Document:

Exhibit 4.16

 

LICENSE AGREEMENT

 

This License Agreement (this “Agreement”),
dated as of December 14, 2008 (the “Effective Date”), is made by and between Kwang Dong
Pharmaceutical Co., Ltd. of Seoul, Korea (herein: “KDP”) and Can-Fite Biopharma, Ltd of
Petach-Tikva, Israel (herein: “Can-Fite”). KDP and Can-Fite may be referred to herein individually
as a “Party” and jointly as the “Parties.”

 

RECITALS

 

WHEREAS, Can-Fite is developing
a pharmaceutical product for treating inflammatory diseases known generically as IB-MECA (Methyl 1-[N6-(3-iodobenzyl)-adenin-9-yl]-
β-D- Ibofuronamid), and called CF101 by Can-Fite; and

 

WHEREAS, Can-Fite is conducting
the Can-Fite Phase IIb Clinical Trial (as defined below) of the product in tablet form (as more fully described below, the “Product”)
for the treatment of rheumatoid arthritis, as described in the Existing Filing Document (as defined below); and

 

WHEREAS, Can-Fite owns certain intellectual property
right(s) covering the Product;

 

WHEREAS, Can-Fite desires to grant,
and KDP desires to obtain, certain exclusive rights and licenses regarding the Product (as more specifically provided in Section
2.1 herein) within the Territory (as defined below), in accordance with the terms and conditions of this Agreement; and

 

WHEREAS, the Parties are entering
into a Share Purchase Agreement of even date herewith (the “Share Purchase Agreement”), pursuant to which KDP
has agreed to purchase 2,382,602 Ordinary Shares par value NIS 0.01 each of Can-Fite (the “Shares”), subject
to the terms and conditions thereof.

 

NOW THEREFORE, for and in consideration
of the covenants, conditions, and undertakings hereinafter set forth, it is agreed by and between the Parties as follows:

 

ARTICLE 1.

DEFINITIONS

 

As used in this Agreement, (i) neutral
pronouns and any derivations thereof shall be deemed to include the feminine and masculine and all terms used in the singular shall
be deemed to include the plural and vice versa, as the context may require; (ii) the words “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole, including all exhibits, as the same may be amended
from time to time, and not to any subdivision of this Agreement; (iii) the word “including” is not intended to
be exclusive and means “including without limitation”; (iv) the word “days” means “calendar days,”
unless otherwise stated; (iv) “Section” refers to sections and subsections in this Agreement; (iv) descriptive
headings are inserted for convenience of reference only and do not constitute a part of and shall not be used in interpreting this
Agreement; and the following capitalized terms shall have the following meanings:

 

    	 

    	 

    

 

1.1           “Affiliate”
shall mean a corporation, partnership, trust, limited liability company or other entity that directly, or indirectly through one
or more intermediaries, controls, is controlled by or is under common control with a Party, but only for so long as such relationship
exists. For such purposes, “control” or “controlled by” and “under common control with” shall mean
the possession of the power to direct or cause the direction of the management and policies of an entity, whether through the ownership
of voting stock or partnership interest, by contract or otherwise. In the case of a corporation, the direct or indirect ownership
of more than fifty percent (50%) of its outstanding voting shares shall in any event be deemed to confer control, it being understood
that the direct or indirect ownership of a lesser percentage shall not necessarily preclude the existence of control.

 

1.2           “Can-Fite’s
Other Licensee(s)” shall mean companies, firms, corporations, partnerships or other Third Party entities, to whom
Can-Fite has granted a right to develop and commercialize the Product inside the Territory outside the Field or outside the Territory
inside or outside the Field.

 

1.3           “Can-Fite
Phase IIb Clinical Trial” shall mean the human clinical trial of the Product being conducted by Can-Fite in Israel
and several European countries to determine the safety and efficacy of the Product as described in the Existing Filing Document.

 

1.4          “CDA”
shall mean the Mutual Confidential Disclosure Agreement between the Parties dated as of 25 May, 2007.

 

1.5           “Clinical Study/Studies”
shall mean such clinical studies in human beings, including the Can-Fite Phase IIb Clinical Trial and other studies
described as Phase I Clinical Trials, Phase II Clinical Trials and Phase III Clinical Trials in 21 C.F.R. 312.2(c) for the United
States, or similar clinical studies prescribed by a Regulatory Authority in another country, as may be required to be conducted
and/or produced by or on behalf of either Party, or Can-Fite’s Other Licensee(s), in connection with obtaining Marketing Authorization
for the Product either inside or outside of the Territory. A Clinical Study shall be deemed to have commenced when the first patient
or subject in such study has been enrolled

 

1.6           “Commercial Launch”
shall mean the first shipping by KDP, its Affiliate or its distributor of the Product following Marketing Authorization in the
Territory to its or their wholesalers or other Third Party purchasers in the Territory, in such commercial quantities of the Product
as may reasonably be appropriate to establish the Product, as applicable, throughout the Territory.

 

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1. 7           “Commercially
Reasonable Efforts” shall mean continuous and diligent efforts of a degree and kind, including the level of attention
and care and providing of funding and manpower, as are consistent with industry custom and practice and with the then current stage
of product life cycle, which efforts shall in no event be less than the efforts that a Party applies with respect to its other
programs and products of similar commercial potential consistent with the exercise of good business judgment for the maximization
of profits.

 

1.8           “Confidential
Information” shall mean any and all inventions, ideas, discoveries, data, instructions, designs, information, components,
methods, tools, developments, innovations, techniques, materials, technology, protocols, procedures, results, formulae, trade
secrets, know-how and other non-public and proprietary materials, products, processes or information, including research, product
plans, manufacturing processes, manufacturing or operating costs, services, software, hardware, customer lists, price lists, business
plans, marketing plans or financial information, that is or was disclosed or supplied by a Party (the “Disclosing Party”)
to the other Party (the “Receiving Party”) in connection with this Agreement or the CDA. Disclosures by a Party’s
Affiliate shall be deemed disclosures by that Party, and disclosures to a Party’s Affiliate shall be deemed disclosures
to that Party.

 

Notwithstanding the foregoing,
Confidential Information shall not include any part of the foregoing that the Receiving Party can prove:

 

1.8.1           Was
already known to the Receiving Party as evidenced by the Receiving Party’s competent, contemporaneous written records, other than
any portion of such information that was under an obligation of confidentiality at the time of its disclosure;

 

1.8.2           Became
generally available to the public or otherwise becomes part of the public domain after disclosure of such information to the Receiving
Party, other than by breach of this Agreement by the Receiving Party or by anyone to whom the Receiving Party disclosed such information;

 

1.8.3           Was
subsequently lawfully disclosed to the Receiving Party by a Third Party, without any restriction on disclosure, other than in breach
of a confidentiality obligation of such Third Party to the Disclosing Party; or

 

1.8.4           Was
independently developed or discovered by employees of the Receiving Party who had no access to the Confidential Information of
the Disclosing Party and did not make use of the Confidential Information of the Disclosing Party, as demonstrated by competent,
contemporaneous written records.

 

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1.9           “Controlled”
or “Controls”, when used in reference to intellectual property, shall mean the legal authority or right
of a Party (or any of its Affiliates) to grant a license or sublicense of intellectual property rights to the other Party, or
to otherwise disclose proprietary or trade secret information to the other Party, without breaching the terms of any agreement
with a Third Party, infringing upon the intellectual property rights of a Third Party, or misappropriating the proprietary or
trade secret information of a Third Party. This term may be used herein as a noun.

 

1.10         “Data”
shall mean any and all data from research and development work, including but not limited to all data from Clinical
Studies or Non-Clinical Studies, price registrations and regulatory submissions, related to the Product, including but not limited
to data related to metabolites, degradation substances and impurities.

 

1.11         “Development
Plan” shall mean the written document prepared and determined by KDP that describes the overall program for development
of the Product in the Field in the Territory. The Development Plan shall include, among other things, estimated activities and
timelines towards procurement of Marketing Authorization in the Territory. The Development Plan also shall forecast the initial
Product supply requirements for such development activities.

 

1.12         “Existing
Filing Document” shall mean the document(s) submitted by Can-Fite to FDA that enabled Can-Fite to lawfully initiate the
Can-Fite Phase IIb Clinical Trial.

 

1.13         “FDA”
shall mean the United States Food and Drug Administration, or any successor entity thereto.

 

1.14         “Field”
shall mean systemic use of the Product for the therapeutic treatment of rheumatoid arthritis in humans.

 

1.15         “KFDA”
shall mean “Korea Food & Drug Administration”, the competent regulatory authority in Korea
that is responsible for granting Marketing Authorization for a regulated pharmaceutical in Korea.

 

1.16         “Knowledge” shall
mean, with respect to a Party, the good faith understanding of the facts and information in the possession of an officer of such
Party, or any in-house legal counsel of such Party, without any duty to conduct any additional investigation with respect to such
facts and information by reason of the execution of this Agreement. For purposes of this definition, an “officer” shall
mean any person in the position of senior vice president, president, chief operating officer or chief executive officer of a Party.

 

1.17         “Licensed
Know-How” shall mean all ideas, data, instructions, discoveries, inventions, processes, formulae, techniques, procedures,
designs, sketches, records, components, methods, tools, developments, innovations, materials, technology, protocols, results, expert
opinions and other information Controlled by Can-Fite as of the Effective Date and during the term of this Agreement relating to
the Product that are not in the public domain and that are necessary for the development, use, manufacture (as authorized under
this Agreement) or sale of the Product in the Field in the Territory. Licensed Know-How shall expressly exclude Licensed Patents.

 

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1.18         “Licensed
Patents” shall mean the patents and patent applications Controlled by Can-Fite as of the Effective Date and during
the term of this Agreement relating to the Product and/or the use of the Product within the Field and having one or more Valid
Claims within the Territory. The Licensed Patents are identified in Exhibit A, attached hereto and incorporated herein,
as it may be amended by the Parties from time to time.

 

1.19         “Licensed
Technology” shall mean the Licensed Know-How and the Licensed Patents.

 

1.20         “Manufacturing
Cost” shall mean all costs for the Product, calculated by using Can-Fite’s standard accounting
procedures. Such costs shall include, but not be limited to, the fully burdened costs of all raw materials, labor and
reasonable overhead for the synthesis, formulation, filling, finishing, labeling, packaging, storing, quality control and
assurance activities and procurement costs associated with the Product.

 

1.21         “Marketing
Authorization” shall mean all approvals (including labeling, price and reimbursement approvals, if applicable),
licenses, registrations or authorizations of any Regulatory Authority necessary for the commercial marketing, sale and use of
the Product inside or outside of the Territory, as the case may be.

 

1.22         “National
Health Insurance/NHI Price” shall mean the price that may be charged for the Product in the Territory, as determined
by the KFDA or other Regulatory Authority.

 

1.23         “NDA’’
or “New Drug Application” shall mean a new drug application filed with a Regulatory Authority, wherein
NDA approval shall permit marketing of the applicable product.

 

1.24         “Net Sales”
shall mean the total amount invoiced to Third Parties in connection with sales of the Product by KDP, its Affiliates and its
distributors to wholesalers or other Third-Party purchasers, less the following items to the extent actually paid or allowed and
specified on any documents related to such sales:

 

1.24.1         Packaging,
transportation and prepaid insurance charges on shipments or deliveries of Product;

 

1.24.2         Credit
or refund actually allowed for any returned Product;

 

1.24.3         Reasonable
and customary rebates, actually granted or given to wholesalers or other distributors; and

 

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1.24.4         Sales
or value added taxes actually incurred and paid by KDP or its Affiliates in connection with the sale or delivery of the Product.

 

No deductions shall be made for cost of
collections or for commissions paid to individuals, whether they be with independent sales agencies or regularly employed by KDP,
and/or its Affiliates and on its or their payroll. Product shall be considered “sold” when billed out or invoiced. Sale
or transfer to an Affiliate for resale by such Affiliate shall not be considered a sale for the purpose of this provision, but
the resale by such Affiliate to a Third Party be a sale for such purpose.

 

No multiple royalties shall be payable to
Can-Fite because the manufacture, use, sale, offer for sale or importation of any Product is covered by more than one of the Licensed
Patents.

 

1.25         “Non-Clinical
Study/Studies” shall mean any and all pre-clinical studies and non-clinical studies as may be required to be
conducted and/or produced by or on behalf of either Party, and (if applicable) by Can-Fite’s Other Licensee(s), in
connection with obtaining Marketing Authorization for the Product either inside or outside of the Territory. “Product” shall
have the meaning set forth above in the Recitals to this Agreement. 

 

1.26         “Regulatory
Authority” shall mean, with respect to any particular country, territory or union, the governmental
authority, body, commission, agency or other instrumentality of such country, territory or union with the primary
responsibility for the evaluation or approval of pharmaceutical products before such pharmaceutical product may be tested,
marketed, promoted, distributed or sold in such country, including such governmental bodies that have jurisdiction over the
pricing of such pharmaceutical product. The term “Regulatory Authority” includes the KFDA, the FDA, and the
European Agency for the Evaluation of Medicinal Products or EMEA.

 

1.27         “Regulatory
Exclusivity Period” shall mean any period of data, market or other regulatory exclusivity, including the equivalent
in the Territory of any such periods listed in the FDA’s Orange Book or periods under national implementations of Article l0.l(a)(iii)
of Directive 2001/EC/83 and any corresponding foreign equivalents.

 

1.28         “Regulatory
Filing” shall mean all filings with the applicable Regulatory Authority for registrations, permits, licenses, authorizations,
approvals, or notifications that are required to develop, make, use, sell, import or export the Product, as the case may be, and
shall include a New Drug Application.

 

1.29         “Sublicensee”
shall mean an Affiliate of KDP or a Third Party distributor to whom KDP has granted a right to market, promote, distribute,
and/or sell the Product within the Territory in accordance with Section 2.3, because applicable laws and/or regulations require
KDP to grant a sublicense to a Third Party distributor of the Product in the Territory. No Third-Party distributor(s) shall otherwise
be deemed to be a Sublicensee(s) for purposes of this definition.

 

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1.30         “Territory”
shall mean the Republic of Korea.

 

1.31         “Third
Party” shall mean any person or entity other than the Parties or their Affiliates.

 

1.32         “Trademarks”
shall mean, as of the Effective Date and during the term of this Agreement, the Product-specific trademarks that are used,
or are intended to be used, by Can-Fite or KDP, or by any of their Affiliates or contractually bound Third Parties, in conjunction
with distribution, promotion, marketing, sales, offers to sell, import, export or other exploitation of Product. The Trademarks
licensed for use in the Territory are identified in Exhibit B, attached hereto and incorporated herein, as it may be amended
by the Parties from time to time. All such Trademarks, whether in the English language or any other language, shall be owned by
Can-Fite.

 

1.33         “Valid
Claim” shall mean (i) a composition of matter claim, a method claim, a use claim, a pharmaceutical composition claim or
an equivalent claim of an issued and unexpired patent (including a use patent) in the Territory covering the Product or its pharmaceutical
use, or (ii) a composition of matter claim, a method claim, a use claim, a pharmaceutical composition claim or an equivalent claim
of a pending patent application in the Territory covering the Product or its pharmaceutical use, but only if such claim within
such pending patent application is being diligently prosecuted, and only if such claim has not been revoked or held unenforceable
or invalid by a decision of a court or governmental agency of competent jurisdiction from which no appeal can be taken, or with
respect to which an appeal is not taken within the time allowed for appeal, and that has not been disclaimed, denied or admitted
to be invalid or unenforceable through reissue, disclaimer or otherwise, and that has not been lost through an interference proceeding
or by abandonment.

 

1.34         Additional
Definitions:

 

	Defined Term	 	Section in which Defined
	Agreement	 	Preamble
	Bankrupt Party	 	14.4
	Breaching Party	 	14.3
	Can-Fite	 	Preamble
	Can-Fite Indemnitees	 	12.2
	Can-Fite Invention	 	10.2.2
	CGL	 	12.4
	Dispute	 	15.1
	Effective Date	 	Preamble
	ICC	 	15.2
	Indemnified Party	 	12.3
	Indemnifying Party 	 	12.3
	Inventions	 	10.2.1
	Joint Committee or JC	 	3.1
	Losses 	 	12.1
	Marketing Plans	 	8.2
	Non-Breaching Party	 	14.3
	Parties	 	Preamble
	Party	 	Preamble
	Senior Executives	 	15.1
	KDP	 	Preamble
	KDP Indemnitees	 	12.1
	KDP Invention	 	10.2.2
	Supply Agreement	 	7.3
	Share Purchase Agreement	 	Recitals
	Shares	 	Recitals
	Withholding Tax	 	9.6
	 	 	 

 

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ARTICLE2.

LICENSE

 

2.1           License
Grant. Subject to the terms and conditions of this Agreement, Can- Fite hereby grants to KDP during the term of this Agreement
a sole and exclusive license, even as against Can-Fite, under the Licensed Technology to develop, have developed, register, market,
have marketed, produce, have produced, distribute, have distributed, sell, have sold, offer for sale and import the Product in
the Field in the Territory.

 

2.2           Trademark
License. Subject to the terms and conditions of this Agreement, Can-Fite hereby grants to KDP an exclusive, royalty-free, fully
paid-up license to use the Trademarks in connection with the distribution, marketing, promotion and sale of Product in the Field
in the Territory, subject to quality control conditions established by Can-Fite, for so long as KDP is distributing, marketing,
promoting and selling the Product in accordance with this Agreement. KDP is entitled to sublicense the Trademarks on a royalty-free
basis within the above scope to Sublicensee(s).

 

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2.3           Sublicenses;
Limited to Distributors. KDP shall not have the right to grant sublicenses under the licenses set forth in Sections 2.1 and
2.2, except to the extent such sublicenses are required to be granted to its distributors for the specific purpose of marketing,
promoting, distributing and/or selling Product in the Territory. Any such sublicenses shall be subject to the following conditions:
(i) the execution of an agreement between KDP and any Sublicensee shall not in any way diminish, reduce or eliminate any ofKDP’s
obligations under this Agreement, and KDP shall remain primarily liable for such obligations; (ii) KDP shall require each Sublicensee
to agree in writing in its sublicense agreement to be bound by and comply with all the provisions and limitations of this Agreement
applicable to KDP that are applicable to the rights sublicensed therein; (iii) KDP shall discuss such proposed sublicense with
Can-Fite prior to KDP’s commitment to such Sublicensee; (iv) KDP shall provide Can-Fite a copy of any such proposed sublicense
agreement (with financial and confidential information redacted); and (v) Can-Fite shall have approved the Sublicensee and the
sublicense agreement in writing before the execution of any such sublicense, which approval shall not be unreasonably delayed or
withheld. Without limiting the foregoing, KDP shall remain responsible to Can-Fite for payment of royalties due under this Agreement
on the Net Sales of each such Sublicensee and for each Sublicensee’s and product complaint obligations under this Agreement. The
permitted Sublicensees may not further sublicense any rights granted hereunder without the prior written consent of Can-Fite.

 

2.4           Restrictions.
During the term of this Agreement and as partial consideration for the licenses and rights granted hereunder, KDP shall not directly
or indirectly, through one or more Affiliates or Third Parties, conduct, fund, license or participate in the development, distribution
or commercialization in the Territory of any product containing an adenosine A3 receptor agonist as an active ingredient other
than the Product or as the Parties expressly agree in writing, regardless of whether such product is to be used for the same indication(s)
as the Product. If KDP breaches its obligation under this Section 2.4, Can-Fite may convert the exclusive license granted in Section
2.1 to a non-exclusive license or may immediately terminate this Agreement, in Can-Fite’s sole discretion. Conversion of the license
granted herein into a non-exclusive license in accordance with this Section 2.4, will not derogate from any obligations of KDP
as provided for herein including, but not limited to, the obligation for payments under Article 9.

 

2.5           Retained
Rights. Can-Fite retains all rights to research, develop, have developed, commercialize, use, market, have marketed, distribute,
have distributed, sell, have sold, offer for sale, make, have made, import, export and otherwise exploit the Product and the Licensed
Technology outside the Field in the Territory and outside the Territory inside or outside the Field. For the sake of clarity, the
exclusive license granted to KDP under Section 2.1 shall not preclude Can-Fite from conducting research with academic investigators
in Korea. Can-Fite shall have the sole and exclusive right (itself or through a Third Party) to manufacture or have manufactured
the Product and to supply the Product to KDP as described herein.

 

2.6           No
Implied Licenses. KDP acknowledges that the commercialization licenses granted by Can-Fite herein are limited to the Product
in the Field in the Territory. No rights or licenses, including any research or development rights, with respect to products (other
than the Product), the Licensed Technology or other intellectual property Controlled by Can-Fite are granted or shall be deemed
granted hereunder or in connection herewith, other than those rights expressly granted in this Agreement.

 

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ARTICLE3.

JOINT COMMITTEE

 

3.1           Joint
Committee. Can-Fite and KDP shall establish a joint committee (the “Joint Committee” or “JC”)
to facilitate communication and coordination between the Parties regarding the coordination of development activities
of the Product in the Territory. The Joint Committee shall facilitate the assistance provided by Can-Fite to KDP in order to achieve
the mutually desired objective of speed, efficiency and coordination regarding KDP’s Product development activities hereunder.
The Joint Committee’s responsibilities shall include review and discussion of: (i) the Development Plan, KDP’s progress
with respect to the Development Plan’s activities and objectives, and the results and other outcomes of the development
of the Product under the Development Plan; (ii) the strategic and operational issues identified by KDP in connection with Product
development in the Territory by or on behalf of KDP; (iii) Can-Fite’s general progress, results and other outcomes of development
of Product in the Field outside the Territory; and (iv) the strategic and operational issues identified by Can-Fite in connection
with Product development in the Field outside the Territory by or on behalf of Can-Fite. Both Parties will freely and candidly
exchange views and opinions, and offer advice, recommendations or suggestions to the other Party, in order to foster harmonization
and consistency with respect to global Product development. Each Party shall respect and reasonably consider the other Party’s
view, opinion, advice, recommendation and suggestion. The JC meetings may serve as a meeting of the Parties for information exchange
purposes, as set forth herein. The Joint Committee shall cease to function, and this Article 3 shall have no further force and
effect, upon the earlier of (x) receipt of Marketing Authorization in the Territory and (y) the date that KDP is no longer pursuing
clinical development (including post-marketing development and studies) of the Product in the Field in the Territory.

