Document:

Exhibit 10.5

 

	 		PERSONAL AND CONFIDENTIAL

 

July
13, 2022

 

Charles
A. Ross

Chairman
and CEO

American
Rebel Holdings, Inc.

718
Thompson Lane, Suite 108-199

Nashville,
TN 37204

 

Dear
Mr. Ross:

 

This
letter (the “Agreement”) constitutes the agreement between, EF Hutton, division of Benchmark Investments, LLC (“EF
Hutton”, or the “Placement Agent”) and American Rebel Holdings, Inc., a company incorporated under the laws
of the State of Nevada (the “Company”), pursuant to which the Placement Agent shall serve as the exclusive placement
agent for the Company, on a “reasonable best efforts” basis, in connection with the proposed placement (the “Placement”)
of equity and/or equity derivatives (the “Shares” or the “Securities”) of the Company, par value
$0.001 per share (“Common Stock”). The terms of the Placement and the Securities shall be mutually agreed upon by
the Company and the purchasers (each, a “Purchaser” and collectively, the “Purchasers”) and nothing
herein constitutes that the Placement Agent would have the power or authority to bind the Company or any Purchaser or an obligation for
the Company to issue any Securities or complete the Placement. This Agreement and the documents executed and delivered by the Company
and the Purchasers in connection with the Placement, including but not limited to the Purchase Agreement (as defined below), shall be
collectively referred to herein as the “Transaction Documents.” The date of the closing of the Placement shall be
referred to herein as the “Closing Date.” The Company expressly acknowledges and agrees that the obligations of the
Placement Agent hereunder are on a reasonable best efforts basis only and that the execution of this Agreement does not constitute a
commitment by the Placement Agent to purchase the Securities and does not ensure the successful placement of the Securities or any portion
thereof or the success of the Placement Agent with respect o securing any other financing on behalf of the Company. Following the prior
written consent of the Company, the Placement Agent may retain other brokers or dealers to act as sub-Agent or selected-dealers on its
behalf in connection with the Placement. The sale of the Securities to any Purchaser will be evidenced by a securities purchase agreement
(the “Purchase Agreement”) between the Company and such Purchaser in a form mutually agreed upon by the Company and
the Placement Agent. Capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreement.
Prior to the signing of any Purchase Agreement, executive officers of the Company will be available upon reasonable notice and during
normal business hours to answer inquiries from prospective Purchasers.

 

SECTION
1.REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
Each of the representations and warranties (together with any related disclosure schedules thereto) and covenants made by the Company
to the Purchasers in the Purchase Agreement in connection with the Placement is hereby incorporated herein by reference into this Agreement
(as though fully restated herein) and is, as of the date of the Purchase Agreement and as of the Closing Date, hereby made to, and in
favor of, the Placement Agent.

 

SECTION
2.REPRESENTATIONS OF THE PLACEMENT AGENT.
The Placement Agent represents and warrants that it (i) is a member in good standing of FINRA, (ii) is registered as a broker/dealer
under the Exchange Act, (iii) is licensed as a broker/dealer under the laws of the States applicable to the offers and sales of the Securities
by such Placement Agent, (iv) is and will be a corporate entity validly existing under the laws of its place of incorporation, and (v)
has full power and authority to enter into and perform its obligations under this Agreement. The Placement Agent will immediately notify
the Company in writing of any change in its status as such. The Placement Agent covenants that it will use its reasonable best efforts
to conduct the Placement hereunder in compliance with the provisions of this Agreement and the requirements of applicable law.

 

    	1 

    	 

    

 

SECTION
3.COMPENSATION. In consideration
of the services to be provided for hereunder, the Company shall pay to the Placement Agent the following compensation with respect to
the Securities which they are placing:

 

A.       A
cash fee (the “Cash Fee”) equal to an aggregate of ten percent (10.0%) of the aggregate gross proceeds raised in the
Placement. The Cash Fee shall be paid at the Closing Date of the Placement.

 

B.       Placement
Agent Warrants: Intentionally Omitted

 

C.       Subject
to compliance with FINRA Rule 5110(f)(2)(D), the Company will be responsible for and will pay all expenses relating to the Placement,
including, without limitation, (a) all filing fees and expenses relating to the registration of the securities with the Commission; (b)
all fees and expenses relating to the listing of the Company’s common stock on a national exchange, if applicable; (c) all fees,
expenses and disbursements relating to the registration or qualification of the securities under the “blue sky” securities
laws of such states and other jurisdictions as Placement Agent may reasonably designate (including, without limitation, all filing and
registration fees, and the reasonable fees and disbursements of the Company’s “blue sky” counsel, which will be the
Placement Agent’s counsel) unless such filings are not required in connection with the Company’s proposed listing on a national
exchange, if applicable; (d) all fees, expenses and disbursements relating to the registration, qualification or exemption of the securities
under the securities laws of such foreign jurisdictions as the Placement Agent’s may reasonably designate; (e) the costs of all
mailing and printing of the Placement documents; (f) transfer and/or stamp taxes, if any, payable upon the transfer of securities from
the Company to the Placement Agent; and (g) the fees and expenses of the Company’s accountants; and (h) a maximum of $125,000 for
fees and expenses including “road show”, diligence, and reasonable legal fees and disbursements for EF Hutton’s counsel.
The Placement Agent may deduct from the net proceeds of the Placement payable to the Company on the Closing Date the expenses set forth
herein to be paid by the Company to the Placement Agent. For the sake of clarity, it is understood and agreed that the Company shall
be responsible for the Placement Agent’s external counsel legal costs detailed in this Section irrespective of whether the Placement
is consummated or not, subject to $50,000 in the event that there is not a Closing. Additionally, one percent (1.0%) of the gross proceeds
of the Offering shall be provided to EF Hutton for non-accountable expenses. The Placement Agent may deduct from the net proceeds of
the Offering payable to the Company on the Closing Date, the expenses set forth herein to be paid by the Company to the Underwriters.

 

D.       The
Placement Agent reserves the right to reduce any item of its compensation or adjust the terms thereof as specified herein in the event
at a determination shall be made by FINRA to the effect that such Placement Agent’s aggregate compensation is in excess of FINRA
Rules or that the terms thereof require adjustment. 

 

SECTION
4.INDEMNIFICATION. The Company
agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the “Indemnification”)
attached hereto as Addendum A, the provisions of which are incorporated herein by reference and shall survive the termination or expiration
of this Agreement.

 

SECTION
5.ENGAGEMENT TERM. The
Placement Agent engagement hereunder shall be until the earlier of (i) twelve (12) months and (ii) the final closing date of the Placement
(such date, the “Termination Date” and the period of time during which this Agreement remains in effect is referred
to herein as the “Term”); provided, however, that either party may terminate this Agreement on or after the two-hundred
seventieth (270th) day following the date hereof upon thirty days prior written notice to the other party. Notwithstanding
anything to the contrary contained herein, the provisions concerning the Company’s obligation to pay any fees actually earned pursuant
to Section 3 hereof, expense reimbursement pursuant to Section 3 hereof and the provisions concerning Tail Financings, Right of First
Refusal, confidentiality, indemnification and contribution contained herein and the Company’s obligations contained in the Indemnification
Provisions will survive any expiration or termination of this Agreement. If this Agreement is terminated prior to the completion of the
Placement, all fees and expense reimbursement due to the Placement Agent shall be paid by the Company to the Placement Agent on or before
the Termination Date (in the event such fees are earned or owed as of the Termination Date). The Placement Agent agree not to use any
confidential information concerning the Company provided to such Placement Agent by the Company for any purposes other than those contemplated
under this Agreement.

