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Unassociated Document

    
      AMENDMENT
        TO EXECUTIVE EMPLOYMENT AGREEMENT

       

      This
        Amendment (the “Amendment”) is made this 5th day of May, 2008 by and between
        Stacy M. Friederichsen (the “Executive”) and United PanAm Financial Corp. and
        its subsidiary United Auto Credit Corporation, both of which may be referred
        to
        interchangeably hereinafter as the “Company.”

      

      WHEREAS,
        the
        Company and Executive have previously entered into an Executive Employment
        Agreement, executed on July 30, 2007 and made effective January 1, 2007 (the
        “Employment Agreement”); and

      

      WHEREAS,
        the
        parties hereto desire to amend the Employment Agreement to reflect certain
        changes that have been made to Executive’s title, base salary and bonus
        potential.

      

      NOW,
        THEREFORE, the
        Executive and the Company agree that the Employment Agreement is hereby amended
        as follows:

      

      1. Paragraph
        2.1 of the Employment Agreement is modified as follows: 

      

      “Position.
        Executive is employed on a full-time basis as Chief Operating Officer and
        Executive Vice President of the Company, shall report directly to the President
        and CEO, and shall have the duties and responsibilities commensurate with
        such
        position as shall be reasonably and in good faith determined from time to
        time
        by the Board of Directors (“the Board”).”

      

      2. Exhibit
        A
        to the Employment Agreement is modified as follows:

      

      (a) In
        the
        second column under “Fiscal 2008,” the described “Base” for Executive shall
        state: “$335,000” instead of “$236,250.” The “Bonus Target at 100%” line shall
        be modified to state “a minimum of 10%” instead of “35%” for Executive. The
        reference to “$82,688” in that same line shall be deleted and replaced with
“$33,500.” 

      

      (b) In
        the
        third column under “Fiscal 2009,” the described “Base” for Executive shall state
“$351,750” instead of $248,063.” The “Bonus Target at 100%” line shall be
        modified to state “a minimum of 10%” instead of “35%” for Executive. The
        reference to “$86,822” in that same line shall be deleted and replaced with
“$35,175.”

      

      3. Employment
        Agreement.
        To the
        extent not expressly amended hereby, the Employment Agreement remains in
        full
        force and effect.

      

      4. Entire
        Agreement.
        This
        Amendment, taken together with the Employment Agreement, represents the entire
        agreement of the parties and shall superseded any and all previous contracts,
        arrangements or understandings between the parties with respect to the subject
        matter hereof. This Amendment may be amended at any time by mutual written
        agreement of the parties hereto.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      IN
        WITNESS WHEREOF,
        this
        Amendment has been entered into as of the date first set forth
        above.

      
        	 	 	 
	 	 
	 	EXECUTIVE
	 
 	 
 	 
 
	Dated:
                May 5, 2008	By:  	/s/ Stacy
                M.
                Friederichsen
	 	
                Stacy
                  M. Friederichsen

                27
                  Calle Saltamontes

                San
                  Clemente, CA 92673

              

      

      
        	 	 	 
	 	 
	 	
                UNITED
                  PANAM FINANCIAL CORP.

              
	 
 	 
 	 
 
	Dated:
                May 5, 2008	By:  	/s/ Ray
                C.
                Thousand
	 	
                Ray
                  C. Thousand

                President
                  and CEO

              
	 	Title 

      

      

        
          
             

          

          
            2EMPLOYMENT
      AGREEMENT

     

     

    THIS
      AGREEMENT is made this 1st day of May, 2008 by and between ORAMED
      Ltd., a
      company
      incorporated under the laws of the State of Israel, , with an address at 2
      Elza
      Street, Jerusalem, Israel 93706 (the ”Company”)
      and
Chaime
      Orlev,
      an
      individual residing at, 10 Hameysdim, st Kiryat Ono, Israel , Israel
      (the ”Executive”).
      

     

    WHEREAS:
      

     

    A.    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. (the
      “Parent”);
      and

     

    B.    The
      Executive and the Company wish to formally record the terms and conditions
      upon
      which the Executive will be employed by the Company, and each of the Company
      and
      the Executive have agreed to the terms and conditions set forth in this
      Agreement, as evidenced by their execution hereof.

