

     

    

 

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

 

	Oramed Ltd.	 	 
	 	 	 
	/s/ Nadav Kidron	 	/s/ Mark Hasleton
	Nadav Kidron, CEO	 	Mark Hasleton, Executive

 

    - 14 -

     

    

 

Exhibit A (English Translation)

 

General Confirmation Regarding Employers’
Payments to Pension Funds and Insurance Funds Instead of Severance Pay

 

By my power under section 14 of the Severance
Pay Law, 5723-1963 (hereinafter - the Law), I hereby confirm that payments made by an employer from the date of publication
of this confirmation, for an employee’s comprehensive pension, to a provident fund for pension which is not an insurance fund,
as defined in the Income Tax Regulations (Rules for Approval and Management of Provident Funds), 5724-1964 (hereinafter
- pension fund), or for an executive insurance policy that includes the possibility of a pension or a combination of payments
for a pension plan and for a non-pension plan in an insurance fund as stated (hereinafter - insurance fund), including
payments which the employer made by a combination of payments to a pension fund and to an insurance fund, whether the insurance
fund includes a pension plan or not (hereinafter - employer payments), will replace the severance pay to which the
employee is entitled for the salary on which said payments were made and the period for which they were made (hereinafter - exempt
salary), if the following conditions are satisfied:

 

		(1)	Employer payments -

 

	 	(A)	To a pension fund - are not less than 14 1/3% of the exempt salary, or 12% of the exempt salary if the employer makes additional payments on behalf of his employee for severance pay supplementation to a provident fund for pension or to an insurance fund at the rate of 2 1.3% of the exempt salary. If an employer does not pay beyond the 12% an additional 2 1/3% as stated, then his payments will come instead of only 72% of the employee’s severance pay.

 

	 	(B)	To an insurance fund – are not less than one of the following:

 

	 	 (1)	13 1/3% of the exempt salary, if the employer makes additional payments on behalf of the employee to assure his monthly income in case of work disability, in a plan approved by the Capital Market, Insurance and Savings Commissioner in the Finance Ministry, at the lower of the rate required to assure 75% of the exempt salary or 2 1/2% of the exempt salary (hereinafter - work disability payment).

 

	 	 (2)	11% of the exempt salary, if the employer makes an additional work disability payment, and in such case the employer payments will come instead of only 72% of the employee’s severance pay. If in addition to the above the employer pays 2 1/3% of the exempt salary for severance pay supplementation to a provident fund for pension or to an insurance fund in the name of the employee, the employer payments will come instead of 100% of the employee’s severance pay.

 

		(2)	A written agreement was made
between the employer and the employee no later than three months after the commencement of the employer payments that includes
-

 

	 	(A)	The agreement of the employee to the arrangement pursuant to this confirmation, which details the employer payments as well as the pension fund or the insurance fund, as the case may be. Said agreement must include the text of this confirmation.

 

	 	(B)	The employer’s prior waiver of any right he could have to reimbursement of any amount of his payments, unless the employee’s right to severance pay is denied by judgment under sections 16 or 17 of the Law, and to the extent it is so denied, and in case the employee withdrew monies from the pension fund or the insurance fund other than for an entitling event. In this regard, entitling event means death, disability or retirement at the age of 60 or over.

 

		(3)	This confirmation does not
derogate from the employee’s right to severance pay under the Law, a collective agreement, an extension order or an employment
contract, for any salary above the exempt salary.

 

	/s/ Nadav Kidron	 	/s/ Mark Hasleton
	The Company	 	The EmployeeExhibit
10.24

 

INDEMNIFICATION
AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of August 30, 2016 between Oramed
Pharmaceuticals Inc., a Delaware corporation (the “Company”), and Kevin Rakin (“Indemnitee”).

 

WHEREAS,
highly competent persons have become more reluctant to serve corporations as directors or officers unless they are provided with
adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of the corporation;

 

WHEREAS,
the By-laws and/or the Certificate of Incorporation of the Company require indemnification of the officers and directors of the
Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”).
The By-laws and/or Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein
are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board of
Directors of the Company (the “Board”) officers and other persons with respect to indemnification;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of
such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the
Company free from undue concern that they will not be so indemnified;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the By-laws and/or Certificate of Incorporation of the Company and any
resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of
Indemnitee thereunder; and

 

NOW,
THEREFORE, in consideration of Indemnitee’s agreement to serve as an officer and director from and after the date hereof,
the parties hereto agree as follows:

 

1. Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

 

(a) Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section l(a) if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened
to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of
the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined),
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection
with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

  

     

     

    

 

(b) Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section
1(b) if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any
Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against
all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by the Indemnitee, or
on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided, however, if applicable
law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding
as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery
of the State of Delaware shall determine that such indemnification may be made.