 

    	2 

    	 

    

 

SECTION
6.PLACEMENT AGENT’ INFORMATION.
The Company agrees that any information or advice rendered by the Placement Agent in connection with this engagement is for the confidential
use of the Company only in their evaluation of the Placement and, except as otherwise required by law, the Company will not disclose
or otherwise refer to the advice or information in any manner without such Placement Agent’s prior written consent.

 

SECTION
7.NO FIDUCIARY RELATIONSHIP. This
Agreement does not create and shall not be construed as creating rights enforceable by any person or entity not a party hereto, except
those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges and agrees that the Placement Agent
is not a fiduciary of the Company, nor shall this agreement be construed as creating a fiduciary relationship with the Company and the
Placement Agent shall not have any duties or liabilities to the equity holders or the creditors of the Company or any other person by
virtue of this Agreement or the retention of the Placement Agent hereunder, all of which are hereby expressly waived.

 

SECTION
8.CLOSING. The obligations of
the Placement Agent, and the closing of the sale of the Securities hereunder are subject to the accuracy, when made and on the Closing
Date, of the representations and warranties on the part of the Company contained herein and in the Purchase Agreement, to the accuracy
of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of their
obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to and acknowledged
and waived by the Placement Agent by the Company:

 

A.       No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect
or potentially and adversely affect the business or operations of the Company; and no injunction, restraining order or order of any other
nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the
issuance or sale of the Securities or materially and adversely affect or potentially and adversely affect the business or operations
of the Company.

 

B.       The
Company shall have entered into a Purchase Agreement with each of the Purchasers and such agreements shall be in full force and effect
and shall contain representations, warranties and covenants of the Company as agreed between the Company and the Purchasers.

 

C.       Prior
to the Closing Date, the Company shall have furnished to the Placement Agent such further information, certificates and documents as
the Placement Agent may reasonably request.

 

If
any of the conditions specified in this Section 8 shall not have been fulfilled when and as required by this Agreement, or if any of
the certificates, written statements or letters furnished to the Placement Agent or to Placement Agent’s counsel pursuant to this
Section 8 shall not be reasonably satisfactory in form and substance to the Placement Agent and to Placement Agent’s counsel, all
obligations of the Placement Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the consummation of
the Closing. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral notice shall be confirmed
promptly thereafter in writing.

 

SECTION
9.COVENANTS AND OBLIGATIONS.

 

A.       Tail
Financing. In the event that EF Hutton does not consummate the Placement as contemplated by this Agreement, the Placement Agent shall
be entitled to a cash fee equal to ten percent (10.0%) of the gross proceeds received by the Company from the sale of the securities
to any investor actually introduced by EF Hutton to the Company during the Engagement Period (the “Tail Financing”),
and such Tail Financing is consummated at any time during the six (6) month period following the expiration of the Engagement Period,
provided that such financing is by a party actually introduced to the Company in an offering in which the Company has direct knowledge
of such party’s participation. The Placement Agent will provide the company a list of all parties introduced to the company.

 

    	3 

    	 

    

 

B.       Right
of First Refusal. Following the Closing of the Placement, provided that the Securities are sold in accordance with the terms of this
Agreement, the Placement Agent shall have an irrevocable right of first refusal (the “Right of First Refusal”), for
a period of twelve (12) months after the date the Offering is completed, to act as sole investment banker, sole book-runner, and/or sole
placement agent, at the Placement Agent’s sole discretion, for each and every future public and private equity and debt offering,
including all equity linked financings (each, a “Subject Transaction”), during such twelve (12) month period, of the Company,
or any successor to or any current or future subsidiary of the Company, on terms and conditions customary to the Placement Agent for
such Subject Transactions. The Placement Agent shall have the sole right to determine whether or not any other broker dealer shall have
the right to participate in the Subject Transactions and the economic terms of such participation. For the avoidance of any doubt, the
Company shall not retain, engage or solicit any additional investment banker, book-runner, financial advisor, underwriter and/or placement
agent in a Subject Transaction without the express written consent of the Placement Agent.

 

C.       Lock-Up
Agreements: The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Placement
Agent, it will not, during the Term (including any extensions thereof) and additionally for a period of 360 days after the Closing of
the Placement (the “Lock-Up Period”), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly
or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares
of capital stock of the Company; (ii) file or caused to be filed any registration statement with the Commission relating to the offering
of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital
stock of the Company; (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a
traditional bank, or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv)
above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

 

SECTION
10.GOVERNING LAW. This Agreement
will be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed
entirely in such State. This Agreement may not be assigned by either party without the prior written consent of the other party, except
on notice to the Company, EF Hutton mas assign any right hereunder, or any EF Hutton assignee may further assign any right hereunder,
to a broker-dealer or office of supervisory jurisdiction controlled by David Boral and Joseph Rallo. This Agreement shall be binding
upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury
with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute
arising under this Agreement must be brought into the courts of the State of New York or into the Federal Court located in New York,
New York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally
and unconditionally, the exclusive jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law. If either party shall commence an action or proceeding to enforce any
provisions of a Transaction Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for
its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or
proceeding.

 

SECTION
11.ENTIRE AGREEMENT/MISC. This
Agreement (including the attached Indemnification Provisions) embodies the entire agreement and understanding between the parties hereto,
and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any provision of this Agreement is
determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any
other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified
or waived except by an instrument in writing signed by both Placement Agent and the Company. The representations, warranties, agreements
and covenants contained herein shall survive the closing of the Placement and delivery of the Securities. This Agreement may be executed
in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign
the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
effect as if such facsimile or .pdf signature page were an original thereof.

 

    	4 

    	 

    

 

SECTION
12.CONFIDENTIALITY. The Placement
Agent (i) will keep the Confidential Information (as such term is defined below) confidential and will not (except as required by applicable
law or stock exchange requirement, regulation or legal process (“Legal Requirement”), without the Company’s
prior written consent, disclose to any person any Confidential Information, and (ii) will not use any Confidential Information other
than in connection with the Placement. The Placement Agent further agrees to disclose the Confidential Information only to its Representatives
(as such term is defined below) who need to know the Confidential Information for the purpose of the Placement, and who are informed
by such Placement Agent of the confidential nature of the Confidential Information. The term “Confidential Information” shall
mean, all confidential, proprietary and non-public information (whether written, oral or electronic communications) furnished by the
Company to a Placement Agent or its Representatives in connection with such Placement Agent’s evaluation of the Placement. The
term “Confidential Information” will not, however, include information which (i) is or becomes publicly available other than
as a result of a disclosure by a Placement Agent or its Representatives in violation of this Agreement, (ii) is or becomes available
to a Placement Agent or any of its Representatives on a non-confidential basis from a third-party, (iii) is known to a Placement Agent
or any of its Representatives prior to disclosure by the Company or any of its Representatives, or (iv) is or has been independently
developed by a Placement Agent and/or the Representatives without use of any Confidential Information furnished to it by the Company.
The term “Representatives” shall mean with respect to the Placement Agent, such Placement Agent’s directors, board
committees, officers, employees, financial advisors, attorneys and accountants. This provision shall be in full force until the earlier
of (a) the date that the Confidential Information ceases to be confidential and (b) two years from the date hereof. Notwithstanding any
of the foregoing, in the event that the Placement Agent or any of its Representatives are required by Legal Requirement to disclose any
of the Confidential Information, such Placement Agent and its Representatives will furnish only that portion of the Confidential Information
which such Placement Agent or its Representative, as applicable, is required to disclose by Legal Requirement as advised by counsel,
and will use reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Confidential Information
so disclosed.

