Unassociated Document


    

      ORAMED
        PHARMACEUTICALS, INC.

       

      INDEMNIFICATION
        AGREEMENT

       

      INDEMNIFICATION
        AGREEMENT,
        dated as
        of _________, 2008 (“Agreement”),
        by
        and between ORAMED
        PHARMACEUTICALS, INC.,
        a Nevada
        corporation (the “Company”),
        and
        ________________ (“Indemnitee”).

       

      WHEREAS,
        Indemnitee is a director of the Company and performs valuable services in
        such
        capacities for the Company;

       

      WHEREAS,
        the
        Company and Indemnitee recognize the substantial increase in corporate
        litigation in general, subjecting directors, officers, employees, agents
        and
        fiduciaries to expensive litigation risks at the same time as the availability
        and coverage of liability insurance may be limited;

       

      WHEREAS,
        the
        Company and Indemnitee further recognize the difficulty in obtaining liability
        insurance for its directors, officers, employees, agents and fiduciaries,
        the
        significant increases in the cost of such insurance and the general reductions
        in the coverage of such insurance;

       

      WHEREAS,
        Indemnitee does not regard the current protection available as adequate under
        the present circumstances, and the Indemnitee and other directors, officers,
        employees, agents and fiduciaries of the Company may not be willing to continue
        to serve in such capacities without additional protection; and

       

      WHEREAS,
        the
        Company desires to attract and retain the services of highly qualified
        individuals, such as Indemnitee, to serve the Company and, in part, in order
        to
        induce Indemnitee to continue to provide services to the Company as a director,
        the Company wishes to provide for the indemnification and advancing of expenses
        to Indemnitee to the maximum extent permitted by law.

       

      NOW,
        THEREFORE,
        the
        Company and Indemnitee hereby agree as follows:

       

      1. Indemnification.

       

