Document:

Exhibit 10.1

 

Technology License
Agreement

 

This Agreement is entered as of April
29, 2019 (the “Effective Date”) by and between CannAssist International Corp., a Delaware corporation (the “Company”),
and Mark Palumbo (“Developer”).

 

1.           License;
Term and Termination.

 

1.1       Developer
hereby grants to the Company a worldwide license (the “License”) to use, market, promote and distribute (i) the
Technology (as defined below), (ii) all precursors, portions and work in progress with respect thereto and all inventions,
works of authorship, mask works, technology, information, know-how, materials and tools relating thereto or to the development,
production, use, support or maintenance thereof and (iii) all copyrights, patent rights, trade secret rights, trademark rights,
mask works rights, sui generis database rights and other intellectual property rights and all business, contract rights
and goodwill in, incorporated or embodied in, used to develop or produce or use, or related to any of the foregoing ((i), (ii)
and (iii) are collectively “Intellectual Property”). “Technology” shall mean all technology, inventions,
concepts, information, know-how, and any related materials, including without limitation, all business plans, technical plans,
specifications, templates, domain names, software, demonstration versions, prototypes and equipment for or relating to the current
or anticipated business of the Company, including, but not limited to, such technology, inventions, concepts, information, know-how,
and any related materials specifically set forth in Appendix I attached hereto.

 

1.2       The
initial term of the License shall be for five years commencing on the Effective Date (the “Initial Term”) and shall
automatically renew for successive one-year terms (each, a “Renewal Term”) unless terminated by the Company with 30
days written notice prior to the commencement of a new term. In the event that the Company exercises its option not to renew the
License, then the Company shall assign all rights to the Intellectual Property back to Developer and shall take all steps to evidence,
record and perfect such transfer.

 

2.           Compensation.
The Company agrees to transfer to Developer 5,000,000 shares of common stock of the Company on the Effective Date of this Agreement
and shall transfer 1,000,000 shares of common stock of the Company to the Company at the commencement of each Renewal Term, unless
the License is terminated in accordance with the terms and conditions of this Agreement. The shares of common stock issuable to
Developer under this Agreement shall referred to as the “Shares.” The transfer of the Shares shall occur at the offices
of the Company on the dates set forth above or at such other place and time as the parties may agree. Such Shares shall be the
only consideration required of the Company with respect to the subject matter of this Agreement.

 

3.           Further
Assurances; Moral Rights; Competition; Marketing.

 

3.1       Developer
agrees to assist the Company in every proper way to evidence, record and perfect the Section 1 license and to apply for and obtain
recordation of and from time to time secure, enforce, maintain and defend the assigned rights. If the Company is unable for any
reason whatsoever to secure the Developer’s signature to any document requested by the Company under this Section 3.1, Developer
hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Developer’s agents
and attorneys-in-fact, coupled with an interest and with full power of substitution, to act for and on Developer’s behalf
and instead of Developer, to execute and file any such document or documents and to do all other lawfully permitted acts to further
the purposes of the foregoing with the same legal force and effect as if executed by Developer.

 

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3.2       To
the extent allowed by law, Section 1 includes all rights of paternity, integrity, disclosure and withdrawal and any other rights
that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,”
or the like (collectively “Moral Rights”). To the extent Developer retains any such Moral Rights under applicable law,
Developer hereby ratifies and consents to, and provides all necessary ratifications of and consents to, any action that may be
taken with respect to such Moral Rights by, or authorized by, the Company; Developer agrees not to assert any Moral Rights with
respect thereto. Developer will confirm any such ratifications, consents and agreements from time to time as requested by the Company.

 

4.           Confidential
Information. Developer will not use or disclose anything licensed to the Company hereunder or any other technical or business
information or plans of the Company, except to the extent Developer (i) can document that it is generally available (through no
fault of Developer) for use and disclosure by the public without any charge, license or restriction, or (ii) is permitted to use
or disclose such information or plans pursuant to any agreements by and between Developer and the Company of even date herewith.
Developer recognizes and agrees that there is no adequate remedy at law for a breach of this Section 4, that such a breach
would irreparably harm the Company and that the Company is entitled to equitable relief (including, without limitation, injunctive
relief) with respect to any such breach or potential breach in addition to any other remedies and without any requirement to post
bond.

 

5.           Warranty.
Developer represents and warrants to the Company that the Developer (i) was the sole owner of all rights, title and interest in
the Intellectual Property and the Technology, (ii) has not assigned, transferred, pledged or otherwise encumbered any Intellectual
Property or the Technology or agreed to do so, (iii) has full power and authority to enter into this Agreement and to grant the
license as provided in Section 1, (iv) is not aware of any violation, infringement or misappropriation of any third party’s
rights (or any claim thereof) by the Intellectual Property or the Technology, (v) was not acting within the scope of employment
by any third party when conceiving, creating or otherwise performing any activity with respect to anything purportedly assigned
in Section 1 and (iv) is not aware of any questions or challenges with respect to the patentability or validity of any claims of
any existing patents or patent applications relating to the Intellectual Property.

 

6.           Restrictions
on Transfer of the Shares.

 

6.1       Developer’s Representations.
In connection with the issuance and acquisition of Shares under this Agreement, the Developer hereby represents and warrants to
the Company as follows:

 

(i)        The
Developer is acquiring and will hold the Shares for investment for the Developer’s account only and not with a view to, or
for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.

 

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(ii)       The
Developer understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom
and that the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Developer
obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not
required. The Developer further acknowledges and understands that the Company is under no obligation to register the Shares.

 

(iii)      The
Developer is aware of the adoption of Rule 144 by the Securities and Exchange Commission under the Securities Act, which permits
limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including
(without limitation) the availability of certain current public information about the issuer, the resale occurring only after the
holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,”
and the amount of securities being sold during any three-month period not exceeding specified limitations. The Developer acknowledges
and understands that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans
to satisfy these conditions in the foreseeable future.

 

(iv)      The
Developer will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange
Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act. The Developer agrees that the
Developer will not dispose of the Shares unless and until the Developer has complied with all requirements of this Agreement applicable
to the disposition of Shares and the Developer has provided the Company with written assurances, in substance and form satisfactory
to the Company, that (A) the proposed disposition does not require registration of the Shares under the Securities Act or
all appropriate action necessary for compliance with the registration requirements of the Securities Act or with any exemption
from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition
will not result in the contravention of any transfer restrictions applicable to the Shares under state securities law.

 

(v)       The
Developer has been furnished with, and has had access to, such information as the Developer considers necessary or appropriate
for deciding whether to invest in the Shares, and the Developer has had an opportunity to ask questions and receive answers from
the Company regarding the terms and conditions of the issuance of the Shares.

 

(vi)      The
Developer is aware that the Developer’s investment in the Company is a speculative investment that has limited liquidity
and is subject to the risk of complete loss. The Developer is able, without impairing the Developer’s financial condition,
to hold the Shares for an indefinite period and to suffer a complete loss of the Developer’s investment in the Shares.

 

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6.2       Securities
Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the
Securities Act or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose
restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates
or the imposition of stop transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable
in order to achieve compliance with the Securities Act, the securities laws of any state or any other law.

 

6.3       Rights
of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or transferred
in contravention of this Agreement or (ii) treat as the owner of Shares, or otherwise to accord voting, dividend or liquidation
rights to, any transferee to whom Shares have been transferred in contravention of this Agreement.

 

6.4       Successors
and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit
of, and be binding upon, the Company and its successors and assigns and be binding upon the Developer and the Developer’s
legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person
has become a party to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions
hereof.

 

7.           Legends.
All certificates evidencing the Shares shall bear the following legends:

 

“THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD,
ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN
THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS TO THE
COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN
REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”

 

“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION
IS NOT REQUIRED.”

 

If required by the authorities of any State in connection
with the issuance of the Shares, the legend or legends required by such State authorities shall also be endorsed on all such certificates.

