Document:

LOCK-UP
      LETTER AGREEMENT

     

    J.P.
      Morgan Securities Inc.

    Brean
      Murray, Carret & Co., LLC

    Oppenheimer
      & Co., Inc.

    Punk,
      Ziegel & Company, L.P.

    c/o
      J.P.
      Morgan Securities Inc.

    277
      Park
      Avenue, 3rd
      Floor

    New
      York,
      New York 10172

    

     

    Ladies
      and Gentlemen:

     

    The
      undersigned understands that you and certain other placement agents (the
“Placement
      Agents”)
      propose to enter into a Placement Agent Agreement (the “Placement
      Agent Agreement”)
      relating to the sale (the “Offering”)
      by XTL
      Biopharmaceuticals Ltd., a public company limited by shares organized under
      the
      laws of the State of Israel (the “Company”)
      of its
      Ordinary Shares, par value NIS 0.02 (the “Ordinary
      Shares”)
      and
      warrants to purchase Ordinary Shares (the “Warrants”).

     

    In
      consideration of the execution of the Placement Agent Agreement by the Placement
      Agents, and for other good and valuable consideration, the undersigned hereby
      irrevocably agrees that, without the prior written consent of J.P. Morgan
      Securities Inc., on behalf of the Placement Agents, the undersigned will not,
      directly or indirectly, (1) offer for sale, sell, pledge, or otherwise dispose
      of (or enter into any transaction or device that is designed to, or could be
      expected to, result in the disposition by any person at any time in the future
      of) any Ordinary Shares (including, without limitation, Ordinary Shares that
      may
      be deemed to be beneficially owned by the undersigned in accordance with the
      rules and regulations of the Securities and Exchange Commission and Ordinary
      Shares that may be issued upon exercise of any options or warrants) or
      securities convertible into or exercisable or exchangeable for Ordinary Shares,
      (2) enter into any swap or other derivatives transaction that transfers to
      another, in whole or in part, any of the economic benefits or risks of ownership
      of shares of Ordinary Shares, whether any such transaction described in clause
      (1) or (2) above is to be settled by delivery of Ordinary Shares or other
      securities, in cash or otherwise, (3) make any demand for or exercise any right
      or cause to be filed a registration statement, including any amendments thereto,
      with respect to the registration of any Ordinary Shares or securities
      convertible into or exercisable or exchangeable for Ordinary Shares or any
      other
      securities of the Company or (4) publicly disclose the intention to do any
      of
      the foregoing, for a period commencing on the date hereof and ending on the
      90th
      day after the Effective Date (as that term is defined in the Securities Purchase
      Agreement, dated as of March 17, 2006, among the Company and certain purchasers)
      (such period, the “Lock-Up
      Period”). 

     

    Notwithstanding
      the foregoing, if (1) during the last 17 days of the Lock-Up Period, the Company
      issues an earnings release or material news or a material event relating to
      the
      Company occurs or (2) prior to the expiration of the Lock-Up Period, the Company
      announces that it will release earnings results during the 16-day period
      beginning on the last day of the Lock-Up Period, then the restrictions imposed
      by this letter agreement shall continue to apply until the expiration of the
      18-day period beginning on the date of the issuance of such earnings release
      or
      the announcement of such material news or event or such release, as the case
      may
      be, unless J.P. Morgan Securities Inc. waive such extension in writing. The
      undersigned hereby further agrees that, prior to engaging in any transaction
      or
      taking any other action that is subject to the terms of this letter agreement
      during the period from the date of this Lock-Up Letter Agreement to and
      including the 34th
      day
      following the expiration of the Lock-Up Period, it will give notice thereof
      to
      the Company and will not consummate such transaction or take any such action
      unless it has received written confirmation from the Company that the Lock-Up
      Period (as such may have been extended pursuant to this paragraph) has expired.
      

