Document:

Exhibit 10.41

 

FIRST AMENDMENT TO CREDIT
AGREEMENT

 

THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”)
is entered into as of June 1, 2005, by and between SYMMETRICOM, INC., a
Delaware corporation (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”).

 

RECITALS

 

WHEREAS, Borrower is currently indebted to Bank
pursuant to the terms and conditions of that certain Credit Agreement between
Borrower and Bank dated as of May 1, 2004, as amended from time to time (“Credit
Agreement”).

 

WHEREAS, Bank and Borrower have agreed to certain
changes in the terms and conditions set forth in the Credit Agreement and have
agreed to amend the Credit Agreement to reflect said changes.

 

NOW, THEREFORE, for valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree that the Credit Agreement shall be amended as follows:

 

Section 1.1
(a) is hereby amended (a) by deleting “June 1, 2005” as the last
day on which Bank will make advances under the Line of Credit, and by substituting
for said date “November 1, 2006,” and (b) by deleting “Five Million
Dollars ($5,000,000.00)” as the maximum principal amount available under the
Line of Credit, and by substituting for said amount “Ten Million Dollars
($10,000,000.00),” with such changes to be effective upon the execution and
delivery to Bank of a promissory note dated as of June 1, 2005 (which
promissory note shall replace and be deemed the Line of Credit Note defined in
and made pursuant to the Credit Agreement) and all other contracts, instruments
and documents required by Bank to evidence such change.

 

The
third sentence of Section 1.1 (b) is hereby deleted in its entirety,
and the following substituted therefore:

 

(b) No
Letter of Credit shall have an expiration date subsequent to May 1, 2007.

 

Section 4.3
is hereby deleted in its entirety, and the following substituted therefore:

 

“SECTION 4.3
FINANCIAL STATEMENTS.  Provide to Bank
all of the following, in form and detail satisfactory to Bank:

 

not
later than 90 days after and as of the end of each fiscal year, a consolidated
annual audited and unqualified financial statement of Borrower, prepared by a
certified public accountant acceptable to Bank, to include balance sheet,
income statement, statement of cash flows, management report, auditor’s report,
all supporting schedules, and footnotes;

 

not
later than 45 days after and as of the end of each quarter, a consolidated copy
of the 10Q report of Borrower filed with the Securities Exchange Commission,
prepared by a certified public accountant acceptable to Bank, to include
balance sheet, income statement and statement of cash flows; and

 

from
time to time such other information as Bank may reasonably request.”

 

Section 4.9
is hereby deleted in its entirety, and the following substituted therefore:

 

“SECTION 4.9
FINANCIAL STATEMENTS.  Maintain Borrower’s
financial condition as follows using generally accepted accounting principles
consistently applied and used consistently with prior practices (except to the
extent modified by definitions herein), with compliance determined commencing
with Borrower’s financial statements for the period ending June 30, 2005:

 

Tangible
Net Worth not at any time less than $125,000,000.00, with “Tangible Net Worth”
defined as the aggregate of total stockholders’ equity plus subordinated debt
less any intangible assets.

 

Quick
Ratio not at any time less than 1.50 to 1.0, with “Quick Ratio” defined as the
aggregate of unrestricted cash, unrestricted marketable securities and
receivables convertible into cash divided by total current liabilities.

 

Pre-tax
profit not less than $1.00 on a quarterly basis, determined as of each fiscal
quarter end.”

 

Section 5.4
is hereby deleted in its entirety, and the following substituted therefore:

 

1

 

“SECTION 5.4    MERGER, CONSOLIDATION, TRANSFER OF ASSETS.

 

Merge
into or consolidate with any other entity; make any substantial change in the
nature of Borrower’s business as conducted as of the date hereof; acquire all
or substantially all of the assets of any other entity other than entities in a
similar business, provided that no individual entity acquisition shall have a
transaction value in excess of $10,000,000; nor sell, lease, transfer or
otherwise dispose of all or a substantial or material portion of Borrower’s
assets except in the ordinary course of its business.”

