Document:

Exhibit 10.6

 

NASVAX LTD. SHARE OPTION PLAN

 

NASVAX
LTD.

THE
2005 SHARE OPTION PLAN

 

 

TABLE
OF CONTENTS

 

	1.	PURPOSE OF THE ISOP	1
	2.	DEFINITIONS
	1
	3.	ADMINISTRATION
OF THE ISOP 	4
	4.	DESIGNATION
OF PARTICIPANTS	5
	5.	DESIGNATION
OF OPTIONS PURSUANT TO SECTION 102 	5
	6.	TRUSTEE	6
	7.	SHARES
RESERVED FOR THE ISOP	7
	8.	PURCHASE
PRICE 	7
	9.	ADJUSTMENTS 	8
	10.	TERM
AND EXERCISE OF OPTIONS 	9
	11.	VESTING
OF OPTIONS 	10
	12.	SHARES
SUBJECT TO RIGHT OF FIRST REFUSAL 	11
	13.	DIVIDENDS
	11
	14.	RESTRICTIONS
ON ASSIGNABILITY AND SALE OF OPTIONS 	11
	15.	EFFECTIVE
DATE AND DURATION OF THE ISOP 	11
	16.	AMENDMENTS
OR TERMINATION 	12
	17.	GOVERNMENT
REGULATIONS 	12
	18.	CONTINUANCE
OF EMPLOYMENT 	12
	19.	GOVERNING
LAW & JURISDICTION 	12
	21.	NON-EXCLUSIVITY
OF THE ISOP 	12
	22.	MULTIPLE
AGREEMENTS 	12

 

    	 		 

     

    

 

This
plan, as amended from time to time, shall be known as NasVax Ltd. 2005 Share Option Plan (the “ISOP”).

 

1.
PURPOSE OF THE ISOP

 

The
ISOP is intended to provide an incentive to retain in the employ of the Company and its Affiliates (as defined below), persons
of training, experience, and ability, to attract new employees, directors, consultants, service providers and any other entity
which the Board (as defined below) shall decide their services are considered valuable to the Company, to encourage the sense
of proprietorship of such persons, and to stimulate the active interest of such persons in the development and financial success
of the Company by providing them with opportunities to purchase shares in the Company, pursuant to the ISOP.

 

2.
DEFINITIONS

 

For
purposes of the ISOP and relatedidocuments, including the Option Agreement, the following definitions shall apply:

 

2.1
“Affiliate” means any “employing company” within the meaning of Section 102(a) of the Ordinance.

 

2.2
“Approved 102 Option” means an Option granted pursuant to Section 102(b) of the Ordinance and held in trust by a Trustee
for the benefit of the Optionee.

 

2.3
“Board” means the Board of Directors of the Company.

 

2.4
“Capital Gain Option (CGO)” as defined in Section 5.4 below.

 

2.5
“Cause” means, (i) conviction of any felony involving moral turpitude or affecting the Company; (ii) any refusal to
carry out a reasonable directive of the chief executive officer, the Board or the Optionee’s direct supervisor, which involves
the business of the Company or its Affiliates and was capable of being lawfully performed; (iii) embezzlement of funds of the
Company or its Affiliates; (iv) any breach of the Optionce’s fiduciary duties or duties of care of the Company; including
without limitation disclosure of confidential information of the Company; (v) any conduct (other than conduct in good faith) reasonably
determined by the Board to be materially detrimental to the Company; and (vi) circumstances which deprive an employee of severance
payment according to applicable law.

 

    

     

    

 

2.6
“Chairman” means the chairman of the Committee.

 

2.7
“Committee” means a share option compensation committee appointed by the Board, which shall consist of no fewer than
two members of the Board.

 

2.8
“Company" means NasVax Ltd., an Israeli company.

 

2.9
“Companies Law” means the Israeli Companies Law 5759-1999.

 

2.10
“Controlling Shareholder” shall have the meaning ascribed to it in Section 32(9) of the Ordinance.

 

2.11
“Date of Grant” means, the date of grant of an Option, as determined by the Board and set forth in the Optionee’s
Option Agreement.

 

2.12
"Employee” means a person who is employed by the Company or its Affiliates, including an individual who is serving
as a director or an office holder, but excluding Controlling Shareholder.

 

2.13
“Expiration data" means the date Upon which an Option shall expire, as set forth in Section 10.2 of the ISOP.

 

2.14
“Fair Market Value” means as of any date, the value of a Share determined as follows:

 

(i)
If the Shares are listed on any established stock exchange or a national market system, including without limitation the NASDAQ
National Market system, or the NASDAQ SmallCap Market of the NASDAQ Stock Market, the Fair Market Value shall be the closing sales
price for such Shares (or the closing bid, if no sales were reported), as quoted on such exchange or system for the last market
trading day prior to time of determination, as reported in the Wall Street Journal, or such other source as the Board deems reliable.

 

Without
derogating from the above, solely for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance,
if at the Date of Grant the Company's shares are listed on any established stock exchange or a national market system or if the
Company’s shares will be registered for trading within ninety (90) days following the Date of Grant, the Fair Market Value
of a Share at the Date of Grant shall be determined in accordance with the average value of the Company’s shares on the
thirty (30) trading days preceding the Date of Grant or on the thirty (30) trading days following the date of registration for
trading, as the case may be;

 

(ii)
If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value
shall be the mean between the high bid and low asked prices for the Shares on the last market trading day prior to the day of
determination, or;

 

(iii)
In the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by the
Board.

 

2.15
“1Po” means the initial public offering of the Company’s shares.

 

2.16
“ISOP” means this 2005 Share Option Plan.

 

    2

     

    

 

2.17
“ITA” means the Israeli Tax Authorities.

 

2.18
“Non-Employee” means a consultant, adviser, service provider, Controlling Shareholder or any other person who is not
an Employee.

 

2.19
“Ordinary Income Option (010)" as defined in Section 5.5 below.

 

2.20
“Option” means an option to purchase one or more Shares of the Company pursuant to the ISOP.

 

2.21
“102 Option” means any Option granted to Employees pursuant to Section 102 of the Ordinance.

 

2.22
“3(i) Option” means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

 

2.23
“Optionee” means a person who receives or holds an option under the ISOP.

 

2.24
“Option Agreement” means the share option agreement between the Company and an Optionee that sets out the
terms and Conditions of an Option.

 

2.25
“Ordinance” means the 1961 Israeli Income Tax Ordinance [New Version] 1961 as now in effect or as hereafter amended.

 

2.26
“Purchase Price” means the price for each Share subject to an Option.

 

2.27
“Section 102” means section 102 of the Ordinance as now in effect or as hereafter amended.

 

2.28
“Share” means the ordinary shares, NIS 0.1 par value each, of the Company.

 

2.29
“Successor Company” means any entity the Company is merged to or is acquired by, in which the Company is not the surviving
entity.

 

2.30
“Transaction” means (i) merger, acquisition or reorganization of the Company with one or more other entities in which
the Company is not the surviving entity, (ii) a sale of all or substantially all of the assets of the Company.

 

2.31
“Trustee” means any individual appointed by the Company to serve as a trustee and approved by the ITA, all in accordance
with the provisions of Section 102(a) of the Ordinance.

 

2.32
“Unapproved 102 Option” means an Option granted pursuant to Section 102(c) of the Ordinance and not held in trust
by a Trustee.

 

2.33
“Vested Option” means any Option, which has already been vested according to the Vesting Dates.

 

2.34
“Vesting Dates” means, as determined by the Board or by the Committee, the date as of which the Optionee shall be
entitled to exercise the Options or part of the Options, as set forth in section 11 of the ISOP.

 

    3

     

    

 

3.
ADMINISTRATION OF THE ISOP

 

3.1
The Board shall have the power to administer the 'Plan. To the extent permitted under applicable law, the Board may delegate its
powers under the Plan, or any part thereof, to the Committee, in which case, any reference to the Board in the Plan with respect
to the rights so delegated shall be construed as reference to the Committee. Notwithstanding the foregoing, the Board shall automatically
have residual authority (i) if no Committee shall be constituted, (ii) with respect to rights not delegated by the Board to the
Committee, or (iii) if such Committee shall cease to operate for any reason whatsoever.

 

3.2
The Committee shall select one of its members as its Chairman and shall hold its meetings at such times and places as the Chairman
shall determine. The Committee shall keep records of its meetings and shall make such rules and regulations for the conduct of
its business as it shall deem advisable.

 

3.3
The Committee shall have the power to recommend to the Board and the Beard shall have the full power and authority to: (i) designate
participants; (ii) determine the terms and provisions of the respective Option Agreements, including, but not limited to, the
number of Options to be granted to each Optionee, the number of Shares to be covered by each Option, provisions concerning the
time and the extent to which the Options may be exercised and the nature and duration of restrictions as to the transferability
or restrictions constituting substantial risk of forfeiture and to cancel or suspend awards, as necessary; (iii) determine the
Fair Market Value of the Shares covered by each Option; (iv) make an election as to the type of Approved 102 Option; and (v) designate
the type of Options. The Committee shall have fill] power and authority to: (i) alter any restrictions and conditions of any Options
or Shares subject to any Options (ii) interpret the provisions and supervise the administration of the ISOP; (iii) accelerate
the right of an Optionee to exercise in whole or in part, any previously granted Option; (iv) determine the Purchase Price of
the Option; (v) prescribe, amend and rescind rules and regulations relating to the ISOP; and (vi) make all other determinations
deemed necessary or advisable for the administration of the ISOP.

