Document:

Exhibit 4.5

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made on the __ day of ________ 2019 between Brainsway USA INC., a subsidiary
of Brainsway LTD. (collectively, “Brainsway” or the “Company”) and Christopher R. von Jako, PhD (“Executive”
or the “Executive” or “you”).

 

1. Employment.
Subject to the approval of this Agreement by a vote of the Board of Directors of Brainsway LTD. (the “Board”) and
the shareholders and to the terms and conditions of this Agreement, the Company agrees to employ Executive and Executive agrees
to be employed by the Company commencing on January 1, 2020 or as soon thereafter as is possible under applicable procedures (the
“Employment Start Date”). Executive shall be employed on an at-will basis, meaning that either he or the Company may
terminate the employment relationship at any time, without prior notice, for any reason or no reason at all. This Agreement is
contingent upon the completion of a background check acceptable to the Company and proof of Executive’s eligibility to work
in the United States.

 

2. Title
and Duties. Executive’s title shall be President and Chief Executive Officer. In that capacity, Executive shall report
directly to the Board. During his employment, Executive shall devote his full business time, attention, energy and best efforts
to the business and affairs of the Company, and shall perform the duties and responsibilities (i) as are customary for an officer
with this role in a publicly-traded company in the business such as the Company’s, (ii) as may be required by the Company’s
policies or procedures, or (iii) as may be directed to you from time to time. Executive understands that the terms and conditions
of his employment with the Company are also governed by standard Company policies as may be adopted or amended from time to time.
Executive agrees that he shall not engage in or be interested in any capacity in any activity that is contrary to the interest
of the Company or that is reasonably deemed by the Company to be harmful to the business, reputation or goodwill of the Company,
unless such activity is fully disclosed and approved in writing prior to the undertaking. It is understood that the main offices
of the Company are located in Hackensack, New Jersey, and that unless otherwise agreed, Executive will be expected to work in
and from such offices during the workweek, except when traveling for the Company to other destinations. This is a material provision
of the Agreement.

 

3. Compensation.
(a) Base Salary. In consideration of his services, Executive shall be paid a gross base salary of $350,000 annualized,
for the first year of active employment. Thereafter, the gross base salary shall be subject to 3% annual increases (or
more, at the Board’s discretion if deemed reasonable and appropriate under the circumstances, and in accordance with applicable
laws, policies and procedures) for so long as Executive continues his role at the Company. The annual base salary shall be paid
in equal installments, less applicable taxes and withholdings, in accordance with the Company’s semi-monthly payroll schedule
through Brainsway’s PEO TriNet/ADP. Executive confirms that he has had the opportunity to consult with a tax expert regarding
tax liabilities applicable to the payments and other consideration, if any, to which he is entitled under this Agreement. The
annual base salary shall be reviewed annually by the Company.

 

     

     

    

 

(b) Bonus.
For each year of active employment, Executive shall be eligible to receive an annual performance-based bonus in a gross amount
equal to up to 6 months of Executive’s then current base salary based on his achievement of the milestones, goals and
targets to be agreed each year with the Board, as part of its annual operating plan approval process. The annual operating
plan is made each year following discussions with Executive and such other appropriate individuals as deemed appropriate.

 

The
exact amount of each annual bonus will be based upon the extent of Executive’s performance and the achievement of the specified
individual and/or corporate milestones, goals and targets.

 

Receipt
each annual bonus is also contingent upon Executive being employed in good standing at the Company through the end of any calendar
year (the “Bonus Eligibility Date”). Executive acknowledges and understands that he will not be eligible to receive
any year’s annual bonus payment if his employment with the Company has terminated for any reason prior to the Bonus Eligibility
Date for that year.

 

(c) Equity
Package. Subject to approval by the Board, Executive will be granted

 

a
total of 240,000 performance-based restricted stock units(“RSUs”) (i.e. representing 240,000 ordinary shares)
to be granted in 4 phases as below, subject to the terms, conditions, and vesting schedules stated herein:

 

a. 60,000
RSUs to be granted on Executive’s Employment Start Date, (“Tranche A”); and

 

b. 60,000 RSUs  granted
on March 31, 2021, provided (i) Executive is still employed on such date, and (ii) subject to meeting the following
measures: (x) 50% of the grant will be based on achievement of the annual operating plan objectives as agreed with the board for
2020; and (y) 50% of the grant will be contingent on whether the Brainsway Ordinary Share Price Delta (as defined herein) between
Q4 2019 and Q4 2020 is at least 5% higher than the Industry Index Delta (as defined herein) for the same period (“Tranche
B”); and

 

c. 60,000 RSUs  granted
on March 31, 2022, provided (i) Executive is still employed on such date, and (ii) subject to meeting the following
measures: (x) 50% of the grant will be based on achievement of the annual operating plan objectives as agreed with the board for
2021; and (y) 50% of the grant will be contingent on whether the Brainsway Ordinary Share Price Delta (as defined herein) between
Q4 2019 and Q4 2021 is at least 7.5% higher than the Industry Index Delta (as defined herein) for the same period (“Tranche
C”); and

    2

     

    

 

d. 60,000 RSUs  granted
on March 31, 2023, provided (i) Executive is still employed on such date, and (ii) subject to meeting the following
measures: (x) 50% of the grant will be based on achievement of the annual operating plan objectives as agreed with the board for
2022; and (y) 50% of the grant will be contingent on whether the Brainsway Ordinary Share Price Delta (as defined herein) between
Q4 2019 and Q4 2022 is at least 10% higher than the Industry Index Delta (as defined herein) for the same period  (“Tranche
D”);

 

For
purposes of this Agreement the “Brainsway Ordinary Share Price Delta” shall be defined as the difference in percentage
between the average price of one Brainsway ordinary share in the first relevant quarter (i.e. Q4 2019) and the second relevant
quarter (Q4 2020, Q4 2021 or Q4 2022, as the case may be). Thus, if for example, the average Brainsway ordinary share price in
Q4 2019 is $5.00 and the average Brainsway ordinary share price in Q4 2021 is $6.00, this would represent a Brainsway Ordinary
Share Price Delta of 20% between Q4 2019 and Q4 2021.

 

For
purposes of this Agreement, the “Industry Index” shall mean the biopharma index to be mutually agreed upon in writing
by the parties after signature of this Agreement. For purposes of this Agreement, the “Industry Index Delta” shall
be defined as difference in percentage between the average price of one share of the Industry Index in the first relevant quarter
(i.e. Q4 2019) and the second relevant quarter (Q4 2020, Q4 2021 or Q4 2022, as the case may be). Thus, if for example, the average
Industry Index share price in Q4 2019 is $12.00 and the average Industry Index share price in Q4 2021 is $15.00, this would represent
an Industry Index Delta of 25% between Q4 2019 and Q4 2021.

 

In
the above scenario, because the Brainsway Ordinary Share Price Delta between Q4 2019 and Q4 2021 (i.e. 20%) is lower than the
Industry Index Delta (i.e. 25%), executive would not be entitled to the relevant portion (i.e. 50%) of the RSUs comprising Tranche
C. (However, even in this scenario, the remaining 50% of Tranche C could still be granted were Executive to achieve all of the
annual operating plan objectives as agreed with the board for 2021. In such case, Tranche C would thus consist of 30,000 RSUs
instead of 60,000. )

 

    3

     

    

 

The
grant of the equity will be subject to standard terms in the company’s Amended and Restated 2019 Share Incentive Plan (the Plan”),
or its predecessor plan if the Plan is not adopted by the shareholders, and compliance with applicable laws. The RSUs granted
in each Tranche will vest over a period of four years beginning on the date upon which the Tranche is granted (each,
a “Tranche Commencement Date”), with the first 25% of the tranche vesting on the last date of the
12 month period following the relevant Tranche Commencement Date, and with the remaining 75% of the tranche vesting in 12 equal
portions – each upon the last day of every three month period thereafter until the tranche is fully vested, provided
that the RSUs in each Tranche will only vest at the designated time if Executive continues to be employed with the Company
at the time of each such scheduled vesting. 

 

In
the event of the termination or conclusion of Executive’s employment for any reason, except to the extent specifically otherwise
stated in this Agreement, any non-vested shares shall be forfeited without consideration effective on the date of the termination
of Executive’s employment.