 

SECTION
13.NOTICES. Any and all notices
or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of (a) the date of transmission, if such notice or communication is sent to the email address specified on
the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date
of transmission, if such notice or communication is sent to the email address on the signature pages attached hereto on a day that is
not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the third business day following the date of
mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt by the party to whom such notice
is required to be given. The address for such notices and communications shall be as set forth on the signature pages hereto.

 

SECTION
14.Press Announcements.
The Company agrees that the Placement Agent shall, from and after any Closing, have the right to reference the Placement and the Placement
Agent’s role in connection therewith in the Placement Agent’ marketing materials and on its website and to place advertisements
in financial and other newspapers and journals, in each case at its own expense.

 

[Signature
page to follow]

 

    	5 

    	 

    

 

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

 

	Very
    truly yours,	 
	 	 
	EF
    HUTTON, 	 
	 	 
	division
    of Benchmark Investments, LLC	 

 

	By:	 	 
	Name:	Sam
    Fleischman	 
	Title:	Supervisory
    Principal	 

 

Accepted
and Agreed to as of

the
date first written above:

 

American
Rebel Holdings, Inc.

 

	By:	 	 
	Name:	Charles
    A. Ross	 
	Title:	Chairman
    and CEO	 

 

    	6 

    	 

    

  

	 		PERSONAL AND CONFIDENTIAL

 

EXHIBIT
A

 

INDEMNIFICATION
PROVISIONS

 

In
connection with the engagement of EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”, the “Placement Agent”)
by American Rebel Holdings, Inc. (the “Company”) pursuant to a placement agency agreement dated as of the date hereof, by
and among the Company and the Placement Agent, as it may be amended from time to time in writing (the “Agreement”), the Company
hereby agrees as follows:

 

1.       To
the extent permitted by law, the Company will indemnify the Placement Agent and its respective affiliates, directors, officers, employees
and controlling persons (within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities
Exchange Act of 1934) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including the reasonable
fees and expenses of counsel), relating to or arising out of its activities hereunder or pursuant to the Agreement, except, with regard
to the Placement Agent, to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect thereof) are found
in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly from such Placement Agent’s
willful misconduct or gross negligence in performing the services described herein, as the case may be.

 

2.       Promptly
after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect to which such
Placement Agent is entitled to indemnity hereunder, such Placement Agent will notify the Company in writing of such claim or of the commencement
of such action or proceeding, and the Company will assume the defense of such action or proceeding and will employ counsel reasonably
satisfactory to such Placement Agent and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence, the
Placement Agent will be entitled to employ counsel separate from counsel for the Company and from any other party in such action if counsel
for such Placement Agent reasonably determines that it would be inappropriate under the applicable rules of professional responsibility
for the same counsel to represent both the Company and such Placement Agent. In such event, the reasonable fees and disbursements of
no more than one such separate counsel will be paid by the Company. The Company will have the exclusive right to settle the claim or
proceeding provided that the Company will not settle any such claim, action or proceeding without the prior written consent of the Placement
Agent, which will not be unreasonably withheld.

 

3.       The
Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement
of any action or proceeding relating to a transaction contemplated by the Agreement.

 

4.       If
for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold such Placement Agent harmless, then
the Company shall contribute to the amount paid or payable by such Placement Agent, as the case may be, as a result of such losses, claims,
damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the
one hand, and such Placement Agent on the other, but also the relative fault of the Company on the one hand and such Placement Agent
on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations. The amounts
paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed to include any legal
or other fees and expenses incurred in defending any litigation, proceeding or other action or claim. Notwithstanding the provisions
hereof, no Placement Agent’s share of the liability hereunder shall be in excess of the amount of fees actually received, or to
be received, by such Placement Agent under the Agreement (excluding any amounts received as reimbursement of expenses incurred by such
Placement Agent).

 

5.       These
Indemnification Provisions shall remain in full force and effect whether or not the transaction contemplated by the Agreement is completed
and shall survive the termination of the Agreement, and shall be in addition to any liability that the Company might otherwise have to
any indemnified party under the Agreement or otherwise.

 

    	7Exhibit 10.1

    

    
      To: Miranda Toledano

      July 15, 2022

       

        

      Amended and Restated Employment Agreement

      

      

      Dear Miranda,

      

      

      You have been employed by Entera Bio Ltd. (the "Company"), an Israeli company, which registered place of business is located at Kiryat Hadassah, Minrav Building – 5th Floor, Jerusalem, Israel, Israel, as of May 16, 2022 (the "Original Commencement Date"), in accordance with an employment agreement dated May 16, 2022 (the "Previous Employment Agreement").

      

      

      This Amended and Restated Employment Agreement (the "Employment Agreement") shall be effective and shall apply to your employment with the Company as of the Commencement Date (as defined below). For the avoidance of any doubt you are engaged by the Company as of the
        Original Commencement Date and your seniority and tenure accrued with the Company counts as of the Original Commencement Date and all seniority based benefits are based on such accrued seniority. Accordingly, effective as of the Commencement Date,
        the Previous Employment Agreement shall be cancelled and shall be replaced in its entirety by this Employment Agreement and the Previous Employment Agreement shall no longer be in effect from the Commencement Date.

      

      

      Notwithstanding the foregoing, it is hereby clarified for the sake of good order that (i) any rights (including salary and social
        benefits) granted to you under the Previous Employment Agreement with respect to the period from the Original Commencement Date and until July
        14, 2022 shall not be affected by the entry into the this Employment Agreement, and (ii) your entitlement under Section 9 "Options" of Appendix A of this Employment Agreement is in addition (and shall not replace) Section 9 “Options” of the
        Previous Employment Agreement relating to the options granted  by the Board in May 2022 (subject to shareholders approval) which shall remain in full force and effect in accordance with its terms

      

      

      	1.	
              Duties, Obligations and Consents

            

      

      

      	

            	1.1	
              Commencing on July 15, 2022 ("Commencement Date"), you shall be
                engaged in the position of the Chief Executive Officer of the Company, in a full time position, and shall report to the Company's board of directors (the “Board”).

            

      

      

      	

            	1.2	
              You shall use your best endeavors to promote the interests of the Group (as defined below). You shall devote all of your business and professional time, attention,
                energy, skill, learning and best efforts to the business and affairs of the Group. You shall use your best endeavors to protect the good name of the Group and shall not perform any act that may bring the Group into disrepute.

            

      

      

      "Group" –
        the term Group in this Employment Agreement shall mean the Company and its affiliates, being persons or entities, which control, are controlled by or are under common control with the Company now or in the future (individually and collectively
        referred to as the "Group").

      

      

      	

            	1.3	
              In the event that you discover that you have, or might have at some point in the future, any direct or indirect personal interest in any of the Group's business, or a
                conflict of interest with your employment duties and functions, you shall immediately inform the Company upon such discovery.

            

      

      

      	

            	1.4	
              You shall not engage, directly or indirectly, in any business, professional or commercial occupation outside your employment with the Company, whether or not such
                occupation is rendered for any gain, without the prior written approval of the Company and subject to the terms of such approval.  The Company may cancel or change such approval at any time, in its sole and absolute discretion.

            

      

      

      
        
          

      

      
      Notwithstanding anything to the contrary in this Agreement, as a pre-condition to accepting this Employment
        Agreement, the Company hereby approves the continuation of your service as a director in four (4) companies, now or at any time in the future, which currently this list include Journey Medical (Nasdaq: DERM), Nexgel (Nasdaq: NXGL), Lipomedix and
        the Company (which, such list of companies may be changed by you, from time to time, subject to the below) and to provide services to trade and charitable organizations, provided that in each case any such services in no way conflicts with, or
        breaches any of your duties, undertakings or covenants towards the Group, the polices of the Group and/or the applicable law, including those hereunder, or prevent you from performing all of your duties and obligations at the level and scope
        required pursuant to the terms of this Agreement.

