Document:

EXHIBIT
10.9

 

EMPLOYMENT
AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is made this 25 day of February 2015, between Emerald Medical Applications
Ltd., of 1 Emek Ayalon St., Modi’in, Israel (the “Company”), and Oded Gilboa ID 025287848
of 23 Akiva St. Apt 14, Raanana, Israel _ (the “Employee” and each of the Company and the Employee, a “Party”
and together the “Parties”).

 

WHEREAS,
the Company desires to employ the Employee as CFO – Chief Financial Officer (“Position”, as describe
at EXHIBIT E - Position describtion and Responsibilities, in Hebrew) in accordance with the terms and conditions of this Agreement;
and

 

WHEREAS,
the Employee wishes to be employed by the Company in the Position and has the knowledge, skills, know-how, ability experience
and expertise in order to fulfil his/her duties in connection with the Position.

 

NOW,
THEREFORE, in consideration of the foregoing premises and the agreements and covenants herein set forth and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties do hereby agree as follows:

 

	1.		Employment
	 	 	 
	 	1.1	The
    Employee shall be employed in the Position and will report to the Chief Executive Officer of the Company (“Supervisor”),
    and perform any and all duties as instructed by the Supervisor, the Company’s Board of Directors (the “Board”)
    or by Employee’s other superiors in the Company, from time to time.
	 	 	 
	 	1.2	The
    Employee shall be employed in a 40% position. 
	 	 	 
	 	1.3	The
    regular working days and hours of the Company, during which the Employee will be working, are Sunday through Thursday between
    09:00 and 18:00 (always subject to the scope of Employees employment); provided that the Employee will be available to perform
    additional hours (‘shaot odfot’) subject to the Company’s requests and needs, beyond the regular
    working days and hours, and the Employee agrees that the Employee shall be compensated in advance for such additional work,
    as set forth in Section שגיאה! מקור ההפניה
    לא נמצא. below, but the Employee further agrees not to perform additional work without
    informing his/her supervisors in advance. The Employee’s weekly day of rest is Saturday.
	 	 	 
	 	1.4	The
    Employee agrees to devote his/her full working time and professional attention to the business and affairs of the Company
    and to the performance of his/her duties hereunder and will carry out his/her job faithfully and devotedly, in accordance
    with the objectives of the Company, as they are defined from time to time by the Board.
	 	 	 
	 	1.5	The
    Employee shall notify the Company immediately of every matter or transaction in which Employee has a personal interest and/or
    which might create a conflict of interest with Employee’s position in the Company.
	 	 	 
	 	1.6	The
    Employee shall not publicize or take any action that might result in adverse effect upon the Company’s reputation or
    business relationships, including, to the extent applicable, its clients, affiliates, business partners, officers, directors,
    owners or employees. 

 

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	 	1.7	The
    Employee represents and warrants to the Company that (i) entering into this Agreement does not result in any default under,
    or breach of any other Agreement or obligation to which Employee is a party to or bound by, (ii) the Employee has the requisite
    experience, capabilities, time and other resources needed to perform the duties of her employment, and (iii) the Employee
    has not received and is not entitled to any other benefit for the employment by the Company or by any other Person, except
    as set forth in this Agreement. 
	 	 	 
	2.		Place
    of Employment
	 	 	 
	 	2.1	The
    Employee’s regular place of employment shall be in the Company’s offices in Israel or inGilboa CPA, Raanana office
    or as otherwise informed by the Company, and may include travel and periods of stay abroad according to the requirements of
    the work to be performed for the Company, as determined by the Employee’s supervisors from time to time.
	 	 	 
	3.		Salary;
    Compensation
	 	 	 
	 	3.1	The
    Company shall pay the Employee,for the 40% position a total of employer cost (עלות מעביד)
    of 13,200 ILS (the “Salary”), paid within the first nine days of each calendar month, with respect to work
    performed during the preceding calendar month, during the term of the Employee’s employment hereunder. It is hereby
    agreed that the Salary includes monthly payment on account of recuperation pay in accordance with applicable law. A sample
    of the Employee’s payroll in a given month, which shall govern in any discrepancy between it and the terms of this Agreement,
    is attached hereto as Exhibit A.
	 	 	 
	 	3.2	As
    the Employee may be requested to perform additional work from time to time, and as the Company and the Employee wish to set
    forth in advance the payment for such additional time without need for monthly adjustments, the Parties agree that the Salary
    includes advance payment, in an amount equal to 30% of the Salary, for additional work performed by the Employee. The Parties
    agree that such advance payment shall remain with the Employee whether or not actual additional work has been performed within
    the applicable month.
	 	 	 
	 	3.3	The
    employee will not be eligible for a car lease or monthly fuel costs but will be reimbursed per the Heshev (חשב
    רכב) customary and allowable reimbursement rate per k”m for meetings in which he uses his personal
    car to arrive to. 
	 	 	 
	 	3.4	Except
    as specifically set forth in this Agreement, any and all taxes and liabilities applicable from time to time in connection
    with the Salary, the Employee benefits provided for hereunder and/or any other payment which the Employee is entitled to Funder
    this Agreement, will be borne by the Employee solely and the Company shall be entitled to make any mandatory deduction and/or
    withholding.
	 	 	 
	 	3.5	In
    addition, the Employee may be entitled to an annual or performance based bonus, as shall be determined by the Board from time
    to time at its sole discretion, and in accordance with certain criteria which may be set and modified by the Board from time
    to time.
	 	 	 
