Document:

Exhibit 10.6

 

employment
agreement

 

Executed on this 1st day of March, 2019

 

This Employment Agreement (the “Agreement”)
is entered into by and between ChemomAb Ltd. with its principal place of business at Kiryat Atidim, Building 7, Tel-Aviv,
Israel (the “Company”) and Arnoa Aharon, whose address is at Yavne 12, Tel-Aviv, Israel (the “Executive”).

 

EMPLOYMENT AND COMPENSATION

 

		1.	The Company has agreed to employ Executive for an indefinite period and Executive has agreed to
become so employed, on the terms and conditions set forth herein. The commencement date of the employment, Executive’s position,
the reporting duties and other work-related terms, including salary, entitlements and fringe benefits, are specified in Appendix
A attached hereto.

 

		2.	Executive undertakes to devote Executive’s full time, attention, skill, and effort exclusively
to the performance of Executive’s duties and undertakes not to engage, whether as an employee or otherwise, in any business,
commercial or professional activities, whether or not for compensation, during Executive’s employment, without the prior
written consent of the Company; provided, however, that the Executive may provide, from time to time, paid or unpaid consulting
services without the prior approval of the Company for so long as such services (a) do not infringe the Executive’s duties
under the terms of Executive’s employment as set forth herein, (b) do not raise any conflict of interest with the Executive’s
duties under the terms of Executive’s employment as set forth herein, and (c) do not exceed three (5) hours per week unless
otherwise agreed to in writing by the Company. Nothing contained herein shall derogate from Executive’s undertakings in Appendix
B attached hereto,

 

		3.	This Agreement may be terminated by either party at any time by giving the other party hereto a
prior notice of such termination, as specified in Appendix A (the “Notice Period”).

 

		4.	Notwithstanding anything to the contrary in Section 3 above, the Company may terminate the Executive’s
employment for Cause. In any event of termination for Cause, the Employment under this Agreement shall forthwith terminate and
thereafter the Company shall not have any further liability or obligation towards Executive, including with respect to Notice Period.
The term “Cause” means: (i) breach of Executive’s fiduciary duties, misappropriation of the Company’s
property or any breach of Executive’s undertakings under Appendix B; or (ii) a material breach by the
Executive of this Agreement, provided however, that Executive has not cured such breach (if remediable) within 7 days following
a notice sent to Executive by the Company; or (iii) Executive’s indictment for a criminal offense (other than an offense
for which a fine or non-custodial penalty is imposed) or involvement in sexual harassment of another employee or third party in
connection with Executive’s employment; or (in) any other circumstances under which prior notice may be denied from Executive
upon termination of employment under any applicable law.

 

		5.	Executive shall have no lien on any of the Company’s assets, equipment or any other material
in Executive’s possession. Executive shall return to the Company all Company’s equipment no later than the day of termination
of employer-employee relationship, prior to any unpaid leave or within 7 days following Company’s demand.

 

		6.	Nothing herein shall derogate from any right Executive may have, in accordance with any law, expansion
order, collective bargaining agreement, employment agreement or any other agreement with respect to the terms of Executive’s
employment, which cannot be stipulated against.

 

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SPECIAL POSITION

 

		7.	It is agreed that the Executive’5 position is a management one and/or which requires a special
degree of personal trust, as defined in the Working Hours and Rest Law, 1951 (the “Working Hours and Rest Law”).
Therefore, Executive shall not be granted any other compensation or payment other than expressly specified in Appendix
A. Executive undertakes not to claim that the Working Hours and Rest Law applies to Executive’s employment
with the Company. Executive acknowledges the legitimacy of the Company’s requirement to work “overtime” or during
 “weekly rest-hours” without being entitled to “overtime compensation” or “weekly rest-hour compensation”
(as these terms are defined in the Working Hours and Rest Law), and Executive undertakes to reasonably comply with such requirements
of the Company. Executive acknowledges that the compensation to which Executive is entitled pursuant to this Agreement constitutes
adequate compensation for Executive’s work during “overtime” or “weekly rest-hours”.

 

NON DISCLOSURE, COMPETITIVE ACTIVITY
AND OWNERSHIP OF INVENTIONS

 

		8.	Simultaneously with the signing of this Agreement, Executive shall sign the Non-Disclosure, Unfair
Competition and Ownership of Inventions Undertaking in favor of the Company, attached hereto as Appendix B.

 

EXECUTIVE’S REPRESENTATIONS
AND UNDERTAKINGS

 

Executive represents, warrants, and undertakes
all of the following:

 

		9.	Executive has the ability, knowledge and qualifications needed to perform Executive’s obligations
under this Agreement. Executive does not suffer from any physical or mental health issues which may have an unreasonable influence
on the performance of Executive’s undertakings under this Agreement.

 

		10.	There are no other undertakings or agreements preventing, restricting or limiting the fulfillment
of Executive’s obligation5 under this Agreement. Executive shall not, by entering into this Agreement and performing Executive’s
obligations hereunder, be deemed to be: (i) violating any right of Executive’s former employer(s), or (ii) in breach of or
in conflict with, any of Executive’s obligations towards Executive’s former employer(s) or under any agreement or obligation
to which Executive is bound.

 

		11.	Executive shall inform the Company of any matter in which Executive or Executive’s immediate
family has a personal interest and which might give rise to a company of interest with Executive’s duties under the terms
of Executive’s employment, immediately upon becoming aware of such matter.

 

		12.	Executive shall not receive any benefit from any third party, directly or indirectly in connection
with Executive’s employment. In the event Executive breaches this undertaking, without derogating from any of the Company’s
rights, such benefit or its value shall become the sole property of the Company and the Company may deduct the value of such benefit
from any payment Executive may be entitled to. This section does not apply to gifts or benefits with insignificant value.

 

		13.	In carrying out Executive’s duties, Executive shall not act in a way which contradicts the
signature rights of the Company.

 

		14.	Executive acknowledges and agrees that from time to time Executive may be required by the Company
to travel and stay abroad as part of Executive’s obligations under this Agreement.

 

		15.	For the performance of Executive’s duties, the Company may provide Executive with a PC, laptop,
software, hardware, email address and/or mobile phone, as applicable (the “Company’s Computers”), which
will be the sole property of the Company. Subject to the Company’s applicable policies and without derogating from Executive’s
undertakings or performance of his/her duties according to this Agreement, the Executive may be entitled to make reasonable personal
use of the Company’s Computers, provided that the Executive may not store personal material on the Company’s Computers
(except on folders clearly labeled as “Personal”). It is hereby clarified that the Executive has previously
provided certain services to the Company, in the capacity of a consultant, and has used his personal laptop (the “Private
Computer”) for the provision of such services. Until such time that the Company provides the Executive with an alternative
laptop and the Executive agrees to use such laptop provided by the Company, the Executive shall continue to use the Private Computer
for the performance of his duties towards the Company as set forth herein. It is clarified that the professional email account
shall be strictly used for professional matters, whereas for personal matters the Executive may use external email services (such
as Gmail).

 

		16.	Executive acknowledges and agrees as follows: (i) the Company may allow other employees and third
parties to use the Company’s Computers; (ii) to protect the Company’s legitimate interests, the Company may monitor
the use of the Company’s Computers, including by inspections of email transmissions, internet usage and inspections of their
content and use its findings as evidence in any legal proceedings; (iii) in light of Executive’s undertakings above, the
Executive shall have no right to privacy in any content stored on the Company’s Computers, except with respect to folders
clearly labeled as “Personal”.

 

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		17.	Executive acknowledges and agrees that information related to the Executive and the Executive’s
terms of employment at the Company, as shall be received and held by the Company (the “Information”), may be
transferred to third parties, including those located abroad, subject to: (a) that such transfer shall be made only in order for
the Company to comply with any relevant legal requirements or due to business purposes of the Company (including transactions related
with the Company); (b) that the transferred Information shall be limited to the reasonable and necessary scope; and (c) that the
receiver of the Information shall undertake, to the extent possible, to preserve the privacy of the Information, at least at the
level of privacy kept by the Company itself regarding the Information.

 

		18.	In the event this Agreement is terminated for any reason whatsoever, Executive shall cooperate
with the Company and exercise Executive’s best efforts to assist in the integration of the person or persons who will assume
Executive’s responsibilities into the Company.

 

GENERAL PROVISIONS

 

		19.	This Agreement and all Appendices a9ached hereto constitute the entire agreement between the parties
and supersede all prior agreements, proposals, understandings and arrangements, if any, whether oral or written, between the parties
hereto with respect to the subject matter hereof. This Agreement may be amended, supplemented or modified only by a written instrument
duly signed by or on behalf of each party hereto.