      (a) Indemnification
        of Expenses.
        The
        Company shall indemnify Indemnitee to the fullest extent permitted by law
        if
        Indemnitee was or is or becomes a party to or witness or other participant
        in,
        or is threatened to be made a party to or witness or other participant in,
        any
        threatened, pending or completed action, suit, proceeding or alternative
        dispute
        resolution mechanism, or any hearing, inquiry or investigation that Indemnitee
        in good faith believes might lead to the institution of any such action,
        suit,
        proceeding or alternative dispute resolution mechanism, whether civil, criminal,
        administrative, investigative or other (hereinafter a "Claim") by reason
        of (or
        arising in part out of) any event or occurrence related to the fact that
        Indemnitee is or was a director, officer, employee, agent or fiduciary of
        the
        Company, or any subsidiary of the Company, or is or was serving at the request
        of the Company as a director, officer, employee, agent or fiduciary of another
        corporation, partnership, joint venture, trust or other enterprise, or by
        reason
        of any action or inaction on the part of Indemnitee while serving in such
        capacity (hereinafter an “Indemnifiable
        Event”)
        against any and all expenses (including attorneys’ fees and all other costs,
        expenses and obligations incurred in connection with investigating, defending,
        being a witness in or participating in (including on appeal), or preparing
        to
        defend, be a witness in or participate in, any such action, suit, proceeding,
        alternative dispute resolution mechanism, hearing, inquiry or investigation),
        judgments, fines, penalties and amounts paid in settlement (if such settlement
        is approved in advance by the Company, which approval shall not be unreasonably
        withheld) of such Claim and any federal, state, local or foreign taxes imposed
        on the Indemnitee as a result of the actual or deemed receipt of any payments
        under this Agreement (collectively, hereinafter “Expenses”),
        including all interest, assessments and other charges paid or payable in
        connection with or in respect of such Expenses. Such payment of Expenses
        shall
        be made by the Company as soon as practicable but in any event no later than
        thirty (30) days after written demand by Indemnitee therefor is presented
        to the
        Company.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b) Reviewing
        Party.
        Notwithstanding the foregoing, (i) the obligations of the Company under Section
        l(a) shall be subject to the condition that the Reviewing Party (as described
        in
        Section 10(e) hereof) shall not have determined (in a written opinion, in
        any
        case in which the Independent Legal Counsel referred to in Section 1(c) hereof
        is involved) that Indemnitee would not be permitted to be indemnified under
        applicable law, and (ii) the obligation of the Company to make an advance
        payment of Expenses to Indemnitee pursuant to Section 2(a) (an “Expense
        Advance”)
        shall
        be subject to the condition that, if, when and to the extent that the Reviewing
        Party determines that Indemnitee would not be permitted to be so indemnified
        under applicable law, the Company shall be entitled to be reimbursed by
        Indemnitee (who hereby agrees to reimburse the Company) for all such amounts
        theretofore paid; provided, however, that if Indemnitee has commenced or
        thereafter commences legal proceedings in a court of competent jurisdiction
        to
        secure a determination that Indemnitee should be indemnified under applicable
        law, any determination made by the Reviewing Party that Indemnitee would
        not be
        permitted to be indemnified under applicable law shall not be binding and
        Indemnitee shall not be required to reimburse the Company for any Expense
        Advance until a final judicial determination is made with respect thereto
        (as to
        which all rights of appeal therefrom have been exhausted or lapsed).
        Indemnitee’s obligation to reimburse the Company for any Expense Advance shall
        be unsecured and no interest shall be charged thereon. If there has not been
        a
        Change in Control (as defined in Section 10(c) hereof), the Reviewing Party
        shall be selected by the Board of Directors, and if there has been such a
        Change
        in Control (other than a Change in Control which has been approved by a majority
        of the Company’s Board of Directors who were directors immediately prior to such
        Change in Control), the Reviewing Party shall be the Independent Legal Counsel
        referred to in Section l(c) hereof. If there has been no determination by
        the
        Reviewing Party or if the Reviewing Party determines that Indemnitee
        substantively would not be permitted to be indemnified in whole or in part
        under
        applicable law, Indemnitee shall have the right to commence litigation seeking
        an initial determination by the court or challenging any such determination
        by
        the Reviewing Party or any aspect thereof, including the legal or factual
        bases
        therefor, and the Company hereby consents to service of process and to appear
        in
        any such proceeding. Any determination by the Reviewing Party otherwise shall
        be
        conclusive and binding on the Company and Indemnitee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) Change
        in Control.
        The
        Company agrees that if there is a Change in Control of the Company (other
        than a
        Change in Control which has been approved by a majority of the Company’s Board
        of Directors who were directors immediately prior to such Change in Control)
        then with respect to all matters thereafter arising concerning the rights
        of
        Indemnitee to payments of Expenses and Expense Advances under this Agreement
        or
        any other agreement or under the Company’s Certificate of Incorporation or
        By-laws as now or hereafter in effect, the Company shall seek legal advice
        only
        from Independent Legal Counsel (as defined in Section 10(d) hereof) selected
        by
        Indemnitee and approved by the Company (which approval shall not be unreasonably
        withheld). Such counsel, among other things, shall render its written opinion
        to
        the Company and Indemnitee as to whether and to what extent Indemnitee would
        be
        permitted to be indemnified under applicable law. The Company agrees to pay
        the
        reasonable fees of the Independent Legal Counsel referred to above and to
        fully
        indemnify such counsel against any and all expenses (including attorneys’ fees),
        claims, liabilities and damages arising out of or relating to this Agreement
        or
        its engagement pursuant hereto.

       

      (d) Mandatory
        Payment of Expenses.
        Notwithstanding any other provision of this Agreement, to the extent that
        Indemnitee has been successful on the merits or otherwise, including, without
        limitation, the dismissal of an action without prejudice, in defense of any
        action, suit, proceeding, inquiry or investigation referred to in Section
        (1)(a)
        hereof or in the defense of any claim, issue or matter therein, Indemnitee
        shall
        be indemnified against all Expenses incurred by Indemnitee in connection
        therewith.