	4.		Benefits
    and Expenses
	 	 	 
	 	4.1	In
    addition to the Salary, the Employee shall be entitled to the following employee benefits and payments payable with respect
    to the Salary during his/her employment by the Company:

 

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	 	4.1.1	Pension
    Fund/Provident Fund/Managers Insurance.
	 	 	 
	 		The
    Company shall obtain and maintain either Managers Insurance (Bituach Menahalim) Policy, Pension Fund (Keren Pensia) Policy
    or Provident Fund Policy (Kupat Gemel) (either one referred as “Policy”), as designated by the Employee
    no later than three (3) days following the date hereof, which designation may be modified by the Employee, subject to applicable
    law, in a written notice to the Company to be provided within a reasonable time in advance, for the benefit of the Employee
    in accordance with applicable law.  
	 	 	 
	 	4.1.2	Severance
    Payment.
	 	 	 
	 	 	The
    Employee agrees and acknowledges that payments by the Company to the Policy under Section 4.1.1 above shall be in lieu of
    the Company’s statutory obligation to pay severance pay, in accordance with Section 14 of the Severance Pay Law, 5723-1963
    and the approval of the Minister of Labor and Welfare, as amended on March 12, 2001, which has been signed by the Employee
    concurrently herewith, and is hereby incorporated into this Agreement and constitutes an integral part hereof.
	 	 	 
	 	 	The
    Company hereby waives any right to receive any amount paid by the Company on account of the Policy, except in case Employee
    draws upon the Policy other than for an “Entitlement Event” and provided that (i) the Employee has, of Employee’s
    own and sole initiative, terminated employment without having given prior notice as provided in the Notice Period, except
    as a result of a termination due to circumstances beyond the Employee’s control, or (ii) the employment is terminated
    as a result of circumstances under which according to applicable law and/or employment agreement and/or judicial decision
    the Employee is not entitled to the full amount of severance pay that would otherwise be payable under the Severance Pay Law,
    5723-1963, in such case those portions of the Policy constituting the Company’s severance payment contributions, should
    be refunded to the Company.
	 	 	 
	 	 	Upon
    the termination of the Employee’s employment, the Company shall release the Policy and transfer it into the name of
    the Employee, subject to, and without derogating from, the above provisions.
	 	 	 
	 	4.1.3	Sick
    Leave
	 	 	 
	 	 	The
    Employee shall be entitled to sick leave in accordance with applicable law.
	 	 	 
	 	4.1.4	Annual
    Leave
	 	 	 
	 	 	The
    Employee shall be entitled to annual leave subject to applicable law. The time during which the Employee’s annual leave
    shall be taken shall be determined by the Company, upon reasonable consultation with the Employee. Any unused annual leave
    days may be accumulated and rolled-over to the following years, for up to, and no more than, two (2) years, but may not be
    redeemed. Should the Employee be requested to travel abroad for business, and unless otherwise agreed, the Employee shall
    be entitled for an additional paid leave of 1 day for each weekend day (Friday and Saturday) and other applicable Israeli
    public holiday spent aborad.
	 	 	 
	 	4.1.5	Expense
    Reimbursement.
	 	 	 
	 	 	The
    Employee shall be entitled to receive reimbursement for actual business expenses arising out of travel, lodging, meals and
    entertainment in connection with the performance of duties hereunder, provided Employee submits proper documentation and that
    such business expenses have been approved in advance by the Supervisor. 

 

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	 	4.1.6	Advanced
    Study Fund. 
	 	 	 
	 	 	The
    Company shall contribute to an advanced study fund (Keren Hishtalmut) on the Employee’s behalf an amount equal to 2.5%
    of the Salary (which shall be deducted from the Employee’s gross Salary and paid to the advanced study fund), and on
    behalf of the Company, 7.5% of the Salary, but in any case no more than up to the amount exempt from tax under applicable
    law. 
	 	 	 
	 	4.1.7	Stock
    Option Plan. 
	 	 	 
	 	 	The
    Company has previously adopted or may adopt in the future an equity award plan (the “Plan”), in which employees,
    directors, other service providers and/or other participants may be entitled to participate from time to time, as determined
    by the Board from time to time, in its sole discretion.
	 	 	 
	 	 	The
    Employee shall be entitled to participate in the Plan, and to receive equity awards to purchase XXXXX (will add to ESOP EXHIBIT)
    ordinary shares (in the merged company) or other equity securities of the Company, subject to achievement of certain milestones
    and to a certain vesting schedule; all as determined by the Company from time to time, on the terms and subject to the conditions
    of the Plan and of the grant letter, or any other applicable agreement to be executed by the Employee, as the case may be,
    as a condition precedent to participating in the Plan and for receiving such equity award.
	 	 	 
	 	 	Summary
    of the ESOP:
	 	 	 
	 	 	XXXXX
(will add to ESOP EXHIBIT) ordinary shares, for at least 24 months, vested in equal parts every quarter.

  

	5.		Electronic
                                         Mail Box

 

	 	5.1	The
    Company will provide the Employee with an electronic mail box (“Email”) for the Employee’s use in
    connection with his/her employment by the Company. The Email is intended for work related use only, and is and shall remain
    the exclusive property of the Company, as well as any messages, information or documentation contained therein. The Employee
    may use Employee’s own private electronic mail account for personal communication.
	 	 	 
	 	5.2	The
    Company may inspect the Email from time to time, as well as access, read, copy or erase messages and other information and
    documentation contained therein without prior notice. 

