Document:

Exhibit 10.3

 

Employment Agreement

 

This Employment Agreement is made on 16th
day of May 2019, by and between Avi Gabay, an individual residing in Modiin, Israel (the “Executive”),
and ORAMED Ltd., a company incorporated under the laws of the State of Israel, with an address at Hi-Tech Park 2/4 Givat
Ram, Jerusalem, Israel 91390 (the “Company”).

 

WHEREAS, the
Company has agreed to engage the Executive to serve in the role of Chief Financial Officer, Secretary and Treasurer of the Company
and ORAMED PHARMACEUTICALS INC. in accordance with the terms as described below.

 

NOW, THEREFORE,
the Company and the Executive agree as follows:

 

	1.	ENGAGEMENT
	 	 

		1.1	Engagement of Executive. The Company hereby agrees to employ the Executive in accordance
with the terms and provisions hereof.
	 	 	 

		1.2	Term. The term of employment under this Agreement shall commence on June 1, 2019 (the “Effective
Date”) and shall continue until terminated by either party as provided herein (the “Term”).
	 	 	 

		1.3	Service.
	 	 	 

		(a)	As of June 1, 2019, the Executive shall serve in the role of Chief Financial Officer, Secretary
and Treasurer of the Company and ORAMED PHARMACEUTICALS INC. (the “Parent”).

 

		(b)	Scope of service – from the Effective Date, the Executive shall perform his work on the basis
of a full-time position. The Company’s standard working days and hours are 5 days a week between Sunday and Thursday, four days
of 9 gross hours (including lunch and rest breaks) per day and one shorten day of 8 gross hours including breaks. The working hours
of the Executive shall be as required by the nature of the Executive’s position in the Company, including during additional
and overtime hours if it is so required in order to fulfill the Executive’s obligations according to this Agreement. The regular
weekly rest day is Saturday.

 

		(c)	In consideration of the conditions and circumstances of the Executive’s senior position and
duties in the Company which requires a special degree of trust and as the conditions and circumstances of employment do not enable
the Company to supervise the Executive’s hours of work, the provisions of the Hours of Work and Rest Law, 1951 shall not apply
to the Executive and he shall not be entitled to any additional consideration for work during overtime hours and/or on days that
are not regular business days, except as specified in this Agreement. The Executive acknowledges that the consideration set for
his hereunder nevertheless includes within it consideration that would otherwise have been due to him by law.

 

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		(d)	The Executive agrees to faithfully, honestly and diligently serve the Company and to devote Executive’s
attention and best efforts to further the business and interests of the Company. The Executive agrees and undertakes to inform
the Company’s Chief Executive Officer (the “CEO”) immediately after becoming aware of any matter that
may in any way raise a conflict of interest between the Executive and the Company. For the avoidance of doubt, nothing in this
Section 1.3 shall degrade from the Executive’s obligation to continue observing all of his undertakings under this Agreement in
their entirety, including, without limitation, his obligations of confidentiality and non-disclosure.

 

		1.4	Duties. The Executive’s services hereunder shall be provided on the basis of the following
terms and conditions:

 

		(a)	reporting to the Company’s CEO as the Executive Supervisor and to the Company’s and
Parent’s Board of Directors (the “Board”);

 

		(b)	the Executive shall be responsible for the financial reporting and controls of the Company and
Parent, all subject to any applicable law and to instructions provided by the Board from time to time;

 

		(c)	the Executive shall faithfully, honestly and diligently serve the Company and the Parent and cooperate
with the Company and the Parent and utilize his professional skill and care to ensure that all services rendered hereunder are
to the satisfaction of the Company and the Parent, acting reasonably, and the Executive shall provide any other services not specifically
mentioned herein, but which by reason of the Executive’s capability the Executive knows or ought to know to be necessary to ensure
that the best interests of the Company and the Parent are maintained;

 

		(d)	the Executive shall assume, obey, implement and execute such duties, directions, responsibilities,
procedures, policies and lawful orders as may be determined or given from time to time by the Board, and/or CEO; and

 

		(e)	the Executive shall report the results of his duties hereunder to the CEO and/or the Board as it
may request from time to time.

 

		(f)	The Executive shall not, without the prior written authorization of the Company, directly or indirectly
undertake any other employment, whether as an employee of another employer or independently as an agent, consultant, director or
in any other manner (whether for compensation or otherwise), and shall not assume any position or render services in any of the
above-stated manners to any other entity or person.

 

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		(g)	The Executive undertakes to fulfill the responsibilities described in this Agreement and assist
the Company, its affiliates, subsidiaries, related corporations and parent company now or hereafter existing (collectively, “Affiliates”)
and to make herself available to them, during the employment period and even after the termination of his employment relations
with the Company, for any reason, in any matter which the Company may reasonably request his assistance, including for the purpose
of providing any information relating to his work or actions taken by him and including in the framework of disputes (including
legal or quasi-legal proceedings). If the Company requires the Executive’s services after the termination of the employment relations
with him, for any reason, it shall reimburse the Executive for his expenses in connection with performing the provisions of this
Section.

 

		(h)	The Executive shall not receive any payment and/or benefit from any third party, directly or indirectly,
in connection with his employment with the Company. In the event the Executive breaches this Sub-section, without derogating from
any of the Company’s right by law or contract, such benefit or payment shall become the sole property of the Company and
the Company may set-of such amount from any sums due to the Executive.

 

		(i)	The Executive acknowledges that the Company is committed to the restrictions as mentioned in the
Prevention of Sexual Harassment Law, 1998, and that sexual harassment is a severe disciplinary offence.

 

		(j)	The Executive undertakes not to make improper use of computer, computer devices, internet and/or
e-mails, including (but not limited to) use of illegal software or the receipt and/or transfer of pornographic material, and/or
any other material that is not connected with his work and may be harmful to the Company, other employees or any other third party,
as further detailed in the Company’s policy as may be amended from time. The current policy is attached hereto as Annex A.

 

		(k)	The Executive acknowledges and agrees that personal information related to his and the Executive’s
terms of employment at the Company, as shall be received and held by the Company will be held and managed by the Company, and that
the Company shall be entitled to transfer such information to third parties, in Israel or abroad. The information will be collected,
retained, used, and transferred for legitimate business purposes and to the reasonable and necessary scope only, including: human
resources management, business management and customer relations, assessment of potential transactions and relating to such transactions,
compliance with law and other requests and requirements from government authorities and audit, compliance checks and internal investigations.

 

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		2.	COMPENSATION
                                         and additional TERMS

 

		2.1	Salary. For services rendered by the Executive during the Term, as the Chief Financial Officer,
Secretary and Treasurer of the Company and ORAMED PHARMACEUTICALS INC. on a full-time basis, the Executive shall be paid a monthly
salary, as follows:

 

		(a)	the Executive shall be entitled to a gross monthly amount of NIS 35,000 (the “Salary”).

 

		(b)	As mentioned above, the Executive’s positions is of a management or those requiring a special degree
of personal trust, and the Company is not able to supervise the number of working hours of the Executive; therefore the provisions
of the Israeli Hours of Work and Rest Law - 1951, will not apply to the Executive and he will not be entitled to any additional
remuneration whatsoever for his work with the exception of that specifically set out in this Agreement.

 

		(c)	The aforementioned Salary and the fringe benefits that are described below constitutes the overall
consideration for the Executive’s work and in view of his position and status, and he shall not be entitled to any additional
consideration, of any form, for his work including during additional and overtime hours and on weekends or holidays, insofar as
required. The Salary will be paid to the Executive in accordance with the Company’s normal and reasonable pay-roll practices, no
later than the 9th day of each month. Any payment or benefit under this Agreement (including any bonuses or the like), other than
the Salary, shall not be considered as a salary for any purpose whatsoever, and the Executive shall not maintain or claim otherwise.

 

		(d)	Executive’s Salary and other benefits shall be annually reviewed by the Board based on his
and the Company’s performance, all at the Board’s sole and absolute discretion.