     

    NOW
      THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and
      the
      mutual covenants and agreements herein contained, the parties hereto covenant
      and agree as follows:

     

    
      	
              1.

            	
              ENGAGEMENT

            

    

     

    
      	
              1.1

            	
              Engagement
                of Executive.
                Subject to earlier termination of the Agreement as hereinafter provided,
                the Company hereby agrees to employ the Executive in accordance with
                the
                terms and provisions hereof.

            

    

     

    
      	
              1.2

            	
              Term.
                Unless terminated earlier in accordance with the provisions hereof,
                the
                term of employment under this Agreement shall commence on May 1,
                2008
                (the “Effective
                Date”)
                and shall continue until terminated by either party as provided herein
                (the “Term”).

            

    

     

    
      	
              1.3

            	
              Service. 

            

    

     

    
      	 	
              (a)

            	
              Scope
                of service - from the Effective Date, until July 31, 2008 (the
                “First
                Term”),
                the Executive shall perform his work on the basis of a half time
                position.
                Starting from August 1, 2008 until the termination of his employment
                according to Section 1.2 hereinabove (the “Second
                Term”),
                the Executive shall perform his work on the basis of a full time
                position.

            

    

     

    
      	 	
              (b)

            	
              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 during the period of this Agreement.
                The Executive agrees and undertakes to inform the board of directors
                of
                the Company (the “Board”)
                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.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
        -2-

      

    

     

    
      	
              1.4

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

            

    

     

    
      	 	
              (a)

            	
              reporting
                to the Chief Executive Officer and Board, the Executive shall serve
                as the
                Chief Financial Officer, Secretary and Treasurer of the Company and
                Parent;

            

    

     

    
      	 	
              (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
                Chief
                Executive Officer; and

            

    

     

    
      	 	
              (e)

            	
              the
                Executive shall report the results of his duties hereunder to the
                Chief
                Executive Officer and/or the Board as it may request from time to
                time.

            

    

     

    
      	
              2.

            	
              COMPENSATION

            

    

     

    
      	
              2.1

            	
              Salary.
                For services rendered by the Executive during the Term, the Executive
                shall be paid a monthly salary, as
                follows: 

            

    

     

    
      	 	
              (a)

            	
              During
                the First Term - the Executive shall be entitled to a gross monthly
                amount
                of NIS 20,000 (the “Salary”).

            

    

     

    During
      the Second Term - the Executive shall be entitled to a gross monthly amount
      of
      NIS 30,000 (the “Salary”).

     

    
      
         

      

      
         

        
          

        

      

      
        -3-

      

    

     

    
      	 	
              (b)

            	
              The
                Executive's assignment is included among the positions of 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)

            	
              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 4 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. The use of the Car shall be in accordance with the
                provisions of the Company's car policy, as may be amended from time
                to
                time by the Company. The Employee shall bear any tax payments resulting
                from the aforesaid, to the extent applicable. The Car will be returned
                to
                the Company by the Employee immediately upon termination of Employee's
                employment by the Company, for any reason
                whatsoever.

            

    

     

    
      	
              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;
                Recreation Pay.
                The Executive shall be entitled to 20 vacation days per year. The
                Executive shall be entitled to accrue vacation days across one fiscal
                year. 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 upon termination of this agreement,
                with or without cause, according to Israeli Labor Law and
                practice.

            

    

     

    
      	
              2.5

            	
              Additional
                Benefits.
                The Employee 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 Employee
                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 Employee 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).

            

    

     

    
      
         

      

      
         

        
          

        

      

      
        -4-

      

    

     

    
      	
              3.

