Document:

Exhibit 10.12

 

PROMISSORY NOTE

 

FOR VALUABLE CONSIDERATION
RECEIVED, SOL-GEL TECHNOLOGIES LTD., an Israeli company (the “Company”), hereby promises to pay to MOSHE
ARKIN., an Israeli individual, I.D number 05-164306-2 (“Holder”), the principal amounts specified in Schedule
A hereto (the “Aggregate Principal Amount”) comprised of several outstanding loans advanced prior or following
the date hereof (each, a “Loan”), until this Promissory Note (“Note”) is paid in full.
Schedule A may be updated form time to time in order to reflect additional principal amounts advance hereunder, by confirmation
of the parties through the exchange of written instrument (including in electronic form).

 

		1.	No Interest Rate. Each of the Loans shall bear no interest.

 

		2.	Unsecured Note. Holder acknowledges and agrees that the indebtedness
represented by this Note is unsecured.

 

		3.	Right to Prepay By Company; Termination. The Company may, in its sole
discretion, prepay this Note in its entirety or any portion of, without premium or penalty.

 

Following the full payment of all
amounts outstanding under this Note, this Note shall be terminated.

 

		4.	Events of Default. Each of the following events shall be an Event
of Default (“Event of Default”) for purposes of this Note:

 

The Company makes an assignment
for the benefit of creditors or admits in writing its inability to pay its debts as they become due, or files a voluntary petition
in bankruptcy, or is adjudicated a “debtor” under the Israeli liquidation law or other similar law or insolvent, or
files any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any present or future statute, law or regulation, or files any answer admitting the material allegations
of a petition filed against the Company for any such relief, or a trustee, receiver or liquidator shall be appointed for the Company
or all or any substantial part of the properties of the Company, or if any petition for bankruptcy, reorganization or arrangement
under bankruptcy law shall be filed by or against, consented to, or acquiesced in by the Company, or if any proceeding for the
dissolution or liquidation of the Company shall be instituted; provided, that if such appointment, petition or proceeding was involuntary
and not consented to by the Company, the same shall become an Event of Default upon the same not being discharged, stayed or dismissed
within sixty (60) days.

 

    	 		 

     

    

 

		5.	Remedies on Default; Acceleration. Upon the occurrence of an Event
of Default, Holder shall have the right to declare any amount payable under this Note to be immediately due and payable upon written
notice from Holder to the Company.

 

		6.	Notices. All notices and other communications required or permitted
hereunder to be given to a party to this Note shall be in writing and shall be telecopied or mailed by registered or certified
mail, postage prepaid, or otherwise delivered by hand or by messenger, addressed to such party’s address as set forth below
or at such other address as the party shall have furnished to each other party in writing in accordance with this provision:

 

if to Holder,
to:

 

Moshe Arkin.

Ha'Choshlim 6 Herzliya

4672406 Israel

 

if to Company, to:

 

Sol-Gel Technologies Ltd.

7 Golda Meir St., Weizmann Science Park

Ness Ziona, 7403648 Israel

Atten: CEO

 

		7.	Modification and Waiver. No purported amendment, modification or waiver
of any provision hereof shall be binding unless set forth in a written document signed by the Company and Holder (in the case of
amendments or modifications) or by the party to be charged thereby (in the case of waivers).

 

		8.	Assignment.

 

		a.	Holder shall have the right to assign, sell, transfer, delegate, or otherwise
dispose of any right or obligation under this Note without the prior written consent of the Company.

 

		b.	This Note may not be assigned by the Company without Holder’s written
consent.

 

		9.	Governing Law and Venue. This Note shall be construed and interpreted
pursuant to and in accordance with the laws of the State of Israel. Any dispute arising out of or relating to this Note shall be
venued only in the courts of Tel Aviv in the State of Israel.

 

		10.	Entire Agreement. This Note states all the terms of the agreement between
the parties in respect of its subject matter. It supersedes all prior agreements in respect of the loans specified in Schedule
A (including the certain Promissory Note dated December 6, 2015).

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF, this
Promissory Note has been executed and delivered effective as of the date first set forth above.

 

	 	SOL-GEL TECHNOLOGIES LTD.
	 	 	 
	 	By: 	/s/ Kobbi Nir
	 	Name: Kobbi Nir
	 	Title: CFO

 

Agreed and accepted this 2nd day of August, 2016.