 

		20.	This Agreement shall be governed by and construed in accordance with the laws of the State of Israel,
without giving effect to its laws pertaining to conflict of laws. Any and all disputes in connection with this Agreement shall
be submitted to the exclusive jurisdiction of the competent courts or tribunals, as relevant, located in the city of Tel-Aviv-Jaffa,
Israel.

 

		21.	Any notice or other communication in connection with this Agreement must be in writing to the address
set forth in the preamble to this Agreement (or to such other address as shall be specified by like notice), sent via registered
mail, messenger or email. Such notice shall be deemed given after four (4) business days, if sent via registered mail; after one
(1) day if sent by messenger, provided a proof of delivery has been received; after one (1) day if sent by email, provided however,
that a computerized automatic “received” approval (delivery receipt) was sent by the email server.

 

	Executive acknowledges that: (1) he has read and fully understood all the provisions of this Agreement and its appendices; (2) he was given the opportunity to consult with third parties, including his attorneys; (3) This Agreement was signed at Executive’s own free will.

 

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appendix
a

terms of employment and compensation

 

		1.	Commencement Date, Position and Reporting - Executive’s employment shall commence
on March 1st, 2019, in a full-time position as Chief Medical Officer (CMO). Executive shall report directly to CEO.

 

		2.	Notice Period Two months (60 days). Notwithstanding the above, the Company shall
be entitled to consider the Executive’s clear and unequivocal oral notice of resignation as binding, in the absence of written
notice.

 

		3.	Salary - A gross monthly salary of NIS 55,000 (the “Salary”).
The Salary shall be payable on such dates as required by law.

 

Any payment or benefit under
this Appendix A, other than the Salary, shall not be considered as a salary for any purpose whatsoever,
and the Executive shall not maintain or claim otherwise.

 

		4.	Bonus - Upon completion of 12 months of Executive’s employment, the Company will adopt
a personal bonus policy according to which the Executive will be entitled to an annual bonus of up to 20% of the Executive’s
annual Salary, provided that the Executive has successfully fulfilled all of the objectives set forth in such personal bonus policy.
Both the objectives and the degree of compliance with them shall be determined by the Company at its sole discretion.

 

		5.	Pension Arrangements - The Company shall insure the Executive under an accepted ‘Managers’
Insurance’ plan (the “Managers’ Insurance Policy”), a Pension Fund (the “Pension Fund”)
or a combination of both, at Executive’s choice, according to the following rates and conditions:

 

		5.1	Managers’ Insurance Policy:

 

		5.1.1	Disability Insurance - The Company, at its own discretion and expense, shall purchase a disability
insurance, under normal and acceptable conditions, which would insure 75% of the Salary (the “Disability Insurance”).
The Company’s contribution for Disability Insurance shall, in no circumstances, exceed the amount of 21/20/0 of the Salary.

 

		5.1.2	Severance - an amount equal to 8’/% of the Salary;

 

		5.1.3	Company’s contribution towards pension - the difference between 6.5% of the Salary and the
actual percentage of the Salary contributed towards Disability Insurance, provided that the Company’s contribution towards
pension shall not be lesser than 5% of the Salary.

 

		5.1.4	Executive’s contribution towards pension - 6% of the Salary.

 

		5.2	Pension Fund: Severance - an amount equal to 8 1/3% of the Salary; Pension - an amount equal
to 6.5% of the Salary. In addition, the Company will deduct from Executive’s monthly paycheck a sum equal to 6% of the Salary
as Executive’s contribution.

 

		6.	Pension Funds Release - The Company and Executive agree to adopt the provisions of
the “General Approval of the Minister of Labor and Social Welfare Regarding Payments by Employers to a Pension Fund and Insurance
Fund in lieu of Severance Pay”, which was issued in accordance with the Severance Pay Law, 1963 (the “General Acknowledgement”),
as amended from time to time. The General Acknowledgment is attached to this Agreement as Appendix C. The
Company waives any right that it may have for the repayment of any monies paid by it to the Managers’ Insurance Policy and/or
the Pension Fund, unless the right of Executive to severance has been revoked by a judicial decision, under Section 16 or 17 of
the Severance Pay Law, 1963 (to the extent of such revocation) or in case Executive withdrew monies from the Pension Fund or the
Insurance Fund for any reason other than death, disability or retirement at the age of sixty or thereafter.

 

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Executive hereby acknowledges
and confirms that the Company’s contributions towards the Executive’s Insurance Policy and/or the Pension Fund are
and shall be in lieu of severance pay, if Executive shall be entitled to such, according to Section 14 of the Severance Pay Law,
1963 and in accordance with the General Acknowledgement.

 

		7.	Study Fund(“Keren Hishtalmut”) Following 3 months of employment, the Company
and Executive shall maintain a ‘Keren Hishtalmut’ Fund (the “Keren Hishtalmut Fund”). The Company
shall contribute to such Keren Hishtalmut Fund an amount equal to 7.5% of the Salary, and the Executive shall contribute to such
Keren Hishtalmut Fund an amount equal to 2.5% of the Salary provided, however, that the contributions according to this section
shall not exceed the maximum tax-exempt amount prescribed by the Income Tax Ordinance. Executive hereby instructs the Company to
transfer to such Keren Hishtalmut Fund the amount of Executive’s contribution from each Salary.

 

		8.	Vacation - Executive shall be entitled to 22 working days as vacation days (the “Vacation
Days”), with respect to each full year of continuous employment with the Company but no less than the amount required
by the provisions of the Annual Leave Law, 1951 (the “Leave Law”), as amended from time to time. Executive shall
be entitled to carry forward the unused Vacation Days in accordance with the terms set out in the Leave Law. Any contractual vacation
days (annual leave days granted in excess of the amount required by law or by any applicable expansion order) remaining unused
at the end of any 12-month period of employment, shall be forfeited with no compensation payable.

 

		9.	Sick Leave - Executive shall be entitled to full sick leave from the first day of
absence. In the event Executive is absent from work due to illness, Executive shall notify the Company of the illness on the first
day of absence, unless Executive is unable to provide such notice due to Executive’s medical condition, in which case the
notice will be delivered as soon as possible. Such notice shall include, inter alia, the estimated period in which Executive will
be absent from work.

 

		10.	Recuperation Pay - Executive shall be entitled to Recuperation Pay (“Dmey Havra’a”)
in accordance with the applicable expansion order.

 

Options Subject
to the sole discretion and determination of the Company and approval of such grant by the board of directors of the Company (the
 “Board”) at its discretion, and subject to the consummation of a financing round of the Company, Executive shall
be granted an option to purchase such number of ordinary shares of the Company representing, together with options previously granted
to the Executive by the Company (under any capacity), 1% of the issued share capital of the Company following the consummation
of the closing of the next financing round of the Company including any extension to such round and/or subsequent closing/s (the
 “Options”), subject to any dilution occurring following the next financing round. The Options shall be issued
under and subject to the terms of any share-based incentive plan and option agreement adopted by the Company (the “ESOP”),
and are conditional upon execution of an option agreement in a form provided by the Company and all other required documents and
agreements required by the Company. The Options exercise price shall be as determined by the Board and the Options shall vest in
accordance with the terms of the ESOP or as otherwise determined by the Board. Executive undertakes to take all actions and to
sign all documents required, at the discretion of the Company, in order to give effect to and enforce the above terms and conditions.
Any taxes and compulsory payments in connection with the Options (including with respect to the grant, exercise or sale of the
Options or the shares receivable upon their exercise) shall be borne solely by Executive.

 

		11.	Travel Allowance - Executive shall be entitled to a gross payment of NIS 3,000 for his travel
allowance, in accordance with applicable law.

 

		12.	Business Expenses - The Company shall reimburse Executive for necessary and customary business
expenses incurred by Executive, in accordance with the Company’s policy, as amended from time to time. The Executive shall
be entitled to flight tickets reimbursement of up to 4000USD for transatlantic flights, all according to the Company’s standard
rules.

 

		13.	Taxes - The Company shall withhold, deduct, transfer and/or charge Executive with
all taxes and other compulsory payments as required under law in respect of, or resulting from, the compensation paid to or received
by Executive and in respect of all the benefits that Executive is or may be entitled to.

 

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Appendix
B

 

THIS UNDERTAKING (“Undertaking”)
is entered into as of the 27 day of February, 2019, by Arnon Aharon, whose address is at Yavne 12, Tel-Aviv, Israel (the
 “Executive”).

 

WHEREAS, Executive wishes to be
employed by ChemomAb Ltd. (the “Company”); and

 

WHEREAS, it is critical for the
Company to preserve and protect its Confidential Information (as defined below) and its rights in Inventions (as defined below)
and in all related intellectual property, and Executive is entering into this Undertaking as a condition to Executive’s employment
with the Company.