 

	6.		Intellectual
    Property Assignment and Confidentiality
	 	 	 
	 	6.1	The
    Employee is aware that in the course of performance of this Agreement, the Employee will have access to and be entrusted with
    Confidential Information (as defined in Exhibit B) in respect of the Company and its affiliates and their respective dealings,
    transactions, affairs, customers or clients.

 

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	 	6.2	In
    addition, the Parties foresee that in the course of performance of this Agreement, the Employee will have access to and be
    entrusted with Confidential Information in respect of the Company and its affiliates and their respective dealings, transactions,
    affairs, customers or clients, and that the Employee may make, develop, discover or create any technology in the course of
    fulfilling his/her obligations pursuant to this Agreement, and agree that in this respect, the Employee has a special obligation
    to further the interests of the Company. In furtherance of the foregoing, the Employee, on or prior to the date hereof, has
    executed the Intellectual Property Assignment and Confidentiality Agreement, attached hereto as Exhibit B,
    which is hereby incorporated into this Agreement and constitutes an integral part hereof. For the avoidance of doubt, this
    Section shall survive termination of this Agreement for whatever reason.
	 	 	 
	 	6.3	The
    Employee acknowledges that the disclosure of the content of this Agreement to any third party, including any other employees,
    officers or other representatives of the Company, is reasonably likely to cause the Company severe damages. Therefore, the
    Employee agrees to keep this Agreement in confidence and not disclose its content to any Person. 
	 	 	 
	7.		Non-competition,
    Non-solicitation

 

	 	7.1	Subject
    to applicable law, the Employee will not, during the Term (as defined below) and for the period of eight (8) months following
    the termination of this Agreement (“Restricted Period”), without the prior written consent of the Board,
    on the Employee’s own behalf or on behalf of any Person (or as manager, agent, consultant or employee of any Person),
    either alone or jointly with others, directly or indirectly, carry on or be engaged by any means in any activity or business,
    which shall be similar to or in competition with the Business carried on by the Company on the relevant date during the Term
    or, with respect to any action taken following the termination of this Agreement, on the date of termination of this Agreement
    perform development activities, or develop technology, similar to the technology developed by or at the direction of the Company
    and in competition with the Company.
	 	 	 
	 	7.2	For
    the avoidance of doubt, the stipulations set forth in this Non-competition provision do not apply to investments in shares
    and/or securities in any company traded on a recognized stock exchange, provided that, without the prior written consent of
    the Board, the Employee, on the Employees own behalf or on behalf of any Person (or as manager, agent, consultant or employee
    of any Person), either alone or jointly with others, directly or indirectly, shall acquire shares, with the exception of the
    acquisition of shares in a company traded on a recognized stock exchange, not exceeding 5% (calculated on a fully diluted
    basis), in a company that is engaged in a business that is the same or similar to the Business of the Company or is in regular
    business contact with the Company. 
	 	 	 
	 	7.3	The
    Employee shall report to the Board if she becomes aware that a close relative of the Employee (which shall include the Employee’s
    spouse, parents, children, grandchildren and siblings, including adoptive relationships and relationships through marriage,
    or any other relative of Employee that shares the Employee’s home) has become an equity holder, a director or an officer
    of a Person, engaged in a business that is the same or similar to the Business of the Company or is in regular business contact
    with the Company.

 

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	 	7.4	Subject
    to applicable law, Employee shall not, during the Restricted Period, without the prior written consent of the Board, in connection
    with the carrying on of any business similar to or competing with the Business carried on by the Company on the relevant date
    during the Term or, with respect to any action taken following the termination of this Agreement, on the date of termination
    of this Agreement, on the Employee’s own behalf or on behalf of any Person (or as manager, agent, consultant or employee
    of any Person), either alone or jointly with others, directly or indirectly, (i) seek to procure orders from or conduct business
    with any Person, who has at any time during the period of two (2) years immediately preceding the relevant date, conducted
    business with or been a customer or client of the Company and with whom the Employee (in his/her capacity as representative
    or Employee of the Company) has had business dealings during the Term, or (ii) endeavour to entice away from the Company any
    employee or any service provider of the Company, who has at any time during the period of two (2) years immediately preceding
    the relevant date, been employed or engaged by the Company. Provided, however, that nothing herein shall prohibit (i) the
    seeking or procuring of orders or the conduct of any business not relating or similar to the Business, (ii) any general solicitation
    not directed specifically at the Company’s employees of service providers or (iii) any discussions with or employment
    of any person who approached the Employee on his/her own initiative.
	 	 	 
	 	7.5	The
    Employee acknowledges that the restrictions set under this Non-competition and Non-solicitation provision are fair and reasonable,
    and essential for protection of the Company’s business, the Company’s proprietary rights and other legitimate
    interests of the Company, in view of the nature of the business in which the Company is engaged and obligations it has undertaken.
    
	 	 	 
	 	7.6	Employee
    further acknowledges that the above restrictions are customarily complied with by persons situated in a similar position,
    correspond with fair dealing requirements and are adequate in light of the Employee’s usage of the Company resources
    during Employee’s employment hereunder and participation in the Company’s development activities. In addition,
    such restrictions are fully compensated for by the Salary, employee benefits and options granted hereunder, in the amount
    consisting of 15% of the Salary and of employee benefits (“Special Compensation”), are not likely to have
    a material adverse effect upon Employee’s professional position and promotion opportunities during the Restricted Period.
    
	 	 	 
	 	7.7	Employee
    further acknowledges that this Non-competition and Non-solicitation provision is material to the Company in light of its obligations
    and nature of activity, that the Company would not have entered into this Agreement without such undertaking by the Employee
    and that the Company shall be entitled to seek, in addition to any other remedies applicable, special performance and return
    of the special compensation.
	 	 	 