            	
              Social
                Insurance and Benefits

            

    

    

    
      	
            	3.1	
              The
                Executive shall be entitled to Manager's Insurance as
                follows:

            

    

    
       

        The
          Company shall make payments for the Executive’s benefit to a manager’s insurance
          policy (the “Policy”),
          which
          shall remain in the Company's possession and shall be managed on the Executive’s
          name. The Company shall pay into the Policy an aggregate amount representing
          13.33% of the then provided Salary as follows: 8.33% for severance compensation
          and 5% for pension compensation (“Tagmulim”). In addition, the Company shall
          deduct 5% of the Salary and transfer that amount to the Policy. Also, the
          Company shall contribute monies for disability insurance in accordance
          with the
          Company's accepted policies. All
          payments to the Pension Scheme will be made in compliance with Section
          14 of the
          Severance Compensation Law, 1963, and in accordance with the general approval
          of
          the Labor Minister dated June 9, 1998, promulgated under said Section 14,
          a copy
          of which is attached hereby as Exhibit A, and the terms of Section 14 and
          said
          general approval will apply to the relationship hereunder. Therefore, the
          ownership of the Pension Scheme will be transferred to the Employee upon
          the
          termination of employment and the Company will not be entitled to retrieve
          any
          of the funds it transferred to the Pension Scheme, other than in accordance
          with
          Section 14 and said general approval and the transfer of the Pension Scheme
          to
          the ownership of the Employee will be the full and only compensation to
          be paid
          by the Company to the Employee in such circumstances in respect of severance
          pay
          with respect to the insured Salary.

      

    

     

    
      	 	
              3.2

            	
              Keren
                Hishtalmut
                .
                The Company and Executive shall open and maintain a Keren Hishtalmut
                Fund
                (the “Fund”).
                The Company shall contribute to the Fund an amount equal to 7.5%
                of each
                monthly Salary payment up to the maximum amount recognized for tax
                benefits pursuant to the Income Tax Ordinance, and Executive shall
                contribute to the Fund an amount equal to 2.5% of each monthly Salary
                payment up to the maximum amount recognized for tax purposes pursuant
                to
                the Income Tax Ordinance. Executive hereby instructs the Company
                to
                transfer to the Fund the amount of Executive’s and the Company’s
                contribution from each monthly Salary payment.

            

    

    

    
      	 	
              3.3

            	
              Effect
                of Termination. Upon termination of this Agreement by either party,
                other
                than in circumstances constituting Cause (as defined below), the
                Company
                shall assign and transfer to the Executive, after Executive has met
                all of
                Executive's obligations hereunder in connection with such termination
                of
                employment, the ownership in the aforesaid Manager's Insurance and
                Keren
                Hishtalmut Fund. Notwithstanding the above, in the event that this
                Agreement is terminated in circumstances constituting Cause, the
                Company,
                in its absolute discretion, may retain its payments to such funds
                and
                release to the Executive only those sums contributed by Executive
                to such
                funds.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
        -5-

      

    

     

    
      	 	
              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.

            

    

     

    
      	
              4.

            	
              CONFIDENTIALITY

            

    

     

    
      	
              4.1

            	
              Maintenance
                of Confidential Information.
                The Executive acknowledges that in the course of employment hereunder
                the
                Executive will, either directly or indirectly, have access to and
                be
                entrusted with information (whether oral, written or by inspection)
                relating to the Company and its parent company, or its associates
                or
                customers (the “Confidential
                Information”).
                For the purposes of this Agreement, “Confidential Information”
                includes, without limitation, any and all Developments (as defined
                herein), trade secrets, inventions, innovations, techniques, processes,
                formulas, drawings, designs, products, systems, creations, improvements,
                documentation, data, specifications, technical reports, customer
                lists,
                supplier lists, distributor lists, distribution channels and methods,
                retailer lists, reseller lists, employee information, financial
                information, sales or marketing plans, competitive analysis reports
                and
                any other thing or information whatsoever, whether copyrightable
                or
                uncopyrightable or patentable or unpatentable. The Executive acknowledges
                that the Confidential Information constitutes a proprietary right,
                which
                the Company is entitled to protect. Accordingly the Executive covenants
                and agrees that during the Term and thereafter until such time as
                all the
                Confidential Information becomes publicly known and made generally
                available through no action or inaction of the Executive, the Executive
                will keep in strict confidence the Confidential Information and shall
                not,
                without prior written consent of the Company, disclose, use or otherwise
                disseminate the Confidential Information, directly or indirectly,
                to any
                third party.