 

		2.2	Company Vehicle. The Executive shall be entitled to the use of a Class 2 vehicle, as shall
be determined by the Company (the “Car”). The Company shall incur all reasonable expenses associated with use
of the Car, including fuel expenses, however excluding personal traffic fines, payments to the tax authorities resulting from the
use of the Car (“Shovi Shimush”) and the like, and the Executive hereby authorizes the Company to deduct any such
amount from any amount owing to him thereby, including from the Salary. The use of the Car shall be in accordance with the provisions
of the Company’s car internal procedures, as may be amended from time to time by the Company and the Executive hereby authorizes
the Company to deduct any amount needs to be deducted according to such internal procedures from any amount owing to him thereby,
including from the Salary. The Executive shall bear any tax payments resulting from the aforesaid, to the extent applicable. The
Car will be returned to the Company by the Executive immediately upon termination of Executive’s employment by the Company, for
any reason whatsoever, or upon any request by the Company at any time. The Car is in lieu of travel expenses from Executive’s
premises to work and back in accordance with the law.

 

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		2.3	Expenses. The Executive will be reimbursed by the Company for pre-approved business expenses
incurred by the Executive in connection with his duties, and in accordance with Company’s policy.

 

		2.4	Vacation; Sick Leave and Recreation Pay. The Executive shall be entitled to 18 vacation
days per year. The Executive shall be entitled to accrue a maximum of 24 vacation days (the “Maximum”). Any days
accrued beyond the Maximum shall be erased. In addition, Executive shall be entitled to sick leave and Recreation Pay according
to applicable law. Executive shall be entitled to cash redemption of vested vacation only upon termination of his employment.

 

		2.5	Additional Benefits. The Executive shall be entitled to the use of a Company paid mobile
phone for business purposes, according to the Company’s policies and instructions, as amended from time to time. In addition, the
Executive shall be entitled to the use of a Company owned laptop computer, according to the Company’s policies and instructions,
as amended from time to time. The Executive shall bear any tax payments resulting from the aforesaid, to the extent applicable.

 

		2.6	Deductions. The Executive acknowledges that all payments by the Company in respect of the
services provided by the Executive shall be subject to the deduction of any amount which the Company as an employer is required
to deduct or withhold from the Salary or other payments to an executive in accordance with statutory requirements (including, without
limitation, income tax, employee contributions and unemployment insurance contributions).

 

		3.	Social
                                         Insurance and Benefits

 

		3.1	The Executive shall be entitled to a pension arrangement, a Managers’ Insurance Policy (the “Policy”)
and/or Pension Fund (the “Pension Fund”) as follows:

 

The Company
shall contribute 8.33% of the Salary for severance compensation (the “Severance Contribution”).

 

In addition,
the Company shall contribute 6.5% of the Salary for pension compensation (Tagmulim) towards Policy/Pension Fund.

 

In the event
that the Executive chooses Policy arrangement, the pension compensation (Tagmulim) shall include the Company’s payment for purchase
of disability insurance coverage sufficient to secure 75% of the Salary; provided that the Company’s contributions solely for pension
compensation (Tagmulim) shall be not less than 5% and subject to the consent of the insurance company to insure the Executive.
For the avoidance of any doubt, in the event that the cost to the Company shall be more than the required contributions rates towards
pension compensation (6.5% as described above) due to the cost of the disability insurance, the total cost of the Company’s contributions
to pension compensation and disability insurance collectively shall not exceed 7.5% of the Salary.

 

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The Company
shall deduct from the Salary the Executive’s contributions for pension compensation (Tagmulim) in an amount of 6% of the Salary
towards Policy/Pension Fund.

 

Any tax liability
in connection with pension arrangement shall be borne solely by the Executive.

 

The Executive
agrees and acknowledges that the Company’s Severance Contribution in accordance with the foregoing, shall be in lieu of 100%
of the severance payment to which the Executive (or his beneficiaries) shall be entitled with respect to the Salary and the contributions
were made and for the period in which they were made, pursuant to Section 14 of the Severance Pay Law, 1963 (the “Severance
Law”) in accordance with the instructions of “The General Approval Regarding Employers’ Payments to Pension
Fund and Insurance Fund Instead of Severance Pay” (the “General Approval”, a copy of which is attached
hereto as Exhibit A), as amended from time to time in case the Executive chooses a Policy and in the event that the
Executive chooses Pension Fund arrangement in accordance with Sections 7 and 9 to the Extension Order General Insurance Pension
In The Israeli Market.

 

The Company
hereby waives any of its rights to refund monies from the payments it transfers to the Policy/Pension Fund in accordance with this
Section, unless the Executive’s right to severance pay is denied by virtue of a court order, under Sections 16 or 17 of the Severance
Law, and in the same amount which was denied, or the Executive withdraws monies from the Policy and/or the Pension Fund not due
to a Granting Event. The term “Granting Event” shall mean - death, disability or retirement at the age of sixty or more.

 

		3.2	Keren Hishtalmut. The Company shall make monthly contributions on the Executive’s behalf
to a recognized advanced study fund (the “Fund” (“Keren Hishtalmut”)) in an amount equal to 7.5%
of the Salary. In addition, the Company shall deduct 2.5% from the Salary and transfer those monies to the Study Fund. The Employee
shall bear any and all taxes, which may apply with respect to such benefit.

 

		3.3	Liability Insurance Indemnification. The Company shall provide the Executive (including
his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at
the Company’s expense.

 

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		4.	CONFIDENTIALITY,
                                         NON-COMPETITION AND INTELLECTUAL PROPERTY

 

The
Executive agrees to be bound by, and shall have executed and delivered to the Company, the Confidential Information, Non-Compete,
Non-Solicitation and Invention Assignment Agreement, substantially in the form of Exhibit B hereto

 

		4.1	Fiduciary Obligation. The Executive declares that the Executive’s relationship to the Company
is that of fiduciary, and the Executive agrees to act towards the Company and otherwise behave as a fiduciary of the Company.

 

		4.2	Remedies. The parties to this Agreement recognize that any violation or threatened violation
by the Executive of any of the provisions contained in this Article ‎4 may result in immediate
and irreparable damage to the Company and that the Company could not adequately be compensated for such damage by monetary award
alone. Accordingly, the Executive agrees that in the event of any such violation or threatened violation, the Company shall, in
addition to any other remedies available to the Company at law or in equity, be entitled as a matter of right to apply to such
relief by way of restraining order, temporary or permanent injunction and to such other relief as any court of competent jurisdiction
may deem just and proper.

 

		4.3	Reasonable Restrictions. The Executive agrees that all restrictions in this Article ‎4
are reasonable and valid, and all defenses to the strict enforcement thereof by the Company are hereby waived by the Executive.

 

		5.	Termination

 

		5.1	Termination For Cause or Disability. This Agreement may be terminated at any time by the
Company without notice, for Cause or in the event of the Disability of Executive. For the purposes of this Agreement, “Cause”
shall mean circumstances upon the occurrence of which the Executive would not be entitled to severance pay according to the Severance
Pay Law, 1963, and shall also means that the Executive shall have:

 

		(a)	committed an act of fraud, embezzlement or theft in connection with the Executive’s duties or in
the course of the Executive’s employment with the Company;

 

		(b)	intentionally and wrongfully damaged property of the Company, or any of its respective affiliates,
associates or customers;

 

		(c)	intentionally or wrongfully disclosed any of the Confidential Information;

 

		(d)	made material personal benefit at the expense of the Company without the prior written consent
of the management of the Company;

 

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		(e)	accepted shares or options or any other gifts or benefits from a vendor without the prior written
consent of the management of the Company;

 

		(f)	fundamentally breached any of the Executive’s material covenants contained in this Agreement; or

 

		(g)	willfully and persistently, without reasonable justification, failed or refused to follow the lawful
and proper directives of the Company specifying in reasonable detail the alleged failure or refusal and after a reasonable opportunity
for the Executive to cure the alleged failure or refusal.