	 	7.8	Notwithstanding
    anything contained herein, if any restriction under this Non-competition provision should be held by a court of competent
    jurisdiction to be unenforceable under applicable law to its fullest scope, then the restrictions hereunder shall be interpreted
    so as to give effect, to the greatest extent consistent with and permitted by applicable law, to the meaning and intention
    of the restrictions, as determined by such court of competent jurisdiction. For the avoidance of doubt, this Section shall
    survive the termination of this Agreement for whatever reason.
	 	 	 
	8.		Term
    and Termination
	 	 	 
	 	8.1	This
    Agreement and the Employee’s employment hereunder shall be in effect as of the date hereof and until terminated in accordance
    with the provisions below (“Term”).
	 	 	 
	 	8.2	At
    any time after the date of this Agreement, either the Company or the Employee may terminate this Agreement on advance notice
    required by applicable law (the “Notice Period”). For purpose of this agreement Notice Period will be defined
    to three months.
	 	 	 
	 	8.3	The
    Company shall have the right, at its sole discretion, to ask the Employee to cease working or to continue to work during all
    or part of the Notice Period. The Employee will cooperate with the Company to ensure an orderly transfer of responsibilities
    and know-how to the Employee’s substitute and/or Supervisor.

 

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	 	8.4	The
    Company may terminate the Employee’s employment for Cause upon delivering a notice with immediate effect, without obligation
    for any severance payment. For purposes of this Agreement, termination for “Cause” shall mean and include:
    (i) breach of any undertaking relating to confidentiality, non-competition, non-solicitation or intellectual property towards
    the Company; (ii) severe breach of discipline, including any refusal to carry out a directive of the Board or the Supervisor,
    which directive is capable of being lawfully performed, (iii) breach of fiduciary duty towards the Company; and (iv) any cause
    which allows the Company to terminate the Agreement without obligation to pay severance payment in accordance with applicable
    law.
	 	 	 
	 	8.5	Promptly
    upon request by the Company, and in any event immediately upon termination of this Agreement, the Employee shall hand over
    to the Company (i) all work related documents (without retaining any copies to Employee) in whatever form and irrespective
    of whether prepared by Employee or not, as well as documents that have otherwise come to Employee’s possession following
    her employment by the Company, and (ii) all other property of the Company. Employee shall assist the Company with due transition
    of the Employee’s know-how and responsibilities to the Employee’s substitute and/or and Supervisor. 
	 	 	 
	9.		General
	 	 	 
	 	9.1	This
    Agreement is personal and the terms and conditions of the employment shall be conclusively as set forth herein, and the provisions
    of any collective agreement, collective arrangement or other custom of any kind shall not apply as far as not mandatory upon
    the Parties. The Employee may not assign this Agreement or any of its terms, conditions, obligations or rights herein to any
    person and must perform personally all of the undertakings by him herein.
	 	 	 
	 	9.2	This
    Agreement is the entire agreement between the parties with respect to the subject matter hereof, supersedes all prior understandings,
    agreements and discussions between them, oral or written, and is for the sole benefit of the Parties.
	 	 	 
	 	9.3	Any
    amendment or modification of this Agreement shall be made by writing only and signed by both Parties. No waiver by either
    party hereto of any of the requirements imposed by this Agreement on, or any breach of any condition or provision of this
    Agreement to be performed by, the other party shall be deemed a waiver of a similar or dissimilar requirement, provision or
    condition of this Agreement at the same or any prior or subsequent time. Any such waiver shall be express and in writing,
    and there shall be no waiver by conduct. Pursuit by either party of any available remedy, either in law or equity, or any
    action of any kind, does not constitute waiver of any other remedy or action. Such remedies are cumulative and not exclusive.
	 	 	 
	 	9.4	If
    any provision of this Agreement shall be held invalid, illegal or unenforceable in any jurisdiction, the validity, legality
    and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired, and the parties
    undertake to implement all efforts which are necessary, desirable and sufficient to amend, supplement or substitute all and
    any such invalid, illegal or unenforceable provisions with enforceable and valid provisions which would produce as nearly
    as may be possible the result previously intended by the parties without renegotiation of any material terms and conditions
    stipulated herein.
	 	 	 
	 	9.5	All
    notices, consents, approvals, agreements, authorizations, acceptances, rejections and waivers under this Agreement must be
    in writing and shall be deemed given when: (i) delivered by hand or private, prepaid courier service to the person specified
    for the receiving Party at the address specified above; or (ii) mailed to that addressee at that address by a recognized express
    mail carrier with package tracking capability or certified mail, return receipt requested, with postage fully prepaid; or
    (iii) transmitted by facsimile. A notice by facsimile shall be deemed given, subject to electronic confirmation of delivery,
    on the date of receipt if a business day, or on the following business day if received on a day that is not a business day.
    Each Party may change the address or person for notification upon 10 days’ notice to the other Party. The initial notification
    information is as set forth above. 

 

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	 	9.6	This
    Agreement and the rights and obligations arising from it shall be governed by and construed in accordance with the laws of
    the State of Israel.
	 	 	 
	 	9.7	No
    term of this Agreement shall survive expiry or termination of this Agreement unless expressly provided.
	 	 	 
	 	9.8	This
    Agreement is for the sole benefit of the Parties and their permitted assigns and each such Party intends that this Agreement
    shall not benefit, or create any right or cause of action in or on behalf of, any Person other than the Parties and their
    permitted assigns. 
	 	 	 