 

3.1.1           Membership.
The JC shall be comprised of four (4) members, with two (2) members appointed by Can-Fite and two (2) members appointed by KDP.
Each Party shall at all times have at least one (1) representative on the JC that is at a function head level. Each Party may
replace one or more of its JC representatives at any time, with prior written notice to the other Party. With the consent of the
JC members, other representatives of Can-Fite or KDP may attend JC meetings as non-voting observers.

 

3.1.2           JC
Meetings. The JC will meet at least once annually and otherwise on an as-needed basis. The meetings will be at places as are
agreed to by both Parties. The meetings may be in person or via tele-or video-conference; however, at least one meeting annually
will be in person. Each Party shall bear its own personnel and travel costs and expenses relating to JC meetings. Each Party’s
lead representative shall co-chair meetings of the JC, and both co-chairs (or one of them, as may be agreed between them) shall
be responsible for preparing the meeting agendas and minutes in turn.

 

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3.2           No
Committee Amendments; Authority. Notwithstanding the creation of the JC, each Party to this Agreement shall retain the rights,
powers, and discretion granted to it hereunder, and the JC shall not be delegated or vested with any such rights, powers, or discretion
unless such delegation or vesting is expressly provided for herein or the Parties expressly so agree in writing. The JC shall
have no power to amend or modify this Agreement, which may be amended or modified only as provided in Section 16.6.

 

ARTICLE 4.

EXCHANGE OF INFORMATION

 

4.1           Disclosure
of Intellectual Property by the Parties. During the term of this Agreement, Can-Fite shall use Commercially Reasonable
Efforts to disclose to KDP Licensed Technology that is necessary to KDP’s full enjoyment of the license rights granted to KDP
hereunder. During the term of this Agreement, KDP shall use Commercially Reasonable Efforts to disclose to Can-Fite intellectual
property (including patent rights and know-how) that is necessary to Can-Fite’s full enjoyment of its retained rights hereunder.

 

4.2           Information
Exchange. In addition to disclosure to the Joint Committee of
the progress and results of pertinent Non-Clinical Studies and Clinical Studies regarding the Product, each of Can-Fite
and KDP shall provide to the other summary reports generated in the conduct of pertinent Clinical Studies and Non-Clinical Studies
of the Product, as well as written summaries of the Regulatory Filings regarding the Product, that is in the respective Party’s
possession, for use and/or incorporation into Regulatory Filings of the other Party; upon completion of each phase of such Clinical
Studies or completion of the tests within such Non-Clinical Studies, in all cases subject to Third-Party confidentiality restrictions
as may exist. All such Product-related information exchanged hereunder (including such summary reports and written summaries,
which shall include sufficient information to enable the recipient to understand each study and its results) shall be written
in the English language. In addition, upon reasonable request by a Party in writing in advance, the other Party shall provide
access at its facility(ies) to the extent necessary to enable the requesting party to review on-site the study-specific portions
of detailed Product-related analyses, Data, written Product-related reports, and Regulatory Filings that are made a part of, are
related to, or are quoted in such summary reports or such written summaries.

 

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ARTICLE 5.

DEVELOPMENT; REGULATORY

 

5.1           Development
Plan. KDP understands and agrees that the Development Plan may not contain elements that materially and adversely affect,
or may otherwise have the effect of materially and adversely affecting, Can-Fite’s ability to conduct development, commercialization
or other exploitation of the Product outside of the Field and/or outside the Territory. Based on the above, KDP shall prepare
the final draft of the Development Plan and submit it to Can-Fite for review promptly after its preparation. The Development Plan
shall set forth in reasonable detail KDP’s development activities to be conducted to develop the Product and receive Marketing
Authorization in the Field in the Territory. Can-Fite’s review of and comment on the draft Development Plan will be conducted
by Can-Fite in good faith. KDP shall respect and take into consideration the views, opinions, advice, recommendations and/or suggestions
advanced by Can-Fite with respect to the draft Development Plan, and will incorporate Can-Fite’s proposed revisions into the Development
Plan, provided that such revisions are given on a timely basis.

 

5.2           Development
Conduct and Costs. KDP shall be responsible for conducting all development activities under the Development Plan, including
submission of all Regulatory Filings for the Product in the Territory and all Clinical Studies in the Territory under the Development
Plan, if the results of such Clinical Studies support such Regulatory Filing submission. KDP shall bear all costs it incurs in
conducting such development, including expenses KDP incurs in conducting Clinical Studies and in preparing for the same, as well
for all regulatory activities in the Territory, including preparation of regulatory documents or any supplemental studies necessary
to achieve Marketing Authorization for the Product in the Territory. Prior to initiation by KDP, the protocols of all Clinical
Studies and Non-Clinical Studies shall be submitted to Can-Fite for review and comment by Can-Fite. Such review and comment
regarding the protocols of all Clinical Studies and the related Non-Clinical Studies will be conducted by Can-Fite in good faith,
and Can-Fite’s comments regarding such protocols and Non-Clinical Studies (as applicable) shall be incorporated into such protocols
and Non-Clinical Studies (as applicable) by KDP. KDP agrees to use its Commercially Reasonable Efforts to submit Regulatory Filings
and obtain Marketing Authorization for the Product in the Territory as soon as possible in accordance with the Development Plan.

 

5.3           Failure
to Develop. Should KDP fail to proceed with development of the Product in accordance with the Development Plan, and/or if
KDP has not submitted a Regulatory Filing for Marketing Authorization of the Product in the Field in the Territory within twelve
(12) months after the date specified for such filing in the Development Plan (as it may be amended from time to time), other than
for good faith reasons, such as but not limited to force majeure (as described in Section 16.1), Can-Fite will have the right
(either itself or through a Third Party), exercisable upon written notice to KDP following the expiration of a ninety (90)-day
cure period (or, if it is not practicable to complete the cure of such failure within such 90-day period, following the expiration
of an extended period of time to be determined upon mutual written agreement of the Parties), to develop the Product (either itself
or through a Third Party) in the Territory, and thereafter all rights to develop and commercialize the Product in the Territory
shall revert to Can-Fite. This Section 5.3 shall not limit any other remedies Can-Fite may have under this Agreement or applicable
law. Notwithstanding the foregoing provisions of this Section 5.3, Can-Fite is not entitled to forward the aforementioned notice
to KDP, or, if forwarded by Can-Fite, such notice shall have no effect and force as specified above, in the following instances:

 

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5.5           Manufacturing
Documents. The aforementioned in Section 4.2 notwithstanding, in order to help preserve the proprietary nature of Can-Fite’
s manufacturing information relating to the Product (e.g., the respective CMC section contained in any Regulatory Filings), Can-Fite
will have the right, to the extent permitted by Regulatory Authorities, to file a drug master file with a Regulatory Authority
to make the information regarding such manufacturing information available directly to the Regulatory Authority; provided, however,
for the Territory, KDP will have the right to access and reference the drug master file registration number in its Regulatory
Filing for the Product, including said CMC section and documentation, to the extent required by law, rule, regulation or a Regulatory
Authority having jurisdiction in the Territory. Notwithstanding anything to the contrary herein, KDP will only be entitled to
use the manufacturing information relating to the Product to the extent reasonably required by local or national law, rule, regulation
or Regulatory Authority and to carry out its development and commercialization activities hereunder

 

5.6           Regulatory
Filings. The harmonization and coordination of Regulatory Filings for the Product by both Parties shall be discussed at the
JC. KDP shall make a summary report of each draft Regulatory Filing (wherein such summary report will include sufficient information
to enable Can-Fite to understand the studies and results contained therein; however, its content shall be discussed and agreed
at the JC) available to Can-Fite with English translation thirty (30) days prior to the meeting with the KFDA to be held in advance
of the submission thereof to the KFDA, for review and comment by Can-Fite within fifteen (15) days after Can-Fite’s receipt of
such summary report, which comments KDP shall incorporate in finalizing such Regulatory Filing submission. If KDP should make
any material changes to such draft Regulatory Filing in producing the final Regulatory Filing, then, KDP shall inform Can-Fite
of all such material changes as soon as practicable. All Regulatory Filings filed by KDP in
the Territory shall be in the name of and owned by KDP, except those facility descriptions equivalent to those customarily found
in a KFDA application relating to manufacturing of the Product, which is owned by Can-Fite or its designee. KDP shall promptly
notify Can-Fite in writing upon receiving Marketing Authorization in the Territory for the Product.

 

5.7           Regulatory
Communications. KDP shall inform Can-Fite of all communications and meetings between KDP (or its designee) and Regulatory
Authorities related to the Product. If and to the extent communications and meetings between Can-Fite (or its designee) and Regulatory
Authorities related to the Product should have a material impact on KDP’s development of Product in the Field in the Territory,
Can-Fite shall inform KDP of such portions of such communications and meetings which result in such material impact.

 

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5.8           Product
Complaints, Pharmacovigilance and Adverse Event Reporting. Prior to commencement by KDP of the first Clinical Study of the
Product in the Field in the Territory, the Parties shall discuss and agree upon a written standard operating procedure for reporting
any adverse events and Product complaints, and for coordinating the collection, investigation, reporting, and exchange of information
concerning any such adverse events or complaints. Such procedure shall be sufficient to permit each Party to comply with all applicable
laws, regulations and guidelines and with its internal pharmacovigilance practices. The standard operating procedure will be promptly
updated if required by changes in legal requirements. Each Party shall ensure that its Affiliates, Can-Fite’s Other Licensee(s)
comply with the standard operating procedure (or an equivalent procedure). Each Party will designate a liaison to be responsible
for communicating with the other Party regarding the reporting of adverse events and complaints in connection with the Product.
Information and/or Data pertaining to adverse events and/or safety data that are obtained from any Clinical Studies and Non-Clinical
Studies performed by a Party shall be provided to the applicable Regulatory Authority, and promptly thereafter to the other Party;
provided that the content of such disclosure to the other Party shall be the same as that provided to the applicable Regulatory
Authority, as required by applicable regulatory requirements. The Parties will share any resultant regulatory action plans that
may result there from. All adverse event reports and other safety data and information shall be provided to the other Party in
English. Notwithstanding anything to the contrary in Section 4.2, the Parties will comply with all mandatory reporting requirements
regarding safety data and adverse event reporting.

 

5.9           
Compliance with Laws and Regulatory Requirements. KDP shall be responsible for ensuring that all Third Parties and Affiliates
which purchase, distribute or otherwise transfer the Product comply with the requirements of this Agreement and any and all requirements
of the Regulatory Authorities regarding the Product including the development and/or commercialization of the Product. Each Party
agrees to promptly inform the other Party of all KFDA, FDA or other Regulatory Authority regulations, notices, circulars or warnings
applicable to the Product of which it becomes aware. Each Party shall perform its obligations under this Agreement and in the
case of KDP, its responsibilities and rights under the Development Plan in connection with the development and commercialization
of the Product in accordance with all applicable laws, rules and regulations, including those of all Regulatory Authorities in
the Territory, applicable reporting obligations, and applicable import and export laws and regulations.

 

5.10         
Applications for Regulatory Exclusivity. The Parties recognize the commercial value of exclusivity rights to Product granted
or provided for under laws and regulations in the Territory. To the extent permitted by law, KDP will have the exclusive right
to file for, request and maintain any regulatory exclusivity rights for Product in the Territory (including regulatory exclusivity
rights based upon an orphan drug designation of Product) and to conduct and prosecute any proceedings or actions to enforce the
regulatory exclusivity rights.

 

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ARTICLE 6.

LABELING; TRADEMARKS

 

6.1           Labeling.
KDP shall be responsible for the labeling of the Product in the Territory and for ensuring that such labeling is in compliance
with all applicable laws in the Territory and rules and regulations of all Regulatory Authorities in the Territory.

 

6.2           Trademarks.
Can-Fite shall be responsible for filing, registering and maintaining worldwide Trademarks for the Product, including in the Territory.
Can-Fite will consult with KDP regarding the selection and registration of the Trademarks within the Territory. Can-Fite will
register KDP as a registered user of the Trademarks, if required under the applicable law in the Territory.

 

6.3           Display.
All packaging materials, labels, inserts and promotional materials for the Product sold in the Territory shall display: (i)
the Trademarks, (ii) the trade name of KDP in the context of the Product as distributed by KDP, and (iii) the trade name of
Can-Fite in the context of the Product as manufactured by or for Can-Fite (whether in English or in the local language). The
manner of use of the Trademarks, including typeface and size, representations of the Trademarks, as well as promotional
material bearing the Trademarks, will be jointly agreed by the Parties. If a given Trademark is not applicable in the
Territory, other trademarks, which shall be mutually approved by the Parties, shall be displayed on the label of the Product
in the Territory. All representations of the Trademarks that KDP intends to use shall first be submitted to Can-Fite for
approval of design, color, and other details or shall be exact copies of those used by Can-Fite, and shall in any event
comply with Can-Fite’s usage and quality control guidelines as established from time to time. KDP shall submit
representative promotional materials, packaging, labels and the Product using any Trademarks to Can-Fite for Can-Fite’s
review and comment prior to their first use and prior to any subsequent change or addition to such materials. All approvals
to be required under this Article 6 shall not be unreasonably withheld or delayed.

 

6.4           Ownership.
KDP acknowledges that: (i) the Trademarks are owned exclusively by Can-Fite; (ii) that KDP has no right, title or interest in
and to the Trademarks, except the rights conferred by this Agreement; and (iii) that all goodwill associated with the Trademarks
vests in and inures to the benefit of Can-Fite. In acknowledgement of Can-Fite’s exclusive ownership rights in the Trademarks,
KDP agrees at no time during or after the term of this Agreement to challenge or assist others to challenge the Trademarks or
the registration thereof or attempt to register any trademarks, marks or trade names confusingly similar to any Trademarks for
the use in pharmaceutical products. KDP’s use of the Trademarks shall inure to the benefit of Can-Fite.

 

6.5           Termination
of Use of Trademarks. Upon termination of this Agreement, KDP shall discontinue all use of the Trademarks, terminate all
sublicenses to the Trademarks and shall not thereafter adopt or attempt to register a mark that is confusingly similar to any
of the Trademarks for the use in pharmaceutical products; provided, however, that upon expiration of this Agreement and
KDP’ s payment of all royalty amounts due under this Agreement, KDP’s right to use the Trademarks in conjunction
with the Product shall be converted to a paid-up license.

 

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ARTICLE 7.

SUPPLY OF THE PRODUCT AND PACKAGING

 

7.1           Generally.
Can-Fite shall supply KDP with all of its requirements for the Product and shall be KDP’s exclusive supplier of the Product during
the term of this Agreement hereunder. It is understood that KDP shall not have the right to manufacture, or to authorize any Affiliate,
or other Third Party to manufacture, the Product.

 

7.2           Supply
for Development Activities. Can-Fite shall use Commercially Reasonable Efforts to timely supply the Product to KDP as necessary
for KDP to carry out development, including Clinical Studies and Non-Clinical Studies (as applicable), of the Product in the Field
in the Territory in accordance with the Development Plan. The Product supplied to KDP for development in the Territory shall be
supplied by Can-Fite to KDP in accordance with the quantities and schedule to be agreed upon in writing by the Parties prior to
the initiation of such studies. KDP shall not sell Product supplied under this Section 7.2 to a Third Party for commercial purposes.

 

7.3           Commercial
Supply. After the completion by KDP of the Phase III Clinical Trial of the Product in the Territory, the Parties shall negotiate
in good faith and finalize the terms of a manufacturing, supply and quality agreement for commercial supply to KDP of Product,
which shall set forth the terms and conditions set forth in this Article 7, and other mutually acceptable terms and conditions
not inconsistent with this Agreement, including representations, warranties, limitations of liability and indemnities of the type
and scope customary in the industry (the “Supply Agreement”) . Among other items, the Supply Agreement
will include the following provisions:

 

7.3.1           Supply
Agreement. Can-Fite will supply KDP with Product in accordance with such forecasting and other supply requirements as are
set forth in the Supply Agreement. Can-Fite will supply KDP the Product with labeling and packaging specifications as mutually
agreed. Can-Fite may select a contract manufacturer to manufacture the Product for KDP and its Affiliates under the Supply Agreement.

 

7.3.2           Can-Fite’s
Rights and Obligations. Except as otherwise provided herein, Can-Fite will have the right to make all decisions with respect
to manufacturing in its sole discretion, including decisions relating to process development and manufacturing procedures, work
to support quality control and quality assurance, improving manufacturing/cost efficiency and commercial scale-up manufacturing;
provided that Can-Fite will manufacture or have the Product manufactured in conformity with all applicable laws and regulations
in the Territory. Can-Fite shall timely notify KDP of any manufacturing change that may have an impact on KDP’s ability to timely
receive Marketing Authorization or jeopardize the current status of the Product in the Territory.

 

7.3.3           Other
Terms and Conditions. The Supply Agreement will also set forth all other terms and conditions applicable to the manufacture,
distribution, forecast, acceptance, rejection, supply, delivery, quality testing, quality control and quality assurance, third-party
liabilities, record keeping, audit and the like of the Product provided to KDP by Can-Fite.

 

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7.4           Transfer
Price; Taxes; Shipping.

 

7 .4.1           Transfer
Price for Development Purposes. The transfer price payable by KDP to Can-Fite for quantities of the Product to be used for
development purposes, including Clinical Studies and Non-Clinical Studies, shall be equal to Can-Fite’s Manufacturing Cost for
such quantities of Product plus twenty percent (20%).

 

7.4.2           Transfer
Price for Commercial Purposes. The transfer price payable by KDP to Can-Fite for quantities of the Product to be used for
the sale, promotion, marketing, distribution or other commercialization of Product in the Territory shall be set at a price equal
to twenty five percent (25%) of the National Health Insurance/NHI Price for the Product; provided that, in no event shall the
transfer price of the Product calculated under this Section7.4.2 be less than the actual Manufacturing Cost that corresponds to
the final packaged unit of such Product.

 

7.4.3           Delivery
of Product. All Product, whether for development or commercial purposes, shall be deemed to be delivered to KDP (or to KDP’s
designee) at the point where Can-Fite delivers such Product to the carrier selected by KDP, and the title and risk thereto shall
be simultaneously transferred to KDP. KDP shall be responsible for all costs of transportation, freight, insurance, customs and
import formalities pertaining to shipment of the Product to KDP (or to KDP’s designee).

 

7.5           Payments.
Payments due to Can-Fite under Section 7.4 above shall be made in accordance with the applicable provisions of Sections 9.5 through
9.8, and a more specific payment method shall be provided in the Supply Agreement.

 

7.5.1           Development
Supply. Can-Fite shall transmit to KDP an invoice detailing the Manufacturing Cost for the Product delivered to KDP (or to
KDP’ s designee) hereunder for development purposes, including Non-Clinical Studies and Clinical Studies, and KDP shall make payment
to Can-Fite within thirty (30) days after receipt of each such invoice.

 

7.5.2           Commercial
Supply. KDP shall forecast its projected Product sales in the Territory on a quarterly basis. The Parties will determine a
reasonable and practicable mechanism for the payment of the price of the Product by KDP to Can-Fite, which will be provided in
the Supply Agreement.

 

ARTICLE 8.

SALES AND MARKETING

 

8.1           Marketing
Efforts. KDP agrees to use its Commercially Reasonable Efforts to (i) launch commercial sales of the Product in the Territory
as soon as possible after receipt of the Marketing Authorization for the Product in the Territory and (ii) after Commercial Launch
of the Product in the Territory, maximize Net Sales in the Territory.

 

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8.2           Marketing
Plans. KDP shall prepare marketing plans for the Territory (the “Marketing Plans”), which shall
include plans related to the pre-launch, launch, promotion and sale of the Product in the Territory. KDP shall share with
Can-Fite the Marketing Plans on a regular basis, but no less frequently than annually. In addition, KDP shall keep Can-Fite informed,
as requested by Can-Fite, with respect to the marketing, sales and promotion of the Product in the Territory. KDP shall have full
control and authority over of the day-to-day commercialization of the Product in the Territory and implementation of the corresponding
Marketing Plans, at KDP’s sole expense.

 

8.3           Marketing
Materials. For purposes of harmonization and coordination of global commercialization of the Product, each Party shall keep
the other Party informed regarding the preparation of promotional materials, samples, advertising and materials for training sales
representatives with respect to the Product. Upon reasonable request of a Party, the other Party shall provide copies of such
Product-related written materials. KDP shall have sole responsibility for the Product marketing materials used in the Territory.

 

ARTICLE 9.

MILESTONES, ROYALTIES AND OTHER PAYMENTS

 

9.1           Upfront Payment. Within thirty (30) days after the Effective Date, KDP shall pay to Can-Fite the non-refundable, non-creditable
amount of Three Hundred Thousand U.S. Dollars ($300,000).