 

Except
as specifically provided herein, all terms and conditions of the Credit
Agreement remain in full force and effect, without waiver or modification.  All terms defined in the Credit Agreement
shall have the same meaning when used in this Amendment.  This Amendment and the Credit Agreement shall
be read together, as one document.

 

Borrower
hereby remakes all representations and warranties contained in the Credit
Agreement and reaffirms all covenants set forth therein.  Borrower further certifies that as of the
date of this Amendment there exists no Event of Default as defined in the
Credit Agreement, nor any condition, act or event which with the giving of
notice or the passage of time or both would constitute any such Event of
Default.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
as of the day and year first written above.

 

 

	
  By:

  	
  /s/ William Slater

  	
   

  
	
   

  	
  William Slater, Chief Financial Officer

  
	
   

  	
   

  
	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION

  
	
  By:

  	
  /s/ Kevin Herr

  	
   

  
	
   

  	
  Kevin Herr, Vice President

  

 

2EMPLOYMENT AGREEMENT

THIS AGREEMENT made this 6th day of September, 2005.

BETWEEN:

            GAMMACAN, LTD., a body corporate with an address of 11 Ben Gurion
            St., Givat Shmuel, Israel

            (the "Company")

AND:

            Chaime Orlev (ID No. 28038545), an individual currently residing at
            10 HaMeyasdim st, Kiryat Ono, Israel

            (the "Executive")

A. The Company has agreed to engage the Executive to serve in the role of Chief
Financial Officer of the Company ("CFO");

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

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and
the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

                                   ARTICLE 1
                              CONTRACT FOR SERVICES

1.1   Engagement of Executive. Subject to earlier termination of the Agreement
      as hereinafter provided, the Company hereby agrees to employ the Executive
      in accordance with the terms and provisions hereof. In addition, the
      Executive shall also fill all duties of a CFO on behalf of the parent
      company of the Company, GammaCan International Inc. (the "Parent
      Company"), and for other subsidiaries of the Parent Company, as required.
      The Executive will not be entitled to any additional compensation for his
      services to the Parent Company and its subsidiaries, other than the salary
      and additional compensation to which he is entitled pursuant to this
      Agreement, but indemnification will be granted to him by the Parent
      Company in connection with his position.

<PAGE>

1.2   Term. Unless terminated earlier in accordance with the provisions hereof,
      the term of employment under this Agreement shall commence on October 6th
      , 2005 (the "Effective Date") and shall continue until terminated by
      either party as provided herein (the "Term").

1.3   Exclusive Service. The Executive shall be employed on a full time basis,
      shall devote his entire business time and attention to the business of the
      Company, and shall not undertake or accept any other paid or unpaid,
      direct or indirect employment or occupation, or engage in any other
      business activity during the period of this Agreement. The Executive
      agrees to faithfully, honestly and diligently serve the Company and to
      devote the Executive's time, attention and best efforts to further the
      business and interests of the Company during the period of this Agreement.

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

      (a)   reporting directly to the Chief Executive Officer of the Company,
            the Executive shall serve as the CFO of the Company;

      (b)   the Executive shall be responsible for all finance affairs of the
            Company, all subject to any applicable law and to instructions
            provided by the CEO and the Board of Directors of the Company from
            time to time;

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

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

      (e)   the Executive shall report the results of his duties hereunder to
            the Company as it may request from time to time.

                                   ARTICLE 2
                                  COMPENSATION

2.1   Salary.

      (a)   For services rendered by the Executive during the Term, the
            Executive shall be paid a monthly salary, payable within 10 days
            after the end of each month, at a gross monthly rate of NIS 25,000
            (the "Salary"). Any deductions required to be made by the Company
            and submitted to relevant tax or other authorities will be deducted
            at source.
<PAGE>

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

      (c)   Employee shall be entitled to all cost of living increases (Tosefet
            Yoker) applicable to all workers in the Israeli market.