	 	9.9	This
    Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together
    shall be deemed to be one and the same instrument. Signed counterparts of this Agreement may be delivered by facsimile and
    by scanned .pdf image.
	 	 	 
	 	9.10	Certain
    capitalized terms defined in Exhibit D shall have the respective meanings ascribed to them therein. 

 

IN
WITNESS WHEREOF, the parties have duly executed this Agreement on the day and year set forth above.

 

	EMERALD
    MEDICAL APPLICATIONS LTD.	 	EMPLOYEE
	 	 	 
	/s/:
    Lior Wayn	 	/s/:
    Oded Gilboa
	Lior
    Wayn, CEO	 	Oded
    Gilboa 

 

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Exhibit
A

 

[Sample
of Payroll]

 

    	9

    	 

    

 

EHXIBIT
B

 

INTELLECTUAL
PROPERTY ASSIGNMENT AND CONFIDENTIALITY AGREEMENT

 

THIS
INTELLECTUAL PROPERTY ASSIGNMENT AND CONFIDENTIALITY AGREEMENT (this “Agreement”) is made as of February 25,
2015 (the “Effective Date”) by and between Emerald Medical Applications Ltd. (together with any current or
future subsidiary, the “Company”) and __Oded Gilboa__ (the “Employee”).

 

I
wish to enter into this Agreement, effective as of the Effective Date and agree that this Agreement shall constitute a material
part of the consideration for my employment with the Company, and in consideration of the mutual promises and agreements contained
herein and in my employment agreement with the Company, and other good and valuable consideration, the receipt and sufficiency
of which I hereby acknowledge, I agree as follows:

 

1.Intellectual
Property

 

A.
Assignment of Inventions. As between the Company and myself, I agree that all right, title, and interest in and to any
and all ideas, copyrightable material, notes, records, data, formulas, source and object code, drawings, designs, inventions (whether
patentable or not), improvements, developments, discoveries and trade secrets conceived, discovered, authored, invented, developed
or reduced to practice by me, solely or in collaboration with others, during the period of time I am employed by the Company (including
during my off-duty hours), or with the use of Company’s equipment, supplies, facilities, or Company Confidential Information,
and any copyrights, patents, trade secrets, know-how, mask work rights or other intellectual property rights relating to the foregoing
(collectively, “Inventions”), are the sole property of the Company. I also agree to promptly make full written
disclosure to the Company of any Inventions, and to deliver and assign and do hereby irrevocably assign fully to the Company the
entire right, title, and interest throughout the world in the Inventions, including all copyright registrations, patent applications
(including, but not limited to, provisional applications, non-provisional applications, PCT applications, and national stage applications)
relating thereto, and all divisions, continuations, continuations-in-part, reissues, and reexaminations thereof, and all rights
of priority under International Conventions and any related Letters Patent, which may hereafter be granted or filed in any country,
all extensions, renewals and reissues thereof. I agree that this assignment includes a present conveyance to the Company of ownership
of Inventions and rights of priority under International Conventions that are not yet in existence. I further acknowledge that
all original works of authorship that are made by me (solely or jointly with others) within the scope of and during the period
of my employment with the Company and are protectable by copyright are “works created by employees” as these terms
are defined in the Israeli Copyright Act, 2007, and are the sole property of the Company. I understand and agree that the decision
whether or not to commercialize or market any Inventions is within the Company’s sole discretion and for the Company’s
sole benefit, and that no royalty or other consideration will be due to me as a result of the Company’s efforts to market,
commercialize, license, or sell, or any such Inventions. I hereby irrevocably waive any claims and any rights in respect of the
Inventions assigned or to be assigned to the Company under or by virtue of this Agreement. I acknowledge that 10% of my consideration
is paid as special supplementary compensation in consideration for my Inventions created, conceived, discovered, authored, invented
and/or developed during the period of time I am employed by the Company (including during my off-duty hours), or with the use
of Company’s equipment, supplies, facilities, or Company’s Inventions (the “Special Invention Compensation”).
I warrant and represent that the Special Invention Compensation constitutes a real, appropriate and full consideration to any
prejudice I may suffer in connection with my Inventions.

 

I
hereby irrevocably waive any past or future claims for compensation or royalties in connection with the Inventions under this
Agreement, including, without limitation, any right to future payments in connection with the commercialization of IP under Section
134 of the Israeli Patents Law and any right to receive compensation in connection with “Service Inventions” under
Section 134 of the Israeli Patent Law of 1967, or any other similar provision under any applicable law of any applicable jurisdiction.
I shall indemnify and hold the Company harmless against any claims or demands (including all legal costs), submitted by me, on
my behalf and/or by any other third party (including the Israeli tax authorities) against the Company or any of its affiliates
in respect of the above.

 

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B.Pre-Existing
Materials. I have attached hereto as Schedule 1, a list describing all inventions, discoveries, original works of authorship,
developments, improvements, trade secrets and other proprietary information or intellectual property rights owned by me or in
which I have an interest prior to, or separate from, my employment with the Company, and which relate to the Company’s proposed
business, products, or research and development (“Prior Inventions”); or, if no such list is attached, I represent
and warrant that there are no such Prior Inventions. Furthermore, I represent and warrant that if any Prior Inventions are included
on Schedule 1, they will not materially affect my ability to perform all obligations under this Agreement. I will inform the Company
in writing before incorporating such Prior Inventions into any Invention or otherwise utilizing such Prior Invention in the course
of my employment with the Company, and the Company is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, transferable
worldwide license (with the right to grant and authorize sublicenses) to make, have made, use, import, offer for sale, sell, reproduce,
distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit such Prior Inventions, without
restriction, including, without limitation, as part of or in connection with such Invention, and to practice any method related
thereto. I will not incorporate any invention, improvement, development, concept, discovery, work of authorship or other proprietary
information owned by any third party into any Invention without the Company’s prior written permission.

