Document:

Exhibit 10.1

 

GALMED PHARMACEUTICALS LTD.

 

REGISTRATION AND INFORMATION RIGHTS
AGREEMENT

 

THIS REGISTRATION AND
INFORMATION RIGHTS AGREEMENT (the "Agreement") is made as of the __ day of December 2013, by and among
Galmed Pharmaceuticals Ltd., a company incorporated under the laws of the State of Israel (the "Company"),
Shirat HaChaim Ltd., a company incorporated under the laws of the State of Israel (the “Lead Investor”),
David & Debora Goldfarb and Medgal S.A. (the “Other Investors”), and G. Yarom Medical Research Ltd.
(the “Major Holder”).

 

RECITALS

 

WHEREAS,
the Lead Investor and Other Investors are shareholders of the Company and of its predecessor company, Galmed Holdings, Inc. (“GHI”);
and

 

WHEREAS,
the Lead Investor and the Other Investors were granted certain rights in GHI including registration rights and information rights;
and

 

WHEREAS
in order to induce the Lead Investor and Other Investors to agree to the reorganization of the group of companies held by GHI,
the Major Holder and the Company hereby agree that this Agreement shall govern the rights of the Lead Investor, the Other Investors
and the Major Holder to cause the Company to register Ordinary Shares issued or issuable to it and certain other matters as set
forth herein.

 

NOW, THEREFORE, THE PARTIES
HEREBY AGREE AS FOLLOWS:

 

1.            Registration
Rights.

 

1.1         Definitions.
For purposes of this Agreement:

 

(i)          The
term "Act" means the US federal Securities Act of 1933, as amended or equivalent securities law of another
jurisdiction acceptable to the Company and holders of Ordinary Shares on an as converted basis.

 

(ii)         The
term "Articles" means the Company's Articles of Association in effect from time to time.

 

(iii)        The
term "Board" means the Company's board of directors.

 

(iv)        The
terms "Form S-3" and "Form F-3" mean such form under the Act as in effect
on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation
of substantial information by reference to other documents filed by the Company with the SEC.

 

(v)         The
term "Holder" means any person owning or having the right to acquire Registrable Securities or any assignee
thereof in accordance with Section 1.2 hereof.

 

    	 

    	 

    

 

(vi)        The
term "Initial Offering" means the Company's first underwritten public offering of its Ordinary Shares under
the Act or under equivalent securities law of another jurisdiction acceptable to holders of majority of the Company's Ordinary
Shares.

 

(vii)       The
term "IPO" shall have the meaning set forth in the Articles.

 

(viii)      The
term "Ordinary Shares" shall have the meaning set forth in the Articles.

 

(ix)         The
term "register," "registered," and "registration"
refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act,
and the declaration or ordering of effectiveness of such registration statement or document.

 

(x)          The
term "Registrable Securities" means (i) all Ordinary Shares issued to or issuable upon conversion
of any warrants or options held by the Lead Investor, the Other Investors or the Major Holder and (ii) all Ordinary Shares issued
to or issuable upon conversion of any warrants or options held by all other shareholders of the Company holding at least
1% of the Company's share capital who join this Agreement by signing a joinder in a form acceptable to the Company, in accordance
with Section 3.11 below, excluding in all cases, however, (a) any Registrable Securities sold by a person in a transaction in which
his rights under this Section 1 are not assigned, and (b) any securities that may be sold without restriction pursuant to
Rule 144 under the Act (or similar rule) if such shares are held by a holder of less than 1% of the outstanding Ordinary Shares
of the Company, calculated on a fully diluted basis.

 

(xi)         The
number of shares of "Registrable Securities then outstanding" shall be determined by the number of Ordinary
Shares outstanding, which are Registrable Securities, calculated on an as-converted basis.

 

(xii)        The
term "1934 Act" means the US federal Securities Exchange Act of 1934, as amended or equivalent securities
law of another jurisdiction acceptable to holders of majority of the Preferred Shares on an as converted basis.

 

1.2         Request
for Registration.

 

(i)          Subject
to the conditions of this Section 1.2, if at any time after 6 (six) months of the effective date of an Initial Offering, the
Company shall receive a written request from either (a) the Lead Investor or (b) the holders of at least 40% of the Registrable
Securities held by the Other Investors and the Major Holder (in each case, the "Initiating Holders") that
the Company file a registration statement under the Act covering the registration of Registrable Securities, then the Company shall,
within twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations
of this Section 1.2, use commercially reasonable efforts to effect, as soon as practicable, the registration under the Act
of all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty
(20) days of the mailing of the Company's notice pursuant to this Section 1.2(i).

 

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(ii)         If
the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such
information in the written notice referred to in Section 1.2(i). In such event the right of any Holder to include its Registrable
Securities in such registration shall be conditioned upon such Holder's participation in such underwriting and the inclusion of
such Holder's Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating
Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting
shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting
by the Company and reasonably acceptable to a majority in interest of the Initiating Holders.

 

(iii)        If
the underwriter advises the Company that marketing factors require a limitation of the number of securities underwritten (including
Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten
pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated (a) in a registration requested
pursuant to Section 1.2(i)(a) above, (1) first to the Lead Investor in respect of all Registrable Securities requested by the Lead
Investor, (2) then to the Other Investors in respect of all Registrable Securities requested by them, (3) then to the Major Holder
in respect of all Registrable Securities requested by it, and finally (4) to all other Holders of Registrable Securities on a pro
rata basis based on the number of Registrable Securities held by all such Holders, and (b) in a registration requested pursuant
to Section 1.2(i)(b) above, (1) to the Lead Investor, Other Investors and Major Holder on a pro rata basis among them based on
the number of Registrable Securities held by all such Holders and then (2) to all other Holders of Registrable Securities on a
pro rata basis based on the number of Registrable Securities held by all such Holders. Any Registrable Securities excluded or withdrawn
from such underwriting shall be withdrawn from the registration.

 

(iv)        The
Company shall not be required to effect a registration pursuant to this Section 1.2:

 

(a)
in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the
Act; or

 

(b)
after the Company has effected one (1) registration pursuant to Section 1.2(i)(a) and one (1) registration pursuant to Section
1.2(i)(b), and such registrations have been declared or ordered effective; or

 

(c)
if the aggregate offering price of all the Registrable Securities to be included in the registration by the Initiating Holders
is less than $5,000,000; or

 

(d)
during the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of the filing
of, and ending on a date ninety (90) days following the effective date of, a Company-initiated registration subject to Section 1.3
below, provided that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration
statement to become effective; or

 

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(e)
if the Company shall furnish to the Holders requesting a registration statement pursuant to this Section 1.2, a certificate
signed by the Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would
be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which
event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the
request of the Initiating Holders, provided that such right to delay a request shall be exercised by the Company not more than
once in any twelve (12) month period.

 

1.3         Company
Registration.

 

(i) If (but without any
obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for stockholders
other than the Holders) any of its shares or other securities under the Act in connection with the public offering of such securities
(other than a registration relating solely to the sale of securities to participants in an employee benefit plan, a registration
relating to a corporate reorganization or other transaction under Rule 145 of the Act, a registration on any form that does
not include substantially the same information as would be required to be included in a registration statement covering the sale
of the Registrable Securities, or a registration in which the only Ordinary Shares being registered are Ordinary Shares issuable
upon conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder
written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such
notice by the Company in accordance with Section 5.6, the Company shall, subject to the provisions of Section 1.3(i),
do all necessary actions in order to cause to be registered under the Act all of the Registrable Securities that each such Holder
has requested to be registered.

 

(ii)         Right
to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities
in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 1.7
hereof.

 

(iii)        Underwriting
Requirements. In connection with any offering involving an underwriting of shares of the Company's capital stock, the Company
shall not be required under this Section 1.3 to include any of the Holders' securities in such underwriting unless they accept
the terms of the underwriting, in customary form, as agreed upon between the Company and the underwriters selected by it and approved
by a majority in interest of holders of Registrable Securities, and enter into such underwriting agreement, and then only in such
quantity as the underwriters determine in their sole discretion will not materially and adversely jeopardize the success of the
offering by the Company. If the total amount of securities, including Registrable Securities, requested by Holders to be included
in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole
discretion could materially and adversely jeopardize the success of the offering, then the Company shall be required to include
in the offering only that number of such securities (if any), including Registrable Securities, that the underwriters determine
in their sole discretion will not materially and adversely jeopardize the success of the offering, and there shall be included
in such registration and underwriting to the extent necessary to satisfy such limitation, the amount of Registrable Securities
held by the Lead Investor and requested to be included in the offering up to an amount which shall equal the lesser of (a) the
number of Registrable Securities which the Lead Investor has requested be included in such offering and (b) twenty five percent
(25%) of the total amount of securities included in such offering excluding the securities being offered by the Company. Any Registrable
Securities remaining available for inclusion in the offering will be included according to the order of precedence set forth in
Section 1.2(iii)(a) above.