 

9.2           Milestone
Payments. Within thirty (30) days following the first achievement or occurrence of each of the following milestone events
by performance of KDP or an Affiliate of KDP, KDP shall pay to Can-Fite the corresponding one-time, non-creditable, non-refundable
milestone payments set forth herein:

 

	 	Milestone Event	 	Milestone Payment
	 	 	 	 
	(i)	Upon commencement of the first Clinical Study by KDP in the Territory.	 	Two Hundred Thousand U.S. Dollars ($200,000)
	 	 	 	 
	(ii)	Upon public announcement of the data from the Can-Fite Phase IIb Clinical Trial	 	Two Hundred Thousand U.S. Dollars ($200,000)
	 	 	 	 
	(iii)	Upon submission by KDP of a New Drug Application in the Territory	 	Two Hundred Thousand U.S. Dollars ($200,000)
	 	 	 	 
	(iv)	Upon Marketing Authorization in the United States, in the European Union as a whole or in any one of the following countries: Germany, Italy, the United Kingdom, France or Switzerland	 	Three Hundred Thousand U.S. Dollars ($300,000)

 

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	 	Milestone Event	 	Milestone Payment
	 	 	 	 
	 	Italy, the United Kingdom, France  or Switzerland	 	 
		 	 	 
	(v)	Upon Commercial Launch in the Territory	 	Three Hundred Thousand U.S. Dollars ($300,000)

 

For the avoidance of doubt, each milestone
payment will be nonrefundable and noncreditable against royalties payable pursuant to Section 9.3 and any other fees or other
payments due Can-Fite under this Agreement or under the Supply Agreement.

 

9.3           Royalties.

 

9.3.1           Royalty
Rates. Subject to Section 9.3.2, KDP shall pay to Can-Fite a royalty for annual Net Sales in the Territory at a rate of seven
percent (7%).

 

9.3.2           Can-Fite’s
Right to Receive Royalties. Can-Fite’s right to receive royalties at the rates set forth in Section 9.3.1 will be
in effect until the latest of: (i) the date of expiration of the last-to-expire of the Licensed Patents containing a Valid
Claim that, but for the license granted by Can-Fite to KDP hereunder, would be directly or contributorily infringed by the
use or sale of the Product in the Territory; (ii) the date of expiration of any Regulatory Exclusivity Period in the
Territory, or (iii) fifteen (15) years after the date of Commercial Launch.

 

9.3.3           Generic
Competition. In the event that, upon the expiration of any Regulatory Exclusivity Period or the expiration of the last-to-expire
of the Licensed Patents containing a Valid Claim, generic products capture more than thirty percent (30%) of the market for the
Product in the Territory, the Parties will, in good faith, discuss an adjustment to the royalty rate set forth in Section 9.3.1
if such adjustment would enable KDP to maximize Net Sales in the Territory.

 

9.3.4           Paid-Up
License. Upon expiration of this Agreement, and KDP’s payment in full of the royalty amounts due and owing under this Section
9.3, KDP shall acquire a fully paid-up license under the Licensed Technology and Data to continue commercialization activities
relating to the Product, without making any further payment to Can-Fite.

 

9.3.5           Timing
of Royalty Payments. All royalties payable to Can-Fite under this Agreement will be paid by KDP biannually by February 14 and
August 14, respectively, of each year.

 

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9.4           Payment
Method; Currency Conversion. All payments under this Agreement shall be made by wire transfer or other means acceptable to
Can-Fite, as specified by Can-Fite. All dollar amounts specified in this Agreement, and all payments made hereunder, are and shall
be made in U.S. dollars. Royalties, and any other payments due under this Agreement that are calculated based on amounts received
by KDP or its Affiliates in currencies other than U.S. dollars will be converted into the U.S. dollar equivalent using the applicable
conversion rate as reported in the Exchange Rates set forth in The Wall Street Journal for the last business day
of the six-month period to which such payments relate.

 

9.5           Late
Payments. Any payments due under this Agreement that are not paid by the date such payments are due shall bear interest at
the lesser of: (i) the average one-month London Interbank Offering Rate for the United States Dollar as reported from time
to time in The Wall Street Journal, effective for the first date on which payment was delinquent and calculated on
the number of days such payment is overdue or, if such rate is not regularly published, as published in such source as the Parties
agree plus three (3) percentage points per annum, or (ii) the maximum amount permitted by law, calculated from the date payment
was initially due. The foregoing interest shall be due from KDP without any special notice and shall be in addition to any other
remedies that Can-Fite may have pursuant to this Agreement.

 

9.6           Withholding
Tax. If any payment due to Can-Fite hereunder is subject to withholding taxes or similar governmental charge (“Withholding
Tax”) required to be paid or withheld thereon by applicable law in Korea and such Withholding Tax is creditable against
income taxes required to be paid in Israel by Can-Fite in its nature, then KDP shall deduct such Withholding Tax from such payment
due Can-Fite hereunder at a rate not to exceed the then-prevailing rate provided for in applicable provisions of the Conventions
between the Governments of Israel and Korea for the A voidance of Double Taxation and the Evasion of Taxes dated March 3, 1993
(effective January 1, 1994). KDP shall provide Can-Fite, as soon as possible, a certificate evidencing withholding or payment
of any such Withholding Tax by KDP or its Affiliates for the benefit of Can-Fite. Any other duty, tax, charge levied thereon outside
Israel shall be borne and paid by KDP without deduction from such payment due Can-Fite.

 

9.7           Reports
and Records. During the term of this Agreement, KDP shall furnish to Can-Fite a written quarterly report showing: (i) the amount
of gross sales of Product by KDP, its Affiliates and its distributors to wholesalers and other Third-Party purchasers, and an itemized
calculation of Net Sales of each Product during such calendar quarter by KDP, its Affiliates and its distributors, (ii) the amounts
payable in United States dollars which shall have accrued in respect of such Net Sales and the calculation thereof; (iii) Withholding
Tax, if any; and (iv) the exchange rates used in determining the conversion to and amount of United States dollars. The foregoing
quarterly report shall be certified by an executive officer of KDP as consistent with KDP’s standard practices in performing such
computations and in accordance with KDP’ s standard internal accounting procedures. KDP will keep or cause to be kept such records
as are required in sufficient detail to track and determine (in accordance with KDP’s standard internal accounting procedures)
the accuracy of calculations of all sums due under this Agreement and to accurately account for the calculations of all royalties
due under this Agreement. Such records will be retained for a period of the longer of (x) a three (3) year period following the
year in which any payments were made hereunder and (y) the expiration of the applicable tax statute of limitations (or any extensions
thereof), or such longer period as may be required by law.

 

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9.8           Records;
Audit by Can-Fite. Once per calendar year and within three (3) years from Can-Fite’s receipt of each royalty payment, Can-Fite
will have the option to engage (at its own expense) an independent certified public accountant, appointed by Can-Fite and reasonably
acceptable to KDP, to examine in confidence the books and records of KDP as may be necessary to determine, with respect to any
calendar year, the correctness or completeness of any report or payment required to be made under this Agreement; provided however,
that the books and records for any particular calendar year will only be subject to one audit. The report of such accountant will
be limited to a certificate verifying any report made or payment submitted by KDP during such period or identifying any over-payment
or under-payment made by KDP, accompanied by an explanation of the basis for its determination of such over-payment or under-payment.
In addition, if the accountant is unable to verify the correctness of any such payment, the accountant’s report may include information
relating to why such payment is unverifiable. If the audit reveals any underpayment by KDP to Can-Fite, then KDP will pay any underpayment
to Can-Fite, together with all interest accrued thereon, within thirty (30) days after KDP’s receipt of the audit report. If any
audit performed under this Section 9.8 discloses a deficiency of more than five percent (5%) from the amount of the original report
showing the calculation of a royalty under Section 9.4, KDP will bear the full cost of the performance of such audit. The result
of the audit and the audit report shall be subject to Article 13.

 

ARTICLE 10.

INTELLECTUAL PROPERTY

 

10.1         Prosecution
and Maintenance. Can-Fite shall own or Control (as applicable), be responsible for, and shall diligently carry out and shall
bear all costs (including attorneys’ fees) for the preparation, filing, prosecution, maintenance, and extensions, if any, of all
patents or patent applications within the Licensed Patents in the Territory. Can-Fite shall have the right, after consultation
with KDP, and upon no less than thirty (30) days’ notice, to abandon any of the Licensed Patents in the Territory. For the avoidance
of doubt, Can-Fite may take ministerial and non-material procedural actions regarding the Licensed Patents in the Territory without
obtaining prior input from KDP.

 

10.2         Inventions.

 

10.2.1           Inventorship.
Inventorship of information, know-how, data, discoveries, developments, designs, inventions, methods, processes, techniques, materials,
formulae, trade secrets, trademarks, copyrights, patents and patent applications and other proprietary information conceived and/or
reduced to practice in connection with, or as a result of, KDP’s activities hereunder and that are related the Product (“Inventions”)
shall be determined in accordance with the patent laws of the country in which such invention occurred.

 

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10.2.2           Ownership
of inventions; Royalty-Free Licenses; Responsibility for Patent Procurement. If an Invention is made solely by employees,
officers, directors, agents or consultants of KDP, and such Invention specifically relates to development of the Product by or
on behalf of KDP, the ownership of such Invention shall be vested solely in KDP (each an “KDP Invention”).
KDP hereby grants to Can-Fite a royalty-free, non-exclusive license to use and exploit KDP Inventions in connection with
the Product outside of the Territory. All other Inventions (whether invented solely by Can-Fite or jointly by Can-Fite and KDP)
shall belong to Can-Fite (each a “Can-Fite Invention”). Can-Fite hereby grants to KDP a royalty-free, non-exclusive
license to use and exploit Can-Fite Inventions in connection with the Product in accordance with this Agreement. KDP shall prepare,
file, prosecute and maintain any and all patents and patent applications related to KDP Inventions; Can-Fite shall prepare, file,
prosecute and maintain any and all patents and patent applications related to Can-Fite Inventions.

 

10.3         Enforcement
of Licensed Technology. If either Can-Fite or KDP has knowledge of any infringement or likely infringement of the Licensed
Patents or unauthorized use of the Licensed Know-How in the Territory, then the Party having such knowledge shall promptly inform
the other Party in writing, and the Parties shall promptly consult with one another regarding the action to be taken. Unless the
Parties otherwise mutually agree, Can-Fite shall have the initial right, using counsel of its choice, to enforce such Licensed
Technology or defend any declaratory action with respect thereto, at its sole expense, and KDP shall give all reasonable assistance
to Can-Fite in such action. If Can-Fite exercises such right, then Can-Fite shall control the strategy of such action and, provided
that Can-Fite either receives KDP’s consent or is required by law, Can-Fite may use KDP’s name in connection with such action.
If the infringement or likely infringement of the Licensed Patents would be the basis of a potential action solely within the Field
in the Territory, and if Can-Fite declines to commence such action, then KDP shall have the right, but not the obligation, to commence
such declined action with respect to such infringement within the Field in the Territory; provided that, prior to KDP’ s commencement
of any such declined action, KDP shall reasonably consider Can-Fite’s reasons for declining to commence the action. In the event
that KDP elects, in its sole discretion and at KDP’s sole expense, to commence such declined action, (i) KDP shall reasonably consider
Can-Fite’s input with respect to such declined action; (ii) Can-Fite shall give all reasonable assistance to KDP in such action;
and (iii) KDP may use Can-Fite’s name in connection with such action. KDP shall keep Can-Fite reasonably apprised of the progress
of any such action commenced by KDP.

 

10.4         Infringement
of Third Party Patents. If KDP, or any of its Affiliates or Sublicensees, issued by a Third Party for infringement of a Third
Party’s patent rights in the Territory because of the manufacture, use or sale of the Product in the Territory, KDP shall promptly
notify Can-Fite in writing of such suit, and the Parties shall consult each other to agree upon the course of action to be taken.
Unless otherwise agreed in writing by the Parties, Can-Fite shall have the obligation, to control the defense of such suit in the
Territory with counsel of its choice, at its own expense. KDP shall have the right to be represented by advisory counsel of its
own selection at its own expense, and KDP shall reasonably cooperate in the defense of such suit and furnish to Can-Fite all pertinent
evidence and reasonable assistance in KDP’s control.

 

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10.5         Recoveries;
Settlement. In the event that either Party recovers any amounts from any litigation or settlement under Section  10.3 or 10.4,
such amounts shall first be applied to reimburse Can-Fite and KDP for their respective actual out-of-pocket expenses, or equitable
proportions thereof. Any remaining amount shall be retained by the Party that controlled such litigation or entered into such settlement;
provided, however, that if KDP is the Party retaining any such remaining amount, then such remaining amount shall be deemed to
be Product sales hereunder, and shall be subject to the royalty payments set forth in Section 9.4. The Parties shall keep one another
informed of their respective activities concerning, and the status of, any litigation or settlement thereof concerning an Invention,
the Licensed Technology, the Product; provided, however, that no settlement or consent judgment or other voluntary final disposition
of any suit defended or action brought by a Party pursuant to this Article 10 may be entered into without the written consent of
the other Party if such settlement would require the other Party to be subject to an injunction or to make a monetary payment or
would otherwise adversely affect the other Party’s rights under this Agreement.

 

1 0.6           Trademark
Infringement. KDP shall promptly call to the attention of Can-Fite the use by any Third Party of any Trademark or any trademark
similar to the Trademarks, of which it becomes aware. Can-Fite shall have the right to decide whether or not to bring proceedings
against such Third Parties, giving commercially reasonable consideration to any reasonably anticipated, material adverse effect(s)
on KDP’s business (to the extent KDP has provided written information to Can-Fite regarding such reasonably anticipated, material
adverse effect(s)). Such proceedings shall be at the expense of Can-Fite. KDP shall cooperate fully with Can-Fite to whatever extent
is deemed reasonably necessary by Can-Fite to prosecute such action. In the event that Can-Fite recovers damages from prosecution
of such action, Can-Fite shall retain all amounts received for such damages, except that KDP shall be entitled to reimbursement
of its costs, expenses, and attorneys’ fees attributable to such action (or in proportionate amounts thereof, should Can-Fite recover
an insufficient amount for both Parties’ such costs and expenses).

 

ARTICLE 11.

REPRESENTATIONS AND WARRANTIES; LIMITATION
OF LIABILITY

 

11.1         Can-Fite
Representations and Warranties. Can-Fite hereby represents and warrants as of the Effective Date that: (i) it has the right,
power and corporate authority to enter into this Agreement and to make the promises set forth in this Agreement; (ii) it owns or
Controls the Licensed Patents and has the right to grant the rights and licenses herein to KDP in the Territory; (iii) the execution,
delivery and performance of this Agreement do not conflict with any agreement, instrument or understanding, oral or written, to
which it is a party or by which it is bound, nor to its Knowledge, violate any law or regulation of any court, governmental body
or administrative or other agency having jurisdiction over it; and (iv) there are no actual or, to its Knowledge, threatened suits
or claims by any Third Party alleging that the use by Can-Fite or KDP of the Licensed Technology will constitute an infringement
or other violation of a patent of such Third Party.

 

    	24

    	 

    

 

11.2         KDP
Representations and Warranties. KDP hereby represents and warrants as of the Effective Date that: (i) it has the right, power
and corporate authority to enter into this Agreement and to make the promises set forth in this Agreement; and (ii) the execution,
delivery and performance of this Agreement do not conflict with any agreement, instrument or understanding, oral or written, to
which it is a party or by which it is bound, nor to its Knowledge, violate any law or regulation of any court, governmental body
or administrative or other agency having jurisdiction over it.

 

11.3         Disclaimer
of Warranties. EXCEPT AS OTHERWISE EXPRESSLY STATED IN THIS AGREEMENT, CAN-FITE EXPRESSLY DISCLAIMS ANY WARRANTIES,
REPRESENTATIONS OR CONDITIONS, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, WITH RESPECT TO THE CONFIDENTIAL INFORMATION,
INGREDIENT, PRODUCT, MANUFACTURING PROCESS, LICENSED PATENTS OR LICENSED KNOW-HOW, INCLUDING, WITHOUT LIMITATION, ANY
WARRANTY OF MERCHANTABILITY, NONINFRINGEMENT, OR FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF THE LICENSED PATENTS.

 

11.4         Limitation
of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, OR INCIDENTAL DAMAGES
OF ANY KIND (INCLUDING DAMAGES FOR INTERRUPTION OF BUSINESS, PROCUREMENT OF SUBSTITUTE GOODS, LOSS OF PROFITS, OR THE LIKE) ARISING
OUT OF OR RELATING TO THIS AGREEMENT, REGARDLESS OF WHETHER SUCH DAMAGES ARE BASED ON TORT, WARRANTY, CONTRACT OR ANY OTHER LEGAL
THEORY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS SECTION SHALL BE GIVEN FULL EFFECT EVEN IF ANY REMEDY SPECIFIED
IN THIS AGREEMENT IS DEEMED TO HAVE FAILED OF ITS ESSENTIAL PURPOSE.

 

ARTICLE 12.

INDEMNIFICATION AND INSURANCE

 

12.1         By
Can-Fite. Can-Fite shall indemnify, defend and hold KDP, its Affiliates, directors, employees, agents and representatives
(collectively, “KDP lndemnitees”) harmless from and against all claims, causes of action, costs (including
reasonable attorney fees and expenses), losses or liabilities (collectively, “Losses”) of any kind that are
asserted by a Third Party to the extent the Losses arise from: (i) breach of a representation or warranty by Can-Fite in Section
11.1; (ii) the negligent act or omission or willful misconduct of Can-Fite in the performance of its obligations under this Agreement;
or (iii) the infringement of any Third-Party patent rights by Can-Fite or KDP in the use of the Licensed Technology under this
Agreement. The foregoing indemnity under subsections (i) – (iii) shall not apply to the extent that any of the KDP Indemnitees
caused or contributed to such Losses, or to the extent that KDP has an indemnification obligation under Section 12.2 with respect
to the Losses.

 

    	25

    	 

    

 

12.2         By
KDP. KDP shall indemnify, defend and hold Can-Fite, its Affiliates, Can-Fite Other Licensee(s), directors, employees, agents
and representatives (collectively, “Can-Fite Indemnitees”) harmless from and against all Losses of any kind that
are asserted by a Third Party to the extent the Losses arise from: (i) breach of a representation or warranty by KDP in
Section 11.2; (ii) the negligent act or omission or willful misconduct of KDP or any of its Affiliates, agents or representatives
in the performance of their obligations under this Agreement; or (iii) the development, marketing, selling, handling or distribution
by or on behalf of KDP of the Product (as applicable) in the Territory. The foregoing indemnity under subsections (i) – (iii)
shall not apply to the extent that any of the Can-Fite Indemnitees caused or contributed to such Losses, or to the extent that
Can-Fite has an indemnification obligation under Section 12.1 with respect to the Losses.

 

12.3         Procedure.
Each Party will promptly notify the other Party in writing in the event it becomes aware of a Third Party claim, action or suit
for which indemnification may be sought hereunder (provided that the failure to give such notice promptly will not prejudice the
rights of an Indemnified Party, except to the extent that the failure to give such prompt notice materially adversely affects the
ability of the Indemnifying Party to defend the claim, action or suit). In the event that any Third Party claim, action or suit
is instituted against a Party in respect of which indemnity may be sought pursuant to this Article 12, promptly after such Party
(the “Indemnified Party”) notifies the other Party (the “Indemnifying Party”) in writing, the
Indemnifying Party and the Indemnified Party shall meet to discuss how to respond to such claim, action or suit. The Indemnifying
Party shall control the defense of such claim, action or suit. The Indemnified Party shall cooperate with the Indemnifying Party
in the defense of such claim, action or suit, at the expense of the Indemnifying Party. In any such proceeding, the Indemnified
Party shall also have the right to retain its own counsel at its own expense. The Indemnifying Party shall not be liable for Losses
or Third Party liabilities with respect to a claim, action or suit settled or compromised by the Indemnified Party without the
Indemnifying Party’s prior written consent. No offer of settlement, settlement or compromise by the Indemnifying Party shall be
binding on an Indemnified Party without the Indemnified Party’s prior written consent (which consent shall not be unreasonably
withheld or delayed), unless such settlement fully releases the Indemnified Party without any liability, loss, cost or obligation
to such Indemnified Party.

 

    	26

    	 

    

 

ARTICLE 13.

CONFIDENTIALITY AND PUBLICITY

 

13.1         Treatment
of Confidential Information. The Parties agree that during the term of this Agreement, and for a period of five (5) years after
this Agreement expires or terminates, the Receiving Party of Confidential Information of the Disclosing Party will (i) maintain
such Confidential Information in confidence to the same extent the Receiving Party maintains its own confidential or proprietary
information or trade secrets of similar kind and value; (ii) not disclose such Confidential Information to any Third Party without
the prior written consent of the Disclosing Party, except for disclosures to its Affiliates and Can-Fite’s Other Licensee(s) who
agree to be bound by obligations of non-disclosure and non-use at least as stringent as those contained in this Article 13; and
(iii) not use Confidential Information for any purpose except those purposes permitted by this Agreement. Neither Party will knowingly
disclose to the other Party any Third Party information or know-how that such Party does not have the legal right to disclose to
the other Party and/or which it has a contractual obligation not to disclose to the other Party.

 

13.2         Authorized
Disclosure. Notwithstanding the foregoing Section 13.1, a Receiving Party may disclose Confidential Information of the Disclosing
Party:

 

	 	(i)	to the extent and to the persons and entities as required by an applicable law, rule, regulation, legal process, court order or the rules of the any securities exchange on which any security issued by either Party is traded or of a Regulatory Authority; or

 

	 	(ii)	as necessary to file, prosecute or defend those patent applications or patents for which either Party has the right to assume filing, prosecution, defense or maintenance, pursuant to Article 10 of this Agreement; or

 

	 	(iii)	to prosecute or defend litigation or otherwise establish rights or enforce obligations under this Agreement, but only to the extent that any disclosure is necessary.