       

      (e) Tax
        Gross Up.
        The
        amount of any indemnity payable to the Indemnitee will be computed in accordance
        with the following formula:

      


      B
        

      A
        = 
————

        1
        -
        C

      where:

      


      
        	 	
                A
                  =

              	
                the
                  amount of indemnity payable by the Company to the Indemnitee pursuant
                  to
                  this Agreement

              


      

      


      
        	 	
                B
                  =

              	
                the
                  amount of indemnity that would otherwise be payable by the Company
                  to the
                  Indemnitee pursuant to this Agreement on the assumption that such
                  amount
                  is computed without reference to any increased liability of the
                  Indemnitee
                  under applicable income, payroll, value added or any other tax
                  laws
                  arising in consequence of such
                  payment,

              


      

       

      
        	 	
                C
                  =

              	
                the
                  aggregate of the highest effective rates of all taxes (including
                  all
                  surtaxes) under such tax laws applicable to the Indemnitee in respect
                  of
                  such payment, after giving effect to any applicable bilateral tax
                  convention or treaty, and

              


      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2. Expenses;
        Indemnification Procedure.

       

      (a) Advancement
        of Expenses.
        The
        Company shall advance all Expenses incurred by Indemnitee. The advances to
        be
        made hereunder shall be paid by the Company to Indemnitee as soon as practicable
        but in any event no later than five (5) days after written demand by Indemnitee
        therefor to the Company.

       

      (b) Notice/Cooperation
        by Indemnitee.
        Indemnitee shall, as a condition precedent to Indemnitee’s right to be
        indemnified under this Agreement, give the Company notice in writing as soon
        as
        practicable of any Claim made against Indemnitee for which indemnification
        will
        or could be sought under this Agreement. Notice to the Company shall be directed
        to the Chief Executive Officer of the Company at the address shown on the
        signature page of this Agreement (or such other address as the Company shall
        designate in writing to Indemnitee). In addition, Indemnitee shall give the
        Company such information and cooperation as it may reasonably require and
        as
        shall be within Indemnitee’s power.

       

      (c) No
        Presumptions; Burden of Proof.
        For
        purposes of this Agreement, the termination of any claim, action, suit or
        proceeding, by judgment, order, settlement (whether with or without court
        approval) or conviction, or upon a plea of nolo contendere,
        or its
        equivalent, shall not create a presumption that Indemnitee did not meet any
        particular standard of conduct or have any particular belief or that a court
        has
        determined that indemnification is not permitted by applicable law. In addition,
        neither the failure of the Reviewing Party to have made a determination as
        to
        whether Indemnitee has met any particular standard of conduct or had any
        particular belief, nor an actual determination by the Reviewing Party that
        Indemnitee has not met such standard of conduct or did not have such belief,
        prior to the commencement of legal proceedings by Indemnitee to secure a
        judicial determination that Indemnitee should be indemnified under applicable
        law, shall be a defense to Indemnitee’s claim or create a presumption that
        Indemnitee has not met any particular standard of conduct or did not have
        any
        particular belief. In connection with any determination by the Reviewing
        Party
        or otherwise as to whether the Indemnitee is entitled to be indemnified
        hereunder, the burden of proof shall be on the Company to establish that
        Indemnitee is not so entitled.

       

      (d) Notice
        to Insurers.
        If, at
        the time of the receipt by the Company of a notice of a Claim pursuant to
        Section 2(b) hereof, the Company has liability insurance in effect which
        may
        cover such Claim, the Company shall give prompt notice of the commencement
        of
        such Claim to the insurers in accordance with the procedures set forth in
        the
        respective policies. The Company shall thereafter take all necessary or
        desirable action to cause such insurers to pay, on behalf of the Indemnitee,
        all
        amounts payable as a result of such action, suit, proceeding, inquiry or
        investigation in accordance with the terms of such policies. Nothing in this
        Section 2(d) shall limit the Company’s obligations as otherwise provided for
        herein, including the Company’s obligation to pay Expenses under Section 1(a) or
        to advance Expenses under Section 2(a). 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (e) Selection
        of Counsel.
        In the
        event the Company shall be obligated hereunder to pay the Expenses of any
        action, suit, proceeding, inquiry or investigation, the Company, if appropriate,
        shall be entitled to assume the defense of such action, suit, proceeding,
        inquiry or investigation with counsel approved by Indemnitee, upon the delivery
        to Indemnitee of written notice of its election so to do. After delivery
        of such
        notice, approval of such counsel by Indemnitee and the retention of such
        counsel
        by the Company, the Company will not be liable to Indemnitee under this
        Agreement for any fees of counsel subsequently incurred by Indemnitee with
        respect to the same action, suit, proceeding, inquiry or investigation; provided
        that, (i) Indemnitee shall have the right to employ Indemnitee’s counsel in any
        such action, suit, proceeding, inquiry or investigation at Indemnitee’s expense
        and (ii) if (A) the employment of counsel by Indemnitee has been previously
        authorized by the Company, (B) Indemnitee shall have reasonably concluded
        that
        there may be a conflict of interest between the Company and Indemnitee in
        the
        conduct of any such defense, or (C) the Company shall not continue to retain
        such counsel to defend such action, suit, proceeding, inquiry or investigation,
        then the fees and expenses of Indemnitee’s counsel shall be at the expense of
        the Company.

