Exhibit 10.1
 
 
The Frost Group, LLC
4400 Biscayne Boulevard
Miami, Florida  33137

 
Date: 
May 14, 2009

 
To: 
Modigene Inc.

3 Sapir Street
Weizmann Science Park
Nes-Ziona, Israel 74170
 

 
Re: 
Credit Agreement

 
Reference is hereby made to (i) the Credit Agreement (the “Credit Agreement”)
dated as of March 25, 2008 among Modigene, Inc. as the borrower (the
“Borrower”), and The Frost Group, LLC, as the lender (the “Lender” capitalized
terms used and not otherwise defined herein shall have the meaning assigned to
them in the Credit Agreement), and (ii) the Note.
 
By signing below, the Lender hereby agrees that, effective as of the date
hereof:
 
 
1.
Notwithstanding anything to the contrary in the Credit Agreement or the Note,
the One-Year Anniversary (as defined in the Note) shall be extended and deemed
to be July 31, 2009.

 
 
2.
The Lender hereby agrees and acknowledges that the Credit Agreement is binding
and enforceable against the Lender and that, except for the modifications
contained herein, the terms, conditions and provisions of the Credit Agreement
and the Note, and any other documents referred to herein or therein, shall
continue in full force and effect.

 
This agreement shall be governed by, and shall be construed and enforced in
accordance with, the internal laws of the State of Florida.
 
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SIGNED:
 
THE FROST GROUP, LLC
 
 
By:
/s/ Steven D. Rubin
       
Name:
Steven D. Rubin
       
Title:
Member
 

 
MODIGENE, INC.
 
 
By:
/s/ Shai Novik
       
Name:
Shai Novik
       
Title:
President
 

 

 
 
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