 

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1.4         Form
S-3 or Form F-3 Registration. In case the Company shall receive from (i) any of the Initiating Holders (as such term is defined
in section 1.2 above), a written request or requests that the Company effect a registration on Form S-3 or Form F-3 and any
related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders,
the Company shall:

 

(i)          promptly
give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and

 

(ii)         use
commercially reasonable efforts to effect, as soon as practicable, such registration and all such qualifications and compliances
as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders' Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders
joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice
from the Company, provided, however, that the Company shall not be obligated to effect any such registration, qualification or
compliance, pursuant to this section 1.4:

 

(a)
if Form S-3 or Form F-3 is not available for such offering by the Holders;

 

(b)
if the Company has filed two (2) Form S-3 or Form F-3 registration statements pursuant to this Section 1.3 in any 12 (twelve)
month period and such registrations have been declared or ordered effective.

 

(c)
if the request is in respect of Registrable Securities having an aggregate offering price of less than $3,000,000

 

(c)
if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors of the Company stating
that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and
its stockholders for such Form S-3 or Form F-3 Registration to be effected at such time, in which event the Company shall
have the right to defer the filing of the Form S-3 or Form F-3 registration statement for a period of not more than ninety
(90) days after receipt of the request of the Holder or Holders under this Section 1.4; provided, however, that the
Company shall not utilize this right more than once in any twelve month period;

 

(d)
in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent
to service of process in effecting such registration, qualification or compliance.

 

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(iii)        Subject
to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested
to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant
to this Section 1.4 shall not be counted as requests for registration effected pursuant to Sections 1.2.

 

1.5         Registration
Preference. Notwithstanding the aforesaid in section 1.2(iii), if any shareholders of the Company shall have the option to
sell shares of the Company in an Initial Offering or in any subsequent registration, the Lead Investor shall have preference over
all other shareholders to register and sell its shares. In a registration initiated by the Company, the Company shall have first
priority.

 

1.6         Obligations
of the Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

 

(i)          prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use commercially reasonable efforts
to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, use best efforts to keep such registration statement effective for a period of up to one hundred
and twenty (120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed;

 

(ii)         prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with
such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all
securities covered by such registration statement;

 

(iii)        furnish
to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements
of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities
owned by them;

 

(iv)        use
commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall
not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service
of process in any such states or jurisdictions;

 

(v)         in
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter of such offering;

 

(vi)        notify
each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Act or the happening of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing;

 

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(vii)       notify
each Holder of Registrable Securities covered by such registration statement, promptly after the Company shall receive notice thereof,
of the time when such registration statement becomes effective or when any amendment or supplement or any prospectus forming a
part of such registration has been filed.

 

(viii)      notify
each Holder of Registrable Securities covered by such registration statement, promptly of any request by the SEC for the amending
of supplementing of such registration statement or prospectus for additional information.

 

(ix)         advise
each Holder whose Registrable Shares are included in such registration statement promptly after the Company shall receive notice
or otherwise obtain knowledge of the issuance of any order by the SEC suspending the effectiveness of such registration statement
or amendment thereto or of the initiation or threatening of any proceeding for that purpose; and promptly use its best efforts
to prevent the issuance of any stop order or to obtain its withdrawal promptly if a stop order should be issued.

 

(x)          use
its commercially reasonable efforts to furnish, at the request of any Holder requesting registration of Registrable Securities
pursuant to this agreement on the date that such Registrable Securities are delivered to the underwriters for sale in connection
with a registration pursuant to this agreement, if such securities are being sold through underwriters, on the date that the registration
statement with respect to such securities becomes effective, (i) an opinion, dated such date, of the counsel representing the Company
for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii)
a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters,
if any, and to the Holders requesting registration of Registrable Securities.

 

(xi)         cause
all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities
issued by the Company are then listed; and

 

(xii)        provide
a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration.

 

1.7         Information
from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1
with respect to the Registrable Securities of any selling Holder that such Holder (a) becomes a party to this Agreement (if it
had not previously countersigned it) and (b) furnishes to the Company such information regarding itself, the Registrable Securities
held by it, and the intended method of disposition of such securities as shall be required to effect the registration of such Holder's
Registrable Securities.

 

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1.8         Expenses
of Registration. All expenses other than underwriting discounts and commissions incurred in connection with registrations,
filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4, including (without limitation) all registration, filing and
qualification fees, printers' and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and
disbursements of one counsel for the selling Holders shall be borne by the Company. Notwithstanding the foregoing, the Company
shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 or Section 1.4
if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities
to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable
Securities that were to be requested in the withdrawn registration), unless, in the case of a registration requested under Section 1.2,
the Holders of a majority of the Registrable Securities agree to forfeit their right to each of the two demands registration pursuant
to Section 1.2, provided, however, that if at the time of such withdrawal, the Holders have learned of a material
adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request
and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change,
then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 1.2 or
1.4.

 

1.9         Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1.

 

1.10       Indemnification.
In the event any Registrable Securities are included in a registration statement under this Section 1:

 

(i)          To
the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners or officers, directors and
shareholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder
and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act, against any losses,
claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act or any state securities
laws, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any
of the following statements, omissions or violations (collectively a "Violation"): (i) any untrue statement
or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or
final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state
therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any
violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated
under the Act, the 1934 Act or any state securities laws; and the Company will reimburse each such Holder, underwriter or controlling
person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection l.9(i)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such
case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that
occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration
by any such Holder, underwriter or controlling person; provided further, however, that the foregoing indemnity agreement
with respect to any preliminary prospectus shall not inure to the benefit of any Holder or underwriter, or any person controlling
such Holder or underwriter, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in
the offering, if a copy of the prospectus (as then amended or supplemented if the Company shall have furnished any amendments or
supplements thereto) was not sent or given by or on behalf of such Holder or underwriter to such person, if required by law so
to have been delivered, at or prior to the written confirmation of the sale of the shares to such person, and if the prospectus
(as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability.

 

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(ii)         To
the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act,
legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement
and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or
several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act or any state securities laws, insofar
as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in
each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information
furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any person
intended to be indemnified pursuant to this subsection l.9(ii), for any legal or other expenses reasonably incurred by such person
in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this subsection l.9(ii) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall
not be unreasonably withheld), and provided further that in no event shall any indemnity under this subsection l.9(ii) exceed
the net proceeds from the offering received by such Holder.

 

(iii)        Promptly
after receipt by an indemnified party under this Section 1.9 of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right
to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed,
to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together
with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party
by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice
to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend
such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.9, but the
omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified
party otherwise than under this Section 1.9.

 

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(iv)        If
the indemnification provided for in this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party,
in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party
as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault
of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions
that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied
by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information, and opportunity
to correct or prevent such statement or omission.

 

(v)         Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control.

 

(vi)        The
obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise.

 

1.11      Reports
Under Securities Exchange Act of 1934. With a view to making available to the Holders the benefits of Rule 144 promulgated
under the Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company
to the public without registration or pursuant to a registration on Form S-3 or Form F-3, the Company agrees to:

 

(i)          make
and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times after the effective
date of the Initial Offering;

 

(ii)         file
with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and

 

(iii)        furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the
Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the
effective date of the first registration statement filed by the Company), the Act and the 1934 Act (at any time after it has become
subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3
or Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company
and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested
in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration
or pursuant to such form.

 

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1.12       Assignment
of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Agreement may be
assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities provided that
such transfer or assignment is made pursuant to the provisions of the Articles and any provisions and agreements relating to transfer
of securities, and provided further that: (a) the Company is, within a reasonable time after such transfer, furnished
with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration
rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions
of this Agreement, including without limitation the provisions of Section 1.13 below; (c) such assignment shall be effective
only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted
under the Act.

 

1.13       Limitations
on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written
consent of the Lead Investor and Holders of at least a majority of the Registrable Securities held by the Other Investors and Major
Holder, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder
or prospective holder (a) to include such securities in any registration filed under Section 1.3 hereof, unless under
the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the
extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included
or (b) to demand registration of their securities.