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
      foregoing shall not apply to bona fide gifts, sales or other dispositions of
      shares of any class of the Company’s capital stock, in each case that are made
      exclusively between and among the undersigned or members of the undersigned’s
      family, or affiliates of the undersigned, including its partners (if a
      partnership) or members (if a limited liability company); provided that it
      shall
      be a condition to any such transfer that (1) the transferee/donee agrees to
      be
      bound by the terms of this letter agreement (including, without limitation,
      the
      restrictions set forth in the foregoing) to the same extent as if the
      transferee/donee were a party hereto, (2) no filing by any party (donor, donee,
      transferor or transferee) under the Securities Exchange Act of 1934, as amended
      (the “Exchange Act”), shall be required or shall be voluntarily made in
      connection with such transfer or distribution (other than a filing on a Form
      5,
      Schedule 13D or Schedule 13G (or 13D-A or 13G-A) made after the expiration
      of
      the 90-day period referred to above), (3) each party (donor, donee, transferor
      or transferee) shall not be required by law (including, without limitation,
      the
      disclosure requirements of the Securities Act of 1933, as amended, and the
      Exchange Act) to make, and shall agree to not voluntarily make, any public
      announcement of the transfer or disposition and (4) the undersigned notifies
      J.P. Morgan Securities Inc. at least two business days prior to the proposed
      transfer or disposition.

     

    In
      furtherance of the foregoing, the Company and its transfer agent are hereby
      authorized to decline to make any transfer of securities if such transfer would
      constitute a violation or breach of this letter agreement.

     

    It
      is
      understood that, if the Company notifies the Placement Agents that it does
      not
      intend to proceed with the Offering, if the Placement Agent Agreement does
      not
      become effective, or if the Placement Agent Agreement (other than the provisions
      thereof which survive termination) shall terminate or be terminated prior to
      payment for and delivery of the Ordinary Shares and the Warrants, the
      undersigned will be released from its obligations under this letter
      agreement.

     

    The
      undersigned understands that the Company and the Placement Agents
      will proceed
      with the Offering in reliance on this letter agreement. Whether or not the
      Offering actually occurs depends on a number of factors, including market
      conditions. Any Offering will only be made pursuant to a Placement Agent
      Agreement, the terms of which are subject to negotiation between the Company
      and
      the Placement Agents.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    The
      undersigned hereby represents and warrants that the undersigned has full power
      and authority to enter into this letter agreement and that, upon request, the
      undersigned will execute any additional documents necessary in connection with
      the enforcement hereof. Any obligations of the undersigned shall be binding
      upon
      the heirs, personal representatives, successors and assigns of the
      undersigned.

     

    
      	 	 	 
	 	Very
              truly
              yours,
	 
 	 
 	 
 
	
            	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      	Dated:CHIEF
      EXECUTIVE OFFICER’S AGREEMENT 

     

    This
      Agreement, is made and entered into this the 3rd day of January 2006, by and
      between XTL Biopharmaceuticals, Ltd. ("XTL"
      or the
      "Company"),
      an
      Israeli-domiciled corporation having an address at Kiryat Weizman Science Park,
      3 Hasapir Street, Building 3, P.O. Box 370, Rehovat 76100, Israel and Ron
      Bentsur, an individual residing at 212 Highwood Avenue, Tenafly, NJ 07670,
      U.S.A.("Bentsur").
      

     

    WITNESSETH:

     

    WHEREAS,
      the
      Board of Directors of the Company desires to appoint Bentsur as the Chief
      Executive Officer of XTL (the “CEO”)
      and
      Bentsur is willing to accept such appointment as Chief Executive Officer of
      XTL,
      all pursuant to the terms and conditions hereinafter set forth; 

     

    NOW
      THEREFORE,
      in
      consideration of the foregoing and the mutual promises and covenants herein
      contained, it is agreed as follows: 

     

    1.
      CEO's
      Duties.
      

     

    As
      the
      CEO of the Company, Bentsur shall be responsible for the overall management
      of
      the Company’s activities in addition to those roles and duties prescribed by the
      Israeli Companies Law - 1999 (the “Companies
      Law”).
      Bentsur shall report directly to the Chairman of the Board of Directors. The
      description of responsibilities set forth herein shall serve as a general
      statement of the duties, responsibilities and authority of Bentsur. Additional
      duties, responsibilities and authority consistent with that of a CEO may be
      assigned to Bentsur by the Board of Directors of the Company from time to time
      in its reasonable discretion. 

