Document:

EX-10.1

 Exhibit 10.1 

BOARD NOMINATION AGREEMENT 

This BOARD NOMINATION AGREEMENT (this “Agreement”), dated as of September 11, 2020, is entered into by and
among Party City Holdco Inc., a Delaware corporation (the “Company”), and each other party signatory hereto (collectively, the “Nominating Parties”), comprising the Backstop Parties and the
Private Placement Parties (each as defined in the Backstop and Private Placement Agreement) (as defined below). 
 RECITALS 

WHEREAS, the Company is a party to that certain Transaction Support Agreement, dated as of May 28, 2020 (as later amended, the
“TSA”), by and among, inter alios, the Company, Party City Corporation, a Delaware corporation, Party City Holdings Inc., a Delaware corporation, certain guarantor parties thereto, and certain holders or investment
advisors, sub-advisors or managers of discretionary accounts that hold Senior Notes (as defined in the TSA) party thereto; 

WHEREAS, the Company is a party to that certain Backstop and Private Placement Agreement, dated as of June 26, 2020 (as later
amended, the “Backstop and Private Placement Agreement”), by and among, inter alios, the Company and the Nominating Parties; and 

WHEREAS, in connection with the transaction contemplated by the TSA and the Backstop and Private Placement Agreement, the Company has
agreed to grant the Nominating Parties the nomination rights set forth herein on the terms and conditions set forth herein. 
 NOW,
THEREFORE, in consideration of the foregoing premises and the agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 
 1.    Board Nomination. 

(a)    Pursuant to the terms and conditions set forth herein, the Nominating Parties shall have the right to jointly
designate one individual (any such individual jointly designated by the Nominating Parties from time to time in accordance with this Agreement, including any alternate nominee, the “Nominee”) to serve as a director
on the board of directors of the Company (the “Party City Board”); provided, that the Nominee shall meet the requirements specified in Section 1(f) and be reasonably acceptable to
(x) the Nominating and Governance Committee of the Company (the “Nominating & Governance Committee”), on the one hand, and (y) each Nominating Party, on the other hand, as
provided in writing (email being sufficient) by each Nominating Party. The Company and the Nominating Parties agree that the initial Nominee shall be Mr. Joel Alsfine. 

(b)    For so long as the Nominating Parties have the rights specified in Section 1(a), the
Nominating & Governance Committee will designate an independent director from the Party City Board (the “Anagram Appointee”), as selected by the Nominating & Governance Committee in its sole and absolute
discretion, to serve as a director of the board of directors of Anagram International Inc., a Minnesota corporation (the “Anagram Board”). The Anagram Board will appoint the initial Anagram Appointee no later than
September 30, 2020. 
 (c)    Until the earlier of (x) August 15, 2025, (y) in the event the New Money
First Lien Issuer Notes (as defined in the TSA) are accelerated or otherwise become due prior to August 15, 2025 in accordance with the indenture governing the New Money First Lien Issuer Notes, such earlier date, and (z)

 
the termination of this Agreement under Section 3 (the earlier of (x), (y), and (z) the “Cutoff Date”), the Nominating Parties
shall have the right to deliver a written notice (the “Nominee Notice”) to the Company from time to time, identifying a Nominee. For any Nominee Notice delivered after the appointment of Mr. Alsfine, as the initial
Nominee, the Nominating Parties will also deliver at the time such Nominee Notice is delivered pursuant to this Section 1(c) written confirmation, signed by each of the Nominating Parties, that the aggregate principal
amount of New Money First Lien Issuer Notes held by all the Nominating Parties is not less than $40,000,000. In connection with the appointment of Mr. Alsfine, the Company shall, as promptly as practicable (1) take all corporate and other
actions necessary to increase the number of directors on the Party City Board to add one director to the Party City Board in accordance with the Company’s certificate of incorporation and by-laws as in
effect at such time; and (2) cause Mr. Alsfine to be appointed as a director of the Party City Board. The Nominating Parties may not deliver a Nominee Notice while a Nominee is serving on the Party City Board, unless a vacancy occurs in
accordance with Section 1(d). 
 (d)    Until the Cutoff Date, the Company shall: (A) (i)
nominate the Nominee for election or re-election (as the case may be) to the Party City Board; (ii) include the Nominee on its slate of nominees for election or
re-election (as the case may be) of directors to the Party City Board that is distributed to stockholders of the Company; (iii) recommend the Nominee to its stockholders at the meeting of the stockholders
of the Company held to consider a vote on the election or re-election (as the case may be) of directors to the Party City Board; and (iv) not take any action inconsistent with or designed to interfere
with the election or re-election (as the case may be) of the Nominee to the Party City Board in accordance with the terms and conditions of this Agreement; and (B) as the indirect sole stockholder of
Anagram, take all necessary action to nominate, appoint and elect the Anagram Appointee to the Anagram Board, including causing to be voted (or a written consent to be executed in respect of) all of the equity or equity-linked securities of Anagram
with respect to such nomination, appointment, and election. In the event the Nominee is not elected or re-elected (as the case may be) by the Company’s stockholders (e.g., in a contested election
or, in the event the Company adopts a majority voting standard for uncontested elections of directors, fails to receive a majority of the votes cast in favor of election), then the Nominating Parties shall have the right to immediately nominate a
different Nominee pursuant to Section 1(a) who shall be considered by the Nominating & Governance Committee as promptly as practicable thereafter in accordance with this Section 1. If a
Nominee is not reasonably acceptable to the Nominating & Governance Committee in accordance with Section 1(a), then the Company shall notify the Nominating Parties immediately and the Nominating Parties shall have
the ability to propose an alternate Nominee until such proposed Nominee is reasonably acceptable to the Nominating & Governance Committee. If a vacancy occurs on the Party City Board with respect to a seat occupied by the Nominee (by reason
of such individual’s death, disability, resignation or otherwise), the Nominating & Governance Committee shall cause a replacement Nominee to be appointed to fill such vacancy on the Party City Board as promptly as practicable
following his or her designation by the Nominating Parties, in accordance with the terms and conditions of this Agreement. If a vacancy occurs on the Anagram Board with respect to a seat occupied by the Anagram Appointee (by reason of such
individual’s death, disability, resignation or otherwise), the Company shall promptly appoint a new Anagram Appointee to the Anagram Board in accordance with Section 1(b). 

(e)    The Nominee shall be entitled to all rights, privileges and benefits (including rights to indemnification pursuant
to a customary director indemnification agreement and compensation in accordance with the Company’s then-existing non-employee director compensation program) from the Company generally applicable to
members of the Party City Board as in effect from time to time. 
 (f)    The Nominee shall: (i) meet all
applicable director independence standards of the New York Stock Exchange, the Securities and Exchange Commission, applicable provisions of the Securities Exchange Act of 1934 (the “Exchange Act”), and the rules and
regulations promulgated 

  
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thereunder and independence standards adopted by the Company generally applicable to the Party City Board members; (ii) be qualified to serve as a director under the Delaware General
Corporation Law; (iii) comply with all policies, procedures, processes, codes, rules, standards and guidelines of the Company, including the Company’s director qualification standards in the Company’s Corporate Governance Guidelines,
generally applicable to the Party City Board members as in effect from time to time; and (iv) agree in writing to comply with his/her fiduciary duties to the Company and its stockholders. 