 

NOW, THEREFORE, the Executive undertakes
and warrants towards the Company as follows:

 

References herein to the term “Company”
shall include any of the Company’s direct or indirect parent, subsidiary and affiliated companies, and their respective successors
and assigns.

 

		1.	Confidentiality.

 

		1.1	Executive acknowledges that Executive may have access to information that relates to the Company,
its business, assets, financial condition, affairs, activities, plans and projections, customers, suppliers, partners, and other
third parties with whom the Company agreed or agrees, from time to time, to hold information of such party in confidence (the “Confidential
Information”). Confidential Information shall include, without limitation, information, whether or not marked or designated
as confidential, concerning technology, products, research and development, patents, copyrights, inventions, trade secrets, test
results, formulae, processes, data, know-how, marketing, promotion, business and financial plans, policies, practices, strategies,
surveys, analyses and forecasts, financial information, customer lists, agreements, transactions, undertakings and data concerning
employees, consultants, officers, directors, and shareholders. Confidential Information includes information in any form or media,
whether documentary, written, oral, magnetic, electronically transmitted, through presentation or demonstration or computer generated.
Confidential Information shall not include information that: (i) has become part of the public domain not as a result of a breach
of any obligation owed by Executive to the Company; or (ii) is required to be disclosed by law or the binding rules of any governmental
organization, provided, however, that Executive gives the Company prompt notice thereof so that the Company may seek a protective
order or other appropriate remedy, and further provided, that in the event that such protective order or other remedy is not obtained,
Executive shall furnish only that portion of the Confidential Information which is legally required, and shall exercise all reasonable
efforts required to obtain confidential treatment for such information.

 

		1.2	Executive acknowledges and understands that the employment by the Company and the access to Confidential
Information creates a relationship of confidence and trust With respect to such Confidential Information.

 

		1.3	During the term of Executive’s employment and at any time after termination or expiration
thereof, for any reason, Executive shall keep in strict confidence and trust, shall safeguard, and shall not disclose to any person
or entity, nor use for the benefit of any party other than the Company, any Confidential Information, other than with the prior
express consent of the Company.

 

		1.4	All right, title and interest in and to Confidential Information are and shall remain the sole
and exclusive property of the Company or of the third party providing such Confidential Information to the Company, as the case
may be. Without limitation of the foregoing, Executive agrees and acknowledges that all memoranda, books, notes, records, email
transmissions charts, formulae, specifications, lists and other documents (contained on any media whatsoever) made, reproduced,
compiled, received, held or used by Executive in connection with the employment by the Company or that otherwise relates to any
Confidential Information (the “Confidential Material”), shall be the Company’s sole and exclusive property
and shall be deemed to be Confidential Information. All originals, copies, reproductions and summaries of the Confidential Materials
shall be delivered by Executive to the Company upon termination or expiration of Executive’s employment for any reason, or
at any earlier time at the request of the Company, without Executive retaining any copies thereof.

 

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		1.5	During the term of Executive’s employment with the Company, Executive shall not remove from
the Company’s offices or premises any Confidential Material unless and to the extent necessary in connection with the duties
and responsibilities of Executive and permitted pursuant to the then applicable policies and regulations of the Company. In the
event that such Confidential Material is duly removed from the Company’s offices or premises, Executive shall take all actions
necessary in order to secure the safekeeping and confidentiality of such Confidential Material and return the Confidential Material
to their proper files or location as promptly as possible after such use,

 

		1.6	During the term of Executive’s employment with the Company, Executive will not improperly
use or disclose any proprietary or confidential information or trade secrets, and will not bring onto the premises of the Company
any unpublished documents or any property, belonging to any former employer or any other person to whom Executive has an obligation
of confidentiality and/or non-use (including, without limitation, any academic institution or any entity related thereto), unless
generally available to the public or consented to in writing by that person.

 

		2.	Unfair Competition and Solicitation.

 

		2.1	Executive undertakes that during the term of employment with the Company Executive shall not engage,
establish, open or in any manner whatsoever become involved, directly or indirectly, either as an employee, owner, partner, agent,
shareholder, director, consultant or otherwise, in any business, occupation, work or any other activity which competes with the
business of the Company.

 

		2.2	Executive undertakes that for a period of twelve (12) months following termination of Executive’s
employment for whatever reason Executive shall not engage, establish, open or in any manner whatsoever become involved, directly
or indirectly, either as an employee, owner, partner, agent, shareholder, director, consultant or otherwise, in any business, occupation,
work or any other activity which is reasonably likely to involve or require the use of any of the Company’s Major Assets,
as defined below. Executive confirms that engagement, establishment opening or involvement, directly or indirectly, either as an
employee, owner, partner, agent, shareholder, director, consultant or otherwise, in any business, occupation s work or any other
activity which competes with the business of the Company as conducted during the term of employment or contemplated, during such
term, to be conducted, is likely to require the use of all or a portion of the Company’s Major Assets.

 

		2.3	Executive hereby declares that he/she is aware that a portion of the Salary contains additional
consideration in exchange for the Executive fully undertaking the non-compete provisions in Sections 2.1 and 2.2 above. Notwithstanding
anything in this provision, the Executive declares that he/she is financially capable of undertaking these non-compete provisions.

 

		2.4	Executive undertakes that during the term of employment with the Company and for a period of twelve
(12) months thereafter: (i) Executive shall not, directly or indirectly, solicit, hire or retain as an employee, consultant or
otherwise, any employee of the Company or induce or attempt to induce any such employee to terminate or reduce the scope of such
employee’s employment with the Company; and (ii) Executive shall not, directly or indirectly, solicit or induce, or attempt
to solicit or induce, any consultant, service provider, agent, distributor, customer or supplier of the Company to terminate, reduce
or modify the scope of such person’s engagement with the Company.

 

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		2.5	Executive acknowledges that in light of Executive’s position with the Company and in view
of Executive’s exposure to, and involvement in, the Company’s sensitive and valuable proprietary information, property
(including, intellectual property) and technologies, as well as its goodwill and business plans (the “Company’s
Major Assets”), the provisions of this Section 2 above are reasonable and necessary to legitimately protect the Company’s
Major Assets, and are being undertaken by Executive as a condition to the employment of Executive by the Company. Executive confirms
that Executive has carefully reviewed the provisions of this Section 2, fully understands the consequences thereof and has assessed
the respective advantages and disadvantages to Executive of entering into this Undertaking and, specifically, Section 2 hereof.

 

		3.	Ownership of Inventions.

 

		3.1	Executive will notify and disclose in writing to the Company, or any persons designated by the
Company from time to time, all information, improvements, inventions, trademarks, works, designs, trade secrets, formulae, processes,
techniques, know-how and data, whether or not patentable or registerable under copyright or any similar laws, made or conceived
or reduced to practice or learned by Executive, either alone or jointly with others, during Executive’s employment with the
Company (including after hours, on weekends or during vacation time) (all such information, improvements, inventions, trademarks,
works, designs, trade secrets, formulae, processes, techniques, know-ho> e and data are hereinafter referred to as the “Invention(s)”)
immediately upon discovery, receipt or invention as applicable.

 

		3.2	Executive agrees that all the Inventions are, upon creation, Inventions of the Company, shall be
the sole property of the Company and its assignees, and the Company and its assignees shall be the sole owner of all title, rights
and interest in and to any patents, copyrights, trade secrets and all other rights of any kind or nature, including moral rights,
in connection with such Inventions. Executive hereby irrevocably and unconditionally assigns to the Company all the following with
respect to any and all Inventions: (i) all title, rights and interest in and to any patents, patent applications, and patent rights,
including any and all continuations or extensions thereof; (ii) rights associated with works of authorship, including copyrights
and copyright applications, Moral Rights (as defined below) and mask work rights; (iii) rights relating to the protection of trade
secrets and confidential information; (iv) design rights and industrial property rights; (v) any other proprietary rights relating
to intangible property including trademarks, service marks and applications thereof, trade names and packaging and all goodwill
associated with the same; (vi) any and all title, rights and interest in and to any Invention; and (vii) all rights to sue for
any infringement of any of the foregoing rights and the right to all income, royalties, damages and payments with respect to any
of the foregoing rights. Executive also hereby forever waives and agrees never to assert any and all Moral Rights Executive may
have in or with respect to any Inventions, even after termination of employment on behalf of the Company. “Moral Rights”
means any right to claim authorship of a work, any right to object to any distortion or other modification of a work, and any similar
right, existing under the law of any country in the world, or under any treaty.