     

    2.
      Term.
      

     

    Bentsur's
      appointment as the CEO of the Company shall commence from the date of the
      resolution of the Board of Directors appointing him as a CEO of the Company
      (the
      "Effective
      Date")
      and
      shall continue until terminated as hereinafter provided (the "Term").
      

     

    3.
      Compensation.
      

     

    (a)
      As
      compensation for the performance of his duties on behalf of XTL, Bentsur shall
      be compensated as follows: 

     

    (i) Annual
      Base Salary.
      Bentsur
      shall receive a salary at the annualized rate of two hundred and fifty thousand
      U.S. dollars ($225,000), less applicable state and federal withholdings, (as
      may
      be adjusted from time to time in accordance with this Agreement, the
      "CEO’s
      Salary"),
      payable in accordance with corporate payroll practices (monthly or bi-weekly)
      in
      arrears. Commencing as of January 1, 2007, Bentsur shall be entitled to
      automatic annual increase in the CEO's Salary in an amount representing a
      percentage increase equal to or greater than the CPI increase during the
      previous calendar year. Any increase greater than the CPI increase, is subject
      to Compensation Committee approval. In addition, upon the capital raising by
      the
      Company of an amount >$10 million (U.S.), Bentsur shall be entitled to a
      one-time bonus of $25,000.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (ii)
       Contingent
      Salary Increase.
      Bentsur
      shall be entitled to a 50% increase of his Annual Base Salary upon the Company
      achieving a total market capitalization on a fully diluted basis of more than
      (U.S.) $350 million (the “First
      Increase”).
      Bentsur shall be entitled to an additional 50% increase of his Annual Base
      Salary upon the Company achieving a total market capitalization on a fully
      diluted basis of more than (U.S.) $550 million (the “Second
      Increase”).
      An
      evaluation of whether the First or Second Increase market capitalization
      thresholds have been met shall be conducted on March 31, June 30, September
      30
      and December 31 of each calendar year (the “Evaluation Dates”).  The First
      Increase or Second Increase will be deemed to have been met if during the
      quarter preceeding each Evaluation Date, the market capitalization of the
      Company on a fully-diluted basis exceeded the required market capitalization
      threshold for the First Increase or Second Increase, as applicable, for a period
      of at least 5 consecutive trading days, as determined by the closing price
      of
      the Company’s ADS on NASDAQ, provided, however, that the market capitalization
      of the Company on a fully-diluted basis as of the Evaluation Date is not below
      the market capitalization of the Company on a fully-diluted basis as of the
      Effective Date.

     

    Following
      the achievement of the First Increase and/or the Second Increase, if the
      Company’s total market capitalization on a fully diluted basis on subsequent
      Evaluation Dates reduces, for any reason, below the market capitalization of
      the
      Company on a fully-diluted basis as of the Effective Date, then the First
      Increase and/or the Second Increase, as applicable, shall be suspended, and
      the
      First Increase and Second Increase market capitalization thresholds, as
      described above, shall be then subject to evaluation on subsequent Evaluation
      Dates.

     

    (iii) Bonuses.
      Bentsur
      shall be eligible to receive an annual bonus at the end of each calendar year
      of
      up to 100% of his annual base salary, less applicable state and federal
      withholdings, (the "Target
      Bonus")
      based
      upon his achievement of corporate goals and objectives ("Corporate
      G&Os"),
      agreed to with the Board of Directors at the beginning of each calendar year,
      to
      the satisfaction of the Board of Directors.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    
       

