Document:

Exhibit 4.1

    

    

    FIRST SUPPLEMENTAL INDENTURE, dated as of May 21, 2019 (this “Supplemental

            Indenture”), to the Indenture (as defined below), between Fortress Transportation and Infrastructure Investors LLC, a Delaware limited liability company (the “Issuer”),

        and U.S. Bank National Association, as Trustee (the “Trustee”).

    

    

    W I T N E S S E T H

    

    

    WHEREAS, the Issuer has executed and delivered to the Trustee an indenture (the “Indenture”), dated as of September 18, 2018, providing for the issuance of 6.50% senior notes due 2025 (the “Notes”);

    

    

    WHEREAS, the Issuer wishes to issue $150,000,000 in aggregate principal amount of the Notes (the “Additional Notes”) as “Additional Notes” under the Indenture; and

    

    

    WHEREAS, pursuant to Sections 2.01, 2.02 and 9.01(9) of the Indenture, the Issuer and the Trustee may supplement the Indenture to provide
        for the issuance of Additional Notes without the consent of the Holders.

    

    

    NOW, THEREFORE, the Issuer and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the
        Holders of the Additional Notes:

    

    

    SECTION 1.  Definitions.  Unless otherwise provided herein,
        the capitalized terms used and not defined herein have the meanings ascribed to such terms in the Indenture.

    

    

    SECTION 2.  Additional Notes.  The Additional Notes are
        hereby issued under the Indenture, will accrue interest from and including April 1, 2019 and shall be subject to the restrictions on transfer contained in the Indenture and in the Private Placement Legend.

    

    

    SECTION 3.  Governing Law.  THIS SUPPLEMENTAL INDENTURE WILL
        BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

    

    

    SECTION 4.  Waiver of Jury Trial.  EACH OF THE ISSUER AND THE
        TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.

    

    

    SECTION 5.  Benefits of Supplemental Indenture.  Nothing in
        this Supplemental Indenture shall give to any Person, other than the parties hereto, any Paying Agent, any Transfer Agent, any Registrar and its successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under
        this Supplemental Indenture.

    

    

    
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    SECTION 6.  Successors.  All agreements of the Issuer in this
        Supplemental Indenture shall bind its successors.  All agreements of the Trustee or any Agent in this Supplemental Indenture shall bind its successors.

    

    

    SECTION 7.  Severability.  In case any provision in this
        Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

    

    

    SECTION 8.  Counterpart Originals.  The parties may sign any
        number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or .pdf
        transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.

    

    

    [Signatures on following page]

    

    

    
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    IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

    

    

    	 	
            FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC, as Issuer

          
	 	 	 	 
	 	
            By:

          	
            /s/ Joseph P. Adams Jr.

          
	 	 	
            Name:

          	
            Joseph P. Adams Jr.

          
	 	 	
            Title:

          	
            Chief Executive Officer

          

     

      

    [Signature Page to First Supplemental Indenture]

    
      
        

    

    

    

    	 	
            U.S. BANK NATIONAL ASSOCIATION, as Trustee

          
	 	 	 	 
	 	
            By:

          	
            /s/ Richard Prokosch

          
	 	 	
            Name:

          	
            Richard Prokosch

          
	 	 	
            Title:

          	
            Vice President

          

    

    

    [Signature Page to First Supplemental Indenture]Exhibit 10.1

 

Execution Copy

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT
AGREEMENT (this “Agreement”) is made effective as of May 20, 2019 (the "Effective Date"),
by and between Protalix Ltd., a company organized under the laws of the State of Israel (the “Company”) and
Mr. Dror Bashan, Israel Identification No. 22945729 (the “Employee” or "Dror") (each of the
Company and Employee shall be referred to herein, as a “Party” and collectively, the “Parties”).

 

		WHEREAS,	the Company is engaged,
                                         inter alia, in the research and development of proteins and expression thereof in plant
                                         cells cultures; and

 

		WHEREAS,	the Company desires to
                                         engage Dror as an employee of the Company in the position of President and Chief Executive
                                         Officer of the Company and of its parent company, Protalix BioTherapeutics, Inc. ("Protalix
                                         Inc." and the “Position”, respectively) and the Employee
                                         desires to serve the Company as an employee in such Position, on the terms and conditions
                                         hereinafter set forth;

 

NOW, THEREFORE, based on the representations
contained herein and in consideration of the mutual promises and covenants set forth herein, the Parties agree as follows:

 

		1.	Employment.

 

		1.1.	Commencing as of June 30, 2019 (the
                                         "Commencement Date"), the Company shall engage Dror as an employee in
                                         the Position, reporting to the Board of Directors of the Company (the "Board").