 

Provided that, the
Receiving Party required or intending to disclose the Disclosing Party’s Confidential Information under Sections 13.2(i) or (iii)
shall give advance written notice to the Disclosing Party of such required disclosure so that the Disclosing Party may seek a protective
order or other appropriate remedy. If, in the absence of a protective order or other remedy, the Receiving Party is nonetheless,
in the reasonable opinion of Receiving Party’s counsel, required to disclose Confidential Information of the Disclosing Party under
Sections 13.2(i) or (iii), the Receiving Party may disclose only that portion of the Confidential Information of the Disclosing
Party which such counsel advises in writing is legally required to be disclosed; provided that the Receiving Party shall preserve
the confidentiality of such Confidential Information to the fullest extent possible, including, without limitation, by cooperating
with the Disclosing Party in its efforts to secure confidential or protective treatment of such Confidential Information or to
obtain a protective order or other remedy.

 

    	27

    	 

    

 

13.3         Other
Permitted Disclosures. Either Party may disclose Confidential Information received under this Agreement to existing or potential
investors, acquirers, merger partners, collaborators, consultants, contractors, distributors or licensees, or to professional advisors
(e.g., attorneys, accountants and investment bankers) involved in such activities, for the limited purpose of evaluating such investment,
transaction, or license and under appropriate conditions of confidentiality, only to the extent necessary and with the agreement
by these permitted individuals to maintain such Confidential Information in strict confidence.

 

13.4         Publicity;
Terms of this Agreement. The Parties will mutually agree upon the text of a press release announcing the execution of this
Agreement. Except for such press release, neither Party shall (i) originate any publicity, news release or other public announcement,
written or oral, whether to the public press, stockholders or otherwise, relating to this Agreement, any amendment hereto or performance
hereunder, or (ii) use the name of the other Party in any publicity, news release or other public announcement, except (a) with
the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed, or (b) as required by
applicable law, in which case the originating Party shall submit to the other Party (for review and any proposed modifications,
as well as the Parties’ coordination, prior to such disclosure or use) each such required disclosure, and shall comply with the
terms of Section 13.2. The terms of this Agreement shall be deemed to be the Confidential Information of each Party.

 

ARTICLE 14.

TERM AND TERMINATION

 

14.1         Term
of this Agreement. This Agreement will become effective on the Effective Date and, unless earlier terminated pursuant to this
Article 14, will remain in full force and effect until there is no remaining royalty payment obligation in the Territory, as set
forth in Section 9.3.2. The terms and conditions for any transactions between the Parties relating to the Product after any termination
or expiration hereunder shall be as separately negotiated and agreed upon by the Parties.

 

14.2         Termination
for Breach of Share Purchase Agreement. If KDP breaches the Share Purchase Agreement by not completing the purchase of the
Shares, Can-Fite shall have the right to terminate this Agreement upon providing written notice to KDP.

 

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14.3         Termination
for Material Breach. If either Party (the “Breaching Party”) materially breaches any of its representations,
warranties, covenants or obligations under this Agreement, the other Party (the “Non-Breaching Party”) shall
have the right to terminate this Agreement upon providing written notice to the Breaching Party (i) thirty (30) days after such
written notice, if the Breaching Party is in breach of Article 9, 10 or 13 and has failed to cure such breach within the thirty
(30) days notice period, or (ii) sixty (60) days after such written notice, if the Breaching Party is in breach of any other provision
hereof and has failed to cure such breach within the sixty (60) days notice period; provided, however, that if a breach other
than of Article 9, 10 or 13 is not reasonably susceptible of cure within the sixty-day cure period above, and the Breaching Party
proposes and has initiated a reasonable course of action to cure such breach and has acted diligently and in good faith to begin
to cure the breach within such sixty-day period, such cure period shall be extended as reasonably necessary to permit the breach
to be cured. All amounts due hereunder that are not in dispute shall continue to be timely paid.

 

14.4         Termination
for Insolvency. This Agreement may be terminated at any time by a Party’s thirty (30) days prior written notice upon
the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings by or against the other Party
(the “Bankrupt Party”), or upon an assignment of a substantial portion of the Bankrupt Party’s assets
for the benefit of its creditors; provided, however, that in the event of any involuntary bankruptcy or receivership proceeding,
such right to terminate shall only become effective if the proceeding is not dismissed within sixty (60) days after the filing
thereof.

 

14.5         Effect
of Expiration or Termination.

 

14.5.1           Accrued
Obligations. Termination of this Agreement for any reason shall not release any Party hereto from any liability which, at the
time of such termination, has already accrued to the other Party or which is attributable to a period prior to such termination,
nor preclude either Party from pursuing all rights and remedies it may have hereunder or at law or in equity with respect to any
breach of this Agreement.

 

14.5.2           Survival.
The expiration or termination of this Agreement shall not affect (i) the rights or obligations of either Party hereto which shall
have accrued hereunder prior to such expiration or termination, and (ii) the rights and obligations of the Parties at law or in
equity, which from the context thereof, are intended to survive termination or expiration of this Agreement. Without limiting the
foregoing sentence, the provisions of Article 1, to the extent definitions are embodied in the following listed Articles and Sections
of this Agreement; the provisions of Sections 2.1, 2.2, 2.3, 5.4, 5.5, 5.6, 5.7, 5.8, 5.9, 5.10, 8.2, 8.3 and Article 6, but only
if KDP has a fully paid-up license under Section 2.1; Sections 2.5 and 2.6; Sections 7.5, 9.1, 9.2 and 9.3, to the extent payment
obligations thereunder have accrued but not been paid; Sections 9.4, 9.5, 9.6, 9.7 and 9.8, 10.1, 10.2, 10.6, 11.3, 11.4, 14.5,
14.6, 16.3, 16.4, 16.5, 16.6, 16.7, 16.8, 16.9; Articles 12 and 13; and Article 15, with respect to Disputes arising during the
term of the Agreement that have not been resolved, shall survive the expiration or termination of this Agreement for any reason.
In addition, any other provision required to interpret and enforce the Parties’ rights and obligations under this Agreement shall
survive, but only to the extent required for the observation and performance of the aforementioned surviving portions of this Agreement.

 

    	29

    	 

    

 

14.5.3           Termination
of Licenses. Upon earlier termination of this Agreement by Can-Fite for KDP’s uncured material breach under Section 14.2 or
KDP’s insolvency under Section 14.3, or by Can-Fite for KDP’s failure to proceed with Product development pursuant to Section 5.3,
all licenses and rights granted to KDP hereunder shall terminate and KDP will immediately cease to develop and commercialize Product.

 

14.5.4           Disposition
of inventory. Upon earlier termination of this Agreement by Can-Fite for KDP’s uncured material breach under Section 14.2 or
KDP’s insolvency under Section 14.3, or by Can-Fite for KDP’s failure to proceed with Product development pursuant to Section 5.3,
KDP shall have the right for a period of ninety (90) days to sell any Product in its inventory. Thereafter, KDP shall return any
remaining inventory to Can-Fite.

 

14.5.5           Reassignment
of Regulatory Approvals. If this Agreement is early terminated by Can-Fite under Section 14.2 because of KDP’s uncured material
breach or under Section 14.3 because of KDP’s insolvency, or by Can-Fite for KDP’s failure to proceed with Product development
pursuant to Section 5.3, KDP shall ensure that all Regulatory Filings and Marketing Authorizations in the Territory relating to
the Product are assigned to Can-Fite (to the extent legally permissible in the Territory) within a reasonable time after termination
of KDP’s rights under this Agreement, subject to Can-Fite’s payment to KDP of a two percent (2%) royalty on Net Sales of any Product
that is the subject matter of such assigned Regulatory Filings and/or Marketing Authorizations; provided that such royalty payment
obligation of Can-Fite shall only continue until such time that the total royalty payments delivered by Can-Fite equal an amount
that reimburses KDP for all of its Non-Clinical Study Costs and Clinical Study Costs and other internal and external costs directly
arising from or in connection with preparation and submission of such assigned Regulatory Filings and/or Marketing Authorizations
that were reasonably borne by KDP prior to such early termination of this Agreement. Any costs incurred by KDP for such assignment
or transfer shall be at KDP’s expense. In the event that no such assignment and/or transfer pursuant to this Section 14.5.5 may
legally be made, then, at the request of Can-Fite, KDP shall surrender such Regulatory Filings and/or Marketing Authorizations
for cancellation. To the extent that such assigned Regulatory Filings and/or Marketing Authorizations are related to the Product,
all such data, files, materials, information, filings and approvals shall thereafter be deemed to be Can-Fite’s Confidential Information
and subject to Article 13 of this Agreement. KDP further agrees to execute and deliver such instruments and take such other actions
as Can-Fite shall reasonably request in order to carry out this provision.

 

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14.6         Return
of Confidential Information. Confidential Information shall remain the property of the Disclosing Party for the period provided
in Section 13.1. Upon earlier termination of this Agreement by either Party under Section 14.2 because of uncured material breach
or under Section 14.3 because of insolvency of the other Party, or by Can-Fite for KDP’s failure to proceed with Product development
pursuant to Section 5.3, the Receiving Party shall immediately cease to use the Disclosing Party’s Confidential Information and
promptly thereafter the Receiving Party shall, at the Receiving Party’s option, either return to the Disclosing Party or destroy
all data, drawings, memoranda, notes and other written materials (including summaries, records, descriptions, modifications, drawings
and adaptations that have been made from any such materials), together with any magnetic media and computer stored information,
and all copies thereof, embodying or containing any of the Disclosing Party’s Confidential Information that are in the possession
or control of the Receiving Party or its contractors or agents; provided, however, that one (1) copy of such Confidential Information
may be retained by the Receiving Party on a confidential basis for archival purposes only. Any destruction of Confidential Information
pursuant to the preceding sentence shall be promptly confirmed by a written certificate executed by an authorized officer of Receiving
Party.

 

ARTICLE 15.

DISPUTE RESOLUTION

 

15.1         Negotiation.
The Parties shall attempt in good faith to resolve any and all disputes that arise between them promptly, voluntarily and amicably.
Any dispute arising between the Parties relating to, arising out of, or in any way connected with this Agreement, or any term
or condition hereof, or the performance by either Party of its obligations hereunder (a “Dispute”), whether
before or after expiration or termination of this Agreement, which is not settled by the Parties within thirty (30) days after
written notice of such Dispute is first given by one Party to the other Party in writing, will be referred to a senior executive
designated by Can-Fite and a senior executive designated by KDP who are authorized to settle such Dispute on behalf of their respective
companies (“Senior Executives”). The Senior Executives will meet (or confer by telephone or video conference)
within thirty (30) days after the end of the initial 30-day period referred to above, at a time and place mutually acceptable
to both Senior Executives. If the Dispute has not been resolved by the Senior Executives within thirty (30) days after the end
of the initial 30-day period referred to above (or such longer time period as may be mutually agreed upon by the Senior Executives),
the Dispute will be resolved in accordance with the remainder of this Article 15.

 

15.2         Arbitration.
If a Dispute is not resolved in accordance with Section 15.1, the Parties hereby agree to resolve such Dispute by final and binding
arbitration administered under the then-current Rules of Arbitration of the International Chamber of Commerce (“ICC”).

 

15.2.1           Commencement
of Arbitration Proceeding; Arbitrator. Following failure of the Senior Executives to resolve a Dispute under Section 15.1,
either Party may commence such arbitration proceeding in accordance with this Section 15.2 and the ICC rules, and shall simultaneously
notify the other Party in writing of such commencement. The arbitration shall be conducted by one (1) neutral arbitrator, to be
mutually selected by the Parties within thirty (30) days of the commencement of the proceeding; provided that if the Parties are
unable to mutually select such arbitrator within such 30-day period, then the Parties shall either mutually agree to extend such
period or one neutral arbitrator will be selected by Can-Fite within such thirty (30) day period, one neutral arbitrator will be
selected by KDP within such thirty (30) day period, and such two selected arbitrators shall, within thirty (30) days after the
first two arbitrators have been selected, appoint the single neutral arbitrator who shall preside over the arbitration proceeding.

 

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15.2.2           Arbitration
Proceeding and Venue. The arbitration and all related hearings, proceedings and written submissions will be in the English
language. The arbitration proceeding shall be held in New York City (unless the Parties mutually agree in writing on a different
venue). Each Party shall bear its own expenses (including the fees and expenses of its attorneys, consultants and witnesses) in
connection with the arbitration proceeding, and each Party shall, on an ongoing basis, pay one-half (1/2) the fees and expenses
of the ICC and the arbitrator(s).

 

15.2.3           Decision;
Enforcement. The decision of the arbitrator shall be the sole and exclusive remedy of the Parties, shall be final and shall
be fully and irrevocably accepted by the Parties. The arbitrator shall announce his/her decision and award, and the reasons therefor, in writing. The prevailing Party may enforce such decision against the other Party in any court having jurisdiction. In any
arbitration proceeding hereunder, the arbitrator will not have the right to modify the terms and conditions of this Agreement.
The Parties will exert reasonable efforts to have the decision and award rendered within six (6) months after a Party commences
the arbitration proceeding.

 

15.3         Court
Actions; Injunctive Relief. Notwithstanding the above, to the full extent allowed by law, either Party may bring an action
in any court of competent jurisdiction for injunctive relief (or any other provisional remedy) to protect the Parties’ rights or
enforce the Parties’ obligations under Sections 10, 13 or 16.8 of this Agreement. In addition, either Party may bring an action
in any court of competent jurisdiction to resolve disputes pertaining to the validity, construction, scope, enforceability, infringement
or other violations of patents or other proprietary or intellectual property rights.

 

ARTICLE 16.

MISCELLANEOUS

 

16.1         Force
Majeure. Neither Party shall be held liable or responsible to the other Party, nor be deemed to have defaulted under or breached
this Agreement, for failure or delay in fulfilling or performing any term of this Agreement when such failure or delay is caused
by or results from causes beyond the reasonable control of the affected Party, including but not limited to fire, floods, earthquake,
embargoes, war, acts of war (whether war is declared or not), insurrections, riots, civil commotions, strikes, lockouts or other
labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority or the other Party; provided,
however, that the Party so affected shall use Commercially Reasonable Efforts to avoid or remove such causes of nonperformance,
and shall continue to perform hereunder with reasonable dispatch whenever such causes are removed. Either Party shall provide the
other Party with prompt written notice of any delay or failure to perform that occurs by reason of force majeure. The Parties shall
mutually seek a resolution of the delay or the failure to perform as noted above.

 

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16.2         Assignment.
This Agreement may not be assigned or otherwise transferred by one Party without the prior written consent of the other Party;
except that Can-Fite shall have the right to assign this Agreement in connection with the transfer or sale of all or substantially
all of its assets relating to the Product.

 

16.3         Severability.
If any provision hereof should be held invalid, illegal or unenforceable in any jurisdiction, the Parties shall negotiate in good
faith a valid, legal and enforceable substitute provision that most nearly reflects the original intent of the Parties and all
other provisions of this Agreement shall remain in full force and effect in such jurisdiction and shall be liberally construed
in order to carry out the intentions of the Parties hereto as nearly as may be possible. Such invalidity, illegality or unenforceability
shall not affect the validity, legality or enforceability of this Agreement in any other jurisdiction.

 

16.4         Notices.
All notices, requests, consents and other communications given or made by a Party under this Agreement shall be in writing and
shall be deemed given (i) five (5) days after mailing when mailed (by registered or certified mail, postage paid, only), (ii) on
the date sent when made by facsimile transmission with confirmation of receipt (with hard copy to follow by registered or certified
mail, postage paid, only), or (iii) on the date received when delivered in person or by reputable overnight courier; provided that
notices and communications with respect to administrative matters under this Agreement (but not legal matters or matters pertaining
to rights or obligations under this Agreement), may be provided by e-mail and will be deemed given when sent. All notices shall
be provided to the address set forth below or such other place as such Party may from time to time designate in writing:

 

	 	If to Can-Fite:	 	Can-Fite BioPharma, Ltd.
	 	 	 	10 Bareket St.
	 	 	 	Petach Tikva, Israel
	 	 	 	Attention: Chief Executive Officer
	 	 	 	Facsimile: +972.3.924.9378
	 	 	 	E-Mail: info@canfite.com
	 	 	 	 
	 	with a copy to:	 	Goodwin Procter LLP
	 	 	 	4365 Executive Drive, Suite 300
	 	 	 	San Diego, CA 92121 USA
	 	 	 	Attention: Stephen C. Ferruolo
	 	 	 	Facsimile: 1.858.457.1255
	 	 	 	E-mail: sferruolo@goodwinprocter.com
	 	 	 	 
	 	If to KDP:	 	Kwang Dong Pharmaceutical Co., Ltd.
	 	 	 	#1206, Byucksan Digital Valley III, 212-13,
	 	 	 	Guro 3-dong, Guro-gu, Seoul, Republic of Korea
	 	 	 	Attention: Director, Business Development
	 	 	 	Facsimile: +82-2-2025-1350
	 	 	 	E-mail: bd@ekdp.com

 

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16.5         Governing
Law. This Agreement and any dispute arising from the performance or breach hereof shall be governed by and construed and enforced
in accordance with the laws of State of New York without reference to conflicts of laws principles.

 

16.6         Entire
Agreement; Amendment. This Agreement, together with the Share Purchase Agreement and the Exhibits hereto, contains the entire
understanding of the Parties with respect to the subject matter hereof. In the event of any conflict or inconsistency between any
provision of any Exhibit hereto and any provision of this Agreement, the provisions of this Agreement shall prevail. All express
or implied agreements and understandings, either oral or written, heretofore made, including the Mutual Confidential Disclosure
Agreement between the Parties, dated 25 May, 2007, are expressly superseded by this Agreement. This Agreement may be amended, or
any term hereof modified, only by a written instrument duly executed by both Parties hereto.

 

16.7         Official
Language. The language of this Agreement and of any documents, papers or proceedings required by or under this Agreement, including
any such documents, papers or proceedings that arise under Article 15, shall be English. Any Party requesting or requiring translations
of such documents, papers or proceedings shall bear all costs and expenses of such translations.

 

16.8         Independent
Contractors. It is expressly agreed that Can-Fite and KDP shall be independent contractors and that the relationship between
the Parties shall not constitute a partnership, joint venture or agency. Neither Can-Fite nor KDP shall have the authority to make
any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other, without
the prior written consent of the other Party to do so.

 

16.9         Waiver.
The waiver by either Party hereto of any right hereunder or the failure to perform or of a breach by the other Party shall not
be deemed a waiver of any other right hereunder or of any other breach or failure by said other Party whether of a similar nature
or otherwise.

 

16.10      Counterparts.
This Agreement may be executed in counterparts by original or facsimile signature, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

 

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IN WITNESS WHEREOF, the Parties hereto have
caused this Agreement to be executed by their duly authorized representative as of the date first above written.

 

	CAN-FITE BIOPHARMA, LTD.	 	KWANG DONG PHARMACEUTICAL CO., LTD.
	 	 	 
	By:	/s/ Pnina Fishman, Ph.D.	 	By:	/s/ Soo Boo Choi
	 	 	 
	Name:	Pnina Fishman, Ph.D.	 	Name:	Soo Boo Choi
	 	 	 
	Title: 	CEO	 	Title: 	Chairman

 

	By:	/s/ Ilan Cohn, Ph.D.	 
	 	 	 
	Name: 	Ilan Cohn, Ph.D.	 
	 	 	 
	Title:	Vice Chairman	 

 

    	35

    	 

    

 

DRAFT

Confidential

 

EXHIBIT A

 

LICENSED PATENTS

 

	DETAILS*	 	TITLE**
	 	 	 
	Korean patent No. 10-0584797	 	Pharmaceutical compositions comprising an adenosine receptor agonist or antagonist
	 	 	 
	Korean patent No. 10-0674529	 	Pharmaceutical compositions comprising an adenosine receptor agonist or antagonist
	 	 	 
	Korean patent application 10-2007-7012806	 	Therapeutic treatment of accelerated bone resorption
	 	 	 
	Korean patent application 10-2007-7014958	 	Biological marker for inflammation
	 	 	 
	Korean patent application 10-2007-7014957	 	Treatment of inflammation by a combination of methotrexate and an A3 Adenosine Receptor Agonist
	 	 	 
	PCT Application .....	 	Process for producing IB-MECA

 

*           In
case of a PCT application, the Licensed Patent is the Korean patent that will be granted on a national Korean patent application
filed on the basis of the PCT application; in case of a US Provisional application, the Licensed Patent will be a Korean patent
which claims priority from the US Provisional application.

 

**         The
title is for identification purposes only. The title on file may be different or may be amended by Can-Fite or by the Korean Patent
Office.

 

    	 

    	 

    

 

DRAFT

Confidential

 

EXHIBIT B

 

TRADEMARKS

 

[None Selected as of the Effective Date]

 

[To Be Added During the Term of the Agreement]Exhibit 4.17

 

LICENSE AGREEMENT

 

This License Agreement
(this “Agreement”), dated November 21, 2011 (the “Effective Date”), is made by and between
CAN-FITE Biopharma Ltd., a public company incorporated under the laws of the State of Israel (“CANFITE”), and
Eye-Fite Ltd., a private company incorporated under the laws of the State of Israel (“EYEFITE”). CANFITE and
EYEFITE are sometimes hereinafter referred to each as a “Party” and collectively as the “Parties.”

 

WHEREAS, the Parties
desire to enter into an agreement pursuant to which CANFITE will grant a sole and exclusive license to EYEFITE under the CANFITE
Patent Rights and CANFITE Know-How for EYEFITE to develop and commercialize the Licensed Compound and Licensed Product in the Field
as defined below, and

 

WHEREAS, CANFITE and
the PHS entered into that certain PHS Agreement by which CANFITE was granted exclusive license under certain PHS Patents relating,
among other things, to CF101 (as such terms are defined below); and

 

WHEREAS, said PHS Patents
are among the CANFITE Patent Rights licensed to EYEFITE, and

 

WHEREAS, the Parties
acknowledge that the rights granted hereunder by CANFITE to EYEFITE are subject to the terms and conditions of the PHS Agreement.

 

NOW, THEREFORE, the
Parties hereby agree as follows:

 

Section 1.   Definitions.

