Document:

Exhibit 10.3

 

**Confidential portions have been omitted
pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission (the
“Commission”)**

 

BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)

 

	
        

        Technology

         
	Yissum owns all the rights of Prof.  Elka Touitou (the " Researcher") in the technology comprising  Compositions for Nasal Delivery   developed by the Researcher at the Hebrew University of Jerusalem ("HUJ"), relating to the Field (as defined below) as claimed in the patent applications and patents (collectively, the “Patents”) listed in Appendix A attached to this Term Sheet (the “Technology”). 
	 	 
	Type of License	If and when a definitive license agreement is executed by Licensor (“License Agreement”), under such License Agreement Licensor shall grant Therapix Ltd. (“Company”) an exclusive, world-wide license for the Technology in the field of nasal delivery of cannabinoids only (“Field”). 
	 	 
	Territories	Worldwide
	 	 
	No Shop Obligation Period and Evaluation	
        Commencing as of
the date hereof and until the termination date of the Notice Period and any Negotiations Period (as such terms are defined below),
the later of the two, (“No Shop Period”), Licensor shall not negotiate with any third parties for the grant
of any rights to the Technology in the Field, and during the No Shop Period Licensor shall not grant any rights to the Technology
in the Field to any third parties. During the No-Shop Period the Company, at its sole responsibility and cost, shall conduct whatever
evaluation and diligence it believes is needed in order to decide if a license to the Technology is desired. Yissum has no liability,
and does not provide any undertakings or representations, regarding any particular value or use of the Technology or any patentability,
freedom to operate or infringement matters, and the Company, on its own or via third parties, shall be solely responsible for
conducting the evaluation and diligence as in its sole discretion it sees fit.

	 	 
	Negotiations Period	No later than at the end of the period of 60 (sixty) days from the Effective Date (“Notice Period”), the Company shall notify Licensor in writing whether or not if it desires to negotiate a License Agreement with Yissum (“Notice”).  If Company’s Notice states that Company desires to negotiate a License Agreement, then subject to the terms set out in this Term Sheet, Company and Yissum shall negotiate in good faith the terms of the License Agreement for a period of up to 60 days or any mutually agreed extension thereto (“Negotiations Period”).  At the end of the No-Shop Period, in the event that a license agreement has not been executed, this Term Sheet shall automatically expire, the Licensor and the Researcher shall have no obligations to the Company regarding the Technology and the Licensor shall be free to license or otherwise exploit the Technology, on its own or via third parties, in its sole discretion as it sees fit. No amounts paid hereunder shall be refundable. 

 

     

     

    

 

BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)

 

	
         

         

         

         

         

         

         

        IP Ownership
	
        As between the parties, Licensor
        shall hold all right, title and interest in and to the Patents (this subject to license rights granted to the Company under any
        license agreement with Yissum). The Company acknowledges and agrees that the Patents have been licensed out by Yissum to a third
        party, and Yissum has terminated such third party license (the "Existing License") and is not restricted by such
        third party from entering into the License Agreement.

         

        Notwithstanding the above, results
        and intellectual property resulting from services that are undertaken for the Company, its affiliates or its sublicensees at and
        through HUJ by the Researcher or any other faculty member, student or employee of HUJ or Yissum in connection with the Technology
        under the License Agreement shall be exclusively owned by Licensor and shall be exclusively licensed to the Company under the exclusive
        license of the License Agreement (if any). Such services shall be provided under separate work orders as may be agreed by the parties
        from time to time.

 

	Royalties from sales by  the Company, a Company affiliate or a sublicensee	
        Royalty
Rate. [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
SEPARATELY WITH THE COMMISSION] in cumulative sales on a world-wide basis, [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] of Net Sales following
such time that cumulative sales on a world-wide basis are over [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] in such sales and [THE CONFIDENTIAL
PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
in such cumulative sales (to be defined in any License Agreement) of a Product by the Company, a Company affiliate or any
sublicensee. “Product” means any product, system, device, material, method process or service, the development,
manufacture, provision or sale of which, in whole or in part (i) uses, exploits, comprises, incorporates or improves upon the
Technology or the Company’s Development Results (to be defined in any License Agreement) or any part thereof or is otherwise
covered thereby, or falls within the scope thereof, in whole or in part, or uses the Technology or the Development Results as
a basis for subsequent modifications; or (ii) but for the Company’s license would infringe a Valid Claim (to be defined
in any License Agreement) of a Patent.