(g)    Prior to the Party City Board considering whether the Nominee is reasonably acceptable in
accordance with the proviso in Section 1(a): (i) the Nominee must complete a form of director and officer questionnaire and furnish any additional information reasonably requested by the Company; and (ii) the Company
shall complete or have completed promptly (x) a customary background check with respect to the Nominee and (y) any other reasonable and bona fide procedures that are typically required for director nominees (e.g., interviews);
provided, that such procedures do not unreasonably delay the effectiveness of such nomination. 
 (h)    In the
event any Nominating Party sells, transfers or otherwise disposes of any of its New Money First Lien Issuer Notes prior to the Cutoff Date to any person other than to any of its affiliates and/or related funds (a “Third-Party
Transfer”) and, following such Third-Party Transfer, such Nominating Party and its affiliates and/or related funds cease to collectively hold at least 50% of the New Money First Lien Issuer Notes held by such Nominating Parties as of
the date hereof, (i) such Nominating Party shall promptly notify each other Nominating Party and the Company, in writing (email being sufficient), thereof and (ii) upon the consummation of such Third-Party Transfer, such Nominating Party
and each of its affiliates and/or related funds shall no longer be deemed a “Nominating Party” for purposes of this Agreement and their rights hereunder shall automatically and immediately terminate and be of no further force or effect
without any further action by any party hereto or any other person. 
 2.    Representations and Warranties. 

(a)    Each party hereto represents and warrants to the other parties hereto that: (a) such party has full power and
authority to execute and deliver this Agreement and perform its obligations hereunder; (b) the execution and delivery of this Agreement and the performance of such party’s obligations hereunder have been duly authorized by all necessary
action on the part of such party, and no other action is necessary on the part of such party to authorize this Agreement; and (c) this Agreement constitutes (assuming the due execution and delivery hereof by each other party hereto) a legal,
valid and binding obligation of such party. 
 (b)    The Company represents that it does not believe any Nominating
Party would be deemed to be an affiliate (as defined in Rule 144 under the Securities Act of 1933) of the Company solely by virtue of the rights granted to the Nominating Parties under this Agreement. 

(c)    The Company represents and covenants that it would not deem a Nominating Party to have knowledge of information in
the possession of the Nominee solely on the basis of the rights granted to the Nominating Parties under this Agreement and other than to the extent of any such Nominating Party’s actual knowledge of such information. 

3.    Termination. This Agreement is effective as of the date hereof and shall remain in full force and effect
until the earliest of (i) 12:01 a.m. (New York City time) on the first day immediately following the Cutoff Date (solely with respect to clauses (x) and (y) of the definition thereof), (ii) the date on which no Nominating Parties or any of
their respective affiliates and/or related funds are deemed to be “Nominating Parties” under Section 1(h) and Section 10, and (iii) the date on which the aggregate principal amount
of New Money First Lien Issuer Notes held by all the Nominating Parties and their respective 

  
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affiliates and/or related funds deemed to be “Nominating Parties” under Section 1(h) and Section 10, taken together as of such date,
is less than $40,000,000, at which time this Agreement shall automatically terminate and be of no further force or effect, without any further action by any party hereto or any other person. The provisions of this
Section 3 and Sections 4 through 10 shall survive the termination of this Agreement. No termination of this Agreement shall relieve any party hereto from liability for any breach of this Agreement prior
to such termination. 
 4.    Public Announcement and SEC Filings. 

(a)    The Company shall file at or prior to 5:00 p.m. (EST) on the date hereof (or promptly thereafter) a Form 8-K reporting entry into this Agreement (the “Form 8-K”) and appending or incorporating by reference this Agreement as an exhibit thereto;
provided, that the Company shall provide the Nominating Parties with the opportunity to review the Form 8-K and comment thereon, such that the Form-8-K will be in a form reasonably acceptable to the Nominating Parties. Any press release or other public statement, disclosure or announcement with respect to this Agreement (including, for the avoidance
of doubt, any press release, public statement, disclosure or announcement with respect to this Agreement that Anagram must make in order to comply with its reporting obligations as described in the indenture related to its New Money First Lien
Issuer Notes) must similarly be provided to the Nominating Parties to review and comment thereon, such that it will be in a form reasonably acceptable to the Nominating Parties. 

(b)    When attaching a copy of this Agreement to the Form 8-K or any press
release, public statement, disclosure or announcement, the Company shall (to the extent permitted by applicable law) redact any reference to a specific Nominating Party, including the signature pages hereto. 

(c)    In the event the Company files any Form 8-K, Form 3 or Form 4 pursuant to
the Exchange Act or any filing under Section 16 of the Exchange Act with respect to the Nominee or the Nominating Parties, the Company shall provide the Nominating Party with the opportunity to review such filing and comment thereon, such that
the filing will be in a form reasonably acceptable to the Nominating Parties. 
 5.    Specific Performance. The
parties hereto agree that irreparable damage would occur in the event any of the provisions of this Agreement were not performed (or threatened to not be performed) in accordance with the terms hereof and that such damage would not be adequately
compensable in monetary damages. Accordingly, the parties hereto shall be entitled to an injunction or injunctions to prevent breaches (or threatened breaches) of this Agreement and to enforce specifically the terms and provisions of this Agreement,
in addition to any other remedies at law or in equity, and each party hereto agrees it shall not take any action, directly or indirectly, in opposition to another party hereto seeking relief. Each party hereto agrees to waive any bonding requirement
under any applicable law in the case any other party hereto seeks to enforce the terms and conditions of this Agreement by way of equitable relief. 

  
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 6.    Governing Law; Jurisdiction. This Agreement shall be
governed in all respects, including with respect to its validity, interpretation and effect, by the laws of New York, without giving effect to the choice or conflict of law principles thereof that would result in the application of the laws of
another jurisdiction; provided, that the laws of Delaware shall apply to internal corporate law matters in respect of the Company. Each party hereto (a) consents to submit itself to the personal jurisdiction of the federal or state
courts in the Borough of Manhattan in the City and State of New York in the event any dispute arises out of this Agreement or the transactions contemplated hereby, (b) agrees that it shall not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated hereby in any court other than the federal or state courts in the
Borough of Manhattan in the City and State of New York, and each party irrevocably waives the right to trial by jury, and (d) each party irrevocably consents to service of process by a reputable overnight mail delivery service, signature
requested, to the address set forth in Section 8 or as otherwise provided by applicable law. 

7.    Entire Agreement; Amendment. This Agreement contains the entire agreement and understanding of the parties
hereto with respect to the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between the parties with respect to the subject matter hereof. This
Agreement may be amended only by an agreement in writing executed by the parties hereto, and no waiver of compliance with any provision or condition of this Agreement and no consent provided for in this Agreement shall be effective unless evidenced
by a written instrument executed by the party against whom such waiver or consent is to be effective. No failure or delay by a party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder. 

8.    Notices. All notices, consents, requests, instructions, approvals and other communications provided for
herein and all legal process with regard hereto shall be in writing and shall be deemed validly given, made or served, when delivered in person, sent by overnight courier or sent via electronic mail, when actually received during normal business
hours at the address specified in this subsection (or, in the case of delivery via electronic mail, upon confirmation of receipt or the following business day if there is no such confirmation of receipt): 

If to Party City, to: 
 Party City
Holdco Inc. 
 80 Grasslands Road 

Elmsford, New York 10523 

Attn:    Todd Vogensen 

Email:  tvogensen@partycity.com 

with a copy to: 
 Skadden, Arps,
Slate, Meagher & Flom LLP 
 One Manhattan West 

New York, New York 10001 

Attn:    Paul Leake 

            Shana Elberg 

            Eric Cochran 

            Andrea Nicolas 

Email:  Paul.Leake@Skadden.com 

             Shana.Elberg@Skadden.com 

             Eric.Cochran@Skadden.com 

             Andrea.Nicolas@Skadden.com 

  
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 If to the Nominating Parties (or any of them), to the address set forth below such
Nominating Party’s name on the signature pages hereto, with a copy (which shall not constitute notice) to: 
 Milbank LLP 