 

		1.2.	The Employee’s duties and
                                         responsibilities shall be those duties and responsibilities customarily performed by
                                         a person in such Position.

 

		1.3.	The Employee shall be employed on
                                         a full-time basis. The Employee shall devote his full and undivided attention and full
                                         working time to the business and affairs of the Company and the fulfillment of his duties
                                         and responsibilities under this Agreement.

 

Notwithstanding
the foregoing, after the Commencment Date, the Employee shall be entitled to perform advisory services to such companies disclosed
to the Company prior to the Effective Date, provided that such services, in the aggregate, do not exceed 5 (five) hours per calendar
month and that such services do not present a conflict of interest with the Company. Any additional occupations, of any kind,
shall require the prior approval of the Chairman of the Board.

 

Other than
as stipulated in this Section 1.3, during the term of this Agreement the Employee shall not be engaged in any other employment
nor engage in any other business activity or render any services, with or without compensation, for any other person or entity.

 

The Employee
shall notify the Company immediately of any event or circumstance which may hinder the performance of his obligations hereunder
or result in the Employee having a conflict of interest with his Position.

 

		1.4.	The Employee acknowledges that the
                                         Company's facilities are located in Carmiel. Employee further acknowledges and agrees
                                         that the performance of his duties hereunder may require significant domestic and international
                                         travel at the Company’s needs.

 

    	 	1	 

     

    

 

		1.5.	It is agreed between the Parties
                                         that the position that Employee holds within the Company is a management position, which
                                         demands a special level of loyalty and accordingly the Work Hours and Rest Law (1951)
                                         shall not apply to Employee’s employment by the Company and this Agreement. The
                                         Employee further acknowledges and agrees that his duties and responsibilities may entail
                                         irregular work hours and extensive traveling in Israel and abroad, for which he is adequately
                                         rewarded by the compensations provided for in this Agreement. The Parties confirm that
                                         this is a personal services contract and that the relationship between the Parties shall
                                         not be subject to any general or special collective bargaining agreement or any custom
                                         or practice of the Company in respect of any of its other employees or contractors.

 

		1.6.	In addition, Employee shall be appointed
                                         and shall serve as a member of the Board of both Protalix Inc. and the Company (subject
                                         to annual stockholder and Board approval after his initial appointment). No additional
                                         consideration shall be paid with respect to Employee's appointment as a Board member.

 

		2.	Salary
                                         and Employee Benefits.

 

In full consideration
of Employee’s employment hereunder, commencing as of the Commencement Date (unless otherwise expressly provided in this
Section 2), the Employee shall be entitled to the following payments and benefits, it being understood and agreed that any Salary-based
benefits shall be calculated exclusively on the basis of the base Salary (without consideration to any other benefit):

 

		2.1.	Salary. Effective as of the
                                         Commencement Date, the Company shall pay the Employee a gross salary of NIS 95,000 per
                                         month (the “Salary”). The Salary will be adjusted from time to time
                                         in accordance with the Cost of Living Index (“Tosefet Yoker”) as may be required
                                         by law. The Salary shall be payable monthly in arrears, and shall be paid to the Employee
                                         in accordance with the Company's policy.