       

      3. Additional
        Indemnification Rights; Nonexclusivity.

       

      (a) Scope.
        The
        Company hereby agrees to indemnify the Indemnitee to the fullest extent
        permitted by law, notwithstanding that such indemnification is not specifically
        authorized by the other provisions of this Agreement, the Company’s Certificate
        of Incorporation, the Company’s By-laws or by statute. In the event of any
        change after the date of this Agreement in any applicable law, statute or
        rule
        which expands the rights of the corporation to indemnify a member of its
        board
        of directors or an officer, employee, agent or fiduciary, it is the intent
        of
        the parties hereto that Indemnitee shall enjoy by this Agreement the greater
        benefits afforded by such change. In the event of any change in any applicable
        law, statute or rule which narrows the rights of this Company to indemnify
        a
        member of its board of directors or an officer, employee, agent or fiduciary,
        such change, to the extent not otherwise required by such law, statute or
        rule
        to be applied to this Agreement, shall have no effect on this Agreement or
        the
        parties’ rights and obligations hereunder.

       

      (b) Nonexclusivity.
        The
        indemnification provided by this Agreement shall be in addition to any rights
        to
        which Indemnitee may be entitled under the Company’s Certificate of
        Incorporation, its By-laws, any agreement, any vote of shareholders or
        disinterested directors, the relevant business corporation law of the Company’s
        state of incorporation, or otherwise. The indemnification provided under
        this
        Agreement shall continue as to Indemnitee for any action taken or not taken
        while serving in an indemnified capacity even though Indemnitee may have
        ceased
        to serve in such capacity.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4. No
        Duplication of Payments.
        The
        Company shall not be liable under this Agreement to make any payment in
        connection with any action, suit, proceeding, inquiry or investigation made
        against Indemnitee to the extent Indemnitee has otherwise actually received
        payment (under any insurance policy, Certificate of Incorporation, By-laws
        or
        otherwise) of the amounts otherwise indemnifiable hereunder.

       

      5. Partial
        Indemnification.
        If
        Indemnitee is entitled under any provision of this Agreement to indemnification
        by the Company for some or a portion of Expenses in the investigation, defense,
        appeal or settlement of any civil or criminal action, suit, proceeding, inquiry
        or investigation, but not, however, for all of the total amount thereof,
        the
        Company shall nevertheless indemnify Indemnitee for the portion of such Expenses
        to which Indemnitee is entitled.

       

      6. Mutual
        Acknowledgment.
        Both
        the Company and Indemnitee acknowledge that in certain instances, Federal
        law or
        applicable public policy may prohibit the Company from indemnifying its
        directors, officers, employees, agents or fiduciaries under this Agreement
        or
        otherwise. Indemnitee understands and acknowledges that the Company has
        undertaken or may be required in the future to undertake with the Securities
        and
        Exchange Commission to submit the question of indemnification to a court
        in
        certain circumstances for a determination of the Company’s right under public
        policy to indemnify Indemnitee.

       

      7. Liability
        Insurance.
        To the
        extent the Company maintains liability insurance applicable to directors,
        officers, employees, agents or fiduciaries, Indemnitee shall be covered by
        such
        policies in such a manner as to provide Indemnitee the same rights and benefits
        as are accorded to the most favorably insured of the Company’s directors, if
        Indemnitee is a director; or of the Company’s officers, if Indemnitee is not a
        director of the Company but is an officer; or of the Company’s key employees,
        agents or fiduciaries, if Indemnitee is not an officer or director but is
        a key
        employee, agent or fiduciary.