 

    	 	2	 

     

    

 

BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)

 

	 	Royalty
                                         Period. The royalty payable to Yissum hereunder shall be paid during a period
                                         which shall continue on a product-by-product and country-by-country basis, for the longer
                                         of: (i) fifteen (15) years from the date of the first commercial sale of such product
                                         in such country, (ii) the date of expiration of any exclusivity on the Product granted
                                         by a regulatory or government body in such country; and (iii) the date of the last to
                                         expire of the Patents in such country (the "Royalty Period").

                                                                                                                                 

                                                                                                                                Competition.
                                         In the event that a Product is sold during the Royalty Period, then in the event
                                         of Competition (if any) with respect to such Product in such country, and for so long
                                         as such Competition persists, the royalty amount payable to Yissum for sales of such
                                         Product in such country shall be reduced by [THE CONFIDENTIAL PORTION HAS BEEN SO
                                         OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
                                         WITH THE COMMISSION]; for purposes of illustration only, if Yissum would be entitled
                                         to receive the royalty amount of [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
                                         TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
                                         if not for any royalty reduction, and if there is Competition, then Yissum will be
                                         entitled to receive the royalty amount of [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
                                         PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
                                         COMMISSION]. “Competition” shall mean, with respect to a Product in a
                                         country, when (a) one or more Competitive Product(s) are being marketed in such country;
                                         and (b) there are no Valid Patent Claims covering such Product or Exclusivity in respect
                                         of such Product, in such country. “Competitive Product” shall mean
                                         a product (a) containing an active pharmaceutical ingredient that is the same as the
                                         active ingredient in the Product being sold in a country and that utilizes a nasal delivery
                                         system as the system of delivery for such active pharmaceutical ingredient, (b) that
                                         obtained regulatory approval, (c) that is legally marketed in such country by an entity
                                         other than the Company, its Affiliates and/or Sublicensees, and (d) that at the end of
                                         the applicable calendar year of Product sales results in the reduction in volume of sales
                                         of such Product in such country by the Company, its Affiliates and/or Sublicensees, in
                                         comparison to the prior calendar year, by at least [THE CONFIDENTIAL PORTION HAS BEEN
                                         SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
                                         WITH THE COMMISSION]. In the event of Competition in any particular calendar year
                                         for a particular Product in a particular country, then should there be deductions from
                                         royalty payments that the Company was entitled under the License Agreement to deduct
                                         in such case, but did not deduct due to the need to compare product sales for that calendar
                                         year and the prior calendar year, then such deductions will be rolled over and deducted
                                         from royalty amounts payable during the first quarter of the next calendar year for sales
                                         of such Product in such country.

 

    	 	3	 

     

    

 

BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)

 

	 	Third
                                         party License. In the event that the Company is required to pay, and actually
                                         pays, during the term of the License Agreement royalty payments to third parties for
                                         exploitation of their intellectual property rights, covering Product technology, that
                                         are lawfully required for the sale of the particular Product (“Third Party Royalty
                                         Payments”), then the Company shall be entitled to take [THE CONFIDENTIAL
                                         PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS
                                         BEEN FILED SEPARATELY WITH THE COMMISSION] of such third party royalty payments as
                                         a deduction from the gross sales amount of such Product in such country during the same
                                         period in computing the Net Sales amount for the relevant Product, country and period.
                                         Notwithstanding the foregoing, the Royalty Rate shall not, in any event, be reduced by
                                         more than [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR
                                         CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] for such
                                         Products sold by the Company, its Affiliates and Sublicensees in such country.  

 

All reductions in Royalties combined shall,
in the aggregate, be capped at, and not exceed, [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] of the Royalty Rate.

 
	
        

        Sublicense Fees on non-sales
        related consideration from the grant of a sublicense or offer to grant a sublicense
	[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]

 

    	 	4	 

     

    

 

BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)

 

	Milestone
Payments	
        [THE CONFIDENTIAL PORTION
        HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

         

        Each Milestone Payment
shall be payable only once. 

        In the event that the occurrence
        of any milestone entitles Yissum to receive Milestone Payment and Sublicense Fee with respect to a payment by a sublicensee to
        the Company or its affiliate for reaching such milestone, then Yissum shall receive the higher of the two but not both payments.