 

		2.2.	Bonus.

 

2.2.1       Employee
shall be entitled to an annual bonus based on multiples of Employee's base monthly Salary, subject to the Board's approval and
at the Board's discretion. The determination of the Board (and any other organ approval required under applicable law) shall be
made following the end of each calendar year during the term hereof and the bonus shall be payable, if applicable, with the next
salary following the publication of the Company's annual financial report. The Board shall determine the bonus on the basis of
annual objectives which shall include both measurable (60%) and strategic (40%) parameters, to be agreed in advance with the Employee
on an annual basis (the “Objectives”). The Board’s (and any other organ’s approval required under applicable
law) decision regarding the foregoing bonus payment shall be based on the Board’s determinations, in its discretion, that
the Employee achieved 75% or more of the Objectives (the “Percentage Achievement”). The amount of the bonus is anticipated
to fall within the following range: (i) for achievement of 75% of the Objectives, a bonus in an amount equal to 6 (six) Salaries;
(ii) for achievement of 100% of the Objectives, a bonus in an amount equal to 8 (eight) Salaries; and (iii) for achievement of
120% of the Objectives, a bonus in an amount equal to 10 (ten) Salaries, which will also be the maximum amount. 

 

2.2.2.       The
Board shall be entitled to grant, at any time, and notwithstanding the foregoing, a discretionary bonus to the Employee, based
on significant achievements. 

 

    	 	2	 

     

    

 

2.2.3       Without
derogating the foregoing, in the event of Triggered COC (as defined below), Employee shall be entitled to receive a one time bonus
in the amount of US$1,000,000 (“COC Bonus”), provided however, that (i) the COC Bonus is inclusive of any termination
notice and other applicable amounts stipulated under this Agreement; and (ii) the COC Bonus is inclusive of any milestone achieved
following the consummation of such change of control. 

 

For
the purpose hereof, Triggered COC shall mean: Change in ownership or control of the Protalix Inc. effected through the direct
acquisition by any person or related group of persons (other than an acquisition from or by Protalix Inc. or by a Protalix Inc.
-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control
with, Protalix Inc.) of beneficial ownership (within the meaning of Rule 13d 3 of the Exchange Act) of securities possessing more
than fifty percent (50%) of the total combined voting power of Protalix Inc.’s outstanding securities pursuant to an agreement
which was initiated by the Board of Directors of Protalix Inc. and was led by an investment bank on its behalf.

 

It is agreed
that the definition of Triggered COC is applicable only to this Agreement and not to the Plan (as defined below).

 

		2.3.	Options. Employee shall be
                                         entitled to options to purchase shares of common stock of Protalix Inc., as follows:

An option
under Protalix Inc. 2006 Stock Incentive Plan, as amended (the "Plan") to purchase 1,600,000 shares of common
stock, par value US$0.001 per share (the "Option"), shall be granted to Employee on the Commencement Date pursuant
to the terms of an Option Agreement dated as of the date hereof, subject to the following terms and conditions:

 

(i) vesting
over a period of four (4) years on a quarterly basis, commencing on the Commencement Date;

 

(ii) vesting
of the Option will be accelerated in full upon a Corporate Transaction or a Change in Control, as those terms are defined in the
Plan;

 

(iii) the
shares underlying the Option will have an exercise price equal to the closing sales price of Protalix Inc. common stock on the
NYSE for the day immediately preceding the Commencement Date; and

 

(iv) the
Option shall be granted to Employee pursuant to Section 102 of the Tax Ordinance, capital gain route, and the rules, regulations,
orders and procedures promulgated hereunder.

 

At each
time that the Board elects to grant options to purchase shares of common stock of Protalix Inc. or other similar equity incentives
to the Company’s and/or Protalix Inc.’s executive officers generally (i.e., not to include one-time grants made to
new officers), the Board shall grant to the Employee additional options as part of such general grant. Sub-section (ii) above
shall apply to any such additional equity grant.

 

		2.4.	Indemnification; D&O Insurance.
                                         The employee shall be entitled to the same indemnification terms and conditions granted
                                         to all other officers and directors of the Company and Protalix Inc. and accordingly,
                                         each of the Company and Protalix Inc. and Employee shall, prior to the Commencement Date,
                                         enter into an indemnification and release agreement in the form granted to all other
                                         officers and directors of the Company. In addition, each of Protalix Inc. and the Company
                                         shall maintain Directors’ and Officers’ insurance policy or policies, providing
                                         coverage that is no less favorable for Employee than the coverage then being provided
                                         to any other present or former executive officer or director of the Company or Protalix
                                         Inc. that shall apply to the other executive officers and directors of the Company.