 

(d) All
forms of compensation and/or consideration made from Company and/or its affiliates to Executive under this Agreement and/or otherwise
resulting from the employment contemplated hereunder are subject to reduction to reflect applicable withholdings, taxes and other
deductions required by law. Whenever the Company proposes or is required to issue or transfer any form of equity under this Agreement,
Company shall have the right to require Executive to remit to the Company an amount sufficient to satisfy any Federal, state and/or
local withholding tax requirements prior to the delivery of any certificate(s) for the equity. Alternatively, Company may issue
or transfer the equity net of the number of shares sufficient to satisfy the withholding tax requirements. 

 

4. Benefits.
Executive shall be eligible for employee benefits on the same basis as those benefits are made available to other senior executives
within the Company. Such participation will be subject to the terms of the applicable plans and generally applicable Company policies.
Executive will also be eligible to participate in any other benefit plans in place for the Company in accordance with the terms
of such plans. To the extent there is a gap between the Employment Start Date and the date upon which coverage under the Company’s
health benefits commence, Company will reimburse Executive for his costs associated with continuing with Executive’s previous
health benefits plan for the period until the date upon which coverage under the Company’s regular health plan commences.

 

5. Paid
Time Off. Executive will be entitled to will be entitled to 24 paid time off (PTO) days per year, subject to the terms
and conditions of the Company’s standard PTO policies and procedures. The accrual and carrying forward of PTO days may be
changed from time to time. 

 

    4

     

    

 

6. Expenses.
In general, Executive will be expected to book any standard ongoing travel to and from home through the Company and its standard
channels and vendors rather than directly. The Company will pay or reimburse Executive for all other reasonable business expenses
incurred or paid by Executive in the performance of his duties and responsibilities, subject to any expense policy and compensation
policy of the Company, which may change from time to time, and such substantiation and documentation requirements as may be specified
by the Company from time to time.

 

7. Termination;
Severance: (a) At Will Employment. Your employment with the Company is at-will and for no specified period. As a
result, you are free to resign at any time for any reason or no reason. Similarly, the Company is free to conclude its employment
relationship with you at any time effective immediately without notice, for any reason or no reason. Nothing contained herein
may be construed to guarantee employment for any length of time or otherwise change the at-will status of your employment. This
“at-will” employment relationship shall remain unchanged during your tenure as an employee of the Company, and cannot
be changed except in an express written agreement which specifically and unambiguously provides that the employment is no longer
at-will, signed by you and by the Company.

 

(b) Termination
for Cause or Resignation. In the event that the Company terminates Executive’s employment for Cause (as defined herein),
or in the event that Executive voluntarily resigns his employment without Good Reason (as defined herein) or his employment otherwise
terminates for any reason except by termination by the Company without Cause or resignation for Good Reason, the obligations of
the Company shall cease immediately and Executive shall not be entitled to any further payments or benefits of any kind, including
any portion of the payments described in paragraph 3 other than earned Base Salary through the date of termination. For purposes
of this Agreement, “Cause” shall be defined as: (i) Executive’s (a) material failure to perform Executive’s
duties or (b) gross negligence in the performance of his duties, provided that in the case of either (a) or (b), the Company shall
give written notice to Executive of at least thirty (30) days prior to such termination of the Company’s intent to terminate
under this provision, which notice shall set out the ways in which Executive has failed to perform, and Executive shall have failed
to cure such failure prior to the expiration of such thirty (30) day period; (ii) Executive’s material breach of the terms
of this Agreement or the Company’s policies, or a material breach of fiduciary duty; (iii) Executive’s willful violation
of lawful directives from the Company’s Board; (iv) dishonesty, willful misconduct or fraud in connection with Executive’s
employment by the Company, the performance of his duties, or in any way related to the business of the Company; (v) a reportable
violation of banking, securities or commodities laws, rules or regulations; or (vi) conviction or a plea of nolo contendere
(or the equivalent) to a felony or any crime involving moral turpitude.

 

    5

     

    

 

(c) Termination
Without Cause and Resignation for Good Reason. Subject to the compliance of this section with the shareholder-approved compensation
plan in effect for the Company, in the event the Company terminates Executive’s employment without Cause, or Executive resigns
his employment hereunder for Good Reason, he shall be entitled to:

 

		1.	Severance
                                         Payment: a total severance payment of an amount equal to:

 

		a.	Where
                                         such termination occurs before or on the one year anniversary of the Employment Start
                                         Date, provided Executive’s compliance with subsection 7(d) below, an aggregate
                                         amount, less applicable taxes and withholdings, equal to 50% of the first year’s
                                         gross base salary (payable in one lump sum within 30 days of termination), plus the pro-rata
                                         portion (as of the termination date) of the annual bonus that would have applied after
                                         the Company’s end-of year assessment of whether and to what extent Executive and
                                         Company have achieved the milestones, goals and targets set for the year by the Board
                                         as part of its annual operating plan approval process, less applicable taxes and withholdings,
                                         all subject to compliance with the terms of the Company’s compensation policy.
                                         (For the sake of clarity, any such pro-rata bonus will only be paid after the end of
                                         year assessment is conducted by the Board.); or

 

		b.	Where
                                         such termination occurs after the one year anniversary of the Employment Start Date,
                                         provided Executive’s compliance with subsection 7(d) below, an aggregate amount,
                                         less applicable taxes and withholdings, equal to 100% of Executive’s then-current
                                         gross base salary (payable in one lump sum within 30 days of termination), plus the pro-rata
                                         portion (as of the termination date) of the annual bonus that would have applied after
                                         the Company’s end-of year assessment of whether and to what extent Executive and
                                         Company have achieved the milestones, goals and targets set for the year by the Board
                                         as part of its annual operating plan approval process, less applicable taxes and withholdings,
                                         all subject to compliance with the terms of the Company’s compensation policy.
                                         (For the sake of clarity, any such pro-rata bonus will only be paid after the end of
                                         year assessment is conducted by the Board.)

 

and

 

		2.	Health
                                         Benefits: the option to continue participating in the Company’s group health plan
                                         and health benefits, to the extent authorized by and consistent with 29 U.S.C. §
                                         1161 et seq. (commonly known as “COBRA”), with the cost of the regular
                                         premium for such benefits shared in the same relative proportion by the Company and you
                                         as in effect on the date of termination until the earlier of:

 

		a.	six
                                         months after the Employment Start Date if Executive is terminated before or on the one
                                         year anniversary of the Employment Start Date, or one year after the Employment Start
                                         Date if Executive is terminated after the one year anniversary of the Employment Start
                                         Date; and

 

    6

     

    

 

		b.	the
                                         date Executive and Executive’s dependents become eligible for health benefits through
                                         another employer or otherwise become ineligible for COBRA.

 

(d) For
purposes of this Agreement, “Good Reason” shall mean, without your prior written consent, any action or inaction by
the Company that results in the occurrence of any of the following: (i) a reduction in your Base Salary; (ii) a material diminution
in your responsibilities, authority or duties without your consent, (iii) discovery of a violation of compliance or regulatory
obligations due to no fault of the Executive that the Company has failed to cure upon notice by Executive, and which Executive
in good faith believes he cannot continue his employment under such circumstances; or (v) any other action or inaction that constitutes
a material breach by the Company of this Agreement. Notwithstanding the foregoing, no termination shall be deemed to be for Good
Reason unless Executive follows the Good Reason Process. For purposes of this Agreement, “Good Reason Process” shall
mean that 1) you reasonably determined in good faith that a “Good Reason” condition has occurred; 2) you notify the
Company in writing of the first occurrence of the Good Reason condition within 30 days of the first occurrence of such occurrence,
with such notice specifically identifying same as a “Good Reason condition” under this Agreement, 3) you cooperate
in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”),
to remedy the condition; 4) notwithstanding such efforts, the Good Reason condition continues to exist; and 5) you terminate your
employment within 30 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period,
Good Reason shall be deemed not to have occurred. Except as provided in subparagraph (c) of this paragraph 7, Executive understands
that he shall not be entitled to any further payments or benefits in the event of termination of his employment. Executive agrees
that no payment shall be made to him pursuant to subparagraph (c) of this paragraph 7 unless he executes a release in a form satisfactory
to the Company in favor of the Company and all affiliated and related entities and their current and former officers, directors,
employees and agents from any and all claims permitted to be released by applicable law.