      

      

      	

            	1.5	
              You shall not, directly or indirectly, accept any commission, rebate, discount or gratuity in cash or in kind, from any third party which has or is likely to have a
                business relationship with the Company.

            

      

      

      	

            	1.6	
              You hereby represent that no provision of any law, regulation, agreement or other source prohibits you from entering into this Employment Agreement and fulfilling all
                its terms.

            

      

      

      	

            	1.7	
              You hereby undertake to comply with all Group disciplinary regulations, work rules, policies, procedures and objectives, and the applicable law, as in effect from
                time to time.

            

      

      

      	

            	1.8	
              You are aware of the need for frequent travel outside of Israel, for short or long periods, and hereby agree to perform such travel and stay inside and outside of
                Israel, including attending meetings at the Company's Jerusalem offices, USA, Europe and any other locations as requested by the Company from time to time, and as may be necessary to fulfill your duties hereunder.

            

      

      

      	

            	1.9	
              You consent, of your own free will and although not required to do so under law, that the information in this Employment Agreement and any information concerning you
                gathered by the Company, including before the signing date of this Employment Agreement, will be held and managed by the Company or on its behalf, inter alia, on databases according to law, and that the Company shall be entitled to transfer
                such information to third parties, in Israel or abroad (including to countries which have a different level of data protection than that existing in
                Israel). The Company undertakes that the information will be used, and transferred for legitimate business purposes only. Without derogating from the generality of the above, such purposes may include human resources management and
                assessment of potential transactions, to the extent required while maintaining your right to privacy.

            

      

      

      	

            	1.10	
              You  agree that the Company may monitor your use of their Systems and copy, transfer and disclose all electronic communications and content transmitted by or stored
                in such Systems, in pursuit of the Company's legitimate business interests, all in accordance with the Company's policy as in force from time to time and subject to applicable law. For the purposes of this Section, the term "Systems"
                includes telephone, computers, computer system, internet server, electronic database and software, whether under your direct control or otherwise. You may use the Company's Systems for reasonable personal use all subject to Company's policy
                as in force from time to time.

            

      

      

      	

            	1.11	
              You hereby undertake to keep the contents of this Employment Agreement confidential and not to disclose the existence or contents of this Employment Agreement to any
                third party without the prior written consent of the Company (except for your immediate family members and your personal advisors who are subject to confidentiality obligations). Notwithstanding anything to the contrary in this Agreement,
                the Company shall be entitled to make any disclosure required by applicable law, including by the rules of the NASDAQ Global Stock Market, the Securities Act of 1933, as amended (the “Securities Act”), the Exchange Act and FINRA with respect to this Agreement, the subject matter and the terms herein

            

      

      

      
        2

        
          

      

      	

            	1.12	
              You may perform your position from the Company's offices or remotely from home ("Remote Location") all in accordance with the Company's instructions and policies, as in effect from time to time. By signing this Employment Agreement, you confirm and undertake that:

            

      

      

      	

            	1.12.1.	
              You have, and shall continue to have throughout any period of Remote Location, all the necessary resources required for the purpose of performing your position from
                the Remote Location, including a computer, solid internet connection, telephone, and so on.

            

       

      	

            	1.12.2.	
              You shall only perform the work from an area, which is dedicated for such purpose, and which comprises a suitable and safe work environment according to any law and
                the Company's policies based on the conditions required by your professional activity.

            

       

      	

            	1.12.3.	
              While working from the Remote Location, you undertake to comply with all of the Company’s policies, including with respect to data protection policies, policies
                regarding security, health, confidentiality and reporting of hours.

            

       

      	

            	1.12.4.	
              You shall take all necessary precautions to protect any Company equipment or materials placed at the Remote Location, from theft, damage, or misuse. Furthermore, you
                shall take all reasonable measures in order to ensure your personal safety while working at the Remote Location.

            

       

      	

            	1.12.5.	
              For the avoidance of any doubt, the Company is not responsible for any accident, fault and/or damage, which you and/or any third party may suffer or incur at the
                Remote Location or due to your working from the Remote Location, and you will have sole responsibility for any damage that you and/or any third party may suffer at the Remote Location or due to such work. Without derogating from any of the
                foregoing, it is clarified that the Company's insurance policies do not cover any work at the Remote Location, and your entitlement for any compensation from the National Insurance Institute in the event of injury at the Remote Location, if
                any, will be in accordance with the provisions of applicable law.

            

       

      	

            	1.13	
              You represent and warrant that prior to the Original Commencement Date ("Previous Period"), you served as, and following the date hereof, and as a pre-condition to accepting the Employment Agreement, the Company agrees that you will continue to serve on the Board according to the current term (subject to the Company's charter documents and applicable law), without the existence of employment relations, for any matter or
                purpose, and you agree that you are owed nothing from the Company based on such Previous Period (or for any time following the termination of this Agreement with respect to any service in the Board) in each case with respect to employment
                relations, and that neither you, nor anyone on your behalf, has or will have any claims, demands and/or causes of action against the Company and/or any other member of the Group and/or anyone on their behalf based on or connected with such
                Previous Period or with respect to the period following the termination of this Agreement in the event that you continue to serve as a director of the Board. For the avoidance of any doubt, your employment by the Company shall commence as
                of the Original Commencement Date and shall end upon the termination of this Agreement, and no prior engagement period, if any, counts. For the sake of good order, as long as you employed according to this Agreement and during the term, you
                shall not be entitled to any additional compensation in your capacity as a director.

            

      

      

      	2.	
              Salary and Benefits

            

      

      

      	

            	2.1	
              Your salary and benefits will be as detailed in Appendix A
                to this Employment Agreement, which forms an integral part hereof.

            

      

      

      	

            	2.2	
              As you are employed hereunder in a management position, which requires a special degree of trust, the Hours of Work and Rest Law 1951, and any other law amending or
                replacing such law, does not apply to you or to your employment with the Company. You acknowledge that the consideration set for you hereunder nevertheless includes within it consideration that would otherwise have been due to you pursuant
                to such law.

            

      

      

      
        3

        
          

      

      	

            	2.3	
              Notwithstanding anything to the contrary in this Agreement, it is hereby agreed that the payment of the salary and benefits under this Agreement or under the Previous
                Employment Agreement (including without limitation, the Options, the Additional Options and/or Bonus as reflected in Appendix A), as applicable, are subject to, and shall only enter into effect upon, the receipt of the approval by all
                corporate approvals as may be required from time to time according to applicable law (including without limitation, the Company's compensation committee, the Board and the shareholders of the Company). Notwithstanding anything to the contrary in this Agreement, the Employee shall repay to the Company, by no later than seven days of its receipt of such demand, and the
                Company shall be entitled to offset any amounts due to it under this Agreement (and under the Previous Employment Agreement) from any amount payable by the Employee under this Agreement, under the Previous Employment Agreement or from any
                other source or arrangement, with respect to any amounts which were not approved according to the applicable law and by all corporate organs.

            

      

      

      	3.	
              Confidentiality, Non-Competition, Non-Solicitation, and Assignment of Inventions Undertaking

            

      

      

      Upon the signing of this Employment Agreement, you will sign a Confidentiality, Non-Competition,
        Non-Solicitation, and Assignment of Inventions Undertaking in the form attached hereto as Appendix B, which constitutes an integral part
        hereof. Your employment compensation has been calculated to include special consideration for your commitments under Appendix B.