 

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8.           Miscellaneous.
This Agreement is not assignable or transferable by Developer without the prior written consent of the Company; any attempt to
do so shall be void; this Agreement is fully assignable and transferable by the Company. Any notice, report, approval or consent
required or permitted hereunder shall be in writing and will be deemed to have been duly given if delivered personally or mailed
by first-class, registered or certified U.S. mail, postage prepaid to the respective addresses of the parties as set forth below
(or such other address as a party may designate by ten (10) days notice). No failure to exercise, and no delay in exercising, on
the part of either party, any privilege, any power or any rights hereunder will operate as a waiver thereof, nor will any single
or partial exercise of any right or power hereunder preclude further exercise of any other right hereunder. If any provision of
this Agreement shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid, that provision shall be
limited or eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect and
enforceable. This Agreement shall be deemed to have been made in, and shall be construed pursuant to the laws of the State of Delaware
and the United States without regard to conflicts of laws provisions thereof. The prevailing party in any action to enforce this
Agreement shall be entitled to recover costs and expenses including, without limitation, attorneys’ fees. The terms of this
Agreement are confidential to the Company and no press release or other written or oral disclosure of any nature regarding the
compensation terms of this Agreement shall be made by Developer without the Company’s prior written approval; however, approval
for such disclosure shall be deemed given to the extent such disclosure is required to comply with governmental rules. Any waivers
or amendments shall be effective only if made in writing and signed by a representative of the respective parties authorized to
bind the parties. Both parties agree that this Agreement is the complete and exclusive statement of the mutual understanding of
the parties and supersedes and cancels all previous written and oral agreements and communications relating to the subject matter
of this Agreement.

 

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In
Witness Whereof, each of the parties has executed this Technology License Agreement, in the
case of the Company by its duly authorized officer, as of the day and year first above written.

 

 

	Developer:	Company:
	 	 
	Mark Palumbo	CannAssist International Corp.
	 	 
	 	 
	By:	/s/ Mark Palumbo	By:	/s/ Mark Palumbo
	 	Mark Palumbo	 	Mark Palumbo, Chief Executive Officer

 

    	 	 	 

    	 

    

 

APPENDIX I

 

LICENSED TECHNOLOGY

 

		·	Provisional Patent. “Process for creating Carbohydrate Complexes with Cannabinoids
and other Hydrophobic Molecules in large scale,” filed on 1/2/19.

 

		·	Trademark. “Cibidinol,” USPTO Serial No. 87671831, filed on 12/21/18.Exhibit 4.2

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD LIKELY CAUSE COMPETITIVE
HARM TO THERAPIX BIOSCIENCES LTD. IF PUBLICLY DISCLOSED. OMISSIONS ARE DENOTED IN BRACKETS THROUGHOUT THIS EXHIBIT.

 

RESEARCH
AND LICENSE AGREEMENT

 

This
Research and License Agreement (“Agreement”) is made in Jerusalem this 29 day of June, 2018 (the “Effective
Date”), by and between:

 

YISSUM
RESEARCH DEVELOPMENT COMPANY OF THE HEBREW UNIVERSITY OF JERUSALEM, LTD., of Hi Tech Park, Edmond J. Safra Campus, Givat Ram,
Jerusalem 91390, Israel (“Yissum”) of the first part; and

 

THERAPIX
BIOSCIENCES LTD., of 4 Ariel Sharon St. Givatayim, Israel; (the “Company”), of the second part;

 

(each
of Yissum and the Company, a “Party”, and collectively the “Parties”)

 

		WHEREAS:	in
                                         the course of research conducted by Prof. Raphael Mechoulam (the “Researcher”)
                                         and the late Prof. Itai Bab, at the University (as defined in Section 1 below), the Researcher
                                         developed technology comprising composition of CB2 agonist (HU-433) for various indications,
                                         as more fully described in the patents listed in Appendix A (collectively,
                                         the “Existing Patents”); and

 

		WHEREAS:	pursuant
                                         to the regulations of the University, the rights and title to all inventions, know-how
                                         and the results of research created by scientists of the University vest solely with
                                         Yissum, including the technology developed by the Researcher as aforesaid; and

 

		WHEREAS:	Yissum
                                         and the Company entered into a Material Transfer Agreement dated October 7, 2017 (the
                                         “MTA Agreement”) pursuant to which Yissum transferred the Company
                                         the HU-433 compound for an evaluation (the “Evaluation”), and rights
                                         and title to any and all patents, patent applications, information, material, results,
                                         devices, and know-how created, generated or reduced to practice in the course of or arising
                                         from the performance of the Evaluation and related to the Materials and/or Yissum’s Background
                                         Results (as such terms are defined in the MTA Agreement) (the “Evaluation Results”)
                                         vest solely with Yissum; and

 

		WHEREAS:	the
                                         Company has represented to Yissum that (i) the Company is experienced in the development
                                         of products in the Field similar to those to be based on the inventions that are the
                                         subject of this Agreement; and (ii) either by itself or through third parties, it has
                                         the financial capacity and the strategic commitment to facilitate the development, production,
                                         marketing, sale and distribution of such products; and

 

     

     

    

 

		WHEREAS:	the
                                         Company is interested in the performance of research, by and under the supervision of
                                         the Researcher at the University, and is willing to finance the performance of such research
                                         in accordance with the terms of this Agreement; and

 

		WHEREAS:	the
                                         Company wishes to obtain an exclusive license from Yissum for the development and commercialization,
                                         in the Field, of the inventions covered by the Existing Patents and the Evaluation Results;
                                         and

 

		WHEREAS:	Yissum
                                         agrees to grant the Company such a license, all in accordance with the terms and conditions
                                         of this Agreement.

 

NOW
THEREFORE THE PARTIES DO HEREBY AGREE AS FOLLOWS:

 

		1.	Interpretation
                                         and Definitions

 

		1.1.	The
                                         preamble and appendices to this Agreement constitute an integral part hereof and shall
                                         be read jointly with its terms and conditions.

 

		1.2.	In
                                         this Agreement, unless otherwise required or indicated by the context, the singular shall
                                         include the plural and vice-versa, the masculine gender shall include the female
                                         gender, “including” or “includes” shall mean including, without
                                         limiting the generality of any description preceding such terms and the use of the term
                                         “or” shall mean “and/or” and any reference to the term “sale”
                                         shall include the sale, lease, rental, or other disposal of any Product.

 

		1.3.	The
                                         headings of the Sections in this Agreement are for the sake of convenience only and shall
                                         not serve in the interpretation of the Agreement.

 

		1.4.	In
                                         this Agreement, the following capitalized terms shall have the meanings appearing alongside
                                         them, unless provided otherwise:

 

		1.4.1.	“Affiliate”
                                         shall mean any person, organization or other legal entity which controls, or is controlled
                                         by, or is under common control with, the Company. “Control” shall
                                         mean the holding fifty percent (50%) or more of (i) the equity, or (ii) the voting rights,
                                         or (iii) the right to elect or appoint directors.

 

		1.4.2.	“Development
                                         Plan” shall mean the written plan and timetable, a copy of which is attached
                                         to this Agreement as Appendix C, for the development and the commercialization
                                         of Products, including specific development milestones, prepared by the Company and approved
                                         by Yissum pursuant to Section 5.1 below.

 

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		1.4.3.	“Development
                                         Results” shall mean the results of activities carried out by the Company or
                                         by third parties (other than the Researcher and his/her team or any other University
                                         employee) at the direction of the Company pursuant to the Development Plan, including
                                         any invention, patent or patent application, product, material, method, discovery, composition,
                                         process, technique, know-how, data, information or other result which do not form part
                                         of the Licensed Technology, and further including any governmental or regulatory filing
                                         submitted, or approval, license, registration, or authorization obtained, by the Company,
                                         an Affiliate or Sublicensee in respect of the Products, as well as any other information,
                                         data, material, results, devices and know-how arising from the performance of the Development
                                         Plan.