 

8. Change
of Control. In the event that, while Executive is still employed by the Company, a Change of Control (as defined herein) occurs
and Executive is notified that his employment will be terminated within six months of such Change of Control, Executive will be
entitled to the following:

 

(a) Receipt
of the severance benefits set out in Section 7(c)(1) and 7(c)(2), and

 

(b) with
respect to any tranche of RSUs granted to Executive by the Company prior to the date of the Change of Control that, as of the
date of the Change of Control, have not yet vested and are subject to continued employment, the vesting date of such unvested
shares shall be accelerated to the day immediately prior to the Change of Control, and any remaining portion of the RSUs that
have not been granted prior to the Change of Control will terminate.

 

    7

     

    

 

Executive’s
receipt of the benefits set out in this Section 8 shall be subject to (i) his continued employment and satisfactory performance
of his obligations through the termination of his employment by the Company, and (ii) Executive’s execution and non-revocation
of a release in a form satisfactory to the Company in favor of the Company and all affiliated and related entities and their current
and former officers, directors, employees and agents from any and all claims

 

For
purposes of this agreement, “Change of Control” means (i) the acquisition following the Effective Date, directly or
indirectly, by any Person, in one transaction or a series of related transactions, of securities of the Company representing in
excess of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities, if such
person or his or its affiliate(s) do not own in excess of 50% of such voting power on the date of this Agreement, or (ii) the
future disposition by the Company (whether direct or indirect, by sale of assets or stock, merger, consolidation or otherwise)
of all or substantially all of their business and/or assets in one transaction or series of related transactions (other than a
merger effected exclusively for the purpose of changing the domicile of the Company).

 

9. Treatment
Under Code Sections 409A and 280G. 

 

(a) In
the event that the payments or benefits set forth in this Agreement constitute “non-qualified deferred compensation”
subject to Section 409A, then the following conditions apply to such payments or benefits:

 

		(i)	Any
                                         termination of Executive’s employment triggering payment of benefits under Section
                                         7 of this Agreement must constitute a “separation from service” under Section
                                         409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of
                                         such benefits can commence. To the extent that the termination of Executive’s employment
                                         does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code
                                         and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably
                                         anticipated to be provided by Executive to Company at the time Executive’s employment
                                         terminates), any such payments under this Agreement that constitute deferred compensation
                                         under Section 409A shall be delayed until after the date of a subsequent event constituting
                                         a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h).
                                         For purposes of clarification, this Section 9(a)(i) shall not cause any forfeiture of
                                         benefits on Executive’s part, but shall only act as a delay until such time as
                                         a “separation from service” occurs.

 

		(ii)	Notwithstanding
                                         any other provision with respect to the timing of payments under Section 7 of this Agreement
                                         if, at the time of Executive’s termination, Executive is deemed to be a “specified
                                         employee” of Company (within the meaning of Section 409A(a)(2)(B)(i) of the Code),
                                         then limited only to the extent necessary to comply with the requirements of Section
                                         409A, any payments to which Executive may become entitled under Section 4 which are subject
                                         to Section 409A (and not otherwise exempt from its application) shall be withheld until
                                         the first (1st) business day of the seventh (7th) month following the termination of
                                         Executive’s employment, at which time Executive shall be paid an aggregate amount
                                         equal to the accumulated, but unpaid, payments otherwise due to Executive under the terms
                                         of Section 4.

 

    8

     

    

 

(b) It
is intended that each installment of the payments and benefits provided under Section 7 of this Agreement shall be treated as
a separate “payment” for purposes of Section 409A. Neither Company nor Executive shall have the right to accelerate
or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A.

 

(c) Notwithstanding
any other provision of this Agreement to the contrary, this Agreement is intended to be interpreted and at all times administered
in a manner that avoids the inclusion of compensation in income under Section 409A, or the payment of increased taxes, excise
taxes or other penalties under Section 409A. The parties intend this Agreement to be in compliance with Section 409A. Executive
acknowledges and agrees that Company does not guarantee the tax treatment or tax consequences associated with any payment or benefit
arising under this Agreement, including but not limited to consequences related to Section 409A.

 

(d) If
any payment or benefit Executive would receive under this Agreement, when combined with any other payment or benefit Executive
receives pursuant to a Change of Control (for purposes of this section, a “Payment”) would: (i) constitute a “parachute
payment” within the meaning of Section 280G the Code; and (ii) but for this sentence, be subject to the excise tax imposed
by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either: (A) the full amount of such Payment;
or (B) such lesser amount (with cash payments being reduced before equity compensation) as would result in no portion of the Payment
being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local
employments taxes, income taxes, and the Excise Tax, results in Executive’s receipt, on an after-tax basis, of the greater
amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.

 

10. Representations.
Executive represents and warrants that he is not in breach of any agreement requiring him to preserve the confidentiality of any
information, client lists, trade secrets or other confidential information or any agreement not to compete or interfere with any
prior employer, and that neither the execution of this Agreement nor the performance by Executive of his obligations hereunder
will conflict with, result in a breach of, or constitute a default under, any agreement to which Executive is a party or to which
he may be subject. Executive further represents that he has not taken and will not take any confidential information from any
prior employer and will not use any such information in performing his obligations hereunder but instead will rely on his generalized
knowledge and skill in performing his services hereunder.

 

    9

     

    

 

11. Company
Property. Executive agrees to deliver promptly on termination of his employment, or at any other time on request by the Company,
all property and equipment of the Company of any kind in his possession.

 

12. Confidential
Information; Non-Competition; Non-Solicitation. During the course of Executive’s employment, he will have access to
and come into possession of information that is confidential and proprietary to the Company and its related entities and affiliates.
As part of the consideration for the benefits and consideration paid to Executive under this Agreement, Executive agrees that
he agrees to sign and comply with the CONFIDENTIALITY, INVENTIONS, NON-COMPETITION AND NON-SOLICITATION AGREEMENT, attached hereto
as Annex A.

 

13. Non-Disparagement.
Executive agrees that he will not at any time, during or after his employment, disparage, criticize or ridicule Brainsway or any
affiliated or related entity or make any negative public comments either by way of news interviews or the expression of his personal
views, opinions or judgments to the media, to current or former officers, directors or employees of the Company or to any individuals
or entities with whom Brainsway or any affiliated or related entity have or may have a business relationship.

 

14. Return
of Materials. Executive agrees to deliver promptly on termination of his employment, or at any other time on request
by the Company, all property and equipment of the Company of any kind in his possession including, but not limited to, any Confidential
Information, computer equipment, computer disks, identification cards, credit cards, cellular telephones, blackberries, magnetic
key cards and the like.

 

15. Governing
Law; Forum. This Agreement and your employment with the Company shall be governed by and construed in accordance with the
laws of the State of New York, without regard to principles of conflict of laws. Any disputes arising hereunder out of your employment
shall be resolved by non-binding mediation in New York City, and if a mutually acceptable resolution cannot be reached, followed
by binding arbitration in New York City by a single arbitrator to be chosen according to the Rules of the American Arbitration
Association

 

16. Severability.
In the event that any provision or term of this Agreement is held to be invalid, prohibited or unenforceable for any reason, such
provision or term shall be deemed severed from this Agreement, without invalidating the remaining provisions, which shall remain
in full force and effect. If at any time a court or other body having jurisdiction over this Agreement shall determine that any
of the subject matter or duration is unenforceable as drafted in any respect, it shall be reduced and not terminated, as such
court or body determines to be reasonable.

 

17. Non-Assignability.
Because of the personal nature of the services to be rendered by him, Executive may not assign his rights or obligations under
this Agreement without the prior written consent of the Company.

 

18. Entire
Agreement; Amendment. This Agreement contains the entire understanding between the parties on the subjects covered here and
supersedes all prior agreements, arrangements and understandings, whether written or oral. This Agreement may not be changed orally,
but only in writing signed by both parties.

 

    10

     

    

 

ACCEPTED
AND AGREED TO BY:

 

BRAINSWAY
LTD. The following signature(s) are made subject to receipt of all necessary approvals (including of the Board of Directors
and Shareholders) and satisfaction of all corporate policies and procedures.