55 Hudson Yards 
 New York, New
York 10001 
 Attn:    Abhilash M. Raval 

            Paul Denaro 

            Eric Stodola 

            Dean Sattler 

Email:  ARaval@Milbank.com 

             PDenaro@Milbank.com 

             EStodola@Milbank.com 

             DSattler@Milbank.com 

Freshfields Bruckhaus Deringer US LLP 

601 Lexington Avenue, 31st Floor 

New York, New York 10022 

Attn:    Mark Liscio 

            Michael Levitt 

            Kyle Lakin 

Email:  Mark.Liscio@freshfields.com 

             Michael.Levitt@freshfields.com 

             Kyle.Lakin@freshfields.com 

9.    Severability. If at any time subsequent to the date hereof, any provision of this Agreement shall be held by
any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other
provision of this Agreement. 
 10.    No Third-Party Beneficiaries; Assignment. This Agreement is solely for the
benefit of the parties hereto and their respective successors and permitted assigns; provided, that the Nominee shall be an express third-party beneficiary of this Agreement and is hereby conferred the benefits, rights and remedies under or
by reason of the provisions of this Agreement as if a signatory hereto. No party hereto may assign its rights or delegate its obligations under this Agreement, whether in connection with any transfer of New Money First Lien Issuer Notes, by
operation of law, or otherwise, without the prior written consent of each other party hereto, and any assignment in contravention hereof shall be null and void; provided, that, without the prior written consent of any other party hereto, any
Nominating Party may assign its rights under this Agreement to any of its affiliates and/or related funds in connection with a transfer of its New Money First Lien Issuer Notes to any such affiliates and/or related funds, in which case such assignee
shall be deemed a “Nominating Party” hereunder (subject to Section 1(h)). 
 [Remainder of Page
Intentionally Left Blank; Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective duly authorized representatives as of the date first written above. 
  

			
	PARTY CITY
	
	PARTY CITY HOLDCO INC.
		
	By:	 	 /s/ Todd Vogensen

	Name:	 	Todd Vogensen
	Title:	 	Chief Financial Officer

 [Signature Page to Board Nomination Agreement] 

 
			
	NOMINATING PARTIES
		
	[●]	 	

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
		
	[●]	 	
	[●]	 	
	[●]	 	
	Attn: [●]
	Email: [●]

 [Signature Page to Board Nomination Agreement]EX-10.5

 Exhibit 10.5 

CONFIDENTIAL 
 AMENDED AND RESTATED EMPLOYMENT
AGREEMENT 
 This Agreement constitutes an advance notice to the Employee 

under the Notice to the Employee Law (Employment Terms), 2002 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) dated as of July 28, 2020, (the “Effective
Date”) is made and entered by and between 89bio Ltd., a company organized under the laws of the state of Israel, whose registered address is 6 Hamada St., Herzliya, Israel (the “Company”) and Ram Waisbourd
(ID No. 022879340) of 30 Ben Yosef St., Tel Aviv, Israel (the “Employee”). 
  

	WHEREAS,	 the Company and the Employee are parties to that certain Employment Agreement dated April 23, 2018 (the
“Former Agreement”); 

  

	WHEREAS,	 the Employee has been employed by the Company as COO/CBO on a full-time basis, in accordance with the Former
Agreement, as of May 1, 2018 (the “Commencement Date”); 

  

	WHEREAS,	 the parties hereto wish to enter into an amended and restated employment agreement in connection with the
continued employment of the Employee by the Company, subject to and in accordance with the provisions herein, which shall replace the Former Agreement, provided, however, that all the Employee’s social entitlements and rights according to the
Former Agreement, including, without limitation, social benefits and severance payments, shall remain in full force and effect; 

 NOW,
THEREFORE, in consideration of the mutual premises, covenants and other agreements contained herein, the parties hereby agree as follows: 
  

	1.	 Preamble and Exhibits 

 

	 	1.1.	 The preamble to this agreement and its Exhibits constitute an integral part hereof. 

 

	 	1.2.	 The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. 

 General 

 

	1.	 The Former Agreement. The Former Agreement is hereby cancelled with no further force and effect, except
as expressly provided herein. 

  

	2.	 Position. The Employee shall continue to serve in the position described in Exhibit A
attached hereto. In addition, the Employee may receive different tasks, from time to time, to correlate with Company’s necessities. In his position the Employee shall continue to report regularly to the person set forth in Exhibit
A hereto regarding his work, or to any other person as the Company, at its sole discretion, shall instruct the Employee from time to time (the “Supervisor”). 

 

	3.	 Conscientious Discharge of Duties. The Employee shall continue to perform and discharge his duties and
obligations hereunder diligently, faithfully, conscientiously and in furtherance of the Company’s best interests and its good name. The Employee agrees and undertakes to inform the Company immediately and without delay after becoming aware of
any affair and/or matter that may in any way raise a conflict of interest between the Employee (or any member of Employee’s family) and the Company (including its affiliates) and/or the interests of the Company (including its affiliates), and
to report and discuss problems that might prevent performing his tasks in an effective manner. During his employment by the Company, the Employee shall not receive any payment, compensation or benefit from any third party in connection, directly or
indirectly, with the execution of the Employee’s position in the Company. 

	4.	 Compliance with Company’s Policies and Applicable Law. Employee will continue to comply with all
the Company’s disciplinary regulations, work-rules, policies, procedures and objectives, as in effect from time to time, and will adhere to any applicable law or provision, pertaining to his employment hereunder. In addition, the Employee will
continue to document the products of his work, and all relevant information that was generated in the course of his work, in a confidential and orderly manner that will enable access and use of such information by authorized people in the Company.

  

	5.	 Scope of Employment. The scope of position of the Employee will continue to be as set forth in
Exhibit A hereto. The Employee shall continue to devote his entire working time, best efforts, know-how, expertise, experience and attention to the business and affairs of the Company and to the
performance of his duties to the Company, and shall not undertake or accept any other paid or unpaid employment or occupation or engage in or be associated with, directly or indirectly, any other business and/or commercial activity, except with the
prior written consent of the Company’s management. 

  

	6.	 It is agreed that the Employee’s position requires a special degree of personal trust, as defined in the
Working Hours and Rest Law, 1951 (the “Working Hours and Rest Law”). Therefore, the Employee shall not be granted any other compensation or payment other than expressly specified in the Agreement. The Employee undertakes not to
claim that the Working Hours and Rest Law applies to Employee’s employment with the Company. The Employee acknowledges the legitimacy of the Company’s requirement to work “overtime” or during “weekly rest-hours” without
being entitled to “overtime compensation” or “weekly rest-hour compensation” (as these terms are defined in the Working Hours and Rest Law), and the Employee undertakes to reasonably comply with such requirements of the Company.
The Employee acknowledges that the compensation to which he is entitled pursuant to this Agreement constitutes adequate compensation for Employee’s work during “overtime” or “weekly rest-hours. 

 

	7.	 Location. The Employee shall continue to perform his duties hereunder at the Company’s facilities
in Israel, but he understands and agrees that his position may involve significant domestic and international travel which may result in extensive period time. 

 

	8.	 Employee’s Representations and Warranties. The Employee represents and warrants that the execution
and delivery of this Agreement and the fulfillment of its terms: (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. Further, with respect to any past engagement of the Employee with third parties and with respect to any permitted engagement of the Employee with any third party during the term of his engagement with the Company (for
purposes hereof, such third parties shall be referred to as “Other Employers”), the Employee represents, warrants and undertakes that: (a) his engagement with the Company is and/or will not be in breach of any of his
undertakings toward Other Employers, and (b) he will not disclose to the Company, nor use, in provision of any services to the Company, any trade secrets, proprietary or confidential information belonging to any Other Employer. (c) he will
not and have not removed or taken any documents or proprietary data or materials of any kind, electronic or otherwise, with him from Other Employers to the Company without written authorization from the Other Employers. 