	 	 
	Equity
in case of establishing a subsidiary	 If a Company affiliate will be established (“Newco”) for exploitation of the Technology, the Company and the Licensor will negotiate in good faith, and include in the License Agreement, an equity allocation for Yissum.   
	 	 
	Taxes	Value added tax, withholding tax and other taxes (if any) related to the License Agreement consideration shall be borne by the Company.
	 	 
	Patent Expenses	At the effective date of any License Agreement, the Company shall reimburse the Licensor for all past patent related expenses not yet reimbursed hereunder, and shall pay for all ongoing patent expenses (arising in connection with filing, prosecution, maintenance and enforcement of the Patents). 
	 	 
	Patent Handling and Control	During the term of any License Agreement, the filing, prosecution and maintenance of the Patents shall be led by Yissum in close coordination and cooperation with the Company through patent counsel selected by Company and reasonably acceptable to Yissum.
	 	 
	Patent Enforcement	During the term of any license agreement, the first right of Patents enforcement for the Field will be with the Company.   The Company shall indemnify the Licensor the University, and the Researcher in connection with the enforcement and shall be entitled to join Yissum to any suit if required by law. If the Company does not enforce, Yissum, with the cooperation of the Company, will be entitled to do so.
	 	 
	Limitation of Liability & Indemnification	
        

        to the extent permitted by applicable
        law, neither Yissum nor the University, nor the Researcher (collectively: “Licensors Group”), shall have any
        liability whatsoever to the Company or to any of the Company’s affiliates and sublicensees, or to their respective distributors,
        customers, agents or representatives, for or on account of, any loss, damage or expense of any kind or nature, in connection with,
        or resulting from, any exploitation or use of the Technology or any Technology related product.

         

        The Company shall compensate,
        indemnify, defend and hold harmless the Licensors Group from and against any damage, loss, costs and expenses, including legal
        costs, attorneys’ fees and litigation expenses, incurred by one or more members of the Licensors Group by reason of any acts
        or omissions of the Company, its affiliates or sublicensees, or which derive from the exploitation or use of the Technology or
        any Technology related product.

        

 

    	 	5	 

     

    

 

BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)

 

	Confidentiality & Publication	
        The Company agrees to be bound
        by, and have applied, the confidentiality and non-disclosure obligations of the non-disclosure agreement already executed by the
        Parties and attached hereto as Appendix A (“CDA Obligations”) with respect to any and all information related
        to the Technology and/or its exploitation that is disclosed by Yissum during the term of this MOU. The Company agrees that the
        CDA Obligations shall bind the Company with respect to information, if any, that Yissum discloses during the term of this MOU even
        if disclosed following the end of the twelve month term of such Appendix B agreement.

         

        The License Agreement shall
        contain: (a) standard mutual confidentiality provisions; and (b) standard terms of freedom of Yissum/University to publish details
        of the Licensed Technology subject to the Company’s prior written consent, which the Company may reasonably withhold solely
        to delete the Company confidential information or to allow for the filing of patent applications, provided that any delay in publication
        is in no event longer than 90 days from the day that the Researcher sent the said publication to Newco, after which publication
        will be automatically permitted.

         

        Yissum specifically acknowledges
        and understands that the Company is a public company traded on Tel Aviv Stock Exchange. Accordingly, the Company is required to
        make certain disclosures and publications under applicable laws which may include this Term Sheet and/or the parties' discussions,
        such disclosure not to be deemed a breach of this Term Sheet. All such disclosures will be redacted to exclude all business terms
        to the extent such redaction is permitted by applicable law or regulation. Any disclosure by the disclosing party will be coordinated
        with the other party in writing in advance.

	 	 
	Expenses	Each party will pay its respective legal and other fees and expenses associated with all aspects of the transactions contemplated hereunder.
	 	 
	Additional Provisions	The License Agreement will include customary reporting, payment and audit rights provisions.
	 	 
	Assignment

	
        Company shall be entitled to
        assign its rights and obligations hereunder and/or under the License Agreement to wholly-owned subsidiaries of Company (each, a
        "Subsidiary") without Yissum's consent, provided, however, that in the event of such assignment, the Subsidiary agrees
        in writing to be bound by the terms hereof as an original party hereto.

         

        Additional assignment rights
        upon exit events, if mutually agreed, shall be detailed in the License Agreement.

	 	 
	Governing Law	This Term Sheet shall be governed by the laws of the State of Israel. The Parties submit to the exclusive jurisdiction of the competent courts in Tel Aviv.