 

For the purpose of
this Agreement, the following words and phrases shall have the meanings set forth below:

 

1.1           “Affiliate”
means with respect to a party, any other business entity that directly controls, is controlled by, or is under common control with,
such party. A business entity or party shall be regarded as in control of another business entity if it owns, or controls, more
than fifty percent (50%) of the voting stock or other voting ownership interest of the other business entity, or if it directly
or indirectly possesses the power to direct or cause the direction of the management and policies of the other business entity
by any means whatsoever.

 

1.2           “Annual”
means from January 1 to December 31 of any given calendar year.

 

1.3           “Approval”
means, with respect to any Licensed Product in any regulatory jurisdiction, approval from the applicable Regulatory Authority sufficient
for the manufacture, offer for sale, sale, distribution, importation or use of the Licensed Product in such jurisdiction in accordance
with applicable Laws.

 

1.4           “CANFITE
Know-How” means all Technology owned, licensed or otherwise Controlled by CANFITE or any of its Affiliates as of the
Effective Date, that is related to the Licensed Compound or Licensed Product, or that is essential, necessary or useful for the
manufacture, use, sale, offer for sale, importation, research, development, commercialization or other exploitation of the Licensed
Compound or Licensed Product in the Field.

 

    	 

    	 

    

 

LICENSE AGREEMENT

 

1.5           “CANFITE
Patent Rights” means the PHS Patents and the patents and patent applications listed in Exhibit A attached
hereto, as amended from time to time during the term of this Agreement by mutual agreement of the Parties (for example to incorporate
patent rights relating to new inventions that EYEFITE may require for development or commercialization of the Licensed Product
in the Field in the Territory), and (a) any foreign counterparts thereof, (b) all divisionals, continuations, continuations-in-part
thereof or any other patent application claiming priority directly or indirectly to (i) any of the patents or patent applications
identified in Exhibit A or (ii) any patent or patent application from which the patents or patent applications identified
in Exhibit A claim direct or indirect priority, and (c) all patents issuing on any of the foregoing, and any foreign counterparts
thereof, together with all registrations, reissues, re-examinations, renewals, supplemental protection certificates, or extensions
of any of the foregoing, and any foreign counterparts thereof. The parties shall update Exhibit A from time to time during
the term of this Agreement as may be required.

 

1.6           “CF101”
means the adenosine A3 receptor agonist designated by CANFITE as CF101, and known generically as IB-MECA (Methyl 1-[N6-(3-iodobenzyl)-adenin-9-yl]-
β-D-Ibofuronamid).

 

1.7           “Clinical
Data” means the information with respect to the Licensed Product or the Licensed Compound made, collected or otherwise
generated under or in connection with pre-clinical, clinical, or the post-Approval studies for the Licensed Compound or Licensed
Product, including any data, reports and results with respect to any of the foregoing.

 

1.8           “Commercially
Reasonable Efforts” means, with respect to Licensed Products, the carrying out of development and commercialization activities
in a manner comparable to that which a company within the pharmaceutical industry that is similarly situated to EYEFITE and its
Affiliates, taken collectively, would reasonably devote to a product of similar market potential based on conditions then prevailing
and taking into account, without limitation, issues of safety and efficacy, product profile, the proprietary position, the then
current competitive environment for such product and the timing of such product’s entry into the market, the regulatory environment
and status of such product, and other relevant scientific, technical and commercial factors.

 

1.9           “Confidential
Information” means all data or information received by a Party or its Affiliates (“Receiving Party”)
that is of value to the Party or its Affiliates disclosing or providing such data or information (“Disclosing Party”)
including, but not limited to, Technology; marketing plans or strategies; formulas; methods; techniques; drawings; processes; financial
data; financial plans; product plans; lists of actual or potential customers, vendors and/or employees; potential packaging; advertising
materials; trademarks, service marks and trade dress; price lists; pricing policies; and competitive strategies. Confidential Information
also includes any compilation or organization of information which, divided into individually segregated segments, may not be deemed
confidential but in its organized completed format is unique, proprietary and confidential to the Disclosing Party. Additionally,
Confidential Information includes any information described in this provision which the Disclosing Party obtains from another party
and which the Disclosing Party treats as proprietary or designates as confidential information, whether or not owned or developed
by the Disclosing Party. Confidential Information shall be treated as such regardless of whether it is marked “confidential”
or “proprietary” or communicated by the Disclosing Party or its Affiliates in oral, written, graphic, or electronic
form.

 

1.10        “Controlled”
or “Controls”, means, when used in reference to intellectual property (including, but not limited to, patents,
trademarks, know-how or Technology), the legal authority or right of a person or entity to license or sublicense such intellectual
property to another person or entity, or to provide or disclose such intellectual property to such other person or entity, in each
case, without breaching any contractual or fiduciary obligations.

 

    	2

    	 

    

 

LICENSE AGREEMENT

 

1.11         “EMEA”
means the European Agency for the Evaluation of Medicinal Products, or any successor agency thereto.

 

1.12         “EU”
means the European Union, as its membership may be altered from time to time, and any successor thereto, and which, as of the Effective
Date, consists of Austria, Belgium, Bulgaria, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and
the United Kingdom, and that certain portion of Cyprus included in such organization.

 

1.13         “Europe”
means the countries comprising the EU as it may be constituted from time to time, together with those additional countries included
in the European Economic Area as it may be constituted from time to time.

 

1.14         “EYEFITE
Patent Rights” means the CANFITE Patent Rights that encompass within their scope the use of the Licensed Compound or
the Licensed Product in the Field and that in the absence of a license would be infringed by the development of the Licensed Product
in the Field in the Territory (and that are licensed to EYEFITE within the framework of this Agreement).

 

1.15         “FDA”
means the United States Food and Drug Administration or any successor agency thereto.

 

1.16         “Field”
means the treatment of any ophthalmic disease, disorder and conditions in humans.

 

1.17         “First
Commercial Sale” means, with respect to any Licensed Product on a country-by-country basis, the first sale for use by
the general public of such Licensed Product in such country after Approval of such Licensed Product has been granted, or marketing
and sale of such Licensed Product is otherwise permitted, by the applicable Regulatory Authority of such country.

 

1.18         “FTE”
means full-time equivalent.

 

1.19         “Governmental
Authority” means any supranational, national, federal, state or local judicial, legislative, executive or regulatory
authority or any arbitrator or arbitration tribunal.

 

1.20         “IND”
means an investigational new drug application filed with a Regulatory Authority such as the FDA for authorization to commence clinical
studies or post-Approval studies and its equivalent in other countries or regulatory jurisdictions.

 

1.21         “Koseisho”
means the Japanese Ministry of Health and Welfare, or any successor agency thereto.

 

1.22         “Laws”
means all laws, statutes, rules, regulations, ordinances and other pronouncements having the effect of law of any federal, national,
multinational, state, provincial, county, city or other political subdivision, domestic or foreign.

 

1.23         “Licensed
Compound” means CF101.

 

    	3

    	 

    

 

LICENSE AGREEMENT

 

1.24         “Licensed
Product” means any pharmaceutical product in all forms, presentations, formulations and dosage forms containing a Licensed
Compound, either alone or in combination with one or more other active ingredients, to be used solely for the Field.

 

1.25         “NDA”
means a New Drug Application filed with a Regulatory Authority such as the FDA seeking approval to market a Licensed Product in
the Territory.

 

1.26         “NDA
Filing” means an NDA for a Licensed Product that has been accepted for filing by a Regulatory Authority such as the FDA.

 

1.27         “Net
Sales” means the definition set out in Paragraph 2.10 of the PHS Agreement.

 

1.28         “Phase
III Trial” means the Phase III Trial of CF101 in the dry eye syndrome indication as set forth in the Development Plan
attached hereto as Exhibit B.

 

1.29         “PHS
Agreement” means that that certain Patent License Agreement dated December 3, 2002 entered into between CANFITE and the
PHS, a copy of which is attached hereto as Appendix A.

 

1.30         “PHS”
means singly or collectively the National Institutes of Health, the Centers for Disease Control and Prevention, or the FDA.

 

1.31         “PHS
Patents” means the patents exclusively licensed to CANFITE under the PHS Agreement and detailed in Exhibit C
attached hereto.

 

1.32         “Regulatory
Authority” means any national or supranational governmental authority, including, without limitation, the FDA, EMEA or
Koseisho, that has responsibility in countries in the Territory over the development and/or commercialization of the Licensed Compound
and Licensed Product.

 

1.33         “Regulatory
Documentation” means all applications, registrations, licenses, authorizations and approvals (including all Approvals),
all correspondence submitted to or received from Regulatory Authorities (including minutes and official contact reports relating
to any communications with any Regulatory Authority) and all supporting documents and all preclinical and clinical studies and
tests, relating to the Licensed Compound or the Licensed Product and all data contained in any of the foregoing, including all
NDAs, regulatory drug lists, advertising and promotion documents, manufacturing data, Clinical Data, adverse event files and complaint
files.

 

1.34         “Technology”
means know-how, trade secrets, chemical and biological materials, formulations, information, documents, studies, results, data
and regulatory approvals, filings and correspondence (including drug master files), including biological, chemical, pharmacological,
toxicological, pre-clinical, clinical and assay data, manufacturing processes and data, specifications, sourcing information, assays,
and quality control and testing procedures, whether or not patented or patentable, in each case, to the extent related to the Licensed
Compound or Licensed Product.

 

1.35         “Territory”
means all countries of the world.

 

1.36         “Third
Party” means any person or entity other than EYEFITE or CANFITE or any of their Affiliates.

 

    	4

    	 

    

 

LICENSE AGREEMENT

 

1.37         “Trademark”
means any word, name, symbol, color, designation or device or any combination thereof, including any trademark, trade dress, brand
mark, service mark, trade name, brand name, logo or business symbol, whether or not registered.

 

Section 2.   License
and Assignment Grants by CANFITE.

 

2.1         Exclusive
Field of Use License. CANFITE hereby grants to EYEFITE a non-transferable (except in accordance with Section 12.1), sole and
exclusive (even as to CANFITE) license, with the right to sublicense in accordance with Section 2.1(a), under the EYEFITE Patent
Rights and CANFITE Know-How, to make, have made, use, sell, offer to sell, import, research, develop, commercialize and otherwise
exploit the Licensed Compound and Licensed Product in the Field in the Territory. The foregoing license grant includes the right
to make reference to all regulatory approvals, filings and correspondence (including drug master files) contained within the CANFITE
Know-How. Each Affiliate of EYEFITE, if any, performing any obligations or exercising any rights hereunder shall be bound by the
terms and conditions of this Agreement as and to the same extent as EYEFITE, and EYEFITE shall remain fully responsible for the
performance of its Affiliates hereunder.

 

(a)          Right
to Sublicense. The licenses granted in Section 2.1 include the right to grant sublicenses (through multiple tiers) to Third
Parties (each such Third Party sublicensee, a “Sublicensee”), provided that: (1) each such sublicense shall
be subordinate to this Agreement, (2) no such sublicense shall impair EYEFITE (directly or with and through its Sublicensees) to
perform its obligations hereunder, (3) no such sublicense shall limit or impair CANFITE’s rights hereunder, (4) no such sublicense
shall limit or impair PHS’s rights under the PHS Agreement, (5) EYEFITE shall remain responsible for its, its Affiliates
and its Sublicensees conformity to the terms and conditions set forth herein, including without limitation, the obligation to use
Commercially Reasonable Efforts to develop and commercialize the Licensed Compound and Licensed Product, the obligation to make
payments as and when due hereunder, and the obligation to keep records and make reports hereunder, (6) the sublicense will require
the approval of CANFITE, which will not be unreasonably withheld, and (7) as far as such sublicense includes also the PHS Patents,
also the approval of PHS, as stipulated in the PHS Agreement. EYEFITE shall provide CANFITE with a true, accurate and complete
copy of each sublicense agreement with its Sublicensees promptly after execution. Each sublicense granted to a Sublicensee by EYEFITE
to any rights licensed to it hereunder shall terminate immediately upon the termination of the license from CANFITE to EYEFITE
with respect to such rights as of the effective date of such termination by CANFITE pursuant to Section 11.2(b), provided however,
that if a Sublicensee is not in material default of its obligations to EYEFITE under its sublicense agreement, and within sixty
(60) days of such termination the Sublicensee agrees in writing to be bound directly to CANFITE under a license agreement
substantially similar to this Agreement with respect to the rights sublicensed hereunder, substituting such Sublicensee for EYEFITE,
then such sublicense shall not so terminate.

 

(b)          Restrictions
on CANFITE. For as long as the license grant set forth in Section 2.1 is in effect, CANFITE Know-How shall be treated as Confidential
Information of both EYEFITE and CANFITE, and CANFITE and its Affiliates shall neither use CANFITE Know-How, nor shall CANFITE or
its Affiliates disclose CANFITE Know-How, except as permitted by Section 8.1(b) or 8.2.

 

2.2         Assignment
of INDs. CANFITE, for itself and its Affiliates, hereby assigns and transfers to EYEFITE all of CANFITE’s right, title,
and interest in and to any and all INDs relating to the Licensed Compound in the Field in the Territory

 

    	5

    	 

    

 

LICENSE AGREEMENT

 

2.3         Use
of Trademarks. As between the Parties, EYEFITE shall have the sole right to determine and own the Trademarks to be used with
respect to the commercialization of the Licensed Product in the Field in the Territory. EYEFITE and its Affiliates shall make reasonable
efforts to avoid using in their Development and Commercialization activities any Trademark that is confusingly similar to, misleading
or deceptive with respect to any trademark owned by CANFITE.

 

2.4         License
Limitations. All licenses and other rights are or shall be granted only as expressly provided in this Agreement, and no other
licenses or other rights are or shall be created or granted hereunder by implication, estoppel or otherwise.

 

Section 3.   Regulatory
Matters in the Territory.

 

3.1         Regulatory
Responsibilities. As between the Parties, EYEFITE shall have sole responsibility for preparing and maintaining all Regulatory
Documentation with respect to (i) Approvals for the Licensed Product in the Field in the Territory and (ii) Development and Commercialization
activities, as set forth in Section 5, for the Licensed Product in the Field in the Territory. CANFITE shall provide, however,
as may be requested by EYEFITE, any reasonable assistance to EYEFITE with respect to this Section 3.1.

 

3.2         Ownership.
All Approvals and related Regulatory Documentation for the Licensed Product in the Field in the Territory shall be the sole and
exclusive property of EYEFITE and held in the name of EYEFITE (or in each such case EYEFITE’s Affiliate or Sublicensee).
Except as provided in this Section 3 and Section 11.4(b) below, CANFITE shall be entitled to receive copies of EYEFITE’s
Regulatory Documentation, including Clinical Data, subject to the confidentiality provisions of Section 8.

 

3.3         Communications
with Regulatory Authorities. As between the Parties, EYEFITE shall be responsible for all communications with any Regulatory
Authority relating to the Licensed Product or Licensed Compound in the Territory during the term of this Agreement. As relating
to the Licensed Product or Licensed Compound, EYEFITE (or its Affiliates or Sublicensees) shall promptly provide CANFITE with copies
of all (i) material written communications to or from any Regulatory Authority, and (ii) written meeting minutes or summaries of
material meetings, conferences and discussions with Regulatory Authorities. Except as necessary to comply with the Laws, CANFITE
shall not initiate any communications with any Regulatory Authority concerning the Licensed Compound or the Licensed Product without
first obtaining EYEFITE’s approval.

 

(a)          EYEFITE
shall promptly inform CANFITE of any action, correspondence or reports to or from governmental authorities (other than Regulatory
Authorities) that would reasonably be expected to materially affect the current or anticipated development or commercialization
of the Licensed Product or Licensed Compound, and shall furnish CANFITE with copies of any relevant documents relating thereto.

 

3.4         Regulatory
Records. EYEFITE shall maintain, or cause to be maintained, records of the development and commercialization activities performed
by EYEFITE, its Affiliates and Sublicensees with respect to the Licensed Product in sufficient detail and in good scientific manner
appropriate for patent and regulatory purposes, which shall be reasonably complete and accurate and shall properly reflect all
work done and results achieved in the performance of such development activities, and which shall be retained by or for EYEFITE
for at least five (5) years after the termination of this Agreement, or for such longer period as may be required by Law.

 

    	6

    	 

    

 

LICENSE AGREEMENT

 

Section 4.   Performance
of Duties.

 

4.1           Transition.
Within thirty (30) days following the Effective Date, CANFITE shall transfer or cause to have transferred to EYEFITE, or shall
perform or cause to have performed, each item scheduled in Exhibit D hereto; provided that any copies of documents,
data and other information shall be made available to EYEFITE and may be copied at EYEFITE’s expense.

 

4.2           Studies
Completion. For each deliverable identified in Exhibit D hereto, CANFITE shall complete or cause to have completed
such deliverable in a manner comparable to that which a similarly situated company within the pharmaceutical industry would reasonably
devote to a product of similar market potential within the time period for completion associated with such deliverable as specified
in Exhibit D. With respect to each such deliverable, EYEFITE shall reimburse CANFITE for its direct FTE costs and vendor
costs subject to CANFITE’s completion of such deliverable within the specified time frame.

 

4.3           Sales
of Licensed Compound or Licensed Product. To the extent that such purchase is necessary for the Commercialization and Development
of the Licensed Product, during the term of this Agreement EYEFITE shall purchase the Licensed Compound (as bulk drug substance)
or the Licensed Product (as a finished formulated drug product, e.g. in the form of tablets, or in the form of a finished and packaged
formulated drug product) in compliance with the applicable good manufacturing practice (GMP) from CANFITE’s at a price equal
to CANFITE’s cost to manufacture or obtain the quantity of such material, plus 15% overhead charge. The form of the material
to be purchased by EYEFITE from CANFITE (whether as a bulk drug substnace of the Licensed Compound or whether as a formulated drug
product of the Licensed Product and in the latter cased whether non-packaged or packaged) will be as agreed from time to time between
the parties. EYEFITE will forward purchase orders for said Licensed Compound or said Licensed Product at the earlier to occur of
(i) as soon as possible after becoming aware of the need for supply of such material, and (ii) 6 months advanced notice prior to
the date in which the need for supply of said material is anticipated. In the case (and only in the case) that (i) Can-Fite is
unable to provide said Licensed Compound or said Licensed Product at needed quantities or meeting the applicable GMP requirements,
or (ii) upon decision by CANFITE to transfer manufacturing rights of Licensed Compound or said Licensed Product or the packaging
of said Licensed Prodcutfrom it to EYEFITE, EYEFITE shall be entitled to purchase such material from another source. Within fourteen
days notice from EYEFITE of EYEFITE’s request to purchase a quantity of said Licensed Compound or said Licensed Product (each
such request, a “Purchase Request”), CANFITE shall take all actions that may be reasonably necessary or desirable
to fulfill the Purchase Request. For each such Purchase Request, EYEFITE shall remit payment to CANFITE for the purchased quantity
of Inventory within thirty (30) days of receipt of an invoice from CANFITE.

 

For a period of three
(3) years following the Effective Date, CANFITE shall be responsible for and shall perform any necessary stability testing of the
Inventory of samples of batches of supplied Licensed Compound and/or said Licensed Product.

 

    	7

    	 

    

 

LICENSE AGREEMENT

 

Section 5.   Development
and Commercialization.

 

5.1         Clinical
Trial. EYEFITE shall use Commercially Reasonable Efforts to initiate (i.e., dosing of the first patient) a Phase III Trial
of the Licensed Compound no later than the one (1) year anniversary of the date of CANFITE’s compliance with Section 4.1.
If EYEFITE fails to initiate a Phase III Trial of the Licensed Compound by such anniversary, and provided that such failure is
not due to a delay that is beyond EYEFITE’s reasonable control, including, without limitation, delays caused by Regulatory
Authorities or by CANFITE, then EYEFITE may obtain a six (6) month extension of such period for a payment of one (1) million U.S.
dollars (US$1,000,000), provided that EYEFITE may not obtain more than four extensions (each one requiring such payment). Failure
to initiate a Phase III Trial of the Licensed Compound within the two (2) year anniversary of the date of CANFITE’s compliance
with Section 4.1 shall constitute a material breach of this Agreement, unless such failure is due to a delay that is beyond EYEFITE’s
reasonable control, including, without limitation, delays caused by Regulatory Authorities or by CANFITE.

 

5.2         Responsibilities
and Costs. EYEFITE shall use Commercially Reasonable Efforts to develop and commercialize the Licensed Compound and
Licensed Product. Without limiting the foregoing requirement, EYEFITE shall have sole responsibility for, and shall bear all costs
associated with, such commercialization and development activities.

 

5.3         Development
Plan. Attached hereto as Exhibit B is a summary of EYEFITE’s initial “Development Plan,” which
summarizes EYEFITE’s plans for the development of Licensed Product. The Development Plan may be revised from time-to-time
by EYEFITE, after obtaining the approval of CANFITE, which will not be unreasonably withheld, but shall not be revised in a manner
that would likely result in EYEFITE failing to initiate the Phase III Trial after the one (1) anniversary of the Effective Date.
Once each calendar quarter until the first Approval of the Licensed Product in a country is received, EYEFITE shall provide to
CANFITE (i) any significant updates or revisions to the Development Plan, and (ii) a report presenting a meaningful summary of
the development activities accomplished by EYEFITE through the end of the preceding quarterly period.

 

5.4         Markings.
All promotional materials, packaging and product labeling for the Licensed Product used by EYEFITE, its Affiliates, Sublicensees
or distributors in connection with the Licensed Product shall contain (i) the applicable Trademark selected by EYEFITE for use
in commercialization of the Licensed Product, (ii) if required by Law, the logo and corporate name of the manufacturer, and (iii)
if appropriate, the applicable patent numbers.

 

Section 6.   EYEFITE
Obligations.

 

6.1         Issuance
of Shares. EYEFITE shall issue to CANFITE 999 Ordinary Shares, nominal value NIS 0.01 each of EYEFITE, representing 100% of
the issued and outstanding share capital of EYEFITE.