 

		 
	Dr. David Zacut	 
	 	 
	EXECUTIVE	 
	 	 
		 
	Christopher R. von Jako, PhD	 

 

    11

     

    

 

Annex
A

 

CONFIDENTIALITY,
INVENTIONS NON COMPETITION AND NON SOLICITATION AGREEMENT

 

This
Confidentiality, Restrictive Covenant and Inventions Agreement (“Agreement”) is entered into by you, the undersigned
employee and Brainsway USA, Inc. (the “Company”). In consideration of your employment and of the salary, benefits,
and other compensation hereafter to be paid to you by or on behalf of the Company, as well as other consideration, the sufficiency
of which is hereby acknowledged, and in acknowledging that the Company is employing you in reliance on your full compliance with
the Agreement, you promise and agree as follows:

 

		A.	Confidential
                                         Information. 

 

1. Definition. During
the course of your employment with the Company, you will receive confidential information of and/or be in the possession of confidential
information from Brainsway, its parents, subsidiaries, and any affiliated companies (the Company and/or any or all of the above
detailed entities shall collectively hereinafter be referred to as “Brainsway), as well as similar information pertaining
to Brainsway’s clients or customers, including, but not limited to, customer or client lists, services provided to such
customers or clients, sources and leads for obtaining new business, vendors or suppliers, trade secrets, images, slogans, logos,
designs, sketches, mock-ups, samples, computer software, operations, systems, services, financial affairs of Brainsway, forms,
contracts, agreements, literature or other documents designed, developed or written by, for, with or on behalf of the Company,
concepts, ideas, inventions, original works of authorship, discoveries, techniques, copyrights, patents, trademarks, and any and
all information and know-how now or in the future, whether or not such confidential information relates to any Work Product (as
defined herein) including without limitation, the underlying concept and production methodology of such Work Product (hereinafter,
“Confidential Information”). Confidential Information shall not include information which is or which comes into the
public domain through no fault of yours, or was known to you prior to any affiliation with the Company.

 

2. Exclusive
Property. All Confidential Information is, and at all times shall remain, the exclusive property of Brainsway. You recognize
and acknowledge that Confidential Information is valuable, special and unique to the business of Brainsway, and that access to
and knowledge thereof is essential to the performance of your duties to the Company. During the time that you are an employee
of the Company, and at all times thereafter, you will keep secret and will not use or disclose any Confidential Information to
any person or entity, in any fashion or for any purpose whatsoever, except at the request of or with prior written consent of
the Company (or as may be required by applicable law). If you have any questions about whether any information is Confidential
Information, as defined in this Agreement, you should consult with the Company before using or disclosing such information. You
agree to store and maintain all Confidential Information in a secure place. You further agree that any property situated on Brainsway’s
premises and owned by Brainsway, including electronic files and other digital, analog or hard copy storage media, filing cabinets,
lockers, desks or other work areas, is subject to inspection by Brainsway personnel at any time with or without notice. At the
time of termination of your employment with the Company for any reason, you agree to promptly deliver to the Company (and will
not keep in your possession, or otherwise recreate or deliver to anyone else), in whatever medium recorded, any and all Confidential
Information and all other documents, materials, information, and property developed or obtained by you pursuant to your employment
or otherwise belonging to the Company.

 

    12

     

    

 

		B.	Intellectual
                                         Property. 

 

You
agree that the Company or any affiliate thereof shall own all right, title and interest throughout the world in and to any and
all inventions, original works of authorship, developments, concepts, know-how, improvements, and trade secrets, whether or not
patentable or registrable under copyright or similar laws, that you may solely or jointly conceive or develop or reduce to practice,
or cause to be conceived or developed or reduced to practice during your employment, whether or not during regular working hours,
provided that they (i) relate at the time of conception or development to the actual or demonstrably proposed business or
research and development activities of Brainsway, (ii) result from or relate to any work performed for the Company, or (iii) are
developed through the use of confidential information and/or resources of Brainsway or in consultation with any personnel of Brainsway
(collectively referred to as “Work Product”). You hereby assign to Brainsway all right, title, and interest in and
to any and all Work Product, and agree to Brainsway, at Brainsway’s expense, to further evidence, record, and perfect such
assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned or assigned. In addition
to, and not in contravention of any of, the foregoing, you acknowledge that all original works of authorship that are made by
you (solely or jointly with others) within the scope of employment and that are protectable by copyright are “works made
for hire,” as that term is defined in the United States Copyright Act (17 U.S.C. § 101). To the extent allowed by law,
this includes all rights of paternity, integrity, disclosure, and withdrawal, and any other rights that may be known or referred
to as “moral rights.” To the extent you retain any such moral rights under applicable law, you hereby waive such moral
rights and consent to any action consistent with the terms of this Agreement with respect to such moral rights, in each case,
to the full extent of such applicable law. You agree to confirm any such waivers and consents from time to time as requested by
Brainsway.

 

		C.	Restrictions
                                         on Activities.

 

1. Competition
and Interfering Activities. During your employment with the Company, and for the applicable Restricted Period (as such
term is hereinafter defined), you agree that you will neither Compete (as such term is hereinafter defined) with Brainsway nor
engage in any Interfering Activities (as such term is hereinafter defined), nor will you take any steps in anticipation of competing
with Brainsway or engaging in Interfering Activities. For purposes of this Agreement:

 

(a) “Compete”
or “Competing” means to, directly or indirectly, on your behalf or on behalf of any other person or entity, in any
way, whether as an individual proprietor, partner, stockholder, officer, employee, consultant, agent, director, joint venturer,
investor, or in any other capacity, own, operate, manage, control, engage in, participate in, invest in, permit your name to be
used by, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation, or
business organization), or otherwise assist any person or entity that engages in or owns, invests in, operates, manages, controls,
or is affiliated with any venture or enterprise that, anywhere in the United States, offers or actively plans to offer competing
products and services with those offered by Brainsway.

 

    13

     

    

 

(b) “Interfering
Activities” means to, directly or indirectly, on behalf of yourself or any other person or entity, in any way (i) solicit,
induce, or encourage the resignation of any member, partner, employee, agent, or consultant of Brainsway (ii) solicit, induce
or encourage any member, partner, employee, agent or consultant of Brainsway to join or perform services for anyone else, in any
capacity, (iii) interfere in any way with the relationship between Brainsway and any of its respective members, partners,
employees, agents, or consultants, (iv) hire or attempt to hire or reach any agreement (oral or written) with respect to the prospective
hiring of any member, partner, employee, agent, or consultant of Brainsway or any person or entity that was a member, partner,
employee, agent, or consultant within the six (6) month period immediately preceding the hire or attempt to hire, (v) interfere,
or attempt to interfere, with the relationship between Brainsway and any of its actual or prospective clients or customers, or
(vi) solicit, or attempt to solicit, the business of, any actual or prospective client or customer of Brainsway. You further acknowledge
that this Section C.1(b)(vi) shall apply to clients or customers you originated or serviced during your employment with the Company,
or about whom you are aware of Confidential Information, but only where Brainsway continues to provide services in the geographical
area where such client or customer does business. This restriction is meant to protect the Brainsway from losing such clients
or customers to you, who by virtue of your employment with the Company, maintained a relationship with the clients and customers,
gained knowledge about them, and/or become familiar with the requirements of such clients and customers.

 

(c) “Restricted
Period” means (i) with respect to your covenant not to compete, the period commencing on the termination of your employment
for any reason and ending on the twelve (12) month anniversary of the date of such termination, and (ii) with respect to your
covenant as to Interfering Activities, the period commencing on the termination of your employment for any reason and ending on
the twelve (12) month anniversary of the date of such termination.

 

2. Tolling
of Restricted Periods. If you shall violate any covenant contained herein with a stated duration, the duration of any such
covenant so violated shall automatically be extended with respect to you for a period equal to the period during which you shall
have been in violation of such covenant.

 

3. Non-Disparagement/No
Speaking with the Media. Both during your employment with the Company and at all times thereafter, you agree that, except
as required by applicable law or compelled by process of law, you will not, nor will you permit anyone acting on your behalf to
disparage or make any critical statement about Brainsway’s products, services, customers or clients, whether to the press,
via social media, or to any other third party.

 

4. Notice
to Future Employers, Notice to Brainsway of Future Employers. In the event that you leave the employ of the Company for
any reason, you hereby agree to notify your new employer of your obligations that are continuing under this Agreement after the
termination hereof. To enable Brainsway to monitor your compliance with the obligations imposed by this Agreement, you agree to
inform the Company at the time you give notice of your termination of employment, of the identity of your new employer and of
your job title and responsibilities, and will continue to so inform the Company, in writing, at any time you change employment
during the eighteen (18) months following termination of your employment with the Company for any reason.