 

	/s/ Moshe Arkin	 

MOSHE ARKIN

 

    	 	3	 

     

    

 

Schedule A

 

	Loan No.	 	Date of Loan	 	Loan Amount	 
	1	 	18/08/2014	 	$	834,554	 
	2	 	22/10/2014	 	$	2,500,000	 
	3	 	04/02/2015	 	$	1,500,000	 
	4	 	24/04/2015	 	$	5,000,000	 
	5	 	08/07/2015	 	$	500,330	 
	6	 	30/11/2015	 	$	1,500,000	 
	7	 	16/12/2015	 	$	5,000,000	 
	8	 	31/12/2015	 	$	502,242	 
	9	 	3/5/2016	 	$	5,000,000	 
	Aggregate Principle Amount:	 	 	 	$	22,337,126	 

 

    	 	4Exhibit 10.13

 

Schedule A

 

	Loan No.	 	Date of Loan	 	Loan Amount	 
	1	 	18/08/2014	 	$	834,554	 
	2	 	22/10/2014	 	$	2,500,000	 
	3	 	04/02/2015	 	$	1,500,000	 
	4	 	24/04/2015	 	$	5,000,000	 
	5	 	08/07/2015	 	$	500,330	 
	6	 	30/11/2015	 	$	1,500,000	 
	7	 	16/12/2015	 	$	5,000,000	 
	8	 	31/12/2015	 	$	502,242	 
	9	 	3/5/2016	 	$	5,000,000	 
	10	 	22/8/2016	 	$	5,000,000	 
	11	 	9/11/2016	 	$	5,000,000	 
	12	 	21/12/2016	 	$	5,000,000	 
	13	 	06/04/2017	 	$	5,000,000	 
	14	 	01/06/2017	 	$	5,000,000	 
	15	 	28/06/2017	 	$	18,000,000	 
	Aggregate Principle Amount:	 	 	 	$	65,337,126	 

 

Updated on June 28, 2017.

 

	/s/
    Moshe Arkin	 
	Moshe
    Arkin	 

 

	/s/
    Gilad Mamlok	 
	Sol-Gel Technologies
    Ltd.Exhibit 10.14

 

INSTRUMENT OF CONVERSION

OF

PROMISSORY NOTE

 

This Instrument of Conversion (this “Instrument
of Conversion”) is made as of this 22nd day of August, 2017, with respect to that certain Promissory Note,
dated August 2, 2016, as updated by that certain Schedule A to Promissory Note, dated June 28, 2017 (the “Note”),
issued by SOL-GEL TECHNOLOGIES LTD., an Israeli company (the “Company”), to Moshe Arkin, an Israeli
individual, I.D number 05-164306-2 (the “Holder”).

 

WHEREAS, the current aggregate outstanding
principal amount of the Note is $65,337,126 (the “Principal Amount”);

 

WHEREAS, the Company is contemplating
an initial public offering (“IPO”) of its ordinary shares, par value NIS 0.1 each (“Ordinary Shares”),
pursuant to a registration statement on Form F-1 filed with the Securities and Exchange Commission;

 

WHEREAS, notwithstanding anything
to the contrary in the Note, the parties hereto hereby mutually desire that immediately prior to the closing of the IPO, the Principal
Amount will be automatically converted into Ordinary Shares in consideration for the cancellation of the Note, on the terms set
forth herein;

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual promises made herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, it is agreed as follows:

 

1.          Notwithstanding
anything to the contrary contained in the Note, immediately prior to the closing of the IPO, all of the Principal Amount of the
Note shall automatically without any further action on the part of the Company or the Holder be converted into that number of Ordinary
Shares of the Company to be held by the Holder (the “Conversion Shares”) equal to (x) the Principal Amount divided
by (y) the initial public offering price per share set forth on the cover page of the final prospectus relating to the IPO (the
“Conversion”). The Company shall issue the Conversion Shares in the name of the Holder on the day of closing
of the IPO. The Holder acknowledges that the Conversion Shares will be deemed “restricted securities” as defined in
Rule 144(a)(3) under the Securities Act, and as such will bear a restrictive legend in such form as is customary for restricted
securities.

 

2.          If
the closing of the IPO does not occur by December 31st, 2017, then this Instrument of Conversion will have no force and effect.

 

3.          Any
taxes, levies, charges and other duties or other amounts that are levied on, or due by, the Holder under applicable law in connection
with the issuance of the Ordinary Shares to the Holder pursuant to this Instrument of Conversion shall be borne by the Holder.

 

4.          Upon
the closing of the IPO and following the Conversion as contemplated by this Instrument of Conversion, the Note shall be deemed
fully repaid and shall no longer have any force and effect. By executing this Instrument of Conversion, (i) the parties agree to
the automatic conversion of the Principal Amount of the Note into Ordinary Shares in the manner described above and (ii) the Holder
agrees that upon the Conversion as contemplated by this Instrument of Conversion, all of the Company obligations and liabilities
with respect to the Principal Amount shall be deemed discharged and released in full.

 

5.          The
Holder shall have the right to assign, sell, transfer, delegate, or otherwise dispose of any right or obligation under this Instrument
of Conversion without the prior written consent of the Company.

 

6.          This
Instrument of Conversion shall be construed and interpreted pursuant to and in accordance with the laws of the State of Israel.
Any dispute arising out of or relating to this Instrument of Conversion shall be adjudicated only in the courts of Tel Aviv in
the State of Israel.

 

     

     

    

 

IN WITNESS WHEREOF the parties have signed
this Instrument of Conversion as of the date first hereinabove set forth.

 

SOL-GEL TECHNOLOGIES LTD.

 

	By:	/s/ Gilad Mamlok	 
	Name:	Gilad Mamlok	 
	Title:	CFO	 

 

	/s/ MOSHE ARKIN 	 
	MOSHE ARKIN

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]