 

C.Moral
Rights. Any assignment to the Company of Inventions includes all rights of attribution, paternity, integrity, modification,
disclosure and withdrawal, and any other rights throughout the world that may be known as or referred to as “moral rights,”
“artist’s rights,” “droit moral,” or the like (collectively, “Moral Rights”).
To the extent that Moral Rights cannot be assigned under applicable law, I hereby acknowledge that all Inventions were made as
“works created by employee” conceived, discovered, authored, invented, developed or reduced to practice by me, in
accordance with the Company’s specific instructions, directions and interests for the sole benefit and use of the Company.
Furthermore, I hereby waive and agree not to enforce any and all Moral Rights, including, without limitation, any limitation on
subsequent modification, to the extent permitted under applicable law.

 

D.Maintenance
of Records. I agree to keep and maintain adequate, current, accurate, and authentic written records of all Inventions made
by me (solely or jointly with others) during the term of my employment with the Company. The records may be in the form of notes,
sketches, drawings, electronic files, emails, reports, or any other format that may be specified by the Company. As between Company
and myself, the records are and will be available to and remain the sole personal property of the Company at all times and the
Company shall enjoy the benefits attributed to all such personal property. I also agree to assign and do hereby irrevocably assign
fully to the Company the entire right, title, and interest throughout the world in the written records of all Inventions made
by me (solely or jointly with others) during the term of my employment with the Company. I agree that this assignment includes
a present conveyance to the Company of ownership of the written records of all Inventions, rights of reference thereto, and rights
of priority under International Conventions that are not yet in existence.

 

    	11

    	 

    

 

E.Further
Assurances. I agree to assist the Company, or its designee, at the Company’s expense, in every reasonable way to secure
the Company’s rights in the Inventions, the written records of all Inventions, the rights of reference thereto, and the
rights of priority under International Conventions in any and all countries, including the disclosure to the Company of all pertinent
information and data with respect thereto, the execution of all applications, specifications, oaths, declarations, assignments,
and all other instruments that the Company shall deem proper or necessary in order to apply for, register, obtain, maintain, defend,
and enforce such rights, and in order to deliver, assign and convey to the Company, its successors, assigns, and nominees the
sole and exclusive rights, title, and interest in and to all Inventions, and testifying in a suit or other proceeding relating
to such Inventions, the written records of all Inventions, the rights of reference thereto, and the rights of priority under International
Conventions. I further agree that my obligations under this Section 1.E shall continue after the termination of this Agreement.

 

F.Attorney-in-Fact.
I agree that, if the Company is unable because of my unavailability, unwillingness to participate, mental or physical incapacity,
or for any other reason to secure my signature with respect to any Inventions, the written records of all Inventions, the rights
of reference thereto, and the rights of priority under International Conventions including, without limitation, for the purpose
of applying for or pursuing any application for any United States or foreign patents or mask work or copyright registrations seeking
to protect the same, then I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as
my agent and attorney-in-fact, to act for and on my behalf to execute and file any papers and oaths, or declarations and to do
all other lawfully permitted acts with respect to such Inventions, the written records of all Inventions, the rights of reference
thereto, and the rights of priority under International Conventions so as to acquire protection for such property and/or further
the prosecution and issuance of patents, copyright and mask work registrations with the same legal force and effect as if executed
by me. This power of attorney shall be deemed coupled with an interest, and shall be irrevocable.

 

2.
Confidentiality

 

A.Confidential
Information. I am aware that the Company possesses valuable information which has commercial value to the Company,
and that in the course of my employment with the Company, I had or will have access to and be entrusted with technical or business
information (and documentation) of the Company, its Affiliates, clients, customers, suppliers (including contractors) and other
third parties doing business with the Company, whether disclosed to, accessed by or otherwise learned by the Company, including:
(i) all information marked as confidential (or with words of similar meaning); (ii) information that is received from a third-party
under conditions of confidentiality; (iii) all information relating to the products, formulations, specifications, Inventions,
manufacturing processes and business affairs of the Company; (iv) anything developed by reference to the information described
in this definition and any notes, analysis summaries and similar documents prepared in connection therewith; (v) “inside
information,” including any material, non-public, price-sensitive corporate or market information relating to the Company,
its Affiliates, clients, customers, suppliers (including contractors) and other third parties doing business with the Company,
that is acquired in connection with the development of products by the Company for any third party, and (vi) certain health and/or
medical information of individuals using the Company’s services (the “Confidential Information”).

 

B.Confidentiality.
I shall keep all Confidential Information in strict confidence and shall not (except in the proper course of my duties), during
or at any time after the employment and for as long as this Agreement requires, including Section E below, disclose to any person
or otherwise make use of (and shall use my reasonable best endeavors to prevent the publication or disclosure of) any Confidential
Information except in connection with my employment with the Company where sharing the information is needed for me to perform
my duties.

 

C.Surrender
of Confidential Information. All notes, memoranda, documents and/or other written Confidential Information (including in electronic
form) concerning the business, Inventions, operations and affairs of the Company, or any of its or their suppliers, agents, distributors
or customers, which shall be acquired, received or made by me during the course of the employment, shall be the property of the
respective entity and shall be surrendered by me to that entity at the termination of the employment, or at the request of the
Company’s chief executive officer, at any time during the course of the employment.