  

	9.	 Assignment. Neither this Agreement nor any right or interest hereunder shall be assignable or
transferable by the Employee, his beneficiaries or legal representatives without the prior written consent of the Company. This Agreement shall continue to inure to the benefit of and be enforceable by the Employee’s legal personal
representative. 

  

	10.	 The Company shall be entitled to transfer or assign its rights and/or obligations under this Agreement, in
whole or in part, in its sole discretion. Without derogating from the generality of the aforesaid, the Employee shall continue to provide the services under this Agreement to the Company, and/or to companies affiliated with the Company in accordance
with the Company’s instructions. 

 Use of Company Computers and Email Monitoring 

 

	11.	 During his employment with the Company and in connection therewith, the Employee may be provided with a
personal computer station (“Computer”) and/or a laptop computer (“Laptop”), and a personal e-mail account and address
(“E-mail”), each of which shall be deemed to be solely the property of the Company. 

  
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	12.	 Employee shall not install and/or download any software or hardware on the Computer or Laptop or on any other
computers in the Company’s possession (i) unless the Company has sufficient and valid license; or (ii) unless prior written consent was given by the Company. 

Term of Employment 
  

	13.	 Term. This Agreement is effective as of the Effective Date and shall continue until it is terminated
pursuant to the terms set forth herein. 

  

	14.	 Termination at Will. Either party may terminate the employment relationship hereunder at its/his own
discretion at any time, with or without cause, for any reason, by giving the other party a prior written notice as set forth in Exhibit A (the “Notice Period. 

 

	15.	 Termination for Cause. Notwithstanding the aforesaid, in the event of Cause (as defined below) the
Company shall be entitled to terminate this Agreement immediately and the employment relationship between the parties shall be deemed effectively terminated upon delivery of the Company’s notice to that extent. The term “Cause” for
the purpose of this Section 16 shall mean (a) a serious breach of trust including but not limited to theft, embezzlement, self-dealing, prohibited disclosure to unauthorized persons or entities of confidential or proprietary information of
or relating to the Company or its affiliates or the engaging by the Employee in any prohibited business competitive to the business of the Company or any of its affiliates or any other breach of the Employees obligations under Exhibit
B; or (b) willful failure to perform any of the Employee’s fundamental functions or duties hereunder or the directives of the Employee’s superior; (c) any willful act or gross negligence of the Employee resulting in
material loss to the Company or material damage to the reputation of the Company or any affiliates; or (d) any other cause justifying termination or dismissal in circumstances in which the Company can deny the Employee severance payment under
applicable law. 

  

	16.	 Notice Period; End of Relations. During the Notice Period and unless otherwise determined by the Company
in a written notice to the Employee, the employment relationship hereunder shall remain in full force and effect, the Employee shall be obligated to continue to discharge and perform all of his duties and obligations with Company, and the Employee
shall cooperate with the Company and use his best efforts to assist the Company with the integration into the Company’s organization of the person(s) who will assume the Employee’s responsibilities. Upon termination of Employee’s
employment with the Company, for any reason whatsoever, the Employee shall be required to return to Company any properties, equipment, documents and any other materials of the Company (e.g., company car, cellular phone, Laptop, Computer, and/or any
other equipment) which were provided (if provided) to his or which are otherwise in his possession. Employee shall have no (and hereby waives any) rights of lien with respect to any such properties, equipment, documents and materials of the Company.

  

	17.	 Notwithstanding the provisions of Section 17 above to the contrary, Company shall continue to be entitled
to waive Employee’s employment with Company during the Notice Period or any part thereof, at any time prior to the completion of the Notice Period. In the event Company waives Employee’s services with Company during the Notice Period as
aforesaid, employer-employee relationship between the parties will come to an end forthwith or as of the effective date of such waiver (as applicable), and the Company shall pay the Employee a one-time amount
equal to the Salary (including managers insurance, study fund, expenses, company car and all other benefits) that would have otherwise been paid to the Employee during the Notice Period or the remainder of the Notice Period in the event the
termination becomes effective during the Notice Period, in lieu of such Notice Period, or part thereof. 

  

	18.	 Notwithstanding anything herein to the contrary, the provisions of the Proprietary Information, Assignment of
Inventions and Non-Competition Agreement by and between the Company and the Employee (in the form attached hereto as Exhibit B) shall survive termination or expiration of this Agreement, for any
reason whatsoever. 

  
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	19.	 Severance Outside of the Change in Control Protection Period. If (i) the Employee’s employment
with the Company is involuntarily terminated by the Company without Cause (as defined below) and not due to a breach by the Employee of the terms and conditions of this Agreement (including, but not limited to, a breach of any of the representations
contained herein, Exhibit B of this Agreement, and/or the Employee Arbitration Agreement previously executed by the Employee (as applicable), or (ii) the Employee resign his employment with the Company for Good Reason (as defined
below), in each case, at any time outside of the Change in Control Protection Period (as defined below), subject to the Employee’s execution of a release of claims in a form provided by the Company, the Employee will be eligible to receive
severance in an amount equal to: nine (9) months of Salary at the rate then in effect minus any amounts transferred to the Employee in accordance with the Section 14 Arrangement (the “Severance Benefits”).
Notwithstanding the foregoing, in the event that the Company determines, in its sole discretion, that the Company may be subject to a tax or penalty pursuant to Code Section 4980D as a result of providing some or all of the payments described
in this paragraph, the Company may reduce or eliminate its obligations under this paragraph to the extent it deems necessary, with no offset or other consideration required. The Severance Benefits (excluding the payment in accordance with the
Section 14 Arrangement, which will be transferred to the Employee upon the termination of his employment) will be provided in regular installments in accordance with the Company’s normal payroll practices over a period of nine
(9) months commencing on the first payroll date following the date on which the Release Condition is satisfied. 

 For
purposes herein, the “Release Condition” means the execution, delivery, and non-revocation of the release by the Employee within 30 days following his termination of employment. 

For purposes herein, “Cause” means a reasonable, good faith finding by the Board of Directors of 89bio, Inc. (the
“Board”) that the Employee: (i) committed, have been convicted of, or entered a plea of guilty or nolo contendere or no contest with respect to, (x) any felony or (y) any misdemeanor involving dishonesty or moral
turpitude; (ii) engaged in gross negligence, willful misconduct, or any bad-faith act that is, or could reasonably be expected to be, materially injurious to the business or reputation of the Company;
(iii) committed an act of fraud, embezzlement, theft, or misappropriation against the Company or otherwise in the course of his employment with, or the performance of duties for, the Company; (iv) substantially failed to perform his duties
in respect of his employment diligently and in a manner consistent with prudent business practice; (v) failed to execute and carry out any reasonable lawful directive of his Supervisor or the Board that is related to the business of the
Company; or (vi) engaged in any act or omission that is materially injurious the business, financial condition, or operations of the Company. 

For purposes herein, “Good Reason” means the Employee’s resignation based on any of the following events without
his written consent, (a) a material diminution in the Employee’s authority, duties or responsibilities; (b) a material diminution in the Employee’s annual Base Salary except if the base salaries of a significant number of other
executives and members of senior management of the Company also are proportionately reduced, whether or not such reduction is voluntary on the Employee’s part or on the part of such other executives and senior management; or (c) any other
action or inaction that constitutes a material breach of the terms of this Agreement. To constitute a resignation for Good Reason: (i) the Employee must provide written notice to the Company within thirty (30) days of the initial existence
of the event constituting Good Reason, (ii) the Employee may not terminate his employment unless the Company fails to remedy the event constituting Good Reason within fifteen (15) days after such notice has been deemed given pursuant to
this Agreement, and (iii) the Employee must terminate employment with the Company no later than fifteen (15) days after the end of the 15-day cure period in which the Company fails to remedy the
event constituting Good Reason. 
  