            

    

     

    
      	
              4.2

            	
              Exceptions.
                The general prohibition contained in Section 4.1 against the unauthorized
                disclosure, use or dissemination of the Confidential Information
                shall not
                apply in respect of any Confidential Information
                that:

            

    

     

    
      	 	
              (a)

            	
              is
                available to the public generally in the form
                disclosed;

            

    

     

    
      	 	
              (b)

            	
              becomes
                part of the public domain through no fault of the
                Executive;

            

    

     

    
      	 	
              (c)

            	
              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

            

    

     

    
      	 	
              (d)

            	
              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.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
        -6-

      

    

     

    
      	
              4.3

            	
              Developments.
                Any information, technology, technical data or any other thing or
                documentation whatsoever which the Executive, either by himself or
                in
                conjunction with any third party, has conceived, made, developed,
                acquired
                or acquired knowledge of during the Executive's employment with the
                Company or in connection therewith or which the Executive, either
                by
                himself or in conjunction with any third party, shall conceive, make,
                develop, acquire or acquire knowledge of (collectively the “Developments”)
                during the Term or in connection with the Executive’s employment with the
                Company shall automatically form part of the Confidential Information,
                and
                shall become and remain the sole and exclusive property of the Company.
                Accordingly, the Executive does hereby irrevocably, exclusively and
                absolutely assign, transfer and convey to the Company in perpetuity
                all
                worldwide right, title and interest in and to any and all Developments
                and
                other rights of whatsoever nature and kind in or arising from or
                pertaining to all such Developments created or produced by the Executive
                during the course of performing this Agreement or in connection therewith,
                including, without limitation, the right to effect any registration
                in the
                world to protect the foregoing rights. The Company shall have the
                sole,
                absolute and unlimited right throughout the world, therefore, to
                protect
                the Developments by patent, copyright, industrial design, trademark
                or
                otherwise and to make, have made, use, reconstruct, repair, modify,
                reproduce, publish, distribute and sell the Developments, in whole
                or in
                part, or combine the Developments with any other matter, or not use
                the
                Developments at all, as the Company sees
                fit.

            

    

     

    
      	
              4.4

            	
              Protection
                of Developments.
                The Executive does hereby agree that, both before and after the
                termination of this Agreement, the Executive shall perform such further
                acts and execute and deliver such further instruments, writings,
                documents
                and assurances (including, without limitation, specific assignments
                and
                other documentation which may be required anywhere in the world to
                register evidence of ownership of the rights assigned pursuant hereto)
                as
                the Company shall reasonably require in order to give full effect
                to the
                true intent and purpose of the assignment made under Section 4.3
                hereof. 

            

    

     

    
      	
              4.5

            	
              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.

            

    

     

    
      	
              4.6

            	
              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.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
        -7-

      

    

     

    
      	
              4.7

            	
              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.

            	
              Non-Competition

            

    

     

    
      	
              5.1

            	
              Non
                Competition.
                Executive agrees and undertakes that he will not, so long as he is
                employed by the Company and for a period of 12 months following
                termination of his employment for whatever reason, directly or indirectly,
                as owner, partner, joint venture, stockholder, employee, broker,
                agent,
                principal, corporate officer, director, licensor or in any other
                capacity
                whatever engage in, become financially interested in, be employed
                by, or
                have any connection with any business or venture that competes with
                the
                Company's business, including any business which, when this Agreement
                terminates, 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; 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.

            

    

     

    
      	
              5.2

            	
              No
                Solicitation.
                Executive agrees and undertakes that during the period of his employment
                and for a period of 12 months following termination for any reason
                whatsoever, he will not, directly or indirectly, including personally
                or
                in any business in which he is an officer, director or shareholder,
                for
                any purpose or in any place, employ any person (as an employee or
                consultant) employed by the Company at such time or during the preceding
                twelve months, unless such person has been terminated by the Company,
                provided however, that such person who is terminated by the Company
                may be
                employed by Executive as described above only after the expiration
                of
                twelve months after the effective date of such
                termination.