 

(c) Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the
extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against
all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf
in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against
all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

2. Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1
of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status,
he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of
the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.
The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company
shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the
presumptions, set forth in Sections 5 and 6 hereof) to be unlawful.

  

    2

     

    

 

3. Contribution.

 

(a) Whether
or not the indemnification provided in Sections 1 and 2 hereof is available in respect of any threatened, pending
or completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding
without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution
it may have against Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release
of all claims asserted against Indemnitee.

 

(b) Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
shall elect or be required by law to pay all or any portion of any judgment or settlement in any threatened, pending or completed
Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall
contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid
or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees
of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the
one hand, and Indemnitee, on the other hand, from the transaction or events from which such Proceeding arose; provided, however,
that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted
by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee
who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other
hand, in connection with the transaction or events that resulted in such Expenses, judgments, fines or settlement amounts, as
well as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company
and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would
be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among
other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which
their liability is primary or secondary and the degree to which their conduct is active or passive.

 

(c) The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by
officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d) To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of
the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

  

    3

     

    

 

4. Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee
is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.

 

5. Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or
on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30)
days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time
to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence
the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of
Indemnitee to repay any Expenses advanced if it shall ultimately be determined by a final judicial determination (as to which
all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified against such Expenses.
Any advances and undertakings to repay pursuant to this Section 4 shall be unsecured and interest free.

 

6. Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee
is entitled to indemnification under this Agreement:

 

(a) To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification, provided that Indemnitee shall not be required to provide any documentation
or information which is privileged or otherwise protected from disclosure. The Secretary of the Company shall, promptly upon receipt
of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding
the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion,
shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually
and materially prejudices the interests of the Company.

 

(b) Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 5(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods,
which shall be at the election of Indemnitee, in his sole discretion: (1) by a majority vote of the disinterested directors, even
though less than a quorum, (2) by a majority vote of a committee of disinterested directors designated by a majority vote of the
disinterested directors, even though less than a quorum, (3) if there are no disinterested directors or if a Change of Control
shall have occurred after the date hereof, by Independent Counsel in a written opinion to the Board, a copy of which shall be
delivered to the Indemnitee, or (4) by a simple majority of the stockholders of the Company voting on the matter. For purposes
hereof, disinterested directors are those members of the Board who are not parties to the Proceeding in respect of which indemnification
is sought by Indemnitee.

  

    4

     

    

 

“Change
of Control” shall mean the occurrence of any of the following: 

 

(a)
any “person,” as such term is currently used in Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“1934 Act”) (a “person”), becomes a “beneficial owner” (as such term is currently used
in Rule 13d-3 promulgated under the 1934 Act (a “Beneficial Owner”) of 30% or more of the Voting Stock (as
defined below) of the Company;

 

(b)
the Board of Directors of the Company adopts any plan of liquidation providing for the distribution of all or substantially all
of the Company’s assets; 

 

(c)
all or substantially all of the assets or business of the Company are disposed of in any one or more transactions pursuant to
a sale, merger, consolidation or other transaction (unless the shareholders of the Company immediately prior to such sale, merger,
consolidation or other transaction beneficially own, directly or indirectly, in substantially the same proportion as they owned
the Voting Stock of the Company, more than fifty percent (50%) of the Voting Stock or other ownership interests of the entity
or entities, if any, that succeed to the business of the Company);

 

(d)
the Company combines with another company and is the surviving corporation but, immediately after the combination, the shareholders
of the Company immediately prior to the combination hold, directly or indirectly, fifty percent (50%) or less of the Voting Stock
of the combined company; or

 

(e)
Continuing Directors cease to constitute at least a majority of the Board of Directors of the Company.

 

“Voting
Stock” of any entity shall mean the issued and outstanding share capital or other securities of any class or classes
having general voting power under ordinary circumstances, in the absence of contingencies, to elect the members of the board of
directors (or members of a similar managerial body if such entity has no board of directors) of such entity.