 

    	 	6	 

     

    

 

BINDING TERM SHEET FOR GRANT
OF LICENSE BY YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)

 

IN WITNESS WHEREOF THE PARTIES BELOW HAVE SIGNED THIS TERM SHEET
AS OF THE DATE WRITTEN ABOVE:

 

	/s/
    YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW
    UNIVERSITY OF JERUSALEM LTD.  	 	/s/
    Therapix Biosciences Ltd.   
	 	 	 
	By:	Ariela Markel	 	By:	        
	Title:	VP
    Licensing Biotechnology	 	Title:	     
	 	 	 	 	     
	By:	Yaacov
Michlin	 	By:	
	Title:	CEO	 	Title:	 

 

I the undersigned, Prof. Elka Touitou, have reviewed, am familiar
with and agree to all of the above terms and conditions. I hereby undertake to cooperate fully with Yissum in order to ensure its
ability to fulfill its obligations hereunder, as set forth herein.

 

	/s/ Elka Touitou	   	6/24/16  
	Prof. Elka Touitou	 	Date signed

 

     

     

    

 

BINDING TERM SHEET FOR GRANT
OF LICENSE BY YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)

 

Appendix A

 

Patent Listing

 

	Family:	3072 	Title:	Compositions for Nasal Delivery 

 

	Inventor 	 	University 	 	Faculty 	 	Department 
	 	 	 	 	 	 	 
	[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]	 	HUJI	 	 	 	 
	[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]	 	HUJI	 	 	 	 
	[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]	 	HUJI	 	[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]	 	[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

 

	 	Application	Publication	Patent

 

	Patent ID 	Status 	Country 	Date 	Number 	Date 	Number 	Date 	Number 

 

[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]                

 

     

     

    

 

BINDING TERM SHEET FOR GRANT
OF LICENSE BY YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)

 

Appendix B

 

     

     

    

 

BINDING TERM SHEET FOR GRANT OF LICENSE BY
YISSUM RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM LTD. (“Yissum” or “Licensor”)

June 22, 2016 (“Effective Date”)Exhibit
10.4

 

**Confidential
portions have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities
and Exchange Commission (the “Commission”)**

 

Term
Sheet

 

This
Term Sheet, dated June 7, 2016 (the "Effective Date") sets out the agreed business conditions for carrying out
the Transaction (as defined below) between [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] and Therapix Biosciences Ltd. ("Therapix", and
together with “[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS
BEEN FILED SEPARATELY WITH THE COMMISSION]”, the "Parties").

 

	The
    Parties 	(1)	Therapix
    Biosciences Ltd., company no. 51-358165-2, a public company whose shares are listed for trading on the Tel Aviv Stock Exchange
    Ltd. ("TASE"). 
	 	 	 
	 	(2)	[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION] a private company incorporated in [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST
    FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION], Zurich, engages mainly in the field of
    pharmaceuticals.

 

	The
    Transaction 	[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION] shall grant Therapix an irrevocable, worldwide, exclusive, royalty-bearing, sublicensable license to use
    the [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION] Low-Dose Technology (as defined below), for the purpose of Development, manufacturing, sale, distribution,
    marketing and commercialization of the [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] Low-Dose Technology (as defined below) (the "License").
    

 

    	 		 

     

    

 

 

	 	In
        addition to the License, if, and each time, during the period of twenty four (24) months as of the Effective Date, [THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION] receives an offer by a third party with respect to any commercial exploitation of the [THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION] Normal-Dose Technology (as defined below), including any sale, license or grant of any other
        rights by [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN
        FILED SEPARATELY WITH THE COMMISSION] with respect thereto (the "Transaction"), [THE CONFIDENTIAL
        PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
        shall be required to first inform Therapix of such offer (the "Notice") and should Therapix have
        an interest in pursuing the Transaction set forth therein it shall notify [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]. Thereafter the
        parties shall negotiate in good faith a definitive agreement with respect to such Transaction. If Therapix fails to answer
        the Notice within [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND
        HAS BEEN FILED SEPARATELY WITH THE COMMISSION] days or otherwise the parties fails to reach a definitive agreement
        in good faith, [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS
        BEEN FILED SEPARATELY WITH THE COMMISSION] shall be entitled to enter into Transaction with third party but in any
        event not under terms better than those offered by Therapix. The right shall apply during the 24 months with respect to
        any Transaction. The right shall be further described in details in the Definitive Agreements.