	20.	 Severance During the Change in Control Protection Period. In the event the Employee is terminated
without Cause or resign for a Change in Control Good Reason (as defined below) within ninety (90) days prior to, or twelve (12) months following the consummation of a Change in Control (the “Change in Control Protection
Period”), then, subject to the Release Condition described above, the amount of the Severance Benefits described above will be twelve (12) months instead of nine (9) months, will also

  
 4 

	 	
include pro-rated payment of 1.0 times the Employee’s Target Bonus set forth in Exhibit A herein (such compensation and benefits,
including the Target Bonus payment, the “Change in Control Severance Benefits”) and all Change in Control Severance Benefits will be paid in a lump sum plus, any then outstanding equity then held by the Employee that is unvested
will vest in full. For purposes herein, “Change in Control” shall have the meaning set forth in the 89bio, Inc.’s Equity Plan and “Change in Control Good Reason” shall have the same meaning as “Good
Reason” except that the following additional prong will apply: a material diminution in the Employee’s reporting relationship Proprietary Information; Assignment of Inventions and
Non-Competition 

  

	21.	 By executing this Agreement, the Employee confirms and agrees to the provisions of the Company’s
Proprietary Information, Assignment of Inventions and Non-Competition Agreement attached as Exhibit B hereto. For the avoidance of doubt, and without derogating from the foregoing, the
Employee’s undertakings set forth in the Company’s Proprietary Information, Assignment of Inventions and Non-Competition Agreement attached as Exhibit B to the Former Agreement shall
remain in full force and effect. 

 Salary and Additional Compensation; Managers Insurance/Pension Fund 

 

	22.	 Base Salary. The Company shall continue to pay to the Employee as compensation for the employment
services an aggregate base salary, in the amount set forth in Exhibit A hereto, as amended (the “Base Salary”). 

  

	23.	 Global Overtime Remuneration. Since Both the Company and the Employee expect that the work load at the
Company may require from time to time extensive volume of working hours, the Company will continue to pay to the Employee on a monthly basis, in addition to the Base Salary and in consideration of any services that the Employee may render at
overtime hours, a global gross amount as set forth in Exhibit A hereto, as amended (the “Global Overtime Remuneration”), which reflects full compensation for the amount of overtime hours which the Employee is expected
to work per month. The Global Overtime Remuneration has been determined according to Company’s knowledgeable estimation of the scope of overtime hours per month which the Employee’s position requires. The Base Salary together with the
Global Overtime Remuneration shall continue to constitute the “Salary” for purposes of this Agreement. Employee acknowledges and agrees that he shall not be allowed to provide work beyond the aforementioned scope of overtime hours,
without receiving prior written consent from his Supervisor to do so, and that he shall not be entitled to any form of salary or compensation, or any other rights or claims whatsoever, for any work performed beyond the aforementioned limited scope
of hours, unless Employee has received prior written consent to perform such work beyond the aforementioned scope of overtime hours 

  

	24.	 It is hereby agreed, that the Global Overtime Remuneration is conditional and shall continue to be a real and
true supplement above and beyond the Employee’s Base Salary. However, without derogating from the nature of the Global Overtime Remuneration, the Salary (i.e. Base Salary together with the Global Overtime Remuneration) shall continue to be
taken into account as a basis for the purpose of calculating the Employee’s social entitlements and rights according to this Agreement, including social benefits and severance payments. For the avoidance of any doubt, no other payment, right or
benefit to which the Employee is entitled under the Agreement or by law shall be taken into account in such calculation. Except as specifically set forth herein, the Salary includes any and all payments to which the Employee is entitled from the
Company hereunder and under any applicable law, regulation, extension order or agreement. 

  

	25.	 The Salary shall continue to be payable to the Employee in accordance with the Company’s normal and
reasonable payroll practices, no later than the 9th day of each calendar month after the month for which the Salary is paid, after deduction of applicable taxes and like payments. 

  
 5 

	26.	 It is hereby expressly agreed that should it be resolved by a competent court that regardless of the
parties’ assumption and the payment of the Global Overtime Remuneration, that the Employee is entitled, in consideration of any services that he rendered at overtime hours, for overtime payments on a detailed hourly basis and/or other
additional payments under the Hours of Work and Rest Law, 5711-1951, then the Employee shall repay to the Company the full amount of Global Overtime Remuneration received from the Company (together with interest and linkage differentials according
to law), and by signing this Agreement the Employee hereby renders his express approval and permits the Company to offset such Global Overtime Remuneration from any amount that he will be awarded (if awarded) due to such ruling.

  

	27.	 Recording of Hours. Per the requirements under applicable law, the Employee shall continue to cooperate
with the Company in maintaining a record of the number of hours of work performed, in accordance with the Company’s policy and instructions. 

  

	28.	 Special Compensation. 

It is hereby acknowledged and agreed, that an amount equal to 10% of the Salary will continue to be paid to the Employee as special
compensation for any contributions and/or inventions that have been and/or shall be created, developed and/or conceived by the Employee, including, without limitations, “service inventions” as defined in the Israeli Patent Law, 5727-1967,
(the “Patent Law”) (if and to the extent there are and/or will be any), for the assignment thereof to the Company, for any rights, benefits, royalties and other compensation, to the extent that they shall be awarded by a judicial
body, including under Section 134 of the Patent Law or under the Copyright Law, 5768-2007, in connection with such contributions and/or inventions, and for the Employee’s waiver of any moral rights, benefits, royalties and/or other
compensation in connection therewith, pursuant to Sections 7 to 15 of Exhibit B hereto. 
  

	29.	 Insurance Scheme and Social Benefits. The Company and the Employee will continue to obtain and maintain
managers insurance or a pension fund according to the Employee’s choice (the “Insurance Scheme”), as follows: 

  

	 	29.1.	 Should the Employee elect to obtain a managers’ insurance policy (the “Managers
Insurance”): (i) Severance - the Company will pay an amount equal to 81⁄3% of the Salary; (ii) Pension and disability insurance at the
rate required to insure 75% of the Employee’s Salary - the Company will pay an amount equal to 61⁄2% of the Salary. In any event, the amount allocated to the
pension component alone will not be less than 5% of the Salary. In the event that it will be necessary to increase the costs of the disability component so that the Employer’s contribution will exceed the amount of 61⁄2% of the Salary, the aggregate cost to the Company for purchasing the disability component together with the contributions towards the pension component, will not be
greater than 7.5% of Salary. (iii) The Company will deduct from the Employee’s Salary a sum equal to 6% of the Salary as Employee’s contribution. 
	 

  

	 	29.2.	 Should the Employee elect to obtain a pension fund (the “Pension Fund”): (i) Severance
- the Company will pay an amount equal to 81⁄3% of the Salary; (ii) Pension - the Company will pay an amount equal to
61⁄2% of the Salary, and will deduct from the Employee’s Salary a sum equal to 6% of the Salary as Employee’s contribution. 
	 

  

	30.	 Section 14. All amounts deducted and paid by the Company in accordance with
Section 30 above will be transferred to the Employee upon the termination of the Employee’s employment (other than in circumstances in which the Employee’s entitlement to severance compensation may be denied by a final court decision
and/or under applicable law) and the same shall be in lieu of the Company’s statutory obligation to pay severance pay, if required, for all intents and purposes pursuant to the Severance Pay Law, 5723-1963 (the “Severance Pay
Law”), and the Company shall be relieved from any additional or other obligation to pay the Employee severance payment. The parties acknowledge and agree that the agreement set forth in this provision is in accordance with Section 14
of the Severance Pay Law, 1963, and in accordance with the general approval of the Labor Minister dated June 9, 1998, promulgated under said Section 14, a copy of which is attached hereto as Exhibit C. 

 

	31.	 The Employee will continue to bear any and all taxes applicable to the Employee in connection with any amounts
paid by the Employee and/or Company to the Insurance Scheme under Section 30 above. 