  

    5

     

    

 

“Continuing
Director” means a director who either was a director of the Company on the Commencement Date or who became a director
of the Company subsequent thereto and whose election, or nomination for election by the Company’s shareholders, was approved
by a majority of the Continuing Directors then on the Board of Directors of the Company.

 

(c) If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) hereof,
the Independent Counsel shall be selected as provided in this Section 5(c). The Independent Counsel shall be selected by
the Board. Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the Company
a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in this Agreement, and
the objection shall set forth with reasonable particularity the factual basis of such assertion. Absent a proper and timely objection,
the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel
selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such
objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant
to Section 5(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee
may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection
which shall have been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person
with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section
5(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent
Counsel in connection with acting pursuant to Section 5(b) hereof, and the Company shall pay all reasonable fees and expenses
(including those incurred by Indemnitee) incident to the procedures of this Section 5(c), regardless of the manner in which
such Independent Counsel was selected or appointed.

 

(d) In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant
to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable
standard of conduct.

  

    6

     

    

 

(e) Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise
in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports
made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise.
In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall
not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the
foregoing provisions of this Section 5(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times
acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. Anyone seeking
to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(f) If
the person, persons or entity empowered or selected under Section 5 to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in
good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 5(f) shall not apply if the determination of entitlement to indemnification
is to be made by the stockholders pursuant to Section 5(b) of this Agreement and if (A) within fifteen (15) days after
receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve
to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within sixty
(60) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within
fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within
forty (40) days after having been so called and such determination is made thereat.

 

(g) Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably
and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement.
Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

  

    7

     

    

 

(h) The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party
is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such
Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on
the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion by clear and convincing evidence.

 

(i) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

7. Remedies
of Indemnitee.

 

(a) In
the event that (i) a determination is made pursuant to Section 5 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4 of this Agreement, (iii) no
determination of entitlement to indemnification is made pursuant to Section 5(b) of this Agreement within 30 days after
receipt by the Company of the request for indemnification (subject to extension, as provided in Section 5(f)), (iv) payment
of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request
therefor or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee
is entitled to indemnification or such determination is deemed to have been made pursuant to Section 5 of this Agreement,
Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent
jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an
adjudication within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to
this Section 6(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b) In
the event that a determination shall have been made pursuant to Section 5(b) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this Section 6 shall be conducted in all respects as
a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section
5(b).

 

(c) If
a determination shall have been made pursuant to Section 5(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 6, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement
not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

  

    8

     

    

 

(d) In
the event that Indemnitee, pursuant to this Section 6, seeks a judicial adjudication of his rights under, or to recover
damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies
maintained by the Company, the Company shall pay on his behalf, in advance within ten (10) days after the receipt by the Company
of a statement from Indemnitee requesting such payment, any and all expenses (of the types described in the definition of Expenses
in this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately
is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e) The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 6 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company
is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if
requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to
the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action
brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’
and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined
to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

(f) Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

 

8. Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a) The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the Certificate of Incorporation, the By-laws, any agreement, a vote of stockholders,
a resolution of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such
Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether
by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation,
By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and
every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy.

  

    9

     

    

 

(b) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies
in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent
or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof,
the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement
of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result
of such proceeding in accordance with the terms of such policies.

 

(c) In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee (other than against the Outside Indemnitors), who shall execute all papers required and take all action
necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights.

 

(d) The
Company hereby acknowledges that the Indemnitee may have other sources of indemnification or insurance, whether currently in force
or established in the future (collectively, the “Outside Indemnitors”). The Company hereby agrees: (i) that
it is the indemnitor of first resort (i.e., its obligations to the Indemnitee are primary and any obligation of the Outside Indemnitors
to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Indemnitee are secondary);
(ii) that it shall be required to advance the full amount of Expenses incurred by the Indemnitee and shall be liable in full for
all indemnifiable amounts to the extent legally permitted and as required by the Company’s Certificate of Incorporation
and Bylaws or any agreement between the Company and the Indemnitee, without regard to any rights the Indemnitee may have against
the Outside Indemnitors and (iii) that it irrevocably waives, relinquishes and releases the Outside Indemnitors from any and all
claims against the Outside Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The
Company further agrees that no advancement or payment by the Outside Indemnitors on behalf of the Indemnitee with respect to any
claim for which the Indemnitee have sought indemnification from the Company shall affect the foregoing and the Outside Indemnitors
shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery
of the Indemnitee against the Company. The Company and the Indemnitee agree that the Outside Indemnitors are express third party
beneficiaries of the terms hereof.