 

For the purposes of this Agreement,
an act or omission on the part of the Executive shall not be deemed “intentional,” if it was due to an error in judgment
or negligence, but shall be deemed “intentional” if done by the Executive not in good faith and without reasonable
belief that the act or omission was in the best interests of the Company, or its respective affiliates, associates or customers.

 

For the purposes
of this Agreement, “Disability” shall mean any physical or mental illness or injury as a result of which Executive
remains absent from work for a period of six (6) successive months, or an aggregate of six (6) months in any twelve (12) month
period. Disability shall occur upon the end of such six-month period.

 

		5.2	Termination Without Cause. Either the Executive or the Company may terminate the Executive’s
employment without Cause, for any reason whatsoever, with 30 days prior written notice within the first 12 months of the Executive’s
engagement, and 60 days, prior written notice thereafter.

 

		5.3	The Notice Period.

 

		(a)	During the period following the notice of termination (the “Notice Period”),
Executive shall cooperate with the Company and use his best efforts to assist the integration into the Company’s organization of
the person or persons who will assume Executive’s responsibilities, and shall act according to the instructions of the Company.

 

		(b)	During the Notice Period, the Executive shall continue to perform his duties until the conclusion
of the Notice Period. Nevertheless, the Company shall be entitled, but not obligated, at any time prior to the expiration of the
Notice Period, at its sole discretion: (i) to waive the Executive’s actual work during the Notice Period, or to reduce the scope
of the Executive’s work hours, while continuing to pay the Executive his regular payments and benefits until the completion of
the Notice Period; or (ii) terminate this Employment Agreement and the employment relationship, at any time prior to the expiration
of the Notice Period, and pay a cash equivalent to his Salary for the remainder of the Noticed Period as a payment in lieu of prior
notice in accordance with the law.

 

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		(c)	It is hereby expressly stated that the Company reserves the right to terminate the Executive’s
employment at any time during the Notice Period, regardless of whether notice of termination of employment was delivered by the
Company or whether such notice was delivered by the Executive. In the latter case, such termination shall not constitute a dismissal
of the Executive by the Company.

 

		(d)	Notwithstanding the foregoing, the Company may terminate the Executive’s employment without
the delivery of prior written notice, in the event of termination under circumstances as described in Section 5.1 above.

 

		(e)	In the event that the Executive terminates his employment with the Company, for any reason, without
the delivery of a written notice in accordance with Section 5.2 above, or without the completion of the Notice Period or any part
thereof, the Company will be entitled to deduct from any debt which it may owe the Executive an amount equal to the salary that
would have been paid to the Executive during the Notice Period, had he worked.

 

		5.4	Return of Materials. Upon termination of employment hereunder, or upon any request by the
Company at any time, the Executive will return or cause to be returned any and all Confidential Information and other assets of
the Company (including all originals and copies thereof), which “assets” include, without limitation, hardware, software,
keys, security cards and backup tapes that were provided to the Executive either for the purpose of performing the employment services
hereunder or for any other reason. The Executive acknowledges that the Confidential Information and the assets are proprietary
to the Company, and the Executive agrees to return them to the Company in the same condition as the Executive received such Confidential
Information and assets. In addition, immediately upon the termination of his employment with the Company (for any reason) or at
such other time as directed by the Company, following coordination with the Company’s IT persons, he shall delete any information
relating to the Company or its business from his personal computer, if any.

 

		5.5	Effect of Termination. Articles ‎4 and Exhibit
B hereto shall remain in full force and effect after termination of this Agreement, for any reason whatsoever.

 

		6.	Mutual
                                         Representations

 

		6.1	Executive represents and warrants to the Company that the execution and delivery of this Agreement
and the fulfillment of the terms hereof (i) will not constitute a default under or conflict with any agreement or other instrument
to which he is a party or by which he is bound, and (ii) do not require the consent of any person or entity.

 

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		6.2	The Company represents and warrants to Executive that this Agreement has been duly authorized,
executed and delivered by the Company and that the fulfillment of the terms hereof (i) will not constitute a default under or conflict
with any agreement of other instrument to which it is a party or by which it is bound, and (ii) do not require the consent of any
person of entity.

 

		6.3	Each party hereto warrants and represents to the other that this Agreement constitutes the valid
and binding obligation of such party enforceable against such party in accordance with its terms subject to applicable bankruptcy,
insolvency, moratorium and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles
of equity (regardless if enforcement is sought in proceeding in equity or at law).

 

		7.	Notices

 

		7.1	Notices. All notices required or allowed to be given under this Agreement shall be made
either personally by delivery to or by facsimile transmission to the address as hereinafter set forth or to such other address
as may be designated from time to time by such party in writing:

 

		(a)	in the case of the Company, to:

 

	 	
        

        Oramed Ltd.

        2/4 High-Tech Park

        PO Box 39098

        Givat Ram, Jerusalem

        Israel 91390

        Fax: 972 2 5660004

 

		(b)	and in the case of the Executive, to the Executive’s last residence address known to the Company.

 

		7.2	Change of Address. Any party may, from time to time, change its address for service hereunder
by written notice to the other party in the manner aforesaid.

 

		8.	GENERAL

 

		8.1	Entire Agreement. As of from the date hereof, any and all previous agreements, written or
oral between the parties hereto or on their behalf relating to the employment of the Executive by the Company are null and void.
The parties hereto agree that they have expressed herein their entire understanding and agreement concerning the subject matter
of this Agreement and it is expressly agreed that no implied covenant, condition, term or reservation or prior representation or
warranty shall be read into this Agreement relating to or concerning the subject matter hereof or any matter or operation provided
for herein.

 

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		8.2	Personal Agreement. The provisions of this Agreement are in lieu of the provisions of any
collective bargaining agreement, and therefore, no collective bargaining agreement shall apply with respect to the relationship
between the parties hereto (subject to the applicable provisions of law).

 

		8.3	Further Assurances. Each party hereto will promptly and duly execute and deliver to the
other party such further documents and assurances and take such further action as such other party may from time to time reasonably
request in order to more effectively carry out the intent and purpose of this Agreement and to establish and protect the rights
and remedies created or intended to be created hereby.

 

		8.4	Waiver. No provision hereof shall be deemed waived and no breach excused, unless such waiver
or consent excusing the breach is made in writing and signed by the party to be charged with such waiver or consent. A waiver by
a party of any provision of this Agreement shall not be construed as a waiver of a further breach of the same provision.

 

		8.5	Amendments in Writing. No amendment, modification or rescission of this Agreement shall
be effective unless set forth in writing and signed by the parties hereto.

 

		8.6	Assignment. Except as herein expressly provided, the respective rights and obligations of
the Executive and the Company under this Agreement shall not be assignable by either party without the written consent of the other
party and shall, subject to the foregoing, enure to the benefit of and be binding upon the Executive and the Company and their
permitted successors or assigns. Nothing herein expressed or implied is intended to confer on any person other than the parties
hereto any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

		8.7	Severability. In the event that any provision contained in this Agreement shall be declared
invalid, illegal or unenforceable by a court or other lawful authority of competent jurisdiction, such provision shall be deemed
not to affect or impair the validity or enforceability of any other provision of this Agreement, which shall continue to have full
force and effect.

 

		8.8	Headings. The headings in this Agreement are inserted for convenience of reference only
and shall not affect the construction or interpretation of this Agreement.

 

		8.9	Number and Gender. Wherever the singular or masculine or neuter is used in this Agreement,
the same shall be construed as meaning the plural or feminine or a body politic or corporate and vice versa where the context so
requires.

 

		8.10	Governing Law. This Agreement shall be exclusively construed and interpreted in accordance
with the laws of the state of Israel applicable therein, and each of the parties hereto expressly agrees to the jurisdiction of
the courts of the state of Israel. The sole and exclusive place of jurisdiction in any matter arising out of or in connection with
this Agreement shall be the applicable Tel-Aviv court.