 

		3.3	Executive has attached hereto, as Exhibit B-1, a list describing all information,
improvements, inventions, formulae, processes, techniques, know-how and data, whether or not patentable or registerable under copyright
or any similar laws, and whether or not reduced to practice, original works of authorship and trade secrets made or conceived by
or belonging to the Executive (whether made solely by the Executive or jointly with others) that: (i) were developed by the Executive
prior to the Executive’s engagement with the Company (collectively, the “Prior Inventions”), (ii) relate
to the Company’s actual or proposed business, products or research and development, and (iii) are not assigned to the Company
hereunder; or, if Exhibit B-1 is incomplete or if no such list is attached, the Executive represents that there are
no such Prior Inventions.

 

		3.4	Executive further agrees to perform, during and after employment, all acts deemed reasonably necessary
or desirable by the Company to permit and assist it, at the Company’s expense, in obtaining, maintaining, defending and enforcing
the Inventions in any and all countries. Such acts may include, but are not limited to, execution of documents and assistance or
cooperation in legal proceedings. Executive hereby irrevocably designates and appoints the Company and Its duly authorized officers
and agents, as Executive’s agents and attorneys-in-fact to act for and on Executive’s behalf and instead of Executive,
to execute and file any documents and to do all other lawfully permitted acts to further the above purposes with the same legal
force and effect as if executed by Executive.

 

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		3.5	Executive shall not be entitled to any monetary consideration or any other consideration except
as explicitly set forth in the employment agreement between Executive and the Company. Without limitation of the foregoing, Executive
irrevocably confirms that the consideration explicitly set forth in the employment agreement is in lieu of any rights for compensation
that may arise in connection with the Inventions under applicable law and waives any right to claim royalties or other consideration
with respect to any Invention, including under Section 134 of the Israeli Patent Law - 1967. Any oral understanding, communication
or agreement with respect to the matters set forth herein, not memorialized in writing and duly signed by the Company, shall be
void.

 

		4.	General.

 

		4.1	Executive represents that the performance of all the terms of this Undertaking and Executive’s
duties as an employee of the Company does not and will not breach any invention assignment, proprietary information, non-compete,
confidentiality or similar agreements with, or rules, regulations or policies of, any former employer or other party (including,
without limitation, any academic institution or any entity related thereto). Executive acknowledges that the Company is relying
upon the truthfulness and accuracy of such representations in employing Executive.

 

		4.2	Executive acknowledges that the provisions of this Undertaking serve as an integral part of the
terms of Executive’s employment and reflect the reasonable requirements of the Company in order to protect its legitimate
interests with respect to the subject matter hereof.

 

		4.3	Executive recognizes and acknowledges that in the event of a breach or threatened breach of this
Undertaking by Executive, the Company may suffer irreparable harm or damage and will, therefore, be entitled to injunctive relief
to enforce this Undertaking (without limitation to any other remedy at law or in equity).

 

		4.4	This Undertaking is governed by and construed in accordance with the laws of the State of Israel,
without giving effect to its laws pertaining to conflict of laws. Any and all disputes in connection with this Undertaking shall
be submitted to the exclusive jurisdiction of the competent courts or tribunals, as relevant, located in the city of Tel-Aviv-Jaffa,
Israel.

 

		4.5	If any provision of this Undertaking is determined by any court of competent jurisdiction to be
invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent
of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Undertaking
only with respect to such jurisdiction in which such clause or provision cannot be enforced, and the remainder of this Undertaking
shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been
contained in this Undertaking. In addition, if any particular provision contained in this Undertaking shall for any reason be held
to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing
the scope of such provision so that the provision is enforceable to the fullest extent compatible with applicable law.

 

		4.6	The provisions of this Undertaking shall continue and remain in full force and effect following
the termination or expiration of the employment relationship between the Company and Executive, for whatever reason. This Undertaking
shall not serve in any manner so as to derogate from any of Executive’s obligations and liabilities under any applicable
law.

 

		4.7	Executive hereby consents that, following the termination or expiration of the employment relationship
hereunder, the Company may notify the Executive’s new employer about the Executive’s rights and obligations under this
Undertaking.

 

    9

     

    

 

		4.8	This Undertaking constitutes the entire agreement between Executive and the Company with respect
to the subject matter hereof and supersedes all prior agreements, proposals, understandings and arrangements, if any, whether oral
or written, with respect to the subject matter hereof. No amendment, waiver or modification of any obligation under this Undertaking
will be enforceable unless set forth in a writing signed by the Company. No delay or failure to require performance of any provision
of this Undertaking shall constitute a waiver of that provision as to that or any other instance. No waiver granted under this
Undertaking as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein,
nor shall it constitute the waiver of any performance other than the actual performance specifically waived.

 

		4.9	This Undertaking, the rights of the Company hereunder, and the obligations of Executive hereunder,
will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, admini5trators and legal
representatives. The Company may assign any of its rights under this Undertaking. Executive may not assign, whether voluntarily
or by operation of law, any of its obligations under this Undertaking, except with the prior written consent of the Company.

 

IN WITNESS WHEREOF, the
undersigned, has executed this Undertaking as of the date first mentioned above.

 

	 	Arnon Aharon:	/s/ Arnon Aharon	 

 

    10

     

    

 

APPENDIX
C

 

General Approval Regarding Payments by
Employers to a

Pension Fund and Insurance Fund in lieu of Severance Pay 

 

In accordance with the Severance Pay Law
5723-1963

 

By virtue of my authority under Section
14 of the Severance Pay Law 5723-1963 (hereinafter, the “Law”), 1 hereby confirm that payments made by an employer
beginning on the date this authorization is publicized, for its employee, towards a comprehensive pension in a provident fund for
benefit payments, which is not an insurance fund as implied in the Income Tax Regulations (Rules for Approving and Managing Provident
Funds) 5724-1964 (hereinafter, a “Pension Fund”), or towards Managers’ Insurance that includes an option for
benefit payments (hereinafter, an “Insurance Fund”) or a combination of payments towards a Pension Fund and an Insurance
Fund (hereinafter, “Employer Payments”), shall be in lieu of the severance pay to which the said employee is entitled
for the wages of which the said payments were paid and the period for which they were paid (hereinafter, the “Exempted Salary”),
provided the following conditions shall be met:

 

		1.	Employer Payments -

 

		(a)	To a Pension Fund are not less than 14.33% of the Exempted Salary or 12% of the Exempted Salary
if the employer pays for its employee, in addition to this, supplementary severance payments towards a Severance Pay Fund or an
Insurance Fund in the name of the employee, at a rate of 2.33% of the Exempted Salary. If the employer does not pay the said 2.33%
in addition to the 12%, its payments shall be only in lieu of 720/o of the employee’s severance pay.

 

		(b)	To an Insurance Fund are not less than one of the following:

 

		(1)	13 1/3% of the Exempted Salary, if the employer pays for its employee payments for additional monthly
income support in case of employee’ s inability to work, through a plan approved by the Supervisor for Capital Markets, Insurance
and Savings in the Ministry of Finance, at a rate necessary to guarantee at least 75% of the Exempted Salary, or at a rate of 2
1/2o o of the Exempted Salary, whichever is lower (hereinafter, “Loss of Work Capacity Insurance”).

 

		(2)	11% of the Exempted Salary, if the employer paid an additional Payment for the Loss of Work Capacity
Insurance, and in such case the employer’s payments shall be only in lieu of 72% of the employee’s severance pay. If,
in addition to such payments, the employer has also paid payments for the supplement of severance pay to a Severance Pay Fund or
an Insurance Fund under the name of the employee at a rate of 2 1/3% of the Exempted Salary, the employer’s payments shall
be in lieu of 100% of the employee’s severance pay.

 

		2.	Not later than three months from the commencement of the employer’s payments a written agreement
shall be prepared between the employer and the employee, which shall include:

 

		(a)	The employee’s agreement to an arrangement in accordance with this authorization, in wording
that specifies the employer’s payments and the Pension Fund and the Insurance Fund, as relevant. The said agreement shall
also include the wording of this authorization.

 

		(b)	The employer’s prior waiver of any right it may have to a financial reimbursement for all
or part of its payments, unless the employee’s right to severance pay is rescinded by a judicial decree by virtue of Sections
16 or 17 of the Law, or that the employee withdrew funds from the Pension Fund or from the Insurance Fund not for a qualifying
incident. In this regard a “qualifying incident” - death, disability or retirement at the age of 60 or older.

 

    11

     

    

 

		(c)	This authorization shall not derogate from the employee’s right to severance pay under the
Law, collective agreement, expansion order or employment contract, for wages exceeding The Exempted Salary.

 

	 	Eliyahu Yishai
	 	Minister of Labor and Social Welfare

 

    12Exhibit 10.7

 

indemnification
agreement

 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”),
dated as of __________, 2021, is entered into by and between Anchiano Therapeutics Ltd., an Israeli company whose address is __________________________
(the “Company”), and the undersigned Director or Officer of the Company whose name appears on the signature
page hereto officer (the “Indemnitee”).