 

1.14      "Market
Stand-Off" Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter,
during the period commencing on the date of the final prospectus relating to any offering of the Company and ending on the date
specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80) days in the case of an
Initial Offering or ninety (90) days in any subsequent offering) (i) lend, offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any shares of Ordinary Shares or any securities convertible into or exercisable
or exchangeable for Ordinary Shares (whether such shares or any such securities are then owned by the Holder or are thereafter
acquired), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the shares of Ordinary Shares, whether any such transaction described in clause (i) or (ii) above
is to be settled by delivery of shares of Ordinary Shares or such other securities, in cash or otherwise. The foregoing provisions
of this Section 1.13 shall only be applicable to the Holders if all officers and directors and greater than 1% (one percent)
stockholders of the Company enter into similar agreements. The underwriters in connection with the Company's initial public offering
are intended third party beneficiaries of this Section 1.13 and shall have the right, power and authority to enforce the provisions
hereof as though they were a party hereto.

 

In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder
(and the shares or securities of every other person subject to the foregoing restriction) until the end of such period.

 

    	11

    	 

    

 

2.            Affirmative
Covenants. Until the consummation of an IPO, the Company undertakes towards the Lead Investor, each of the Other Investors,
and the Major Holder (each, for purposes of this Section: a “Major Holder”), as follows:

 

2.1         Delivery
of Financial Information. The Company will furnish the following reports to each Major Holder:

 

(i)          As
soon as practicable after the end of each fiscal year and in any event within one hundred and twenty (120) days thereafter,
the consolidated balance sheet and statement of shareholder equity of the Company as of the end of such fiscal year, and the consolidated
statements of income and cash flow for the fiscal year then ended, all in reasonable detail, stating in each case in comparative
form the figures of the preceding fiscal year, United States dollar denominated, audited and certified by an independent public
accounting firm, in each case in English and accompanied by an opinion in English of such firm which opinion shall state that such
balance sheet and statements of shareholder equity, income and cash flow have been prepared in accordance with United States generally
accepted accounting principles ("GAAP") applied on a basis consistent with that of the preceding fiscal year,
and present fairly and accurately the financial position of the Company as of their date, and that the audit by such accountants
in connection with such financial statements has been made in accordance with United States generally accepted auditing standards.

 

(ii)         As
soon as practicable, and in any event within sixty (60) days after the end of the first, second and third quarters of each fiscal
year of the Company, un-audited reviewed consolidated balance sheets of the Company as of the end of such quarter and consolidated
statements of income and cash flow of the Company for such quarter and for the portion of the fiscal year ending with such period,
in each case in English and in reasonable detail, stating in each case in comparative form the figures for the corresponding period
of the preceding fiscal year and United States dollar denominated, together with an instrument executed by the Chief Financial
Officer or President or Chief Executive Officer of the Company certifying that such financials were prepared in accordance with
GAAP consistently applied with prior practice for earlier periods (with the exception of footnotes that may be required by GAAP)
and fairly present the financial condition of the Company and its results of operation for the period specified, subject to year-end
audit adjustment.

 

(iii)        As
soon as practicable, and in any event within thirty (30) days after the end of each month, monthly financial reports in a form
to be approved by the Lead Investor and the Board.

 

(iv)        As
soon as practicable, and in any event at least thirty (30) days before each fiscal year, the Company's annual budget and business
plan for the following year, including a rolling two-year budget, on a monthly basis and including balance sheets, income statements
and statement of cash flows for such months and approved by the Company's Board of Directors, all in reasonable detail and in English.

 

(v)         Such
other information relating to the financial condition, business, prospects or corporate affairs of the Company as any Major Holder
may from time to time reasonably request, without derogating from such Major Holders' statutory rights.

 

    	12

    	 

    

 

2.2         Inspection
and Visitation. Until the consummation of a Qualified IPO, the Company will permit each Major Holder and its representatives,
at such Major Holder's expense, full and free access, during normal business hours and upon reasonable notice, to inspect the Company’s
books and records. In addition, the Company will permit any Major Holder who holds at least 7.5% of the issued share capital of
the Company, and its representatives, at such Major Holder’s expense, full and free access, during normal business hours
and upon reasonable notice, to visit the Company’s premises and properties and to discuss the Company’s affairs, finances
and accounts with the Company's officers and auditor. Notwithstanding any of the above, the Company shall not be obligated pursuant
to this Section 2.2 to provide access to any information if such Major Holder is in any conflict of interests with the Company
at that time, or that it reasonably considers to be a trade secret or confidential unless a customary confidentiality undertaking
is signed, or the disclosure of which, pursuant to written confirmation by Company's legal counsel, would adversely affect the
attorney-client privilege between the Company and its counsel (in which case the Company shall provide a description of the information
in reasonable detail). This Section shall not limit any rights that the Major Holders may have under applicable law.

 

2.3         Confidentiality.
Each Major Holder agrees that any information provided to it under this Agreement will not be disclosed (other than to its
officers and its legal, financial and technical advisors), without the prior written consent of the Company; provided that,
in connection with periodic non-public reports to its shareholders or partners, each Major Holder may, without first obtaining
such written consent, make general standard statements, not containing technical or other confidential information, regarding the
nature and progress of the Company's business; and provided further, that each Major Holder may provide summary information
regarding the Company's financial information in its reports to their respective shareholders or partners, but may not annex to
such reports the full financial information to be provided under this Agreement by the Company. For the avoidance of doubt, Confidential
Information shall not include any information which: (1) was in the public domain prior to the time of disclosure by the Company;
(2) enters the public domain after disclosure by the Company to the Major Holder through no action or inaction of such Major Holder;
(3) is already in the possession of the Major Holder free of any obligation of confidentiality at the time of disclosure by the
Company; or (4) is required by law to be disclosed by the Major Holder; provided that such Major Holder shall use all commercially
reasonable efforts to maintain the confidentiality of such disclosed information and further provided that the Major Holder promptly
as practicable notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

 

2.4         Accounting.
The Company will maintain and cause each of its subsidiaries to maintain a system of accounting established and administered in
accordance with GAAP consistently applied, and will set aside on its books and cause each of its subsidiaries to set aside on its
books all such proper reserves as shall be required by GAAP.

 

2.5         Proprietary
Information and Non-Competition Agreements. The Company will not employ, or continue to employ, any employee or consultant
who will have access to confidential information with respect to the Company and its operations unless such person has executed
and delivered a Proprietary Information and Non-Competition Agreement in the form approved by the Company's Board of Directors.

 

    	13

    	 

    

 

3.            Miscellaneous.

 

3.1         Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities
– subject to the terms of Section 1.11 above). Nothing in this Agreement, express or implied, is intended to confer upon
any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement.

 

3.2         Effect
of Change in Company's Capital Structure. If, from time to time, there is any stock dividend, stock split or other change in
the character or amount of any of the outstanding shares of the Company, then in such event any and all new, substituted or additional
securities to which a shareholder is entitled by reason of the shareholder's ownership of the shares of the Company shall be immediately
subject to the rights and obligations set forth in this Agreement, with the same force and effect as the shares subject to such
rights immediately before such event.

 

3.3         Governing
Law. This Agreement shall be governed by and construed exclusively under the laws of the State of Israel, without regard to
the conflict of laws provisions thereof, and the competent courts in Jerusalem shall have sole jurisdiction over this Agreement

 

3.4         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

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

 

3.6         Notices.
Any notice required or permitted to be given to a party pursuant to the provisions of this Agreement will be in writing and will
be effective and deemed given to such party under this Agreement on the earliest of the following: (a) the date of personal delivery;
(b) one (1) business day after transmission by facsimile or Email, addressed to the other party at its facsimile number or Email
address, with confirmation of transmission; (c) one (1) business day after deposit with a return receipt express courier for deliveries
within Israel, or three (3) business days after such deposit for deliveries outside of Israel; or (d) three (3) business days after
deposit in the mail by registered or certified mail (return receipt requested) for deliveries within Israel. All notices not delivered
personally or by facsimile or Email will be sent with postage and/or other charges prepaid and properly addressed to the party
to be notified at the address set forth below such party's signature on this Agreement or on Schedule A hereto, or at such other
address as such other party may designate by ten (10) days advance written notice to the other parties hereto. All notices for
delivery outside Israel will be sent by facsimile, Email or by express courier. Any notice given hereunder to more than one person
will be deemed to have been given, for purposes of counting time periods hereunder, on the date effectively given to the last party
required to be given such notice.

 

    	14

    	 

    

 

3.7         Expenses.
If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall
be entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party
may be entitled.

 

3.8         Entire
Agreement: Amendments and Waivers. This Agreement (including the Exhibits hereto, if any), constitutes the full and entire
understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement may be
amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of (a) the Company, (b) the Lead Investor, and (c) the holders of
a majority of the Registrable Securities held by the Other Investors and Major Holder. Any amendment or waiver effected in accordance
with this paragraph shall be binding upon each party hereto and the Company; provided, however, that in the event that such amendment
or waiver adversely affects the specific obligations and/or rights of a certain shareholder, such amendment or waiver shall also
require the written consent of such shareholder.