 

		1.4.4.	“Field”
                                         shall mean all therapeutic uses of HU-433 molecule (as such molecule is described in
                                         the Licensed Patents), for any and all indications except for ophthalmology which may
                                         be added pursuant to Section 2.9 below.

 

		1.4.5.	“First
                                         Commercial Sale” shall mean the first sale of a Product by the Company, an
                                         Affiliate or a Sublicensee after the receipt of any required regulatory approval to market
                                         and sell such Product. Notwithstanding the foregoing and for the avoidance of doubt,
                                         sales of Products for the purposes of clinical trials or other testing prior to a First
                                         Commercial Sale shall entitle Yissum to payment of consideration in accordance with Sections
                                         7.2 (Royalties); 7.4 (Milestone Payments); and 7.5 (Sublicense Fee) of this Agreement,
                                         but shall not be considered a First Commercial Sale.

 

		1.4.6.	“License”
                                         shall have the meaning set forth in Section 3.1 below.

 

		1.4.7.	“Licensed
                                         Patents” shall mean (i) the Existing Patents, and any patent application that
                                         claims priority therefrom; as well as (ii) all divisions, continuations, continuations-in-part,
                                         re-examinations, reissues, renewals, registrations, confirmations, substitutions, or
                                         extensions, including European Supplementary Protection Certificates (“SPCs”)
                                         (within the meaning of such term under Council Regulation (EU) No. 1768/92), and/or any
                                         other similar statutory protection, and any provisional applications, national, regional,
                                         PCT or similar applications and any and all patents issuing from, and patentable inventions,
                                         methods, processes, and other subject matter disclosed or claimed in, any or all of the
                                         foregoing.

 

		1.4.8.	“Licensed
                                         Technology” shall mean, the, the Licensed Patents, the Evaluation Results,
                                         the HU 433 Research Results, and Yissum’s interest in any Joint Patent.

 

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		1.4.9.	“Net
                                         Sales” shall mean:

 

		(a)	the
                                         gross sales price invoiced for sales of Products by the Company, an Affiliate or Sublicensee
                                         to a third party ; or

 

		(b)	the
fair market value of non-monetary consideration received in connection with such sales; after deduction of: (i) discounts and
return credits to the extent actually taken by third parties; and (ii) to the extent separately stated on purchase orders or invoices,
sales and other applicable taxes, including VAT, customs, duties or other governmental charges levied on the production, sale,
transportation, import or export, delivery, (but excluding income tax and the like) or paid by customers for transfer in full
to applicable tax authorities; provided that such deductions shall be reasonable and directly related to the sale of Products
that were awarded within the regular running of the business of the Company, Affiliate or Sublicensee. For the sake of clarity,
any payment or rebate received by the Company, an Affiliate or Sublicensee from any governmental agency directly in relation to
the sales shall be considered as Net Sales.

 

In
the event of sales of Products made through a distributor, or marketing agent, where the Company, Affiliate or Sublicensee is
entitled to receive from such distributor, or marketing agent, in addition to any fixed price, any further compensation for such
transfer based upon the price at which the distributor or marketing agent sells Products to a third party, such further compensation,
when received by the Company, Affiliate or Sublicensee from such distributor, or marketing agent, shall also be deemed “gross
sales” for the purposes of this Agreement.

 

In
the event of sales or deductions not made at “arms-length”, then for the purpose of calculation of Royalties (as defined
below) to Yissum, Net Sales shall be calculated in accordance with arms-length prices for sale of Products to an independent third
party purchaser and arms-length deductions, to be determined by the current market conditions, or in the absence of such conditions,
according to the assessment of an independent appraiser to be selected by the Parties.

 

With
respect to sales by the Company or its Affiliate or Sublicensee, as applicable, to any Affiliate or Sublicensee of any of the
foregoing, as the case may be, the term “Net Sales” shall mean the amount received by such Affiliate or Sublicensee
on resale to an independent third party after deduction of the items specified above, to the extent applicable.

 

		1.4.10.	“Product”
                                         shall mean any product, system, device, material, method, process or service, the development,
                                         obtaining regulatory approvals (including clinical development, marketing and sales)
                                         manufacture, provision, marketing or sale of which, in whole or in part (i) uses, exploits,
                                         comprises, contains, improves upon or incorporates the Licensed Technology or the Development
                                         Results or any part thereof, or is otherwise covered thereby, or falls within the scope
                                         thereof, in whole or in part, or uses the Licensed Technology or the Development Results
                                         as a basis for subsequent modifications; or (ii) but for the License (as defined below)
                                         would infringe any claim of a Licensed Patent.

 

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		1.4.11.	“Representatives”
                                         shall mean employees, researchers, officers, agents, subcontractors, consultants, and/or
                                         any other person or entity acting on a Party’s behalf.

 

		1.4.12.	“Research”
                                         shall mean the research to be conducted by the Researcher during the Research Period
                                         on two distinct projects as follows: (i) synthesis of the HU433 molecule (the “HU433
                                         Research”) and (ii) a project to be determined by the Researcher, in its sole
                                         discretion that does not relate to the HU433 molecule (the “Other Research“);
                                         both pursuant to a Research Budget.

 

		1.4.13.	“Research
                                         Budget” shall mean the budget set forth in Appendix B.

 

		1.4.14.	“Research
                                         Period” shall mean a two (2) year period commencing from the effective Date.

 

		1.4.15.	“HU433
                                         Research Results” shall mean any inventions, products, materials, compounds,
                                         compositions, substances, methods, processes, techniques, know-how, data, information,
                                         discoveries and other results of whatsoever nature, discovered or occurring in the course
                                         of, or arising from, the performance of the HU433 Research that is related to the HU433
                                         molecule, including any patent applications and patents and, information, material, results,
                                         devices or know-how arising therefrom.

 

		1.4.16.	“Other
                                         Research Results” shall mean any inventions, products, materials, compounds,
                                         compositions, substances, methods, processes, techniques, know-how, data, information,
                                         discoveries and other results of whatsoever nature, discovered or occurring in the course
                                         of, or arising from, the performance of the Other Research that do not relate to the
                                         HU433 molecule, including any patent applications and patents and, information, material,
                                         results, devices or know-how arising therefrom.

 

		1.4.17.	“Researcher”
                                         shall mean Professor Raphael Mechoulam, or such other person as determined and appointed
                                         from time to time by Yissum, with the written agreement of the Company, to supervise
                                         and to perform the Research, if applicable.

 

		1.4.18.	“Royalties”
                                         shall have the meaning set forth in Section 7.2 below.

 

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		1.4.19.	“Subcontracting
                                         Agreement” shall mean (i) a bona fide subcontracting agreement with a subcontractor
                                         in which the Company must grant the subcontractor the right to make use of the Licensed
                                         Technology on behalf of the Company, and for which use the Company is required to pay
                                         or otherwise compensate the subcontractor, including, but not limited to, manufacturing
                                         or developing any of the Products (or part thereof); or (ii) a bona fide arms-length
                                         research agreement, pursuant to which an academic or research institution is engaged
                                         for the purpose of performing research, on the Company’s behalf, for the development
                                         of any of the Products (or part thereof); provided that in no event shall the consideration
                                         (if any) therefor comprise any Products; and further provided that such subcontracting
                                         agreement in (i) and (ii) above shall contain terms substantially as protective in relation
                                         to the Licensed Technology, as the terms of this Agreement; and the term “Subcontractor”
                                         shall be construed accordingly.

 

		1.4.20.	“Sublicense”
                                         shall mean any grant by the Company or its Affiliates of any of the rights granted under
                                         this Agreement or any part thereof; including the right to develop, manufacture, market,
                                         sell or distribute the Licensed Technology or any Product, for which grant the recipient
                                         of the Sublicense is required to pay the grantor of the Sublicense (or the grantor’s
                                         related entity), excluding a Subcontracting Agreement and further excluding agreements
                                         with resellers, channels, or distributors that are operating under an agreement with
                                         Licensee or Sublicensee, or any Affiliate thereof, solely for the distribution and sale
                                         of a Product in its final form and paying fair market value for their purchase of the
                                         Product as a bona fide distributor or reseller, provided that the only license rights
                                         granted by the Licensee, Sublicensee or Affiliate, as applicable, to such reseller or
                                         distributor are distribution and sale (such distributors and resellers collectively:
                                         “Distributors”).