 

    	 	3	 

     

    

 

		2.5.	Managers Insurance Policy (“Bituach
                                         Menahalim”) and/or Pension Fund (“Keren Pensya”). According to
                                         the Employee’s choice, the Company shall effect a Manager’s Insurance Policy
                                         or Pension Fund or a combination thereof, (the “Policy”) in the name of the
                                         Employee, and shall pay a sum of 8.33% of the Salary for severance pay. The Company shall
                                         deduct 6% from the Salary to be paid as benefits (Tagmulim) on behalf of the Employee
                                         towards such Policy. The Company’s contribution for the Policy shall be 6.5% of
                                         the Salary as employer’s share for benefits (Tagmulim).

 

In the event
that the Employee shall elect to be insured in a Manager’s Insurance Policy or a provident fund which is not a Pension Fund
- the Company’s contributions for benefits (Tagmulim) shall include payment for disability insurance in an amount which
will ensure 75% of the Salary, provided however, that in any event the contributions of the Company for benefits shall be equal
to at least 5% of the Salary, and the total cost of the Company for disability insurance and benefits shall not exceed 7.5% of
the Salary.

 

The Parties
hereby declare and agree that the pension arrangement in accordance with this clause constitutes a “beneficial arrangement”
for the purpose of the Extension Order (Combined Version) for Mandatory Pension under the Collective Agreements Law, 5717-1957
(the “Pension Extension Order”), and the Company shall not be under any obligation to provide any pension arrangement
as provided in the Pension Extension Order other than as provided in this Section.

 

Without
derogating from the generality of the aforesaid, all payments made by the Company to the Policy shall be in lieu of severance
pay due to the Employee or his heirs from the Company, and the Company shall not have any additional or other obligations to pay
the Employee severance payments, and the Employee hereby consents to this arrangement in accordance with Section 14 of the Severance
Pay Law 5723-1963 and the “General Approval Regarding Payments by Employers to a Pension Fund and Insurance Fund in Lieu
of Severance Pay” (the “General Approval”), a copy of which is attached to this Agreement as Exhibit
A, and the provisions of the General Approval shall apply to the Employee and this Agreement.

 

For avoidance
of doubt, as of the date indicated herein, the General Approval has not yet been updated to reflect the percentages of contributions/deductions
indicated above. In the event of discrepancy between the updated General Approval and the percentages stated herein, the updated
General Approval shall prevail.

 

The Company
hereby waives any entitlement and/or right for reimbursement with respect to the severance compensation and acknowledges, that
upon termination of the Employee's employment in the Company, including inter alia, in the event of the Employee's resignation,
the Company shall release the severance compensation and shall transfer the severance compensation to the Employee, except in
the event that: (i) the Company has terminated the Employee’s employment due to circumstances under which his entitlement
for severance payment is denied pursuant to Articles 16 or 17 of the Severance Law; or (ii) the Employee has already withdrawn
funds from the Policy and not because of “EIROA MEZAKE” according to Section 2(b) of the General Approval.

 

		2.6.	Vocational Studies. The Company
                                         shall open and maintain a “Keren Hishtalmut” Fund for the benefit of the
                                         Employee (the “Fund”). The Company shall contribute to such Fund an
                                         amount equal to 7-1/2% of the Salary and the Employee shall contribute to the Fund an
                                         amount equal to 2-1/2% of the Salary. The Employee hereby instructs the Company to transfer
                                         to the Fund Employee’s contribution from the Salary.

 

    	 	4	 

     

    

 

		2.7.	Vacation. The Employee shall
                                         be entitled to annual paid vacation of 24 working days. Subject to applicable law, up
                                         to two (2) years’ equivalent of vacation days may be accumulated and may, at the
                                         Employee’s option at the end of the employment period, be converted into cash payments
                                         in an amount equal to the proportionate part of the Salary for such days.

 

Employee
shall coordinate in advance with the Chairman of the Board the dates of the vacation hereunder.

 

		2.8.	Sick Leave. The Employee
                                         shall be entitled to fully paid sick leave pursuant to the Sick Pay Law (1976).

 

		2.9.	Annual Recreation Allowance (Dme'i
                                         Havra'a). The Employee shall be entitled to annual recreation allowance according
                                         to applicable law.