       

      8. Exceptions.
        Any
        other provision herein to the contrary notwithstanding, the Company shall
        not be
        obligated pursuant to the terms of this Agreement:

       

      (a) Excluded
        Action or Omissions.
        To
        indemnify Indemnitee for acts, omissions or transactions from which Indemnitee
        may not be relieved of liability under applicable law.

       

      (b) Claims
        Initiated by Indemnitee.
        To
        indemnify or advance expenses to Indemnitee with respect to proceedings or
        claims initiated or brought voluntarily by Indemnitee and not by way of defense,
        except (i) with respect to proceedings brought to establish or enforce a
        right
        to indemnification or advancement of expenses under this Agreement or any
        other
        agreement or insurance policy or under the Company’s Certificate of
        Incorporation or By-laws now or hereafter in effect relating to Claims for
        Indemnifiable Events, (ii) in specific cases if the Board of Directors has
        approved the initiation or bringing of such suit, or (iii) as otherwise required
        under the applicable provisions of the business corporation law of the Company’s
        state of incorporation, regardless of whether Indemnitee ultimately is
        determined to be entitled to such indemnification, advance expense payment
        or
        insurance recovery, as the case may be.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) Lack
        of Good Faith.
        To
        indemnify Indemnitee for any expenses incurred by the Indemnitee with respect
        to
        any proceeding instituted by Indemnitee to enforce or interpret this Agreement,
        if a court of competent jurisdiction determines that each of the material
        assertions made by the Indemnitee in such proceeding was not made in good
        faith
        or was frivolous; or

       

      (d) Claims
        Under Section 16(b).
        To
        indemnify Indemnitee for expenses and the payment of profits arising from
        the
        purchase and sale by Indemnitee of securities in violation of Section 16(b)
        of
        the Securities Exchange Act of 1934, as amended (the “Exchange
        Act”),
        or
        any similar successor statute.

       

      9. Period
        of Limitations.
        No
        legal action shall be brought and no cause of action shall be asserted by
        or in
        the right of the Company against Indemnitee, Indemnitee’s estate, spouse, heirs,
        executors or personal or legal representatives after the expiration of two
        (2)
        years from the date of accrual of such cause of action, and any claim or
        cause
        of action of the Company shall be extinguished and deemed released unless
        asserted by the timely filing of a legal action within such two (2)-year
        period;
provided,
        however,
        that if
        any shorter period of limitations is otherwise applicable to any such cause
        of
        action, such shorter period shall govern.

       

      10. Construction
        of Certain Phrases.

       

      (a) For
        purposes of this Agreement, references to the “Company”
shall
        include, in addition to the resulting corporation, any constituent corporation
        (including any constituent of a constituent) absorbed in a consolidation
        or
        merger which, if its separate existence had continued, would have had power
        and
        authority to indemnify its directors, officers, employees, agents or
        fiduciaries, so that if Indemnitee is or was a director, officer, employee,
        agent or fiduciary of such constituent corporation, or is or was serving
        at the
        request of such constituent corporation as a director, officer, employee,
        agent
        or fiduciary of another corporation, partnership, joint venture, employee
        benefit plan, trust or other enterprise, Indemnitee shall stand in the same
        position under the provisions of this Agreement with respect to the resulting
        or
        surviving corporation as Indemnitee would have with respect to such constituent
        corporation if its separate existence had continued.

       