 

    14

     

    

 

5. Reasonableness
of Covenants. You acknowledge and expressly agree that the covenants contained in this Annex A of this Agreement are reasonably
necessary to protect valuable business interests of Brainsway, Brainsway’s business, its officers, directors and employees.
You represent that your experience, capabilities and circumstances are such that these provisions will not prevent you from earning
a livelihood. You further agree that you have received valuable and adequate compensation in exchange for entering into the restrictions
set out in this Agreement.

 

		D.	Enforcement.

 

1. Injunctive
Relief. You acknowledge and agree that a remedy at law for any breach or threatened breach of this Agreement would be inadequate,
and therefore, agree that Brainsway shall be entitled to injunctive relief, without posting bond or other security, in addition
to any other available rights and remedies in cases of any such breach or threatened breach; provided, however, that nothing contained
herein shall be construed as prohibiting Brainsway from pursuing any other rights and remedies available for any such breach or
threatened breach.

 

2. Jurisdiction
and Governing Law. You agree that any proceeding concerning the enforcement of this Agreement, including an entry of a
temporary and/or permanent restraining order which precludes the breach or continuing breach of this Agreement shall be brought
in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York, New
York County, and you consent to personal jurisdiction therein. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York, without regard to conflict of law principles.

 

3. No
Waiver. No failure or delay by Brainsway in exercising any right, power or privilege under this Agreement shall operate
as a waiver thereof or preclude any other or further exercise thereof or the exercise of any other rights, power or privilege
hereunder.

 

4. No
Oral Modification. This Agreement may not be changed or modified except by a written agreement that has been signed by
both you and a director or officer of the Company.

 

5. Blue
Penciling and Severability. It is the intention of you and the Company that the provisions of this Agreement shall be enforced
to the fullest extent permissible under the laws of New York. If any court of competent jurisdiction or arbitration panel determinates
that any covenant or provisions of this Agreement is unenforceable or unlawful, that covenant or provision shall not render unenforceable
or impair the remaining covenants and provisions of this Agreement. In addition, if any covenant or provision is held to be unenforceable
because of the scope, duration or area of its applicability, the court or tribunal making such determination shall have the power
to modify such scope, duration or area, or all of them, and such covenant or provision shall then be applicable in such modified
form and every other provision of this Agreement shall remain in full force and effect.

 

6. Successor
and Assigns. The Company may assign this Agreement to any successors or assigns, and you shall be bound to any successor or
assign of the Company.

 

    15

     

    

 

	ACCEPTED AND AGREED TO:	 
	 	 
	BRAINSWAY LTD. 	 
	 	 
		 
	Dr. David Zacut	 
	 	 
	EXECUTIVE	 
	 	 
		 
	Christopher R. von Jako, PhD	 

 

 

16Exhibit 4.6

 

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”)
is made on the_24_day of July, 2019 between Brainsway USA, Inc. located at 3 University Plaza Suite 503, Hackensack, NJ 07601 (“Brainsway”
or the “Company”) and Mr. Hadar Levy (“Levy”).

 

1. Employment.
Subject to the terms and conditions of this Agreement, the Company agrees to employ Levy and Levy agrees to be employed by the
Company commencing on September 1, 2019 or as soon thereafter as practicable (the “Start Date”). Levy shall be employed
on an at-will basis, meaning that either he or the Company may terminate the employment relationship at any time, without prior
notice, for any reason or no reason at all, subject to the notice requirements set forth herein. This Agreement is contingent upon
the completion of a background check acceptable to the Company and proof of Levy’s eligibility to work in the United States.

 

2. Title and Duties.
It is hereby acknowledged that prior to this Agreement, Levy was employed in Israel as Chief Financial Officer of Brainsway LTD
(the “Parent”). Following the Start Date, Levy will no longer be employed by Parent and will relocate to the United
States to be employed by Parent’s subsidiary, Brainsway USA INC., a wholly separate legal entity. As of the Start Date, Levy
shall hold the title and serve in the capacity of Chief Financial Officer as well as Chief Operations Officer. It is hereby acknowledged
and agreed that as of the Start Date, Levy will be providing the Chief Financial Officer and Chief Operations Officer services,
duties, functions and roles as described herein strictly in his capacity as an employee of Brainsway USA INC., and that this is
deemed appropriate, reasonable, prudent and proper in light of the role which Brainsway USA INC. plays in the overall finance and
operations of Parent. During his employment, Levy shall devote his full business time, attention, energy and best efforts to the
business and affairs of the Company and its affiliates, and shall perform the duties and responsibilities (i) as are customary
for a Chief Operations Officer & Chief Financial Officer in the business such as the Company’s and its affiliates, (ii)
as may be required by the Company’s and its affiliates’ policies or procedures, or (iii) as may be directed to Levy
from time to time. Levy understands that the terms and conditions of his employment with the Company are also governed by standard
Company policies as may be adopted or amended from time to time. Levy agrees that he shall not engage in or be interested in any
capacity in any activity that is contrary to the interest of the Company or that is reasonably deemed by the Company to be harmful
to the business, reputation or goodwill of the Company, unless such activity is fully disclosed and approved in writing prior to
the undertaking. Levy will relocate his residence to within close proximity of the Company’s principal office in Hackensack,
New Jersey. Levy’s primary work location will be from said office and he will travel as necessary to perform services for
the Company.

 

3. Parent’s
Board-Approved Compensation Plan Governs: Notwithstanding anything to the contrary contained herein, it is hereby understood
by all parties that all aspects of compensation set forth in this document are subject to compliance with the Parent’s board-approved
compensation plan. To the extent there is any conflict between this document and the Parent’s board-approved compensation
plan, the latter shall control and govern. Any change in this Agreement shall be subject to the applicable corporate policies,
procedures, approvals and decisions of the Company and the applicable law.

 

    
	Brainsway USA, Inc.	Page 1

    

    

 

4. Base Salary.
In consideration of his services, Levy will be paid a base salary at the gross rate of $295,000.00 (Two Hundred Ninety Five Thousand
US Dollars), annualized. Levy’s salary will be paid in equal installments, less applicable taxes and withholdings, in accordance
with the Company’s semi-monthly payroll schedule through its PEO TriNet/ADP. The annual base salary shall be paid in equal
installments, less applicable taxes and withholdings, in accordance with the Company’s semi-monthly payroll schedule through
our PEO TriNet/ADP. Levy confirms that he has had the opportunity to consult with a tax expert regarding tax liabilities applicable
to the payments and other consideration, if any, to which Levy is entitled under this Agreement. As an exempt employee under applicable
US law, Levy will not be entitled to overtime compensation.

 

5. Incentive Compensation.
Subject to the terms and conditions of the Parent’s compensation policy and its board decisions, Levy will be eligible to
receive an annual incentive compensation payment following each full calendar year of active employment depending on the Company’s
assessment of his performance and his satisfaction of an annual mix of corporate/personal goals and milestones to be set by the
Company and/or the Parent for each such year (the “Annual Goals”).

 

		a.	2019 Incentive Compensation and Annual Goals:
For calendar year 2019, Levy will be eligible to receive an annual incentive compensation payment in the amount equivalent to
three monthly base salaries provided the Company, in its sole judgment, determines that Levy has satisfied 100% of the
Annual Goals that have been set for Levy. Furthermore, in the event the Company determines that Levy has exceeded and overperformed
the 2019 Annual Goals, the Company may pay him up to a maximum of three additional monthly base salaries correlating to
its assessment of his performance (for a maximum possible total incentive compensation of an amount equal to six monthly salaries).

 

The following is a summary of the
2019 Annual Goals, in accordance with the board-approved decisions regarding 2019 (the “2019 Plan”). The following
is subject to the additional terms and conditions in the 2019 Plan, and to the extent there is any inconsistency herein with the
2019 Plan, the 2019 Plan shall prevail.