 

3.4
Notwithstanding the above, the Committee shall not be entitled to grant Options to the Optionees, however, it will be authorized
to issue Shares underlying Options which have been granted by the Board and duly exercised pursuant to the provisions herein in
accordance with section 112(a)(5) of the Companies Law.

 

3.5
The Board shall have the authority to grant, at its discretion, to the holder of an outstanding Option, in exchange
for the surrender and cancellation of such Option, a new Option having a purchase price equal to, lower than or higher than
the Purchase Price of the original Option so surrendered and canceled and containing such other terms and conditions as the
Committee may prescribe in accordance with the provisions of the ISOP.

 

3.6
Subject to the Company’s Articles of Association,-all decisions and selections made by the Board or the Committee pursuant
to the provisions of the ISOP shall be made by a majority of its members except that no member of the Board or the Committee shall
vote on, or be counted for quorum purposes, with respect to any proposed action of the Board or the Committee relating to any
Option to be granted to that member. Any decision reduced to writing shall be executed in accordance with the provisions of the
Company’s Articles of Association, as the same may be in effect from time to time.

 

    4

     

    

 

3.7
The interpretation and construction by the Committee of any provision of the IS OP or of any Option Agreement thereunder shall
be final and conclusive unless otherwise determined by the Board.

 

3.8
Subject to the Company’s Articles of Association and the Company’s decision, and to all approvals legally
required, including, but not limited to the provisions of the Companies Law, each member of the Board or the Committee shall
be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably incurred by
him, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising out of any
act or omission to act in connection with the ISOP unless arising out of such member's own fraud or bad faith, to the extent
permitted by applicable law. Such indemnification shall be in addition to any rights of indemnification the member may have
as a director or otherwise under the Company's Articles of Association, any agreement, any vote of shareholders or
disinterested directors, insurance policy or otherwise.

 

4. DESIGNATION OF PARTICIPANTS

 

4.1
The persons eligible for participation in the ISOP as Optionees shall include any Employees and/or Non-Employees of the Company
or of any Affiliate; provided, however, that (i) Employees may only be granted 102 Options; (ii) Non-Employees may only be granted
3(i) Options; and (iii) Controlling Shareholders may only be granted 3(i) Options.

 

4.2
The grant of an Option hereunder shall neither entitle the Optionee to participate nor disqualify the Optionee from participating
in, any other grant of Options pursuant to the ISOP or any other option or share plan of the Company or any of its Affiliates.

 

4.3
Anything in the IS OP to the contrary notwithstanding, all grants of Options to directors and office holders shall be authorized
and implemented in accordance with the provisions of the Companies Law or any successor act or regulation, as in effect from time
to time.

 

5.
DESIGNATION OF OPTIONS PURSUANT TO SECTION 102

 

5.1
The Company may designate Options granted to Employees pursuant to Section 102 as Unapproved 102 Options or Approved 102 Options.

 

5.2
The grant of Approved 102 Options shall be made under this ISOP adopted by the Board as described in Section 15 below, and shall
be conditioned upon the approval of this ISOP by the ITA.

 

5.3
Approved 102 Option may either be classified as Capital Gain Option (“CGO”) or Ordinary Income Option (“OIO”).

 

5.4
Approved 102 Option elected and designated by the Company to qualifir under the capital gain tax treatment in accordance with
the provisions of Section 102(b)(2) shall be referred to herein as CGO.

 

5.5
Approved 102 Option elected and designated by the Company to qualify under the ordinary income tax treatment in accordance with
the provisions of Section 102(b)(1) shall be referred to herein as 010.

 

    5

     

    

 

5.6
The Company’s election of the type of Approved 102 Options as COO or 010 granted to Employees (the
“Election”), shall be appropriately filed with the ITA before the Date of Grant of an Approved 102 Option. Such
Election shall become effective beginning the first Date of Grant of an Approved 102 Option under this ISOP and shall remain
in effect at least until the end of the year following the year during which the Company first granted Approved 102 Options.
The Election shall obligate the Company to grant only the type of Approved 102 Option it has elected, and shall apply
to all Optionees who were granted Approved 102 Options during the period indicated herein, all in accordance with the
provisions of Section 102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent the Company from
granting Unapproved 102 Options simultaneously.

 

5.7
All Approved 102 Options must be held in trust by a Trustee, as described in Section 6 below.

 

5.8
For the avoidance of doubt, the designation of Unapproved 102 Options and Approved 102 Options shall be subject to the terms and
conditions set forth in Section 102 of the Ordinance and the regulations promulgated thereunder.

 

5.9
With regards to Approved 102 Options, the provisions of the ISOP and/or the Option Agreement shall be subject to the provisions
of Section 102 and the Tax Assessing Officer’s permit, and the said provisions and permit shall be deemed an integral part
of the ISOP and of the Option Agreement. Any provision of Section 102 and/or the said permit which is necessary in order to receive
and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in the ISOP or the Option Agreement,
shall be considered binding upon the Company and the Optionees.

 

6.
TRUSTEE

 

6.1
Approved 102 Options which shall be granted under the ISOP and/or any Shares allocated or issued upon exercise of such Approved
102 Options and/or other shares received subsequently following any realization of rights, including without limitation bonus
shares, shall be allocated or issued to the Trustee and held for the benefit of the Optionees for such peridd of time as required
by Section 102 or any regulations, rules or orders or procedures promulgated thereunder (the “Holding Period”). In
the case the requirements for Approved 102 Options are not met, then the Approved 102 Options may be treated as Unapproved 102
Options, all in accordance with the provisions of Section 102 and regulations promulgated thereunder.

 

6.2
Notwithstanding anything to the contrary, the Trustee shall not release any Shares allocated or issued upon exercise of Approved
102 Options prior to the full payment of the Optionee’s tax liabilities arising from Approved 102 Options which were granted
to him and/or any Shares allocated or issued upon exercise of such Options.

 

6.3
With respect to any Approved 102 Option, subject to the provisions of Section 102 and any rules or regulation or orders or procedures
promulgated thereunder, an Optionee shall not sell or release from trust any Share received upon the exercise of an Approved 102
Option and/or any share received subsequently following any realization of rights, including withoutlimitation, bonusshares, until
the lapse of the Holding Period required under Section 102 of the Ordinance. Notwithstanding the above, if any such sale or release
occurs during the Holding Period, the sanctions under Section 102 of the Ordinance and under any rules or regulation or orders
or procedures promulgated thereunder shall apply to and shall be borne by such Optionee.

 

    6

     

    

 

6.4
Upon receipt of Approved 102 Option, the Optionee will sign an undertaking to release i the Trustee from any liability in respect
of any action or decision duly taken and bona fide executed in relation with the ISOP, or any Approved 102 Option or Share granted
to him thereunder.

 

7. SHARES RESERVED FOR THE ISOP; RESTRICTION THEREON

 

7.1
The Company has reserved 11082 authorized Shares, for the purposes of the ISOP and for the purposes of any other share option
plans which may be adopted by the Company in the fiJture, subject to adjustment as set forth in Section 9 below. Any Shares which
remain unissued and which are not subject to the outstanding Options at the termination of the ISOP shall cease to be reserved
for the purpose of the ISOP, but until termination of the ISOP the Company shall at all times reserve sufficient number of Shares
to meet the requirements of the ISOP. Should any Option for any reason expire or be canceled prior to its exercise or relinquishment
in hill, the Shares subject to such Option may again be subjected to an Option under the ISOP or under the Company's other share
option plans.

 

7.2
Each Option granted pursuant to the ISOP, shall be evidenced by a written Option Agreement between the Company and the Optionee,
in such form as the Board or the Committee shall from time to time approve. Each Option Agreement shall state, among other matters,
the number of Shares to which the Option relates, the type of Option granted thereunder (whether a CGO, OIO, Unapproved 102 Option
or a 3(i) Option), the Vesting Dates, the Purchase Price per share, the Expiration Date and such other terms and conditions as
the Committee or the Board in its discretion may prescribe, provided that they are consistent with this ISOP.

 

7.3
Until the consummation of an IPO, such Shares shall be voted by an irrevocable proxy (the “'Proxy”) pursuant to the
directions of the Board, such Proxy to be assigned to the person or persons designated by the Board. Such person or persons designated
by the Board shall be indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably
incurred by him/her, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising
out of any act or omission to act in connection with the voting of such Proxy unless arising out of such member's own fraud or
bad faith, to the extent permitted by applicable law. Such indemnification shall be in addition to any rights of indemnification
the person(s) may have as a director or otherwise under the Company's Articles of Association, any agreement, any vote of shareholders
or disinterested directors, insurance policy or otherwise. Without derogating from the above, with respect to Approved 102 Options,
such shares shall be voted in accordance with the provisions of Section 102 and any rules, regulations or orders promulgated thereunder.