      

      

      	4.	
              Termination of Employment

            

      

      

      	

            	4.1	
              Your employment shall commence as of the Commencement Date and shall continue for an un-fixed term, unless terminated in accordance with the terms of this Employment
                Agreement.

            

      

      

      	

            	4.2	
              Termination of this Employment Agreement shall be by either party giving at least a month (30 days) of prior written notice to the other party ("Prior Notice").

            

      

      

      During the Prior Notice period you should attend work, continue to perform your position within the Company and
        train your successor unless the Company instructs otherwise in writing.

      

      

      	

            	4.3	
              Notwithstanding Section 4.2 above, the Company may, in its sole discretion:

            

      

      

      - Terminate your employment without Prior Notice in whole or in part, by giving you notice together with payment
        in lieu of all or part of the Prior Notice, as the case may be, according to law. Your employment shall be deemed to have ceased on the date of the receipt of the notice from the Company; and/or

      

      

      - Instruct you not to attend work during the Prior Notice period or any part of it. In such case, you will
        continue to receive your salary and other benefits to which you are entitled under this Employment Agreement, except for benefits dependent on actual work.

      

      

      	

            	4.4	
              Notwithstanding the above, the Company shall be entitled to terminate this Employment Agreement forthwith, without Prior Notice or payment in lieu of notice and/or
                any compensation, where any of the following apply (each, "Cause"): (i)  you have committed a fundamental breach of this Employment
                Agreement, including any breach of your covenants in Appendix B or Sections 1 or 3 above; (ii) you have breached your fiduciary duty to the Company; and/or (iii) you have performed any act that entitles the Company legally to dismiss you
                without paying you severance pay, in whole or in part, in connection with such dismissal.

            

      

      

      
        4

        
          

      

      	

            	4.5	
              No later than the termination date of your active employment with the Company, or at such other time as directed by the Company, you shall return to the Company all
                Company equipment in your possession or control, including a company laptop (if any), as well as all documents, information and any other Company-related materials in your possession or control, whether or not prepared by you in connection
                with your employment, and any copies thereof. In addition, by such date you should provide the Company with a list of all passwords, write-protect codes and similar access codes used in the context of your work.

            

      

      

      	

            	4.6	
              Furthermore, by no later than the termination date of your active employment with the Company, you will be required to delete all personal information saved in the
                Company computer and all Company's systems, if there is such. Following such date, all information stored therein shall be regarded as business information and the Company shall have access to all such information for the purpose of
                ensuring the continuity of its business activities.

            

      

      

      	5.	
              General

            

      

      

      	

            	5.1	
              All of the payments and benefits provided to you by the Company are gross amounts and shall be subject to the withholding of all applicable taxes and deductions
                required by any applicable law.

            

      

      

      	

            	5.2	
              This Employment Agreement may only be amended in writing and signed by the Company.

            

      

      

      	

            	5.3	
              The Company shall be entitled to set-off any amount owed to the Company by you from any source whatsoever from any amount owed by the Company to you from any source
                whatsoever.

            

      

      

      	

            	5.4	
              This Employment Agreement is personal, and the terms and conditions of your employment
                  shall be solely as set forth herein.  You shall not be entitled to any payment, right or benefit which is not expressly mentioned in this Employment Agreement, including, without limitation, any payments, rights or benefits of any
                current or future general or special collective labor agreements or arrangements or extension orders, any custom or practice, and/or any other agreements between the Company and its employees unless required under law.

            

      

      

      	

            	5.5	
              This Employment Agreement, after confirmed by you, shall contain the entire understanding between the Company and yourself with respect to your employment by the
                Company and all prior negotiations, agreements, offer letters, commitments and understandings (whether written or oral) not expressly contained herein shall be null and void in their entirety.

            

      

      

      	

            	5.6	
              This Employment Agreement and your employment by the Company shall be governed by and construed in accordance with the laws of Israel.

            

      

      

      	

            	5.7	
              This Employment Agreement shall be deemed due notification in accordance with the
                provisions of the Notice to Employee and Job Candidate Law (Employment Conditions and Candidate Screening and Selection) 5762-2002, and the regulations thereunder.

            

      

      

      
        5

        
          

      

      

      

      PLEASE READ THIS EMPLOYMENT AGREEMENT CAREFULLY AND RETURN IT SIGNED TO THE COMPANY.

      

      

      Yours sincerely,

      

      

      By: /s/ Gerald Liberman

      Name & title: Gerald Liberman, Chairman of the Board

      Date: July 15, 2022 

      

      

      

      

      CONFIRMATION

      

      

      I hereby confirm that I have read the above Employment Agreement, I understand it and agree with its contents.

      

      

      	
              Miranda Toledano

              Employee

            	
              /s/ Miranda Toledano

              Signature

            	
               July 15, 2022

              Date

            

      

      

      
        6

        
          

      

      Appendix A

      

      

      Salary and Benefits

      

      

      	1.	
              Salary

            

      

      

      	

            	1.1	
              The Company shall pay you a gross monthly salary of US$ 26,575 ("Salary")

                for each full month of services. Your Salary shall be subject to annual review and may be increased but not decreased.

            

      

      

      	

            	1.2	
              The Salary for each month shall be payable in arrears within nine (9) calendar days of the first day of the following calendar month. The payment shall be made in NIS
                and shall be calculated based on the last official exchange rate of NIS/US$ at the end of each calendar month, as published by the Bank of Israel.

            

      

      

      	2.	
              Vacation

            

      

      

      	

            	1.1	
              You shall be entitled to 22 working days' vacation in each calendar year. 1/12 of the annual quota shall accrue each month.

            

      

      

      	

            	1.2	
              The accrual of vacations days shall be in accordance with the Company's policy as in effect from time to time.  Currently, according to the Company's policy, a maximum aggregate number of up to 44 unused vacation days may be carried forward
                  from one calendar year to the next calendar year. Any amounts exceeding such limit at the end of any given calendar year, shall be cancelled by the Company and, for the avoidance of doubt, shall not be paid out on termination.

            

      

      

      	3.	
              Sick Leave

            

      

      

      You shall be entitled to sick leave according to law. Notwithstanding the aforesaid, you
        will be entitled to your full Salary from the first day of your sick leave. You shall not be entitled to any compensation with respect to unused sick leave.

      

      

      	4.	
              Recuperation Pay

            

      

      

      You shall be paid recuperation pay as required by law.

      

      

      	5.	
              Travel Expenses/ Car Allowance 

            

      

      

      The Company shall pay you travel allowance in the gross amount of NIS 500.

      

      

      	6.	
              Severance Pay and Pension Arrangement

            

      

      

      	

            	6.1	
              You shall be entitled to contributions towards the pension arrangement of your choice ("Pension Arrangement"), at the following monthly rates:

            

      

      

      	

            	(a)	
              The Company shall contribute:

            

      

      

      	

            	(i)	
              8.33% of the Salary towards the severance pay component; and

            

      

      

      	

            	(ii)	
              6.5% of the Salary towards the pension component.  In the case you are insured in a managers insurance policy or a provident fund (which is not a pension fund), the
                said rate shall include the rate of contributions towards the disability insurance, ensuring loss of earning payment of 75% of the Salary but no less than 5% towards the pension component, all subject to the terms of the Extension Order
                regarding the Increase of Pension Contributions - 2016 ("Pension Order 2016"). In accordance with the terms of the Pension Order 2016, if
                the said rate shall not be sufficient to insure you in disability insurance, the total rate of contributions shall increase up to 7.5% of the Salary.