 

		2.10.	Company Car.

 

		(a)	The Company shall provide the Employee
                                         with a Company car (the “Company Car”), at Employee's discretion,
                                         which car shall reflect a monthly payment in the amount of up to NIS8,750. The Employee
                                         shall have the right, at his discretion, to request that in lieu of providing the Company
                                         Car, the Company shall pay an amount equivalent to the grossed up monthly payment. In
                                         such event, the provisions of Section 2.10(b) below shall not apply, however the Company
                                         will bear all gasoline expenses and "Kvish6" and other, similar toll-road fees.
                                         The Company Car shall be placed with the Employee for his business and personal use.
                                         Employee shall take good care of the Company Car and ensure that the provisions of the
                                         insurance policy and the Company’s rules relating to the Company Car are strictly,
                                         lawfully and carefully observed.

 

		(b)	Subject to applicable law, the
                                         Company shall bear all fixed and ongoing expenses relating to the Company Car and to
                                         the use and maintenance thereof, excluding expenses incurred in connection with any violations
                                         of law, which shall be paid solely by Employee. The Company shall gross up any and all
                                         taxes applicable to the Employee in connection with said Company Car and the use thereof,
                                         in accordance with income tax regulations applicable thereto.

 

		(c)	Upon the termination of employment
                                         hereunder, the Employee shall return the Company Car (together with its keys and any
                                         other equipment supplied and/or installed therein by Company and any documents relating
                                         to the Company Car) to the Company’s principal office. Employee shall have no rights
                                         of lien with respect to the Company Car and/or any of said equipment and documents.

 

		2.11.	Telephone. The Company
                                         shall furnish, for the use of the Employee, a cellular telephone (the "Company
                                         Phone"), and shall bear all the costs and expenses associated with the use of
                                         the Company Phone. The Company will bear the tax applicable to the use of the Company
                                         Phone by the Employee, according to applicable law. All such costs, expenses and tax
                                         payments borne and payable by the Company pursuant to this Section 2.11 are in addition
                                         to the Salary. Upon the termination of employment hereunder, the Employee shall be entitled
                                         to keep his phone number. The provisions of Section 2.10(c) above shall apply to the
                                         Company Phone, mutatis mutandis.

 

		2.12.	Certain Reimbursements.
                                         The Employee shall be entitled to full reimbursement from the Company for reasonable
                                         expenses incurred during the performance of his duties hereunder upon submission of substantiating
                                         documents, according to the Company’s policy.

 

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		2.13.	Taxes. The Employee will
                                         bear any tax applicable on the payment or grant of any of the above Salary and/or benefits,
                                         except as stated otherwise in this Agreement, according to the then applicable law. The
                                         Company shall be entitled to and shall deduct and withhold from any amount or benefit
                                         payable to the Employee, any and all taxes, withholdings or other payments as required
                                         under any applicable law.

 

		3.	Confidentiality

 

		3.1.	The Employee hereby agrees that
                                         he shall not, directly or indirectly, disclose or use at any time any trade secrets or
                                         other confidential information of any type or nature, whether patentable or not, of the
                                         Company, its subsidiaries or affiliates now or hereafter existing, including but not
                                         limited to, any (i) processes, formulas, trade secrets, copyrights, innovations, inventions,
                                         discoveries, improvements, research or development and test results, specifications,
                                         data, patents, patent applications and know-how of any type or nature; (ii) marketing
                                         plans, business plans, strategies, forecasts, financial information, budgets, projections,
                                         product plans and pricing; (iii) personnel information, salary, and qualifications of
                                         employees; (iv) agreements, customer and supplier information, including identities and
                                         product sales forecasts; and (v) any other information of a confidential or proprietary
                                         nature (collectively, “Confidential Information”), of which the Employee
                                         is or becomes informed or aware during the employment, whether or not developed by the
                                         Employee, it being agreed that for purposes of this Section 3.1, the term Confidential
                                         Information shall not include information that has entered into the public domain through
                                         no wrongful act by Employee or that was known to or developed by the Employee prior to
                                         being disclosed to the Employee by the Company. Upon termination of this Agreement, or
                                         at any other time upon request of the Company, the Employee shall promptly deliver to
                                         the Company all physical and electronic copies and other embodiments of Confidential
                                         Information and all memoranda, notes, notebooks, records, reports, manuals, drawings,
                                         blueprints and any other documents or things belonging to the Company, and all copies
                                         thereof, in all cases, which are in the possession or under the control of the Employee.

