Amendment to Employment Agreement between Oriens Life Sciences (Israel) Ltd. and Dr. Shay Goldstein

Summary

This amendment updates the employment terms between Oriens Life Sciences (Israel) Ltd. and Dr. Shay Goldstein. Effective December 1, 2005, Dr. Goldstein will serve as Chief Medical Officer (CMO) for both the company and its parent company, with a gross monthly salary of $8,000. No additional compensation will be provided for duties performed for the parent company. All other terms of the original employment agreement remain unchanged.

EX-10.7 2 v031397_ex10-7.txt EXHIBIT 10.7 AMENDMENT TO EMPLOYMENT AGREEMENT THIS AMENDMENT is entered into as of this 7 day of December, 2005, by and between Oriens Life Sciences (Israel) Ltd., a private company duly registered in Israel (the "Company"), and Dr. Shay Goldstein (the "Executive"). WHEREAS the Executive currently serves in the role of Chief Executive Officer of the Company, pursuant to an Employment Agreement dated May 31, 2005 (the "Agreement"; all capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them in the Agreement); and WHEREAS the Company and the Executive both wish to continue the Executive's employment with the Company, in the position of Chief Medical Officer ("CMO") of the Company, under the terms and conditions set forth herein. NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 1. From and after December 1, 2005 (the "Effective Date"), the Executive shall serve as the CMO of the Company and of the Parent Company, and perform all duties of a CMO for the Company and the Parent Company. 2. The Executive's gross monthly Salary for performing the duties of CMO for the Company and the Parent Company shall be US$ 8,000. To prevent any doubt, the Executive shall not be entitled to any additional compensation for duties performed on behalf of the Parent Company. 3. Any provision of the Agreement not specifically amended herein shall remain unaffected in effect and in force, mutatis mutandis. IN WITNESS WHEREOF the parties hereto have executed this Amendment, effective as of the date first written above. ORIENS LIFE SCIENCES (ISRAEL) LTD. EXECUTIVE Per: /s/ Amnon Presler /s/ Shay Goldstein ----------------------- ------------------ Name: Amnon Presler Shay Goldstein Title: Chief Executive Officer -6-