 

		1.4.21.	“Sublicense
                                         Consideration” shall mean any proceeds or consideration or benefit of any kind
                                         whatsoever, whether monetary or otherwise, that the Company or an Affiliate actually
                                         receive from a Sublicensee as a result of the grant of a Sublicense or an option for
                                         a Sublicense and/or pursuant thereto, except for (i) amounts received by the Company
                                         or an Affiliate which constitute royalties based on sales by Sublicensees in respect
                                         of which the Company is required to pay Royalties to Yissum, (ii) research and development
                                         funding pursuant to a research and development plan and budget, a copy of which will
                                         be provided to Yissum at its request and provided that such funding is actually used
                                         to cover the actual cost for research and development of a Product performed under the
                                         Sublicense agreement, and (iii) any amounts received from a Sublicensee as a result of
                                         the purchase of debt or equity securities by a Sublicensee (but only with respect to
                                         the portion of payments not in excess of the market value of such securities).

 

		1.4.22.	“Sublicense
                                         Fees” shall have the meaning set forth in Section 7.5 below.

 

		1.4.23.	“Sublicensee”
                                         shall mean any third party to whom the Company or an Affiliate shall grant a Sublicense
                                         or an option for a Sublicense. For the sake of clarity, Sublicensee shall include any
                                         other third party (other than a Subcontractor and Distributors) to whom such rights shall
                                         be transferred or assigned, or who may assume control thereof by operation of law or
                                         otherwise, it being clarified that a change of control in the Company shall not be deemed
                                         a transfer or assignment of rights hereunder.

 

    6

     

    

 

		1.4.24.	“Territory”
                                         shall mean worldwide.

 

		1.4.25.	“University”
                                         shall mean the Hebrew University of Jerusalem and each of its branches.

 

		1.4.26.	“Valid
                                         Claim” shall mean (i) a claim of: (a) any issued, unexpired patent which 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 which has not been
                                         disclaimed, denied or admitted to be invalid or unenforceable through reexamination,
                                         reissue, disclaimer or otherwise, or (b) any patent application that has not been cancelled,
                                         rejected, withdrawn or abandoned without the possibility of appeal or re-filing. For
                                         the avoidance of doubt, the term “Valid Claim” shall include any extension
                                         of the exclusivity period under a claim of an issued patent included within the Licensed
                                         Technology through patent term extension, SPC, US Patent Term Extensions (PTEs), or any
                                         other arrangement whereby the exclusivity period of any such patent or any part thereof
                                         is extended.

 

		2.	Research

 

		2.1.	The
                                         Company hereby undertakes to finance performance of the Research in accordance with a
                                         Research Budget during the Research Period or any amendments thereof.

 

		2.2.	The
Research shall be conducted by and under the supervision of the Researcher and in full coordination with the Company. Should the
Researcher be unable to complete the Research for any reason, Yissum shall notify the Company of the identity of a suitable replacement
researcher within thirty (30) days of the Researcher being unable to complete the Research. If the Company does not object in
writing to the replacement researcher on reasonable grounds within twenty (20) days of this notification, the substitute researcher
shall be deemed acceptable to the Company and all provisions of this Agreement applicable to the Researcher shall apply to such
substitute researcher. Alternatively, the Company shall have the right to terminate the Research, provided that (i) no monies
paid to Yissum for the Research in accordance with the Research Budget and pursuant to the schedule set forth in Section 2.4 below
will be refundable; (ii) the Company shall be responsible for the payment of any accrued fees and expenses due to Yissum based
on work duly performed up to the date of termination and those irrevocable commitments that were part of the Research Budget and
entered into by Yissum prior to having received the Company’s written notice of termination and (iii) the Company and Yissum shall
not bear any liability for such termination.

 

    7

     

    

 

		2.3.	For
                                         the avoidance of doubt, should the Company wish to place its employees in the laboratories
                                         of the Researcher on any campus of the University in connection with the Research or
                                         any other aspect of this Agreement it may do so after executing a separate agreement
                                         with Yissum setting out the terms of such placement.

 

		2.4.	As
                                         compensation to Yissum for the Research, subject to any earlier termination of the Research
                                         pursuant to Section 2.2 above, the Company shall pay Yissum the total sum seventy five
                                         thousand US Dollars ($75,000) inclusive of overhead but plus Value Added Tax as required
                                         by law, as follows: (i) twenty five thousand US Dollars (US$25,000) for the HU433 Research
                                         and (ii) fifty thousand US dollars (US$50,000) for the Other Research; payable as set
                                         forth in Appendix B.

 

		2.5.	Yissum
                                         shall have the right of first offer but without an obligation of the Company to accept,
                                         to conduct any additional research, which may be required by the Company to develop a
                                         Product, provided that there are employees of the University competent and available
                                         to perform such additional research.

 

		2.6.	For
                                         the avoidance of doubt, nothing herein shall prevent Yissum or the University or the
                                         Researcher from obtaining any finance or grants from other entities for non-commercial
                                         research regarding the Licensed Technology, provided that such entities may be granted
                                         with the same rights in the Licensed Technology, Research or Research Results reserved
                                         hereunder to Yissum or the University or the Researcher and provided that such rights
                                         are not prejudicial to the rights granted to the Company in this Agreement.

 

		2.7.	Yissum
                                         shall present the Company, within sixty (60) days of a request by the Company, with a
                                         written report from the Researcher summarizing the results of the HU433 Research Results
                                         in the form reasonable requested by the Company (the “Research Report”)
                                         but in no event more than twice per year during the Research Period. The HU433 Research
                                         Results shall be automatically included in the Licensed Technology.

 

		2.8.	The
                                         Company shall have a right of first review of the Other Research Results for a period
                                         of ninety (90) days from the completion of the Other Research (the “Review Period”).
                                         If the Company is interested in obtaining such a license, the Company shall notify Yissum,
                                         in writing, within the Review Period (the “Notice”). In the event
                                         that Yissum receives a Notice within the Review Period, the Company and Yissum shall
                                         enter negotiations in good faith in order to reach an agreement with regard to the terms
                                         of the license. In the event that: (i) the Company fails to deliver a Notice to Yissum
                                         within the Review Period; or (ii) the Company notifies Yissum in writing that it is not
                                         interested in obtaining a license; or (iii) the Company delivers a Notice to Yissum within
                                         the Review Period, but the parties do not reach and finalize an agreement within ninety
                                         (90) days from the end of the Review Period (the “Negotiations Period”),
                                         Yissum shall be entitled to commercialize or otherwise grant third parties any right
                                         or title in and to the Other Research Results according to Yissum’ sole discretion and
                                         without any further obligation to the Company.

 

    8

     

    

 

		2.9.	In
                                         addition, in the event that the Company wishes at any time as of the Effective Date for
                                         a period of 90 days thereafter (the “Option Period”) to obtain an exclusive
                                         license under the Licensed Technology for the field of ophthalmology, then it shall provide
                                         Yissum with notice in writing (prior to the end of the Option Period) and upon receipt
                                         of such notice, the Parties shall negotiate in good faith the terms of such additional
                                         license for a period of 90 days from such notice. During the Option Period and negotiations
                                         period as aforesaid, Yissum shall not solicit any offers for or grant any third party
                                         with rights that may circumvent the rights of the Company hereunder.

 

		2.10.	Nothing
                                         contained in this Agreement shall be construed as a warranty on the part of Yissum that
                                         any results or inventions will be achieved by the Research, or that the Research Results,
                                         if any, are or will be commercially exploitable. Yissum makes no warranties whatsoever
                                         as to the commercial or scientific value of the Research Results.