 

6.2         Royalties
and Milestone Payments. EYEFITE shall be obligated to make to PHS, for as long as the PHS Agreement is in effect and obligates
CANFITE to make any payments to PHS, the following Royalty, Milestone and Sublicensing payments to PHS under the PHS Agreement,
as follows:

 

(a)          Annual
Royalty Payment - EYEFITE agrees to pay to PHS a nonrefundable minimum annual royalty in the amount of twenty-five thousand
dollars ($25,000), which is half of the nonrefundable minimum annual royalty payable to PHS of US$50,000 (the other half to be
paid by CANFITE).

 

(b)          Royalties
on Net Sales - EYEFITE agrees to pay PHS earned royalties on Net Sales by or on behalf of EYEFITE and its Sublicensees or Affiliates
in those territories in which PHS Patents exist, calculated on an annual basis in each calendar year and graded as follows:

 

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LICENSE AGREEMENT

 

(i)          Royalties
of five and one half percent (5.5%) on an amount of annual Net Sales of Licensed Products in the Territory of up to and including
twenty-five million U.S. dollars ($25,000,000);

 

(ii)         Royalties
of four and one half percent (4.5%) on an amount of annual Net Sales of Licensed Products in the Territory between twenty five
million U.S. dollars ($25,000,000) and one hundred million US Dollars ($100,000,000);

 

(iii)        Royalties
of four percent (4.0%) on an amount of annual Net Sales of Licensed Products in the Territory of greater than and including one
hundred million U.S. dollars ($100,000,000).

 

In case sales are made
in any calendar year by both CANFITE and EYEFITE, EYEFITE will pay its pro-rated share of the aggregate sales of both Parties out
of the payment Schedule listed under (i) – (iii) of this Sub-Section (b).

 

(c)          Milestone
Payments – EYEFITE agrees to pay PHS milestone payments as follows:

 

(i)          Twenty
Five Thousand ($25,000) Dollars payable within sixty (60) days after the initiation of the first Phase I clinical trials (or its
equivalent) per indication of the Licensed Product in the Field.

 

(ii)         Seventy
Five Thousand ($75,000) Dollars payable within sixty (60) days after the initiation of the first Phase II clinical trials (or its
equivalent) per indication of the Licensed Product in the Field.

 

(iii)        One
Hundred Thousand ($100,000) Dollars payable within sixty (60) days after the initiation of the first Phase III clinical trials
(or its equivalent) per indication of the Licensed Product in the Field.

 

(iv)        Five
Hundred Thousand ($500,000) Dollars payable within ninety (90) days after each FDA (or its equivalent) approval in each major market
area (U.S.A., Europe, or Japan) per indication of the Licensed Product in the Field.

 

(d)          Sublicensing
Payments – EYEFITE agrees to pay PHS a sublicensing payment of twenty percent (20%) of any monetary consideration received
from each sublicense, but not including royalties on Net Sales for which royalties will only be due under Sub-Section (b) above.
EYEFITE may credit Milestone Payments due under Sub-Section (c) above against any sublicensing payments due on consideration received
by EYEFITE from any Sublicensee for any milestones achieved by a Sublicensee when such milestones are substantially similar to
the milestones described above for Sub-Section (c).

 

(e)          Payment
Term. The payments to be made by EYEFITE to PHS under this Section 6.2 shall be payable only for so long as the PHS Agreement
between CANFITE and the PHS is in effect and for as long as CANFITE is obligated to make such payments to the PHS under the PHS
Agreement.

 

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LICENSE AGREEMENT

 

(f)          Effect
of Failure to Make any Payment. The failure of EYEFITE to make any of the aforesaid payments to PHS upon such payment becoming
due shall be deemed a breach of this Agreement entitling CANFITE the right to terminate the license granted hereunder, provided
that EYEFITE shall have a thirty (30) day period from receipt of a written letter from CANFITE of the occurrence of such breach
during which to cure such breach and make such applicable payment.

 

(g)          The
license of the CANFITE Patent Rights other than the PHS Patents will be free of any royalties and milestone payments.

 

6.3           Payment
Terms.

 

(a)          Manner
of Payment. All payments to be made by EYEFITE hereunder shall be made in U.S. dollars by wire transfer to such bank account
as PHS may designate, all in accordance with the terms and conditions of the PHS Agreement.

 

(b)          Reports
and Royalty Payments. For as long as royalties are due under Section 6.2, EYEFITE shall furnish to CANFITE a written report,
within forty-five (45) days after the end of each calendar quarter, showing the amount of Net Sales of Licensed Products and
royalty due for such calendar quarter. Royalty payments for each calendar quarter shall be due at the same time as such written
report for the calendar quarter. The report shall include, at a minimum, the following information for the applicable calendar
quarter, each listed by product and by country of sale: (i) the number of units of Licensed Products sold by EYEFITE and its Affiliates
and Sublicensees on which royalties are owed CANFITE hereunder; (ii) the gross amount received for such sales; (iii) deductions
taken from Net Sales as specified in the definition thereof; (iv) Net Sales; and (v) the royalties and Milestone Payments owed
to CANFITE, listed by category. In addition to the foregoing, EYEFITE shall furnish to CANFITE a written report within ten (10)
business days after the end of each calendar quarter estimating the total Net Sales for such calendar quarter by EYEFITE, its Affiliates
and Sublicensees.

 

(c)          Records
and Audits. EYEFITE shall keep, and shall cause each of its Affiliates and Sublicensees, as applicable, to keep adequate books
and records of accounting for the purpose of calculating all royalties payable to PHS hereunder and as set out in the PHS Agreement.

 

(d)          Currency
Exchange. Royalties shall accrue in the currency of the country in which the sale of the Licensed Product or Licensed Compound
is made, and if different from U.S. dollars, shall be converted into U.S. dollars using the exchange rate of such domestic currency
as quoted by the Wall Street Journal, for the business day immediately prior to the date of payment.

 

(e)          Tax
Withholding. The withholding tax, duties, and other levies (if any) applied by any government authority on payments made by
EYEFITE to PHS hereunder shall be borne by EYEFITE. PHS shall provide to EYEFITE a signed Form W-9 with its certified tax identification
number within 30 days from the date hereof.

 

(f)          Other
terms of the PHS Agreement. EYEFITE shall be bound by and subject to all other terms and conditions set out in the PHS Agreement
which relate to the payment of any annual payments, royalties, milestone payments or sublicensing payments as set out herein.

 

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LICENSE AGREEMENT

 

(g)          Payment
to PHS. Attached as Exhibit E are payment options for paying royalties to PHS. EyeFite, in coordination with
CanFite, will make payments as stipulated herein using one of these payment options.

 

Section 7.   Patent Prosecution,
Infringement and Extensions.

 

7.1         Ownership
of Inventions; Royalty-Free Licenses.

 

(a)          Inventorship
of information, know-how, data, discoveries, developments, designs, inventions, methods, processes, techniques, materials, formulae,
trade secrets, trademarks, copyrights, patents and patent applications and other proprietary information conceived and/or reduced
to practice in connection with, or as a result of, EYEFITE’s activities hereunder (the “Inventions”) shall
be determined in accordance with the patent laws of the country in which such invention occurred.

 

(b)          All
Inventions relating to the Licensed Compound or the Licensed Product (whether invented solely by CANFITE or by EYEFITE or jointly
by CANFITE and EYEFITE) shall belong to CANFITE (each a “CANFITE Invention”). CANFITE
hereby grants to EYEFITE a royalty-free, exclusive license to use and exploit CANFITE Inventions in connection with the Licensed
Product in the Field in accordance with this Agreement.

 

7.2         Prosecution
and Maintenance of CANFITE Patent Rights.

 

(a)          CANFITE
shall be solely responsible for the preparation, prosecution (including any interferences, oppositions, reissue proceedings and
reexaminations) and maintenance of the CANFITE Patent Rights. CANFITE shall use Commercially Reasonable Efforts to obtain appropriate
patent protection for the EYEFITE Patent Rights.         

 

(b)          Without
limiting the foregoing, CANFITE shall not knowingly permit any of the CANFITE Patent Rights which may include EYEFITE Patent Rights
to be abandoned in any country without EYEFITE first being given an opportunity to assume full responsibility and costs for the
continued prosecution and maintenance of same.

 

(c)          CANFITE
shall be responsible for the preparation, prosecution (including any interferences, oppositions, reissue proceedings and reexaminations)
and maintenance of all EYEFITE Patent Rights, and all preparation, filing, prosecution, and maintenance decisions with respect
to the EYEFITE Patent Rights shall be made by CANFITE with the goal and intention of obtaining appropriate patent protection for
the Licensed Compound and Licensed Product for the Field in the Territory. CANFITE shall reasonably consult with EYEFITE with respect
to the preparation, filing, prosecution and maintenance of the EYEFITE Patent Rights. CANFITE shall keep EYEFITE advised of the
status of such activities and shall also inform EYEFITE in a timely manner of any material communications CANFITE receives from
the relevant patent office with respect to such activities, including providing EYEFITE with copies of any papers relating to the
filing, prosecution or maintenance of the EYEFITE Patent Rights. EYEFITE shall forward to CANFITE copies of any papers relating
to the filing, prosecution or maintenance of the CANFITE Patent Rights promptly upon receipt. As of the Effective Date, EYEFITE
shall be responsible for all its costs incurred for such preparation, filing, prosecution and maintenance of the EYEFITE Patent
Rights and shall reimburse CANFITE for any such costs relating thereto.

 

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LICENSE AGREEMENT

 

7.3         Enforcement
and Defense of CANFITE Patent Rights.

 

(a)          Enforcement
by EYEFITE. In the event that CANFITE or EYEFITE becomes aware of a suspected infringement of any CANFITE Patent Right exclusively
licensed to EYEFITE under this Agreement, or any such CANFITE Patent Right is challenged in any action or proceeding (other than
any interferences, oppositions, reissue proceedings or reexaminations, which are addressed above), in each case, in the Field in
the Territory, such Party shall notify the other Party promptly, and following such notification, the Parties shall confer. EYEFITE
shall have the right, but shall not be obligated, to bring an infringement action or defend any such action or proceeding at its
own expense, in its own name and entirely under its own direction and control, or to settle any such action or proceeding by sublicense,
subject to the following. CANFITE shall reasonably assist EYEFITE (at EYEFITE’s expense) in any action or proceeding being
defended or prosecuted if so requested, and shall lend its name to and join as a nominal party in such actions or proceedings if
reasonably requested by EYEFITE or required by applicable Laws. CANFITE shall have the right to participate and be represented
in any such suit by its own counsel at its own expense. No settlement of any such action or proceeding which restricts the scope,
or adversely affects the enforceability, of a CANFITE Patent Right may be entered into by EYEFITE without the prior written consent
of CANFITE, which consent shall not be unreasonably withheld, delayed or conditioned.

 

(b)          Enforcement
by CANFITE. If EYEFITE elects not to bring any action for infringement described in Section 7.2(a) and so notifies CANFITE,
then CANFITE may bring such action at its own expense, in its own name and entirely under its own direction and control, subject
to the following. EYEFITE shall reasonably assist CANFITE (at CANFITE’s expense) in any action or proceeding being prosecuted
if so requested, and shall lend its name to such actions or proceedings if requested by CANFITE or required by applicable Laws.
EYEFITE shall have the right to participate and be represented in any such suit by its own counsel and at its own expense. No settlement
of any such action or proceeding which restricts the scope, or adversely affects the enforceability, of a CANFITE Patent Right
may be entered into by CANFITE without the prior written consent of EYEFITE, which consent shall not be unreasonably withheld,
delayed or conditioned.

 

(c)          Damages.
In the event that either Party exercises its rights under this Section 7.3 (the “Exercising Party”) and recovers
any damages or other sums in such action or proceeding or in settlement thereof (“Recovery”), then after deducting
the costs and expenses borne by such Exercising Party in prosecuting or defending such action, proceeding or settlement, and, in
the event the other Party participated in the action, proceeding or settlement, after deducting the costs and expenses borne by
such other Party in prosecuting or defending such action, proceeding or settlement, the Exercising Party shall be entitled to seventy-five
percent (75%) of the remainder of such Recovery and the other Party, regardless of whether such other Party participated in the
action, proceeding or settlement, shall be entitled to twenty-five percent (25%) of the remainder of such Recovery.

 

(d)          Withdrawal.
If either Party brings an action or proceeding under this Section 7.3 and subsequently ceases to pursue or withdraws from such
action or proceeding, it shall promptly notify the other Party and the other Party may substitute itself for the withdrawing Party
under the terms of this Section 7.3.

 

7.4         Patent
Extensions; Orange Book Listings; Patent Certifications.

 

(a)          Patent
Term Extension. CANFITE shall have the sole right to make any elections with respect to obtaining patent term extension or
supplemental protection certificates or their equivalents in any country with respect to CANFITE Patent Rights.

 

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LICENSE AGREEMENT

 

(b)          Data
Exclusivity. With respect to any data exclusivity periods, such as those periods listed in the FDA’s Orange Book (including
any available pediatric exclusivities) or other exclusivity periods under national implementations of Article 10.1(a)(iii) of Directive
2001/EC/83 (and all equivalents in any country), CANFITE shall have the sole right to seek and maintain all such data exclusivity
periods available for the Licensed Compound or Licensed Product.

 

(c)          Notification
of Patent Certification. CANFITE shall notify and provide EYEFITE with copies of any allegations of alleged patent invalidity,
unenforceability or non-infringement of a CANFITE Patent Right pursuant to a Paragraph IV Patent Certification by a Third Party
filing an Abbreviated New Drug Application, an application under §505(b)(2) or any other similar patent certification by a
Third Party, and any foreign equivalent thereof. Such notification and copies shall be provided to EYEFITE within five (5) business
days after CANFITE receives such certification, and shall be sent to the address set forth in Section 12.6.

 

Section 8.   Confidential
Information and Publicity.

 

8.1         Confidentiality.

 

(a)        Confidential
Information. Except as expressly provided herein, each of the Parties agrees that, for itself and its Affiliates, and for as
long as this Agreement is in effect and for a period of five (5) years thereafter, a Receiving Party shall (i) not disclose such
Confidential Information to any Third Party without the prior written consent of the Disclosing Party, except for disclosures expressly
permitted below, and (ii) not use such Confidential Information for any purpose except those licensed or otherwise authorized or
permitted by this Agreement. For clarity, all Confidential Information of EYEFITE received by or disclosed to CANFITE hereunder
shall be used by CANFITE only for ensuring that EYEFITE complies with its obligations hereunder and that CANFITE complies with
its obligations under the PHS Agreement and for no other purposes.

 

(b)        Exceptions.
The obligations in Section 8.1(a) shall not apply with respect to any portion of the Confidential Information that the Receiving
Party can show by competent proof:

 

(i)          is
publicly disclosed by the Disclosing Party, either before or after it is disclosed to the Receiving Party hereunder;

 

(ii)         was
known to the Receiving Party or any of its Affiliates, without any obligation to keep it confidential or any restriction on its
use, prior to disclosure by the Disclosing Party;

 

(iii)        is
subsequently disclosed to the Receiving Party or any of its Affiliates by a Third Party lawfully in possession thereof and without
any obligation to keep it confidential or any restriction on its use;

 

(iv)        is
published by a Third Party or otherwise becomes publicly available or enters the public domain, either before or after it is disclosed
to the Receiving Party;

 

(v)         has
been independently developed by employees or contractors of the Receiving Party or any of its Affiliates without the aid, application
or use of Confidential Information of the Disclosing Party; or

 

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LICENSE AGREEMENT

 

(vi)        Information
provided or will be provided by CANFITE to third parties under a confidentiality disclosure agreement (“CDA”),
which is relevant for the use of the License Product outside of the Field.

 

8.2         Authorized
Disclosures. The Parties may disclose Confidential Information belonging to either Party to the extent such disclosure is reasonably
necessary, in order to comply with applicable Laws, in connection with prosecuting or defending litigation, making regulatory filings,
and filing, prosecuting and enforcing patent applications and patents. Other than the publishing of a press release and regulatory
filings, prior to publishing any Clinical Data regarding the Licensed Compound, EYEFITE shall provide CANFITE with a reasonable
opportunity to review and comment on the proposed publication (which notice shall be no less than one business day under any circumstances).
Prior to the Effective Date, CANFITE submitted certain articles for publication by various journals. The Parties agree that the
publication of such articles after the Effective Date shall not be a breach by CANFITE of its obligations under this Agreement.
EYEFITE shall, in connection with all publications regarding the Licensed Compound, indicate that the Licensed Compound is licensed
by EYEFITE from CANFITE.

 

8.3         Terms
of this Agreement; Publicity. The Parties agree that the terms of this Agreement shall be treated as Confidential Information
of both Parties. Each Party agrees not to issue any press release or other public statement disclosing information relating to
this Agreement or the transactions contemplated hereby or the terms hereof without the prior written consent of the other Party,
except:

 

(a)          A
mutually agreed upon press release detailing the transaction set out herein pre approved by both Parties;

 

(b)          CANFITE
shall be permitted to disclose the terms hereof to PHS; and

 

(c)          The
Parties shall each be permitted to disclose the terms of this Agreement and the PHS Agreement (i) in communication with investors,
consultants, advisors or others on a need-to-know basis, in each case under appropriate confidentiality provisions substantially
equivalent to those of this Agreement; (ii) as necessary to comply with applicable governmental Laws and regulations (including,
without limitation, the rules and regulations of the Securities and Exchange Commission or any national securities exchange) and
with judicial process; or (iii) to other parties under a written confidentiality agreement.

 

8.4         Relationship
to the Confidentiality Agreement. This Agreement supersedes the Confidentiality Agreement, provided that all “Confidential
Information” disclosed or received by the Parties thereunder shall be deemed “Confidential Information” hereunder
and shall be subject to the terms and conditions of this Agreement.

 

Section 9.   Adverse
Experience.

 

9.1         As
stated in Sections 9.2 and 9.3, EYEFITE shall keep (and EYEFITE shall cause its sublicensees to keep under terms and conditions
equal to those set forth in this Section 9) CANFITE, during the term of this Agreement, promptly and fully informed of all pharmaceutical,
toxicological and clinical findings relating to adverse experience of the Licensed Product or Licensed Compound. CANFITE shall
be permitted to share with PHS all data and information provided under this Article 9 by EYEFITE.

 

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LICENSE AGREEMENT

 

9.2         EYEFITE
undertakes to notify CANFITE promptly with written confirmation by immediate telecopy of any information concerning any serious
adverse event as defined by C.I.O.M.S. or any Regulatory Authority, as applicable, reasonably associated with clinical studies
or attributed to the use or application of the Licensed Product or Licensed Compound. In any event the above notification shall
be made within two (2) working days after Licensee first learns or is advised of relevant information with respect to such serious
adverse event.

 

9.3         EYEFITE
shall also forward regularly (and usually every six (6) months unless the Parties agree on another period) to CANFITE any information
on all other adverse effects or any difficulty associated with the clinical use, studies, investigations, tests and prescription
of the Licensed Product or Licensed Compound.

 

9.4         EYEFITE
shall provide upon request the information on estimated patient days of exposure.

 

9.5         EYEFITE
shall inform CANFITE, without delay, of any governmental action, correspondence or reports to or from governmental authorities
that may affect the situation of the Licensed Product or Licensed Compound and furnish CANFITE with copies of any relevant documents
relating thereto.

 

Section 10.   Warranties;
Limitations of Liability; Indemnification; Covenants.

 

10.1       Representations
and Warranties of Both Parties. Each Party represents and warrants to the other Party, as of the Effective Date, that:

 

(a)          Such
Party is a corporation duly organized and validly existing under the Laws of the state in which it is incorporated, and it has
full right and authority to enter into this Agreement and to accept the rights and licenses granted as herein described.

 

(b)          This
Agreement has been duly authorized by all requisite corporate action, and when executed and delivered will become a valid and binding
contract of such Party enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium and other Laws affecting creditors’ rights generally from time to time if effect, and to general principles of
equity.

 

(c)          The
execution, delivery and performance of this Agreement does not conflict with any other agreement, contract, instrument or understanding,
oral or written, to which such Party is bound, nor will it violate any law applicable to such Party.

 

(d)          All
necessary consents, approvals and authorizations of all regulatory and governmental authorities and other persons or entities required
to be obtained by such Party in connection with the execution and delivery of this Agreement and the performance of its obligations
hereunder have been obtained.

 

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LICENSE AGREEMENT

 

10.2       CANFITE
Representations and Warranties. CANFITE covenants, represents and warrants to EYEFITE that as of the Effective Date:

 

(a)          CANFITE,
through in-licensing or ownership, controls the patents and patent applications that are included within the CANFITE Patent Rights
as of the Effective Date and CANFITE Controls the CANFITE Know-How, in both cases, for use with the Licensed Compound within the
Field;

 

(b)          To
the best of its knowledge and belief, all of the issued patents within the CANFITE Patent Rights are in good standing;

 

(c)          To
the best of its knowledge and belief, CANFITE is not aware of any notice from any Third Party asserting any ownership rights to
any CANFITE Know-How for use with the Licensed Compound within the Field;

 

(d)          To
the best of its knowledge and belief, CANFITE is not aware of any pending or threatened action, suit, proceeding or claim by a
Third Party asserting that CANFITE is infringing or has misappropriated or otherwise is violating any patent, trade secret or other
proprietary right of any Third Party as would reasonably be expected to result in CANFITE being unable to grant the rights and
licenses to EYEFITE under this Agreement;

 

(e)          CANFITE
has not granted any right or license or other encumbrance of any kind in the FIELD to any Third Party relating to the CANFITE Patent
Rights and CANFITE Know-How that conflicts with any of the rights granted to EYEFITE hereunder;

 

(f)          There
are no claims, actions, or proceedings pending or, to CANFITE’s knowledge, threatened; nor are there any formal inquiries
or notices that may lead to the institution of such legal proceedings, against CANFITE or its Affiliates or PHS or its Affiliates,
which if adversely decided, would, individually or in the aggregate, have a material adverse effect on, or prevent CANFITE’s
ability to grant the licenses and assignments to EYEFITE contemplated hereunder; and

 

10.3       Disclaimer.
EXCEPT AS EXPRESSLY SET FORTH HEREIN, NEITHER CANFITE NOR EYEFITE MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING
ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

10.4       Limitation
of Liability. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT OR OTHERWISE, NEITHER PARTY SHALL BE LIABLE TO THE OTHER OR ANY THIRD
PARTY WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES; PROVIDED, HOWEVER,
THAT THIS SECTION 10.4 SHALL NOT APPLY TO THE PARTIES’ INDEMNIFICATION RIGHTS AND OBLIGATIONS UNDER SECTIONS 10.6(a) AND
10.6(b).