 

3.9         Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms; provided, however, that in such event this Agreement shall be interpreted so as to give effect to
the greatest extent consistent with and permitted by applicable law, to the meaning and intention of the excluded provision as
determined by such court of competent jurisdiction.

 

3.10       Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party upon any breach or default
under this Agreement, shall be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver,
permit, consent, or approval of any kind or character on the part of any party of any breach or default under this Agreement, or
any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective
only to the extent specifically set forth in such writing.

 

3.11       Additional
Parties The parties hereto agree that additional parties may be added as parties to this Agreement as "Holder" with
respect to any or all of the securities of the Company purchased by them, and shall thereupon be deemed for all purposes a "Holder"
hereunder. Any such additional party shall execute a counterpart of this Agreement, and upon execution by such additional party
and by the Company, shall be considered a Holder for purposes of this Agreement.

 

3.12       Investor
Assignees. Any reference to, or rights conferred upon each holder
of Registrable Securities or any of its affiliates, may be transferred or assigned, free of any restriction, to their Permitted
Transferees (as defined in the Articles).

 

[Signature Pages Immediately Follow]

 

    	15

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Registration and Information Rights Agreement as of the date first written above.

 

	COMPANY:	 	 
	 	 	 
	GALMED PHARMACEUTICALS LTD.	 	 
	 	 	 
	/s/ Allen Baharaff	 	 
	 	 	 
	By: 	Allen Baharaff	 	 
	 	 	 
	Title: 	CEO	 	 
	 	 	 
	 	 	 
	SHIRAT HACHAIM LTD.	 	MEDGAL S.A.
	 	 	 
	/s/ Chaim Hurvitz	 	/s/ Daniela Eskenazi
	 	 	 
	By: 	Chaim Hurvitz	 	By:	 
	 	 	 
	Title: 	Director	 	Title: 	 
	 	 	 
	 	 	 
	/s/ David & Debora Goldfarb	 	G. YAROM MEDICAL RESEARCH LTD.
	 	 	 
	DAVID & DEBORA GOLDFARB	 	/s/ Allen Baharaff
	 	 	 
	 	 	By: 	Allen Baharaff
	 	 	 
	 	 	Title: 	Director

 

[Signature Page of GPL Registration
and Information Rights Agreement]Exhibit 10.8

 

PERSONAL
EMPLOYMENT AGREEMENT

 

This
Personal Employment Agreement (“Agreement”) is entered into this 23 day of December 2013, by and between
Galmed Medical Research Ltd., reg. no. 513006841, a company organized under the laws of the State of Israel, having its
principal office at Amot Mishpat Bldg. 12th floor, 8 Shaul Ha’melech Blvd. Tel Aviv, Israel (the “Company”) and
Allen Baharaff Israeli I.D. Number: 059100818. Address: 7 Hayutman Street Tel Aviv (the “Executive”).

 

WITNESSETH

 

WHEREAS,
the Company desires to engage the Executive in the position indicated hereinafter and the Executive represents that he has
the requisite skills and knowledge to serve as such; and

 

WHEREAS,
the parties desire to state the terms and conditions of the Executive’s engagement with the Company, effective as of
the Employment Starting Date, as such term is defined hereinafter, all subject to the terms set forth below.

 

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

 

		1.	Appointment; The Position

 

		1.1	The Company hereby appoints the Executive to the position detailed in Annex A. The
Executive shall report to the Company’s Board of Directors (the “Board”) and shall perform his duties in accordance
with their instructions and in any other framework as the Board shall direct from time to time. Executive agrees and undertakes
to comply with all of the Company’s disciplinary regulations, work rules, policies, procedures and objectives, as may be
determined by the Company from time to time.

 

		1.2	The parties hereto warrant and confirm that Executive’s employment by the Company shall commence
on the date specified in Annex A (the “Employment Starting Date”). The provisions of this Agreement
shall apply to the parties as of the Employment Starting Date.

 

		1.3	The Executive shall perform his duties hereunder at the Company’s premises in Tel-Aviv. Executive
acknowledges and agrees that the performance of his duties hereunder may require significant domestic and international travel.

 

		1.4	Executive agrees and undertakes: (i) not to receive, at any time, whether during the term of this
Agreement and/or at any time thereafter, directly or indirectly, any payment, benefit and/or other consideration, from any third
party in connection with his employment, without the Board’s prior written authorization; (ii) to immediately and without
delay inform the Board of any affairs and/or matters that might constitute a conflict of interest with Executive’s position
and/or employment with Company; (iii) of his own free will and although not required to do so under law, that the information in
this Agreement and any information concerning him gathered by the Company, will be held and managed by the Company or on its behalf,
inter alia, on database according to the law, and that the Company shall be entitled to transfer such information to third parties,
in Israel or abroad. The Company undertakes that the information will be used, and transferred for legitimate business purposes
only. Without derogating from the generality of the above, such purposes may include human resources management and assessment
of potential transactions, to the extant required while maintaining the Executive’s right to privacy.

 

    	1

    	 

    

 

		1.5	The scope of the Executive’s position in the Company shall include from time to time, at
the Company’s sole discretion, rendering the same services stipulated herein, in whole or in part, also to any of the Company’s
subsidiaries. For the avoidance of any doubt, the parties hereby stipulate that rendering such services as aforesaid shall constitute
an integral part of the Executive’s position in the Company and shall not entitle the Executive with any right to additional compensation,
remuneration or fee whatsoever. It is further agreed, that should the Executive claim for or demand from the Company or any of
its subsidiaries any compensation, remuneration or fee for services rendered by him to any of such subsidiaries, the Company shall
set-off and reduce the Executive’s remuneration under this Agreement with the same amount claimed by the Executive from the subsidiaries.

 

		1.6	This Agreement is specific and personal and exclusively determines the Executive’s terms
of employment.

 

		2.	Devotion of Time

 

		2.2	During the term of this Agreement, and unless and until otherwise agreed, Executive shall be employed
on a full-time basis with Saturday as the rest day, and shall devote all the required and necessary time, attention and efforts
to the performance of his duties and responsibilities hereunder and the promotion of the best interests of the Company. The Executive
shall perform his duties and responsibilities hereunder with expertise and in a professional and efficient manner.

 

		2.3	As of the Employment Starting Date, Executive shall not engage in any other business activities,
whether or not such activities are conducted outside of normal business hours and whether or not such activities are pursued for
gain or profit, unless specifically approved in advance by the Board.

 

		2.4	The Executive acknowledges and agrees that in light of his position and responsibilities with the
Company the provisions of the Work and Rest Hours Law, 5711-1951 shall not apply to his employment.

 

		2.5	The Company is required to report the Executive actual hours of work on a daily basis, by recording
the work hours manually each day and the Executive shall cooperate with the Company in maintaining a record of the number of hours
of work performed, in accordance with the Company’s policies and instructions.

 

		3.	Term and Termination

 

		3.1	This Agreement shall be effective as of the Employment Starting Date, and shall continue until
terminated in accordance with the provisions of Section 3.2 - 3.4 hereinafter.

 

		3.2	The Company and/or the Executive may terminate this Agreement at any time by giving the other party
a prior written notice of termination, the period of which is detailed in Annex A (the “Notice Period”).
During the Notice Period, whether notice has been given by Executive or by the Company, Executive shall continue to discharge and
perform his duties and obligations under this Agreement, unless instructed otherwise in accordance with Section 3.3, and shall
cooperate with the Company and use Executive’s best efforts to assist the integration into the Company organization of the
person or persons who will assume Executive’s responsibilities.

 

		3.3	The Company may waive in writing and in advance Executive’s
services during the Notice Period or part of it. In the event that the Company notifies Executive of such waiver, the Company
shall continue to pay to Executive during the remainder of the Notice Period, all the payments payable to Executive pursuant to
this Agreement. Alternatively, the Company shall be entitled to pay Executive the Monthly Salary (as defined below) payable to
Executive during such Notice Period in one lump-sum and by doing so bring the employer-employee relations between the parties
to end upon such payment.

 

    	2

    	 

    

 

		3.4	Notwithstanding the above, the Company shall have the right to immediately terminate this Agreement
without providing a Notice Period for a Cause, as determined by the Company. A “Cause” shall mean either (i) circumstances
entitling the Company under any applicable law to terminate the employment of the Executive without payment of severance pay; (ii)
any material breach by the Executive of this Agreement, any breach of the NDA or any breach of the Executive’s fiduciary
duties; (iii) engagement of the Executive in willful misconduct or acts in bad faith with respect to the Company in connection
with and related to the employment hereunder; (iv) conducting by the Executive of any felony which has a material adverse effect
on the Company (v) Executive is in breach of his duties of trust or loyalty to the Company or the commission by the Executive of
an act of fraud or embezzlement, or any other act involving the misappropriation of funds or assets of the Company or any of its
affiliates; and/or (vi) a willful failure to perform Executive’s responsibilities or duties.