  
 6 

 Additional Benefits 
  

	32.	 Vacation. The Employee shall continue to be entitled to the number of vacation days per year as set
forth in Exhibit A. The Company shall continue to be entitled to direct use of the vacation days, in coordination and agreement with the Employee. Employee shall continue to be required to utilize a minimum of ten (10) leave days
annually, and if Employee does not do so, Employee shall continue to be entitled to accrue a maximum of 30 unexploited leave days, except as per the Annual Leave Law, 5711-1951. 

 

	33.	 Sick Leave. The Employee entitlement to sick leave shall continue to be in accordance with applicable
law, against the presentation of appropriate medical records. 

  

	34.	 Convalescence Pay. The Employee shall continue to be entitled to Convalescence Pay (“Dmei
Havra’a”) if and to extent entitled pursuant to applicable extension order. 

  

	35.	 Additional benefits. Employee shall continue to be entitled to additional benefits if and to the extent
set forth in Exhibit A. 

 Miscellaneous 

 

	36.	 References to the masculine gender shall include the feminine, unless the context otherwise requires.

  

	37.	 The laws of the State of Israel shall apply to this Agreement and the sole and exclusive place of jurisdiction
in any matter arising out of or in connection with this Agreement shall be the Tel-Aviv Regional Labor Court. 

  

	38.	 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). 

 

	39.	 No failure, delay or forbearance of either party in exercising any power or right hereunder shall in any way
restrict or diminish such party’s rights and powers under this Agreement, or operate as a waiver of any breach or nonperformance by either party of any terms or conditions hereof. 

 

	40.	 In the event it shall be determined under any applicable law that a certain provision set forth in this
Agreement is invalid or unenforceable, such determination shall not affect the remaining provisions of this Agreement unless the business purpose of this Agreement is substantially frustrated thereby. 

 

	41.	 Withholdings shall continue to be deducted at source from payments made hereunder to the Employee according to
applicable law, including, but not limited to, Israeli income tax, National Security (“Bituach Leumi”) and Health Tax. The Employee shall continue to bear any tax imposed in connection with the payments and benefits provided for in
this Agreement. 

  

	42.	 The preface and Exhibits to this Agreement shall continue to constitute an integral and indivisible part
hereof. 

  

	43.	 This Agreement constitutes the entire understanding and agreement between the parties hereto, supersedes any
and all prior discussions, agreements and correspondence with regard to the subject matter hereof, and may not be amended, modified or supplemented in any respect, except by a subsequent writing executed by both parties hereto. It is hereby agreed
by the Employee that the offer letter executed between the Employee and 89bio, Inc., as of April 15, 2020, is terminated in its entirety with no further force and effect and is hereby replaced by this Agreement. 

 

	44.	 The Employee acknowledges and confirms that all terms of the Employee’s employment are personal and
confidential, and undertake to keep such terms in confidence and refrain from disclosing such terms to any third party. 

  

	45.	 Sexual Harassment. Employee acknowledges that the Company complies with the Prevention of Sexual
Harassment Law and Regulations, and that it has a Prevention of Sexual Harassment Charter of which Employee has been made aware. Employee undertakes to comply with such Law, Regulations and Charter, all of which may be amended from time to time.

  
 7 

	46.	 The Employee acknowledges and agrees that 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) 

[Signature page follows] 

  
 8 

 IN WITNESS WHEREOF, the parties have duly executed this Amended and Restated Employment Agreement on
the Effective Date. 
  

									
	 Rohan Palekar
	  		  	 Ram Waisbourd
	  	
	Rohan Palekar	  		  	Ram Waisbourd	  	
	89bio Ltd.	  		  	Aug 6, 2020	  	
	  
 By:
	 	  
 /s/ Rohan Palekar
	  		  		  	
	Title:	 	 CEO
  

JULY 30, 2020
	  		  		  	

  
 9 

 Exhibit A 

 

			
	Name of Employee:	  	Ram Waisbourd.
		
	Position: 
	  	COO and CBO.
		
	Scope of Position:	  	Full-time.
		
	Supervisor:	  	The CEO of 89bio, Inc.
		
	Notice Period:	  	The Notice Period shall be thirty (30) days.
		
	Base Salary:	  	NIS 48,020 per month.
		
	Global Overtime Compensation:	  	NIS 12,005 per month.
		
	Vacation Days per Year:	  	In accordance with applicable law, but no less than 22 days.
		
	Travel Expenses:	  	In Accordance with applicable law.
		
	Out of Pocket Expenses:	  	The Company will reimburse the Employee for out of pocket business related expenses reasonably incurred in the performance of his duties, as approved by the Board in the annual budgeting process and in accordance with any expense
claiming policies and guidelines promulgated by the Company from time to time.
		
	Education Fund:	  	The Company and Employee shall continue to maintain an advanced study fund (Keren Hishtalmut) according to applicable law (the “Fund”). The contributions to the Fund shall continue to be made on a monthly basis
as set forth below. The Company shall continue to contribute to such Fund an amount equal to 7.5% of the Salary, subject to Employee’s contribution of an additional 2.5% of the Salary. Notwithstanding anything herein to the contrary, neither
party shall contribute nor shall the Company deduct from each monthly Salary an amount greater than the maximum amount exempt from tax payment by applicable laws. The Employee shall continue to be responsible for any tax imposed in connection with
the above fund and/or in connection with the Company’s contributions thereto. Employee hereby instructs the Company to transfer to such Fund the amount of the Employee’s and the Company’s contribution from each monthly Salary
payment.
		
	Equity Grants	  	Subject to the discretion and approval of the Board or the Compensation Committee of the Board, the Employee will continue to be eligible to receive awards under 89bio, Inc.’s 2019 Amended and Restated Equity Incentive Plan
(or any successor thereto) (the “Equity Plan”) from time to time in accordance with the terms and conditions thereof.
		
	Car-related Expenses:	  	The Company will pay Employee an amount of NIS 4,000 per month in connection with car-related expenses. Employee shall not be required to present documentation regarding the car
expenses.

  
 10 

			
		
	Performance Bonus:	  	Each Year, the Employee shall have the opportunity to earn a discretionary “on-target” bonus in the amount of up to 32.5% of the Employees’ annual Salary (the “Target
Bonus”). The Employee’s actual bonus amount will be determined in accordance with the Company’s bonus policy. Any annual bonus with respect to a particular year will be paid within 2 1/2 months following the end of the year for
which the annual bonus relates. The Employee must remain continuously employed through the end of the applicable calendar year to be eligible to receive an annual bonus payment for a particular calendar year.

  
 11 

 Exhibit B 

 

	
	Name of Employee: Ram Waisbourd
	
	ID No. of Employee: 022879340

 General 
  

	1.	 Capitalized terms herein shall have the meanings ascribed to them in the Agreement to which this Exhibit is
attached (the “Agreement”). For purposes of any undertaking of the Employee toward the Company, the term “Company” herein shall include the parent company of the Company and any subsidiaries and affiliates of the Company.
The Employee’s obligations and representations and the Company’s rights under this Exhibit shall apply as of the Commencement Date, regardless of the date of execution of the Agreement. 

Confidentiality; Proprietary Information 
  

	2.	 Employee acknowledges and agrees that Employee will have access to confidential and proprietary information or
data (whether originated by the Company or received from third parties) concerning the business, technological and/or financial activities of the Company, including, without limitation, patents, patent applications, trademarks, copyrights and other
intellectual property, and information relating to the same, technologies and products (actual or planned), techniques, processes, methods, systems, designs, drawings, photographs, models, prototypes, computer programs, ideas, samples, concepts,
know how, development or experimental work, work in progress, mask work, inventions, improvements, research and development activities, research data, research results, research records, test results, materials, formulas, trade secrets and
industrial secrets, product plans, business strategies, financial information, forecasts, personnel information, and also confidential commercial information such as investments, investors, service providers, customers lists, suppliers lists, cost
data, marketing plans, etc., all the above - whether documentary, written, graphic, oral or computer generated, shall be referred to herein as “Proprietary Information”. 