 

8.
PURCHASE PRICE

 

8.1
The Purchase Price of each Share subject to an Option shall be determined by the Committee in its sole and absolute discretion
in accordance with applicable law, subject to any guidelines as may be determined by the Board from time to time. Each Option
Agreement will contain the Purchase Price determined for each Optionee.

 

8.2
The Purchase Price shall be payable upon the exercise of the Option in a form satisfactory to the Committee, including without
limitation, by cash or check. The Committee shall have the authority to postpone the date of payment on such terms as it may determine.

 

8.3
'The Purchase Price shall be denominated in the currency of the primary economic environment of, either the Company or the Optionee
(that is the functional currency of the Company or the currency in which the Optionee is paid) as determined by the Company.

 

    7

     

    

 

9.
ADJUSTMENTS

 

Upon
the occurrence of any of the following described events, Optionee's rights to purchase Shares under the ISOP shall be
adjusted as hereafter provided:

 

9.1
In the event of Transaction, the unexercised Options then outstanding under the ISOP shall be assumed or substituted for an appropriate
..number of shares of each class of shares or other securities of the Successor Company (or a parent or subsidiary of the Successor
Company) as were distributed to the shareholders of the Company in connection and with respect to the Transaction. In the case
of such assumption and/or substitution of Options, appropriate adjustments shall be made to the Purchase Price so as to reflect
such action and all other terms and conditions of the Option Agreements shall remain unchanged, including but not limited to the
vesting schedule, all subject to the determination of the Committee or the Board, which determination shall be in their sole discretion
and final. The Company shall notify the Optionee of the Transaction in such form and method as it deems applicable at least ten
(10) days prior to the effective date of such Transaction.

 

9.2
Notwithstanding the above and subject to any applicable law, the Board or the Committee shall have full power and authority to
determine that in certain Option Agreements there shall be a clause instructing that, if in any such Transaction as described
in section 9.1 above, the Successor Company (or parent or subsidiary of the Successor Company) does not agree to assume or substitute
for the Options, the Vesting Dates shall be accelerated so that any unvested Option or any portion thereof shall be immediately
vested as of the date which is ten (10) days prior to the effective date of the Transaction.

 

9.3
For the purposes of section 9.1 above, an Option shall be considered assumed or substituted if, following the Transaction, the
Option confers the right to purchase or receive, for each Share underlying an Option immediately prior to the Transaction, the
consideration (whether shares, options, cash, or other securities or property) received in the Transaction by holders of shares
held on theeffective date of the Transaction (and if such holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the
Transaction is not solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary, the Committee
may, with the consent of the Successor Company, provide for the consideration to be received upon the exercise of the Option to
be solely ordinary shares (or their equivalent) of the Successor Company or its parent or subsidiary equal in Fair Market Value
to the per Share consideration received by holders of a majority of the outstanding shares in the Transaction; and provided. further
that the Committee may determine, in its discretion, that in lieu of such assumption or substitution of Options for options of
the Successor Company or its parent or subsidiary, such Options will be substituted for any other type of asset or property including
cash which is fair under the circumstances.

 

9.4
If the Company is voluntarily liquidated or dissolved while unexercised Options remain outstanding under the ISOP, the Company
shall immediately notify all unexercised Option holders of such liquidation, and the Option holders shall then have ten (10) days
to exercise any unexercised Vested Option held by them at that time, in accordance with the exercise procedure set forth herein.
Upon the expiration of such ten-days period, all remaining outstanding Options will terminate immediately.

 

    8

     

    

 

9.5
If the outstanding shares of the Company shall at any time be changed or exchanged by declaration of a share dividend (bonus shares),
share split, combination or exchange of shares, recapitalization, or any other like event by or of the Company, and as often as
the same shall occur, then the number, class and kind of the Shares subject to the ISOP- or subject to any Options therefore granted,
and the Purchase Prices, shall be appropriately and equitably adjusted so as to maintain the proportionate number of Shares without
changing the aggregate Purchase Price, provided, however, that no adjustment shall be made by reason of the distribution of subscription
rights (rights offering) on outstanding shares. Upon happening of any of the foregoing, the class and aggregate number of Shares
issuable pursuant to the ISOP (as set forth in Section 7 hereot), in respect of which Options have not yet been exercised, shall
be appropriately adjusted, all as will be determined by the Board whose determination shall be final.

 

9.6
Anything herein to the contrary notwithstanding, if prior to the completion of the IPO all or substantially all of the shares
of the Company are to be sold, or in case of a Transaction, all or substantially all of the shares of the Company are to be exchanged
for securities of another Company, then each Optionee shall be obliged to sell or exchange, as the case may be, any Shares such
Optionee purchased under the ISOP, in accordance with the instructions issued by the Board in connection with the Transaction,
whose determination shall be final.

 

9.7
All Optionees shall be required to acknowledge in the Option Agreement that in the event that the Company’s shares shall
be registered for trading in any public market, Optionee’s rights to sell the Shares may be subject to certain limitations
(including alock-up period), as will be requested by the Company or its underwriters.

 

10.
TERM AND EXERCISE oF OPTIONS

 

10.1
Options shall be exercised by the Optionee by giving written notice to the Company and/or to any third party designated by the
Company (the “Representative”), in such form and method as may be determined by the Company and when applicable, by
the Trustee in accordance with the requirements of Section 102, which exercise shall be effective upon receipt of such notice
by the Company and/or the Representative and the payment of the Purchase Price at the Company’s or the Representative’s
principal office. The notice shall specify the number of Shares with respect to which the Option is being exercised.

 

10.2
Options, to the extent not previously exercised, shall terminate forthwith upon the earlier of: (i) the date set forth in the
Option Agreement; and-(ii) the expiration of any extended period in any of the events set forth in section 10.5 below.

 

10.3
The Options may be exercised by the Optionee in whole at any time or in part from time to time, to the extent that the Options
become vested and exercisable, prior to the Expiration Date, and provided that, subject to the'provisions of section 10.5 below,
the Optionee is employed by or providing services to the Company or any of its Affiliates, at all times during the period beginning
with the granting of the Option and ending upon the date of exercise.

 

10.4
Subject to the provisions of section 10.5 below, in the event of termination of Optionee’s employment or services, with
the Company or any of its Affiliates, all Options granted to such Optionee will immediately expire. A notice of termination of
employment or service shall be deemed to constitute termination of employment or service. For the avoidance of doubt, in case
of such termination of employment or service, the unvested portion of the Optionee’s Option shall not vest and shall not
become exercisable.

 

    9

     

    

 

10.5
Notwithstanding anything to the contrary hereinabove and unless otherwise determined in the Optionee‘s Option Agreement,
an Option may be exercised after the date of termination of Optionee's employment or service with the Company or any Affiliates
during an additional period of time beyond the date of such termination, but only with respect to the number of Vested Options
at the time of such termination according to the Vesting Dates, if:

 

I
(i) termination is without Cause, in which event any Vested Option still in force and unexpired may be exercised within a period
of ninety (90) days after the date of such termination; or-

 

(ii)
termination is the result of death or disability of the Optionee, in which event any Vested Option still in force and unexpired
may be exercised within a period of twenty (24) months after the date of such termination; or

 

(iii)
prior to the date of such termination, the Committee shall authorize an extension of the terms of all or part of the Vested Options
beyond the date of such termination for a period not to exceed the period during which the Options by their terms would otherwise
have been exercisable.

 

For
avoidance of any doubt, if termination of employment or service is for Cause, any

 

outstanding
unexercised Option (whether vested or non-vested), will immediately expire and terminate, and the Optionee shall not have any
right in connection to such outstanding Options.

 

10.6
To avoid doubt, the Optionees shall not have any of the rights or privileges of shareholders of the Company in respect of any
Shares purchasable upon the exercise of any Option, nor shall they be deemed to be a class of shareholders or creditors of the
Company for purpose of the operation of sections 350 and 351 of the Companies Law or any successor to such section, until registration
of the Optionee as holder of such Shares in the Company’s register of shareholders upon exercise of the Option in accordance
with the provisions of the ISOP, but in case of Options and Shares held by the Trustee, subject to the provisions of Section 6
of the ISOP.

 

10.7
Any form of Option Agreement authorized by the ISOP may contain such other provisions as the Committee may, from time to time,
deem advisable.

 

10.8
With respect to Unapproved 102 Option, if the Optionee ceases to be employed by the Company or any Affiliate, the Optionee shall
extend to the Company and/or its Affiliate a security or guarantee for the payment of tax due at the time of sale of Shares, all
in accordance with the provisions of Section 102 and the rules, regulation or orders promulgated thereunder.

 

11. VESTING OF OPTIONS

 

11.1
Subject to the provisions of the ISOP, each Option shall vest following the Vesting Dates and for the number of Shares as shall
be provided in the Option Agreement. However, no Option shall be exercisable after the Expiration Date.

 

11.2
An Option may be subject to such other terms and conditions on the time or times when it may be exercised, as the Committee may
deem appropriate. The vesting provisions of individual Options may vary.

 

    10

     

    

 

12.
SHARES SUBJECT TO RIGHT OF FIRST REFUSAL/PREEMPTIVE RIGHTS

 

12.1
Notwithstanding anything to the contrary in the Articles of Association of the Company, none of the Optionecs shall have a right
of first refusal in relation with any sale of shares in the Company, nor shall Optionecs have preemptive rights.