 

		3.5	Upon termination of this Agreement, for whatever reason, the Executive shall immediately return
to the Company all of the Company’s Equipment (as defined below) and other supplies which the Executive received. The Executive
hereby waives any rights to withhold or retain any of the items above, whether the Executive had the right under law or contract
or otherwise.

 

		4.	Salary

 

		4.1	During the term of this Agreement, the Company shall pay Executive a monthly gross salary in a
total amount detailed in Annex A (the “Monthly Salary”).

 

		4.2	The Monthly Salary will be paid not later than the 9th of each month, for the previous
month.

 

		4.3	It is hereby agreed that only the Monthly Salary payable to Executive pursuant to Section 4.1 shall
constitute the basis for the calculation of all social benefits granted to the Executive pursuant to this Agreement, including,
without limitation, contributions and deductions to the Pension Fund, Managers Insurance and the Study Fund, and for any other
purpose for which deductions are calculated based on a percentage of Executive’s salary.

 

		5.	Additional Benefits

 

		5.1	Manager’s Insurance/Pension Plan

 

			5.1.1   As of the Employment Starting Date, the Company shall
insure the Executive under an accepted “Manager’s Insurance Plan” (the “Managers Insurance”)
and/or a comprehensive pension plan (the “Pension Plan”), as detailed in Annex A. The Managers
Insurance and/or Pension Plan shall be provided through an agency/agent selected by the Company, by an insurance company and/or
a pension fund, to be selected by the Executive and approved by the Company.

 

			5.1.2   The Company and the Executive agree and acknowledge that
the Company’s contribution towards the Managers Insurance or Pension Plan as set forth in this Section 5.1, are in lieu
of severance payments to which the Executive (or his beneficiaries) is otherwise entitled to with respect to the Monthly Salary
upon which such contributions were made and for the period in which they were made, pursuant to Section 14 of the Severance Law.
The parties hereby adopt the General Approval of the Minister of Labor and Welfare, which is attached hereto as Annex C.
The Company hereby forfeits any right it may have for reimbursement of sums paid by the Company into the Managers Insurance or
Pension Plan, except: (i) in the event that the Executive withdraws such sums from the Managers Insurance or Pension Plan, other
than in the event of death, disability or retirement at the age of 60 or more; or (ii) upon the occurrence of any of the events
provided for in Sections 16 and 17 of the Severance Law.

 

		5.2	Executive shall receive additional benefits as detailed in Annex A.

 

		6.	Tax Withholding and Consequences

 

For
avoidance of doubt, all payments and benefits under this Agreement are gross amounts. Any tax consequences (including without limitation
payment of national insurance tax and health tax) arising from the grant or exercise of any option or right or from any payment
made to Executive under this Agreement or any other event or act, whether on Executive’s part or the Company’s part,
shall be borne solely by Executive. The Company retains the right to deduct by way of withholding the applicable taxes and similar
payments that the Executive is required to pay under any applicable law from any Monthly Salary and/or from all other payments
and/or benefits granted to Executive under this Agreement and shall not gross up any amounts payable in connection with the Executive’s
employment or termination thereof. The Executive is advised to consult a tax adviser with respect to the tax consequences of receiving
or exercising any of his rights, options or other benefits payable to the Executive in connection with his employment with the
Company or termination thereof.

 

    	3

    	 

    

 

		7.	Proprietary Information & Non
                                         Disclosure

 

			The provisions of the Proprietary Information, Assignment of Inventions, Non Disclosure and
                                                                             Non Compete Agreement attached hereto as Annex B (the “NDA”) are hereby incorporated by
                                                                             reference. Executive hereby acknowledges and agrees that this Agreement shall not come into force, unless the NDA is
                                                                             executed. The provisions of the NDA shall survive the rescission or termination, for any reason, of this Agreement.

 

		8.	Representations

 

		8.1	Executive represents and warrants to the Company that the execution and delivery of this Agreement
and the fulfillment of the terms hereof (i) will not constitute a default under or conflict with any agreement or other instrument
to which he is or was a party or by which he is bound, and (ii) does not require the consent of any person or entity (iii) shall
not utilize during the term of this Agreement any proprietary information of any third party, including prior employers of the
Executive.

 

		8.2	The Executive represents that he has the requisite skills and knowledge to perform his duties,
responsibilities and obligations under this Agreement. Executive further represents that he is familiar with all safety precautions
required in connection with the performance of his duties under this Agreement and the Company’s field of activity and that
he will comply with all safety measures and requirements reasonably necessary in connection with the performance of his duties
under the Agreement.

 

		9.	Notice; Addresses

 

		9.1	The addresses of the parties for purposes of this Agreement shall be the addresses first written
above, or any other address which shall be provided by due notice.

 

		9.2	All notices in connection with this Agreement shall be sent by registered mail or delivered by
hand to the addresses set forth above, and shall be deemed to have been delivered to the other party at the earlier of the following
two dates: if sent by registered mail, as aforesaid, 3 (three) business days from the date of mailing; if delivered by hand, upon
actual delivery or proof of delivery at the address of the addressee (in the event of a refusal to accept it). Delivery by facsimile
or other electronic communication shall be sufficient and be deemed to have occurred upon electronic confirmation of receipt.

 

		10.	Miscellaneous

 

		10.1	The preamble to this Agreement and the appendices hereto constitutes an integral part hereof.

 

		10.2	Headings are included for reference purposes only and are not to be used in interpreting this Agreement.

 

		10.3	This Agreement is a personal employment agreement and therefore no collective bargaining agreements
whatsoever shall apply with respect to the relationship between the parties hereto. The terms and conditions of this Agreement
are strictly confidential and shall not be disclosed to any of other Company’s employees. Breaching of this section shall
be considered a material breach of Executive’s fiduciary duties as well as of this Agreement. The Company will provide this
information only on a need to know basis, or according to the law.

 

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

 

		10.5	Any determination of the invalidity or unenforceability of any provision of the Agreement shall
not affect the remaining provisions hereof unless the business purpose of this Agreement is substantially frustrated thereby.

 

    	4

    	 

    

 

		10.6	The Company shall be entitled to offset from any and/or all payments which Executive shall be entitled
thereof, any and/or all amounts to which the Company shall be entitled from the Executive at such time.

 

		10.7	This Agreement is personal and non-assignable by Executive. It shall inure to the benefit of any
corporation or other entity with which the Company shall merge or consolidate or to which the Company shall lease or sell all or
substantially all of its assets, and may be assigned by the Company to any affiliate of the Company or to any corporation or entity
with which such affiliate shall merge or consolidate or which shall lease or acquire all or substantially all of the assets of
such affiliate. Any assignee must assume all the obligations of the Company hereunder, but such assignment and assumption shall
not serve as a release of the Company.

 

		10.8	This Agreement and any annexes thereto constitute an “employee notice” as required
under the Employee’s Notice (Terms of Employment) Law – 2002.

 

		10.9	This Agreement, including any annexes thereto, constitutes the entire understanding and agreement
between the parties hereto, supersedes any and all prior discussions, agreements and correspondence with regard to the subject
matter hereof, and may not be amended, modified or supplemented in any respect, except by a subsequent writing executed by both
parties hereto.

 

		10.10	It is hereby agreed between the parties that this Agreement shall be governed by and construed
according to the laws of the State of Israel. Any dispute arising under or relating to this Agreement or any transactions contemplated
herein shall be resolved by the courts of Tel-Aviv, and each of the parties hereby submits irrevocably to the exclusive jurisdiction
of such venue.

 

IN
WITNESS WHEREOF, the parties have executed this Personal Employment Agreement as of the date first above written.

 

	Galmed Medical Research Ltd.	 	Executive
	By: 	/s/
    Chaim Hurvitz	 	By:	/s/ Allen
    Baharaff
	Name: 	Chaim Hurvitz	 	Name:	Allen Baharaff
	Title: 	director	 	 

 

    	5

    	 

    

 

ANNEX
A

 

 EMPLOYMENT
TERMS

 

		1.	Employer Details:

 

		a.	Full Name: Galmed Medical Research Ltd.

 

		b.	Legal Entity: Limited Liability Company.

 

		c.	Identification Number: 513006841.

 

		d.	Address: Amot Mishpat Bldg. 12th floor, 8 Shaul Ha’melech Blvd. Tel Aviv, 6473307, Israel.

 

		2.	Executive Personal Details:

 

		a.	Full Name: Allen Baharaff.

 

		b.	Israeli I.D. Number: 059100818.