2.2   Options. Executive shall be entitled to participate in the employee Stock
      Option Plan adopted by the Parent Company (the "Option Plan"), and at
      least to receive the following options (the "Options") to purchase shares
      of Common Stock of the Parent Company:

Option to purchase 350,000 (three hundred and fifty thousand) shares of Common
Stock, at an exercise price per share equal to 90% (ninety percent) of the price
per share at which Company's Common Stock is traded on the Effective Date.
30,000 (thirty thousand) of such options shall vest on the first anniversary of
the commencement of the Executive's employment pursuant to this Agreement, so
long as the Executive remains CFO of the Company. The remaining options shall
vest in equal monthly instalments of the Common Stock to which it pertains over
a period of 36 months, on the last date of each of the following calendar month
from and after the end of the first month thereafter and so long as the
Executive remains CFO of the Company.

      (a)   The number of Options under the Option Plan shall be proportionately
            adjusted for any increase or decrease in the number of issued shares
            of Common Stock of the Parent Company resulting from a stock split,
            reverse stock split, combination or reclassification of such Common
            Stock and will otherwise be subject to the terms of the Stock Option
            Agreement and the Option Plan.

      (b)   If the employment of the Executive terminates prior to the full
            vesting of the Options, for any reason whatsoever, the unvested
            portion of the Options shall be cancelled. Vested options will be
            exercisable for a period of 3 months after termination of
            employment.

      (c)   For the avoidance of doubt, the terms set forth in this Section 2.2
            are in addition to terms and conditions set forth in the Option Plan
            as determined by the Parent Company's Board of Directors, in its
            sole discretion.

      (d)   For the avoidance of doubt, Executive shall be eligible to receive
            future grants of stock options pursuant to the Option Plan and the
            Company's or Parent Company's future Employee Stock Option Plans or
            similar stock-based bonus program consistent with awards granted to
            other senior executives and employees of the Company or the Parent
            Company.
<PAGE>

2.3   Expenses. The Executive will be reimbursed by the Company for all
      reasonable business expenses incurred by the Executive in connection with
      his duties within previously approved budgets upon submission of a monthly
      statement of expenses. This includes, without limitation, use of one
      dedicated telephone/data line at home, daily newspaper, payments of
      expenses incurred when traveling abroad, per diem payments for travel
      abroad according to the rules set forth by the Israeli Tax Authorities and
      others. The Executive shall bear any tax payments resulting from the
      aforesaid, to the extant applicable.

2.4   Company Vehicle. The Executive shall be entitled to the use of a car with
      an engine capacity of 1800cc, as shall be determined by the Company (the
      "Car"). The Company shall incur all reasonable expenses associated with
      the Car, excluding personal traffic fines, payments to the tax authorities
      resulting from the use of the Car ("Shovi Shimush") and the like. The use
      of the Car shall be in accordance with the provisions of the Company's car
      policy, as may be amended from time to time by the Company. The Executive
      shall bear any tax payments resulting from the aforesaid, to the extent
      applicable. The Car will be returned to the Company by the Executive
      immediately and within 14 days after termination of Executive's employment
      by the Company, for any reason whatsoever.

2.5   Cellular Telephone. The Company shall provide the Employee with a cellular
      telephone for his exclusive use, and shall bear all fixed and variable
      maintenance costs of such phone. The Employee shall bear all tax expenses
      relating to the cellular phone according to applicable law.

2.6   Vacation; Recreation Pay. The Executive shall be entitled to 18 vacation
      days per year. Executive shall not be entitled to accrue vacation days
      across fiscal years, and shall not be entitled to any compensation for or
      redemption of unused vacation days. In addition, Executive shall be
      entitled to sick leave and Recreation Pay according to applicable law.

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

2.8   Review. The Employee's Salary and other terms of employment shall be
      reviewed by the Company's Board of Directors after 1 year of the
      Employee's employment, and thereafter may be reviewed and updated by the
      Company's Board of Directors from time to time. To prevent any doubt, any
      such update shall be at the Company's sole and absolute discretion.