 

	Annual Goals for 2019
	Goal	 	 	 	Weight	 
	Levy’s Personal Goals	 	Parameter	 	Sub-Weight	 	 	 	 
	 	 	Global sales of $22.5 – 27.5 million (i.e. 90-110% of this parameter)	 	 	6	%	 	 	 	 
	 	 	Global operating profit of $1 million (with neutralization of R&D costs)	 	 	6	%	 	 	 	 
	 	 	Average US customer days of credit (i.e. aging) does not exceed 65 days	 	 	4	%	 	 	50	%
	 	 	ERP System assessment by end of 2019	 	 	4	%	 	 	 	 
	 	 	US sales of $20.25 – 24.75 million (i.e. 90-110% of this parameter)	 	 	15	%	 	 	 	 
	 	 	US operating profit of $5 million (after deduction of all US expenses)	 	 	15	%	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Corporate-Wide goals	 	As set by Parent board in 2019 Plan	 	 	 	30	%
	 	 	 	 	 	 	 	 
	Overall performance evaluation	 	In Company’s Judgment and Discretion	 	 	 	20	%
	 	 	 	 	 	 	 	 
	Total	 	 	 	100	%

 

    
	Brainsway USA, Inc.	Page 2

    

    

 

		b.	Designated Payment Date: The date upon which
the Company plans to pay the applicable Incentive Compensation shall be by the date falling two weeks after the financial statements
for the relevant calendar year for which the Incentive Compensation is being paid are released to the public (the “Designated
Payment Date”).

 

		c.	Additional Terms and Conditions regarding Incentive
Compensation: Incentive compensation is not “earned” in whole or in part until the time of actual payment. Prior
to the time of payment, follow-up with customers may be appropriate and payment terms and revenue/profitability may thus still
be variable. Therefore, the controlling definition of “earned” incentive compensation under this Plan is when the
incentive compensation payments are actually made by the Company. In order to be eligible to receive the applicable incentive
compensation, Levy must still be employed by the Company on the relevant Designated Payment Date indicated herein.

 

		d.	Subsequent Years: The Annual Goals for subsequent
years and applicable terms and conditions will be set by the Company and/or the Parent (via its compensation committee and board
of directors) in the future and communicated to Levy. The Company will use reasonable efforts to communicate this to Levy by the
end of Q1 of each year.

 

6. Options Package.
Subject to the terms, conditions, policies, procedures and decisions of the board of directors of Brainsway’s parent company
(the “Parent”), Levy will be granted an option to purchase 50,000 shares of stock in the Parent (collectively, the
“Options”). The grant of the Options is expressly conditioned upon and subject to compliance with applicable securities
laws, the terms and conditions set forth in the Parent’s then-current Share Incentive Plan (the “Plan”) and any
stock option agreement entered into pursuant to the Plan, and to Levy’s execution of an option agreement with the Parent.
Levy understands that the terms and conditions of the current options plan in place for employees of the Company (which may or
may not change, at the Parent’s sole discretion), include that: (A) the Options grant is exercisable on a cashless basis
(i.e. upon exercise of the Options, Levy shall not be required the pay the respective exercise price, and such price shall
be taken off from the consideration to which Levy shall be entitled); (B) the Options may only be exercised, and will only vest,
provided Levy’s continued employment with the Company; (C) the shares granted will vest over a period of four in accordance
with the vesting schedule set forth in the Plan; and (D) that the Options’ exercise price shall be 10% above the average
closing price of a share of the Parent on the NASDAQ exchange over the ninety (90) day calendar period as specified in the Plan.
In the event of the termination of Levy’s employment for any reason, any non-vested Options shall be forfeited without consideration
effective on the date of the termination of Levy’s employment.

 

    
	Brainsway USA, Inc.	Page 3

    

    

 

7. One-Time Relocation
Grant. Levy will be entitled to a one-time grant in the amount of up to $30,000 (Thirty Thousand Dollars) for expenses incurred
by Levy as a result of the relocation of his residence to the United States, subject to compliance with any documentation requests
made by the Company and any requirements of the Parent’s compensation policy.

 

8. Benefits. Levy
shall be eligible for employee benefits on the same basis as those benefits are made available to other employees of the Company.
This includes eligibility to participate in the Company’s employee health benefits plan (i.e. medical, dental and vision)
and any other benefit plans as currently offered or as may otherwise be adopted by the Company from time to time and in effect
for employees of the Company. Participation will be subject to the terms of the applicable plans and generally applicable Company
policies.

 

9. Paid Time Off.
Levy will be entitled to paid time off (PTO) 24 days. The accrual and carrying forward of PTO days may be changed from time to
time.

 

10. Expenses.
The Company will pay or reimburse Levy for all reasonable pre-approved (in writing, in advance, by management) business expenses
incurred or paid by Levy in the performance of his job duties and responsibilities, subject to any expense, substantiation and
documentation policies and requirements as may be set by the Company from time to time.

 

11. Termination; Severance:

 

		a.	At Will Employment. Levy’s employment with
the Company is at-will and for no specified period. As a result, Levy is free to resign at any time upon 90 days written notice
for any reason or no reason. Similarly, the Company is free to conclude its employment relationship with Levy at any time upon
90 days written notice, for any reason or no reason. Nothing contained herein may be construed to guarantee employment for any
length of time or otherwise change the at-will status of Levy’s employment. This “at-will” employment relationship
shall remain unchanged during Levy’s tenure as an employee of the Company, and cannot be changed except in an express written
agreement, signed by Levy and by the authorized representative(s) of the Company.

 

		i.	It is hereby clarified that in order for Company to terminate
Levy’s employment in the United States for any reason whatsoever, such decision must be reached by the Chief Executive Officer
of the Parent.

 

    
	Brainsway USA, Inc.	Page 4

    

    

 

		b.	Termination Without Cause. In the event, within
the first 24 months of Levy’s Start Date, the Company terminates Levy’s employment with the Company in the United
States without Cause:

 

		i.	If Levy is nonetheless offered by Company to return to
Israel and continue working for the Parent with the same or greater base salary to that which was in place prior to this Agreement,
and Levy indeed works for the Parent for at least one more year, then Levy shall be entitled to a one-time total severance payment
of $60,000.00 (Sixty thousand Dollars);

 

		ii.	If Levy is not offered to return to Israel and continue
working for the Parent with the same or greater base salary to that which was in place prior to this Agreement, Levy shall be
entitled to a one-time total severance payment of $120,000.00 (One hundred and twenty thousand Dollars);

 

		c.	Termination for Cause or Resignation. In the event
that the Company terminates Levy’s employment for Cause (as defined herein), or in the event that Levy voluntarily resigns
his employment for any reason, or if Levy’s employment relationship with Company and its affiliates otherwise terminates
for any reason other than termination by the Company without Cause, then except for (i) Levy’s earned base salary through
the date of termination and (ii) the reasonable direct expenses incurred by Levy and the members of his family in order to facilitate
their return to Israel as evidenced by receipts to be provided by Levy, the obligations of the Company shall cease upon termination
and Levy shall not be entitled to any other payments or benefits of any kind. For purposes of this Agreement, “Cause”
shall be defined as: (i) willful or deliberate failure to perform duties or gross negligence in the performance of duties; (ii)
material breach of the terms of this Agreement or the Company’s policies, or a material breach of fiduciary duty; (iii)
willful violation of lawful directives from the Company’s or the Parent’s Board of Directors; (iv) dishonesty, willful
misconduct or fraud in connection with the business of the Company; (v) a reportable violation of banking, securities or commodities
laws, rules or regulations; or (vi) conviction or a plea of nolo contendere (or the equivalent) to a felony or any crime
involving moral turpitude.

 

		d.	Release: Levy agrees that no payment shall be made to
him pursuant to subsection (b) or (c)(ii) of this section 11 unless he executes a release in a form satisfactory to the Company
and its counsel in favor of the Company and all affiliated and related entities and their current and former officers, directors,
employees and agents from any and all claims related to his employment or the termination of his employment permitted to be released
by applicable law.

 

    
	Brainsway USA, Inc.	Page 5

    

    

 

12. Return of Materials.
Levy agrees to deliver promptly on termination of his employment, or at any other time on request by the Company, all property
and equipment of the Company of any kind in his possession including, but not limited to, any Confidential Information, computer
equipment, computer disks, identification cards, credit cards, cellular telephones, magnetic key cards and the like.

 

13. Confidential Information;
Non-Competition; Non-Solicitation. During the course of Levy’s employment he will have access to and come into possession
of information that is confidential and proprietary to the Company and its related entities and affiliates. As part of the consideration
for the benefits and consideration paid to Levy under this Agreement, Levy agrees to sign and comply with the CONFIDENTIALITY,
INVENTIONS, NON-COMPETITION AND NON-SOLICITATION AGREEMENT, attached hereto as Annex A.