 

		WHEREAS,	Indemnitee is an Office Holder (“Nosse Misra”),
as such term is defined in the Companies Law, 5759–1999, as amended (the “Office Holder”
and the “Companies Law” respectively), of the Company; 

 

		WHEREAS,	both the Company and Indemnitee recognize the increased risk
of litigation and other claims being asserted against Office Holders of companies and that highly competent persons have become
more reluctant to serve corporations as directors and officers or in other capacities unless they are provided with adequate protection
through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their
service to, and activities on behalf of, companies; 

 

		WHEREAS,	the Articles of Association of the Company authorize the Company
to indemnify and advance expenses to its Office Holders and provide for insurance and exculpation to its Office Holders, in each
case, to the fullest extent permitted by applicable law; 

 

		WHEREAS,	the Company has determined that (i) the increased difficulty
in attracting and retaining competent persons is detrimental to the best interests of the Company’s shareholders and that
the Company should act to assure such persons that there will be increased certainty of such protection in the future, (ii) and
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law, so that they will serve or continue to serve the
Company free from undue concern that they will not be so indemnified; and

 

		WHEREAS,	in recognition of Indemnitee’s need for substantial protection
against personal liability in order to assure Indemnitee’s continued service to the Company in an effective manner and, in
part, in order to provide Indemnitee with specific contractual assurance that the indemnification, insurance and exculpation afforded
by the Articles of Association will be available to Indemnitee, the Company wishes to undertake in this Agreement for the indemnification
of and the advancing of expenses to Indemnitee to the fullest extent permitted by applicable law and as set forth in this Agreement
and provide for insurance and exculpation of Indemnitee as set forth in this Agreement.

 

NOW, THEREFORE, the parties hereto
agree as follows:

 

		1.	INDEMNIFICATION AND INSURANCE.

 

		1.1.	The
                                         Company hereby undertakes to indemnify Indemnitee to the fullest extent permitted by
                                         applicable law for any liability and expense specified in Sections ‎1.1.1 through
                                         ‎1.1.4 below, imposed on Indemnitee due to or in connection with an act performed
                                         by such Indemnitee, either prior to or after the date hereof, in Indemnitee’s capacity
                                         as an Office Holder, including, without limitation, as a director, officer, employee,
                                         agent or fiduciary of the Company, any subsidiary thereof or any another corporation,
                                         collaboration, partnership, joint venture, trust or other enterprise, in which Indemnitee
                                         serves at any time at the request of the Company (the “Corporate Capacity”).
                                         The term “act performed in Indemnitee’s capacity as an Office Holder”
                                         shall include, without limitation, any act, omission or failure to act and any other
                                         circumstances relating to or arising from Indemnitee’s service in a Corporate Capacity.
                                         Notwithstanding the foregoing, in the event that the Office Holder is the beneficiary
                                         of an indemnification undertaking provided by a subsidiary of the Company or any other
                                         entity with respect to his Corporate Capacity with such subsidiary or entity, then the
                                         indemnification obligations of the Company hereunder with respect to such Corporate Capacity
                                         shall only apply to the extent that the indemnification by such subsidiary or other entity
                                         does not actually fully cover the indemnifiable liabilities and expenses relating thereto.
                                         The following shall be hereinafter referred to as “Indemnifiable Events”:

 

     

    - 2 -

    

 

		1.1.1.	Financial liability imposed on Indemnitee in favor of any person pursuant to a judgment, including
a judgment rendered in the context of a settlement or an arbitrator’s award approved by a court. For purposes of Section
 ‎1 of this Agreement, the term “person” shall include, without limitation, a natural person, firm, partnership,
joint venture, trust, company, corporation, limited liability entity, unincorporated organization, estate, government, municipality,
or any political, governmental, regulatory or similar agency or body;

 

		1.1.2.	Reasonable Expenses (as defined below) expended or incurred by Indemnitee as a result of an investigation
or any proceeding instituted against the Indemnitee by an authority that is authorized to conduct an investigation or proceeding,
and that was concluded without filing an indictment against the Indemnitee and without imposing on the Indemnitee a financial obligation
in lieu of a criminal proceeding, or that was concluded without filing an indictment against the Indemnitee but imposing a financial
obligation in lieu of a criminal proceeding in an offence that does not require proof of mens rea, or in connection with
a financial sanction. In this section “conclusion of a proceeding without filing an indictment in a matter in which a criminal
investigation has been instigated” and “financial liability in lieu of a criminal proceeding” shall have the
meaning assigned to such terms under the Companies Law, and the term "financial sanction" shall mean such term as referred
to in Section 260(a)(1a) of the Companies Law;

 

		1.1.3.	Reasonable Expenses incurred by or charged to Indemnitee by a court, in a proceeding instituted
against him by the Company or on its behalf or by another person, or in a criminal charge from which he was acquitted or in which
he was convicted of an offence that does not require proof of Mens Rea; and

 

		1.1.4.	Any other event, occurrence, matter or circumstances under any law with respect to which the Company
may, or will be able to, indemnify an Office Holder (including, without limitation, in accordance with Section 56h(b)(1) of the
Israeli Securities Law 5728-1968 (the “Israeli Securities Law”), if applicable, and Section 50P(b)(2) of the
Israeli Economic Competition Law, 5758-1988 (the “Economic Competition Law”)).

 

For the purpose of this Agreement,
 “Expenses” shall include, without limitation, attorneys’ fees and all other costs, expenses and obligations
paid or incurred by Indemnitee in connection with investigating, defending, being a witness in or participating in (including on
appeal), or preparing to defend, be a witness in or participate in any claim relating to any matter for which indemnification hereunder
may be provided. Expenses shall be considered paid or incurred by Indemnitee at such time as Indemnitee is required to pay or incur
such cost or expenses, including upon receipt of an invoice or payment demand. The Company shall pay the Expenses in accordance
with the provisions of Section‎1.3.

 

     

    - 3 -

    

 

		1.2.	Notwithstanding
                                         anything herein to the contrary, the Company’s undertaking to indemnify the Indemnitee
                                         under Section ‎1.1.1 shall only be with respect to events described in Exhibit
                                         A hereto. The Board of Directors of the Company (the “Board”)
                                         has determined that the categories of events listed in Exhibit A are likely to occur
                                         in light of the operations of the Company. The
                                         maximum amount of indemnification payable
                                         by the Company under Section ‎1.1.1 of this
                                         Agreement with respect to the specific events described in Exhibit A during any
                                         period of five years, shall be as set forth in Exhibit A hereto (the “Limit
                                         Amount”). If the Company
                                         undertook to indemnify multiple persons under agreements similar to this Agreement (the
                                         “Indemnifiable Persons”) the Limit Amount for the five year period
                                         commencing on January 1, 2021, and for every subsequent five year period, shall apply
                                         to all Indemnifiable Persons, in the aggregate, and if the Limit Amount is insufficient
                                         to cover all the indemnity amounts payable with respect to all Indemnifiable Persons
                                         during the relevant five year period, then such amount shall be allocated to such Indemnifiable
                                         Persons pro rata according to the percentage of their culpability, as finally determined
                                         by a court in the relevant claim, or, absent such determination or in the event such
                                         persons are parties to different claims, based on an equal pro rata allocation among
                                         such Indemnifiable Persons. The Limit Amount payable by the Company as described in Exhibit
                                         A is deemed by the Company to be reasonable in light of the circumstances. The
                                         indemnification provided under Section ‎1.1.1 herein
                                         shall not be subject to the limitations imposed by this Section ‎1.2 and Exhibit A
                                         if and to the extent such limits do not or are no longer required by the Companies
                                         Law.

 

		1.3.	If so requested by Indemnitee, and subject to the Company’s repayment and reimbursements
rights set forth in Sections ‎3 and ‎5 below, the Company shall pay amounts to cover Indemnitee’s Expenses with
respect to which Indemnitee is entitled to be indemnified under Section ‎1.1 above, as and when incurred. The payments of
such amounts shall be made by the Company directly to the Indemnitee’s legal and other advisors, as soon as practicable,
but in any event no later than fifteen (15) days after written demand by such Indemnitee therefor to the Company, and any such
payment shall be deemed to constitute indemnification hereunder. As part of the aforementioned undertaking, the Company will make
available to Indemnitee any security or guarantee that Indemnitee may be required to post in accordance with an interim decision
given by a court, governmental or administrative body, or an arbitrator, including for the purpose of substituting liens imposed
on Indemnitee’s assets.

 

		1.4.	The Company’s obligation to indemnify Indemnitee and advance Expenses in accordance with
this Agreement shall be for such period (the “Indemnification Period”) as Indemnitee shall be subject to any
actual, possible or threatened claim, action, suit, demand or proceeding or any inquiry or investigation, whether civil, criminal
or investigative, arising out of the Indemnitee’s service in the Corporate Capacity as described in Section ‎1.1 above,
whether or not Indemnitee is still serving in such position.