      (iv) Stock
        Options.
        The
        Company will grant Bentsur options (the "Options")
        to
        purchase a total of 7,000,000 shares of the ordinary shares of New Israeli
        Shekels 0.02 each (the "Ordinary
        Shares")
        of the
        Company (the "Initial Grant") at an exercise price equal to the closing price
        of
        an ADS as reported by the Nasdaq Stock Market (or such other exchange as
        such
        shares are then listed or in the good-faith determination of the Board of
        Directors, if not then listed or quoted) on the Effective Date, divided by
        the
        number of Ordinary Shares then represented by each ADS (the "Exercise
        Price"),
        which
        options shall be exercisable for a period of ten (10) years from the date
        of
        issuance (expected to be the Effective Date). Bentsur's Options will be granted
        under the same terms and conditions as share options granted under the Company's
        Share Option Plan 2001 (the "Plan")
        and to
        the terms of any share option agreement entered into by Bentsur and the Company;
        provided, however, that if any provisions of this Agreement are inconsistent
        with the terms and conditions of the Plans and any such stock option agreement,
        the terms of this Agreement shall control. In accordance with the Plans,
        should
        any change be made to the Ordinary Shares by reason of any stock split, stock
        dividend, extraordinary cash dividend, recapitalization, combination of shares,
        exchange of shares or other change affecting the outstanding Ordinary Shares
        as
        a class without the Company's receipt of consideration, appropriate adjustments
        shall be made to the total number and/or class of securities subject to such
        options, and the Exercise Price in order to reflect such change and thereby
        preclude a dilution or enlargement under such options. 

    

     

    The
      Initial Grant shall vest as follows: 

     

    (A)
      1/3
      of the options shall vest and be exercisable over a three (3) year period so
      that 777,782 options shall vest upon the first anniversary of the issuance
      of
      the options and 194,444 options shall vest at the end of each quarter thereafter
      so that upon the end of the three (3) year period, 2,333,334 options shall
      be
      vested;

     

    (B)
      1/3
      of the options (2,333,333) shall vest and be exercisable upon the Company
      achieving (i) a total market capitalization on a fully diluted basis of more
      than (U.S.) $350 million, as determined utilizing the Market Capitalization
      Formula, or (ii) the Company possessing at least $75 million in Working Capital
      (which shall mean as of any date, (1) the current assets plus investment
      securities or similar asset which have maturities in excess of 12 months minus
      (2) current liabilities) (the occurrence of either of the items in (B)(i) and
      (ii) being referred to as the "First Milestone Event").; and

     

    (C)
      1/3
      of the options (2,333,333) shall vest and be exercisable upon the Company
      achieving (i) a total market capitalization on a fully diluted basis of more
      than (U.S.) $550 million, as determined utilizing the Market Capitalization
      Formula, or (ii) the Company possessing at least $125 million in Working Capital
      (the occurrence of either of the items in (C)(i) and (ii) being referred to
      as
      the "Second Milestone Event"); 

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    Provided
      that at each of such First Milestone Event or Second Milestone Event Bentsur
      is
      still the CEO of the Company, the “Market
      Capitalization Formula”
shall
      be calculated as follows: 

     

    (A)
      the
      amount obtained as the product of 

     

    (1)
      the
      fully diluted Ordinary Shares (including shares attributable to all options,
      warrants, other purchase rights and convertible securities, which are in the
      money and including shares held by affiliates (collectively "market
      capitalization shares")),
      multiplied by

    (2)
      the
      quotient of:

    (x)
      the
      three (3) consecutive trading day average of the closing price of the American
      Depository Shares ("ADS"), as reported by the Nasdaq Stock Market (or such
      other
      exchange as such shares are then listed or in the good-faith determination
      of
      the Board of Directors, if not then listed or quoted), divided by

    (y)
      the
      number of Ordinary Shares then represented by each ADS; plus

    (B)
      long-term debt (as of any date); minus

     

    (C)
      Working Capital (as defined below); and minus

     

    (D)
      the
      aggregate exercise price of all options and warrants included in the market
      capitalization shares. 

     

    The
      term
“Working
      Capital”
shall
      mean as of any date, (1) the current assets plus investment securities or cash
      equivalents thereof or similar assets that have maturities in excess of 12
      months, minus (2) current liabilities.