 

		c.	Address: 7 Hayutman Street Tel-Aviv

 

		d.	Phone No.: 054-4332093

 

		3.	Position in the Company: Chief Executive Officer.

 

		4.	Supervisor: The Board of Directors of the Company (the “Supervisor”, “Board”).

 

		5.	Term of Employment

 

		a.	Employment Starting Date: 1 January 2014.

 

		b.	This Agreement is made for an undefined term and it may be terminated by either party, by giving
the other party 90 prior written notice.

 

		6.	Monthly Salary: US 20,000, to be paid by NIS at the applicable exchange rate at the date
of payment (the “Monthly Salary”).

 

		7.	Managers Insurance

 

		a.	Contributions for Managers Insurance (percentages out of the Monthly Salary):

 

		i.	 	Company shall contribute 13.33%, of which: 8.33% shall constitute payment towards severance pay
component and 5% shall constitute payment towards providence component).

 

		ii.	 	5% shall be contributed by the Executive and deducted from Executive’s Monthly Salary.

 

		iii.	 	In addition, the Company shall make provision for the loss of earning capacity component at the
lower of: 2.5% of the Monthly Salary or such amount as shall be required to ensure 75% of the Monthly Salary.

 

		b.	The Executive hereby instructs the Company to transfer to such Managers Insurance the amount of
Executive’s and the Company’s contribution from each Monthly Salary.

 

		8.	Education Fund

 

		a.	Company shall contribute 7.5% of the Monthly Salary and the Executive shall contribute 2.5% of
the Monthly Salary to an Education Fund, to be selected by the Executive.

 

		b.	The Executive instructs the Company to transfer to such Education Fund the amount of Executive’s
and the Company’s contribution from each Monthly Salary.

 

		c.	In the event of termination of Executive’s employment under this Agreement for any reason
other than a termination for Cause (as defined in the Agreement) Executive shall be entitled to all sums accumulated in the Education
Fund. In the event of termination for Cause (as defined in the Agreement) Executive shall not be entitled to any of Company’s
contributions to the Education Fund made during the Agreement.

 

    	6

    	 

    

 

		9.	Annual Vacation

 

		a.	Executive shall be entitled to 24 paid vacation days during each year of employment with the Company.

 

		b.	Executive shall be obligated to take at least 7- consecutive paid vacation days (5 working days
and 2 rest days) during each year of Executive’s employment, as prescribed by law.

 

		c.	Unless agreed by the Company and or the Board, vacation days may be accumulated for no more than
two years after which Executive shall forfeit any unused vacation remaining at the end of such two-year period. Accumulated vacation
time shall be redeemed only in the event of the termination of employment.

 

		d.	The dates of the Executive’s vacation shall be coordinated with the Company and/or the Board.

 

		e.	The Company shall be entitled to set uniform dates for vacation for all or part of its employees,
with respect to all or any part of the vacation days, as it shall deem fit.

 

		10.	Reimbursement for Cellular Phone expenses.

 

		a.	The Company shall reimburse the
                                         Executive for cellular phone expenses incurred in the course of performing his obligations
                                         under this Agreement (the “Cellular Phone”) against the submission
                                         of receipts and/or invoices evidencing such expenses.

 

		b.	The Executive shall bear (and hereby irrevocably authorizes Company to deduct and set off from
his Monthly Salary) all tax obligations related to the use of the Cellular Phone, if any. The reimbursement for Cellular Phone
expenses shall not be considered in any case whatsoever as part of the Monthly Salary and Executive will not receive any social
benefits on the imputed income related to the reimbursement for Cellular Phone expenses hereunder.

 

		11.	Car Maintenance Payment

 

		a.	The Executive shall be entitled to receive payment for car maintenance in expenses in the amount
of NIS 2500 per month. It is hereby clarified that the car maintenance payment under this Section shall come in lieu of any payment
in respect of travel expenses required by law.

 

		b.	As a condition precedent to receive payment under this Section, the Executive shall present to
the Company a valid driving license and a valid car license with respect to a car registered in the name of the Executive or his/her
spouse.

 

		c.	The Executive shall bear (and hereby irrevocably authorizes Company to deduct and set off from
his/her Monthly Salary) all tax obligations related to the payment for car maintenance, if any. The car maintenance payment shall
not be considered in any case whatsoever as part of the Monthly Salary and Executive will not receive any social benefits on the
imputed income related to the car maintenance payment hereunder.

 

		d.	The Company, at its sole discretion, may decide to furnish the Executive with a car (of the same
group) instead of car maintenance.

 

    	7

    	 

    

 

		12.	Equity-based compensation

 

		a.	The Executive shall be granted with
                                         an option to purchase 240 Ordinary Shares of the parent company (or its successor, as
                                         the case may be) of the Company, representing approximately 2.04% of the parent company’s
                                         share capital on an as converted fully diluted basis (the “Options”).
                                         The exercise price of the Options shall be $ 3901 . 50% of the Options shall
                                         be become fully vested as of January 2014 and the remaining 50% vesting on a quarterly
                                         basis during the following two (2) years. The grant of the Option is subject to the execution
                                         by the Executive of the parent company or its successor standard option agreement and
                                         the approval of the authorized organs of the companies. All of the unvested options under
                                         these Options shall automatically vest immediately prior to a Transaction (as shall be
                                         defined in the parent company’s or its successors share incentive plan). The Executive
                                         shall bear (and hereby irrevocably authorizes Company to deduct and set off from his
                                         Monthly Salary, to the extent applicable) all tax obligations in connection with the
                                         Options. The Options shall not be considered in any case whatsoever as part of the Monthly
                                         Salary and Executive will not be entitled to receive any social benefits on the imputed
                                         income related to the grant of Options, their value or any matter arising therefrom,
                                         and shall bear all taxes and other compulsory payments associated with such imputed income.

 

		b.	Notwithstanding the above, during the Executive’s employment with the Company, he will be
considered for equity compensation awards under the Company’s compensation policy as shall be in effect from time to time,
and subject to law, and all in accordance with the compensation policy’s terms and at the discretion of the compensation
committee and the Board.

 

		13.	Remuneration for Executive’s Non-Compete Undertaking

 

		a.	The Executive hereby undertakes, for a period of 9 months after the termination of his employment
by either the Company or the Executive (meaning from the date on which the employer-employee relationship with Company ends), not
to engage, directly or indirectly, in any business, position, work or any other engagement that competes with the business of the
Company or any company in the Galmed Group, including as consultant, unless he receives the Company’s prior written approval.

 

		b.	At any event of termination of the employment of the Executive by either the Company or the Executive,
for any reason (however excluding termination for Cause the Executive shall be entitled to a payment of 9 times the gross Monthly
Salary, in effect at such time, to be paid in 9 equal monthly installments, in exchange for the Executive’s undertaking not
to compete with the Company, as further detailed in the NDA and any other non-compete obligations undertaken by the Executive and
subject to compliance therewith. Notwithstanding the foregoing, in the event that the Executive materially breaches any provision
of this Section, the payment of the Non-Compete_Remuneration shall immediately cease, and the Company shall be entitled to reclaim
any amounts already paid in accordance therewith, and the Company shall have no further obligations to the Executive with respect
thereto, without derogating from any other rights or remedies available to the Company pursuant to the Agreement or applicable
law in respect of such breach.

 

		c.	Notwithstanding the foregoing, in the event that the Company, at the Executives request, approves
the release of Executive from the requirements set forth in Section (a), the Company shall have no obligation to provide the aforesaid
payment described in Section (b).

 

		d.	It is hereby agreed and clarified that, when determining the Executive’s non-competition
undertaking, the parties took into account the payment to which Executive is entitled pursuant hereto, which is being made in consideration,
inter alia, for such undertaking and subject to compliance therewith.

 

		e.	The Executive shall bear (and hereby irrevocably authorizes Company to deduct and set off such
amounts, to the extent applicable) all tax obligations in connection with the Non- Compete_Remuneration. The Non-Compete Remuneration
shall not be considered in any case whatsoever as part of the Monthly Salary and Executive will not be entitled to receive any
social benefits on the imputed income related to the Non-Compete Remuneration, and shall bear all taxes and other compulsory payments
associated with such imputed income.

 

 

1
Equal to 15% of the Price per share offered in the December 2011 round.

 

    	8

    	 

    

 

		14.	Bonus

 

		a.	Executive may be eligible to receive
                                         an annual cash bonus which shall be in an amount between twice (2) the gross Monthly
                                         Salary in effect at such time and six (6) times the gross Monthly Salary in effect at
                                         such time, based upon achievement of qualitative and quantitative objectives determined
                                         with respect to each year by the Company, and subject to additional terms and conditions
                                         that may be determined by the Company from time to time and notified to the Executive
                                         (the “Incentive Bonus”); all in accordance with, and subject
                                         to, the Company’s compensation policy as shall be in effect from time to time,
                                         and subject to law. The extent to which the Executive shall have met the qualitative
                                         and quantitative objectives for any fiscal year and the actual amount of the Incentive
                                         Bonus shall be determined by the Compensation Committee and Board, in its sole discretion,
                                         in accordance with the Company’s compensation policy as shall be in effect from
                                         time to time and subject to any and all approvals required under law. The Compensation
                                         Committee and Board’s determinations shall be final. The Incentive Bonus shall
                                         be paid to the Executive at the same time as annual bonuses are generally payable to
                                         other similarly situated senior executives of the Company.