         

        "[THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION] Low-Dose Technology" shall mean [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] patent, knowhow
        and proprietary and confidential technology, of low-dose [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO
        A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION], as further detailed in Exhibit
        A attached hereto.

         

        "[THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION] Normal-Dose Technology" shall mean [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] patent, knowhow
        and proprietary and confidential technology of normal-dose [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO
        A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION], as further detailed in Exhibit
        B attached hereto.

 

    	 	2	 

     

    

 

	 	The
    [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION] Low-Dose Technology shall be considered the "[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
    PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] Technology".
    To the extent that the Option is exercised than the [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST
    FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] Normal-Dose Technology shall be deemed part
    of the [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
    SEPARATELY WITH THE COMMISSION]Technology.

 

	Transaction
    Consideration	(i)	[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED  PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION] (as further detailed in the paragraph entitled "Development" below).
	 	 	 
	 	(ii)	[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION].
	 	 	 
	 	(iii)	Therapix shall pay [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] royalties from net sales earned by or on behalf of Therapix,
    on sales of products under the License, as shall be defined in the Definitive Agreement. 
	 	 	 
	 	(iv)	[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION] shall pay Therapix [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] royalties from any income it receives from other uses of
    the [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION] not considered [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] Technology.

 

    	 	3	 

     

    

 

	Development
    	Therapix
        and [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED
        SEPARATELY WITH THE COMMISSION] will partner to develop the [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
        TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] Technology (the "Development").
        [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION] will be responsible for the formulation development. The estimated expenses and schedule for
        the Development are further detailed in Exhibit C attached hereto.

         

        The
        Development shall include, without limitation, the following stages: [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

         

        [THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION] will assist Therapix with identifying and recruiting a CMO.

         

        Therapix
        shall manage and be responsible for the Pharmacokinetics (PK)/Bioavailability Study in healthy volunteers. [THE CONFIDENTIAL
        PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]
        shall have a right to use the Pharmacokinetics (PK)/Bioavailability Study result.

         

        The
        Parties estimate that the Development will continue for a period of [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
        PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] and that the cost
        will be [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN
        FILED SEPARATELY WITH THE COMMISSION] (based on [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST
        FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] quotation), excluding out of pocket
        expenses. The cost is mainly attributed to the engagement of a CMO [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT
        TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION].

 

    	 	4	 

     

    

 

	Intellectual
    Property	1.	[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION] represents that it owns or controls all rights to the patent, knowhow and intellectual property and the
    [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
    WITH THE COMMISSION] Technology under the License or the Option, free and clear of all claims, liens or encumbrances;
    and is unaware of any rights superior which would prevent Therapix from fully exercising its rights under the License or the
    Option. To the best knowledge of [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT
    AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION], there is no pending suit on grounds of alleged infringement, counterfeiting
    or passing off of intellectual property rights relating to the [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO
    A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] Technology of any other person.
	 	 	 
	 	2.	For
    as long as the License is in force, both parties shall fund the filing, prosecution and maintenance of any patent rights pertaining
    to the License.

 

    	 	5	 

     

    

 

	Definitive
    Agreements	The
    obligation of the Parties to consummate the Transaction is subject to and conditioned upon the successful completion of the
    Pharmacokinetics (PK)/Bioavailability Study in healthy volunteers (the "Pilot Completion") and the negotiation
    and execution of agreements consistent with the terms and conditions described in this Term Sheet, including, without limitation,
    Option and License Agreement and other documents consistent with the terms hereof (the "Definitive Agreements"),
    containing such terms and provisions consistent with the terms hereof and as are customarily included in documentation for
    a transaction of this nature and magnitude and as are otherwise agreed to by the Parties.

 

	Conditions
    Precedent 	The
    Parties shall enter into Definitive Agreements upon Successful Pilot Completion, Successfully completion of the Pilot to be
    further defined by Therapix which shall occur on or before 120 days after acceptance of this Term Sheet. The closing of the
    transactions contemplated hereby (the "Closing") shall occur on the last day of the month in which all of
    the conditions to closing, as specified in the Definitive Agreements, have been satisfied or waived by the parties thereto
    (the "Closing Date").  The Closing will be subject to the satisfaction of all customary conditions
    precedent to closing, which shall be identified in the Definitive Agreements, and shall include, without limitation:

 

	 	(1)	completion
    of a due diligence process of the [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
    TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] Technology to the satisfaction of the Therapix; 
	 	 	 
	 	(2)	receipt
                                                         the approval of relevant organs of both Parties according to the Companies Law and any applicable regulations; and

	 	 	 
	 	(3)	completion
    of appropriate filings with and obtainment of the required approvals of the Israeli Securities Authority and the TASE (and
    the OTCQB, if required).