     

    (iii)
      In
      the event of a Change of Control or a Reorganization Event, as those terms
      are
      defined in the Plan, or in the event that Bentsur is terminated by the Company
      without Cause (as defined below) or terminates his engagement for Good Reason
      (as defined below) or dies or suffers a Disability (as defined below), the
      exercisability of any of the options described in this Section 3 that are
      unexercisable at the time of such event or termination shall accelerate (and,
      in
      the case of a Change of Control or a Reorganization Event, such acceleration
      shall occur at a time and in a manner which allows Bentsur to participate in
      such event in respect of the shares subject to such options in the same manner
      as other shareholders). Additionally, the Board of Directors shall have the
      discretion to accelerate all or a portion of these options at any time. In
      addition, at the discretion of the Board of Directors, Bentsur shall be entitled
      to special grants of subsequent stock options. Bentsur shall be entitled to
      pay
      the exercise price of any or all of the options described in this Section 3
      by
      each of the methods set forth in the Plans and shall be allowed to satisfy
      any
      withholding obligations incurred on the exercise of such options by electing
      to
      have option shares withheld upon such exercise. The Company shall use best
      efforts to cause all of the shares underlying such options to be fully
      registered and freely tradable, including for resale without any limitations
      or
      restrictions, provided, however, that while Bentsur is an employee or director
      of the Company, Bentsur agrees to abide by the trading restrictions that may
      be
      imposed upon him from time to time pursuant to any laws, statutes, rules or
      regulations to which the shares underlying the options may be subject from
      time
      to time. 

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    (b)
      Expenses.
      XTL
      shall reimburse Bentsur for all normal, usual and necessary expenses incurred
      by
      Bentsur in furtherance of the business and affairs of XTL, including travel
      and
      entertainment, provided Bentsur submits to XTL appropriate vouchers, receipts
      or
      other proof of Bentsur's expenditures and otherwise in accordance with such
      expense reimbursement policy as may from time to time be adopted by the Board
      of
      Directors of XTL. 

     

    (c)
      Annual
      Leave and Holidays.
      Bentsur
      shall be entitled during the term of this Agreement to twenty (20) business
      days
      of paid annual leave per year as well as Company holidays as outlined in the
      Company's employee handbook. Bentsur shall not be allowed to accrue more than
      thirty (30) business days of annual leave except in unusual circumstances and
      with the permission of the Company. Should Bentsur’s annual leave balance exceed
      thirty (30) days at the end of any calendar year, the excess number of days
      shall be paid out in accordance with the Company's regular payroll procedures.
      

     

    (d)
      Employee
      Benefits.
      During
      the Term of his employment, Bentsur shall be entitled to participate in all
      employee and fringe benefit plans and programs generally offered to other
      members of the Company's senior management, including, without limitation,
      any
      pension, profit sharing, incentive, retirement, insurance, health and disability
      benefits and plans, to the extent that Bentusr is eligible under and subject
      to
      the provisions of such plans. The Company reserves its right to modify or
      terminate any of its employee and fringe benefit plans and programs at any
      time.

     

    4.
      Representations
      and Warranties By Bentsur and XTL.
      

     

    (a)
      Bentsur hereby represents and warrants to XTL as follows: 

     

    (i)
      Neither the execution and delivery of this Agreement nor the performance by
      Bentsur of his duties and other obligations hereunder violate any statute,
      law,
      determination or award, or conflict with or constitute a default under (whether
      immediately, upon the giving of notice or lapse of time or both) any prior
      employment agreement, contract, or other instrument to which Bentsur is a party
      or by which he is bound. 

     

    (ii)
      Bentsur has the full right, power and legal capacity to enter and deliver this
      Agreement and to perform his duties and other obligations hereunder. This
      Agreement constitutes the legal, valid and binding obligation of Bentsur
      enforceable against him in accordance with its terms. No approvals or consents
      of any persons or entities are required for Bentsur to execute and deliver
      this
      Agreement or perform his duties and other obligations hereunder. 