            

      

      

      
        7

        
          

      

      	

            	(b)	
              The Company shall also deduct 6% of the Salary to be paid on your account towards the Pension Arrangement.

            

      

      

      	

            	6.2	
              It is hereby agreed that the settlement regulated in the General Order as amended (attached as Appendix C) published under section 14 of the Severance Pay Law 1963 shall apply to you. The Company’s contributions to your Pension Arrangement will therefore constitute your entire entitlement to
                severance pay in respect of the paid Salary, in place of any severance pay to which you otherwise may have become entitled at law.

            

      

      

      	

            	6.3	
              The Company waives all rights to have its payments refunded, unless your right to severance pay is denied by a judgment according to sections 16 or 17 of the
                Severance Pay Law or in the event that you withdraw monies from the pension arrangement in circumstances other than an Entitling Event, where an “Entitling Event” means death, disablement or retirement at the age of 60 or over.

            

      

      

      	7.	
              Further Education Fund Contributions

            

      

      

      The Company shall make monthly Further Education Fund contributions as follows: 7.5% of Salary
        paid by the Company on its account and 2.5% of Salary to be deducted by the Company from such Salary to be paid on your account, in each case up to the ceiling recognized by the income tax authorities from time to time, but not otherwise. You shall
        bear any and all taxes applicable in connection with amounts payable by you and/or Company to the said Further Education Fund.

      

      

      	8.	
              Business Expenses

            

      

      

      The Company will reimburse you for business expenses borne by you, provided the said expenses have been approved
        by the Company in advance and in writing, all subject to the Company's policies as may be in force from time to time and against the provision of proper receipts and invoices.

      

      

      	9.	
              Options

            

      

      

      
        	 	
                9.1.

              	
                Subject to the approval of the Board, at its sole discretion, the Company will recommend to the Board to grant you with an
                  option to purchase up to 600,000 ordinary shares, par value 0.0000769 NIS each, of the Company (“Options”), according to the Company's
                  2018 Equity Incentive plan, as may be amended from time to time (“Option Plan”), subject to the requirements of the relevant securities,
                  tax and other applicable laws and regulations. Subject to the approval of the Board and the terms of the Options Agreement (as defined below), the Options will have an exercise price equal to the closing price of the Ordinary Shares as of
                  the grant date by the Board, and will vest over four (4) years, with 25% of the Options vesting at the end of your first anniversary of the Commencement Date, and thereafter the remaining 75% of the Options shall vest in equal quarterly
                  increments, so long as you are employed by the Company on a full time basis, according to the terms of this Employment Agreement on each applicable vesting date (for the avoidance of doubt, and notwithstanding anything to the contrary in
                  the Option Plan and the Options Agreement (as defined below), the Options shall stop vesting if you cease to be employed by the Company according to the terms of this Employment Agreement, as may be amended from time to time (irrespective
                  of your continued service on the Board). Upon and subject to the approval of the grant of the Options by the Board (and by the Compensation Committee) and by the shareholders of the Company as required by applicable law, and as a
                  condition to the grant of the Options, you shall sign the standard option agreement with the Company regarding the Options (“Options Agreement”).

                  Notwithstanding anything herein to the contrary, the Options will be subject to applicable law, the terms and conditions of the Option Plan, the Options Agreement, and other terms and conditions approved by the Board (which such terms and
                  conditions shall be consistent with the vesting schedule and other terms set forth in this Employment Agreement), as well as to the approval of the shareholders of the Company. You will be responsible for any and all tax consequences in
                  connection with the grant of the Options, and/or the exercise of the Options and sale of the underlying shares, and the Company shall be entitled to withhold taxes according to the requirements under applicable laws, rules, and
                  regulations.

              

      

      

      

      
        8

        
          

      

      
        	 	
                9.2.

              	
                In addition to the Options, subject to the approval of the Board, at its sole discretion, the Company will recommend to the
                  Board that immediately following the first occurrence of a Triggering Event, the Board will grant you with an option to purchase an additional 200,000 ordinary shares according to the Option Plan (“Additional Options”), subject to the requirements of the relevant securities, tax and other applicable laws and regulations. Subject to the approval of the Board and
                  the terms of the Additional Options Agreement (as defined below), the Additional Options will have an exercise price equal to the closing price of the Ordinary Shares as of such grant date by the Board, and will vest over four (4) years,
                  with 25% of the Additional Options vesting at the end of the first anniversary of the grant date of such Additional Options, and thereafter the remaining 75% of the Additional Options shall vest in equal quarterly increments, so long as
                  you are employed by the Company on a full time basis, according to the terms of this Employment Agreement on each applicable vesting date (for the avoidance of doubt, and notwithstanding anything to the contrary in the Option Plan and the
                  Additional Options Agreement (as defined below), the Additional Options shall stop vesting if you cease to be employed by the Company according to the terms of this Employment Agreement, as may be amended from time to time (irrespectively
                  if you continue to serve on the Board). Upon and subject to the approval of the grant of the Additional Options by the Board (and by the Compensation Committee) and by the shareholders of the Company as required by applicable law, and as
                  a condition to the grant of the Additional Options, you shall sign the standard option agreement with the Company regarding the Additional Options (“Additional Options Agreement”). Notwithstanding anything herein to the contrary, the Additional Options will be subject to applicable law, the terms and conditions of the Option Plan, the Additional Options Agreement, and
                  other terms and conditions approved by the Board (which such terms and conditions shall be consistent with the vesting schedule and other terms set forth in this Employment Agreement), as well as to the approval of the shareholders of the
                  Company. You will be responsible for any and all tax consequences in connection with the grant of the Additional Options, and/or the exercise of the Additional Options and sale of the underlying shares, and the Company shall be entitled
                  to withhold taxes according to the requirements under applicable laws, rules, and regulations.

              

      

      

      

      The term "Triggering

          Event" shall mean the earlier of the following events: (i) the execution by the Company of a binding strategic or partnership agreement with a strategic partner to fund the Company's Phase III FDA Trial; or (b) raising sufficient funding
        to complete the Company's Phase III FDA Trial, in each case as such event was approved by the Board, and as long as you are employed by the Company according to the terms of this Employment Agreement, as may be amended from time to time, as of the
        occurrence of such event.

      

      

      	10.	
              Bonus

            

      

      

      You will be eligible to receive an annual bonus (the “Bonus”) in an amount equal to up to 60% of the Salary (the “Target Bonus”) (calculated
        pro-rata to the actual days the Employee have been engaged with the Company in any applicable calendar year), subject to the terms of this Section 10. The Bonus will be awarded on an annual basis and paid in the year following the calendar year to
        which the Bonus relates in accordance with the Company’s compensation policy, based and subject to the Employee meeting certain criteria and key performance indicators as shall be determined by the compensation committee of the Company (the “Compensation Committee”) and the Board from time to time, and in accordance with the Company’s compensation plan and Company policies, as amended
        from time to time, and in each case, and at all times, subject to applicable law. It is hereby clarified that the payment of the Bonus may be subject to an approval of the shareholders of the Company, to the extent required to be approved by the
        shareholders of the Company in accordance with applicable law. The calculation and interpretation of any Bonus payable, and whether any criteria and/or performance standards have been met, shall be determined by the Compensation Committee and the
        Board at their sole and final discretion, and shall not be subject to review or appeal. You must continue to be employed with the Company on the final applicable approval date of such Bonus, as required by law, in order to be entitled to payment of
        any Bonus granted by the Company according to the terms of this Section 10 for any given calendar year.