 

14. Governing Law;
Forum. Except to the extent otherwise specified herein, the laws of the State of New York shall govern the interpretation and
performance of this Offer Letter, regardless of the law that might be applied under principles of conflicts of law. Any disputes
arising hereunder out of Levy’s employment shall be resolved by non-binding mediation in New York City, followed by binding
arbitration in New York City by a single arbitrator to be chosen according to the Rules of the American Arbitration Association.

 

15. Severability.
In the event that any provision or term of this Agreement is held to be invalid, prohibited or unenforceable for any reason, such
provision or term shall be deemed severed from this Agreement, without invalidating the remaining provisions, which shall remain
in full force and effect. If at any time a court or other body having jurisdiction over this Agreement shall determine that any
of the subject matter or duration is unenforceable as drafted in any respect, it shall be reduced and not terminated, as such court
or body determines to be reasonable.

 

16. Non-Assignability.
Because of the personal nature of the services to be rendered by him, Levy may not assign his rights or obligations under this
Agreement without the prior written consent of the Company.

 

17. Entire Agreement;
Amendment. This Agreement contains the entire understanding between the parties on the subjects covered here and supersedes
all prior agreements, arrangements and understandings, whether written or oral. This Agreement may not be changed orally, but only
in writing signed by both parties.

 

ACCEPTED
AND AGREED TO BY:

 

	 	 	 
	Levy	 	BRAINSWAY USA INC.
	 	 	 
	 	 	 
	Date	 	Date

 

    
	Brainsway USA, Inc.	Page 6

    

    

 

Annex A

 

CONFIDENTIALITY, INVENTIONS NON COMPETITION
AND NON SOLICITATION AGREEMENT

 

This Confidentiality,
Restrictive Covenant and Inventions Agreement (“Agreement”) is entered into by you, the undersigned employee and Brainsway
USA, Inc. (the “Company”). In consideration of your employment and of the salary, benefits, and other compensation
hereafter to be paid to you by or on behalf of the Company, as well as other consideration, the sufficiency of which is hereby
acknowledged, and in acknowledging that the Company is employing you in reliance on your full compliance with the Agreement, you
promise and agree as follows:

 

A.
Confidential Information. 

 

1. Definition.
During the course of your employment with the Company, you will receive confidential information of and/or be in the possession
of confidential information from Brainsway, its parents, subsidiaries, and any affiliated companies (the Company and/or any or
all of the above detailed entities shall collectively hereinafter be referred to as “Brainsway), as well as similar information
pertaining to Brainsway’s clients or customers, including, but not limited to, customer or client lists, services provided
to such customers or clients, sources and leads for obtaining new business, vendors or suppliers, trade secrets, images, slogans,
logos, designs, sketches, mock-ups, samples, computer software, operations, systems, services, financial affairs of Brainsway,
forms, contracts, agreements, literature or other documents designed, developed or written by, for, with or on behalf of the Company,
concepts, ideas, inventions, original works of authorship, discoveries, techniques, copyrights, patents, trademarks, and any and
all information and know-how now or in the future, whether or not such confidential information relates to any Work Product (as
defined herein) including without limitation, the underlying concept and production methodology of such Work Product (hereinafter,
“Confidential Information”). Confidential Information shall not include information which is or which comes into the
public domain through no fault of yours, or was known to you prior to any affiliation with the Company.

 

2. Exclusive Property.
All Confidential Information is, and at all times shall remain, the exclusive property of Brainsway. You recognize and acknowledge
that Confidential Information is valuable, special and unique to the business of Brainsway, and that access to and knowledge thereof
is essential to the performance of your duties to the Company. During the time that Levy is an employee of the Company, and at
all times thereafter, you will keep secret and will not use or disclose any Confidential Information to any person or entity, in
any fashion or for any purpose whatsoever, except at the request of or with prior written consent of the Company (or as may be
required by applicable law). If you have any questions about whether any information is Confidential Information, as defined in
this Agreement, you should consult with the Company before using or disclosing such information. You agree to store and maintain
all Confidential Information in a secure place. You further agree that any property situated on Brainsway’s premises and
owned by Brainsway, including electronic files and other digital, analog or hard copy storage media, filing cabinets, lockers,
desks or other work areas, is subject to inspection by Brainsway personnel at any time with or without notice. At the time of termination
of your employment with the Company for any reason, you agree to promptly deliver to the Company (and will not keep in your possession,
or otherwise recreate or deliver to anyone else), in whatever medium recorded, any and all Confidential Information and all other
documents, materials, information, and property developed or obtained by you pursuant to your employment or otherwise belonging
to the Company.

 

    
	Brainsway USA, Inc.	Page 7

    

    

 

B.
Intellectual Property. 

 

You agree that the Company or any affiliate thereof shall own
all right, title and interest throughout the world in and to any and all inventions, original works of authorship, developments,
concepts, know-how, improvements, and trade secrets, whether or not patentable or registrable under copyright or similar laws,
that you may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice
during your employment, whether or not during regular working hours, provided that they (i) relate at the time of conception
or development to the actual or demonstrably proposed business or research and development activities of Brainsway, (ii) result
from or relate to any work performed for the Company, or (iii) are developed through the use of confidential information and/or
resources of Brainsway or in consultation with any personnel of Brainsway (collectively referred to as “Work Product”).
You hereby assign to Brainsway all right, title, and interest in and to any and all Work Product, and agree to Brainsway, at Brainsway’s
expense, to further evidence, record, and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights
specified to be so owned or assigned. In addition to, and not in contravention of any of, the foregoing, you acknowledge that all
original works of authorship that are made by you (solely or jointly with others) within the scope of employment and that are protectable
by copyright are “works made for hire,” as that term is defined in the United States Copyright Act (17 U.S.C. §
101). To the extent allowed by law, this includes all rights of paternity, integrity, disclosure, and withdrawal, and any other
rights that may be known or referred to as “moral rights.” To the extent you retain any such moral rights under applicable
law, you hereby waive such moral rights and consent to any action consistent with the terms of this Agreement with respect to such
moral rights, in each case, to the full extent of such applicable law. You agree to confirm any such waivers and consents from
time to time as requested by Brainsway.

 

C.
Restrictions on Activities.

 

1. Competition and
Interfering Activities. During your employment with the Company , and for the applicable Restricted Period (as such term is
hereinafter defined), you agree that you will neither Compete (as such term is hereinafter defined) with Brainsway nor engage in
any Interfering Activities (as such term is hereinafter defined), nor will you take any steps in anticipation of competing with
Brainsway or engaging in Interfering Activities. For purposes of this Agreement:

 

(a) “Compete”
or “Competing” means to, directly or indirectly, on your behalf or on behalf of any other person or entity, in any
way, whether as an individual proprietor, partner, stockholder, officer, employee, consultant, agent, director, joint venturer,
investor, or in any other capacity, own, operate, manage, control, engage in, participate in, invest in, permit your name to be
used by, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation, or
business organization), or otherwise assist any person or entity that engages in or owns, invests in, operates, manages, controls,
or is affiliated with any venture or enterprise that, anywhere in the United States, offers or plans to offer competing products
and services with those offered by Brainsway.

 

    
	Brainsway USA, Inc.	Page 8

    

    

 

(b) “Interfering
Activities” means to, directly or indirectly, on behalf of yourself or any other person or entity, in any way (i) solicit,
induce, or encourage the resignation of any member, partner, employee, agent, or consultant of Brainsway (ii) solicit, induce or
encourage any member, partner, employee, agent or consultant of Brainsway to join or perform services for anyone else, in any capacity,
(iii) interfere in any way with the relationship between Brainsway and any of its respective members, partners, employees,
agents, or consultants, (iv) hire or attempt to hire or reach any agreement (oral or written) with respect to the prospective hiring
of any member, partner, employee, agent, or consultant of Brainsway or any person or entity that was a member, partner, employee,
agent, or consultant within the six (6) month period immediately preceding the hire or attempt to hire, (v) interfere, or attempt
to interfere, with the relationship between Brainsway and any of its actual or prospective clients or customers, or (vi) solicit,
or attempt to solicit, the business of, any actual or prospective client or customer of Brainsway. You further acknowledge that
this Section C.1(b)(vi) shall apply to clients or customers you originated or serviced during your employment with the Company,
or about whom Levy is aware of Confidential Information, but only where Brainsway continues to provide services in the geographical
area where such client or customer does business. This restriction is meant to protect the Brainsway from losing such clients or
customers to you, who by virtue of your employment with the Company, maintained a relationship with the clients and customers,
gained knowledge about them, and/or become familiar with the requirements of such clients and customers.