 

(e) The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses
from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

  

    10

     

    

 

9. Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
law or common law; or

 

(b) in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law or (iii) such Proceeding
is brought by Indemnitee to assert, interpret or enforce his rights under this Agreement.

 

10. Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is
an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as
Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 6 hereof) by reason of his Corporate
Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which
indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors
and personal and legal representatives.

 

11. Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other
collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of
the Indemnitee.

 

12. Enforcement.

 

(a) The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby
in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as an officer or director of the Company.

 

(b) This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements, and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

 

(c)
The Company shall not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting
the Indemnitee’s rights to receive advancement of expenses under this Agreement.

 

13. Definitions.
For purposes of this Agreement:

 

(a) “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company
or any subsidiary thereof or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that such person is or was serving at the express written request of the Company.

 

    11

     

    

 

(b) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee and who is not subject to any other relationship that may reasonably prejudice such director’s determination
as to the Indemnitee’s entitlement to indemnification hereunder.

 

(c) “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

(d) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide
discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding
and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede
as bond, or other appeal bond or its equivalent.

 

(e) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the
Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant hereto.

  

    12

     

    

 

(f) “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of
the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be
involved as a party or otherwise, by reason of his or his Corporate Status, by reason of any action taken by him or of any inaction
on his part while acting in his Corporate Status; in each case whether or not he is acting or serving in any such capacity at
the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending
on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 6 of this Agreement
to enforce his rights under this Agreement.

 

14. Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification
rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law,
such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15. Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16. Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

 

17. Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent
during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent to Indemnitee at the address set forth below Indemnitee signature hereto, and to the Company, at its principal executive
offices to the attention of the President, or to such other address as may have been furnished to Indemnitee by the Company or
to the Company by Indemnitee, as the case may be.

  

    13

     

    

 

18. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

19. Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part
of this Agreement or to affect the construction thereof.

 

20. Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties with respect to the subject matter
of this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without
regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action
or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of
Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America
or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of
any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue
of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any
such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

SIGNATURE
PAGE TO FOLLOW

  

    14

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement on and as of the day and year first above written.

  

	 	COMPANY
	 	ORAMED PHARMACEUTICALS INC.
	 	 
	 	By: 	/s/ Nadav Kidron
	 	Name: 	Nadav Kidron
	 	Title: 	Chief Executive Officer
	 	 
	 	INDEMNITEE
	 	 
	 	/s/ Kevin Rakin
	 	Name: 	Kevin Rakin
	 	 
	 	Address: 36 Church Lane, Westport, CT 06880, USA

 

    15

     

    

 

Schedule
to Exhibit 10.24

  

The
following executive officers and directors are each party to an Indemnification Agreement or Amended and Restated Indemnification
Agreement with the Company, each of which is substantially identical in all material respects to the representative Indemnification
Agreement filed herewith and is dated as of the respective date listed below.

  

	Name of Signatory	 	Date
	Nadav
    Kidron	 	March
    26, 2017
	President,
    Chief Executive Officer and Director	 	 
	 	 	 
	Miriam
    Kidron	 	March
    26, 2017
	Chief
    Medical and Technology Officer and Director	 	 
	 	 	 
	Hilla
    Eisenberg	 	July
    20, 2017
	Chief
    Financial Officer	 	 
	 	 	 
	Joshua
    Hexter	 	March
    26, 2017
	Chief
    Operating Officer and VP Business Development	 	 
	 	 	 
	Mark
    Hasleton	 	November
    15, 2018
	VP
    Business Development	 	 
	 	 	 
	Aviad
    Friedman	 	March
    26, 2017
	Director	 	 
	 	 	 
	Xiaopeng
    Li	 	March
    26, 2017
	Director	 	 
	 	 	 
	Leonard
    Sank	 	January
    26, 2017
	Director	 	 
	 	 	 
	David
    Slager	 	January
    19, 2017
	Director	 	 

  

    16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]