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    (b)
      XTL
      hereby represents and warrants to Bentsur as follows: 

     

    (i)
      XTL
      is duly organized and validly existing under the laws of the State of Israel,
      with all requisite corporate power and authority to own its properties and
      conduct its business in the manner presently conducted. 

     

    (ii)
      XTL
      has the full power and authority to enter into this Agreement and to incur
      and
      perform its obligations hereunder, subject to shareholder approval.

     

    (iii)
      The
      execution, delivery and performance by XTL of this Agreement does not conflict
      with or result in a material breach or violation of or constitute a material
      default under (whether immediately, or upon the giving of notice or lapse of
      time or both) the Articles of Association of XTL, or any agreement or instrument
      to which XTL is a party or by which XTL or any of its properties may be bound
      or
      affected. 

     

    (iv)
      This
      Agreement and the terms and conditions contained herein have been approved
      by
      the Audit Committee and the Board of Directors of the Company in accordance
      with
      the requirements of Section 270(1) of the Companies Act.

     

    5.
      Confidential
      Information.
      

     

    Bentsur
      agrees to sign and comply with the Company's Proprietary Information and
      Inventions Agreement. 

     

    6.
      Termination.
      

     

    (a)
      Either party may terminate Bentsur's engagement and appointment with the Company
      without Cause (in the case of the Company) or for Good Reason (in the case
      of
      Bentsur) (as such terms are defined herein) at any time upon thirty (30) days'
      notice (the “Notice
      Period”).
      The
      Board of Directors shall have the right, in its sole discretion, to require
      Bentsur to continue as the CEO working for the Company during the Notice Period.
      For purposes of this Agreement, Bentsur shall have "Good Reason" upon the
      occurrence of: (i) Any material change by the Company of Bentsur' function,
      duties or responsibilities such that Bentsur is no longer the highest member
      of
      the Company’s management team, or any other materially adverse change in such
      functions, duties or responsibilities, without Bentsur' written consent; (ii)
      a
      reduction of Bentsur's CEO Salary (as set forth in paragraph 3(a)(i)) by more
      than ten percent (10%), except where the Company has made similar reductions
      in
      the base salary of senior management throughout the Company; or (iii) the
      Company's breach of any material term of this Agreement; or (iv) a Change in
      Control or Reorganization Event. "Good Reason" shall not exist unless the
      Company has not cured the basis for Bentsur' resignation within fifteen (15)
      days following Bentsur' written notice to the Company specifying the basis
      of
      his resignation. For purposes of this Agreement, "Cause" shall mean: (i)
      material breach by Bentsur of the confidentiality and ownership of inventions
      agreement; (ii) the willful and continual failure or refusal by Bentsur to
      perform his duties under this Agreement (other than by reason of death or
      Disability (as defined below), Bentsur provided such failure or refusal
      continues for a period of thirty (30) days after receipt of written notice
      thereof from the Board of Directors in reasonable detail of such failure or
      refusal; (iii) any action by Bentsur constituting willful misconduct in respect
      of Bentsur' obligation to the Company that results in material, economic damage
      to the Company; or (iv) conviction of a felony. Notwithstanding the foregoing,
      the following shall not constitute Cause for the termination of Bentsur or
      the
      modification or diminution of any of his authority hereunder: any personal
      or
      policy disagreement between the Company and Bentsur, or Bentsur and any member
      of the Board of Directors of the Company; or any action taken by Bentsur in
      connection with his duties hereunder if Bentsur acted in good faith and in
      a
      manner he reasonably believed to be in, and not opposed to, the best interest
      of
      the Company. 