            

    

     

    
      	
              6.

            	
              Termination

            

    

     

    
      	
              6.1

            	
              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”
                also means that the Executive shall
                have:

            

    

     

    
      	 	
              (a)

            	
              committed
                an intentional 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;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
        -8-

      

    

     

    
      	 	
              (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;

            

    

     

    
      	 	
              (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.

     

    
      	
              6.2

            	
              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.

            

    

     

    
      	
              6.3

            	
              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.

            

    

     

    
      	 	
              (b)

            	
              This
                Agreement shall remain in full force and effect until the end of
                the
                Notice Period and there shall be no change in Executive's compensation
                terms or any of his obligations hereunder during such Notice period
                unless
                otherwise agreed by the parties hereto in writing.
                

            

    

     

    
      
         

      

      
         

        
          

        

      

      
        -9-

      

    

     

    
      	 	
              (c)

            	
              Notwithstanding
                Section 6.2
                above, during the Notice Period the Company may, at its discretion,
                relieve Executive of his position immediately, upon which Executive
                shall
                leave the Company on such notice from the Company. Such actions shall
                not
                derogate in any way or manner whatsoever from Executive's rights
                to
                receive the Salary until the end of the Notice
                period.

            

    

     

    
      	
              6.4

            	
              Limitation
                of Damages.
                It
                is agreed that in the event of termination of employment, neither
                the
                Company, nor the Executive shall be entitled to any notice, or payment
                in
                excess of that specified in this Article 6.

            

    

     

    
      	
              6.5

            	
              Return
                of Materials.
                Within three days of any 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.

            

    

     

    
      	
              6.6

            	
              Effect
                of Termination.
                Articles 4
                and 5
                hereto and hereto shall remain in full force and effect after termination
                of this Agreement, for any reason
                whatsoever.

            

    

     

    
      	
              7.

            	
              Mutual
                Representations

            

    

     

    
      	
              7.1

            	
              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.

            

    

     

    
      	
              7.2

            	
              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.

            

    

     

    
      	
              7.3

            	
              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). 

            

    

     

    
      
         

      

      
         

        
          

        

      

      
        -10-

      

    

     

    
      	
              8.

            	
              Notices

            

    

     

    
      	
              8.1

            	
              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
          Pharmaceuticals Inc.

        Migdal
          Aviv

        7
          Abba
          Hilel St,

        Ramat
          Gan
          52520

        Israel
          

         

        Fax: 972
          9
          9550454

      

    

     

    
      	 	
              (b)

            	
              and
                in the case of the Executive, to the Executive's last residence address
                known to the Company.

            

    

     

    
      	
              8.2

            	
              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.

            

    

     

    
      	
              9.

            	
              GENERAL

            

    

     

    
      	
              9.1

            	
              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.

            

    

     

    
      	
              9.2

            	
              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).

            

    

     

    
      	
              9.3

            	
              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.

            

    

     

    
      	
              9.4

            	
              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.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
        -11-

      

    

     

    
      	
              9.5

            	
              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.

            

    

     

    
      	
              9.6

            	
              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.

            

    

     

    
      	
              9.7

            	
              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.

            

    

     

    
      	
              9.8

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

            

    

     

    
      	
              9.9

            	
              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.

            

    

     

    
      	
              9.10

            	
              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.
                

            

    

     

    
      	
              9.11

            	
              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.

            

    

     

    This
      Agreement replaces a notification in accordance with the Notice to Employee
      Law
      (Employment Terms), 2002.

     

    
      
         

      

      
         

        
          

        

      

      
        -12-

      

    

     

    IN
      WITNESS WHEREOF the parties hereto have executed this Agreement effective as
      of
      the date and year first above written.

    

     

    
      
        	ORAMED Ltd.	 
	 	 
	Per: /s/
                Nadav Kidron	/s/Chaime Orlev
	 	Chaime Orlev
	Name: Nadav
                Kidron	 
	 	 
	Title: President

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