 

		2.11.	Should
                                         the Company choose, at its sole discretion, to (a) retain the services of the Researcher
                                         or any other employee of the University in connection with the Research or the License;
                                         or (b) grant any benefit, including cash payments or securities of any kind, to the Researcher
                                         or any other employee of the University, it shall do so only through a written agreement
                                         executed between the Company and Yissum. Any such agreement will require, among other
                                         things, that any intellectual property rights generated under such agreement will be
                                         governed by the terms of this Agreement.

 

		3.	The
                                         License

 

		3.1.	Subject
                                         to the full performance by the Company of its obligations in accordance with this Agreement
                                         and the provisions of Section 16, Yissum hereby grants the Company an exclusive license
                                         to make commercial use of the Licensed Technology, in order to develop, obtain regulatory
                                         approvals, manufacture, market, distribute or sell Products, all within the Field and
                                         the Territory only, subject to and in accordance with the terms and conditions of this
                                         Agreement (the “License”).

 

		3.2.	Notwithstanding
                                         the provisions of Section 3.1, above, Yissum, on behalf of the University, shall retain
                                         the right (i) to make, use and practice the Licensed Technology for the University’s
                                         own research and educational purposes; and (ii) to license or otherwise convey the Licensed
                                         Technology, in whole or in part, to any third party for research or commercial applications
                                         outside the Field. In the event Yissum receive requests for the Licensed Technology from
                                         researchers at academic and/or not-for-profit research organizations for use in non-commercial
                                         research in the Field, Yissum will forward the requests to the Company, and the Company,
                                         in consultation with the Researcher, will determine whether it is willing to supply Licensed
                                         Technology for such purpose. Any such disclosure or other supply of Licensed Technology
                                         shall be made pursuant to the Company’s standard form confidentiality or material transfer
                                         agreement (as the case may be) and will acknowledge Yissum’s contribution.

 

    9

     

    

 

		4.	Term
                                         of the License

 

The
License shall expire, if not earlier terminated pursuant to the provisions of this Agreement, on a country-by-country, Product-by-Product
basis, upon the later of: (i) the date of expiration in such country of the last to expire Licensed Patent included in the Licensed
Technology; (ii) the date of expiration of any exclusivity on the Product granted by a regulatory or government body in such country;
or (iii) the end of a period of fifteen (15) years from the date of the First Commercial Sale in such country. Should the periods
referred to in Subsections (i) or (ii) expire in a particular country prior to the period referred to in Subsection (iii), above,
the license in that country or those countries shall be deemed a license to the Know-How during such post-expiration period (the
“Term”).

 

Upon
the expiration of the later of the periods set forth in Subsections (i) through (iii) above (and provided that the License has
not been terminated prior thereto), the Company shall have a fully-paid non-exclusive license to the Know-How in the Field, and
the Company shall have an irrevocable option to obtain an exclusive license in the Field to the Know-How by agreeing to pay Yissum
[**] ([**]%) of the consideration set forth in Section 7.2 and 7.5 below, in respect of Net Sales and Sublicense Consideration
received during the period of such license which shall continue for a period of five (5) years after termination of the later
of the periods as referred to above and shall be renewed automatically for additional successive five (5) year periods, unless
the Company or Yissum notifies the other Party in writing prior to the end of the then current five (5) year period that it does
not wish the license to be renewed as aforesaid.

 

		5.	Development
                                         and Commercialization.

 

		5.1.	The
                                         Company undertakes, at its own expense, to use commercially reasonable efforts to carry
                                         out the development, regulatory, manufacturing and marketing work necessary to develop
                                         and commercialize Products in accordance with the Development Plan (including the Essential
                                         Development Milestones defined below) agreed by Yissum, a copy of which shall be incorporated
                                         into this Agreement as Appendix C within 45 (forty-five) days of the Effective
                                         Date, as such Development Plan may be amended, modified or replaced from time to time
                                         as determined by the Board of Directors of the Company (the “Board”),
                                         in its sole and absolute discretion, provided however that the Company shall amend any
                                         of the milestones set forth in Appendix C under the heading ‘Essential Development
                                         Milestone’ (”Essential Development Milestones”) only if the
                                         Company first receives the written approval of Yissum for the particular amendment. All
                                         terms and conditions of the License and this Agreement shall apply to the modified Development
                                         Plan and subsequent Development Results. In the event that there is no Development Plan
                                         (including the Essential Development Milestones) prepared by the Company that meets Yissum’s
                                         approval and is incorporated into this Agreement within 45 (forty-five) days of the Effective
                                         Date, then Yissum shall be entitled, at its sole discretion, to terminate without cause,
                                         with immediate effect, this Agreement and all rights of the Company hereunder, upon written
                                         notice to the Company of such termination.

 

		5.2.	The
                                         Parties shall establish a steering committee (the “Committee”) to
                                         oversee the exercise of the License. Each Party shall be entitled to designate two (2)
                                         representatives to the Committee (the “Committee Representatives”),
                                         which shall meet at least twice per calendar year. The Committee Representatives shall
                                         be bound by the confidentiality arrangements set out in this Agreement. The Company shall
                                         consult with Yissum, via Yissum’s Committee Representatives, in respect of significant
                                         decisions related to the exercise of the License. For the avoidance of doubt, the Committee
                                         shall be a forum for the exchange of information between the Parties with respect to
                                         the foregoing matters, shall act only in an advisory capacity and shall not have decision-making
                                         powers.

 

The
Company shall, for the period of the License, (i) provide Yissum with periodic written reports (“Development
Reports”) not less than once per every six (6) months concerning all material activities
undertaken in respect of the exercise of the License, (ii) keep Yissum informed on a timely basis concerning all material activities
and changes to the Development Plan undertaken in respect of the exercise of the License, and (iii) at Yissum’s reasonable request,
from time to time, provide Yissum with further information relating to the Company’s activities in exercise of the License.
The Development Reports shall include detailed descriptions of the progress and results, if any, of: (a) the tests and trials
conducted and all other actions taken by the Company pursuant to the Development Plan, and a summary of the Development Results
and any other related work effected by the Company or by any Affiliate or Sub-Licensee during the six (6) month period prior to
the report, (b) manufacturing, sublicensing, marketing and sales during the six (6) month period prior to the report; (c) the
Company’s plans in respect of the testing, undertaking of trials or commercialization of Products for the following six
(6) months; and (d) projections of sales and marketing efforts following the First Commercial Sale. Development Reports shall
also set forth a general assessment regarding the achievement of any milestones; the projected – or actual – completion
date of the development of a Product and the marketing thereof; as well as a description of any corporate transaction involving
the Products or the Licensed Technology. If progress in respect of a Product differs from that anticipated in its Development
Plan or a preceding Development Report, the Company shall explain, in its Development Report, the reason therefor and shall prepare
a modified Development Plan for Yissum’s review. The Company shall also make reasonable efforts to provide Yissum with any
reasonable additional data that Yissum requires to evaluate the performance of the Company hereunder.

 

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		5.3.	Upon
                                         completion of the development of any Product, the Company undertakes to perform all commercially
                                         reasonable actions necessary to maximize Net Sales of such Product on a regular and consistent
                                         basis.

 

		5.4.	If
                                         the Company shall not meet one of the Essential Development Milestones within the timeframe
                                         set out in the Development Plan for the attainment of the said Essential Development
                                         Milestone, unless such delay is caused by (i) the requirements of a regulatory or other
                                         governmental authority; (ii) force majeure in accordance with Section 18.9, below; Yissum
                                         shall notify the Company in writing of the Company’s failure to meet its obligations
                                         of diligence and shall allow the Company one hundred and twenty (120) days to cure such
                                         failure of diligence. If, to Yissum’s reasonable satisfaction, the Company is diligently
                                         taking measures to cure such failure, Yissum may, at its sole discretion, notify the
                                         Company in writing that it is extending the period given to cure such failure by an additional
                                         period of up to sixty (60) days. The Company’s failure to cure such failure, to Yissum’s
                                         reasonable satisfaction, within the aforementioned cure period (or extended cure period)
                                         shall be a material breach of this Agreement, entitling Yissum to immediate termination
                                         under Section 16.3 below.