 

    	12

    	 

    

 

D.Exceptions.
This clause 2 shall not apply to information: (i) that is on the Effective Date, or has subsequently come into the public domain
otherwise than by the breach by me of this Agreement or any other obligation of confidentiality by which I am bound contractually,
by law and/or regulation of any form and nature; or (ii) disclosed as mandatorily required by law or regulation, legal process,
judicial order, or other governmental order, or stock exchange regulations.

 

E.Confidential
Information of Third Parties. I will not disclose to the Company, or induce the Company to use, any confidential information
belonging to others for which I am not authorized to share with Company. I will not directly or indirectly use any other party’s
confidential information in connection with my employment with the Company, unless authorized by the other party. I will honor
any and all legal obligations I have to previous employers or other persons or companies with respect to such parties’ confidential
information.

 

F.Confidentiality
Obligations Survive. My obligations hereunder shall survive for three (3) years following any termination or expiration of
my employment with the Company, or this Agreement, provided, that confidentiality obligations with respect to Confidential Information
constituting trade secrets shall continue for as long as such Confidential Information shall be eligible for trade secret protection
under applicable law.

 

G.Breach
of Confidentiality. I hereby acknowledge that a breach of an obligation under this clause 2 shall contradict the nature of
the special trust and relationship of loyalty between the Company and me, the fair and proper business practices, the duty of
good faith and fairness between the Company and me, shall harm the Company, and shall constitute a material breach of this Agreement
and the trade secrets, Confidential Information, and other privileged interests of the Company. The Company shall be entitled
to seek specific performance to enforce my obligations in this Agreement.

 

H.Medical
Information and Privacy. Without derogating form the foregoing, I am aware that I might be exposed to certain health and/or
medical information of individuals, subject to various privacy and security requirements of different jurisdictions, including
(but not limited to) Israeli legislation and U.S legislation, such as the Health Insurance Portability and Accountability Act
of 1996 and the Health Information Technology for Economic & Clinical Health Act and Reinvestment Act of 2009 (“HIPAA”),
all of which are deemed Confidential Information. I am aware that disclosure of such mediacl Confidential Information is likely
to cause grave personal, financial and other damages to the Company and to individuals to whom such information belongs, and anything
to the contrary herein notwithstanding, such medical and/or health related Confidential Information must be kept in strict confidence,
may not be copied or removed from the premises of the Company and may not be disclosed at any time to any person without prior
written instruction by the Company. The provisions of this Section H shall remain in force and effect perpetually during the term
of this Agreement and following its termination for any reason whatsoever.

 

3.
Miscellaneous

 

A.Validity.
If any provision of this Agreement is held invalid by a court of competent jurisdiction, the remaining provisions will nonetheless
be enforceable according to their terms. Further, if any provision is held to be overbroad as written, that provision should be
considered to be amended to narrow its application to the extent necessary to make the provision enforceable according to applicable
law and enforced as amended.

 

[Signature
page to follow]

 

    	13

    	 

    

 

I
HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME WITHOUT RESERVATION. NO
PROMISES OR REPRESENTIONS HAVE BEEN MADE TO ME IN ORDER TO INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY
AND FREELY.

 

	/s/:
    Oded Gilboa	 
	Oded
    Gilboa	 
	Date:
    February 25, 2015	 
	 	 
	Accepted
    and agreed: 	 

 

	/s/:
    Lior Wayn, CEO	 
	 	 
	EMERALD MEDICAL APPLICATIONS LTD.	 
	 	 	 
	Name:	 Lior Wayn, CEO	 
	Date:	February 25, 2015	 

 

    	14

    	 

    

 

Schedule
1

 

Pre-Existing
Inventions

 

None

 

    	15

    	 

    

 

EXHIBIT
D

 

Certain
Definitions

 

	“Business”	means
    the business conducted by the Company from time to time.
	 	 
	“Person”	means
    any entity, corporation, company, joint stock company, partnership, limited liability company, trust, organization, individual
    (including personal representatives, executors and heirs or a deceased individual), trustee, receiver or liquidator, or governmental
    or any other regulatory agency.
	 	 
	“Technology”	means
    all Israeli and non-Israeli: (i) patents and applications therefor, including all continuations, continuations-in-part, divisions,
    extensions, provisionals, re-examinations, reissues and renewals thereof; (ii) trademarks, service marks, trade dress, trade
    names, taglines, brand names, logos, symbols, corporate names and all other indicia of origin, all registrations and applications
    for all of the foregoing, including all extensions, modifications and renewals thereof and all goodwill related thereto; (iii)
    published and unpublished works of authorship (including software in both source code and object code), mask works and moral
    rights, copyrights therein and thereto, and all registrations and applications for all of the foregoing, including all extensions,
    renewals, restorations and reversions thereof; (iv) trade secrets, know-how, inventions, discoveries, ideas (whether patentable
    or not), technical information, processes, procedures, databases, designs, confidential business information, specifications
    and other proprietary information and rights; (v) domain names and Internet addresses; and (vi) all other intellectual property
    or proprietary rights and claims or causes of action arising out of or related to any infringement, misappropriation or other
    violation of any of the foregoing, including rights to recover for past, present and future violations thereof.

 

    	16

    	 

    

 

EXHIBIT
E

 

Position
description and Responsibilities

 

 

 

    	17EX-10.1

 Exhibit 10.1 
  

 
 June 12, 2015 

Dear Ben: 
 LaserLock Technologies, Inc. (the
“Company”) is pleased to offer you (“you” and its correlatives) full-time employment as Chief Operating Officer. 