 

		8.11	Enurement. This Agreement is intended to bind and enure to the benefit of the Company, its
successors and assigns, and the Executive and the personal legal representatives of the Executive.

 

		8.12	This Agreement shall be deemed due notification regarding the Executive’s employment terms in accordance
with the provisions of the Notice to Executive and to Candidate (Employment Terms and Screening and Acceptance to Work Proceedings)
Law, 2002 and the regulations thereunder.

 

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

 

	Oramed Ltd.	 	 
	/s/ Nadav Kidron	 	/s/ Avi Gabay
	Nadav Kidron, CEO	 	Avi Gabay, Executive

 

    -12-

     

    

 

Exhibit A

To the Personal Employment Agreement
by and between

Oramed Ltd. and Avi Gabay

הסכם עפ“י
סעיף 14 לחוק פיצויי פיטורים

 

אני הח“מ,
מאשר/ת בזאת כי אני מסכים/מה
לאמץ את התנאים המפורטים
להלן בדבר תשלומים שוטפים
בלבד של המעביד לקופת הביטוח
(ביטוח מנהלים) למטרת קיצבה
ו/או לקרן פיטורים, כפי שפורסמו
בי”פ 4659 מיום 30.6.98 בע“מ 4394 (תיקון
אחרון – י“פ 4970, בעמ’ 1949):

 

“בתוקף
סמכותי לפי סעיף 14 לחוק פיצויי
פיטורים התשכ”ג – 1963 (להלן
– החוק), אני מאשר כי תשלומים
ששילם מעביד החל ביום פרסומו
של אישור זה, בעד עובדו לפנסיה
מקיפה בקופת גמל לקצבה
שאינה קופת ביטוח כמשמעותה
בתקנות מס הכנסה (כללים
לאישור ולניהול קופת גמל)
התשכ”ד – 1964 (להלן – קרן פנסיה),
או לביטוח מנהלים הכולל
אפשרות לקצבה או שילוב
של תשלומים לתכנית קצבה
ולתכנית שאינה לקצבה בקופת
ביטוח כאמור (להלן – קופת
ביטוח), לרבות תשלומים ששילם
תוך שילוב של תשלומים לקרן
פנסיה ולקופת ביטוח בין
אם יש בקופת הביטוח תכנית
לקצבה ובין אם לאו (להלן
– תשלומי המעביד), יבואו
במקום פיצויי הפיטורים
המגיעים לעובד האמור בגין
השכר שממנו שולמו התשלומים
האמורים ולתקופה ששולמו
(להלן – השכר המופטר), ובלבד
שנתקיימו כל אלה:

 

1.תשלומי
המעביד - 

 

(א)לקרן
פנסיה אינם פחותים מ- %14.33 מן
השכר המופטר או %12 מן השכר
המופטר אם משלם המעביד
בעד עובדו בנוסף לכך גם
תשלומים להשלמת פיצויי
פיטורים לקופת גמל לפיצויים
או לקופת ביטוח על שם העובד
בשיעור של %2.33 מן השכר המופטר.
לא שילם המעביד בנוסף ל-
%12 גם %2.33 כאמור, יבואו תשלומיו
במקום %72 מפיצויי הפיטורים
של העובד, בלבד;

(ב)לקופת
ביטוח אינם פחותים מאחד
מאלה:

 

		(1)	%13.33 מן השכר המופטר,
אם משלם המעביד בעד עובדו
בנוסף לכך גם תשלומים להבטחת
הכנסה חודשית במקרה אובדן
כושר עבודה, בתכנית שאישר
הממונה על שוק ההון ביטוח
וחיסכון במשרד האוצר, בשיעור
הדרוש להבטחת %75 מן השכר
המופטר לפחות או בשיעור
לפי %2.5 מהשכר המופטר, לפי
הנמוך מביניהם (להלן – תשלום
לביטוח אובדן כושר עבודה);

 

		(2)	%11 מן השכר המופטר,
אם שילם המעביד בנוסף גם
תשלום לביטוח אובדן כושר
עבודה, ובמקרה זה יבואו
תשלומי המעביד במקום %72 מפיצויי
הפיטורים של העובד, בלבד;
שילם המעביד נוסף על אלה
גם תשלומים להשלמת פיצויי
פיטורים לקופת גמל לפיצויים
או לקופת ביטוח על שם העובד
בשיעור של %2.33 מן השכר המופטר,
יבואו תשלומי המעביד במקום
%100 פיצויי הפיטורים של העובד.

 

	2.	לא יאוחר משלושה חודשים מתחילת ביצוע תשלומי המעביד נערך הסכם בכתב בין המעביד לבין העובד ובו – (א) הסכמת העובד להסדר לפי אישור זה בנוסח המפרט את תשלומי המעביד ואת קרן הפנסיה וקופת הביטוח, לפי העניין; בהסכם האמור ייכלל גם נוסחו של אישור זה; (ב) ויתור המעביד מראש על כל זכות שיכולה להיות לו להחזר כספים מתוך תשלומיו, אלא אם כן נשללה זכות העובד לפיצויי פיטורים בפסק דין מכוח סעיפים 16 או 17 לחוק ובמידה שנשללה או משך העובד כספים מקרן הפנסיה או מקופת הביטוח שלא בשל אירוע מזכה; לעניין זה, “אירוע מזכה” – מוות, נכות או פרישה בגיל שישים ויותר

 

	3.	אין באישור זה
כדי לגרוע מזכותו של עובד
לפיצויי פיטורים לפי החוק,
הסכם קיבוצי, צו הרחבה או
חוזה עבודה, בגין שכר שמעבר
לשכר המופטר.

 

	/s/
Nadav Kidron	 	/s/ Avi Gabay
	החברה

	 	העובד

 

    -13-

     

    

 

[English
Summary of Exhibit A]1

 

GENERAL
APPROVAL REGARDING PAYMENTS BY EMPLOYERS TO

A PENSION FUND AND INSURANCE FUND IN LIEU OF SEVERANCE PAY

 

By virtue of my power under Section
14 of the Severance Pay Law, 1963 (the “Law”), I certify that payments made by an employer commencing from the
date of the publication of this approval publication for his employee to a comprehensive pension benefit fund that is not an insurance
fund within the meaning thereof in the Income Tax (Rules for the Approval and Conduct of Benefit Funds) Regulations, 1964 (the
“Pension Fund”) or to managers insurance including the possibility of an insurance pension fund or a combination
of payments to an annuity fund and to a non-annuity fund (the “Insurance Fund), including payments made by him by a
combination of payments to a Pension Fund and an Insurance Fund, whether or not the Insurance Fund has an annuity fund (the “Employer’s
Payments), shall be made in lieu of the severance pay due to the said employee in respect of the salary from which the said
payments were made and for the period they were paid (the “Exempt Salary”), provided that all the following conditions
are fulfilled:

 

(1) The
Employer’s Payments -

 

(A) To
the Pension Fund are not less than 14.33% aof the Exempt Salary or12% of the Exempt Salary if the employer pays for his employee
in addition thereto also payments to supplement severance pay to a benefit fund for severance pay or to an Insurance Fund in the
employee’s name in an amount of 2.33% of the Exempt Salary. In the event the employer has not paid an addition to the said12%,
his payments shall be only in lieu of 72% of the employee’s severance pay;

 

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

 

(1) 13.3%
of the Exempt Salary, if the employer pays for his employee in addition thereto also payments to secure monthly income in the event
of disability, in a plan approved by the Commissioner of the Capital Market, Insurance and Savings Department of the Ministry of
Finance, in an amount required to secure at least 75% of the Exempt Salary or in an amount of250% of the Exempt Salary, the lower
of the two (the “Disability Insurance”);

 

(2)
11% of the Exempt Salary, if the employer paid, in addition, a payment to the Disability Insurance, and in such case the Employer’s
Payments shall only replace 72% of the employee’s severance pay; In the event the employer has paid in addition to the foregoing
payments to supplement severance pay to a benefit fund for severance pay or to an Insurance Fund in the employee’s name in an amount
of 2.33% of the Exempt Salary, the Employer’s Payments shall replace 100% of the employee’s severance pay.