 

		5.5.	The
                                         Company shall perform all its activities hereunder in accordance with all applicable
                                         laws and regulations, and shall procure the receipt of all approvals and consents necessary
                                         for the performance of its obligations hereunder.

 

		6.	Sublicenses

 

		6.1.	The
                                         Company shall be entitled to grant one or more Sublicenses in accordance with the applicable
                                         terms and conditions of this Agreement, including the terms and conditions of this section
                                         6, only after obtaining Yissum’s written approval regarding the identity of the
                                         Sublicensee and the material terms of the Sublicense, such approval not to be unreasonably
                                         denied or withheld. In the event that a sublicense is a Pharmaceutical Sublicensee (as
                                         defined in Section 6.3), the prior written approval of Yissum shall not be required,
                                         provided however Yissum shall be notified in advance and in writing of the material terms
                                         of the Sublicense and any amendment thereof.

 

		6.2.	The
                                         Company shall provide Yissum with an executed copy of any Sublicense within ten (10)
                                         days of its execution. Any material amendments to a Sublicense other than a Sublicense
                                         with a Pharmaceutical Sublicensee, shall be subject to Yissum’s prior written approval
                                         which shall not be unreasonably denied or withheld. The Company shall provide Yissum
                                         with an executed copy of such amendment to the Sublicense within ten (10) days of the
                                         execution of such amendment.

 

		6.3.	Any
                                         Sublicense shall be dependent on the validity of the License and shall terminate upon
                                         termination of the License, provided, however, that, for each Sublicense granted
                                         to a Pharmaceutical Sublicensee, upon termination of the License with the Company, if
                                         the Pharmaceutical Sublicensee is not then in breach of its Sublicense agreement with
                                         the Company such that the Company would have the right to terminate such Sublicense,
                                         Yissum shall be obligated, at the request of such Pharmaceutical Sublicensee, to enter
                                         into a new license agreement with any Pharmaceutical Sublicensee on substantially the
                                         same terms as those contained in the respective Sublicense agreement, provided that such
                                         terms shall be amended, if necessary, to the extent required to ensure that such agreement
                                         does not impose any obligations or liabilities (i) on the Company (without derogating
                                         from any liability due to the Company’s breach or such other liabilities that survive
                                         the termination of the Agreement), or (ii) on Yissum which are not included in this Agreement,
                                         applied mutatis mutandis. “Pharmaceutical Sublicensee” shall
                                         mean a Sublicensee that is a company in the pharmaceutical industry with annual sales
                                         of at least $500,000,000 (Five Hundred Million US Dollars).

 

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		6.4.	The
                                         Company shall ensure that any Sublicense shall include material terms that require the
                                         Sublicensee to comply with the terms of this Agreement, including Section 15 below, the
                                         breach of which terms shall be a material breach resulting in termination of the Sublicense.
                                         In such an event, the Company undertakes to take all reasonable steps to enforce such
                                         terms upon the Sublicensee, including the termination of the Sublicense. In all cases,
                                         the Company shall immediately notify Yissum of any breach of the material terms of a
                                         Sublicense, and shall copy Yissum on all correspondence with regard to such breach.

 

Furthermore,
in the context of any Sublicense, the Company will obtain an agreement from the relevant Sublicensee (i) that such Sublicensee
may only use the Licensed Technology and any related information received from the Company in connection with the further development
and/or commercialization of a Product pursuant to the terms of the Sublicense agreement, and will keep same confidential; and
(ii) naming Yissum as a third party beneficiary with the right to directly enforce the use and confidentiality provisions described
in Subsection (i) above and the reporting provisions set out in Sections 6.5 and 8.2 below.

 

		6.5.	Without
                                         derogating from the generality of Section 6.4 above, the Company shall require each Sublicensee
                                         to provide it with regular written royalty reports that include at least the detail that
                                         the Company is required to provide pursuant to Section 8.2 below. Upon request, the Company
                                         shall provide such reports to Yissum.

 

		6.6.	Any
                                         act or omission of the Sublicensee which is not promptly remedied by the Company or the
                                         Sublicensee and which would have constituted a breach of this Agreement by the Company
                                         had it been an act or omission of the Company, and which the Company has not made best
                                         efforts to promptly cure, including termination of the Sublicense, shall constitute a
                                         breach of this Agreement by the Company.

 

		6.7.	For
                                         the avoidance of any doubt it is hereby declared that under no circumstance whatsoever
                                         shall a Sublicensee be entitled to assign such Sublicense or further Sublicense the License
                                         or any part thereof, provided, however, that a Pharmaceutical Sublicensee shall be entitled
                                         to sublicense its rights under such Sublicense agreement through multiple tiers to its
                                         Affiliates (through one or more tiers, provided that each tier is an Affiliate of the
                                         Pharmaceutical Sublicensee)(a “Sub-Sublicense”), without the prior
                                         written consent of Yissum; provided however that any such Sub-Sublicense shall be in
                                         compliance with the terms and conditions of this Agreement, including but not limited
                                         this Section 6.

 

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		7.	License
                                         Consideration

 

In
consideration for the grant of the License, the Company shall pay Yissum the following consideration during the term of the License
as set forth in Section 4 above:

 

		7.1.	An
                                         irrevocable, non-creditable, and non-refundable License fee in the amount of [**], to
                                         be paid within thirty (30) days of the Effective Date, subject to receipt of proper tax
                                         invoice.

 

		7.2.	Royalties
                                         at the rates of [**]% ([**]) of Net Sales (the “Royalties”), subject
                                         to the Royalty Reductions set forth in section 7.3.

 

		7.3.	Royalty
                                         Reductions.

 

Notwithstanding
the foregoing the following provisions shall apply with respect to reductions in the Royalties payments (the “Reductions”):

 

		7.3.1.	Generic
                                         Competition: In the event that during the Term of the License (as defined in Section
                                         4 above), there is any Competition (as defined below) with respect to a particular Product
                                         in a particular country in which such Product is being sold, and for so long as such
                                         Generic Competition persists, the royalty amount payable to Yissum for sales of such
                                         Product (only) in such country shall be reduced by [**]% ([**]).

 

For
purposes of illustration only, if Yissum would be entitled to receive the royalty amount of [**] if not for any royalty reduction,
as aforementioned, then in the event that there is Generic Competition, then Yissum will be entitled to receive the royalty amount
of [**].

 

For
the purpose of this Section 7.3.1 only “Generic Competition”
shall mean, with respect to a particular Product in a particular country, when (a) one or more Generic Product(s) are being marketed
in such country; and (b) there are no Valid Claims covering such Product provided, however, that for defining a Generic Product
in the United States the criteria will be either having no Valid Patent Claim covering the United States or having Paragraph IV
certification or regulatory exclusivity in respect of such Product, in such country. 

 

“Generic
Product” shall mean a product (a) containing an active pharmaceutical ingredient or component
that is equivalent to the active ingredient or component in a particular Product being sold in a particular country; and (b) that
has obtained regulatory approval by means of establishing equivalence to such Product ; and (c) that is legally marketed in such
country by an entity other than the Company, its Affiliates and/or Sublicensees; and (d) that at the end of the applicable calendar
year, due to the marketing and sales of the Generic Product, there is a reduction in the volume of sales of such Product in such
country by the Company, its Affiliates and/or Sublicensees, in comparison to the previous calendar year, by at least 30% (thirty
percent). 

 

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In
the event of Generic Competition in any particular calendar year for a particular Product in a particular country, then should
there be deductions from royalty payments that the Company was entitled under this Section 7.3.1 to deduct, but did not deduct
due to the need to compare product sales for that calendar year and the preceding calendar year, then such deductions will be
rolled over and deducted from royalty amounts payable during the first quarter of the next calendar year for sales of such Product
in such country.