You agree to devote your full-time and best efforts to the business and interests of the Company and its affiliates, and to abide by and carry
out the Company’s policies and procedures from time to time in effect. 
 1. Compensation. You will be entitled to a base salary
computed at an annual rate of $150,000 (pro rated for partial years). All payments will be made net of all applicable withholding taxes and in accordance with the Company’s then-current payroll practices (currently, two times per month). In
addition, subject to approval by the Company’s Board of Directors, you will be awarded, on a one-time basis, 31,875,000 options (the “Options”) to purchase a total of 31,875,000 shares of common stock of the Company, par value
$0.01 (the “Option Shares”), vesting quarterly over three years, under the Company’s 2013 Comprehensive Incentive Compensation Plan Equity Incentive Plan. The Options will be evidenced by, and subject to the terms of, an Option
Agreement, a form of which is attached hereto as Exhibit A. In addition, subject to approval by the Company’s Board of Directors, you will be awarded, on a one-time basis, 19,125,000 restricted stock units (the “RSUs”)
related to the Company’s common stock, $0.01 par value per share (the “RSU Shares”), vesting over a three year period with one-third vesting on the one-year anniversary of commencing employment and one-twelfth vesting ratably
on a quarterly basis thereafter, under the Company’s 2013 Comprehensive Incentive Compensation Plan. The RSUs will be evidenced by, and subject to the terms of, a Restricted Stock Unit Agreement, a form of which is attached hereto as Exhibit
B. In addition, on an annual basis, or such other period to be determined by the Company, you shall be entitled to be considered for a bonus. The size of such periodic bonus and the criterion for receipt of such periodic bonus shall be
determined by the Company. The Options and RSUs are subject to adjustment, as provided in the Plan, in the event of a stock split, reverse stock split or other events affecting the holders of Shares after the date hereof. Furthermore, should the
company affect a reverse stock split prior to the employee’s start date, the amount of Options and RSUs provided for in this offer letter should be adjusted to account for the reverse stock split. 

2. Employee Benefits. As a full-time employee, you will be eligible to participate in all benefit programs that are generally available
to the Company’s employees, including Company-subsidized medical, dental, and vision insurance coverage and, at your election, life insurance and/or long-term disability coverage. Additionally, you will be eligible to take up to four
(4) weeks of paid time off per year. 
 3. Policies and Procedures. As an employee of the Company, you will be required to
comply with all applicable state and federal regulations, and internal compliance policies and procedures in effect from time to time. 
 4.
Representations and Warranties. You represent and warrant to the Company that (i) your agreement to the terms of this letter agreement and the performance of your 
  

							
	LASERLOCK TECHNOLOGIES, INC.				Telephone:		(202) 400-3700
	3112 M Street NW				Facsimile:		(202) 400-3701
	Washington, DC 20007						

 July 12, 2015 

Page 2 of 3 
 duties and obligations contemplated hereunder will
not violate or conflict with the provisions of any other agreement, understanding or order to which you are a party or by which you are bound; (ii) you have never been suspended, censured, or otherwise subjected to any disciplinary action or
other proceeding, and you have not been notified that you are the subject of any investigation that could result in any such suspension, censor, or other disciplinary action, by any federal, state, or foreign governmental entity, by the attorney
disciplinary authorities of any state, or by any securities or commodity exchange or self-regulatory organization; and (iii) you know of nothing that could result in any determination by the finder of fact in any action or matter (whether
civil, criminal, regulatory or otherwise) relating to the circumstances of your employment with any previous employer(s) that would either: (A) adversely affect your ability to fully perform your duties as an employee of the Company in the
capacities described herein, or (B) would by their nature cause material harm to your reputation and good standing within the Company’s industry, or to the reputation of the Company or its affiliates. Any exceptions to the foregoing must
be described in factual detail and attached to this letter agreement. 
 5. Confidentiality, Non-Disclosure, and Non-Interference
Agreement. As a condition of your employment with the Company, you will be required to sign the attached Non-Disclosure and Non-Solicitation Agreement (“NDA”), which is hereby incorporated herein by reference. 

6. Employment at Will. You hereby acknowledge and agree that your employment with the Company is at will. This means that although we
hope your employment relationship with us will be long-term, either you or the Company may terminate this relationship with or without cause at any time and without any prior notice, in which case your obligations under the NDA will continue in full
force and effect as specified therein. Neither this letter nor any other communication should be construed as a contract of employment for a particular period of time. The nature of your employment relationship may not be changed, except by written
agreement. 
 7. Entire Agreement. This agreement and the NDA constitute your entire agreement with respect to matters set forth
herein and therein, and supersede any prior agreement(s) with respect thereto. Any changes or waiver of any of the terms of this agreement must be in writing signed by both you and the Company. The failure of the Company at any time to require
performance of any of your obligations under this agreement shall in no manner affect its right to enforce the same at a later date. No waiver by the Company of any condition, or of any breach, of this agreement shall be deemed to be or construed as
a further or continuing waiver of any such condition or breach. 

*        *        * 

 

 
 [Signature Page to Letter Agreement] 

Please confirm your agreement to the foregoing by signing and returning one copy of this agreement to the Company. 

If you have any questions, please feel free to contact us. We look forward to working with you. 

 

			
	Sincerely,
	
	LASERLOCK TECHNOLOGIES, INC.
		
	By:		 /s/ Paul A. Donfried

			Paul A. Donfried
			Chief Executive Officer

  

	
	Accepted and agreed as of the date first written above:
	
	 /s/ Ben Burrell

	BEN BURRELL

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