 

	3.	 Proprietary Information shall be deemed to include any and all proprietary information disclosed by or on
behalf of the Company, or to which Employee was otherwise exposed to in the course of his engagement with the Company, or in connection therewith (whether prior or after the execution of the Agreement), and irrespective of form but excluding
information that (i) was known to Employee prior to Employee’s association with the Company, as can be evidenced by the Employee; (ii) is or shall become part of the public knowledge except as a result of the breach of the Agreement
or this Exhibit by Employee; (iii) reflects general skills and experience of the Employee; or (iv) reflects information and data generally known in the industries or trades in which the Company operates except as a result of the breach of
the Agreement or this Exhibit by Employee. 

  

	4.	 Employee recognizes that the Company received and will receive confidential or proprietary information from
third parties, subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. In connection with such duties, such information shall be deemed Proprietary Information
hereunder, mutatis mutandis. 

  

	5.	 Employee agrees that all Proprietary Information, and any and all patents, trademarks, copyrights and other
intellectual property and ownership rights in connection therewith as the same shall be from time to time shall be the sole and exclusive property of the Company. Disclosure of the Proprietary Information to the Employee shall in no way serve to
create, by implication or otherwise, on the part of the Employee, a license to use, or any proprietary right in, Company’s Proprietary Information and/or in Company’s Inventions (as defined below) including in any proprietary product,
trademark, copyright or other right of Company. At all times, both during the employment relationship between the parties and for an unlimited period after the termination of the engagement between the parties, Employee will keep in confidence and
trust all Proprietary Information, and will not disclose or use, for itself or others, directly or indirectly, any Proprietary Information or anything relating to it without the written consent of the Company, except as may be necessary in the
ordinary course of performing Employee’s duties under the Agreement, whilst maintaining the Company’s best interests. 

  
 12 

	6.	 Upon termination of Employee’s engagement with the Company, Employee will promptly deliver to the Company
all Proprietary Information, including all records, products and samples received, and any copies thereof, as well as any notes, memoranda or other writings or documentation which contain or pertain to the Proprietary Information or any portion
thereof, and all other documents and materials of any nature pertaining to Employee’s engagement with the Company, and will not take with his any documents or materials or copies thereof containing any Proprietary Information.

 Disclosure and Assignment of Inventions 
  

	7.	 Employee understands that the Company is engaged in a continuous program of research, development, and
production and marketing in connection with its business and that, as an essential part of Employee’s employment with the Company, Employee is expected to make to and create inventions of value for the Company. 

 

	8.	 For the purpose of this Exhibit, the following capitalized terms shall have the following meaning:

 “Inventions” means any and all inventions, innovations, improvements, designs, original works of
authorship, formulas, concepts, techniques, methods, systems, processes, compositions of matter, know how, computer software programs, databases, mask works and trade secrets, whether or not patentable, copyrightable or protectable as trade secrets;

 “Company Inventions” means any Inventions that are discovered, made or conceived or first reduced to practice or created
by Employee, whether alone or jointly with others, during or after the period of Employee’s engagement with the Company, and that are: (i) developed using equipment, supplies, facilities or Proprietary Information of the Company,
(ii) result from work performed by Employee for the Company and/or in connection therewith, or (iii) related to the field of business of the Company, research and development of the Company, during the
Non-Compete Period. 
  

	9.	 From and after the date Employee first became employed with the Company, Employee undertakes and covenants that
he will promptly disclose in confidence to the Company all Inventions deemed as Company Inventions. The Employee agrees and undertakes not to disclose to the Company any confidential information of any third party and, in the framework of his
employment by the Company, not to make any use of any intellectual property rights of any third party. 

  

	10.	 Employee acknowledges and agrees that all Company Inventions (including all work products, and any by-products or residuals thereof), will be the sole and exclusive property of the Company, and the Employee shall retain no rights therein whatsoever. 

 

	11.	 Employee hereby irrevocably transfers and assigns to the Company all worldwide patents, patent applications,
copyrights, mask works, trade secrets and other intellectual property rights in any Company Invention, and any and all moral rights that the Employee may have in or with respect to any Company Invention. 

 

	12.	 The Employee hereby agrees and understands that he is not, nor will he be, entitled to (and for the avoidance
of any doubt hereby expressly and irrevocably waives in advance on) any right he might have to receive royalties or any other compensation in connection and/or with regard to any Company Inventions, service inventions (as defined in the Patent Law)
and/or any of the intellectual property rights set forth above (including, without limitations, any right to receive royalties or other payment according to Section 134 of the Patents Law and/or other applicable law), including any
commercialization of such Company Inventions, Service Inventions and/or any of the intellectual property rights. 

  

	13.	 Without derogating from the foregoing, Employee hereby agrees never to assert any claim and/or demand to any
intellectual property rights, royalties and/or other payment with respect to the Company’s Inventions, and that if, at any time (notwithstanding the Employee’s express agreement set forth above) a competent court, registrar, tribunal or
arbitrator in a proceeding properly brought before it, holds that 

  
 13 

	 	
Employee is entitled to receive royalties or other payment (in addition to the special compensation explicitly set forth in this Agreement) with regard to any Company Inventions, service
inventions, or any of the intellectual property rights set forth above, then the Employee’s Salary shall be automatically and retroactively reduced such that the Employee shall be obligated to promptly repay to the Company the full amount of
special compensation received from the Company pursuant to Section 29 of the Agreement. The amount to be repaid to the Company as aforesaid, shall bear interest, shall be linked to the Cost of Living Index in accordance with the law from the
date of payment thereto to the Employee and until the date of repayment, and shall not derogate from any other right, relief or legal remedy to which the Company shall be entitled pursuant to the Agreement and/or under any applicable law.

  

	14.	 Employee hereby agrees, warrants and acknowledges that the special compensation delineated in Section 29
of the Agreement constitutes a full, fair and appropriate consideration for: (i) any Invention that shall be invented and/or developed by the Employee (if and as far as such have been or will be invented and/or developed) and for any
contribution of the Employee to the Company Invention; (ii) the assignment of the Company Inventions, service inventions and the intellectual property rights set forth above; and (iii) the waiver of royalties or other payments as set forth
above, and Employee shall not be entitled to any other compensation with respect thereto. 

  

	15.	 Employee agrees to assist the Company, at the Company’s expense, in every proper way to obtain for the
Company and enforce patents, copyrights, mask work rights, and other legal protections for the Company Inventions in any and all countries. Employee will execute any documents that the Company may reasonably request for use in obtaining or enforcing
such patents, copyrights, mask work rights, trade secrets and other legal protections. Such obligation shall continue beyond the termination of Employee’s engagement with the Company. Employee hereby irrevocably designates and appoints the
Company and its authorized officers and agents as Employee’s agent and attorney in fact, coupled with an interest to act for and on Employee’s behalf and in Employee’s stead to execute and file any document needed to apply for or
prosecute any patent, copyright, trademark, trade secret, any applications regarding same or any other right or protection relating to any Proprietary Information (including Company Inventions), and to do all other lawfully permitted acts to further
the prosecution and issuance of patents, copyrights, trademarks, trade secrets or any other right or protection relating to any Proprietary Information (including Company Inventions), with the same legal force and effect as if executed by Employee
herself. 

 Non-Competition and Non-Solicitation

  

	16.	 In order to enable the Company to effectively protect its legitimate interests and Proprietary Information
(which constitute the essence of its protected business and commercial advantage in which significant capital investments were made), Employee agrees and undertakes that he will not, so long as the Agreement is in effect and for a period of six
(6) months following termination of the Agreement, for any reason whatsoever, directly or indirectly, as owner, partner, joint venturer, stockholder, employee, broker, agent, principal, trustee, corporate officer, director, licensor or in any
capacity whatsoever, engage in, become financially interested in, be employed by, render services, or otherwise have any connection with any business or venture that is engaged in any activities competing with the business and/or activities of the
Company. 