 

		3.2.	Employee hereby acknowledges and
                                         that all Confidential Information and any other rights in connection therewith are and
                                         shall at all times remain the sole property of the Company.

 

		4.	Non-Competition and Non-Solicitation

 

			

		4.1.	The Employee agrees and undertakes
                                         that he will not, for so long as (i) this Agreement is in effect, or (ii) he serves as
                                         a member of the Board, and for a period of one (1) year after the later of the above
                                         lapses for whatever reason (the "Non-Competition Period"), compete or to assist
                                         others to compete, whether directly or indirectly, with the business of the Company,
                                         as conducted prior to the date the Employee ceases to serve in the Position. .

 

		4.2.	The Employee further agrees and
                                         undertakes that during his engagement with the Company, he will not directly or indirectly
                                         solicit any business which is similar to the Company’s business from individuals
                                         or entities that are customers, suppliers or contractors of the Company, any of its subsidiaries
                                         or affiliates, without the prior written consent of the Company’s Board.

 

		4.3.	The Employee further agrees and
                                         undertakes that during his engagement with the Company, without the prior written consent
                                         of the Company’s Board, he will not offer to employ, in any way directly or indirectly
                                         solicit or seek to obtain or achieve the employment by any business or entity of, employ,
                                         any person employed by either the Company, its subsidiaries, affiliates, or any successors
                                         or assigns thereof.

 

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		4.4.	The Parties hereto agree that the
                                         duration and area for which the covenants set forth in this Section 4 are to be effective
                                         are necessary to protect the legitimate interests of the Company and its development
                                         efforts and accordingly are reasonable, in terms of their geographical and temporal scope.
                                         In the event that any court determines that the time period and/or area are unreasonable
                                         and that such covenants are to that extent unenforceable, the Parties hereto agree that
                                         such covenants shall remain in full force and effect for the greatest period of time
                                         and in the greatest geographical area that would not render them unenforceable. In addition,
                                         the Employee acknowledges and agrees that a breach of Sections 3, 4 or 5 hereof, may
                                         cause irreparable harm to the Company, its subsidiaries, and/or affiliates and that the
                                         Company shall be entitled to specific performance of this Agreement or an injunction
                                         without proof of special damages, together with the costs and reasonable attorney’s
                                         fees and disbursements incurred by the Company in enforcing its rights under Sections
                                         3, 4 or 5. The Employee acknowledges that the compensation and benefits he receives hereunder
                                         are paid, inter alia, as consideration for his undertakings contained in Sections 3,
                                         4 and 5.

 

		5.	Creations and Inventions

 

		5.1.	The Company shall be the sole and
                                         exclusive owner of any Inventions (as defined below), and Employee hereby assigns to
                                         the Company any and all of his rights, title and interest in such intellectual property
                                         free and clear of any third parties rights. The Employee shall inform the Company of
                                         any Invention relating to the Company’s technology, its applications components
                                         or any intellectual property relating thereto, and shall execute any necessary assignments,
                                         patent forms and the like and will assist in the drafting of any description or specification
                                         of the Invention as may be required for the Company’s records and in connection
                                         with any application for patents or other forms of legal protection that may be sought
                                         by the Company; provided, that if Employee is asked to perform any of the foregoing
                                         assistance after the term of this Agreement, the Company shall compensate the Employee
                                         at any hourly rate comparable to the Salary. The Employee shall treat all information
                                         relating to any Invention as Confidential Information according to Section 3 above.

 

		5.2.	Without limiting the foregoing,
                                         “Inventions” shall include any and all intellectual property, including without
                                         limitation, ideas, inventions, processes, formulas, source and object codes, data, programs,
                                         know how, improvements, discoveries, designs, techniques, trade secrets, patents and
                                         patents applications, copyrights, mask work and any other intellectual property rights
                                         throughout the world, generated, produced, reduced to practice, or developed by Employee
                                         in connection with his employment by the Company, developed using equipment, supplies,
                                         facilities or Confidential Information of the Company, or related to the field of business
                                         of the Company, or to current or anticipated research and development of the Company.