                                   ARTICLE 3
                         SOCIAL INSURANCE AND BENEFITS

3.1   Managers Insurance. The Company shall insure Executive under an accepted
      "Manager's Insurance Scheme", which in each case shall provide insurance
      in the event of illness or disability (hereinafter referred to as the
      "Managers Insurance") as follows: (i) the Company shall pay an amount
      equal up to 7.5% of Executive's Salary towards the Managers Insurance for
      Executive's benefit and Disability Insurance and shall deduct 5% from
      Executive's Salary and pay such amount towards the Managers Insurance for
      Executive's benefit (the various components of the Managers Insurance
      shall be fixed at the discretion of Executive); and (ii) the Company shall
      pay an amount equal to 8 1/3% of Executive's Salary towards a fund for
      severance compensation which shall be payable to Executive upon severance,
      subject to provisions of Section 3.3 herein. The aforementioned
      allocations shall be in lieu of severance pay according to the Israeli
      Severance Pay Law - 1963.
<PAGE>

3.2   Keren Hishtalmut Fund. The Company and Executive shall open and maintain
      an Education Fund ("Keren Hishtalmut"). The Company shall contribute to
      such Fund an amount equal to 7-1/2% of each monthly Salary payment, and
      Executive shall contribute to such Fund an amount of up to 2-1/2% of each
      monthly Salary payment. Executive hereby instructs the Company to transfer
      to such Fund the amount of Executive's and the Company's contribution from
      each monthly Salary payment. Notwithstanding the above, if the amounts to
      be contributed to the Keren Hishtalmut Fund will exceed the amount exempt
      from tax pursuant to the applicable tax regulations, any amount so
      exceeding shall not be transferred to such Fund but shall be added to the
      Salary.

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

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

                                   ARTICLE 4
                                 CONFIDENTIALITY

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

4.2   Exceptions. The general prohibition contained in Section 3.1 against the
      unauthorized disclosure, use or dissemination of the Confidential
      Information shall not apply in respect of any Confidential Information
      that:

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

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

      (c)   is already in the lawful possession of the Executive at the time of
            receipt of the Confidential Information; or

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

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

4.4   Protection of Developments. The Executive does hereby agree that, both
      before and after the termination of this Agreement, the Executive shall
      perform such further acts and execute and deliver such further
      instruments, writings, documents and assurances (including, without
      limitation, specific assignments and other documentation which may be
      required anywhere in the world to register evidence of ownership of the
      rights assigned pursuant hereto) as the Company shall reasonably require
      in order to give full effect to the true intent and purpose of the
      assignment made under Section 3.3 hereof. If the Company is for any reason
      unable, after reasonable effort, to secure execution by the Executive on
      documents needed to effect any registration or to apply for or prosecute
      any right or protection relating to the Developments, the Executive hereby
      designates and appoints the Company and its duly authorized officers and
      agents as the Executive's agent and attorney to act for and in the
      Executive's behalf and stead to execute and file any such document and do
      all other lawfully permitted acts necessary or advisable in the opinion of
      the Company to effect such registration or to apply for or prosecute such
      right or protection, with the same legal force and effect as if executed
      by the Executive.

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

4.6   Trade of Parent Company Securities. The Executive acknowledges that the
      Company is a wholly-owned subsidiary of the Parent Company, which is a
      publicly traded company. Therefore, the Executive agrees not to use any
      Confidential Information in connection with the purchase or sale of the
      securities of the Parent Company. The Executive further acknowledges that
      any such use would constitute a violation of securities laws.

4.7   Remedies. The parties to this Agreement recognize that any violation or
      threatened violation by the Executive of any of the provisions contained
      in this Article 3 will result in immediate and irreparable damage to the
      Company and that the Company could not adequately be compensated for such
      damage by monetary award alone. Accordingly, the Executive agrees that in
      the event of any such violation or threatened violation, the Company
      shall, in addition to any other remedies available to the Company at law
      or in equity, be entitled as a matter of right to apply to such relief by
      way of restraining order, temporary or permanent injunction and to such
      other relief as any court of competent jurisdiction may deem just and
      proper.

4.8   Reasonable Restrictions. The Executive agrees that all restrictions in
      this Article 3 are reasonable and valid, and all defenses to the strict
      enforcement thereof by the Company are hereby waived by the Executive.
<PAGE>

                                   ARTICLE 5
                                 NON-COMPETITION

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

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

                                   ARTICLE 6
                                   TERMINATION

6.1   Termination For Cause or Disability. This Agreement may be terminated at
      any time by the Company without notice, for Cause or in the event of the
      Disability of Executive.