 

	Representations,
    Warranties, Covenants	The
    Definitive Agreements will contain representations, warranties, covenants and indemnities customary for transactions of this
    type, which shall survive for an agreed-upon period of time following the closing of the Transaction.
	 	 
	Expenses	Each
    Party will bear its own expenses in connection with the Transaction, in accordance with the terms hereof.
	 	 
	Confidentiality	The
    existence of this Term Sheet and any materials delivered to Therapix pursuant hereto, will be subject to the Confidentiality
    Agreement by and between the Parties attached hereto as Exhibit D (the "Confidentiality Agreement").
	 	 
	Exclusive
    Dealings	The
    Parties acknowledge that Therapix will devote substantial additional time and substantial resources in connection with drafting
    and negotiating this Term Sheet, the Definitive Agreements and seeking the approval of the Transaction by its organs. As consideration
    for Therapix incurring the time and costs in investigating the Transaction, [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED
    PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] hereby grants Therapix
    the sole and exclusive right to negotiate with respect to the [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO
    A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] Technology and the License and
    the Option for a period of forty five (45) days following the later of the date hereof or the Pilot Completion (the "Exclusivity
    Period"). 

 

    	 	6	 

     

    

 

	 	During
        the Exclusivity Period, neither [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL
        TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] nor any of its shareholders, their respective affiliates
        or any of their respective officers, directors, employees, agents or representatives (collectively, "Representatives")
        will, directly or indirectly, (a) (i) solicit, initiate or encourage any inquiries, discussions or proposals regarding,
        (ii) continue, propose or enter into negotiations or discussions with respect to, or (iii) enter into any agreement or
        other understanding or arrangement with respect to, (x) an acquisition, business combination, financing or a purchase
        of all or any portion of the shares or assets of [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST
        FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] or any of its affiliates, whether by
        merger or otherwise, or (y) any transaction that could reasonably be expected to impede, interfere with, prevent, materially
        delay or limit any benefit to Therapix or its affiliates of the Transaction (the transactions and other matters described
        in clauses (x) and (y) above are hereinafter referred to as an "Alternative Transaction") or (b) except
        as required by law, (i) provide any information to any other person or entity not customarily disclosed to such person
        or entity concerning its business and properties for the purpose of making, evaluating, or determining whether to make
        or pursue any inquiries or proposals with respect to any Alternative Transaction or (ii) afford to any person or entity
        access to its properties, books or records, or otherwise assist or encourage any person or entity in connection with the
        foregoing.

         

        Each
        party shall be responsible for any breach of the foregoing covenants by any of its officers, directors, employees, shareholders,
        agents or Representatives. In the event that after the date of this Term Sheet, either [THE CONFIDENTIAL PORTION HAS
        BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] or
        any of its shareholders receives or becomes aware of a proposal relating to any possible Alternative Transaction, [THE
        CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
        WITH THE COMMISSION] or such shareholder, as the case may be, will promptly notify Therapix in writing of the existence
        of such proposal.

 

	Termination	This
        Term Sheet will terminate upon the earliest to occur of the following (the "Termination Date"): (a) the
        date on which either Party shall notify the other that it no longer wants to pursue the Transaction because it is unable
        to obtain the approval of this Term Sheet by its shareholders after using its best commercial efforts to do so; (b) the
        execution and delivery of the Definitive Agreements; and (c) the date that the Parties mutually agree in writing to terminate
        this Term Sheet.

         

        Upon
        termination hereof, this Term Sheet will be deemed null, void and of no further force or effect, and all obligations and
        liabilities of the Parties under this Term Sheet or otherwise related to the Transaction will terminate; except for the
        obligations set forth in the paragraph entitled "Confidentiality".