 

		5.3.	The Company’s rights under
                                         this Section 5 shall be worldwide, and shall apply to any such Invention notwithstanding
                                         that it is perfected or reduced to specific form after the Employee has ceased his services
                                         hereunder.

 

		6.	Term and Termination.

 

		6.1.	This Agreement shall be in effect
                                         commencing as of the Effective Date and shall continue in full force and effect for an
                                         undefined period, unless and until terminated as follows: if by the Company, by one hundred
                                         and eighty (180) days prior written notice to the Employee, and if by the Employee, by
                                         ninety (90) days prior written notice to the Company. Each of such prior notice periods
                                         shall be referred to as the “Notice Period”, as applicable.

 

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		6.2.	Notwithstanding anything to the
                                         contrary herein, the Company may terminate this Agreement at any time, effective immediately
                                         and without need for prior written notice, and without derogating from any other remedy
                                         to which the Company may be entitled, for Cause.

 

For the purposes of this Agreement,
the term “Cause” shall mean: (i) a material breach by Employee of this Agreement, provided such event is not
cured within 30 days after receipt by the Employee of a written notice from the Company; (ii) any breach by Employee of his fiduciary
duties or duties of care to the Company; (iii) Employee’s dishonesty or fraud or felonious conviction; (iv) Employee’s
embezzlement of funds of the Company; (v) any conduct by Employee, alone or together with others, which is intent to cause materially
injurious to the Company, monetary or otherwise; (vi) Employee’s gross negligence or willful misconduct in performance of
his duties and/or responsibilities hereunder; (vii) Employee’s disregard or insubordination of any lawful resolution and/or
instruction of the Board with respect to Employee’s duties and/or responsibilities towards the Company, provided such event
is not cured within 30 days after receipt by the Employee of a written notice from the Company; (viii) the occurrence of an event
or circumstance which result in the Employee having a conflict of interest with his position with the Company, without Employee
having notified the Company thereof, as provided herein; (ix) any breach by Employee of his confidentiality undertakings to the
Company; or (x) any consequences which would entitle the Company to terminate Employee's employment without severance payments
under the Severance Pay Law.

 

		6.3.	The Employee shall cooperate with
                                         the Company and assist the integration into the Company’s organization of the person
                                         or persons who will assume the Employee’s responsibilities, pursuant to Company's
                                         instructions. At the option of the Company, the Employee shall, during any Notice Period,
                                         either continue with his duties or remain absent from the premises of the Company, subject
                                         to applicable law, provided that Employee shall be entitled to all payments and other
                                         benefits due to him hereunder. At any time during the Notice Period, the Company may
                                         elect to terminate this Agreement and the relationship with the Employee immediately,
                                         provided, that Employee shall be entitled to all payments and other benefits
                                         due to him hereunder as he would have been entitled to receive for the remaining period
                                         of the Notice Period. For purposes of clarification, and notwithstanding anything to
                                         the contrary herein, in the Plan or in any Option Agreement, the Employee shall be deemed
                                         to be in Continuous Service (as such term is defined in the Plan) to the Company under
                                         the Plan as if he was actually employed until the end of any applicable Notice Period
                                         regardless of whether the Company decides to terminate this Agreement prior to the end
                                         of such period.

 

		6.4.	Upon termination of Employee’s
                                         employment with the Company hereunder, for any reason whatsoever, the Company shall have
                                         no further obligation or liability towards the Employee in connection with his employment
                                         as aforesaid. The Company may set-off any outstanding amounts due to it by Employee against
                                         any payment due by the Company to the Employee, subject to applicable law. Without limiting
                                         the generality of the foregoing, in the event that Employee fails to comply with his
                                         prior notice or other obligations hereunder or under applicable law, the Company shall
                                         be entitled to set-off any amount to which Employee would have been entitled during the
                                         Notice Period, from any payment due by the Company to the Employee, all without prejudice
                                         to any other remedy to which the Company may be entitled pursuant to this Agreement or
                                         applicable law.

 

    	 	8	 

     

    

 

		6.5.	The provisions of Sections 2.10(c),
                                         last sentence of Section 2.13, 3, 4, 5, 6.5 and 8.4 shall survive the termination or
                                         expiration of this Agreement for any reason whatsoever.