 

12.2
Unless otherwise determined by the Committee, until such time as the Company shall complete an IPO, an Optionee shall not have
the right to sell Shares issued upon the exercise of an Option within six (6) months and one day of the date of exercise of such
Option or issuance of such Shares. Unless otherwise determined by the Committee, until such time as the Company shall complete
an IPO, the sale of Shares issuable upon the exercise of an Option shall be subject to a right of first refusal as set forth in
the Articles of Association of the Company.

 

13.
DIVIDENDS

 

With respect to all Shares (but excluding, for avoidance of any doubt, any unexercised Options) allocated or
issued upon the exercise of Options purchased by the Optionee and held by the Optionee or by the Trustee, as the case may be,
the Optionee shall be entitled to receive dividends in accordance with the quantity of such Shares, subject to the provisions
of the Company’s Articles of Association (and all amendments thereto) and subject to any applicable taxation on
distribution of dividends, and when applicable subject to the provisions of Section 102 and the rules, regulations or orders
promulgated thereunder,

 

14.
RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS

 

14.1
No Option or any right with resPect thereto, purchasable hereunder, w" ' iTEtiIEFfu‘i'iypaitiurm not, shall be assignable,
transferable or given as collateral or any right with respect to it given to any third party whatsoever, except as specifically
allowed under the ISOP, and during the lifetime of the Optionee each and all of such Optionee‘s rights to purchase Shares
hereunder shall be exercisable only by the Optionee.

 

Any
such action made directly or indirectly, for an immediate validation or for a future one, shall be void.

 

14.2
As long as Options and/or Shares are held by the Trustee on behalf of the Optionee, all rights of the Optionee over the Shares
are personal, cannot be transferred, assigned, pledged or mortgaged, other than by will or pursuant to the laws of descent and
distribution.

 

15.
 EFFECTIVE DATE AND DURATION OF THE ISOP

 

The ISOP shall be effective as of the day it was adopted by the Board and shall terminate
at the end of ten (10) years from such day of adoption. The Company shall obtain the approval of the Company’s shareholders
for the adoption of this ISOP or for any amendment to this ISOP, if shareholders’ approval is necessary-or desirable to
comply with any applicable law including without limitation the US securities law or the securities laws of other jurisdiction
applicable to Options granted to Optionees under this ISOP, or if shareholders’ approval is required by any authority or
by any governmental agencies or national securities exchanges including without limitation the US Securities and Exchange Commission.

 

    11

     

    

 

16.
AMENDMENTS OR TERMINATION

 

The Board may at any time, but when applicable, after consultation with the Trustee, amend, alter, suspend
or terminate the ISOP. No amendment, alteration, suspension or termination of the ISOP shall impair the rights of any Optionee,
unless mutually agreed otherwise between the Optionee and the Company, which agreement must be in writing and signed by the Optionee
and the Company. Termination of the ISOP shall not affect the Committee’s ability to exercise the powers granted to it hereunder
with respect to Options granted under the ISOP prior to the date of such termination.

 

17.
GOVERNMENT REGULATIONS

 

The
ISOP, and the granting and exercise of Options hereunder, and the obligation of the Company to sell and deliver Shares under such
Options, shall be subject to all applicable laws, rules, and regulations, whether of the State of Israel or of the United States
or any other State having jurisdiction over the Company and the Optionee, including the registration of the Shares under the United
States Securities Act of 1933, and the Ordinance and to such approvals by any governmental agencies or national securities exchanges
as may be required. Nothing herein shall be deemed to require the Company to register the Shares under the securities laws of
any jurisdiction.

 

18.
CONTINUAN CE OF EMPLOYMENT OR HIRED SERVICES

 

Neither the ISOP nor the Option Agreement with the Optionee shall impose any obligation
on the Company or an Affiliate thereof, to continue any Optionee in its employ or service, and nothing in the ISOP or in any Option
granted pursuant thereto shall confer upon any Optionee any right to continue in the employ or service of the Company or an Affiliate
thereof or restrict the right of the Company or an Affiliate thereof to terminate such employment or service at any time.

 

19.
GOVERNING LAW & JURISDICTION

 

The
IS OP shall be governed by and construed and enforced in accordance with the laws of the State of Israel applicable to contracts
made and to be performed therein, without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv,
Israel shall have sole jurisdiction in any matters pertaining to the ISOP.

 

20.
TAX CONSEQUENCES

 

20.1
Any tax consequences arising from the grant or exercise of any Option, from the payment for Shares covered thereby or from any
other event or act (of the Company and/or its Affiliates, the Trustee or the Optionee), hereunder, shall be borne solely by the
Optionee. The Company and/or its Affiliates and/or the Trustee shall withhold taxes according to the requirements under the applicable
laws, rules, and regulations, including Withholding taxes at source. Furthermore, the Optionee shall agree to indemnify the Company
andlor its Affiliates and/or the Trustee and hold them harmless against and from any and all liability for any such tax or interest
or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any
such tax from any payment made to the Optionee.

 

20.2 The Company and/or, when applicable, the Trustee Shall not be required to
release any Share certificate to an Optionee until all required payments have been fully made.

 

21.
NON-EXCLUSIVITY OF THE ISOP

 

The adoption of the ISOP by the Board shall not be construed as amending, modifying or rescinding
any previously approved incentive arrangements or as creating any limitations on the power of the Board to adopt such other incentive
arrangements as it may deem desirable, including, without limitation, the granting of Options otherwise than under the ISOP, and
such arrangements may be either applicable generally or only in specific cases. For the avoidance of doubt, prior grant of options
to Optionees of the Company under their employment agreements, and not in the framework of any previous option plan, shall not
be deemed an approved incentive arrangement for the purpose of this Section.

 

22.
MULTIPLE AGREEMENTS

 

The terms of each Option may differ from other Options granted under the ISOP at the same time, or at any
other time. The Board may also grant more than one Option to a given Optionee during the term of the ISOP, either in addition
to, or in substitution for, one or more Options previously granted to that Optionee.

 

 

12Exhibit 10.7

 

Execution Copy

 

EMPLOYMENT AGREEMENT

 

This
Employment Agreement (this “Agreement”) is made and entered into on this 15 day of February
2016, by and between Therapix Biosciences Ltd., a public company organized under the laws of the State of Israel
(the “Company”) and Elran Haber, Israeli I.D No. 040092702 residing at 23 Pinhas Eylon St., Holon, Israel
(the “Employee”. The Company and Employee shall be sometimes referred to each as a
“Party” and collectively as the “Parties”). 

 

		WHEREAS,	the Company desires to employ Employee on the terms and conditions set forth herein and Employee
desires to be employed by the Company and enter into this Agreement on such terms and conditions;

 

		WHEREAS	the Employee was formerly employed by the
                                                                                                                         Company as VP Business Strategy, according to the terms and provisions of that certain Employment Agreement between the
                                                                                                                         Company and Employee, dated March 1, 2014, as amended on August 24, 2014 (the "Initial Employment Agreement" 
                                                                                                                         and "Initial Employment"); 

 

		WHEREAS	as requested by Employee and
                                         unless hereby amended, Company agrees to undertake all obligations towards the Employee
                                         with respect to employment benefits provided during the Initial Employment, including,
                                         without limitation, rights for severance pay, Manager's Insurance Plan, Study Plan and
                                         other employment benefits. The Option Agreements executed between the Company and Employee
                                         in connection with the Initial Employment, which are attached hereto as Exhibit
                                         A1 and Exhibit A2, shall not be affected with the terms and conditions
                                         of this Agreements; and

 

		WHEREAS	the Parties hereby agree that in the event that
the employment of Employee in accordance with the terms hereunder is not approved by the applicable corporate and regulatory organs,
the Initial Employment Agreement shall revert into full force and effect;

 

NOW, THEREFORE, in consideration of the mutual
undertakings of the Parties, it is hereby agreed as follows:

 

		1.	duties and responsibilities

 

		1.1	Commencing as of November 1, 2015 (the “Effective Date”),
Employee shall be employed by the Company as a CEO (the “Position”) and shall perform such duties and activities
as are customarily performed by a CEO of a company and as shall be assigned to Employee from time to time by the Company's Board
of Directors. Employee shall report directly to the Company’s Board of Directors.

 

		1.2	Employee shall devote his working time and best efforts to the business
and affairs of the Company and the performance of Employee's duties hereunder, and shall not undertake or accept any other employment
or paid occupation. Notwithstanding the aforesaid, Employee shall be entitled to serve as a board member of other companies in
a manner that does not conflict or otherwise affect his employment hereunder.

 

		1.3	Employee shall be employed at the Company's facilities as shall be decided
by the Company’s Board. Employee acknowledges and agrees that the performance of Employee's duties may also require travel
outside of Israel, at the Company's request and expense. Such expense shall include flight tickets, accommodation, applicable mobile
phone expenses and reasonable out-of-pocket expenses in connection with such travel.

 

    

     

    

 

		1.4	Employee's liability towards the Company shall be that of an office holder
under the Companies Law-1999 and any other applicable law.

 

		2.	TERM AND TERMINATION

 

		2.1.	This Agreement and the employer-employee relationship created hereunder
shall enter into effect as of the Effective Date and shall remain in force and effect unless and until terminated as provided herein.