 

		(2)	No later than three months from the commencement of the Employer’s Payments,
a written agreement is executed between the employer and the employee in which -

 

		(A)	The employee has agreed to the arrangement pursuant to this approval in a text
specifying the Employer’s Payments, the Pension Fund and Insurance Fund, as the case may be; the said agreement shall also include
the text of this approval;

 

		(B)	The employer waives in advance any right, which it may have to a refund of
monies from his payments, unless the employee’s right to severance pay has been revoked by a judgment by virtue of Section 16 and
17 of the Law, and to the extent so revoked and/or the employee has withdrawn monies from the Pension Fund or Insurance Fund other
than by reason of an entitling event; in such regard “Entitling Event” means death, disability or retirement at after
the age of 60.

 

		(3)	This approval is not such as to derogate from the employee’s right to severance
pay pursuant to any law, collective agreement, extension order or employment agreement, in respect of salary over and above the
Exempt Salary.

 

June 9th 1998, Eliyahu Ishai,
Ministry of Labor

 

 

1 This is not an official translation of
Exhibit A and should not be relied upon for its accuracy. In any event, the Hebrew version prevails.

    -14-

     

    

 

EXHIBIT B – PROPRIETARY INFORMATION,
NON COMPETE

 

AND PROTECTION OF INTELLECTUAL PROPERTY
undertaking (The “Undertaking”)

 

This undertaking is an Exhibit B to the Employment Agreement
dated May 16, 2019 by and between Avi Gabay, I.D. Number 066534629, residing in Modiin, Israel (the “Executive”)
and Oramed Ltd. (the “Employment Agreement”).

 

The Executive warrants and undertakes
that during his/her relationship with the Company and thereafter, he/she shall maintain in complete confidence any matters that
relate to the Company (together with its Affiliates shall be defined as the “Company), its affairs or business, including
regarding the terms and conditions of his/her employment, and that he/she shall not harm its goodwill or reputation, and he/she
agrees to the provisions of the confidentiality, non-competition, non-solicitation and intellectual property clauses as specified
below.

 

For avoidance of any doubt,
it is hereby clarified that the Executive’s obligations and representations and the Company’s rights under this Undertaking shall
apply retroactively as of the commencement of the parties’ engagement, regardless of the date of execution of this Undertaking.

 

The Executive’s obligations pursuant to this Undertaking derive
from his/her status and his/her position in the Company, along with all matters connected therewith, and the terms and conditions
of the Executive’s employment pursuant to the Employment Agreement, including his/her compensation and benefits, have been determined
in part, inter alia, in consideration of this undertaking and constitute sufficient consideration for his/her obligations hereunder.

 

		1.	Confidentiality

 

		1.1	The Executive undertakes to maintain the Confidential Information (as defined
below) of the Company during the term of his/her engagement with the Company and after the termination of such, for any reason.
The Executive acknowledges that the Confidential Information constitutes a proprietary right, which the Company is entitled to
protect.

 

		1.2	Without derogating from the generality of the foregoing, the Executive hereby
agrees that he/she shall not, directly or indirectly, disclose or transfer to any person or entity, at any time, either during
or subsequent to his/her engagement with the Company, any trade secrets or other confidential information, whether patentable or
not, of the Company, including but not limited to, any (i) processes, formulas, trade secrets, innovations, inventions, discoveries,
improvements, research or development and test results, survey, specifications, data and know-how; (ii) marketing plans, business
plans, strategies, forecasts, unpublished financial information, budgets, projections, product plans and pricing; (iii) personnel
information, including organizational structure, salary, and qualifications of employees; (iv) customer and supplier information,
including identities, product sales and purchase history or forecasts and agreements; and (v) any other information which is not
known to the public (collectively, “Confidential Information”), of which the Executive is or becomes informed
or aware during his/her engagement period with the Company, whether or not developed by the Executive.

 

    -15-

     

    

 

Exceptions.
The general prohibition contained in Sections 1.1 and 1.2 against the unauthorized disclosure, use or dissemination of the Confidential
Information shall not apply in respect of any Confidential Information that: (i) is available to the public generally in the form
disclosed; (ii) becomes part of the public domain through no fault of the Executive; (iii) is already in the lawful possession
of the Executive at the time of receipt of the Confidential Information, as can be proven by written documentation; or (iv) is
compelled by applicable law to be disclosed, provided that the Executive gives the Company prompt written notice of such requirement
prior to such disclosure and provides assistance in obtaining an order protecting the Confidential Information from public disclosure.

 

		1.3	The Executive undertakes not to directly or indirectly give or transfer,
directly or indirectly, to any person or entity, any material, raw material, product, part of a product, model, document or other
information storage media, or any photocopied, printed or duplicated object containing any or all of the Confidential Information.

 

		1.4	The Executive undertakes, that the Company may receive from third parties
confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s part to
maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of the Executive’s
relationship with the Company, and thereafter, the Executive will hold Third Party Information in the strictest confidence and
will not disclose to anyone (other than Company personnel who need to know such information in connection with their work for the
Company) or use, except solely for the purpose of and in connection with his/her work for the Company, Third Party Information
unless expressly authorized by the Company in writing.

 

		1.5	During the Executive’s relationship with the Company the Executive shall
not improperly use or disclose any confidential information or trade secrets, if any, of any former employer or any other person
to whom the Executive has an obligation of confidentiality, and the Executive did not 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 he/she has an obligation
of confidentiality unless consented to in writing by that former employer or person.

 

		1.6	In the event the Executive is in breach of any of his/her above obligations,
he/she shall be liable to compensate the Company in respect of all damages or expenses incurred by the Company as a result of such
breach, including trial costs and legal fees and statutory VAT, without derogating from any other relief or remedy available to
the Company by virtue of any law.

 

		2.	Non-Competition/ Non-Solicitation

 

The Executive undertakes
that during the period of his/her engagement with the Company and for a period of (12) months following termination of his/her
engagement with the Company, for any reason:

 

		2.1	he shall not, anywhere in the world, do business, as an employee, independent
contractor, consultant or otherwise, and shall not directly or indirectly participate in or accept any position, proposal or job
offer that may directly or indirectly compete with or harm the Company, or in the field in which the Company engages, is engaged
or the Company contemplates in good faith to be materially engaged in within six (6) months thereafter, provided that the Company
has taken demonstrable actions to promote such engagement or that the Company’s Board of Directors has adopted a resolution authorizing
such actions prior to the date of termination(the “Competitive Occupation”); provided, however, that Executive
may own securities of any corporation which is engaged in such business and is publicly owned and traded but in an amount not to
exceed at any one time one percent (1%) of any class of stock or securities of such company, so long as he has no active role in
the publicly owned and traded company as director, employee, consultant or otherwise.

 

    -16-

     

    

 

		2.2	Without derogating from the generality of the foregoing, the Executive undertakes
not to maintain any business relations of any type whatsoever, including a proposal to conduct business relations, directly or
indirectly, with any of the Company’s customers, suppliers or agents, including customers, suppliers or agents with whom the Company
conducted negotiations towards an agreement at the time of the termination of his/her employment with the Company or prior thereto.

 

		2.3	In addition, the Executive undertakes not to approach, solicit or recruit
any employee of the Company or 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.

 

		2.4	The foregoing shall apply irrespective of whether the Competitive Occupation
is carried out by the Executive alone or in cooperation with others and shall apply to the participation of the Executive in a
Competitive Occupation, whether as a controlling shareholder or as an interested party.