 

		7.3.2.	Offset
                                         for other payments. In addition, in the event that the Company, Affiliate or Sublicensee
                                         pays to a third party amounts, whether by order by a court of competent jurisdiction,
                                         pursuant to a license agreement or otherwise, which result from such third party claiming
                                         that the utilization of the Licensed Technology in a Product infringes one or more patents
                                         or intellectual property owned by such third party that dominates the Licensed Technology,
                                         then [**]% of such amounts may be offset against any royalty owned to Yissum under this
                                         Agreement on Net Sales of such Product in such country, provided that in no event will
                                         the royalty payment made to Yissum be reduced below [**] ([**]%) of the amounts otherwise
                                         due to Yissum hereunder.

 

All
reductions in Royalties combined, pursuant to this Section 7.3, shall, in aggregate, be capped at, and not exceed, [**]% ([**])
of the respective Royalty Rate.

 

		7.4.	Sublicense
fees at a rate of [**]% ([**]) of Sublicense Consideration.

 

		8.	Reports
                                         and Accounting

 

		8.1.	The
Company shall give Yissum written notice of any (i) Sublicense Consideration received; and (ii) First Commercial Sale made; within
thirty (30) days of the particular event.

 

		8.2.	One
                                         (1) month after the end of each calendar quarter commencing from the earlier of (i) the
                                         First Commercial Sale; or (ii) the grant of a Sublicense or receipt of Sublicense Consideration,
                                         the Company shall furnish Yissum with a quarterly report (“Periodic Report”),
                                         certified as being correct by the chief financial officer of the Company, detailing the
                                         total sales and Net Sales effected during the preceding quarter, the total Sublicense
                                         Consideration received during the preceding quarter and the total Royalties and Sublicense
                                         Fees due to Yissum in respect of that period. Once the events set forth in Subsection
                                         (i) or (ii) above, have occurred, Periodic Reports shall be provided to Yissum whether
                                         or not Royalties and Sublicense Fees are payable for a particular calendar quarter. The
                                         Periodic Reports shall contain full particulars of all sales made by the Company, Affiliates
                                         or Sublicensees and of all Sublicense Consideration received, including a breakdown of
                                         the number and type of Products sold, discounts, returns, the country and currency in
                                         which the sales were made, invoice dates and all other data enabling the Royalties and
                                         Sublicense Fees payable to be calculated accurately.

 

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		8.3.	On
                                         the date prescribed for the submission of each Periodic Report, the Company shall pay
                                         the Royalties and Sublicense Fees due to Yissum for the reported period, against a valid
                                         invoice issued by Yissum. All payments under this Agreement shall be computed and paid
                                         in US dollars, using the appropriate foreign exchange rate reported by the Bank of Israel
                                         on the last working day of the calendar quarter in respect of which the revenues are
                                         being reported. Payment of value added tax or any other tax, charge or levy applicable
                                         to the payment to Yissum of the consideration as detailed in Section 7 above, (except
                                         income tax, which shall be borne by Yissum), shall be borne by the Company and added
                                         to each payment in accordance with the statutory rate in force at such time. All payments
                                         made to Yissum by an Israeli entity shall be made without the withholding of any taxes,
                                         provided that Yissum shall supply such Israeli entity, to the extent required, with a
                                         valid tax certificate indicating an official exemption from tax withholding (פטור
                                         מניכוי מס במקור).
                                         ). For the avoidance of doubt, if Yissum does not supply such certificate, the Israeli
                                         entity shall withhold taxes according to applicable law. All other payments to Yissum
                                         by non-Israeli entities shall be made without the withholding of any taxes. Payments
                                         may be made by check or by wire transfer to the following account:

 

Name
of Bank: Hapoalim

Bank
Key: 12

Bank’s
address: 1 Hamarpe Street, Jerusalem, Israel

Branch:
Jerusalem Business Branch - 436

Bank
account Number: 12-436-142-155001

Swift
Code: POALILIT

IBAN:
IL56-0124-3600-0000-0155-001 (for payment from Europe only)

 

		8.4.	The
                                         Company shall keep, and shall require its Affiliates and Sublicensees to keep, full and
                                         correct books of account in accordance with applicable Generally Accepted Accounting
                                         Principles as required by international accounting standards enabling the Royalties and
                                         Sublicense Fees to be calculated accurately. Starting from the first calendar year after
                                         the First Commercial Sale, or the first grant of a Sublicense, whichever occurs first,
                                         and until twenty four (24) months after the lapse of the term of the License, an annual
                                         report, authorized by a certified public accountant, shall be submitted to Yissum within
                                         ninety (90) days of the end of each calendar year, detailing Net Sales and Sublicense
                                         Consideration, Royalties and Sublicense Fees, both due and paid (the “Annual
                                         Reports”). The Annual Reports shall also include the Company’s sales and royalty
                                         forecasts for the following calendar year, if available.

 

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The
Company shall, and shall require and cause its Affiliates and Sublicensees to, retain such books of account for five (5) years
after the end of each calendar year during the period of this Agreement, and, if this Agreement is terminated for any reason whatsoever,
for five (5) years after the end of the calendar year in which such termination becomes effective.

 

		8.5.	Yissum
                                         will either (i) allow the Company a credit against future Royalties or Sublicense Fees
                                         to be paid for Royalties or Sublicense Fees previously paid on account of Net Sales,
                                         as appropriate, that were reported as bad debts in the Company’s annual audited financial
                                         statements; or (ii) if such bad debts are recorded by the Company in its annual audited
                                         financial statement after the Company’s obligation to pay Royalties or Sublicense Fees
                                         has ceased, Yissum shall repay any Royalties or Sublicense Fees received on account of
                                         Net Sales that were reported as bad debts by the Company.

 

		8.6.	Yissum
                                         shall be entitled to appoint not more than two (2) representatives who must be independent
                                         certified public accountants or such other professionals as appropriate (the “Auditors”)
                                         to inspect during normal business hours the Company’s and its Affiliates’
                                         books of account, records and other relevant documentation to the extent relevant or
                                         necessary for the sole purpose of verifying the performance of the Company’s payment
                                         obligations under this Agreement, the calculation of amounts due to Yissum under this
                                         Agreement and of all financial information provided in the Periodic Reports, provided
                                         that Yissum shall coordinate such inspection with the Company or Affiliate (as the case
                                         may be) in advance. In addition, Yissum may require that the Company, through the Auditors,
                                         inspect during normal business hours the books of account, records and other relevant
                                         documentation of any Sublicensees, to the extent relevant or necessary for the sole purpose
                                         of verifying the performance of the Company’s payment obligations under this Agreement,
                                         the calculation of amounts due to Yissum under this Agreement and of all financial information
                                         provided in the Periodic Reports, and the Company shall cause such inspection to be performed.
                                         The Parties shall reconcile any underpayment or overpayment within thirty (30) days after
                                         the Auditors deliver the results of the audit. Any underpayment shall be subject to interest
                                         in accordance with the terms of Section 8.7 below. In the event that any inspection as
                                         aforesaid reveals any underpayment by the Company to Yissum in respect of any year of
                                         the Agreement in an amount exceeding five percent (5%) of the amount actually paid by
                                         the Company to Yissum in respect of such year, then the Company shall, in addition, pay
                                         the cost of such inspection.

 

		8.7.	Any
                                         sum of money due Yissum which is not duly paid on time shall bear interest from the due
                                         date of payment until the actual date of payment at the rate of annual LIBOR plus three
                                         percent (3%) per annum accumulated on a monthly basis.

 

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		9.	Ownership

 

		9.1.	All
                                         right, title and interest in and to the Licensed Technology vest and shall vest solely
                                         in Yissum, and the Company shall hold and make use of the rights granted pursuant to
                                         the License solely in accordance with the terms of this Agreement.

 

		9.2.	All
                                         rights in the Development Results shall be solely owned by the Company, except to the
                                         extent that an employee of the University, including the Researcher, is considered an
                                         inventor of a patentable invention arising from the Development Results, in which case
                                         such invention and all patent applications and/or patents claiming such invention (“Joint
                                         Patents”) shall be owned jointly by the Company and Yissum, as appropriate,
                                         and Yissum’s share in such Joint Patents shall be automatically included in the Licensed
                                         Technology.