 

		2.2.	Either Party may terminate
this Agreement by providing the other Party with ninety (90) days prior written notice (the “Notice Period”).

 

		2.3.	Notwithstanding anything to the contrary herein, the Company may terminate
this Agreement and the employer-employee relationship hereunder at any time, and without derogating from any other remedy to which
the Company may be entitled, for Cause (as hereinafter defined), by providing Employee written notice thereof. In such event, this
Agreement and the employer-employee relationship hereunder shall be deemed effectively terminated as of the date of delivery of
such notice.

 

The term “Cause” shall
mean, but shall not be limited to: (i) a breach by Employee of any of the material terms or conditions of this Agreement, including
but not limited to Sections 4 and 5 below; or (ii) Employee's willful misconduct, or action of personal dishonesty, bad faith or
breach of trust towards the Company or any of its subsidiaries and/or affiliates; or (iii) the commission by Employee of a criminal
offense, or fraud against the Company and/or any of its subsidiaries and/or affiliates; or (iv) circumstances that deny Employee
to severance payment under any applicable law and/or under any judicial decision of a competent tribunal authority.

 

		2.4.	During the Notice Period, Employee shall continue working and shall cooperate
with the Company and use his best efforts to assist the integration of the person or persons who will assume Employee's responsibilities.

 

Notwithstanding,
the Company shall have the right, at any time during the Notice Period, to terminate the employment relationship immediately, in
which case the Company shall pay Employee the Salary due for the remaining period of the Notice Period, and the benefits set forth
in Section 3 below.

 

		2.5.	Upon the earlier of (a) the date of termination of the Notice Period; and
(b) the date of actual termination of employment for any reason other than for Cause (or in the event of termination for Cause
then immediately upon termination of employment), Employee shall return to the Company, at its principal office, any and all Company
equipment, property and documents in Employee's possession or control.

 

		2.6.	Any outstanding payment due by Employee to the Company in connection
with Employee's employment shall be repaid by Employee by the earlier of (a) the date of termination of the Notice Period or (b)
the date of actual termination of employment for any reason other than for Cause (or in the event of termination for Cause then
immediately upon termination of employment). Notwithstanding, the Company may set-off any such outstanding amounts due to it against
any payment due by the Company to Employee, subject to applicable law. 

 

		2.7.	The provisions of Sections 3.2.4 and 8.7 below and the provisions of the
Undertaking (as defined below), will remain in full force and effect after termination or expiration of this Agreement.

 

    2

     

    

 

		3.	Salary and benefits

 

In full consideration for Employee's
services hereunder, Employee shall be entitled to the following payments and benefits, effective as of the Effective Date:

 

		3.1	Salary

 

		3.1.1	The Employee shall be entitled to a gross monthly salary of NIS 45,000 (the
“Salary”).

 

		3.1.2	The Salary may be adjusted from time to time according to government directives
and other adjustments as may be required by applicable law.

 

		3.1.3	It is agreed between the Parties that the position that Employee holds within
the Company is a management position, which demands a special level of loyalty, and accordingly, the Work Hours and Rest Law (1951)
shall not apply to Employee's employment by the Company and this Agreement. Employee further acknowledges that the compensation
payable hereunder includes benefits that would otherwise not be due to Employee pursuant to applicable law.

 

		3.1.4	The Salary shall be payable monthly in arrears, in accordance with the Company's
usual practice, by the 9th day of the following calendar month.

 

		3.2	Manager's Insurance; Pension Fund

 

		3.2.1	The Company shall insure Employee under an accepted Manager's Insurance
Policy (the “Policy”), and shall pay an amount equal to (i) 8.33% of the Salary on account of severance pay
payable to Employee upon severance in accordance with the provisions of this Agreement; and (ii) 5% or 6% (as required under applicable
law and the General Approval referred to below) of the Salary towards pension fund payments, subject to the deduction of 5% of
the Salary to be paid towards the Policy on behalf of Employee. In addition, the Company shall pay an amount equal to up to 2.5%
of the Salary towards disability insurance in favor of Employee.

 

		3.2.2	Employee may extend an existing policy or plan and/or incorporate it into
the Policy, at Employee's discretion. In the event the Employee elects to be insured under a pension plan, the allocations set
forth in Section 3.2.1 above shall be adjusted in accordance with the pension plans policies', provided, however,
that in any event payments by the Company shall not exceed the amounts set forth in Section 3.2.1 above. In addition, all contributions
and amounts under this Section 3.2 shall not exceed tax exempt amounts pursuant to the Israeli Income Tax Ordinance and the regulations
thereunder, whereupon such amounts shall be decreased accordingly.

 

		3.2.3	During Employee's employment period with the Company, the Company shall
be the sole owner of the Policy. Other than as set forth below, in the event of a termination of this Agreement, the Company shall
transfer the title in and to the Policy to Employee.

 

		3.2.4	The Company and Employee agree and acknowledge that transfer of ownership of the severance
portion of the Policy to the Employee as set forth in Section 3.2.3 above shall be lieu and not in addition to any entitlement
of the Employee under any applicable law or this Agreement to severance pay, according to the General Approval of the Minister
of Labor and Welfare, regarding Employers’ Payments to Pension Funds and Insurance Policies in Lieu of Severance Pay
in Accordance with Section 14 of the Severance Pay Law 1963, attached hereto as Exhibit B (the “General
Approval”). Accordingly, the Company hereby waives any rights to said payments made to the Policy, except as set forth
in the General Approval.

 

    3

     

    

 

		3.3	Education Fund (Keren Hishtalmut)

 

The Company
shall pay an amount equal to 7.5% of the Salary to an Education Fund (Keren Hishtalmut) designated by the Employee (the
“Education Fund”), and shall deduct from the Salary an amount equal to 2.5% of the Salary on behalf
of Employee, and shall pay such amounts to the Education Fund. 

 

		3.4	Annual Recreation Allowance

 

Employee shall be
entitled to annual recreation allowance (Dmei Havra'a) according to applicable law.

 

		3.5	Vacation

 

Employee
shall be entitled to 20 paid vacation days (business days) per year (the “Vacation Days”) in
accordance with the Annual Vacation Law – 1951. Each leave shall be coordinated with the direct manager in advance, with
adequate regard to the needs of the Company.

 

The
Employee will make every effort to exercise his Vacation Days; provided however, if the Employee is unable to utilize all the Vacation
Days by the end of a calendar year, he shall be entitled to accumulate the unused balance of the Vacation Days standing to his
credit up to the maximum amount permitted by law. 

 

Subject
to applicable law, accrued vacation days shall not be redeemable by Employee until
and subject to termination of employment.

 

		3.6	Sick Leave

 

Employee
shall be entitled to paid sick leave pursuant to applicable law. Payments
by the Company of sick leave days in connection with disability payments shall be set-off against payments received by Employee
pursuant to Section 3.2 above.

 

		3.7	Expenses.

 

In
addition to the Salary, the Company shall reimburse Employee for travel expenses and petrol. The
Company shall also reimburse the Employee for reasonable out-of-pocket expenses, provided that such expenses were approved in advance
in writing by the Company. Reimbursement of the expenses hereunder shall be made against delivery by Employee to the Company of
tax receipts or other appropriate supporting documentation satisfactory to the Company.

 

		3.8	Mobile Phone

 

Employee
shall be entitled to NIS 300 (net) for each month for expenses related to mobile phone usage.

 

		3.9	Annual Bonuses.

 

At the end of each
calendar year, Employee shall be entitled to a bonus, of up to six Salaries, subject to the recognition of the Board of Directors
(the "Board") of the successful achievement of Company measureable objectives as shall be set forth in the Company's
annual work plan determined by the Board.

 

    4

     

    

 

		3.10	Options.

 

		3.10.1	Subject to and following (i) the sole discretion and approval of the Board,
the shareholders of the Company and any applicable Company organs, law or regulation, if and to the extent required (ii) the Company's
Compensation Policy then in effect, or as otherwise determined by the Company and approved by the Company's relevant organs, (iii)
the adoption of an Employee Share Option Plan (the "Plan") by the Board and its approval by the Israeli Tax Authorities
and the execution by Employee of an option agreement in a form approved by the Board, Employee shall be granted with an option
to purchase up to 700,000 Ordinary Shares of the Company, par value NIS 0.01 each, under the Plan (the “Option”).
The Option be subject to the provisions of the Plan, and shall vest over a 3 year period, on a quarterly basis. To the extent the
Employee's employment hereunder was terminated prior to an end of a quarter, Employee shall be entitled to the respective pro-rata
portion of the Option. Subject to the obtainment of all regulatory and corporate approvals, the exercise price of the Option shall
be in accordance with the provisions of Company's Compensation applicable to such determination of exercise price.

 

Notwithstanding
anything to the contrary in the Plan, the exercise term of the Option shall be 180 days following Employee's termination of engagement
with the Company. The Option shall be further subject to a cashless mechanism.

 

		3.10.2	The vesting schedule provided above shall be accelerated and any unvested
portion of the Option shall become fully vested and exercisable immediately prior to (i) a Change of Control Event (as defined
below), provided, however, that only 50% of the unvested portion of the Option shall become fully vested and exercisable; (ii)
termination by Employee of his employment by the Company due to Good Reason (as defined below); (iii) the consummation of an initial
public offering on an additional stock exchange or an uplisting; or (iv) termination by Company of Employee's employment hereunder
without Cause.