 

		1.5.	The Company undertakes that, subject to the mandatory limitations under applicable law, as long
as it may be obligated to provide indemnification and advance Expenses under this Agreement, the Company will purchase and maintain
in effect directors and officers liability insurance, which will include coverage for the benefit of the Indemnitee, providing
coverage in amounts as reasonably determined by the Board; provided that, the Company shall have no obligation to obtain or maintain
directors and officers insurance policy if the Company determines in good faith that such insurance is not reasonably available,
the premium costs for such insurance are disproportionate to the amount of coverage provided, or the coverage provided by such
insurance is so limited by exclusions that it provides an insufficient benefit. The Company hereby undertakes to notify the Indemnitee
30 days prior to the expiration or termination of the directors and officers’ liability insurance.

 

		1.6.	The Company undertakes to give prompt written notice of the commencement of any claim hereunder
to the insurers in accordance with the procedures set forth in each of the policies. The Company shall thereafter diligently take
all actions reasonably necessary under the circumstances to cause such insurers to pay, on behalf of Indemnitee, all amounts payable
as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. The above
shall not derogate from Company’s authority to freely negotiate or reach any compromise with the insurer which is reasonable
at the Company’s sole discretion provided that the Company shall act in good faith and in a diligent manner.

 

     

    - 4 -

    

 

		2.	SPECIFIC LIMITATIONS ON INDEMNIFICATION.

 

Notwithstanding anything
to the contrary in this Agreement, the Company shall not indemnify or advance Expenses to Indemnitee with respect to (i) any
act, event or circumstance with respect to which it is prohibited to do so under applicable law, or (ii) a counter claim made
by the Company or in its name in connection with a claim against the Company filed by the Indemnitee. 

 

		3.	REPAYMENT OF EXPENSES.

 

		3.1.	In the event that the Company provides or is required to provide indemnification with respect to
Expenses hereunder and at any time thereafter the Company determines, based on advice from its legal counsel, that the Indemnitee
was not entitled to such payments, the amounts so indemnified by the Company will be promptly repaid by Indemnitee, unless the
Indemnitee disputes the Company’s determination, in which case the Indemnitee’s obligation to repay to the Company
shall be postponed until such dispute is resolved.

 

		3.2.	Indemnitee’s obligation to repay to the Company for any Expenses or other sums paid hereunder
shall be deemed as a loan given to Indemnitee by the Company subject to the minimum interest rate prescribed by Section 3(9) of
the Income Tax Ordinance [New Version], 1961, or any other legislation replacing it, which is not considered a taxable benefit.

 

		4.	SUBROGATION.

 

In the event
of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all documents required and shall do everything that may be necessary to secure such rights, including
the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

		5.	REIMBURSEMENT.

 

The Company shall not be liable
under this Agreement to make any payment in connection with any Indemnifiable Event to the extent Indemnitee has otherwise actually
received payment under any insurance policy or otherwise (without any obligation of Indemnitee to repay any such amount) of the
amounts otherwise indemnifiable hereunder. Any amounts paid to Indemnitee under such insurance policy or otherwise after the Company
has indemnified Indemnitee for such liability or Expense shall be repaid to the Company promptly upon receipt by Indemnitee, in
accordance with the terms set forth in Section ‎3.2.

 

		6.	EFFECTIVENESS.

 

The Company represents and
warrants that this Agreement is valid, binding and enforceable in accordance with its terms and was duly adopted and approved by
the Company, and shall be in full force and effect immediately upon its execution.

 

		7.	NOTIFICATION AND DEFENSE OF CLAIM.

 

Indemnitee shall notify the
Company of the commencement of any action, suit or proceeding, and of the receipt of any notice or threat that any such legal proceeding
has been or shall or may be initiated against Indemnitee (including any proceedings by or against the Company and any subsidiary
thereof), promptly upon Indemnitee first becoming so aware; but the omission so to notify the Company will not relieve the Company
from any liability which it may have to Indemnitee under this Agreement unless and to
the extent that such failure to provide notice prejudices the Company’s ability to defend such action. Notice to the
Company shall be directed to the Chief Executive Officer or Chief Financial Officer of the Company at the address shown in the
preamble to this Agreement (or such other address as the Company shall designate in writing to Indemnitee). With respect to any
such action, suit or proceeding as to which Indemnitee notifies the Company of the commencement thereof and without derogating
from Sections ‎1.1 and ‎2:

 

     

    - 5 -

    

 

		7.1.	The Company will be entitled to participate therein at its own expense.

 

		7.2.	Except
                                         as otherwise provided below, the Company, alone or jointly with any other indemnifying
                                         party similarly notified, will be entitled to assume the defense thereof, with counsel
                                         selected by the Company. Indemnitee shall have the right to employ his or her own counsel
                                         in such action, suit or proceeding, but the fees and expenses of such counsel incurred
                                         after notice from the Company of its assumption of the defense thereof shall be at the
                                         expense of Indemnitee, unless: (i) the employment of counsel by Indemnitee has been
                                         authorized in writing by the Company; (ii) the Company
                                         and the Indemnitee shall have agreed based on the advice of legal counsel that there
                                         may be a conflict of interest between the Company and Indemnitee in the conduct of the
                                         defense of such action; or (iii) the Company has not in fact employed counsel to
                                         assume the defense of such action, in which cases the reasonable fees and expenses of
                                         counsel shall be at the expense of the Company. The Company shall not be entitled to
                                         assume the defense of any action, suit or proceeding brought by or on behalf of the Company
                                         or as to which Indemnitee and the Company shall have reached the conclusion specified
                                         in (ii) above.

 

		7.3.	The Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts or
expenses paid in connection with a settlement of any action, claim or otherwise, effected without the Company’s prior written
consent.

 

		7.4.	The Company shall have the right to conduct the defense as it sees fit in its sole discretion (provided
that the Company shall conduct the defense in good faith and in a diligent manner), including the right to settle or compromise
any claim or to consent to the entry of any judgment against Indemnitee without the consent of the Indemnitee, provided that, the
amount of such settlement, compromise or judgment does not exceed the Limit Amount (if applicable) and is fully indemnifiable pursuant
to this Agreement (subject to Section ‎1.2 of this Agreement) and/or applicable law, and any such settlement, compromise
or judgment does not impose any penalty or limitation on Indemnitee without the Indemnitee’s prior written consent. The
Indemnitee’s consent shall not be required if the settlement includes a complete release of Indemnitee, does not contain
any admission of wrong-doing by Indemnitee, and includes monetary sanctions only as provided above. In the case of criminal
proceedings the Company and/or its legal counsel will not have the right to plead guilty or agree to a plea-bargain in the Indemnitee’s
name without the Indemnitee’s prior written consent. Neither the Company nor Indemnitee will unreasonably withhold or delay
their consent to any proposed settlement.

 

		7.5.	Indemnitee shall fully cooperate with the Company and shall give the Company all information and
access to documents, files and to his advisors and representatives as shall be within Indemnitee’s power, in every reasonable
way as may be required by the Company with respect to any claim which is the subject matter of this Agreement and in the defense
of other claims asserted against the Company (other than claims asserted by Indemnitee), provided that the Company shall cover
all expenses, costs and fees incidental thereto such that the Indemnitee will not be required to pay or bear such expenses, costs
and fees.

 

		8.	EXCULPATION.

 

Subject to the provisions of
the Companies Law, the Company hereby releases, in advance, the Office Holder from liability to the Company for any damage that
arises from the breach of the Office Holder’s duty of care to the Company (within the meaning of such terms under Sections
252 and 253 of the Companies Law), other than breach of the duty of care towards the Company in a distribution (as such term is
defined in the Companies Law).

 

		9.	NON-EXCLUSIVITY.

 

The rights of the Indemnitee
hereunder shall not be deemed exclusive of any other rights Indemnitee may have under the Company’s Articles of Association,
applicable law or otherwise, and to the extent that during the Indemnification Period the indemnification rights
of the then serving directors and officers are more favorable to such directors or officers than the indemnification rights provided
under this Agreement to Indemnitee, Indemnitee shall be entitled to the full benefits of such more favorable indemnification rights
to the extent permitted by law.

 

     

    - 6 -

    

 

		10.	PARTIAL INDEMNIFICATION.

 

If Indemnitee is entitled under
any provision of this Agreement to indemnification by the Company for some or a portion of the expenses, judgments, fines or penalties
actually or reasonably incurred by Indemnitee in connection with any proceedings, but not, however, for the total amount thereof,
the Company shall nevertheless indemnify Indemnitee for the portion of such expenses, judgments, fines or penalties to which Indemnitee
is entitled under any provision of this Agreement. Subject to the provisions of Section ‎5 above, any amount received by
Indemnitee (under any insurance policy or otherwise) shall not reduce the Limit Amount hereunder and shall not derogate from the
Company’s obligation to indemnify the Indemnitee in accordance with the provisions of this Agreement up to the Limit Amount,
as set forth in Section ‎1.2.