      

      

      
        9

        
          

      

      	11.	
              Separation Payment

            

      

      

      In any event of termination of your employment by the Company (or any surviving entity) for any reason other
        than for Cause, you shall be entitled to receive (i) a one-time ex-gratia separation payment in the total gross amount of 12 (twelve) months of your then-effective annual Salary, and (ii) an extension of your exercise period with respect the then
        vested Options and then vested Additional Options (if any) as of the date of termination for up to two (2) years post-termination (provided that in no event shall such extension extend beyond 10 years from the grant date), in each case subject to
        your execution of, and compliance with a customary release of claims against the Company and its affiliates. Subject to the foregoing, such ex-gratia separation payment shall be made in the regular Company pay period following the termination of
        your employment.

      

      

      	12.	
              Cell Phone; Internet

            

      

      

      The Company shall pay the monthly charges of your personal cell phone, as well the monthly charges of the
        Internet infrastructure and Internet service provider. You shall bear all taxes applicable to you in connection with the said payment.

      

      

      **********************

      

      

      
        10

        
          

      

      

      

      Appendix B

      

      

      Confidentiality, Non-Competition, Non-Solicitation, and Assignment
          of Inventions Undertaking

      

      

      I, Miranda Toledano, am employed by Entera Bio Ltd. ("Company") pursuant to an employment agreement to which this Confidentiality, Non-Competition, Non-Solicitation, and Assignment of Inventions Undertaking ("Undertaking") is attached as Appendix B ("Employment Agreement").

      

      

      I acknowledge that in the course of my employment with the Company I will become familiar with a range of Confidential Information (as
        defined below) and that my services are of particular and special value to the Company. In consequence, I undertake the following towards the Company and its affiliates, being persons or entities which control, are controlled by or are under common
        control with the Company now or in the future (individually and collectively referred to as the "Group").

      

      

      	1.	
              Confidential Information and Confidentiality

            

      

      

      	

            	1.1	
              I am aware that I may have access to or be entrusted with information (regardless of the manner in which it is recorded or stored) relating to the business interests,
                methodology or affairs of the Group, or any person or entity with whom or which the Group deals or is otherwise connected and which, for the avoidance of doubt, includes the terms of the Employment Agreement, other than the terms of this
                Undertaking ("Confidential Information").
                For the purposes of this agreement, Confidential Information includes but is not limited to:

            

      

      

      	

            	A.	
              Technical information of the Company and/or the Group, its customers or other third
                  parties that is in use, planned, or under development, such as manufacturing and/or research processes or strategies; computer product, process and/or devices; software product; and any other databases, methods, know-how, formulae,
                  compositions, technological data, technological prototypes, processes, discoveries, machines, inventions, and similar items;

            

      

      

      	

            	B.	
              Business information of the Company and/or the Group, its customers or other third parties that is in use, planned, or under development, such as information relating
                to the Group's employees (including information related to performance, skillsets, and compensation); actual and anticipated relationships between the Company and/or the Group and other companies; financial information; information relating
                to customer or vendor relationships; product pricing, customer lists, customer preferences, financial information, credit information; and similar items; and

            

      

      

      	

            	C.	
              Information relating to future plans of the Company and/or the Group, its customers or other third parties that is in use, planned, or under development, such as
                marketing strategies; new product research; pending projects and proposals; proprietary production processes; research and development strategies; and similar items.

            

      

      

      	

            	1.2	
              During the term of the Employment Agreement and at all times thereafter I shall keep confidential, and shall not except in the proper performance of my employment
                duties use, disclose and/or make available, directly or indirectly, to any third party any Confidential Information without the prior written consent of the Company. The foregoing does not apply to information that I can provide evidence
                that is already in the public domain through no fault of my own, or to disclosures which are required by law or a valid court order, in which case I will notify the Company in writing immediately on becoming aware of such requirement or its
                likely occurrence, and the disclosure shall be limited to the extent expressly required.

            

      

      

      	

            	1.3	
              Without derogating from the generality of the foregoing, I confirm that:

            

      

      

      	

            	1.3.1	
              Except in the proper performance of my employment duties, I shall not copy, transmit, communicate, publish or make any commercial or other use whatsoever of any
                Confidential Information, without the prior written consent of the Board.

            

      

      

      
        11

        
          

      

      	

            	1.3.2	
              I shall exercise the highest degree of care in safeguarding the Confidential Information against loss, theft or other inadvertent disclosure and in maintaining its
                confidentiality.

            

      

      

      	

            	1.3.3	
              Upon termination of my employment, or at the earlier request of my direct manager I shall deliver to the Company all Confidential Information and any and all copies
                thereof that have been furnished to me, prepared by me or came to my possession howsoever, and I shall not retain copies thereof in whatever form.

            

      

      

      	2.	
              Non-Competition and Non-Solicitation

            

      

      

      
        	 	
                2.1.

              	
                I hereby covenant that throughout the term of the Employment Agreement and for a period of twelve (12) months thereafter, I
                  shall not, whether directly or indirectly, in any capacity whatsoever, whether independently or as a shareholder, employee, consultant, officer or in any managerial capacity, in any way:

              

      

      

      

      	

            	2.1.1.	
              Carry on, set up, own, manage, control or operate, be employed, engaged or interested in a business anywhere in the world which competes with, or proposes to compete
                with the Group and its business, as in effect from time to time;

            

      

      

      	

            	2.1.2.	
              Canvass, solicit, or endeavor to entice from the Group, or otherwise have any business dealings with, any person or entity who or which at any time during my
                employment was or is:

            

      

      

      	

            	2.1.2.1	
              a supplier to, investor, customer, partner, joint venturer or licensor of the Group or other commercial contractor of whatever nature;

            

      

      

      	

            	2.1.2.2	
              in the habit of dealing with the Group;

            

      

      

      	

            	2.1.2.3	
              an employee, agent, officer, consultant, advisor or other independent contractor of or provider of services to the Group; or

            

      

      

      	

            	2.1.2.4	
              negotiating or discussing becoming any of the above.

            

      

      

      	

            	2.1.3.	
              Otherwise interfere with the relationship between any of the persons or entities listed in Section 2.1.2 and the Group (including by assisting another to interfere in
                such relationship).

            

      

      

      	

            	2.2	
              I acknowledge that my obligations under this Section 2 are reasonable in light of my position and duties within the Company, the nature of the Group's business, and
                the fact that the compensation to which I am entitled under the Employment Agreement has been calculated to include special consideration for my undertakings in this Section 2.

            

      

      

      	3.	
              Intellectual Property

            

      

      

      	

            	3.1	
              I shall promptly disclose to the Company all Intellectual Property which I have or which I may solely or jointly conceive, develop or reduce to practice or cause to
                be conceived, developed or reduced to practice during the course of and/or in connection with my employment with the Company and/or which use Confidential Information or other Group property (“Inventions”).

            

      

      

      For the purposes of this Agreement, "Intellectual Property" shall include all intellectual property rights, whether or not patentable, including without limitation rights in algorithms, binary code, brands, business methods, business
        plans, computer programs, computer software, concepts, confidential information, content, databases, developments, firmware, composition of matter or materials, certification marks, collective marks, copyright, customer lists, data,  designs
        (whether registered or unregistered), derivative works, discoveries, distributor lists, documents, domain names, file layouts, formulae, goodwill, ideas, improvements, industrial designs, information, innovations, inventions (including but not
        limited to Service Inventions as defined in Section 132 of the Patent Law-1967 (the "Patent Law")), integrated circuits, know-how, logos, look
        and feel, manufacturing information, mask works, materials, methods, moral rights, object code, original works of authorship, patents,  patent applications, patent rights, including but not limited to any and all continuations, divisions, reissues,
        re-examinations or extensions, plans, processes, proprietary technology, reputation, research data, research results, research records, semiconductor chips, service marks, software, source code, specifications, statistical models, supplier lists,
        systems, techniques, technology, trade secrets, trademarks, trade dress, trade names, trade styles, technical information, utility models, and any rights analogous to the foregoing

      

      

      
        12

        
          

      

      	

            	3.2	
              I further confirm that all Inventions, and any and all rights, interests and title therein, shall be the exclusive property of the Company and I shall not be entitled
                to, and I hereby waive now and in the future, any claim to any right, moral rights, compensation or reward, including any right to royalties in Service Inventions in accordance with the Patent Law, that I may have in connection therewith.
                This clause, constitute an express waiver of any rights I may have under Section 134 of the Patent Law.