 

		b.	Subject to Executive’s continuous
                                         employment through the applicable payment date or as otherwise provided in this Agreement,
                                         upon the successful completion of the Company’s IPO, the Company shall pay the
                                         Executive an amount equal to $200,000 (the “IPO Bonus”), which
                                         shall be paid together with Executive’s first Monthly Salary following the consummation
                                         of the IPO. The IPO Bonus shall be paid in NIS at the applicable exchange rate at the
                                         date of payment.

 

		c.	The Executive shall bear (and hereby irrevocably authorizes Company to deduct and set off such
amounts, to the extent applicable) all tax obligations in connection with the Incentive Bonus and/or IPO Bonus. The Incentive Bonus
and/or IPO Bonus shall not be considered in any case whatsoever as part of the Monthly Salary and Executive will not be entitled
to receive any social benefits on the imputed income related to the Incentive Bonus and/or IPO Bonus, and shall bear all taxes
and other compulsory payments associated with such imputed income.

 

		15.	Clawback

 

In
the event of a restatement of the Company’s financial statements, as a result of erroneous statements, the Executive will reimburse
payments that have already been paid to him on the basis of such erroneous financial results that were followed by a restatement,
subject to applicable law. By signing this Agreement, Executive grants the Company a power of attorney to deduct from the Monthly
Salary and/or any payments due to the Executive by the Company, any amounts owed by him under this section, in accordance with
applicable law.

 

		16.	Sick Leave & Recreation pay

 

The
Executive shall be entitled to sick leave and recreation pay (“dmei havra’ah”) according to any applicable law.

 

	Galmed Medical Research Ltd.	 	Executive
	 	 	 
	By: 	/s/ Allen Baharaff	 	By:	/s/ Allen Baharaff
	Name: 	Allen Baharaff	 	Name: 	 
	Title:	 Director	 	Title:	 

 

    	9

    	 

    

 

ANNEX
B

 

EMPLOYEE
PROPRIETARY INFORMATION, ASSIGNMENT OF INVENTIONS NON DISCLOSURE AND NON COMPETE AGREEMENT

 

I
hereby acknowledge that as a result of my employment, I may develop, receive, or otherwise have access to confidential or proprietary
information, which is of value to Galmed Medical Research Ltd. (the “Company”), any of its subsidiaries, affiliates,
including without limitations Galmed Pharmaceuticals Ltd., the Galmed Group and any and all entities surviving any corporate reorganization
thereof (the “Group”). Therefore and as a condition of my employment with the Company I agree as follows:

 

1.      Nondisclosure.

 

1.1    Protection
of Company’s Rights; Nondisclosure. At all times during my engagement with the Company (irrespective of the commencement date
of any corresponding agreement) and thereafter, I will hold in strictest confidence and will not disclose to any person or entity,
use, lecture upon, or publish any of the Company’s Proprietary Information (as defined below), except as such disclosure, use or
publication may be necessary to perform my duties to the Company, or unless the Board of Directors of the Company expressly authorizes
such in writing. Without limiting the foregoing, I will obtain the Company’s written approval before publishing or submitting for
publication any material (written, verbal, or otherwise) that relates to my work at the Company and/or incorporates any Proprietary
Information. I hereby agree and declare that all Proprietary Information, including Inventions and Proprietary Rights (both as
defined below) are, and shall be the sole property of the Company and/or any of its assignees.

 

1.2    Proprietary
Information. “Proprietary Information” means any and all knowledge, data and/or information, whether written,
verbal, or in any other form or media, owned or held by or related to, the Company and/or the Group, and their respective businesses,
including without limitation, knowledge, data and/or information created, conceived and/or reduced to practice by me, either alone
or jointly with others, in the course of my employment with the Company. By way of illustration but not limitation, “Proprietary
Information” includes:

 

(a)  trade
secrets, inventions, mask works, ideas, processes, formulas, software, hardware, firmware, including without limitation, source
and object codes, other works of authorship, know-how, improvements, modifications, enhancements, discoveries, developments, documentation,
designs, methods and techniques, information regarding algorithms, analyses, genes, gene sequences and loci, chemical compounds,
trials and trial results, medicinal, strategies in drug design, assay systems, procedures, tests and equipment related thereto,
all derivatives, improvements and enhancements to the Company’s technology which are created or developed by me while an
employee of the Company or the Group or while otherwise providing services to the Company or the Group, excluding Prior Inventions
as defined in Section 2.2 (the “Inventions”); and

 

(b)  information
concerning plans for research, past or prospective trials, development or future research, development of planned and/or new products,
marketing and sales, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers,
business developments, the existence, scope or activities of any research, development, manufacturing, marketing or other projects;
and

 

(c)  the
terms of my employment including, without limitation, the terms and conditions of this Agreement and information concerning the
skills and compensation of other employees of the Company and/or the Group and their customers, suppliers, licensors, licensees,
business partners and/or affiliates.

 

Notwithstanding
the foregoing, it is understood that, at all such times, I am free to use information which is generally known to the public in
the trade or industry, which is not gained as a result of a breach of this Agreement, to whatever extent and in whichever way I
wish; provided that such information is not in any way competitive or likely to be competing with the Company’s or Group’s
business as currently conducted and as may be conducted in the future.

 

1.3    Third
Party Information. I understand, in addition, that the Company and/or the Group have received and in the future may receive
from third parties confidential or proprietary information (“Third Party Information”’) subject to a duty on the
part of the Company, its subsidiaries and/or affiliates to maintain the confidentiality of such information and to use it only
for certain limited purposes. I will hold Third Party Information in the strictest confidence and will not disclose to anyone other
than Company personnel who need to know such information in connection with their work for the Company and for the relevant limited
purposes for which it was received, or use such Third Party Information, other than in connection with my work for the Company
and for the limited purposes for which it was received.

 

1.4    No
Improper Use of Information of Prior Employers and Others. During the time of my engagement with the Company, I will not improperly
use or disclose any confidential or proprietary information or trade secrets, if any, of any former employer or any other person
or entity to whom I have an obligation of confidentiality, and I will not bring onto the premises of the Company any unpublished
documents or any property belonging to any former employer or any other person or entity to whom I have an obligation of confidentiality
unless consented to in writing by that former employer, person or entity.

 

    	 

    	 

    

 

2.     Assignment
of Inventions and of Proprietary Information.

 

2.1    Proprietary
Rights. The term “Proprietary Rights” shall mean any and all intellectual property rights, including without
limitation, trade secrets, copyrights, patents and other rights subsisting throughout the world in Proprietary Information, including
in Inventions.

 

2.2    Prior
Inventions. Inventions, if any, patented or unpatented, which I made prior to the commencement of my employment with the Company
(“Prior Inventions”) are listed in Annex A hereto and are excluded from the scope of this Agreement.
If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company product, formula, process or
machine, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with
rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use and sell such Prior Invention. Notwithstanding
the foregoing, I undertake not to incorporate, or permit to be incorporated, Prior Inventions in any Service Invention (as defined
below) without the Company’s prior written consent.

 

2.3    Assignment
of Inventions. I will promptly disclose to the Company, or any persons designated by it. all Service Inventions. For the purposes
of this Agreement, “Service Inventions” shall mean all Inventions and Proprietary Information and any and all
Proprietary Rights therein or based thereon, whether or not patentable or copyrightable or otherwise registerable or protectable,
which are created, conceived or reduced to practice by me, either alone or jointly with others, in the course of my employment
with the Company, including, without limitation, service inventions under Section 134 of the Israeli Patent Law 5727-1967 (the
“Patent Law”).

 

2.4    Subject
to Section 2.6 below, I hereby assign and transfer as and when any such Service Invention is first created or conceived and when
first reduced to practice or first fixed in a tangible medium, as applicable, to the Company all rights, title and interests in
and to any and all Service Inventions, without additional consideration other than my salary and other benefits to which I am entitled
to as an employee of the Company (including without limitation, without any compensation or royalties in accordance with Section
134 of the Patent Law). I hereby waive any right and/or claim for ownership or additional compensation in relation to any Service
Invention, including, without limitation, in the framework of Section 132(b) of the Patent Law, with respect to which I hereby
waive my rights thereunder and which will not apply to me or to any Service Invention. I agree to assist the Company as may be
required from time to time in formalizing such assignment, including signing all documents to such effect (including, without limitation,
Patent Office forms). I further agree that, with respect to all Inventions and Proprietary Information and other matters concerning
my employment with the Company that may result in publishable material, all such publication rights shall belong exclusively to
the Company.