 

		7.	Notices.

 

		7.1.	Any
                                         and all notices and communications in connection with this Agreement shall be in writing,
                                         addressed to the parties as follows:

 

	If to the Company:	Protalix Ltd.

        2 Snunit Street, POB 455, Carmiel,
        20100, Israel

        Attn: Chairman of the Board

         

	It to the Employee:

         
	Dror Bashan

        Emek Zvulon
        16A, Kfar-Saba, 4462318, Israel

 

		7.2.	All notices shall be given by registered
                                         mail (postage prepaid), by facsimile or email or otherwise delivered by hand or by messenger
                                         to the Parties’ respective addresses as above or such other address as may be designated
                                         by notice. Any notice sent in accordance with this Section 7 shall be deemed received
                                         upon the earlier of: (i) if sent by facsimile or email, upon transmission and electronic
                                         confirmation of transmission or (if transmitted and received on a non-business day) on
                                         the first business day following transmission and electronic confirmation of transmission;
                                         (ii) if sent by registered mail, upon 3 (three) days of mailing,; (iii) if sent be messenger,
                                         upon delivery; and (iv) the actual receipt thereof.

 

		8.	Miscellaneous.

 

		8.1.	Headings; Interpretation.
                                         Section and Subsection headings contained herein are for reference and convenience purposes
                                         only and shall not in any way be used for the interpretation of this Agreement.

 

		8.2.	Entire Agreement. This Agreement
                                         constitutes the entire agreement between the Parties with respect to the subject matters
                                         hereof and cancels and supersedes all prior agreements, understandings and arrangements,
                                         oral or written, between the Parties with respect to such subject matters.

 

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

 

		8.4.	Governing Law; Dispute Resolution.
                                         This Agreement shall be governed by and construed in accordance with the laws of the
                                         State of Israel. Any dispute arising out of or relating to this Agreement shall be resolved
                                         by a single arbitrator to be appointed by the Parties, or in the event the Parties fail
                                         to agree on the identity of the arbitrator within ten (10) days of a Party's request
                                         to appoint same, the arbitrator shall be appointed by the Chairman of the Israeli Bar
                                         Association.

 

    	 	9	 

     

    

 

Arbitration proceedings shall
be conducted for no longer than forty-five (45) days. The proceedings shall be conducted in Hebrew and according to the rules
of substantive law. The arbitrator will not be bound by rules of evidence or procedure and will give a reasoned decision, in writing.
The arbitrator's decision shall be final and binding in any court. Unless otherwise determined by the arbitrator, each party to
the proceedings shall bear its own expenses and the arbitrator's fees and expenses shall be borne in equal parts by the parties
to the proceedings.

 

This
Section shall constitute an arbitration agreement between the Parties.

 

		8.5.	Severability. The provisions
                                         of this Agreement shall be deemed severable and the invalidity or unenforceability of
                                         any provision shall not affect the validity or enforceability of the other provisions
                                         hereof. If any part of this Agreement is determined to be invalid, illegal or unenforceable,
                                         such determination shall not affect the validity, legality or enforceability of any other
                                         part of this Agreement; and the remaining parts shall be enforced as if such invalid,
                                         illegal, or unenforceable part were not contained herein, 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.

 

		8.6.	Assignment. Neither this
                                         Agreement nor any of the Employee’s rights, privileges, or obligations set forth
                                         in, arising under, or created by this Agreement may be assigned or transferred by the
                                         Employee without the prior consent in writing of the Company. The Company shall be entitled
                                         to assign its rights and obligations hereunder to any entity acquiring a material part
                                         of its assets or to a subsidiary or affiliate thereof (as such terms are defined in the
                                         Israeli Securities Law-1968).

 

    	 	10	 

     

    

 

[Signature Page to Protalix Ltd. Employment
Agreement]

 

 

IN WITNESS WHEREOF, the Parties hereto
have executed this Employment Agreement as of the date first above-mentioned.

 

 

	/s/ Zeev Bronfeld	 	/s/ Dror Bashan
	PROTALIX  LTD.	 	Mr. Dror BASHAN
	 	 	 
	By:  Zeev Bronfeld, Director	 	 

 

 

 

 

 

 

 

    	 	11

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