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    (b)
      If
      the Company terminates Bentsur without Cause or Bentsur terminates his
      engagement for Good Reason, the Board of Directors shall take the necessary
      steps so that (i) any outstanding, but unvested, options granted to Bentsur
      in
      accordance with Section 3, above, shall vest upon the effective date of his
      termination; and (ii) the period during which Bentsur shall be permitted to
      exercise such options shall be extended to the earlier of two (2) years from
      the
      effective date of his termination, and ten (10) years from the Effective Date.
      In addition, in the event of termination pursuant to this subsection and upon
      Bentsur’s execution of a waiver and release of claims form, Bentsur shall be
      entitled to (I) a lump sum severance payment equal to one year's annual gross
      base salary and (II) a lump-sum payment equal to the product obtained by
      multiplying (A) the bonus to which Bentsur would have been entitled for the
      calendar year of termination (based on the achievement of Corporate G&Os) if
      Bentsur had remained employed hereunder throughout such calendar year times
      (B)
      a fraction whose numerator equals the number of days Bentsur was employed
      hereunder during such calendar year and whose denominator is 365, such payment
      to be due to Bentsur at the time Bentsur’s bonus for such calendar year would
      have been due if Bentsur had remained employed hereunder. Such payment shall
      be
      less applicable state and federal withholdings. Bentsur shall also receive
      his
      CEO Salary during the Notice Period.

     

    (c)
      In
      the event of a Change of Control Event or a Reorganization Event, as those
      terms
      are defined in the Plans, Bentsur shall be entitled to (i) the immediate
      acceleration of any outstanding, but unvested options granted to him in
      accordance with Section 3, above, and (ii) the extension of the period during
      which Bentsur shall be permitted to exercise such options to the earlier of
      two
      (2) years from the effective date of his termination (if applicable) and ten
      (10) years from the Effective Date. In addition, in the event of a termination
      of Bentsur’s employment in anticipation of a Change of Control or a
      Reorganization Event or within 12 months thereafter, provided that Bentsur
      executes a waiver and release of claims form, Bentsur shall be entitled to
      receive a lump sum severance payment equal to the product of (x) one years'
      annual gross Base Salary plus Bentsur’s target bonus for the year in which the
      termination occurred and (y) less applicable state and federal withholdings.
      This payment shall be in addition to his salary during the Notice Period if
      Bentsur is terminated in connection with such Change of Control Event or
      Reorganization Event. 

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    (d)
      Should Bentsur's engagement terminate by his death or disability, he or his
      estate, if applicable, shall be entitled to continue to receive his CEO Salary
      for six (6) months (less applicable state and federal withholdings) following
      his last day of actual engagement by the Company. (For purposes of this
      Agreement, "Disability" shall be deemed to have occurred if Bentsur is unable,
      due to any physical or mental disease or condition, to perform his normal duties
      of engagement for 120 consecutive days or 180 days in any twelve-month period.)
      In addition, the Board of Directors shall take the necessary steps so that
      (i)
      any outstanding, but unvested, options granted to him in accordance with Section
      3, above, shall vest upon the effective date of his termination; and (ii) the
      period during which he shall be permitted to exercise such options shall be
      extended to the earlier of two (2) years from the effective date of his
      termination and ten (10) years from the Effective Date. Should Bentsur'
      engagement terminate as a result of his death, the benefits granted herein,
      shall be granted instead to his lawful heir or heirs. 

     

    (e)
      Notwithstanding the foregoing, the Company and its shareholders may terminate
      Bentsur immediately and without prior notice for Cause. 

     

    (f)
      In
      the event that Bentsur's engagement has been terminated in accordance with
      Section 6(e), above, Bentsur shall not be entitled to receive any of the
      severance benefits set forth in this Section 6, but he shall be entitled to
      any
      unpaid CEO Salaries, which have accrued through his date of termination.

     

    7.
      Indemnification. 

     

    Subject
      to the Companies Act, the Company shall defend and indemnify Bentsur in his
      capacity as CEO of the Company against any and all claims, judgments, damages,
      liabilities, costs and expenses (including reasonable attorney's fees) arising
      out of, based upon or related to Bentsur' performance of services hereunder,
      except to the extent that such claims arise out of Bentsur' (a) willful
      misconduct, (b) bad faith, (c) gross negligence, or (d) reckless disregard
      of
      the duties involved in the conduct of Bentsur' position. 