 

"Change
of Control Event" means (i) merger or consolidation with another entity where the voting securities of the company outstanding
immediately before the transaction constitute less than a majority of the voting power of the voting securities of the company
or the surviving entity outstanding immediately after the transaction; or (ii) the sale or disposition of all or substantially
all of the Company’s assets; which shall take place within 12 months as of Employee's appointment as the Company's CEO.

 

"Good Reason"
means (i) change in Employee's Position with the Company or its successor that materially reduces Employee's title, duties or level
of responsibility; or (ii) material change in the Company's business.

 

		3.10.3	The grant of the Option shall be subject to the obtainment by the Company
of all (i) applicable corporate approvals, including, without limitation, approvals by the Board and the shareholders of the Company;
and (ii) completion of appropriate filings with and obtainment of the required approvals of the Israeli Securities Authority, the
Tel Aviv Stock Exchange and the OTCQB, to the extent required.

 

		3.10.4	In case a regulatory approval (if indeed shall be required) is not obtained,
for reasons beyond the Company’s control, this shall not be considered to be a breach by the Company of this agreement, Employee
shall not hold any demand, allegations or claims against the Company in connection with the Company's failure to obtain such regulatory
approval.

 

		3.10.5	Nothing herein shall be construed as an obligation to grant any options
to the Employee.

 

    5

     

    

 

		3.11	Any and all benefit, right or payment to which Employee is entitled pursuant
to this Agreement shall be calculated based on the Salary only, excluding any additional compensation, payment or reimbursement
payable to Employee hereunder.

 

		3.12	Employee will bear any and all taxes applicable to Employee in connection
with amounts paid by Employee and/or the Company pursuant to this Section 3. The Company shall legally deduct and withhold income
tax payments and other obligatory payments, such as social security and mandatory health insurance, from all of the payments which
shall be paid to Employee hereunder and pursuant to applicable law, including all taxes imposed on any benefits granted to Employee
and on any part of the benefits which exceeds maximum exemption(s) provided by law.

 

		3.13	In the event that contributions or
amounts set forth hereinabove in connection with the social benefits shall exceed tax exempt amounts pursuant to the Israeli Income
Tax Ordinance and/or the regulations promulgated thereunder, then the Employee shall bear any and all taxes imposed thereupon.

 

		4.	CONFIDENTIALITY, proprietary RIGHTS AND NON-COMPETITION

 

Upon execution
hereof, Employee shall execute and deliver the Confidentiality, Proprietary Rights and Non-Competition Undertaking attached hereto
as Exhibit C (the “Undertaking”).

 

		5.	Employee
Representations and Warranties

 

Employee
hereby represents and warrants to the Company as follows: 

 

		5.1.	Employee has the necessary skills, knowledge,
ability, expertise and experience to fulfill his/her obligations hereunder, shall do so diligently, professionally and conscientiously
and shall comply with the regulations and procedures of the Company. 

 

		5.2.	The execution and delivery of this Agreement
and the fulfillment of the terms hereof will constitute the valid, binding and enforceable obligations of Employee and will not
violate, conflict with or constitute a default under or breach of any agreement and/or undertaking and/or instrument, judgment
or order to which the Employee is a party or by which he is bound, or any provision of law, rule or regulation applicable to the
Employee, and do not require the consent of any person or entity. In the performance of Employee's obligations hereunder, Employee
will not make use of (i) any confidential or proprietary information belonging to any third party, or (ii) any information to which
Employee is restricted from disclosing or using due to contractual undertakings or by law. 

 

		5.3.	Employee will not accept, whether during
the term of this Agreement or at any time thereafter, directly or indirectly, any payment, benefit and/or other consideration,
from any third party in connection with Employee's employment with the Company, without the Company's prior written authorization.

 

		5.4.	In the performance of Employee's duties
hereunder, Employee shall comply with all applicable laws and regulations, including, inter alia, the Company Internal Compliance
Plan (as defined below).

 

    6

     

    

 

		6.	Compensation
                                         Policy

 

		6.1.	Employee declares and confirms, that he
is familiar and aware that the Company has adopted a compensation policy pursuant to the provisions of the Companies Law 5759-1999
(the "Compensation Policy", and the "Law",
respectively), and that the terms of this Agreement are subject to and shall be aligned with the provisions and guidelines of the
Compensation Policy in force, unless otherwise determined from time to time by the Company and approved by the Company's relevant
organs. 

 

		6.2.	In the event that this Agreement and/or
any of its provisions shall be proclaimed and/or considered by a competent authority not aligned with the Compensation Policy and
not in accordance with the provision of the Law ("Conflicting Provision"),
then the parties shall cooperate to adjust any Conflicting Provision with the Compensation Policy or to approve such Conflicting
Provisions by the Company's relevant organs, in accordance with applicable law and regulations.

 

		6.3.	Without derogating from the Employee’s
rights under this Agreement, in the event that the abovementioned adjustment is not achievable, the Employee shall not have any
demand, allegations or claims against the Company.

 

		6.4.	Without derogating from the provisions
of the Compensation Policy, to the extent that any amount or fees paid to the Employee hereunder shall be revealed, within three
(3) years of the payment thereof, to have been paid based on erroneous calculations that have been restated in the Company's financial
statements, the Employee shall repay the Company amount paid in excess as aforesaid; all in accordance with the provisions of the
Compensation Policy.

 

		7.	Securities
                                         Internal Compliance Plan; Insider Trading Policy

 

Employee declares and
confirms, that he is familiar and aware that the Company has adopted a Securities Internal Compliance Plan (the "Internal
Compliance Plan"), and is familiar with its terms, obligations and restrictions, and shall act in accordance with the
provisions and guidelines of the Internal Compliance Plan in force, and as shall be determined from time to time.

 

		8.	Miscellaneous

 

		8.1.	The Company shall insure Employee under the Company's officers’ insurance
policy, in accordance with its terms.

 

		8.2.	Subject to the obtainment of all corporate and regulatory approvals, to the
extent required, Employee shall be entitled to exemption and indemnification in connection with the performance of his employment
hereunder, in accordance with the Exemption and Indemnification Letters in the forms previously approved by the Board.

 

		8.3.	This Agreement shall not invoke the provisions of any collective bargaining
agreement (Heskem Kibutsi), collective arrangement (Hesder Kibutzi), extension orders (Tzavei Harhava) or any other law, except
and only to the extent so mandated by law.

 

		8.4.	Preamble; Exhibits; Headings; Interpretation. The preamble to this
Agreement, and the Exhibits attached hereto, constitute an integral part hereof. Section headings contained herein are for reference
and convenience purposes only and shall not in any way be used for the interpretation of this Agreement.

 

		8.5.	Entire Agreement. The Parties confirm that this is a personal services
contract and that the relationship between them shall not be subject to any general or special collective employment agreement
or any custom or practice of the Company in respect of any of its other employees or contractors. This Agreement, together with
the Exhibits hereto, constitute the entire agreement between the parties with respect to the subject matters hereof and thereof
and supersede all prior agreements, understandings and arrangements, oral or written, between the parties with respect to the subject
matters hereof and thereof.

 

    7

     

    

 

		8.6.	Amendment; Waiver. Any term of this Agreement may be amended only
with the written consent of the Parties. The observance of any term hereof may be waived (either prospectively or retroactively
and either generally or in a particular instance) only with the written consent of the Party against which such waiver is sought.
No waiver by either Party at any time to act with respect to any breach or default by the other Party of, or compliance with, any
condition or provision of this Agreement to be performed by such other Party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.

 

		8.7.	Successors and Assign; Assignment. This Agreement shall be binding
upon and shall inure to the benefit of the Company, its successors and assigns. Neither this Agreement or any of the Employee's
rights, privileges, or obligations set forth in, arising under, or created by this Agreement may be assigned or transferred by
Employee without the prior consent in writing of the Company, except by will or by the laws of descent and distribution. The Company
may freely assign and/or transfer this Agreement and any of its rights, privileges, or obligations hereunder.

 

		8.8.	Governing Law; Jurisdiction. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Israel, without giving effect to the rules with respect to conflicts-of-law.
Any dispute arising out of, or relating to this Agreement, its interpretation or performance hereunder shall be resolved exclusively
by the competent court of the Tel Aviv-Jaffa district, and each of the parties hereby submits exclusively and irrevocably to the
jurisdiction of such court.

 

		8.9.	Severability. If any term or provision of this Agreement shall be
declared invalid, illegal or unenforceable, then such term or provision shall be enforceable to the extent that a court shall deem
it reasonable to enforce such term or provision and, if any such term or provision shall be held by any competent court to be unreasonable
to enforce to any extent, such term or provision shall be severed and all remaining terms and provisions shall be unaffected and
shall continue in full force and effect.

 

		8.10.	Notices. Each notice and/or demand given by a party pursuant to this
Agreement shall be in writing and sent by registered mail to the other party at the address appearing in the caption of this Agreement,
and such notice and/or demand shall be deemed given at the expiration of seven (7) days from the date of mailing by registered
mail or immediately if delivered by hand. Such address shall be effective unless notice of a change in address is provided by registered
mail to the other party.