 

    	 	7	 

     

    

 

	Governing
    Law & Jurisdiction	This
    Term Sheet, the rights and obligations of the Parties, and any claims or disputes relating thereto, will be governed by and
    construed under and in accordance with the laws of the State of Israel, without regard to conflict of law principles. Each
    party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the competent
    courts of Tel-Aviv, Israel, and any appellate court from any thereof, in any action or proceeding arising out of or relating
    to this Term Sheet or for recognition or enforcement of any judgment relating thereto.
	 	 
	Binding
    Term Sheet	This
    Term Sheet constitutes a legal obligation of each Party towards the other with respect to the Transaction, provided, however,
    that this Term Sheet and any Definitive Agreement are subject to the approval of applicable corporate organs of Therapix.
    

 

In
witness whereof the Parties have set their hands: 

 

	/s/
    	 	/s/
    Therapix Biosciences Ltd. 
	[THE
    CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH
    THE COMMISSION]	 	Therapix
    Biosciences Ltd.

 

    	 	8	 

     

    

 

Exhibit
A

  

[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]

 

    	 	 

     

    

 

Exhibit
B

 

[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]

 

    	 	 

     

    

 

Exhibit
C

 

Development
Schedule

 

[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]

 

    	 	 

     

    

 

Exhibit
D

 

Mutual
Non-Disclosure Agreement

 

This
Mutual Non-Disclosure Agreement (this "Agreement") is entered into this 16 day of June 2015 by and between Therapix
Biosciences Ltd. ("Therapix") having its principal place of business at 5 Azrieli Center (Square Tower), Tel-Aviv
6702501, Israel, and [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS
BEEN FILED SEPARATELY WITH THE COMMISSION]. a Swiss company, with its registered office at Burglistrasse 39, 8304 Wallisellen,
Switzerland (‘‘[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND
HAS BEEN FILED SEPARATELY WITH THE COMMISSION]”)" and together with Therapix, the "Parties").

 

WHEREAS,
each of the Parties owns, possesses or has developed certain technical and business information relating to the technology, business,
products and product plans of such Party, its affiliates and/or of third parties; and in connection with and for the purpose of
discussions towards a business relationship between the Parties (the "Purpose"), each of the Parties (the "Discloser")
is willing to disclose to, and the other Party (the "Recipient") may otherwise have access to and acquire, Confidential
Information (as defined below).

 

NOW,
THEREFORE, the Parties hereby agree as follows:

 

1.
Definition. "Confidential Information" shall mean any information and data of a proprietary or confidential nature,
whether in oral, written, graphic, machine-readable form or in any other form, designated by Discloser as proprietary and/or confidential,
disclosed and/or made available by Discloser to Recipient or otherwise acquired by Recipient as a result of or in connection with
this Agreement and/or the Parties' discussions (whether prior to the execution hereof or thereafter).

 

Confidential
Information shall include, without limitation, proprietary. business, financial, technical, clinical, development, experimental,
formula, design, specifications, product (actual or planned and any derivatives thereof), marketing, sales, strategy, prices,
customers, operating, employees, performance, cost, know-how, research, technique and process information, records and results,
trade secrets, patents, patent applications, copyrights, ideas, improvements and inventions (whether patentable or not) and other
works of authorship, and all record bearing media containing or disclosing such information and techniques. When appropriate,
the term "Confidential Information" shall also include samples, models and prototypes, or parts thereof. The Parties'
discussions and the terms thereof shall be further deemed Confidential Information hereunder.

 

The
confidentiality obligations of this Agreement shall not apply to any information that the Recipient can document (a) is already
or becomes in the public domain through no fault of Recipient or a breach of this Agreement; (b) was, as between the Parties,
lawfully in Recipient's possession prior to receipt from Discloser; (c) is received by Recipient independently from a third party
free to lawfully disclose such information to Recipient; or (d) is independently developed by Recipient without use or reference
of Confidential Information. Confidential Information shall not be deemed to be in the public domain merely because any pan of
the Confidential Information is embodied in general disclosure or because individual features, components or combinations thereof
are now or become known to the public.

 

A
disclosure by Recipient of Confidential Information in response to a valid order by a court or other governmental body, or as
otherwise required by law, and to such extent necessary, shall not be considered to be a breach of this Agreement, provided,
however, that Recipient shall provide Discloser with prompt prior written notice thereof to enable Discloser to seek a
protective order or otherwise prevent or contest such disclosure.

