Preview | Employment Agreement |

Employment Agreement

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT is entered into as of October 7,2007 by and between Brainstorm Cell Therapeutics Ltd., a company incorporated under the laws of the State of Israel and maintaining its principal place of business at 12 Bazel St. Petach Tikva, Israel (the ?Company?), and Brainstorm Cell Therapeutics Inc. a company incorporated under the laws of the State of Deleware and maintaining its principal place of business at 110 East 59th Street, New York, N.Y (?Brainstorm Inc.? ), and Abraham Efrati Israeli ID number 030165989 residing at 5 Beit -El st. Ramat - Gan , Israel (the ?Employee?).

WHEREAS The Company is engaged, inter alia, in the research, development, manufacturing and marketing of adult stem cell therapeutics for neurological diseases; and

WHEREAS The Company and Brainstorm Inc. desire to engage the Employee as Chief Executive Officer (the ?CEO? ) and the Employee desires to enter into such employment and represents that he has the requisite skill and knowledge to serve as such; and

WHEREAS The parties desire to set forth herein the terms and conditions of the Employee's engagement by the Company and Brainstorm Inc., effective as of the date of this Agreement, as set forth below;

NOW THEREFORE, in consideration of the mutual promises contained herein, and intending to be legally bound, the parties hereto agree as follows:

1. EMPLOYMENT - GENERAL

1.1.

Employment. Company and Brainstorm Inc. hereby employ Employee and Employee hereby accepts employment upon the terms and conditions set forth herein. Employee shall commence his employment with the Company and Brainstorm Inc. on October 7 ,2007

1.2.

The Position. The Employee shall be employed as the Chief Executive Officer (the ?Position?) and in such capacity, he shall be subject to the direction and control of the Company?s and Brainstorm Inc.?s Board of Directors.

1.3.

Personal Service Contract. The Parties hereto confirm that this is a personal service contract and that the relationship between the parties hereto shall not be subject to any general or special collective employment agreement or any custom or practice of Company in respect of any of its other employees or contractors. Except as expressly provided in this Agreement, Employee shall not be entitled to any payments or other benefits in respect of his employment upon the termination of his employment with Company or Brainstorm Inc.

1.4.

Special Degree of Personal Trust. Employee acknowledges and agrees that from the perspective of the status, responsibility and terms of employment of Employee, he shall be counted amongst those employees whose functions require a special degree of personal trust, and the conditions and circumstances of whose employment do not facilitate the supervision of their work and rest hours as those expressions are defined in the Hours of Work and Rest Law, 5711-1951 and accordingly the restrictions specified in the aforementioned Law and in the Wage Protection Law, 1958 shall not apply to his employment. Employee shall not be entitled to demand or receive, inter alia, payment for overtime, and the amount paid to him as a Salary (as defined below), shall also include full compensation for overtime hours.

2. EMPLOYEE?S UNDERTAKINGS. Employee hereby undertakes as follows:

2.1.

Carry out of Instructions. To carry out all of the instructions related to his employment in accordance with the instructions of Management.

2.2.

Fidelity. To perform the duties and assignments imposed upon his in the scope of his employment with the Company and Brainstorm Inc. with devotion, honesty and fidelity, subject to the Company?s and Brainstorm Inc.?s policies in effect from time to time, and to dedicate to the performance of the said duties all his know how, qualifications and experience and all the time, diligence and attention required for the performance thereof efficiently, with fidelity and in accordance with the requirements of this Agreement, and to use his best endeavors in order to consolidate Company and Brainstorm Inc. and to advance the affairs and business of Company and Brainstorm Inc. and the realization of their respective objectives. The parties agree that the duties and assignments of Employee?s CEO position will require most of Employee?s work time, but that he may spend up to four hours a month on other business matters as long as such other activity would not constitute a conflict of interest as further set forth in Section 2.3 or entail any competition with the business of the Company or Brainstorm Inc. as further set forth in Section 7.1.

End of Preview

Home Intelligence Services Subscriptions News About Us