      For the purposes of this Agreement, "Cause" also means that the Executive
      shall have:

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

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

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

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

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

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

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

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

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

6.2   Severance for Termination With Cause. If the Company terminates the
      Executive's employment for Cause, then the Company will not be obligated
      to pay the Executive any severance payments or provide any notice
      whatsoever to the Executive.

6.3   Termination Without Cause. Either the Executive or the Company may
      terminate the Executive's employment without Cause, for any reason
      whatsoever, with 45 days prior written notice.

6.4   The Notice Period.

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

      (b)   This Agreement shall remain in full force and effect until the end
            of the Notice Period and there shall be no change in Executive's
            compensation terms or any of his obligations hereunder during such
            Notice period.

      (c)   Notwithstanding sub-section (b) above, during the Notice Period the
            Company may, at its discretion, relieve Executive of his position,
            upon which Executive shall leave the Company. Such actions shall not
            derogate in any way or manner whatsoever from Executive's rights to
            receive the Salary until the end of the Notice period.
<PAGE>

6.5   Limitation of Damages. It is agreed that in the event of termination of
      employment, neither the Company, nor the Executive shall be entitled to
      any notice, or payment in excess of that specified in this Article 5.

6.6   Return of Materials. Within three (3) days of any termination of
      employment hereunder, or upon any request by the Company at any time, the
      Executive will return or cause to be returned any and all Confidential
      Information and other assets of the Company (including all originals and
      copies thereof), which "assets" include, without limitation, hardware,
      software, keys, security cards and backup tapes that were provided to the
      Executive either for the purpose of performing the employment services
      hereunder or for any other reason. The Executive acknowledges that the
      Confidential Information and the assets are proprietary to the Company,
      and the Executive agrees to return them to the Company in the same
      condition as the Executive received such Confidential Information and
      assets.

6.7   Effect of Termination. Sections 3.3, 3.4, 4, 5 and 6.6 hereto shall remain
      in full force and effect after termination of this Agreement, for any
      reason whatsoever.

                                   ARTICLE 7
                             MUTUAL REPRESENTATIONS

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

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

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

                                   ARTICLE 8
                                     NOTICES

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

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

             GAMMACAN, LTD.
             Ben Gurion 11, Givat Shmuel, Israel
             Attn: Ms. Vered Caplan, CEO
             Fax: 03-5324038

      with a copy to

            Ori Rosen, Adv.
            Ori Rosen & Co. Law Offices
            1 Azrieli Center (round tower)
            Tel Aviv 67021, Israel
            Fax: 972-3-607-4701
            Email: ori@rosenlaw.co.il

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

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

                                   ARTICLE 9
                                     GENERAL

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

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

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

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

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

9.6   Assignment. The Company may assign its rights and obligations hereunder to
      the Parent Company or to any other subsidiary of the Parent Company, at
      the Company's sole and absolute discretion, and such assignment shall not
      be considered derogatory in any way to the Executive's rights and
      entitlements hereunder. Except as expressly provided hereunder, the
      respective rights and obligations of the Executive and the Company under
      this Agreement shall not be assignable by either party without the written
      consent of the other party and shall, subject to the foregoing, enure to
      the benefit of and be binding upon the Executive and the Company and their
      permitted successors or assigns.

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

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

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

9.10  Time. Time shall be of the essence of this Agreement.

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

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

                [Remainder of this page left intentionally blank]
<PAGE>

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

GAMMACAN, LTD.                             EXECUTIVE

Per:   /s/ Vered Caplan                    /s/ Chaime Orlev
       -----------------------------       -------------------------------------

Name:  Vered Caplan
       -----------------------------

Title: Chief Executive Officer
       -----------------------------

WE APPROVE AND AGREE:

GAMMACAN INTERNATIONAL, INC.

Per:   /s/ Vered Caplan
       -----------------------------

Name:  Vered Caplan
       -----------------------------

Title: Chief Executive Officer
       -----------------------------

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