 

10.5       Performance
by Affiliates. The Parties recognize that each Party may perform some or all of its obligations under this Agreement through
Affiliates and Third Party contractors provided, however, that each Party shall remain responsible and liable for the performance
by its Affiliates and Third Party contractors and shall cause its Affiliates and Third Party contractors to comply with the provisions
of this Agreement in connection therewith.

 

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LICENSE AGREEMENT

 

10.6       Indemnification.

 

(a)          EYEFITE
Indemnity. EYEFITE hereby agrees to indemnify and hold CANFITE and its Affiliates, and their respective employees, directors,
agents and contractors, and their respective successors, heirs and assigns and representatives (“CANFITE Indemnitees”)
harmless from and against all claims, liability, threatened claims, damages, expenses (including reasonable attorneys’ fees),
suits, proceedings, losses or judgments, whether for money or equitable relief, of any kind, including death, personal injury,
illness, product liability or property damage or the failure to comply with applicable law (collectively, “Losses”),
arising from any Third Party claim due to the use, manufacture, sale, development or commercialization of any Licensed Compounds
or Licensed Products by or for EYEFITE or any of its Affiliates, Sublicensees, agents and contractors, except to the extent that
such Losses arise from (a) the negligence, recklessness or willful misconduct of any CANFITE Indemnitees or (b) any breach of this
Agreement by CANFITE.

 

(b)          CANFITE
Indemnity. CANFITE hereby agrees to indemnify and hold EYEFITE, its Affiliates and Sublicensees, and their respective employees,
directors, agents and contractors, and their respective successors, heirs and assigns and representatives (“EYEFITE
Indemnitees”) harmless from and against all Losses arising from any Third Party claim due to the use, manufacture, sale,
development or commercialization of any Licensed Compounds or Licensed Products by or for CANFITE or any of its Affiliates, licensees
(other than EYEFITE and its Affiliates and Sublicensees), agents and contractors, except to the extent that such Losses arise from
(a) the negligence, recklessness or willful misconduct of any EYEFITE Indemnitees or (b) any breach of this Agreement by EYEFITE.

 

(c)          Indemnification
Procedure. A claim to which indemnification applies under Section 10.6(a) or Section 10.6(b) shall be referred to herein as
a “Claim.” If any person or entity (each, an “Indemnitee”) intends to claim indemnification under
this Section 10.6, the Indemnitee shall notify the other Party (the “Indemnitor”) in writing promptly upon becoming
aware of any claim that may be a Claim (it being understood and agreed, however, that the failure by an Indemnitee to give such
notice shall not relieve the Indemnitor of its indemnification obligation under this Agreement except and only to the extent that
the Indemnitor is actually prejudiced as a result of such failure to give notice). The Indemnitor shall have the right to assume
and control the defense of such Claim at its own expense with counsel selected by the Indemnitor and reasonably acceptable to the
Indemnitee; provided, however, that an Indemnitee shall have the right to retain its own counsel, with the fees and expenses to
be paid by the Indemnitee, if representation of such Indemnitee by the counsel retained by the Indemnitor would be inappropriate
due to actual or potential differing interests between such Indemnitee and any other party represented by such counsel in such
proceedings. If the Indemnitor does not assume the defense of such Claim as aforesaid, the Indemnitee may defend such Claim but
shall have no obligation to do so. The Indemnitee shall not settle or compromise any Claim without the prior written consent of
the Indemnitor, and the Indemnitor shall not settle or compromise any Claim in any manner which would have an adverse effect on
the Indemnitee’s interests, without the prior written consent of the Indemnitee, which consent, in each case, shall not be
unreasonably withheld. The Indemnitee shall reasonably cooperate with the Indemnitor at the Indemnitor’s expense and shall
make available to the Indemnitor all pertinent information under the control of the Indemnitee, which information shall be subject
to Section 8.1.

 

10.7       Insurance.   EYEFITE
shall, beginning with the initiation of the first clinical trial for a Licensed Product, maintain at all times during the development
and commercialization of the Licensed Compound a commercial general liability insurance from a recognized, creditworthy insurance
company, on a claims-made basis, with endorsements for contractual liability and clinical trials (prior to distribution or sale
of the actual product, a product liability endorsement shall be added), and with coverage limits in such amounts as is customary
in the industry. EYEFITE cause CANFITE and PHS to be named as additional insureds on all such insurance policies, for their respective
rights and interests. Within ten (10) days following written request by CANFITE, EYEFITE shall furnish to CANFITE a certificate
of insurance evidencing such coverage, and shall communicate to CANFITE during the term of this Agreement any modifications to
such coverage.

 

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LICENSE AGREEMENT

 

10.8       Covenants.

 

(a)          CANFITE
shall not take any action, or omit to take any action, that would (i) encumber any of its right, title and interest in and to the
Licensed Compounds or the Licensed Products in any way that would have a material adverse effect on the rights and licenses granted
to EYEFITE hereunder, or (ii) cause CANFITE to be in breach under the PHS Agreement.

 

(b)          EYEFITE
agrees to be bound by the following obligations towards PHS (all capitalized terms in this Sub-Section 10.8 (b) shall have the
meaning ascribed to them in the PHS Agreement):

 

(i)          PHS
reserves on behalf of the Government an irrevocable, nonexclusive, nontransferable, royalty-free license for the practice of all
inventions licensed under the Licensed Patent Rights throughout the world by or on behalf of the Government and on behalf of any
foreign government or international organization pursuant to any existing or future treaty or agreement to which the Government
is a signatory.

 

(ii)         Prior
to the First Commercial Sale, EYEFITE agrees to provide PHS reasonable quantities of Licensed Products or materials made through
the Licensed Processes for PHS research use.

 

(iii)        In
the event that Licensed Patent Rights are Subject Inventions made under a Cooperative Research and Development Agreement (CRADA),
EYEFITE grants to the Government, pursuant to 15 U.S.C. 3710a(b)(1)(A), a nonexclusive, nontransferable, irrevocable, paid-up license
to practice Licensed Patent Rights or have Licensed Patent Rights practiced throughout the world by or on behalf of the Government.
In the exercise of such license, the Government shall not publicly disclose trade secrets or commercial or financial information
that is privileged or confidential within the meaning of 5 U.S.C. 552(b)(4) or which would be considered as such if it had been
obtained from a non-Federal party. Prior to the First Commercial Sale, EYEFITE agrees to provide PHS reasonable quantities of Licensed
Products or materials made through the Licensed Processes for PHS research use.

 

(iv)        EYEFITE
agrees that products used or sold in the United States embodying Licensed Products or produced through use of Licensed Processes
shall be manufactured substantially in the United States, unless a written waiver is obtained in advance from PHS.

 

(v)         EYEFITE
acknowledges that PHS may enter into future Cooperative Research and Development Agreements (CRADAs) under the Federal Technology
Transfer Act of 1986 that relate to the subject matter of this Agreement. EYEFITE agrees not to unreasonably deny requests for
a Research License from such future collaborators with PHS when acquiring such rights is necessary in order to make a Cooperative
Research and Development Agreement (CRADA) project feasible. EYEFITE may request an opportunity to join as a party to the proposed
Cooperative Research and Development Agreement (CRADA).

 

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LICENSE AGREEMENT

 

(vi)        (a)
In addition to the reserved license of Paragraph 5.01 of the PHS Agreement, PHS reserves the right to grant nonexclusive Research
Licenses directly or to require EYEFITE to grant nonexclusive Research Licenses on reasonable terms. The purpose of this Research
License is to encourage basic research, whether conducted at an academic or corporate facility. In order to safeguard the Licensed
Patent Rights, however, PHS shall consult with EYEFITE before granting to commercial entities a Research License or providing to
them research samples of materials made through the Licensed Processes.

 

(vii)       (b)
In exceptional circumstances, and in the event that Licensed Patent Rights are Subject Inventions made under a Cooperative Research
and Development Agreement (CRADA), the Government, pursuant to 15 U.S.C. 3710a(b)(1)(B), retains the right to require the EYEFITE
to grant to a responsible applicant a nonexclusive, partially exclusive, or exclusive sublicense to use Licensed Patent Rights
in EYEFITE’s field of use on terms that are reasonable under the circumstances; or if EYEFITE fails to grant such a license,
the Government retains the right to grant the license itself. The exercise of such rights by the Government shall only be in exceptional
circumstances and only if the Government determines (i) the action is necessary to meet health or safety needs that are not reasonably
satisfied by EYEFITE; (ii) the action is necessary to meet requirements for public use specified by Federal regulations, and such
requirements are not reasonably satisfied by the EYEFITE; or (iii) the EYEFITE has failed to comply with an agreement containing
provisions described in 15 U.S.C. 3710a(c)(4)(B). The determination made by the Government under this Article is subject to administrative
appeal and judicial review under 35 U.S.C. 203(2).

 

(viii)      EYEFITE
agrees to keep accurate and correct records of Licensed Products made, used, sold, or imported and Licensed Processes practiced
under this Agreement appropriate to determine the amount of royalties due PHS. Such records shall be retained for at least five
(5) years following a given reporting period and shall be available during normal business hours for inspection at the expense
of PHS by an accountant or other designated auditor selected by PHS for the sole purpose of verifying reports and payments hereunder.
The accountant or auditor shall only disclose to PHS information relating to the accuracy of reports and payments made under this
Agreement. If an inspection shows an underreporting or underpayment in excess of five percent (5%) for any twelve (12) month period,
then EYEFITE shall reimburse PHS for the cost of the inspection at the time EYEFITE pays the unreported royalties, including any
late charges as required by Paragraph 9.08 of the PHS Agreement. All payments required under this Paragraph shall be due within
thirty (30) days of the date PHS provides EYEFITE notice of the payment due.

 

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LICENSE AGREEMENT

 

(ix)         EYEFITE
shall use its reasonable best efforts to bring the Licensed Products and Licensed Processes to Practical Application.

 

(x)          Upon
the First Commercial Sale, until the expiration of this Agreement, EYEFITE shall use its reasonable best efforts to make Licensed
Products and Licensed Processes reasonably accessible to the United States public.

 

(xi)         EYEFITE
shall indemnify and hold PHS, its employees, students, fellows, agents, and consultants harmless from and against all liability,
demands, damages, expenses, and losses, including but not limited to death, personal injury, illness, or property damage in connection
with or arising out of: a) the use by or on behalf of EYEFITE, its sublicensees, directors, employees, or third parties of any
Licensed Patent Rights; or b) the design, manufacture, distribution, or use of any Licensed Products, Licensed Processes or materials
by EYEFITE, or other products or processes developed in connection with or arising out of the Licensed Patent Rights. EYEFITE agrees
to maintain a liability insurance program consistent with sound business practice.

 

(xii)        PHS
reserves the right according to 35 U.S.C. . 209(f)(4) to terminate or modify the terms of the PHS Agreement if it is determined
that such action is necessary to meet requirements for public use specified by federal regulations issued after the date of the
license and such requirements are not reasonably satisfied by EYEFITE.

 

(xiii)       Within
thirty (30) days of receipt of written notice of PHS’s unilateral decision to modify or terminate the PHS Agreement, EYEFITE
may, consistent with the provisions of 37 CFR 404.11, appeal the decision by written submission to the designated PHS official.
The decision of the designated PHS official shall be the final agency decision. EYEFITE may thereafter exercise any and all administrative
or judicial remedies that may be available.

 

(xiv)      Within
ninety (90) days of expiration or termination of the PHS Agreement under Article 13 of the PHS Agreement, a final report shall
be submitted by EYEFITE. Any royalty payments, including those incurred but not yet paid (such as the full minimum annual royalty),
and those related to patent expense, due to PHS shall become immediately due and payable upon termination or expiration. If terminated
under Article 13 of the PHS Agreement, sublicensees may elect to convert their sublicenses to direct licenses with PHS pursuant
to Paragraph 4.03 of the PHS Agreement. Unless otherwise specifically provided for under this Agreement, upon termination or expiration
of this Agreement, EYEFITE shall return all Licensed Products or other materials included within the Licensed Patent Rights to
PHS or provide PHS with certification of the destruction thereof.

 

(xv)       Any
sublicenses granted by EYEFITE shall provide for the termination of the sublicense, or the conversion to a license directly between
such sublicensees and PHS, at the option of the sublicensee, upon termination of the PHS Agreement under Article 13 of the PHS
Agreement. Such conversion is subject to PHS approval and contingent upon acceptance by the sublicensee of the remaining provisions
of the PHS Agreement.

 

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LICENSE AGREEMENT

 

(xvi)      The
non-compliance by EYEFITE of any of the aforesaid obligation in this Sub-section 10.8(b) shall be deemed a breach of this Agreement
entitling CANFITE the right to terminate the license granted hereunder, provided that EYEFITE shall have a thirty (30) day
period from receipt of a written letter from CANFITE of the occurrence of such breach during which to cure such breach and comply
with such obligation..

 

Section 11.   Term and
Termination.

 

11.1       Term.
This Agreement shall commence as of the Effective Date and, unless sooner terminated in accordance with the terms hereof or by
mutual written consent, shall continue until the expiry of the last of the CANFITE Patent Rights (the “Term”). Notwithstanding
the aforesaid, upon the expiry of the PHS Agreement, the obligations of EYEFITE to make the payments to PHS under Section 6 above
shall cease to exist.

 

11.2       Termination
By CANFITE. CANFITE shall have the right to terminate this Agreement, in CANFITE’s sole discretion, as follows:

 

(a)          Insolvency.
CANFITE shall have the right to terminate this Agreement upon delivery of written notice to EYEFITE in the event that: (i) EYEFITE
fails to or is unable to make payments to CANFITE or to PHS or to any third parties as and when they become due and payable in
the ordinary course of business, (ii) a liquidation proceeding under any state or United States bankruptcy Law, receivership Law,
or the like, as they now exist, or as they may be amended, is commenced by EYEFITE, (iii) if EYEFITE is served with an involuntary
petition against it in any insolvency proceeding, upon the thirtieth (30th) day after such service if such involuntary petition
has not previously been stayed or dismissed, or (iv) upon the making by EYEFITE of an assignment of substantially all of its assets
for the benefit of its creditors.

 

(b)          Breach.
Subject to Section 11.2(c) below, CANFITE shall have the right to terminate this Agreement, at CANFITE’s sole discretion,
upon delivery of written notice to EYEFITE in the event of any material breach by EYEFITE of any terms and conditions of
this Agreement, provided that such breach has not been cured within thirty (30) days after written notice thereof is given
by CANFITE to EYEFITE specifying the nature of the alleged breach, provided, however, that to the extent such material breach
involves the failure to make a payment when due, such breach must be cured within thirty (30) days after written notice thereof
is given by CANFITE to EYEFITE.

 

(c)          Disputed
Breach. If EYEFITE disputes in good faith the existence or materiality of a breach specified in a notice provided by CANFITE
pursuant to Section 11.2(b) and EYEFITE provides notice to CANFITE of such dispute within the applicable thirty (30) day period,
CANFITE shall not have the right to terminate this Agreement unless and until the existence of such material breach or failure
by EYEFITE has been determined in accordance with Section 12.7 and EYEFITE fails to cure such breach within thirty (30) days following
such determination (except to the extent such breach involves the failure to make a payment when due, which breach must be cured
within ten (10) business days following such determination). It is understood and acknowledged that during the pendency of such
a dispute, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all
of their respective obligations hereunder; provided, however, that any payments that are made by one Party to the other Party pursuant
to this Agreement pending resolution of the dispute shall be paid into escrow (such payments, the “Escrow Funds”)
with an escrow agent mutually selected by the Parties according to an escrow agreement in form and substance reasonably satisfactory
to the Parties. The Parties further agree that any Escrow Funds shall be promptly refunded from the escrow if an arbitrator or
court determines pursuant to Section 12.7 that such Escrow Funds are to be refunded by one Party to the other Party.

 

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LICENSE AGREEMENT

 

(d)          Scope
of Termination. Except as otherwise expressly provided herein, termination of this Agreement shall be as to all countries in
the Territory and all Licensed Products.

 

11.3       Termination
by EYEFITE.

 

(a)          At
EYEFITE’s discretion, effective upon three (3) months prior written notice, EYEFITE may terminate this Agreement for any
reason.

 

(b)          In
addition, EYEFITE may terminate this Agreement in the event of material breach by CANFITE, provided that such breach has
not been cured within thirty (30) days after written notice thereof is given by EYEFITE to CANFITE. If CANFITE disputes
in good faith the existence or materiality of such breach and provides notice to EYEFITE of such dispute within such thirty (30)
day period, EYEFITE shall not have the right to terminate this Agreement in accordance with this Section 11.3(b) unless and until
it has been determined in accordance with Section 12.7 that this Agreement was materially breached by CANFITE and CANFITE fails
to cure such breach within thirty (30) days following such determination. It is understood and acknowledged that during the pendency
of such a dispute, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform
all of their respective obligations hereunder. The Parties further agree that any payments that are made by one Party to the other
Party pursuant to this Agreement pending resolution of the dispute shall be promptly refunded if an arbitrator or court determines
pursuant to Section 12.7 that such payments are to be refunded by one Party to the other Party.

 

11.4       Effect
of Termination. Upon termination (or, in the case of clauses (c) and (g) below, expiration) of this Agreement under Section
11.3(a) or Section 11.2,:

 

(a)          All
rights and licenses granted to EYEFITE in Section 2 shall terminate, all rights of EYEFITE under the CANFITE Patent Rights and
CANFITE Know-How shall revert to CANFITE, and EYEFITE shall cease all use of the CANFITE Patent Rights, CANFITE Know-How and Trademarks
and Corporate Names of CANFITE and its Affiliates.

 

(b)          EYEFITE
shall assign to CANFITE EYEFITE’s right, title and interest in all regulatory filings (including, without limitation, all
NDAs) and Approvals and other documents relating to or necessary to further develop and commercialize Licensed Compounds and Licensed
Products, as they exist as of the date of such termination, and EYEFITE shall provide to CANFITE one (1) copy of the foregoing
documents and filings and all documents and filings contained in or referenced in any such filings, together with the raw and summarized
data for any preclinical and clinical studies of the Licensed Compounds and such Licensed Product (and where reasonably available,
electronic copies thereof) at CANFITE’s cost. In addition, upon request by CANFITE, EYEFITE shall grant to CANFITE the right
to access and reference any other documents (including but not limited to regulatory filings) that are available to EYEFITE and
reasonably necessary for CANFITE to further develop, manufacture and commercialize the Licensed Compounds and Licensed Product.

 

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LICENSE AGREEMENT

 

(c)          All
amounts due or payable to CANFITE, PHS or other third parties that were accrued, or that arise out of acts or events occurring,
prior to the effective date of termination or expiration shall remain due and payable; but (except as otherwise expressly provided
herein) no additional amounts shall be payable based on events occurring after the effective date of termination or expiration.

 

(d)          Should
EYEFITE have any inventory of the Licensed Compound suitable for use, EYEFITE shall offer to sell such Licensed Compound to CANFITE
at EYEFITE’s out-of-pocket cost (but CANFITE shall be under no obligation to purchase same unless it agrees to do so in writing
at such time).

 

(e)          EYEFITE
shall assign (or, if applicable, cause its Affiliate to assign) to CANFITE all of EYEFITE’s (and such Affiliates’)
right, title and interest in and to any registered or unregistered trademark, trademark application, trade name or internet domain
name that is specific to a Licensed Product (it being understood that the foregoing shall not include any trademarks or trade names
that contain EYEFITE’s name).

 

(f)          EYEFITE
shall grant to CANFITE a license, which license shall be exclusive, with the right to grant sublicenses, under all patent rights
owned or Controlled by EYEFITE as of the Termination Date to make, use, import, sell and offer for sale and otherwise develop and
commercialize the Licensed Product and Licensed Compound in the Field. In consideration of the license granted by EYEFITE to CANFITE
in accordance with this Section 11.4(f), CANFITE shall pay EYEFITE a royalty on a product-by-product basis at a rate equal to one
percent (1%) of Net Sales (with the roles of CANFITE and EYEFITE reversed for purposes of the definition of Net Sales. The maximum
cumulative royalty payments under this Section 11.4(f) shall not exceed one hundred percent (100%) of the payments due and actually
paid by EYEFITE to PHS under this Agreement prior to the time EYEFITE grants CANFITE a license in accordance with this Section
11.4(f).

 

(g)          Neither
Party shall be relieved of any obligation that accrued prior to the effective date of such termination or expiration.

 

(h)          CANFITE
shall have the right to retain all amounts previously paid to CANFITE by EYEFITE, subject to any applicable determination of an
arbitrator or court pursuant to Section 12.7.