 

		11.	BINDING EFFECT.

 

This Agreement shall be binding
upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.
In the event of a merger or consolidation of the Company or a transfer or disposition of all or substantially all of the business
or assets of the Company, the Indemnitee shall be entitled to the same indemnification and insurance provisions as the most favorable
indemnification and insurance provisions afforded to the then-serving Office Holders of the Company. In the event that in connection
with such transaction the Company purchases a directors and officers’ “tail” or “run-off” policy
for the benefit of its then serving Office Holders, then such policy shall cover Indemnitee and such coverage shall be deemed to
be in satisfaction of the insurance requirements under this Agreement. This Agreement shall continue in effect during the Indemnification
Period regardless of whether Indemnitee continues to serve in a Corporate Capacity.

 

Any amendment to the Companies
Law, the Israeli Securities Law, the Economic Competition Law or other applicable law adversely affecting the right of the Indemnitee
to be indemnified, insured or released pursuant hereto shall be prospective in effect, and shall not affect the Company’s
obligation or ability to indemnify or insure the Indemnitee for any act or omission occurring prior to such amendment, unless otherwise
provided by applicable law.

 

		12.	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 provision of this Agreement, or the application thereof or any circumstance, is invalid
or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be
valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement
and the application of such provision or circumstances shall not be affected by such invalidity or unenforceability, nor shall
such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any
other jurisdiction.

 

		13.	NOTICE.

 

All notices and other communications
pursuant to this Agreement shall be in writing and shall be deemed provided if delivered personally, telecopied, sent by electronic
facsimile, email, reputable overnight courier or mailed by registered or certified mail (return receipt requested), postage prepaid,
to the parties at the addresses shown in the preamble to this Agreement, or to such other address as the party to whom notice is
to be given may have furnished to the other party hereto in writing in accordance herewith. Any such notice or communication shall
be deemed to have been delivered and received (i) in the case of personal delivery, on the date of such delivery, (ii) in the case
of telecopier or an electronic facsimile or email, one business day after the date of transmission if confirmation of receipt is
received, (iii) in the case of a reputable overnight courier, three business days after deposit with such reputable overnight courier
service, and (iv) in the case of mailing, on the seventh business day following that on which the mail containing such communication
is posted.

 

     

    - 7 -

    

 

		14.	GOVERNING LAW; JURISDICTION.

 

This Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of Israel, without giving effect to the conflicts of law
provisions of those laws. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction and venue of the courts
of Tel Aviv, Israel for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement.

 

		15.	ENTIRE AGREEMENT.

 

This Agreement represents the
entire agreement between the parties and supersedes any other agreements, contracts or understandings between the parties, whether
written or oral, with respect to the subject matter of this Agreement.

 

		16.	NO MODIFICATION AND NO WAIVER.

 

No supplement, modification
or amendment, termination or cancellation of this Agreement shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Any waiver shall be in writing. The Company
hereby undertakes not to amend its Articles of Association in a manner which will adversely affect the provisions of this Agreement.

 

		17.	ASSIGNMENTS; NO THIRD PARTY RIGHTS

 

Neither party hereto may assign
any of its rights or obligations hereunder except with the express prior written consent of the other party. Nothing herein shall
be deemed to create or imply an obligation for the benefit of a third party. Without limitation of the foregoing, nothing herein
shall be deemed to create any right of any insurer that provides directors and officers’ liability insurance, to claim, on
behalf of Indemnitee, any rights hereunder.

 

		18.	INTERPRETATION; DEFINITIONS.

 

Unless the
context shall otherwise require: words in the singular shall also include the plural, and vice versa; any pronoun shall include
the corresponding masculine, feminine and neuter forms; the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”; the words “herein”, “hereof”
and “hereunder” and words of similar import refer to this Agreement in its entirety and not to any part hereof; all
references herein to Sections or clauses shall be deemed references to Sections or clauses of this Agreement; any references to
any agreement or other instrument or law, statute or regulation are to it as amended, supplemented or restated, from time to time
(and, in the case of any law, to any successor provisions or re-enactment or modification thereof being in force at the time);
any reference to “law” shall include any supranational, national, federal, state, local, or foreign statute or law
and all rules and regulations promulgated thereunder; any reference to a “day” or a number of “days” (without
any explicit reference otherwise, such as to business days) shall be interpreted as a reference to a calendar day or number of
calendar days; reference to month or year means according to the Gregorian calendar; reference to a “company”, “corporate
body” or “entity” shall include a, partnership, firm, company, corporation, limited liability company, association,
joint venture, trust, unincorporated organization, estate, or a government municipality or any political, governmental, regulatory
or similar agency or body, and reference to a “person” shall mean any of the foregoing or a natural person.

 

		19.	COUNTERPARTS

 

This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually executing
such counterpart, and all of which together shall constitute one and the same instrument; it being understood that parties need
not sign the same counterpart. The exchange of an executed Agreement (in counterparts or otherwise) by facsimile or by electronic
delivery in pdf format shall be sufficient to bind the parties to the terms and conditions of this Agreement, as an original.

 

[SIGNATURE PAGE TO FOLLOW]

 

     

    - 8 -

    

 

IN WITNESS WHEREOF,
the parties, each acting under due and proper authority, have executed this Indemnification Agreement as of the date first mentioned
above, in one or more counterparts.

 

	Anchiano Therapeutics Ltd.	 
	 	 
	By:	 	 
	Name and title:	 	 

 

	Indemnitee:	 
	 	 
	Name:	 	 
	Signature:	 	 
	Address:	 	 

 

     

    - 9 -

    

 

EXHIBIT
A*

 

CATEGORY OF INDEMNIFIABLE
EVENT

 

	1. 	Matters, events, occurrences or circumstances in connection or associated with employment relationships with employees or consultants or any employee union or similar or comparable organization. 
	 	 
	2. 	Matters, events, occurrences or circumstances in connection or associated with business relations of any kind between the Company and its employees, independent contractors, customers, suppliers, partners, distributors, agents, resellers, representatives, licensors, licensees, service providers and other business associates.
	 	 
	3. 	Negotiations, execution, delivery and performance of agreements of any kind or nature and any decisions or deliberations relating to actions or omissions relating to the foregoing; any acts, omissions or circumstances that do or may constitute or are alleged to constitute anti-competitive acts, acts of commercial wrongdoing, or failure to meet any standard of conduct which is or may be applicable to such acts, omissions or circumstances.
	 	 
	4. 	Approval of and recommendation or information provided to shareholders with respect to any and all corporate actions, including the approval of the acts of the Company’s management, their guidance and their supervision, matters relating to the approval of transactions with Office Holders (including, without limitation, all compensation related matters) or shareholders, including controlling persons and claims and allegations of failure to exercise business judgment, reasonable level of proficiency, expertise, care or any other applicable standard, with respect to the foregoing or otherwise with respect to the Company’s business, strategy, operations and prospective outlook, and any discussions, deliberations, reviews or other preparatory or preliminary phases relating to any of the foregoing.
	 	 
	5. 	Violation, infringement, misappropriation, dilution and other misuse of copyrights, patents, designs, trade secrets, confidential information, proprietary information and any intellectual property rights, acts in connection with the registration, assertion or protection of rights to intellectual property and the defense of claims related to intellectual property, breach of confidentiality obligations, acts in regard of invasion of privacy or any violation of privacy or privacy related right or regulation, including with respect to databases or handling, collection or use of private information, acts in connection with slander and defamation, and claims in connection with publishing or providing any information, including any filings with any governmental authorities, whether or not required under any applicable laws.
	 	 
	6. 	Violations of or failure to comply with securities laws, and any regulations or other rules promulgated thereunder, of any jurisdiction, including without limitation, claims under the U.S. Securities Act of 1933 or the U.S. Exchange Act of 1934 or under the Israeli Securities Law, fraudulent disclosure claims, failure to comply with any securities authority or any stock exchange disclosure or other rules and any other claims relating to relationships with investors, debt holders, shareholders, optionholders, holders of any other equity or debt instrument of the Company, and otherwise with the investment community (including without limitation any such claims relating to a merger, acquisition, change in control transaction, issuance of securities, restructuring, spin out, spin off, divestiture, recapitalization or any other transaction relating to the corporate structure or organization of the Company) ; claims relating to or arising out of financing arrangements, any breach of financial covenants or other obligations towards investors, lenders or debt holders, class actions, violations of laws requiring the Company to obtain regulatory and governmental licenses, permits and authorizations in any jurisdiction, including in connection with disclosure, offering or other transaction related documents; actions taken in connection with the issuance, purchase, holding or disposition of any type of securities of Company, including, without limitation, the grant of options, warrants or other rights to purchase any of the same or any offering of the Company’s securities (whether on behalf of the Company or on behalf of any holders of securities of the Company) to private investors, underwriters, resellers or to the public, and listing of such securities, or the offer by the Company to purchase securities from the public or from private investors or other holders, and any undertakings, representations, warranties and other obligations related to any of the foregoing or to the Company’s status as a public company or as an issuer of securities.