 

		3	Intellectual Property, Copyright and Patents

 

		3.1	The Executive hereby acknowledges and agrees that the Company exclusively
owns and shall own all right, title and interest in and to any work, products, processes, materials, inventions, texts, algorithms,
designs, sketches, ideas or discoveries, all derivatives, enhancements or improvements thereof and any and all Intellectual Property
Rights associated therewith, created, conceived made or discovered by the Executive (whether solely or jointly with others) during
the term of employment; or in connection therewith; or in connection with the Company, its business (actual or contemplated), products,
technology or know how (“Company IPR”). “Intellectual Property Rights” means all worldwide (a)
patents, patent applications, designs and patent rights; (b) rights associated with works of authorship, including, but not limited
to, copyrights, copyrights applications, copyrights restrictions, mask work rights, mask work applications and mask work registrations;
(c) rights relating to the protection of trade secrets and confidential information; (d) moral rights, trademarks, service marks,
logos, domain names, trade dress and goodwill; (e) rights analogous to those set forth herein and any other proprietary rights
relating to intangible property including ideas; and (f) divisions, continuations, renewals, reissues and extensions of the foregoing
(as applicable) now existing or hereafter filed, issued, or acquired.

 

    -17-

     

    

 

		3.2	The Executive acknowledges and agrees that all Company IPR and all modifications,
derivatives and enhancements thereof belong to, and shall be the sole property of, the Company (or its designees) upon creation
thereof. The Executive hereby irrevocably assigns to the Company or its designee and shall assign all right, title and interest
the Executive may have or may acquire in and to Company IPR upon its creation. The Executive acknowledges and agrees that no rights
relating to any Company IPR are reserved to Executive.

 

The Executive will assist
the Company, upon Company’s first request, to obtain, and from time to time enforce, any Company IPR worldwide, including without
limitation,  executing, verifying  and delivering  such documents and performing such other acts as the Company
may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Company IPR. Such
obligation shall remain in effect beyond the termination of the Executive’s relationship with the Company, all for no additional
consideration, provided that Executive shall not be required to bear any expenses as a result of such assignment. In the event
the Company is unable for any reason, after reasonable effort, to secure Executive’s signature on any document required, Executive
hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as its agent and attorney in
fact to act for and on its behalf to further the above purposes.   

  

		3.3	The Executive irrevocably confirms that the consideration explicitly set
forth in the employment agreement between the Executive and the Company is inclusive of any and all rights for compensation that
may arise in connection with the Company IPR under applicable law and the Executive irrevocably waives any legal right he/she may
have in connection with the Company IPR, including without limitation any right, moral rights or right to claim royalties or any
other additional consideration from the Company with regard to the assigned Company IPR, including without limitation, in respect
of  Section 134 of the Patent Law 5727-1967 or other applicable laws. The foregoing waiver relates to any claims or demands
whatsoever, whether in the present, past or future, and whether under contract or other legal or equitable theory.

 

		3.4	The Executive represents and warrants that upon execution hereof, he/she
has not created and does not have any right, title or interest in and to any Intellectual Property Rights related, similar to and/or
required for Company’s business, products or Intellectual Property Rights (“Prior Inventions”). The Executive
undertakes not to incorporate any Prior Inventions or third party’s Intellectual Property Rights (including of a former employer)
in any Company IPR.

 

		3.5	The Executive undertakes to immediately inform and deliver IN WRITING to
the Company, written notice of any Company IPR conceived or invented by him or personnel of the Company or its successors who are
subordinate to him, immediately upon the discovery thereof.

 

		3.6	The Executive ’s obligations pursuant to this Section 3 shall survive the
termination of his/her employment with the Company or its successors and assigns with respect to inventions conceived by him during
the term of his/her employment or as a result of his/her employment with the Company.

 

    -18-

     

    

 

		4.	Executive acknowledges that the restricted period of time and geographical
are as specified hereunder are reasonable, in view of his/her position and the nature of the business in which the Company is engaged,
the Executive’s knowledge of the Company’s business and the compensation he/she receives. Notwithstanding anything
contained herein to the contrary, if the period of time or the geographical area specified herein should be determined to be unreasonable
in any judicial proceeding, then the period of time and area of the restriction shall be reduced so that this Undertaking may be
enforced in such area and during such period of time as shall be determined to be reasonable by such judicial proceeding. The Executive
acknowledges that the compensation and benefits granted to him by the Company under the Employment were determined, inter alia,
in consideration for his/her obligations under this Undertaking.

 

		5.	This Undertaking, the rights of the Company hereunder, and the obligations
of Employee hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors,
administrators and legal representatives. The Company may assign any of its rights under this Undertaking. Employee 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.

 

		6.	This Undertaking and all rights and duties of the parties hereunder shall
be exclusively governed by and interpreted in accordance with the laws of the State of Israel. The competent courts of the State
of Israel, Tel Aviv Jaffa district, shall have the exclusive jurisdiction over the parties with regard to this Undertaking, its
execution, interpretation and performance.

 

		7.	Capitalized terms used herein and not otherwise defined shall have the respective
meanings ascribed to them in the Employment Agreement.

 

		8.	This Undertaking is the entire agreement between the parties with respect
to the subject matter hereof, and supersedes all prior understandings, agreements and discussions between them, oral or written.

 

I, Avraham GABAY,
HAVE READ THIS UNDERTAKING CAREFULLY AND UNDERSTAND ITS TERMS.

 

	ACCEPTED AND AGREED TO:
	 
	/s/ Avraham Gabay	 	Date: 	16/5/19

 

    -19-

     

    

 

ANNEX “A”

Use of computer systems, internet
browsing and company email

 

1. It
is strictly forbidden to make use of company2
computers, internet browsing or company email for any purposes which are illegal, inappropriate or unsuitable, including accessing
inappropriate or unsuitable websites (such as pornographic websites). it is additionally forbidden to install any programs on company
computer systems, or make use of any such system to transfer materials unrelated to work or detrimental to the company, its clients,
employees, or any other third party. misuse of company computers, internet browsing or company emails may cause considerable harm
to the company or other third parties, as well as the computer systems themselves and their users. if in doubt, please refer to
the company it manager.

 

2. We
would like to clarify that the company does not forbid private use of the computer made available to you for work purpose or the
office internet connection, within reasonable bounds, and while always maintaining confidentiality (as set forth in your employment
agreement), without derogating from work requirements and subject to section 1 above. nonetheless, it is important to clarify that
due to the nature of the company computer systems, network operational maintenance requirements, as well as for the implementation
of this section 2, the company may block certain websites from access, and the company it manager may access any computer on the
company network, and accordingly, any information found on your computer may be exposed to the company it manager and his/her /her
superiors.

 

3. The
company provides you with an email account exclusively for professional use as required within the scope of your position in the
company. therefore, the company shall be entitled to monitor and conduct surveillance of the communicated data in any such professional
mailbox. you are aware, and hereby consent that the company shall be permitted to access the contents of such mailbox, should an
urgent professional need arise or in case there is grave concern or reasonable grounds for concern regarding activity which is
illegal or harmful to the company or any third party (including violation of the terms above), or in any other case in accordance
with the law. such monitoring shall be conducted proportionally, in adherence to the goals as stated above, and the information,
if aggregated, shall be stored solely for the period of time required for the purposes as stated above. the monitored information,
if and any as such, shall not be transferred to any third party, excluding the security and support service provider of the company’s
computer systems, any security and support service provider which shall replace it in the future, or in accordance with the law,
subject to the aforementioned. accordingly, any information found in the professional electronic mailbox may be accessible to the
company, and as such it should be taken into account that any private use of the professional mailbox should be avoided. at the
expiration of your position with the company, any private correspondence saved in the professional mailbox must be removed (if
any such correspondence exists despite the above) and any information found in the professional mailbox (which should contain solely
professional correspondence) shall be exposed to the relevant parties in the company. if you wish to do so, you may make private
use of electronic mail correspondence using a private and external mail service (such as gmail), with which you may send and receive
private correspondence which will not be exposed to the company, and so long as such use is made reasonably and in adherence to
the company policy as stated above.