     

    In
      addition, subject to the Companies Act, the Company shall take whatever steps
      are necessary to establish a policy of indemnifying its officers and directors,
      including, but not limited to Bentsur, for all actions taken in good faith
      in
      pursuit of their duties and obligations to the Company. Such steps shall
      include, but shall not necessarily be limited to, the obtaining of an
      appropriate level of Directors and Officers Liability coverage and including
      such provisions in the Company’s' Articles of Association, as applicable and
      customary. The rights to indemnification shall survive any termination of this
      Agreement. 

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    8.
      Notices. 

     

    Any
      notice or other communication under this Agreement shall be in writing and
      shall
      be deemed to have been given when delivered personally or via facsimile against
      receipt thereof or confirmed in the case of facsimile; two (2) business days
      after being sent by Federal Express or similar internationally recognized
      courier service; or seven (7) business days after being mailed registered or
      certified mail, postage prepaid, return receipt requested, to either party
      at
      the address set forth above, or to such other address as such party shall give
      by notice hereunder to the other party. 

     

    9.
      Severability
      of Provisions.
      

     

    If
      any
      provision of this Agreement shall be declared by a court of competent
      jurisdiction to be invalid, illegal or incapable of being enforced in whole
      or
      in part, the remaining conditions and provisions or portions thereof shall
      nevertheless remain in full force and effect and enforceable to the extent
      they
      are valid, legal and enforceable, and no provision shall be deemed dependent
      upon any other covenant or provision unless so expressed herein. 

     

    10.
      Entire
      Agreement; Modification.
      

     

    Other
      than in respect of the share options, this Agreement contains the entire
      agreement of the parties relating to the subject matter hereof, and the parties
      hereto have made no agreements, representations or warranties relating to the
      subject matter of this Agreement that are not set forth herein. No modification
      of this Agreement shall be valid unless made in writing and signed by the
      parties hereto. 

     

    11.
      Binding
      Effect.
      

     

    The
      rights, benefits, duties and obligations under this Agreement shall inure to,
      and be binding upon, XTL, its successors and assigns, and upon Bentsur and
      his
      legal representatives. This Agreement constitutes a personal service agreement,
      and the performance of Bentsur's obligations hereunder may not be transferred
      or
      assigned by Bentsur. 

     

    12.
      Non-Waiver.
      

     

    The
      failure of either party to insist upon the strict performance of any of the
      terms, conditions and provisions of this Agreement shall not be construed as
      a
      waiver or relinquishment of future compliance therewith, and said terms,
      conditions and provisions shall remain in full force and effect. No waiver
      of
      any term or condition of this Agreement on the part of either party shall be
      effective for any purpose whatsoever unless such waiver is in writing and signed
      by such party. 

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    13.
      Governing
      Law.
      

     

    This
      Agreement shall be governed by, and construed and interpreted in accordance
      with, the laws of the State of New York without regard to principles of
      conflicts of law. 

     

    14.
      Remedies
      For Breach.
      

     

    Bentsur
      understands and agrees that any breach of Sections 5 and/or 7 of this Agreement
      by him could cause irreparable damage to XTL, and that monetary damages alone
      would not be adequate and, in the event of such breach, XTL shall have, in
      addition to any and all remedies of law, the right to an injunction, specific
      performance or other equitable relief to prevent or redress the violation of
      XTL’s rights under such Sections. 

     

    15.
      Headings.
      

     

    The
      headings of paragraphs are inserted for convenience and shall not affect any
      interpretation of this Agreement. 

     

     

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

     

    
      	
              CEO:

               

              By:
                /s/ Ron Bentsur

              
                

              

              Name:
                Ron Bentsur

            	
              XTL
                BIOPHARMACEUTICALS, LTD.

               

              By:
                /s/ Michael S. Weiss

              
                

              

              Name:
                Michael S. Weiss

              Title:
                Chairman

            

    

     

    
      
        
        

      

      
        -10-

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