      (b) For
        purposes of this Agreement, references to “other
        enterprise”
shall
        include employee benefit plans; references to "fines"
        shall
        include any excise taxes assessed on Indemnitee with respect to an employee
        benefit plan; and references to “serving
        at the request of the Company”
shall
        include any service as a director, officer, employee, agent or fiduciary
        of the
        Company which imposes duties on, or involves services by, such director,
        officer, employee, agent or fiduciary with respect to an employee benefit
        plan,
        its participants or its beneficiaries.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) For
        purposes of this Agreement a “Change
        in Control”
shall
        be deemed to have occurred if (i) any "person" (as such term is used in Sections
        13(d) and 14(d) of the Exchange Act), other than a trustee or other fiduciary
        holding securities under an employee benefit plan of the Company or a
        corporation owned directly or indirectly by the shareholders of the Company
        in
        substantially the same proportions as their ownership of stock of the Company,
        is or becomes the “beneficial
        owner”
(as
        determined in accordance with Rule 13d-3 under said Exchange Act), directly
        or
        indirectly, of securities of the Company representing more than twenty percent
        (20%) of the total voting power represented by the Company’s then outstanding
        Voting Securities, (ii) during any period of two (2) consecutive years,
        individuals who at the beginning of such period constitute the Board of
        Directors of the Company and any new director whose election by the Board
        of
        Directors or nomination for election by the Company’s shareholders was approved
        by a vote of at least two thirds (2/3) of the directors then still in office
        who
        either were directors at the beginning of the period or whose election or
        nomination for election was previously so approved, cease for any reason
        to
        constitute a majority thereof, or (iii) the shareholders of the Company approve
        a merger or consolidation of the Company with any other corporation other
        than a
        merger or consolidation which would result in the Voting Securities of the
        Company outstanding immediately prior thereto continuing to represent (either
        by
        remaining outstanding or by being converted into Voting Securities of the
        surviving entity) at least 80% of the total voting power represented by the
        Voting Securities of the Company or such surviving entity outstanding
        immediately after such merger or consolidation, or the shareholders of the
        Company approve a plan of complete liquidation of the Company or an agreement
        for the sale or disposition by the Company of (in one transaction or a series
        of
        transactions) all or substantially all of the Company’s assets.

       

      (d) For
        purposes of this Agreement, “Independent
        Legal Counsel”
shall
        mean an attorney or firm of attorneys, selected in accordance with the
        provisions of Section 1(c) hereof, who shall not have otherwise performed
        services for the Company or Indemnitee within the last three years (other
        than
        with respect to matters concerning the rights of Indemnitee under this
        Agreement, or of other indemnitees under similar indemnity
        agreements).

       

      (e) For
        purposes of this Agreement, a “Reviewing
        Party”
shall
        mean any appropriate person or body consisting of a member or members of
        the
        Company’s Board of Directors or any other person or body appointed by the Board
        of Directors who is not a party to the particular Claim for which Indemnitee
        is
        seeking indemnification, or Independent Legal Counsel.

       

      (f) For
        purposes of this Agreement, “Voting
        Securities”
shall
        mean any securities of the Company that vote generally in the election of
        directors.

       

      11. Counterparts.
        This
        Agreement may be executed in one or more counterparts, each of which shall
        constitute an original.

       

      12. Binding
        Effect; Successors and Assigns.
        This
        Agreement shall be binding upon and inure to the benefit of and be enforceable
        by the parties hereto and their respective successors and assigns, including
        any
        direct or indirect successor by purchase, merger, consolidation or otherwise
        to
        all or substantially all of the business and/or assets of the Company, spouses,
        heirs, and personal and legal representatives. The Company shall require
        and
        cause any successor (whether direct or indirect by purchase, merger,
        consolidation or otherwise) to all, substantially all, or a substantial part,
        of
        the business and/or assets of the Company, by written agreement in form and
        substance satisfactory to Indemnitee, expressly to assume and agree to perform
        this Agreement in the same manner and to the same extent that the Company
        would
        be required to perform if no such succession had taken place. This Agreement
        shall continue in effect regardless of whether Indemnitee continues to serve
        as
        a director of the Company or of any other enterprise at the Company’s
        request.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      13. Attorneys’
        Fees.
        In the
        event that any action is instituted by Indemnitee under this Agreement or
        under
        any liability insurance policies maintained by the Company to enforce or
        interpret any of the terms hereof or thereof, Indemnitee shall be entitled
        to be
        paid all Expenses incurred by Indemnitee with respect to such action, regardless
        of whether Indemnitee is ultimately successful in such action, and shall
        be
        entitled to the advancement of Expenses with respect to such action, unless
        as a
        part of such action the court of competent jurisdiction over such action
        determines that each of the material assertions made by Indemnitee as a basis
        for such action were not made in good faith or were frivolous. In the event
        of
        an action instituted by or in the name of the Company under this Agreement
        to
        enforce or interpret any of the terms of this Agreement, Indemnitee shall
        be
        entitled to be paid all Expenses incurred by Indemnitee in defense of such
        action (including costs and expenses incurred with respect to Indemnitee’s
        counterclaims and cross-claims made in such action), and shall be entitled
        to
        the advancement of Expenses with respect to such action, unless as a part
        of
        such action the court having jurisdiction over such action determines that
        each
        of Indemnitee’s material defenses to such action were made in bad faith or were
        frivolous.