  

	17.	 Employee agrees and undertakes that during the employment relationship and for a period of twelve
(12) months following termination of this engagement for whatever reason, Employee will not in any manner, directly or indirectly, including personally or in any business in which Employee may be an officer, director or shareholder:
(i) recruit, induce or solicit for employment any person who is employed by the Company, or any person retained by the Company as a consultant, advisor or the like who is subject to an undertaking towards the Company to refrain from engagement
in activities competing with the activities of the Company, or was retained as an employee or a consultant during the twelve (12) months preceding termination of Employee’s employment with the Company; and/or (ii) solicit from the
clients of the Company any business in competition with the Company that involves activities in which the Company was engaged or had already planned to be engaged during the term of Employee’s engagement with the Company. 

  
 14 

	18.	 Employee acknowledges and agrees that his Salary includes, among others, adequate compensation for his
undertakings in Sections 16 and 17. 

 Corporate Opportunities 

 

	19.	 The Employee shall inform the Company, as soon as practicable, on every matter, which might create a conflict
of interests with the employment under this Agreement. The Employee shall not appropriate for herself or for any other person other than the Company, or any affiliate of the Company, any such opportunity unless, as to any particular opportunity, he
shall have first obtained the prior written consent of the CEO of the Company. Such duty to notify the Company and to refrain from appropriating all such opportunities shall neither be limited by, nor shall such duty limit, the application of the
general law relating to the fiduciary duties of a contractor or an agent. 

 Reasonableness of Protective Covenants 

 

	20.	 The Employee declares and acknowledges that: 

 

	 	20.1.	 The Employee’s obligations of confidentiality, non-competition and
non-solicitation included in this Exhibit are necessary and essential to protect the business of Company and to realize and derive all the benefits, rights and expectations of conducting Company’s
business, and that the scope and duration of such obligations and the other protective covenants contained herein is fair, reasonable and proportional in all aspects, especially in light of the special compensation to which the Employee is entitled
in consideration for his covenants hereunder (which constitutes good and valuable consideration for Employee’s agreement to be bound by such covenants). 

  

	 	20.2.	 Breach of an obligation under this Exhibit shall contradict the nature of the special trust and relationship of
loyalty between the parties, the fair and proper business practices, the duty of good faith and fairness between the parties, shall harm the Company, and shall constitute a material breach of this Agreement and the trade secrets, confidential
connections, confidential information, and other privileged interests of the Company. 

  

	 	20.3.	 The Employee declares that his obligations under this Exhibit, which are reasonable and proportional, do not
prevent the Employee from developing his general knowledge and professional expertise in the area of his business, with regard to those who are not customers and employees of the Company and without usurping its trade secrets. 

 

	 	20.4.	 Nevertheless, if any of the restrictions set forth in this Exhibit shall for any reason be found by a court
having jurisdiction to be unreasonable or excessively-broad as to geographic area, scope, activity or time or to be otherwise unenforceable or invalid, the parties hereto intend for the restrictions set forth in this Exhibit to be reformed, modified
and redefined by such court so as to be reasonable and enforceable to the fullest extent possible and, as so modified by such court, to be fully enforced. 

Remedies for Breach 
  

	21.	 Employee acknowledges that the legal remedies for breach of the provisions of this Exhibit may be found
inadequate and therefore agrees that, in addition to the repayment to the Company of the special compensation received by the Employee under the Agreement and all of the remedies available to Company in the event of a breach or a threatened breach
of any of such provisions, the Company may also, in addition to any other remedies which may be available under applicable law, obtain temporary, preliminary and permanent injunctions against any and all such actions. 

  
 15 

 Survival 
  

	22.	 The undertakings of the Employee set forth in this Exhibit B shall remain in full force and
effect after termination of the Agreement. 

  

			
		 	 /s/ Ram Waisbourd

	Name:	 	Ram Waisbourd
	Date:	 	Aug 6 2020

  
 16 

 Exhibit C 

 
 

 
  
 GENERAL APPROVAL REGARDING PAYMENTS BY EMPLOYERS TO
A PENSION FUND AND INSURANCE FUND IN LIEU OF SEVERANCE PAY 
 By virtue of my power under section 14 of the Severance Pay Law, 1963 (hereinafter: the
“Law”), I certify that payments made by an employer commencing from the date of the publication of this approval publication for his employee to a comprehensive pension benefit fund that is not an insurance fund within
the meaning thereof in the Income Tax (Rules for the Approval and Conduct of Benefit Funds) Regulations, 1964 (hereinafter: the “Pension Fund”) or to managers insurance including the possibility of an insurance pension
fund or a combination of payments to an annuity fund and to a non-annuity fund (hereinafter: the “Insurance Fund), including payments made by him by a combination of payments to a
Pension Fund and an Insurance Fund, whether or not the Insurance Fund has an annuity fund (hereinafter: the “Employer’s Payments), shall be made in lieu of the severance pay due to the said employee in respect of the
salary from which the said payments were made and for the period they were paid (hereinafter: the “Exempt Salary”), provided that all the following conditions are fulfilled: 

  
 17 

	(1)	 The Employer’s Payments - 

 

	 	(a)	 To the Pension Fund are not less than 141/3% of the Exempt Salary or 12% of the Exempt Salary if the employer pays for his employee in addition thereto also payments to supplement severance pay to a benefit fund for severance pay or to an
Insurance Fund in the employee’s name in an amount of 21/3% of the Exempt Salary. In the event the employer has not paid an addition to
the said 12%, his payments shall be only in lieu of 72% of the employee’s severance pay; 

  

	 	(b)	 To the Insurance Fund are not less than one of the following: 

(1) 131/3% of the Exempt
Salary, if the employer pays for his employee in addition thereto also payments to secure monthly income in the event of disability, in a plan approved by the Commissioner of the Capital Market, Insurance and Savings Department of the Ministry of
Finance, in an amount required to secure at least 75% of the Exempt Salary or in an amount of 21/2% of the Exempt Salary, the lower of the
two (hereinafter: “Disability Insurance”); 
 (2) 11% of the Exempt Salary, if the employer paid, in
addition, a payment to the Disability Insurance, and in such case the Employer’s Payments shall only replace 72% of the Employee’s severance pay; In the event the employer has paid in addition to the foregoing payments to supplement
severance pay to a benefit fund for severance pay or to an Insurance Fund in the employee’s name in an amount of 21/3% of the Exempt
Salary, the Employer’s Payments shall replace 100% of the employee’s severance pay. 
  

	(2)	 No later than three months from the commencement of the Employer’s Payments, a written agreement is
executed between the employer and the employee in which - 

  

	 	(a)	 The employee has agreed to the arrangement pursuant to this approval in a text specifying the
Employer’s Payments, the Pension Fund and Insurance Fund, as the case may be; the said agreement shall also include the text of this approval; 

  

	 	(b)	 The employer waives in advance any right, which it may have to a refund of monies from his payments, unless
the employee’s right to severance pay has been revoked by a judgment by virtue of Section 16 and 17 of the Law, and to the extent so revoked and/or the employee has withdrawn monies from the Pension Fund or Insurance Fund other than by
reason of an entitling event; in such regard “Entitling Event” means death, disability or retirement at after the age of 60. 

  

	(3)	 This approval is not such as to derogate from the employee’s right to severance pay pursuant to any
law, collective agreement, extension order or employment agreement, in respect of salary over and above the Exempt Salary. 

  

	
	 /s/ Ram Waisbourd

	Ram Waisbourd
	Aug 6 2020

  
 18

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