 

4. It
is also clarified that the company may allow other employees and other third parties and use the personal laptop / laptop that
is given to you for your work. since the computer, e-mail, corporate network and internet connection are provided for professional
purposes only, the company has the right to disconnect you from such systems at its sole discretion at any time. without prejudice
to the foregoing, it is prohibited to leave these tools and / or to give access to any of these tools without supervision and /
or contrary to the company’s policy. in any case where there is a concern that another party, other than you, has access to these
tools (for example, in the event of password disclosure, theft and / or loss), contact the computer administrator immediately.

 

 

2
All terms not defined herein shall have the meaning ascribed to them in the Employment Agreement.

    -20-

     

    

 

5.
In addition, you are to avoid using the internet
in general and social networks in particular in a manner that is likely to create the impression that your private use of the
social networks is on behalf of the company and/or in its name. thus, for example, it is forbidden to upload pictures or other
information connected to the company or the company’s events or the company’s employees, or make use of the company’s name or
any insignia in a manner that indicates that your publication is an official publication of the company, as opposed to your private
publication, upon your own authority. in any event of doubt, you may contact the it manager with any questions.

 

6.
For the avoidance of any doubt, the it manager,
anyone acting on his/her behalf, and any other person who has access to the e-mail, computer and the various folders, are to refrain
from any use at all of the information therein, including its publication or any other personal use, beyond the purposes delineated
in this policy, and to keep this information in strictest confidence.

 

7.
It is preferable, that during your absence from
work, for whatever reason, you leave an orderly “out of office” email message with the date of your return and a referral
to whomever is substituting for you during the period of your absence.

 

8.
You undertake that, at the termination of your
employment, you transfer the content of the computer and your email account, as is, to the it manager. if you wish to delete personal
and private files or to remove them from the computer – this shall be done only with the approval of and in coordination
with the it manager.

 

9.
After termination of your employment, the company,
by means of the direct supervisor and it manager, shall be entitled to access your computer, email account and folders.

 

10.
You are required to keep current regarding the
company’s policy of computer use as will be updated from time to time.

 

I
hereby read and declare I read this annex A, understood its provisions and agree thereto.

  

	Avi
    Gabay:	/s/
    Avi Gabay	 	Date: 	16/5/19

 

 

-21-Exhibit
10.4

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (the “Agreement”) is made and entered into as of August 30, 2016 between Oramed Pharmaceuticals
Inc., a Delaware corporation (the “Company”), and Kevin Rakin (“Indemnitee”).

 

WHEREAS, highly competent
persons have become more reluctant to serve corporations as directors or officers 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 the corporation;

 

WHEREAS, the By-laws
and/or the Certificate of Incorporation of the Company require indemnification of the officers and directors of the Company. Indemnitee
may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”).
The By-laws and/or Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein
are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board of Directors
of the Company (the “Board”) officers and other persons with respect to indemnification;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection
in the future;

 

WHEREAS, 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;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the By-laws and/or Certificate of Incorporation of the Company and any resolutions adopted
pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;
and

 

NOW, THEREFORE, in
consideration of Indemnitee’s agreement to serve as an officer and director from and after the date hereof, the parties hereto
agree as follows:

 

1. Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

 

(a) Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section l(a) if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened
to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of
the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined),
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection
with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

 

     

     

    

 

(b) Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section
1(b) if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any
Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against
all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by the Indemnitee, or
on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided, however, if applicable law
so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding
as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery
of the State of Delaware shall determine that such indemnification may be made.

 

(c) Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding,
he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses,
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or
more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter.
For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

2. Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of
this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status,
he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the
Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.
The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company
shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions,
set forth in Sections 5 and 6 hereof) to be unlawful.

 

    2

     

    

 

3. Contribution.

 

(a) Whether
or not the indemnification provided in Sections 1 and 2 hereof is available in respect of any threatened, pending
or completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring
Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against
Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted
against Indemnitee.

 

(b) Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
shall elect or be required by law to pay all or any portion of any judgment or settlement in any threatened, pending or completed
Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall
contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid
or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees
of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the
one hand, and Indemnitee, on the other hand, from the transaction or events from which such Proceeding arose; provided, however,
that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted
by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee
who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other
hand, in connection with the transaction or events that resulted in such Expenses, judgments, fines or settlement amounts, as well
as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and
all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be
if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other
things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their
liability is primary or secondary and the degree to which their conduct is active or passive.

 

(c) The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers,
directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d) To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of
the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

    3

     

    

 

3. Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee
is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.

 

4. Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on
behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days
after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to
time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the
Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee
to repay any Expenses advanced if it shall ultimately be determined by a final judicial determination (as to which all rights of
appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified against such Expenses. Any advances
and undertakings to repay pursuant to this Section 4 shall be unsecured and interest free.

 

5. Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee
is entitled to indemnification under this Agreement:

 

(a) To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification, provided that Indemnitee shall not be required to provide any documentation
or information which is privileged or otherwise protected from disclosure. The Secretary of the Company shall, promptly upon receipt
of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding
the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion,
shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually
and materially prejudices the interests of the Company.

 

(b) Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 5(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods,
which shall be at the election of Indemnitee, in his sole discretion: (1) by a majority vote of the disinterested directors, even
though less than a quorum, (2) by a majority vote of a committee of disinterested directors designated by a majority vote of the
disinterested directors, even though less than a quorum, (3) if there are no disinterested directors or if a Change of Control
shall have occurred after the date hereof, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered
to the Indemnitee, or (4) by a simple majority of the stockholders of the Company voting on the matter. For purposes hereof, disinterested
directors are those members of the Board who are not parties to the Proceeding in respect of which indemnification is sought by
Indemnitee.

 

    4

     

    

 

“Change
of Control” shall mean the occurrence of any of the following: 

 

(a)
any “person,” as such term is currently used in Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“1934 Act”) (a “person”), becomes a “beneficial owner” (as such term is currently used
in Rule 13d-3 promulgated under the 1934 Act (a “Beneficial Owner”) of 30% or more of the Voting Stock (as defined
below) of the Company;

 

(b)
the Board of Directors of the Company adopts any plan of liquidation providing for the distribution of all or substantially all
of the Company’s assets; 

 

(c)
all or substantially all of the assets or business of the Company are disposed of in any one or more transactions pursuant to a
sale, merger, consolidation or other transaction (unless the shareholders of the Company immediately prior to such sale, merger,
consolidation or other transaction beneficially own, directly or indirectly, in substantially the same proportion as they owned
the Voting Stock of the Company, more than fifty percent (50%) of the Voting Stock or other ownership interests of the entity or
entities, if any, that succeed to the business of the Company);

 

(d)
the Company combines with another company and is the surviving corporation but, immediately after the combination, the shareholders
of the Company immediately prior to the combination hold, directly or indirectly, fifty percent (50%) or less of the Voting Stock
of the combined company; or

 

(e)
Continuing Directors cease to constitute at least a majority of the Board of Directors of the Company.

 

“Voting
Stock” of any entity shall mean the issued and outstanding share capital or other securities of any class or classes
having general voting power under ordinary circumstances, in the absence of contingencies, to elect the members of the board of
directors (or members of a similar managerial body if such entity has no board of directors) of such entity.

 

“Continuing
Director” means a director who either was a director of the Company on the Commencement Date or who became a director
of the Company subsequent thereto and whose election, or nomination for election by the Company’s shareholders, was approved
by a majority of the Continuing Directors then on the Board of Directors of the Company.

 

    5

     

    

 

(c) If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) hereof,
the Independent Counsel shall be selected as provided in this Section 5(c). The Independent Counsel shall be selected by
the Board. Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the Company
a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in this Agreement, and
the objection shall set forth with reasonable particularity the factual basis of such assertion. Absent a proper and timely objection,
the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel
selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such
objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant
to Section 5(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee
may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection
which shall have been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with
respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 5(b)
hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel
in connection with acting pursuant to Section 5(b) hereof, and the Company shall pay all reasonable fees and expenses (including
those incurred by Indemnitee) incident to the procedures of this Section 5(c), regardless of the manner in which such Independent
Counsel was selected or appointed.

 

(d) In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant
to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable
standard of conduct.