 

[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION] specifically acknowledges and understands that Therapix is a public company traded on the Tel-Aviv Stock Exchange.
Accordingly, (a) Therapix's Confidential Information may be considered as "inside information" pursuant to Israeli securities
laws and regulations; and (b) Therapix is required to make certain disclosures and publications under applicable laws which may
include this Agreement and/or the Parties' discussions, such disclosure not to be deemed a breach of this Agreement.

 

    	 	 

     

    

 

2.Restrictions.
All Confidential Information delivered, made available or otherwise acquired pursuant to this Agreement (a) shall not be copied,
duplicated, distributed, disseminated or made available in any way or form by Recipient (or so allowed, aided or enabled by Recipient);
(b) shall be maintained in confidence and in a place and manner that ensures such confidentially (which in any event shall be
not less than customary industry standards), and may only be disclosed to those employees of Recipient who have a need to know
and who have executed an obligation of confidentiality and restriction of use similar to the terms hereof; and (c) shall not be
used or exploited by Recipient, directly or indirectly, for any purpose, except for the Purpose.

 

3.Duration.
Recipient’s obligations hereunder with respect to each item of Confidential Information shall expire seven (7) years from
the date of receipt by Recipient, or such longer period if trade secret protection applies.

 

4.Term.
This Agreement shall be effective as of the date stated above and shall terminate twelve (12) months from its effective date,
unless earlier terminated, with respect to future disclosures, upon thirty (30) days' prior written notice, and provided,
however that the provisions of Section 3 above and Sections 5-8 below shall survive the termination or expiration of this
Agreement.

 

5.Return
of Materials. Promptly following the earlier of (i) termination or expiration of this Agreement; and (ii) within seven (7)
days following a written request by the Discloser at any time, Recipient will deliver to Discloser all Confidential Information
and all documents or media containing any such Confidential Information and any and all copies or extracts thereof (or shall have
such documentation and/or media destroyed and shall so confirm in writing, at Discloser's sole discretion).

 

6.Mutual
Disclaimers; No Proprietary Rights. The Parties shall have no obligation to enter into any further agreement with each other.
Nothing herein shall be deemed to create any principal/agent, employee-employer, joint venture or other business relationship
between the Parties. It is understood and agreed that Confidential Information is provided "AS IS". No warranties, express
or implied, of any kind are given by Discloser with respect to Confidential Information provided hereunder. The Parties also understand
that all Confidential Information shall remain the sole property of Discloser (or its respective owner(s)), and that no patent,
copyright, trademark or other proprietary right or license is granted by this Agreement. Recipient understands that nothing herein
requires the disclosure of any Confidential Information, which shall be disclosed, if at all, solely at the option of the Discloser.

 

7.Injunctive
and Other Relief; No Derogation of Rights.

 

Since
a breach by Recipient of any of the promises or agreements contained herein may result in irreparable and continuing damage to
Discloser for which there may be no adequate remedy at law, Discloser shall be entitled to seek injunctive relief and/or a decree
for specific performance, and such other relief as may be proper (including monetary damages if appropriate) in any competent
court worldwide. Nothing in this Agreement shall be construed as derogating from any right or remedy that the Discloser may be
entitled to under applicable law.

 

8.General.
This Agreement shall bind and inure to the benefit of the Parties and their successors and assigns. Neither Party may transfer
or assign any rights or obligations under this Agreement without the prior written consent of the other Party, except to
a successor in interest who is not a competitor of the other Party. This Agreement represents the entire understanding and agreement
between the Parties with respect to the subject matter hereof and supersedes all prior communications, agreements and understandings
relating to the subject matter hereof. In the event that any of the provisions of this Agreement shall be held by a court or other
tribunal of competent jurisdiction to be illegal, invalid or unenforceable, such provisions shall be limited or eliminated to
the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect. No modification or amendment
of this Agreement will be valid unless executed by both Parties. The observance of any term hereof may be waived (either prospectively
or retroactively and either generally or in a particular instance) only with the written consent of the Party against such waiver
is sought and to such extent set forth therein; no failure or delay in enforcing any right will be deemed a waiver. The laws of
the State of Israel shall govern this Agreement, and, subject to the provisions of Section 7 above, the competent courts of the
Tel Aviv-Jaffa district shall have exclusive jurisdiction in any matter arising out of or relating to this Agreement.

 

	/s/ THERAPIX
    BIOSCIENCES LTD.	 
	 	 	 

	Name:
    	 	 
	Title:
    	 	 

 

[THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION]

 

	Name:
    	 	 
	Title:

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