 

		8.11.	The execution, delivery and performance of this Agreement is subject to the
obtainment of all applicable corporate and regulatory approvals, if and to the extent necessary.

 

[The
remainder of this page was intentionally left blank]

 

    8

     

    

 

[Signature Page
to Employment Agreement]

 

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

 

	/s/
    Ascher Shmulewitz	 	/s/ Guy Goldin	 	/s/
 Elran Haber
	Therapix Biosciences Ltd.	 	Elran Haber
	 	 	 	 	 	 
	By:	Ascher Shmulewitz	 	 Guy Goldin	 	 
	 	 	 	 	 	 
	Title:
    	Chariman	 	CFO	 	 

 

    

     

    

 

Exhibit
B

 

(unofficial
translation from Hebrew original)

 

A
General Approval regarding Employers' Payments to a Pension Fund and Insurance Fund in lieu of Severance Pay1

 

Pursuant
to the authority vested in me under Section 14 of the Severance Pay Law - 1963 (the "Law"), I hereby confirm that the
payments paid by an employer effective with publication date of publication of this approval for his employees to a comprehensive
pension in a provident fund that is not an insurance fund within the meaning of the Income Tax Regulations (rules on the approval
and management of provident funds) - 1964 (the "Pension Fund"), or to managers' insurance including the possibility
of an annuity or a combination of payments to annuity plan and to a plan that is not for a pension in such insurance fund (the
"Insurance Fund"), including payments paid through a combination of payments to a pension and Insurance Funds, whether
or not there is a pension plan in the Insurance Fund (the "Employer Payments"), will be in lieu of the severance pay
due to the employee in respect of the salary from which said payments were made and for the period payments were made (the “Exempt
Wage”) provided that all of the following were met:

 

	1.	Employer
                                         Payments

 

		a.	To
                                         a pension fund, payments that are not less than 14 1/3% of the Exempt Wage or 12% of
                                         the Exempt Wage if the employer pays for his employee payments in addition to supplement
                                         severance pay to the severance pay fund or to insurance fund in the name of employee
                                         at a rate of 2 1/3% of the Exempt Wage. If the employer does not pay in addition to 12%
                                         the 2 1/3% as above, the payments will be in lieu of only 72% of the employee's severance
                                         pay;

 

		b.	To
                                         an insurance fund, payments that are not less than one of the following:

 

		1)	13
                                         1/3% of the Exempt Wage if the employer pays for his employee also payments to secure
                                         monthly income in the event of work disability in a plan approved by the commissioner
                                         of capital market and insurance and savings in the Ministry of Finance at a rate required
                                         to secure at least 75% of the Exempt Wage or 2.5% of the Exempt Wage, whichever is lower
                                         ("Payment for Work Disability Insurance");

 

		2)	11%
                                         of the Exempt Wage if the employer paid insurance payments for work disability insurance
                                         and in this case the Employer Payments will be in lieu of 72% of the severance pay of
                                         the employee provided that; the employer paid in addition to these payments also payments
                                         for supplementing the severance pay severance to severance pay fund or to an insurance
                                         fund in the name of the employee at the rate of 2 1/3% of the Exempt Wage, the Employer
                                         Payments will be in lieu of 100% of the employee's severance pay.

 

	2.	Not
                                         later than three months after making the Employer Payments, a written agreement entered
                                         into between the employer and the employee containing the following –

 

	 	a)
    	the employee's consent
    to the arrangement according to this approval under the version specifying the payments of the employer and the pension fund
    and insurance fund, as the case may be; the agreement also shall include the version of this approval;
	 	 	 
	 	b)	a waiver of the
    employer in advance of any right it may have for a refund of monies from his payments unless the employee's right to severance
    pay was denied in a ruling under section 17 of the Law and to the extent such right was denied, or in the event that the employee
    withdrew money from the pension fund or the insurance fund not due to a qualifying event; In this regard, "qualifying
    event" - death, disability, or retirement at age of sixty or more.

 

	3.	This
                                         approval does not derogate from the employee's severance pay right under the Law, collective
                                         agreement, expansion order or labor agreement in respect of wages in excess of the Exempt
                                         Wage.

 

 

1
Law published 5758, 4394; 5760, 5; 5761, 1949.

 

     

     

    

 

EXHIBIT C

 

CONFIDENTIALITY,
proprietary
RIGHTS AND NON-COMPETITION UNDERTAKING

 

The following Undertaking confirms certain terms of
my employment with Therapix Biosciences Ltd. (for the purpose of this Undertaking, including its subsidiaries, parent companies
and/or affiliated entities, the “Company”), which is a material part of the consideration for my employment
by the Company and the compensation received by me from the Company from time to time. Capitalized terms not defined herein shall
have the meaning ascribed to them in the Employment Agreement to which this Undertaking is attached (the “Employment
Agreement”).

 

		1.	Confidentiality

 

		1.1.	I acknowledge that in the course of my employment with the Company I may (or may have) receive(d),
learn(ed), be(en) exposed to, obtain(ed), or have (had) access to non-public information relating to the Company, its business,
operations and activities, including without limitation any commercial, financial, business or technical information, inventions,
developments, processes, specifications, technology, know-how and trade secrets, information regarding marketing, operations, plans,
activities, customers, suppliers, business partners, subsidiaries, parent companies, affiliated entities etc. (“Confidential
Information”), and hereby undertake: (a) to maintain the Confidential Information in strict confidence at
all times and not to communicate, publish, reveal, describe, allow access to, divulge or otherwise disclose, expose or make available
the Confidential Information in whole or in part, to any person or entity, all whether directly or indirectly, and whether in writing
or otherwise; and (b) not to use the Confidential Information for any purpose other than for the performance of my
employment obligations. I further recognize that the Company may 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. Such information shall also be deemed “Confidential Information” hereunder, mutatis mutandis. 

 

		2.2.	In addition, I represent and warrant that I will keep the terms and conditions of the Employment
Agreement and this Undertaking strictly confidential and will not disclose it to any third person unless and to the extent required
by applicable law and subject to prior written notice to the Company.

 

		3.3.	Upon the earlier of the Company's request or the termination of my employment, I shall return to
the Company any and all documents and other tangible materials containing Confidential Information, and shall erase or destroy
any computer or data files in my possession containing Confidential Information, such that no copies or samples of Confidential
Information shall remain with me.

 

		4.4.	Without derogating from the above, all Confidential Information made available to, received by,
or generated by me shall remain the property of the Company (or its respective owners), and no license or other right in or to
the Confidential Information is granted hereby. Any and all material (including without limitation, files, records, documents,
design, drawings, specifications, equipment, notebooks, notes, memoranda, diagrams, blueprints, bulletins, formula, reports, analyses,
computer programs, software) and data of any kind relating to Confidential Information and/or Proprietary Rights (as defined below),
whether prepared by the undersigned or otherwise coming or having come into my possession, and whether or not marked or classified
as Confidential Information, shall remain the exclusive property of the Company (or its respective owners).

 

    EX-C-1

     

    

 

		2.	Proprietary
                                         Rights

 

		2.1.	I acknowledge and agree that any and all discoveries, inventions, ideas, developments, technology,
products, improvements, derivations, modifications, mask works, trade secrets, concepts, ideas, techniques, methods, processes
materials, proceeds, know-how, designs, works of authorship, and proprietary information, whether or not patentable or otherwise
protectable, invented, made, developed, discovered, conceived, conducted, reduced to practice, written, authored, compiled, produced
and/or created, in whole or in part, by me, independently or jointly with others, (i) during my employment with the Company;
or (ii) which result or arise from or relate to my employment with the Company, or work performed by or for the Company, or any
Confidential Information; or (iii) with the use of any Company equipment, supplies, facilities, trade secrets or proprietary information
of the Company; or (iv) which relate to the Company's business, technology or research and development, including any “Service
Inventions”, as defined in the Israeli Patent Law – 1967, (collectively, the “Inventions”), and
any and all right, title and interest in and to the Inventions, including without limitation, all patents, copyrights, trademarks,
trade names, moral rights and other intellectual, industrial and/or proprietary rights and applications, extensions and renewals
associated therewith (collectively and together with the Inventions, the “Proprietary Rights”), shall be the
sole and exclusive property of the Company its successors and assigns, as shall be designated by the Company. My aggregate compensation
terms in connection with my employment with the Company, include specific compensation for the assignment of such Proprietary Rights
to the Company and I shall have no title, rights, claims or interest whatsoever in or with respect to the Proprietary Rights and
specifically waive any right for additional compensation pursuant to Section 134 of the Israeli Patent Law - 1967. All works authored
by me pursuant to the Employment Agreement, including without limitation the Inventions, shall be deemed “work made for hire”.

 

		2.2.	I hereby irrevocably and unconditionally transfer and assign to the Company any and all of my rights,
title and interest, now and hereafter acquired, in and to the Proprietary Rights, (without any payments, liabilities or restrictions
to any person or third party) in any and all media now known or hereafter devised, and all claims and causes of action of any kind
with respect to any of the foregoing, throughout the world in perpetuity.