 

(e) Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise
in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports
made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise.
In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall
not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the
foregoing provisions of this Section 5(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times
acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. Anyone seeking
to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

    6

     

    

 

(f) If
the person, persons or entity empowered or selected under Section 5 to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in
good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 5(f) shall not apply if the determination of entitlement to indemnification
is to be made by the stockholders pursuant to Section 5(b) of this Agreement and if (A) within fifteen (15) days after receipt
by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit
such determination to the stockholders for their consideration at an annual meeting thereof to be held within sixty (60) days after
such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days
after such receipt for the purpose of making such determination, such meeting is held for such purpose within forty (40) days after
having been so called and such determination is made thereat.

 

(g) Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good
faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs
or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

    7

     

    

 

(h) The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party
is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such
Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on
the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion by clear and convincing evidence.

 

(i) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

6. Remedies
of Indemnitee.

 

(a) In
the event that (i) a determination is made pursuant to Section 5 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 4 of this Agreement, (iii) no
determination of entitlement to indemnification is made pursuant to Section 5(b) of this Agreement within 30 days after
receipt by the Company of the request for indemnification (subject to extension, as provided in Section 5(f)), (iv) payment
of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request
therefor or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee
is entitled to indemnification or such determination is deemed to have been made pursuant to Section 5 of this Agreement,
Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent
jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication
within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section
6(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b) In
the event that a determination shall have been made pursuant to Section 5(b) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this Section 6 shall be conducted in all respects as a
de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 5(b).

 

(c) If
a determination shall have been made pursuant to Section 5(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 6, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement
not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

    8

     

    

 

(d) In
the event that Indemnitee, pursuant to this Section 6, seeks a judicial adjudication of his rights under, or to recover
damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies
maintained by the Company, the Company shall pay on his behalf, in advance within ten (10) days after the receipt by the Company
of a statement from Indemnitee requesting such payment, any and all expenses (of the types described in the definition of Expenses
in this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately
is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e) The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 6 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company
is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent
not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee
for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability
insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

(f) Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

 

7. Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a) The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may
at any time be entitled under applicable law, the Certificate of Incorporation, the By-laws, any agreement, a vote of stockholders,
a resolution of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute
or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation,
By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy.

 

(b) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies
in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent
or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof,
the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement
of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result
of such proceeding in accordance with the terms of such policies.

 

    9

     

    

 

(c) In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee (other than against the Outside Indemnitors), who shall execute all papers required and take all action
necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights.

 

(d) The
Company hereby acknowledges that the Indemnitee may have other sources of indemnification or insurance, whether currently in force
or established in the future (collectively, the “Outside Indemnitors”). The Company hereby agrees: (i) that
it is the indemnitor of first resort (i.e., its obligations to the Indemnitee are primary and any obligation of the Outside Indemnitors
to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Indemnitee are secondary);
(ii) that it shall be required to advance the full amount of Expenses incurred by the Indemnitee and shall be liable in full for
all indemnifiable amounts to the extent legally permitted and as required by the Company’s Certificate of Incorporation and
Bylaws or any agreement between the Company and the Indemnitee, without regard to any rights the Indemnitee may have against the
Outside Indemnitors and (iii) that it irrevocably waives, relinquishes and releases the Outside Indemnitors from any and all claims
against the Outside Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company
further agrees that no advancement or payment by the Outside Indemnitors on behalf of the Indemnitee with respect to any claim
for which the Indemnitee have sought indemnification from the Company shall affect the foregoing and the Outside Indemnitors shall
have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery
of the Indemnitee against the Company. The Company and the Indemnitee agree that the Outside Indemnitors are express third party
beneficiaries of the terms hereof.

 

(e) The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses
from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

    10

     

    

 

8. Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a) for an
accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state
statutory law or common law; or

 

(b) in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of
any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law or (iii) such Proceeding
is brought by Indemnitee to assert, interpret or enforce his rights under this Agreement.

 

9. Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is
an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee
shall be subject to any Proceeding (or any proceeding commenced under Section 6 hereof) by reason of his Corporate Status,
whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification
can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or
otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal
and legal representatives.

 

10. Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

11. Enforcement.

 

(a) The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby
in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as an officer or director of the Company.

 

(b) This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements, and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

 

    11

     

    

 

(c) The Company shall
not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting the Indemnitee’s
rights to receive advancement of expenses under this Agreement.

 

12. Definitions.
For purposes of this Agreement:

 

(a) “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company
or any subsidiary thereof or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that such person is or was serving at the express written request of the Company.

 

(b) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee and who is not subject to any other relationship that may reasonably prejudice such director’s determination
as to the Indemnitee’s entitlement to indemnification hereunder.

 

(c) “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

(d) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery
in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and
any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede
as bond, or other appeal bond or its equivalent.

 

(e) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred
to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating
to this Agreement or its engagement pursuant hereto.

 

    12

     

    

 

(f) “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of
the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved
as a party or otherwise, by reason of his or his Corporate Status, by reason of any action taken by him or of any inaction on his
part while acting in his Corporate Status; in each case whether or not he is acting or serving in any such capacity at the time
any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or
before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 6 of this Agreement
to enforce his rights under this Agreement.

 

13. Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to
the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision
shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

14. Modification
and Waiver. No supplement, modification, termination or amendment 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.

 

15. Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

 

16. Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent
during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent to Indemnitee at the address set forth below Indemnitee signature hereto, and to the Company, at its principal executive
offices to the attention of the President, or to such other address as may have been furnished to Indemnitee by the Company or
to the Company by Indemnitee, as the case may be.

 

    13

     

    

 

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

 

18. Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

19. Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties with respect to the subject matter
of this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without
regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action
or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware
(the “Delaware Court”), and not in any other state or federal court in the United States of America or any court
in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or
proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action
or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding
brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

SIGNATURE PAGE TO
FOLLOW

 

    14

     

    

 

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

 

		COMPANY
	 	ORAMED
               PHARMACEUTICALS INC.
	 	 	 
	 	By:	/s/
                                         Nadav Kidron
	 	Name:	Nadav
                                         Kidron
	 	Title:	Chief
                                         Executive Officer
	 	 	 
	 	INDEMNITEE
	 	 
	 	/s/
               Kevin Rakin
	 	Name:
               Kevin Rakin
	 	 	 
	 	Address:
               36 Church Lane, Westport, CT 06880, USA

    15

     

    

 

Schedule to Exhibit 10.4

 

The following executive officers and directors
are each party to an Indemnification Agreement or Amended and Restated Indemnification Agreement with the Company, each of which
is substantially identical in all material respects to the representative Indemnification Agreement filed herewith and is dated
as of the respective date listed below.

 

	Name of Signatory	 	Date
	Nadav
    Kidron	 	March 26, 2017
	President,
    Chief Executive Officer and Director	 	 
	 	 	 
	Miriam
    Kidron	 	March 26, 2017
	Chief
    Medical and Technology Officer and Director	 	 
	 	 	 
	Avraham
    Gabay	 	May 19, 2019
	Chief
    Financial Officer	 	 
	 	 	 
	Hilla Eisenberg	 	July 20, 2017
	Former Chief Financial
    Officer	 	 
	 	 	 
	Joshua
    Hexter	 	March 26, 2017
	Chief
    Operating Officer and VP Business Development	 	 
	 	 	 
	Mark
    Hasleton	 	November 15, 2018
	VP
    Business Development	 	 
	 	 	 
	Aviad
    Friedman	 	March 26, 2017
	Director	 	 
	 	 	 
	Xiaopeng Li	 	March 26, 2017
	Former Director	 	 
	 	 	 
	Leonard
    Sank	 	January 26, 2017
	Director	 	 
	 	 	 
	David
    Slager	 	January 19, 2017
	Director	 	 
	 	 	 
	Gao
    Xiaoming	 	June 28, 2019
	Director	 	 

 

 

16

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