 

     

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	7. 	Liabilities arising in connection with the conduct of clinical trials, testing, development or manufacturing of any products or services developed, distributed, rendered, sold, provided, licensed or marketed by the Company, and any actions in connection with the distribution, provision, sale, marketing, license or use of such products or services, including without limitation in connection with professional liability and product liability claims.
	 	 
	8. 	The offering of securities by the Company (whether on behalf of itself or on behalf of any holder of securities and any other person) to the public and/or to offerees or the offer by the Company to purchase securities from the public and/or from private investors or other holders pursuant to a prospectus, offering documents, agreements, notices, reports, tenders and/or other processes.
	 	 
	9. 	Events, facts or circumstances in connection with change in ownership or in the structure of the Company, its reorganization, dissolution, winding up, any other arrangements concerning creditors rights, merger, change in control, issuances of securities, restructuring, spin out, spin off, divestiture, recapitalization or any other transaction relating to the corporate structure or organization of the Company, and the approval of failure to approve of any corporate actions and any matters relating to corporate governance, capital structure, articles of association or other charter or governance documents, appointment or dismissal of office holders or compensation thereof and appointment or dismissal of auditors, internal auditor or any other person performing any services for the Company.     
	 	 
	10. 	Any claim or demand made in connection with any transaction not in the ordinary course of business of the Company, as well as the sale, lease, purchase or acquisition of, or the receipt or grant of any rights with respect to, any assets or business.
	 	 
	11. 	Any claim or demand made by any third party suffering any personal injury and/or bodily injury or damage to business or personal property or any other type of damage through any act or omission attributed to the Company, or its employees, agents or other persons acting or allegedly acting on its behalf, including, without limitation, failure to make proper safety arrangements for the Company or its employees and liabilities arising from any accidental or continuous damage or harm to the Company’s employees, its contractors, its guests and visitors as a result of an accidental or continuous event, or employment conditions, permanent or temporary, in the Company’s offices.
	 	 
	12. 	Any claim or demand made directly or indirectly in connection with complete or partial failure, by the Company or its directors, officers and employees, to pay, report, keep applicable records or otherwise, of any local or foreign federal, state, county, municipal or city taxes or other taxes or compulsory payments of any nature whatsoever, including, without limitation, income, sales, use, transfer, excise, value added, registration, severance, stamp, occupation, customs, duties, real property, personal property, capital stock, social security, unemployment, disability, payroll or employee withholding or other withholding, including any interest, penalty or addition thereto, whether disputed or not.
	 	 
	13. 	Any administrative, regulatory, judicial or civil actions orders,decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of noncompliance or violation by any governmental entity or other person alleging potential responsibility or liability (including potential responsibility or liability for costs of enforcement investigation, cleanup, governmental response, removal or remediation, for natural resources damages, property damage, personal injuries or penalties or for contribution,  indemnification, cost recovery, compensation or injunctive relief) arising out of, based on or related to (a) the presence of, release, spill, emission, leaning, dumping, pouring, deposit, disposal, discharge, leaching or migration into the environment (each a “Release”) or threatened Release of, or exposure to, any hazardous, toxic, explosive or radioactive substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing material, polychlorinated biphenyls (“PCBs”) or PCB-containing materials or equipment, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any environmental law, at any location, whether or not owned, operated, leased or managed by the Company or any of its subsidiaries, or (b) circumstances forming the basis of any violation of any environmental law or environmental permit, license, registration or other authorization required under applicable environmental law.

 

     

    - 11 -

    

 

	14. 	Any administrative, regulatory or judicial actions, orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of noncompliance or violation by any governmental or regulatory entity or authority or any other person alleging the failure to comply with any statute, law, ordinance, rule, regulation, order or decree of any governmental entity applicable to the Company or any of its businesses, assets or operations, or the terms and conditions of any operating certificate or licensing agreement.
	 	 
	15. 	Participation and/or non-participation at Company Board meetings,  expression of opinion or view and/or voting and/or abstention from voting at Company Board meetings, including, in each case, any committee thereof, as well as expression of opinion publicly in connection with the service as an Office Holder.
	 	 
	16. 	Review and approval of the Company’s financial statements and any specific items or matters within, including any action, consent or approval related to or arising from the foregoing, including, without limitations, engagement of or execution of certificates for the benefit of third parties related to the financial statements.  
	 	 
	17. 	Violation of laws, rules or regulations requiring the Company to obtain regulatory and governmental licenses, permits and authorizations (including without limitation relating to export, import, encryption, antitrust or competition authorities) or laws related to any governmental grants in any jurisdiction. 
	 	 
	18. 	Resolutions and/or actions relating to investments in the Company and/or its subsidiaries and/or affiliated companies and/or investment in corporate or other entities and/or investments in other traded or non-traded securities and/or any other form of investment.   
	 	 
	19. 	Liabilities arising out of advertising, including misrepresentations regarding the Company's products or services and unlawful distribution of emails.
	 	 
	20. 	Management of the Company’s bank accounts, including money management, foreign currency deposits, securities, loans and credit facilities, credit cards, bank guarantees, letters of credit, consultation agreements concerning investments including with portfolio managers, hedging transactions, options, futures, and the like.
	 	 
	21. 	All actions, consents and approvals, including any prior discussions, reviews and deliberations, relating to a distribution of dividends, in cash or otherwise, or to any other "distribution" as such term is defined under the Companies Law.
	 	 
	22. 	Any administrative, regulatory, judicial, civil or criminal, actions orders, decrees, suits, demands, demand letters, directives, claims, liens, investigations, proceedings or notices of noncompliance, violation or breaches alleging potential responsibility, liability, loss or damage (including potential responsibility or liability for costs of enforcement, investigation, cleanup, governmental response, removal or remediation, property damage or penalties, or for contribution,  indemnification, cost recovery, compensation or injunctive relief), whether alleged or claimed by customers, consumers, regulators, shareholders or others, arising out of, based on or related to: (a) cyber security, cyber attacks, data loss or breaches, unauthorized access to information, data, or databases (including but not limited to any personally identifiable information or private health information) and use or disclosure of information contained therein, not preventing or detecting the breach or failing to otherwise disclose or respond to the breach; (b) circumstances forming the basis of any violation of any law, permit, license, registration or other authorization required under applicable law governing data security, data protection, network security, information systems, privacy or any cyber environment (including, users, networks, devices, software, processes, information systems, databases, information in storage or transit, applications, services, and systems that can be connected directly or indirectly to networks); (c) failure to implement a reporting system or control, or failure to monitor or oversee the operation of such a system; (d) data destruction, extortion, theft, hacking, and denial of service attacks; losses or liabilities to others caused by errors and omissions, failure to safeguard data or defamation; or (e) security-audit, post-incident public relations and investigative expenses, criminal reward funds, data breach/privacy crisis management (including, management of an incident, investigation, remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines), extortion liability (including, losses due to a threat of extortion, professional fees related to dealing with the extortion), or network security liability (including, losses as a result of denial of access, costs related to data on third-parties and costs related to the theft of data on third-party systems).

 

     

    - 12 -

    

 

The Limit Amount
for all Indemnifiable Persons during each relevant period referred to in Section 1.2
of the Indemnification Agreement for all events described in this Exhibit A (in Sections 1-22 (inclusive) above), shall
be the greater of:

 

(a) twenty-five
percent (25%) of the Company’s total shareholders’ equity according to the Company’s most recent
financial statements as of the time of the actual payment of indemnification;

 

(b) US$40
million;

 

(c) ten percent (10%) of the Company Total Market Cap (which shall mean the average closing price of the Company’s ordinary
shares over the 30 trading days prior to the actual payment of indemnification multiplied by the total number of issued and outstanding
shares of the Company as of the date of actual payment); and

 

(d) in connection with or arising out of a public offering of
the Company’s securities, the aggregate amount of proceeds from the sale by the Company and/or any shareholder of Company’s
securities in such offering.

 

		*	Any reference in this Exhibit A to the Company shall include the Company and any entity in which
the Indemnitee serves in a Corporate Capacity.

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