            

      

      

      	

            	3.3	
              Without derogating from the Group's rights under this Undertaking or any law, I agree to assign and hereby automatically assign to the Company and/or its designee any
                and all rights, titles and interests in respect of any Inventions, to the extent that I may have such rights, on a worldwide basis, and I acknowledge now and in the future the Company’s full and exclusive ownership in all such Inventions. I
                shall, at any time hereafter, execute all documents and take all steps necessary to effectuate the assignment to the Company and/or its designee or to assist them to obtain the exclusive and absolute right, title and interest in and to all
                Inventions, including by the registration of patents or trademarks, protection of trade secrets, copyright, or  any other applicable legal protection, and to protect the same against infringement by any third party, including by assisting
                in any legal action requested by the Group with respect to the foregoing.

            

      

      

      	4.	
              No Conflicting Obligations

            

      

      

      I have not and will not, at any time during the term of the Employment Agreement, use or disclose Confidential
        Information in such manner that may breach any confidentiality or other obligation I owe to any former employer or other third party, without their prior written consent.

      

      

      I warrant that I have the full right to assign the Inventions and the associated rights, titles and interests
        therein and that I have not made, and will not make, any agreement in conflict with this paragraph or Section 3 above.

      

      

      	5.	
              Notice to Offerors

            

      

      

      I agree that if, during my employment with the Company or the period of the restrictions set out in Section 2, I
        receive an offer of employment or engagement, I will provide a copy of this Undertaking to the offeror as soon as is reasonably practicable after receiving the offer and will inform the Company of the identity of the offeror.

      

      

      	6.	
              General

            

      

      

      	

            	6.1	
              I acknowledge that any breach by me of my obligations pursuant to this Undertaking may cause substantial damage for which the Group shall hold me liable.

            

      

      

      	

            	6.2	
              The terms of this Undertaking shall be interpreted in such a way as to give them maximum enforceability at law. The unenforceability of any term (or part thereof)
                shall not affect the enforceability of any other part of this Undertaking.

            

      

      

      	

            	6.3	
              My undertakings hereunder are in addition to, and do not derogate from, any obligation to which I may be subject under applicable law or any Group policy or
                agreement.

            

      

      

      
        13

        
          

      

      	

            	6.4	
              My undertakings hereunder will be applicable to me during the term of my employment with the Company and thereafter. Notwithstanding the aforesaid, the effect of my
                undertakings under Section 2 above shall be for the period specified in such Section.

            

      

      

      	

            	6.5	
              This Undertaking shall be governed by and construed in accordance with the laws of Israel.

            

      

      

      	
              Miranda Toledano

              Employee

            	
              
                
                  
                    /s/ Miranda Toledano

                  

                

              

              Signature

            	
              July 15, 2022 

              Date

            

      

      

      Entera Bio Ltd. hereby agrees to and accepts the assignment of all rights in the Inventions.

      

      

      
        	
                
                  /s/ Gerald Liberman

                

                Entera Bio Ltd.         

                By: Gerald Liberman

                Title: Chairman of the Board

              	
                
                  July 15, 2022 

                  

                

                 Date

              	

              

      

      

      

      [Signature Page to Confidentiality, Non-Competition,

      Non-Solicitation, and Assignment of Inventions Undertaking]

      

      

      
        14

        
          

      

      Appendix C

       

        

      General Order and Confirmation Regarding Payments of Employers to Pension Funds and Insurance Funds instead of
          Severance Pay

      

      

      It should be noted that the specific contribution rates set out in this General Approval are subject to the
          terms of the Pension Order 2016, as detailed in the Employment Agreement

      

      

      Pursuant to the power granted to me under section 14 of the Severance Pay Law 5723-1963 (“Law”) I hereby confirm that payments paid by an employer, commencing the date hereof, to an employee’s comprehensive pension fund into a provident fund which is not an insurance fund,
        as defined in the Income Tax Regulations (Registration and Management Rules of a Provident Fund) 5724-1964 (“Pension Fund”), or to a Manager’s
        Insurance Fund that includes the possibility of an allowance or a combination of payments to an Allowance Plan and to a plan which is not an Allowance Plan in an Insurance Fund (“Insurance Fund”), including payments which the employer paid by combination of payments to a Pension Fund and to an Insurance Fund whether there exists a possibility in the Insurance Fund to an allowance plan (“Employer Payments”), will replace the severance pay that the employee is entitled to for the salary and period of which the payments were paid (“Exempt Wages”) if the following conditions
        are satisfied:

      

      

      
        	
                (1)

              	
                Employer Payments –

              

      

      

      

      	

            	(A)	
              for Pension Funds are not less than 14.33 % of the Exempt Wages or 12% of the Exempt Wages, if the employer pays for his employee an additional payment on behalf of
                the severance pay completion for a providence fund or Insurance Fund at the rate of 2.33% of the Exempt Wages. If an employer does not pay the additional 2.33% on top of the 12%, then the payment will constitute only 72% of the Severance
                Pay.

            

      

      

      	

            	(B)	
              to the Insurance Fund are not less than one of the following:

            

      

      

      	

            	(1)	
              13.33% of the Exempt Wages if the employer pays the employee additional payments to insure his monthly income in case of work disability, in a plan approved by the
                Supervisor of the Capital Market, Insurance and Savings in the Finance Ministry, at the lower of, a rate required to insure 75% of the Exempt Wages or 2.5% of the Exempt Wages (“Disability Payment”).

            

      

      

      	

            	(2)	
              11% of the Exempt Wages if the employer pays an additional Disability Payment and in this case the Employer Payments will constitute only 72% of the employee’s
                severance pay; if, in addition to the abovementioned sum, the employer pays 2.33% of the Exempt Wages for the purpose of Severance Pay completion to providence fund or Insurance Funds, the Employer Payments will constitute 100% of the
                severance pay.

            

      

      

      	(2)	
              A written agreement must be made between the employer and employee no later than 3 months after the commencement of the Employer Payments that include –

            

      

      

      	

            	(A)	
              the agreement of the employee to the arrangement pursuant to this confirmation which details the Employer Payments and the name of the Pension Fund or Insurance Fund;
                this agreement must include a copy of this confirmation;

            

      

      

      	

            	(B)	
              an advanced waiver of the employer for any right that he could have to have his payments refunded unless the employee’s right to severance pay is denied by judgment
                according to sections 16 or 17 of the Law, or in case the employee withdrew monies from the Pension Fund or Insurance Fund not for an Entitling Event; for this matter, Entitling Event or purpose means death, disablement or retirement at the
                age of 60 or over.

            

       

        

      
        	
                (3)

              	
                This confirmation does not derogate from the employee’s entitlement to severance pay according to the Law,
                    Collective Agreement, Extension Order or personal employment agreement, for any salary above the Exempt Wages.

              

      

    

     

    

     

    

  

  15

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