 

(c) “Restricted
Period” means (i) with respect to your covenant not to compete, the period commencing on the termination of your employment
for any reason and ending on the twelve (12) month anniversary of the date of such termination, and (ii) with respect to your covenant
as to Interfering Activities, the period commencing on the termination of your employment for any reason and ending on the twelve
(12) month anniversary of the date of such termination.

 

2. Tolling of Restricted
Periods. If you shall violate any covenant contained herein with a stated duration, the duration of any such covenant so violated
shall automatically be extended with respect to you for a period equal to the period during which you shall have been in violation
of such covenant.

 

3. Non-Disparagement/No
Speaking with the Media. Both during your employment with the Company and at all times thereafter, you agree that, except as
required by applicable law or compelled by process of law, you will not, nor will you permit anyone acting on your behalf to disparage
or make any critical statement about Brainsway’s products, services, customers or clients, whether to the press, via social
media, or to any other third party.

 

4. Notice to Future
Employers, Notice to Brainsway of Future Employers. In the event that you leave the employ of the Company for any reason, you
hereby agree to notify your new employer of your obligations that are continuing under this Agreement after the termination hereof.
To enable Brainsway to monitor your compliance with the obligations imposed by this Agreement, you agree to inform the Company
at the time you give notice of your termination of employment, of the identity of your new employer and of your job title and responsibilities,
and will continue to so inform the Company, in writing, at any time you change employment during the eighteen (18) months following
termination of your employment with the Company for any reason.

 

5. Reasonableness
of Covenants. You acknowledge and expressly agree that the covenants contained in this Annex B of this Agreement are reasonably
necessary to protect valuable business interests of Brainsway, Brainsway’s business, its officers, directors and employees.
You represent that your experience, capabilities and circumstances are such that these provisions will not prevent you from earning
a livelihood. You further agree that you have received valuable and adequate compensation in exchange for entering into the restrictions
set out in this Agreement.

 

    
	Brainsway USA, Inc.	Page 9

    

    

 

D.
Enforcement.

 

1. Injunctive Relief.
You acknowledge and agree that a remedy at law for any breach or threatened breach of this Agreement would be inadequate, and therefore,
agree that Brainsway shall be entitled to injunctive relief, without posting bond or other security, in addition to any other available
rights and remedies in cases of any such breach or threatened breach; provided, however, that nothing contained herein shall be
construed as prohibiting Brainsway from pursuing any other rights and remedies available for any such breach or threatened breach.
You further agree that if suit is successfully brought to enforce this Agreement or to seek damages for its breach or threatened
breach, you will pay to Brainsway, in addition to any other damages caused to Brainsway, all attorneys’ fees incurred by
Brainsway in seeking such relief.

 

2. Jurisdiction and
Governing Law. You agree that any proceeding concerning the enforcement of this Agreement, including an entry of a temporary
and/or permanent restraining order which precludes the breach or continuing breach of this Agreement shall be brought in the United
States District Court for the Southern District of New York or in the Supreme Court of the State of New York, New York County,
and you consent to personal jurisdiction therein. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of New York, without regard to conflict of law principles.

 

3. No Waiver.
No failure or delay by Brainsway in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof
or preclude any other or further exercise thereof or the exercise of any other rights, power or privilege hereunder.

 

4. No Oral Modification.
This Agreement may not be changed or modified except by a written agreement that has been signed by both you and a director or
officer of the Company.

 

5. Blue Penciling
and Severability. It is the intention of you and the Company that the provisions of this Agreement shall be enforced to the
fullest extent permissible under the laws of New York. If any court of competent jurisdiction or arbitration panel determinates
that any covenant or provisions of this Agreement is unenforceable or unlawful, that covenant or provision shall not render unenforceable
or impair the remaining covenants and provisions of this Agreement. In addition, if any covenant or provision is held to be unenforceable
because of the scope, duration or area of its applicability, the court or tribunal making such determination shall have the power
to modify such scope, duration or area, or all of them, and such covenant or provision shall then be applicable in such modified
form and every other provision of this Agreement shall remain in full force and effect.

 

    
	Brainsway USA, Inc.	Page 10

    

    

 

6. Successor and Assigns.
The Company may assign this Agreement to any successors or assigns, and you shall be bound to any successor or assign of the Company.

 

Agreed to and accepted:

 

	By: 	 	 	 	 
	 	[EMPLOYEE NAME]	 	Date	 

 

    
	Brainsway USA, Inc.	Page 11

    

    

 

Addendum to Employment Agreement

 

Dated July ____, 2019

 

	To:	Brainsway USA, Inc. and/or
	 	Brainsway Ltd.

 

Re: Confirmation of Absence of Employer-Employee
Relationship

 

I, the undersigned, Hadar Levy, Israeli I.D. No. 025176884
irrevocably warrant, declare, confirm and undertake towards Brainsway USA, Inc. / Brainsway Ltd. and/or any of their affiliates
as follows:

 

		a.	On July ___, 2019 I signed the Employment Agreement with Brainsway USA, Inc. (the: “Company”),
under which I agreed to be employed in the US as Chief Financial Officer and Chief Operations Officer (the: “Employment
Agreement”).

 

		b.	I acknowledge that the Company is a separate legal entity from Brainsway Ltd. and there does not
now exist, nor shall there exist during the course of the provision of my services, an employer-employee relationship between myself
and Brainsway Ltd. (the: “Parent”).

 

		c.	I neither have, nor shall I have in the future, any claim and/or demand and/or contention against
Parent in connection with the existence of any employer-employee relationship and/or my entitlement to payment of any kind including
but not limited to; salary, compensation, benefits, pension, social security, recreation pay, severance pay and so forth from the
Parent.

 

		d.	I hereby specifically acknowledge that Parent is not responsible for my employment in any way,
and any assistance it may render to the Company by way of handling various aspects regarding my relocation is merely in order to
facilitate the Company’s execution of the Employment Agreement and shall not constitute any form of contractual relationship
between myself and Parent.

 

		e.	I am aware that due to my engagement with the Company outside of Israel, the consideration paid
to me under the Employment Agreement is substantially higher than if I was engaged by Parent, in which event my consideration would
be set at 69,888.60 NIS, and in the event of employment by an Israeli company, the aforementioned sum would include
all social and other benefits afforded under law, including vacation, recreation, severance pay and pension payments.

 

    
	Brainsway USA, Inc.	Page 12

    

    

 

		f.	I agree and accept that my services to the Company, under the Employment Agreement are not governed
by Israeli Law, and therefore that I am solely responsible to ensure my pension and/or social security and/or any other right conferred
by Israeli Law and the Company and/or anyone on its behalf and/or Parent shall not be liable towards me in any way under any circumstances
regarding any such rights or infringement on any of my rights derived from my stay and employment in the US.

 

		g.	In the event that at any time in the future I or anyone on my behalf shall raise a claim or press
charges or suit against the Company and/or anyone on its behalf and/or Parent attempting to assert that the Israeli Law governs
my engagement under the Employment Agreement or that there are employer-employee relations between myself and Parent, despite the
provisions of the Employment Agreement and my explicit agreement that the laws of the state of New York governs the Employment
Agreement, it shall be determined that my consideration/wages shall be set at 54,387.17 NIS and I shall be liable
to reimburse the Company for all excess payments made to me including interest and linkage differentials, and the sum stated in
this clause shall be considered the complete and total sum of the consideration/wages for the purpose of calculation of all and
any of my rights, benefits and payments.

 

		h.	The provisions of this declaration shall survive termination or expiration of the Employment Agreement
for any reason and shall remain in full force and effect at all times thereafter, and I acknowledge that the Company and Parent
rely on this declaration.

 

IN WITNESS WHEREOF the undersigned
has affixed his signature hereto on the day and year first set forth above.

 

		 	

		 	

 

 

	Brainsway USA, Inc.	Page 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]