 

2.5    Works
for Hire. I acknowledge that all original works of authorship which are made by me (solely or jointly with others) within the
scope of my employment whether or not protectable by copyright are included in the term “Inventions” and are the property
of the Company including, to the extent protectable by copyright, pursuant to applicable copyright law.

 

2.6    Non-assignable
Inventions. This Agreement will not be deemed to assign any invention which complies with all the following: (i) was developed
entirely on my own time; (ii) was developed entirely without using the Company’s equipment, supplies, facilities, or Proprietary
Information; (iii) is not related to the Company’s actual or anticipated business, research or development; and (iv) does not result
from work performed by me for or on behalf of the Company.

 

    	-2-

    	 

    

 

2.7    Enforcement
of Proprietary Rights. I will assist the Company in every way possible to obtain, and from time to time, to enforce, any Proprietary
Rights relating to Service Inventions in any and all countries. To that end I will execute, verify and deliver such documents and
perform such other acts (including appearances as a witness) as the Company may reasonably request from me from time to time. My
obligation to assist the Company with respect to Proprietary Rights shall continue beyond the termination of my employment, provided
that the Company shall compensate me at a reasonable rate after my termination for the time actually spent by me at the Company’s
request on such assistance and any reasonably incurred expenses related thereto.

 

2.8    Power
of Attorney. In the event the Company is unable for any reason, after reasonable effort, to secure my signature on any document
needed in connection with Section 2.4 above or the actions specified in Section 2.7 above, I hereby irrevocably designate and appoint
the Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an
interest, to act for and in my name and on my behalf to execute, verify and file any such documents and to do all other lawfully
permitted acts to further the purpose of the Company protecting its rights and interests in the Proprietary Rights under Sections
2.4 and 2.7 above with the same legal force and effect as if executed by me. I hereby waive and quitclaim to the Company any and
all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any Service Invention assigned hereunder
to the Company.

 

3.      Records
and Return of Company Documents.

 

I
agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings, memoranda, specifications, devices,
formulas, developments, documents and in any other form that may be required by the Company) of all Proprietary Information, including
Inventions made by me during the entire period of my engagement with the Company, which records shall be available to and remain
the sole property of the Company at all times. Upon the earlier of the termination of my employment with the Company or the Company’s
first request, I will deliver to the Company any and all such records, together with all copies thereof, and any other material
containing or disclosing any Inventions, Third Party Information or Proprietary Information which shall be in my possession or
control at the time of termination of my employment or the Company’s request.

 

4.      Competitive
Activities.

 

I
agree that, during the period of my employment by the Company and for a period of (1) one year thereafter, I will not, directly
or indirectly, engage in any employment or business activity (including without limitation, manage, operate, join, control, or
participate in or be connected with, as an officer, employee, partner, shareholder, consultant, employee or otherwise), or hold
an interest in any business, which is similar to, or competitive with, the business of the Company, the Group or any of the Company’s
or the Group’s present or future subsidiaries and/or affiliates, as currently being conducted or as may be conducted from
time to time during the period of my employment (including by interfering to the Company’s business or engagements with third
parties), provided that the foregoing shall not preclude me from owning shares that constitute no more than 1% of the outstanding
shares in a publicly traded company. I agree further that during the period of my employment by the Company and for a period of
one (1) year thereafter, I will not (i) induce any employee of the Company or the Group or any former employee of the Company or
the Group which was employed with the Company or the Group during the preceding twelve (12) months period to leave their employment,
and (ii) be engaged, as an independent operator or as an employee, in Israel or elsewhere, directly or indirectly, by or on behalf
of clients or suppliers of the Company with whom I have been in contact at any time during the two years prior to my ceasing to
be employed by the Company.

 

5.      No
Conflicting Obligation.

 

I
represent that my performance of all the terms of this Agreement and as an employee of the Company or in any other capacity during
my engagement with the Company did not does not and will not breach any agreement I have with any third party, including agreements
to keep in confidence information acquired by me in confidence or in trust prior to my employment by the Company. I have not entered
into, and I agree not to enter in the future into, any agreement either written or oral in conflict herewith. I further agree not
to engage in any activities that conflict or may reasonably conflict with any of my obligations to the Company hereunder.

 

    	-3-

    	 

    

 

6.      Notify
New Employer.

 

After
termination of my employment with the Company, I agree to notify any new employer of my rights and obligations under this Agreement.

 

7.      Full
Consideration.

 

I
hereby acknowledge and agree that the salary and other benefits provided to me under my Employment Agreement constitute appropriate,
full and fair consideration in connection with my employment with the Company, including, without limitation, with respect to this
Agreement and including with respect to my undertakings under Section 4 above and with respect to any Service Inventions created,
conceived or reduced to practice or that may be created, conceived or reduced to practice by me, either alone or jointly with others,
in the course of my employment with the Company, all of which are assigned to the Company in accordance with this Agreement, and
I hereby unconditionally and irrevocably waive any right I may have to receive any additional payment or other consideration whatsoever
to which I may be entitled with respect to any Service Invention pursuant to any applicable law, in any jurisdiction, including
(but not limited to) pursuant to Section 134 of the Patent Law, or any provision that may supersede it. In the event that for any
reason such right cannot be waived. I hereby assign and transfer to the Company any such right I may have to receive any additional
payment or other consideration whatsoever with respect to any Service Invention pursuant to any applicable law, including the Patent
Law, in any jurisdiction.

 

8.      General
Provisions.

 

8.1    Severability.
In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this
Agreement, which shall remain in full force and effect and such provision shall be deemed modified to the extent necessary to render
such term or provision enforceable, and the rights and obligations of the parties shall be construed and enforced accordingly,
preserving to the fullest permissible extent the intent and agreements of the parties set forth in this Agreement.

 

8.2    Successors
and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and will
be inure to the benefit of the Company, its successors, and its assigns. The Company may assign this Agreement and/or its rights
hereunder to any third party and I will cooperate with and assist such third party in the same manner and to the same extent that
I agreed to cooperate with and assist the Company hereunder, all as provided for herein.

 

8.3    Survival.
The provisions of this Agreement shall survive the termination of my employment with the Company and the assignment of this
Agreement by the Company to any successor in interest or other assignee.

 

8.4    Waiver.
No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver
by the Company of any right under this Agreement shall be construed as a waiver of any other right. The Company shall not be required
to give notice to enforce strict adherence to all terms of this Agreement.

 

8.5    Entire
Agreement. The provisions of this Agreement shall apply to any period of time during which I was previously engaged, or will
in the future become engaged, by the Company as a consultant, if and to the extent no other agreement governs any matter provided
for herein during such period. This Agreement is the final, complete and exclusive agreement of the parties with respect to the
subject matter hereof and supersedes and merges all prior discussions or agreements between us with respect to the subject matter
hereof. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective
unless in writing and signed by the party to be charged. Any subsequent change or changes in my duties, salary or compensation
will not affect the validity or scope of this Agreement.

 

8.6    Equitable
Remedies. I agree that it would be impossible to measure and calculate the Company’s losses and damages from any breach
of the covenants set forth in this Agreement. Accordingly, I agree that in the event of any breach or threatened breach of my obligations
hereunder, the Company will have, in addition to any other remedies available under applicable law, the right to seek injunctive
or other equitable relief from a court of competent jurisdiction restraining such breach and to seek specific performance without
the need to post any bond.

 

    	-4-

    	 

    

 

This
Agreement is effective as of the first day of my employment with the Company, namely:           ,
2013

 

I
HAVE READ THIS AGREEMENT CAREFULLY AND UNDERSTAND AND AGREE TO ITS TERMS.

 

	 	 	 	/s/ Allen Baharaff
	 	 	Name:	Allen Baharaff
	 	 	Date:	 
	 	 	ID Number:	059100818
	 	 	 	 
	Accepted and agreed:	 	 	 
	 	 	 	 
	/s/ Allen
    Baharaff	 	 	 
	Galmed Medical Research Ltd.	 	 	 
	By: 	Allen Baharaff	 	 	 
	Title: 	Director	 	 	 
	Date:	 	 	 	 

 

    	-5-

    	 

    

 

Annex
A - Prior Inventions

 

    	-6-

    	 

    

 

ANNEX
C

 

GENERAL
APPROVAL REGARDING PAYMENTS BY EMPLOYERS TO A PENSION FUND AND INSURANCE FUND IN LIEU OF SEVERANCE PAYUNDER THE SEVERANCE PAY
LAW, 5723-1963

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