       

      14. Notice.
        All
        notices, requests, demands and other communications under this Agreement
        shall
        be in writing and shall be deemed duly given (i) if delivered by hand and
        receipted for by the party addressee, on the date of such receipt, or (ii)
        if
        mailed by domestic certified or registered mail with postage prepaid, on
        the
        third business day after the date postmarked. Addresses for notice to either
        party are as shown on the signature page of this Agreement, or as subsequently
        modified by written notice.

       

      15. Consent
        to Jurisdiction.
        The
        Company and Indemnitee each hereby irrevocably consent to the jurisdiction
        of
        the courts of the State of Delware for all purposes in connection with any
        action or proceeding which arises out of or relates to this Agreement and
        agree
        that any action instituted under this Agreement shall be commenced, prosecuted
        and continued only in the Superior Court of the State of Delaware in and
        for
        Kent County, which shall be the exclusive and only proper forum for adjudicating
        such a claim.

       

      16. Severability.
        The
        provisions of this Agreement shall be severable in the event that any of
        the
        provisions hereof (including any provision within a single section, paragraph
        or
        sentence) are held by a court of competent jurisdiction to be invalid, void
        or
        otherwise unenforceable, and the remaining provisions shall remain enforceable
        to the fullest extent permitted by law. Furthermore, to the fullest extent
        possible, the provisions of this Agreement (including, without limitations,
        each
        portion of this Agreement containing any provision held to be invalid, void
        or
        otherwise unenforceable, that is not itself invalid, void or unenforceable)
        shall be construed so as to give effect to the intent manifested by the
        provision held invalid, illegal or unenforceable.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      17. Choice
        of Law.
        This
        Agreement shall be governed by and its provisions construed and enforced
        in
        accordance with the laws of the State of Delaware, as applied to contracts
        between Delaware residents, entered into and to be performed entirely within
        the
        State of Delaware, without regard to the conflict of laws principles
        thereof.

       

      18. Subrogation.
        In the
        event of payment under this Agreement, the Company shall be subrogated to
        the
        extent of such payment to all of the rights of recovery of Indemnitee, who
        shall
        execute all documents required and shall do all acts that may be necessary
        to
        secure such rights and to enable the Company effectively to bring suit to
        enforce such rights.

       

      19. Amendment
        and Termination.
        No
        amendment, modification, termination or cancellation of this Agreement shall
        be
        effective unless it is in writing signed by both the parties hereto. No waiver
        of any of the provisions of this Agreement shall be deemed or shall constitute
        a
        waiver of any other provisions hereof (whether or not similar) nor shall
        such
        waiver constitute a continuing waiver.

       

      20. Integration
        and Entire Agreement.
        This
        Agreement sets forth the entire understanding between the parties hereto
        and
        supersedes and merges all previous written and oral negotiations, commitments,
        understandings and agreements relating to the subject matter hereof between
        the
        parties hereto, including without limitation, any indemnification agreements
        previously entered into between the Company and Indemnitee.

       

      21. No
        Construction as Employment Agreement.
        Nothing
        contained in this Agreement shall be construed as giving Indemnitee any right
        to
        be retained in the employ of the Company or any of its
        subsidiaries.

      
 

      **********

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

       

       

      
        	 	 	 
	 	ORAMED
                PHARMACEUTICALS, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name: 

                Title:
                   

              


      

       

       

       

      AGREED
        TO AND ACCEPTED:

       

      INDEMNITEE:

       

      


       

      ____________________________________

      (signature)

      


      ____________________________________

      (print
        name)

      


      ____________________________________

      (address)