 

11.5       Survival.
The following provisions shall survive termination or expiration of this Agreement, as well as any other provision which by its
terms or by the context thereof, is intended to survive such termination: Section 1 (as applicable), Section 2.1(a)(i), Section
5 (with respect to obligations arising prior to expiration or termination of this Agreement), Section 6 (with respect to obligations
arising prior to expiration or termination of this Agreement). Section 7.3(c) (with respect to an action, suit or proceeding commenced
prior to termination), Section 7.4(c), Section 8, Section 10.3, Section 10.4, Section 10.6, Section 11.4, Section 11.5, and Section
12. Termination or expiration of this Agreement shall not relieve the Parties of any liability or obligation which accrued hereunder
prior to the effective date of such termination or expiration nor preclude either Party from pursuing all rights and remedies it
may have hereunder or at law or in equity, subject to Section 12.7, with respect to any breach of this Agreement nor prejudice
either Party’s right to obtain performance of any obligation. All other obligations shall terminate upon expiration of this
Agreement.

 

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LICENSE AGREEMENT

 

Section 12.   General
Provisions.

 

12.1         Efforts
to Consummate; Certain Governmental Matters. Upon the terms and subject to the conditions herein provided, each of the Parties
agrees to use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things
necessary for it to do under applicable Laws to consummate and make effective the transactions contemplated by this Agreement,
including all actions and all things necessary for it (i) to comply promptly with all legal requirements that may be imposed on
it with respect to this Agreement and the transactions contemplated hereby (which actions shall include furnishing all information
required by applicable Laws in connection with approvals of or filings with any Governmental Authority), (ii) to satisfy the conditions
precedent to the obligations of such party hereto, and (iii) to obtain any consent, authorization, order or approval of, or any
exemption by, any Governmental Authority or other Person required to be obtained or made by EYEFITE or CANFITE in connection with
the grant of the license to the Licensed Compounds and Licensed Products to EYEFITE or the taking of any action contemplated by
this Agreement. Without limiting the generality of the undertakings pursuant to this Section 11.1, each of EYEFITE and CANFITE
agree to provide or cause to be provided promptly to each Governmental Authority with regulatory jurisdiction over enforcement
of any applicable Competition Laws (“Governmental Antitrust Authority”) information and documents requested
by such Governmental Antitrust Authority or necessary, proper or advisable to permit consummation of the license of the Licensed
Compounds and Licensed Products and the other transactions contemplated by this Agreement. Subject to appropriate confidentiality
protections, each of the parties hereto will furnish to the other parties such necessary information and reasonable assistance
as such other parties may reasonably request in connection with the foregoing and will keep the other parties reasonably informed
with respect to any consent, authorization, order or approval of, or exemption by, sought from any Governmental Authority in connection
with this Agreement and the transactions contemplated hereby. For purposes of this Section 11.1, “Competition Laws”
shall mean statutes, rules, regulations, orders, decrees, administrative and judicial doctrines and other Laws of any jurisdiction
that are designed or intended to prohibit, restrict or regulate actions that may have the purpose or effect of creating a monopoly,
lessening competition or restraining trade.

 

12.2         Assignment.
Except as provided by Sections 2.1, 6.5 or 10.5, neither Party may assign this Agreement, delegate its obligations or otherwise
transfer licenses or other rights created by this Agreement, without the prior written consent of the other Party, which consent
shall not be unreasonably withheld; provided that each Party may assign this Agreement as a whole without such consent to an Affiliate
or in connection with the acquisition (whether by merger, consolidation, sale or otherwise) of such Party or of that part of such
Party’s business to which this Agreement relates. Any assignment or transfer in violation of this Section 12.2 shall be void.
This Agreement shall inure to the benefit of, and be binding upon, the legal representatives, successors and permitted assigns
of the Parties.

 

12.3         Force
Majeure. Neither Party shall be responsible for failure or delay in the performance of any of its obligations hereunder due
to Force Majeure. Force Majeure shall mean any circumstance that, due to an event or a legal position beyond the Party’s
reasonable control, renders impossible the fulfillment of any of the Party’s obligations hereunder, such as, but not limited
to, acts of God, acts, regulations, or Laws of any government, war, civil commotion, destruction of facilities or materials by
fires, earthquakes, or storms, labor disturbances, shortages of public utilities, common carriers, or raw materials, or any other
cause, or causes of similar effects, except, however, any economic occurrence. During any such case of Force Majeure, this Agreement
shall not be terminated, but only suspended and the Party so affected shall continue to perform its obligations as soon as such
case of Force Majeure is removed or alleviated.

 

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LICENSE AGREEMENT

 

12.4         Severability.
If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties. The Parties
shall in such an instance use their reasonable best efforts to replace the invalid, illegal or unenforceable provision(s) with
valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of this Agreement.

 

12.5         Amendment;
Waiver. This Agreement may not be modified, amended or rescinded, in whole or part, except by a written instrument signed by
the Parties; provided that any unilateral undertaking or waiver made by one Party in favor of the other shall be enforceable if
undertaken in a writing signed by the Party to be charged with the undertaking or waiver. CANFITE hereby agrees to negotiate in
good faith with EYEFITE to amend this Agreement to the extent necessary to reflect the initial public offering in the United States
of shares of capital stock of EYEFITE or Parent of EYEFITE. No delay or omission by either Party hereto in exercising any right
or power occurring upon any noncompliance or default by the other Party with respect to any of the terms of this Agreement shall
impair any such right or power or be construed to be a waiver thereof. A waiver by either of the Parties of any of the covenants,
conditions or agreements to be performed by the other shall not be construed to be a waiver of any succeeding breach thereof or
of any other covenant, condition or agreement herein contained.

 

12.6         Notices.
Except as otherwise provided herein, all notices under this Agreement shall be sent by certified mail or by overnight courier service,
postage prepaid, to the following addresses of the respective Parties:

 

	If to EYEFITE, to:	Eye-Fite Ltd
	 	c/o Kantor & Co.
	 	12 Aba Hillel Street,
	 	Ramat Gan, Israel
	 	Attention: Ronen Kantor, Adv.
	 	Facsimile: (972) 36133372
	 	 
	With a required copy to:	Kantor & Co.
	 	12 Aba Hillel Street,
	 	Ramat Gan, Israel
	 	Attention: Ronen Kantor, Adv.
	 	Facsimile: (972) 36133372
	 	 
	If to CANFITE, to:	CAN-FITE Biopharma Ltd.
	 	10 Bareket Street,
	 	Petach Tikva, Israel
	 	Attention: Prof. Pnina Fishman, CEO and Director
	 	Facsimile:
	 	 
	With a required copy to:	Kantor & Co.
	 	12 Aba Hillel Street,
	 	Ramat Gan, Israel
	 	Attention: Ronen Kantor, Adv.
	 	Facsimile: (972) 36133372

 

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LICENSE AGREEMENT

 

or to such address as each Party may hereafter
designate by notice to the other Party. A notice shall be deemed to have been given on the date it is received by all required
recipients for the noticed Party.

 

12.7       Dispute
Resolution. Disputes arising under or in connection with this Agreement shall be resolved pursuant to this Section 12.7; provided,
however, that in the event a dispute cannot be resolved without an adjudication of the rights or obligations of a Third Party (other
than a CANFITE Indemnitee or EYEFITE Indemnitee identified in Sections 10.6(a) or 10.6(b), as applicable), the dispute procedures
set forth in this Section 12.7 shall be inapplicable as to such dispute.

 

(a)          In
the event of a dispute between the Parties, the Parties shall first attempt in good faith to resolve such dispute by negotiation
and consultation between themselves. In the event that such dispute is not resolved on an informal basis within forty-five (45)
days, any Party may, by written notice to the other, have such dispute referred to each of the Parties’ respective CEOs or
his or her designee (who shall be a senior executive), who shall attempt in good faith to resolve such dispute by negotiation and
consultation for a thirty (30) day period following receipt of such written notice.

 

(b)          In
the event the Parties’ CEOs (or designees) are not able to resolve such dispute, either Party may at any time after such
30-day period submit such dispute to be finally settled by arbitration administered in accordance with the Commercial Arbitration
Rules of the American Arbitration Association (“AAA”) in effect at the time of submission. The arbitration shall
be heard and determined by three (3) arbitrators. EYEFITE and CANFITE shall each appoint one (1) arbitrator and the third arbitrator
shall be selected by the two Party-appointed arbitrators, or, failing agreement within sixty (60) days following the date of receipt
by the respondent of the claim, by the AAA. Such arbitration shall take place in New York, NY. The arbitration award so given shall
be a final and binding determination of the dispute, shall be fully enforceable in any court of competent jurisdiction, and shall
not include any damages expressly prohibited by Section 10.4.

 

(c)          Costs
of arbitration are to be divided by the Parties in the following manner: EYEFITE shall pay for the arbitrator it chooses, CANFITE
shall pay for the arbitrator it chooses, and the costs of the third arbitrator shall be divided equally between the Parties. Except
in a proceeding to enforce the results of the arbitration or as otherwise required by law, neither Party nor any arbitrator may
disclose the existence, content or results of any arbitration hereunder without the prior written consent of both Parties.

 

12.8       Applicable
Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Israel, without regard to
any conflicts of law provisions.

 

12.9       Further
Assurances. Each Party agrees to do and perform all such further acts and things and shall execute and deliver such other agreements,
certificates, instruments and documents necessary or that the other Party may deem advisable in order to carry out the intent and
accomplish the purposes of this Agreement and to evidence, perfect or otherwise confirm its rights hereunder.

 

12.10      Relationship
of the Parties. Each Party is an independent contractor under this Agreement. Nothing contained herein is intended or is to
be construed so as to constitute CANFITE and EYEFITE as partners, agents or joint venturers. Neither Party shall have any express
or implied right or authority to assume or create any obligations on behalf of or in the name of the other Party or to bind the
other Party to any contract, agreement or undertaking with any Third Party. There are no express or implied third party beneficiaries
hereunder (except for EYEFITE Indemnitees other than EYEFITE and CANFITE Indemnitees other than CANFITE for purposes of Section
10.6) and PHS under Section 6 and Section 10.8(b).

 

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LICENSE AGREEMENT

 

12.11         Entire
Agreement. This Agreement (along with the Exhibits), together with the PHS Agreement, contains the entire understanding of
the Parties with respect to the subject matter hereof and supersedes and replaces any and all previous arrangements and understandings,
including the Confidentiality Agreement, whether oral or written, between the Parties with respect to the subject matter hereof.

 

12.12         Headings.
The captions to the several Sections hereof are not a part of this Agreement, but are merely guides or labels to assist in locating
and reading the several Sections hereof.

 

12.13         Waiver
of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection with the review, drafting
and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed
against the drafting party shall not apply.

 

12.14         Interpretation.
Whenever any provision of this Agreement uses the term “including” (or “includes”), such term shall be
deemed to mean “including without limitation” (or “includes without limitations”). “Herein,”
“hereby,” “hereunder,” “hereof” and other equivalent words refer to this Agreement as an entirety
and not solely to the particular portion of this Agreement in which any such word is used. All definitions set forth herein shall
be deemed applicable whether the words defined are used herein in the singular or the plural. Unless otherwise provided, all references
to Sections and Exhibits in this Agreement are to Sections and Exhibits of this Agreement. References to any Sections include Sections
and subsections that are part of the related Section (e.g., a section numbered “Section 2.1” would be part of
“Section 2”, and references to “Section 2.1” would also refer to material contained in the subsection described
as “Section 2.1(a)”)

 

12.15         Counterparts;
Facsimiles. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of
which together shall constitute one and the same instrument. Facsimile execution and delivery of this Agreement by either Party
shall constitute a legal, valid and binding execution and delivery of this Agreement by such Party.

 

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LICENSE AGREEMENT

 

IN WITNESS WHEREOF,
the Parties have caused this License Agreement to be executed by their respective duly authorized officers as of the Effective
Date.

 

	 	CANFITE BIOPHARMA LTD.
	 	 	 	 
	 	By:	/s/ Pnina Fishman	/s/ Motti Farbstein
	 	 	(Signature)	 
	 	 	 	 
	 	Name:	Pnina Fishman	Motti Farbstein
	 	 	 	 
	 	Title:	CEO	COO
	 	 	 	 
	 	Date:	November 21, 2011	 
	 	 	 	 
	 	EYEFITE LTD.	 
	 	 	 	 
	 	By:	/s/Pnina Fishman	/s/Motti Farbstein
	 	 	(Signature)	 
	 	 	 	 
	 	Name:	Pnina Fishman	Motti Farbstein
	 	 	 	 
	 	Title:	Director	Director
	 	 	 	 
	 	Date:	November 21, 2011	 

 

    	 

    	 

    

 

LICENSE AGREEMENT

 

EXHIBIT A - CANFITE PATENT RIGHTS

 

The CANFITE Patent Rights that are licensed
to EYEFITE within the framework of this Agreement are summarized in a tabulated format below. Each Table lists all cases belonging
to a single patent family (each patent family consisting of patent cases that descend from the same priority application(s)). Each
table is headed by CANFITE’s respective case number and internal title (which may corresponds to the formal title).

 

CF19

 

Method for treating Sjogren’s Syndrome

 

	 	 	Application Serial	 	 	 	 
	Country	 	No.	 	Filing Date	 	Status
	Europe*	 	05762145.0	 	18-Jul-2005	 	Pending
	Japan*	 	2007-523232	 	18-Jul-2005	 	Issued Patent, Serial No. 4642847
	US3	 	11/604,905	 	28-Nov-06	 	Issued Patent, Serial No. 7,825,102

* All cases are national phase applications of PCT application
No. IL2005/00762, which claims priority from US provisional application No. 60/591,628 filed on July 28, 2004

 

CF27

 

Treatment of dry eye

 

	 	 	Application Serial	 	 	 	 
	Country	 	No.	 	Filing Date	 	Status
	US	 	12/774,927	 	11-May-10	 	Pending
	Australia*	 	2006336834	 	1-Feb-06	 	Issued Patent, Serial No. 2006336834
	Brazil*	 	PI 0621052-0	 	1-Feb-06	 	Pending
	Canada*	 	2,622,975	 	1-Feb-06	 	Pending
	China*	 	200680047569.7	 	1-Feb-06	 	Pending
	Europe*	 	06701840.8	 	1-Feb-06	 	Pending
	Israel*	 	191271	 	1-Feb-06	 	Pending
	India*	 	1415/MUMP/2008	 	1-Feb-06	 	Pending
	Japan*	 	2008-551950	 	1-Feb-06	 	Pending
	Rep. of Korea*	 	10-2008-7020322	 	1-Feb-06	 	Pending
	Mexico*	 	MX/a/2008/09506	 	1-Feb-06	 	Pending

* All cases are national phase applications
of PCT application No. IL2006/000130, which claims priority from US provisional application No. 60/762,506 filed on January 27,
2006

 

    	 

    	 

    

 

LICENSE AGREEMENT

 

CF31

 

Process for producing CF101 (IB-MECA)

 

	 	 	Application Serial	 	 	 	 
	Country	 	No.	 	Date	 	Status
	US*	 	12/450,094	 	13-Mar-08	 	Pending
	China*	 	200880007952.9	 	13-Mar-08	 	Pending
	India*	 	1734/MUMNP/2009	 	13-Mar-08	 	Pending
	Japan*	 	2009-553282	 	13-Mar-08	 	Pending
	Europe*	 	08719985.7	 	13-Mar-08	 	Pending
	Israel*	 	200711	 	13-Mar-08	 	Pending

* All cases are national phase applications
of PCT application No. IL2008/000360, which claims priority from US provisional application No. 60/906,838 filed on March 14, 2007

 

CF42

 

Composition for reduction of Intraocular
Pressure

 

	 	 	Application Serial	 	 	 	 
	Country	 	No.	 	Date	 	Status
	PCT*	 	PCT/IL2010/000393	 	16-May-10	 	Published as WO 2010/134067
	National patent	 	N/A	 	Not yet filed	 	To be filed by 16-Nov-2011 as national/regional applications
	applications in the US,	 	 	 	 	 	based on PCT/IL2010/000393
	Europe, Japan, China	 	 	 	 	 	 
	and other regions	 	 	 	 	 	 
	based on the PCT	 	 	 	 	 	 
	application	 	 	 	 	 	 

* Claiming priority from the Israeli patent
application No. 198787, filed on May 17, 2009

 

    	 

    	 

    

 

LICENSE AGREEMENT

 

CF44

 

Method for the Treatment of Uveitis

 

Co-owned by CANFITE and PHS. Licensed
is CANFITE’s share.

 

	 	 	Application Serial	 	 	 	 
	Country	 	No.	 	Date	 	Status
	PCT*	 	PCT/IL2011/000193	 	20-Feb-11	 	Filed

* Claims priority from US provisional application
No. 61/310,043, filed on March 3, 2010

 

    	 

    	 

    

 

LICENSE AGREEMENT

 

EXHIBIT B - DEVELOPMENT PLAN

 

EYEFITE’s clinical development plan
is directed to at least three ophthalmic indications of CF101:

 

		1.	Dry Eye Syndrome (DES)  - a Phase II clinical
trial for CF101 in the treatment of DES was already completed. The Phase II trial data demonstrated positive results in patients
with moderate to severe DES and also served as the basis for an Investigational New Drug (IND) application with the U.S. Food
and Drug Administration (FDA) for a Phase III trial in the same patient population. The FDA approved the IND in September 2010
and Eye-Fite will conduct a Phase III clinical trial in patients with moderate to severe DES in the United States, Europe and
Israel. This Phase III trial will start no later than the first anniversary from signing this Agreement.

 

Eye-Fite anticipates that at least one
additional Phase III clinical trial will be needed, and anticipates that it will be initiated by the end of second quarter 2014.

 

		2.	Glaucoma – although the Phase II DES trial
was not designed to assess the effects of treatment on intraocular pressure (IOP), it was noted that the CF101-treated group showed
a statistically significant decrease in IOP from baseline. This observation indicated that CF101 may also have potential as a
treatment for Glaucoma and lead to the initiation of the current Phase II clinical trial examining the safety and efficacy of
CF101 administered in subjects with elevated intraocular pressure. This study is currently conducted in Israel, and maybe be expanded
to additional countries at a later stage. Eye-Fite anticipates that the interim analysis data will be released no later the first
quarter of 2013.

 

		3.	Uveitis - pre-clinical pharmacology studies conducted
in collaboration with a research group from the U.S. National Institute of Health demonstrated that CF101 is effective in suppressing
ocular inflammation in experimental murine models of Uveitis. Eye-Fite will continue to carry out some further pharmacological
studies followed by an initiation of a Phase II trial in Uveitis, that EYEFITE anticipates to initiate no later than the third
quarter of 2012.

 

The Development Plan may be revised from
time-to-time by EYEFITE, after obtaining the approval of CANFITE, which will not be unreasonably withheld.

 

    	 

    	 

    

 

LICENSE AGREEMENT

 

EXHIBIT C - PHS PATENTS

 

		·	US patent No. 5,773,423

 

		·	European patent No. EP0708781 and national patents based thereon

 

    	 

    	 

    

 

LICENSE AGREEMENT

 

EXHIBIT D - ITEMS TO BE DELIVERED

 

		1.	CF101 CIB

		2.	FDA IND documentation for Dry Eye Syndrome

		3.	Phase 3 Dry Eye Syndrome Protocol

		4.	Dry eye related manuscript “Treatment of Dry Eye
Syndrome with Orally Administered CF101 - Data from a Phase 2 Clinical Trial”

		5.	Phase 2 Glaucoma Protocol

		6.	Uveitis related manuscript “Inhibition of experimental
auto-immune Uveitis by the A3 adenosine receptor agonist CF101”

		7.	Uveitis Orphan Drug Application.

 

    	 

    	 

    

 

LICENSE AGREEMENT

 

Exhibit E – ROYALTY PAYMENT OPTIONS

 

The OTT License Number MUST appear on payments,
reports and correspondence.

 

Automated Clearing House (ACH) for
payments through U.S. banks only

 

The NIH encourages our licensees to submit
electronic funds transfer payments through the Automated Clearing House (ACH). Submit your ACH payment through the U.S. Treasury
web site located at: https://www.pay.gov. Locate the “NIH Agency Form” through the Pay.gov “Agency List”.

 

Electronic Funds Wire Transfers

 

The following account information is provided
for wire payments. In order to process payment via Electronic Funds Wire Transfer sender MUST supply the following information
within the transmission:

 

Drawn on a U.S. bank account via
FEDWIRE should be sent directly to the following account:

 

	Beneficiary Account:	 	Federal Reserve Bank of New York or TREAS NYC
	 	 	 
	Bank:	 	Federal Reserve Bank of New York
	 	 	 
	ABA#	 	021030004
	 	 	 
	Account Number:	 	75080031
	 	 	 
	Bank Address:	 	33 Liberty Street, New York, NY 10045
	 	 	 
	Payment Details:	 	License Number (L-249-2001)
	 	 	 
	 	 	Name of Licensee

 

Drawn on a foreign bank account
should be sent directly to the following account. Payment must be sent in U.S. Dollars (USD) using the following instructions:

 

	Beneficiary Account:	 	Federal Reserve Bank of New York/ITS or FRBNY/ITS
	 	 	 
	Bank:	 	Citibank N.A. (New York)
	 	 	 
	SWIFT Code:	 	CITIUS33
	 	 	 
	Account Number:	 	36838868
	 	 	 
	Bank Address:	 	388 Greenwich Street, New York, NY 10013
	 	 	 
	Payment Details (Line 70):	 	NIH 75080031
	 	 	 
	 	 	License Number (L-249-2001)
	 	 	 
	 	 	Name of Licensee
	 	 	 
	Detail of Charges (line 71a):	 	Charge Our

 

    	 

    	 

    

 

LICENSE AGREEMENT

 

Checks

 

All checks should be made payable to “NIH
Patent Licensing”

 

Checks drawn on a U.S.
bank account and sent by US Postal Service should be sent directly to the following address:

 

National Institutes of Health
(NIH)

P.O. Box 979071

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Checks drawn on a U.S. bank account
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US Bank

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Phone: 314-418-4087

 

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