 

In the event that pursuant
to any applicable law I retain any rights in and to the Proprietary Rights that cannot be assigned to the Company, I hereby unconditionally
and irrevocably waive the enforcement of all such rights, and all claims and causes of action of any kind with respect to any of
the foregoing and agree, at the request and expense of the Company, to consent to and join in any action to enforce such rights
and to procure a waiver of such rights from the holders of such rights, if any.

 

In the event that I retain
any rights in and to Proprietary Rights that cannot be assigned to the Company and cannot be waived, I hereby grant the Company
an irrevocable, exclusive, perpetual, worldwide, royalty-free license to exploit, use, develop, perform, modify, change, reproduce,
publish and distribute, with the right to sublicense and assign such rights, and all claims and causes of action of any kind with
respect to any of the foregoing, in and to the Proprietary Rights, in any way the Company sees fit and for any purpose whatsoever.
Without derogating from the above, I hereby forever waive and agree never to assert any and all rights of paternity or integrity,
any right to claim authorship of any Invention, to object to any distortion, mutilation or other modification of, or other derogatory
action in relation to any Invention, and any similar right.

 

    EX-C-2

     

    

 

		2.3.	I will promptly disclose to the Company fully and in writing all Inventions but will otherwise
keep the Inventions in strict confidence in accordance with the provisions of Section 1 above.

 

		2.4.	I further agree and undertake to take all necessary measures and to fully cooperate with the Company,
during and after the term of my employment, in order to perfect, enforce, and/or defend the Proprietary Rights, and effectuate
the Company's title and interest therein, including without limitation as follows: (i) to keep accurate records relating
to the conception and reduction to practice of all Proprietary Rights, which records shall be the sole and exclusive property of
the Company and shall be surrendered to the possession of the Company, immediately upon their creation; and (ii) to
provide the Company with all information, documentation, and assistance, including the preparation or execution, as applicable,
of documents, declarations, assignments, drawings and other data, all such information, documentation, and assistance to be provided
at no additional expense to the Company, except for out-of-pocket expenses incurred by me at the Company's request or with the
Company's prior written consent. Without derogating from any of my obligations hereunder, I hereby appoint any officer of the Company
as my duly authorized agent to execute, file, prosecute and protect the same before any government agency, court or authority.

 

		3.	Non-Competition

 

		3.1.	I agree and declare that, so long as I am employed by the Company and for a period of six (6) months
thereafter, I will not, directly or indirectly, (i) engage in, participate, assist or become financially interested in,
any business venture worldwide that is engaged in any activity competing with or similar to the business or technology of the Company
as currently conducted and as proposed to be conducted from time to time; (ii) employ or otherwise engage, recruit or otherwise
solicit, induce or influence any person to leave the employment or service of the Company; and (iii) solicit or encourage
any customer, supplier or service provider to terminate or modify adversely its business relationship with the Company or otherwise
intervene in any relationship between the Company and any of its employees, contractors, suppliers or consultants.

 

		3.2.	I expressly acknowledge that the business objectives and targeted operating market of the Company
are worldwide, and consequently the obligations prescribed in this Section 3 shall apply on a worldwide basis.

 

For the purposes of this
Section 3, “directly or indirectly” includes doing business as an owner, partner, joint venturer, an independent
contractor, shareholder, director, officer, manager, broker, agent, employee, service provider or advisor, licensor or in any other
capacity whatsoever, but does not include holding up to 5% of the free market shares of any publicly traded companies.

 

		3.3.	I hereby acknowledge that the provisions of this Section 3 are reasonable to legitimately
protect Confidential Information, Proprietary Rights and Company property (including intellectual property and goodwill) to which
I, in my position in the Company, have been and will continue to be exposed, and that my compensation under the Employment Agreement
incorporates special consideration with respect for these non-competition undertaking.

 

		4.	General

 

		4.1.	The undersigned understands and agrees that monetary damages would not constitute a sufficient
remedy for any breach or default of the obligations contained in this Undertaking, and that the Company shall be entitled, without
derogating from any other remedies, to seek injunctive or other equitable relief to remedy or forestall any such breach or default
or threatened breach.

 

		4.2.	The provisions of the Employment Agreement relating to term and termination and the general provisions
thereof shall apply to this Undertaking, mutatis mutandis.

 

    EX-C-3

     

    

 

In
witness whereof, I hereby affix my name and signature, on this [__] day of __________, 2016.

 

	/s/
    Elran Haber	 
	Name: Elran Haber	 

 

    EX-C-4

     

    

 

1st Amendment Of Employment
Agreement

 

This
1st Amendment (the "Amendment") is made and entered into on
this 17 day of April, 2016, by and between Therapix Biosciences Ltd., a public company organized under the laws of the
State of Israel (the "Company"), and Dr.
Elran Haber, ID no. 040092702 (the “Employee”).
The Company and the Employee may be referred to collectively as the “Parties” and each as a “Party”.

 

		WHEREAS	the Company and the Employee
have entered into an Employment Agreement, dated February
15, 2016 (the "Agreement"); and

 

		WHEREAS	the Employee requested
to amend the Agreement as further set forth herein, and Company agreed to such amendment.

 

NOW
THEREFORE, in consideration of the mutual promises contained herein, and intending to be legally bound, the parties
hereby declare and agree as follows:

 

	1.	Capitalized terms used and not
otherwise defined herein shall bear the respective meanings ascribed to them in the Agreement.

 

	2.	Section 3.2.1 to the Agreement shall be deleted and replaced in its entirety with the following:

 

"The Company
shall insure Employee under an accepted Manager's Insurance Policy (the “Policy”), and shall pay the Employee
the following amounts: 

 

		(i)	The sum equal to 8.33% of the Salary on account of severance pay payable to Employee upon severance
in accordance with the provisions of this Agreement; and 

 

		(ii)	The sum equal to 5% or 6% of the Salary (the “Contributions Sum”), whereby
out of said Contributions Sums - an amount equals to 5% or 6% of the Exempted Income (as defined below) shall be paid towards Employee’s
pension fund (as required under applicable law and the General Approval referred to below) (the “Company’s Pension
Contributions Sum”), subject to the deduction of an amount equal to 5% or 5.5% of the said Exempted Income, to be paid
towards the Policy on behalf of and by the Employee (the “Employee’s Pension Contributions Sum”; and together
with the Company’s - the “Total Pension Contributions Sums”). 

 

The "Exempted
Income" shall mean the "ceiling amount" ("סכום התקרה")
as stated in Section (e3)(1) of the Income Tax Ordinance [New Version] 5721-1961, as shall be amended from time to time. 

 

For the avoidance
of doubt, it is clarified that the excess between the Contributions Sum and the Company’s Pension Contribution Sum, shall
be regarded part of the Employee’s Salary, in such manner, which reflects the fact that the over-all costs to the Company
('עלות מעביד כוללת') under this section is
not changed in any way simply for deducting Company’s Pension Contribution Sum from the Exempted Income rather than from
the Salary." 

 

		(iii)	In addition, the Company shall pay an amount equal to up to 2.5% of the Salary towards disability
insurance in favor of Employee.”

 

    

     

    

 

	3.	Section 5.5 shall be added to the Agreement, as follows:

 

"Without derogating
from the above, in the event that, notwithstanding the Employee's representations and undertakings hereunder, the Employee or anyone
on his behalf shall argue, or a court of competent jurisdiction shall determine, the existence of any right, remedy or lawful claim
against the Company with respect to the payment towards pension fund under Section 3.2.1(ii) (a “Claim”) , then
the following provisions shall apply: (i) the Employee's monthly Salary shall be considered to have been retroactively diminished
to the sum equal to 90% (ninety percent) of the sum of the Employee’s monthly Salary (the “Diminished Salary”);
and (ii) the Employee shall pay back the Company any sum or salary paid in excess within the period determined under said Claim
assuming Employee’s Salary was originally the Diminished Salary. The Company shall be entitled to set-off any amount due
to it pursuant to this Section 5.5 from any amount due to Employee pursuant to this Agreement."

 

	4.	Employee represents and warrants to the Company that (a) this Amendment is made at Employee's own
will and at his request; (b) Employee was advised by the Company to consult with legal and all other relevant advisors with respect
to this Amendment, and he understands the entire meaning and scope of implications of this Amendment, including without derogating
the generality of the aforesaid, any implications on Employee’s accumulated pension funds under the Policy.

 

	5.	The Agreement, as amended hereby, shall continue in full force and effect as originally constituted
and is hereby ratified and affirmed by the Parties. Any contradiction in meaning and/or interpretation between the Agreement and
this Amendment shall have the meaning and/or be interpreted in light of this Amendment.

 

[Signature Page to Follow]

 

    

     

    

 

IN WITNESS WHEREOF, the parties have duly executed
this Amendment as of the date first written above.

 

	/s/
    Dr. Elran Haber	 	/s/
    Guy Goldin	 	 
	Dr.
    Elran Haber	 	Therapix
    Biosciences Ltd.	 	 
	 	 	 	 	 	 
	 	 	By:	Guy Goldin             	 	Ascher Shmulewitz
	 	 	 	 	 	 
	 	 	Title:
    	 CFO	 	Chairman
	 	 	 	 	 	 
	 	 	 	/s/ Ascher Shmulewitz	 	/s/ Ascher Shmulewitz

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00263-of-00352.parquet"}]]