 

		9.3.	Upon
                                         the execution of this Agreement, the Company shall execute the letter of assignment attached
                                         to this Agreement as Appendix D concerning its interest in any Joint Patents that
                                         will provide that such interest will be irrevocably assigned to Yissum in the event that
                                         the Company is declared bankrupt, is voluntarily or involuntarily dissolved, or otherwise
                                         ceases operations.

 

		10.	Patents

 

		10.1.	Within
                                         thirty (30) days of the Effective Date the Company shall reimburse Yissum for all previous
                                         documented expenses and costs relating to the registration and maintenance of the Licensed
                                         Patents listed in Appendix A (the “Historical Patent Costs”)
                                         which, as of the Effective Date, are approximately US $ 58,668 (Fifty eight thousands
                                         and six hundred and sixty eight US Dollars).

 

		10.2.	Yissum,
                                         in close coordination and cooperation with the Company, and at the Company’s expense,
                                         shall be responsible for the filing, prosecution and maintenance of the Licensed Patents
                                         and the Joint Patents in the Territory, through Yissum’s patent counsel; provided however
                                         that the Company may elect to file, prosecute and maintain the Joint Patents through
                                         a patent counsel selected by the Company and reasonably acceptable to Yissum (the “Ongoing
                                         Patent Expenses”). Each application and every patent registration shall be
                                         made and registered in the name of Yissum or, should the law of the relevant jurisdiction
                                         so require, in the name of the relevant inventors and then assigned to Yissum, provided
                                         that any application or registration relating to the Joint Patents shall be made and
                                         registered jointly in the name of Yissum and the Company. The Company agrees to have
                                         Yissum’s patent counsel directly bill the Company for such expenses and shall directly
                                         pay such bills in accordance with patent counsel’s directions.

 

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		10.3.	Notwithstanding
                                         Sections 10.1 and 10.2 above, should Yissum grant a third party a license to some or
                                         all of the Licensed Patents outside the Field (a “Third Party License”),
                                         then, the Company’s reimbursement obligation shall be reduced to a percentage of the
                                         Historical Patent Costs and Ongoing Patent Expenses going forward equal to the fraction
                                         1/n+1, where “n” is the number of third parties to which a Third Party License
                                         has been granted (the “Reduced Percentage”). The Reduced Percentage
                                         shall be payable for so long as at least one such Third Party License remains in effect.
                                         In addition, following the grant of a Third Party License, the Company shall be entitled
                                         to credit for any Ongoing Patent Expenses and Historical Patent Costs that were previously
                                         paid by the Company in excess of the amount that would have been payable by the Company
                                         in accordance with the Reduced Percentage, such credit to be applied upon Yissum’s
                                         receipt of the payments from the third party licensee and shall be applied against future
                                         payments of the Ongoing Patent Expenses and Historical Patent Costs that become due pursuant
                                         to this Agreement, for so long as such Third Party License remains in effect and Yissum
                                         receives payments from the third party licensee. By way of illustration only: (a) upon
                                         the grant of the first Third Party License by Yissum, the Company’s reimbursement obligation
                                         shall be reduced to 50% of the Ongoing Patent Expenses going forward, and the Company
                                         shall be entitled to a reimbursement equal to 50% of the Ongoing Patent Expenses and
                                         Historical Patent Costs already paid by the Company up to such date.

 

		10.4.	The
                                         Company undertakes and warrants that no amounts utilized by the Company for such payment
                                         of Ongoing Patent Expenses or for the reimbursement of Yissum’s past documented
                                         expenses and costs relating to the registration and maintenance of the Licensed Patents
                                         listed in Appendix A will be (i) funding provided by the Israeli Innovation Authority
                                         (formerly known as the Office of the Chief Scientist) at the Israeli Ministry of Economics
                                         (the “OCS”); (ii) funding that is earmarked as supplementary funding
                                         (“mimun mashlim”) for an OCS approved project; or funding provided
                                         to the Company from any other governmental or regulatory institution of the State of
                                         Israel.

 

		10.5.	Notwithstanding
                                         the foregoing in Section 10.2, above, upon the execution of this Agreement, the Company
                                         shall deposit with Yissum the amount of $5,000 to secure the payment of the Ongoing Patent
                                         Expenses (the “Expense Deposit”). Should the Company fail to pay any
                                         amounts due in connection with the Ongoing Patent Expenses within thirty (30) days following
                                         receipt of Yissum’s written request accompanied by a detailed account, Yissum shall be
                                         entitled to pay the unpaid expenses from the Expense Deposit. In the event that Yissum
                                         utilizes some or all of the Expense Deposit as set forth in this Section, it shall so
                                         notify the Company in writing. The Company shall be obligated to deposit with Yissum
                                         an amount equal to the difference between $5,000 and the balance in the Expense Deposit
                                         within thirty (30) days of its receipt of Yissum’s notice. Upon termination or expiration
                                         of this Agreement, Yissum shall return to the Company the nominal amount of any remaining
                                         Expense Deposit that will not be required to cover Ongoing Patent Expenses for the period
                                         up until such termination or expiration.

 

		10.6.	Subject
                                         to the above, the Parties shall consult and make every effort to reach agreement in all
                                         respects relating to the manner of making applications for and registering the patents,
                                         including the time of making the applications, the countries where applications will
                                         be made and all other particulars relating to the registration and maintenance of the
                                         Licensed Patents. In the case of a disagreement between the Parties, the recommendations
                                         of the Patent Counsel handling the particular Licensed Patent shall be followed.

 

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		10.7.	The
                                         Parties shall assist each other in all respects relating to the preparation of documents
                                         for the registration of any patent or any patent-related right upon the request of the
                                         other Party. Both Parties shall take all appropriate action in order to assist the other
                                         to extend the duration of a Licensed Patent or obtain any other extension obtainable
                                         under law, to maximize the cost-effective scope of the protection afforded by the Licensed
                                         Patents.

 

		10.8.	In
                                         the event that the Company is approached by a patent examiner or attorney in connection
                                         with any matter that is the subject matter of this Agreement, it shall give Yissum immediate
                                         notice of such approach. The Company shall only reply to such approaches after consultation
                                         with Yissum and subject to its consent, such consent not to be unreasonably withheld
                                         or delayed.

 

		10.9.	The
                                         Company, shall mark, and shall cause its Affiliates and Sublicensees to mark, all Products
                                         covered by one or more of the Licensed Patents with patent numbers (or the legend “patent
                                         pending”) applicable to such Product. The Company shall take all reasonable action
                                         on its part to ensure that its Sublicensee complies with the provisions of this Section.

 

If
at any time during the term of this Agreement the Company decides that it is undesirable, as to one or more countries, to file,
prosecute or maintain any patents or patent applications within the Licensed Patents, it shall give at least ninety (90) days
written notice thereof to Yissum, and upon the expiration of the ninety (90) day notice period (or such longer period specified
in the Company’s notice) the Company shall be released from its obligations to bear the expenses to be incurred thereafter as
to such patent(s) or patent application(s). As of such time, such patent(s) or application(s) shall be removed from the Licensed
Technology and Yissum shall be free to grant rights in and to such patent(s) or patent application(s) in such countries to third
parties, without further notice or obligation to the Company, and the Company shall have no rights whatsoever to exploit such
patent(s) or patent application(s) or with respect to such abandoned jurisdiction only, the Know-How related thereto). Notwithstanding
the foregoing, the Company shall be required to bear the costs and expenses for filing, prosecuting and maintaining the Licensed
Patents in at least the following jurisdictions: the United States, Israel, Japan, China, India, the United Kingdom, Germany,
France, Italy and Spain (the “Required Jurisdictions”). Should the Company fail to do so in any one of the
Required Jurisdictions, and such default is not cured within thirty (30) business days from the date notice of such failure is
given to the Company by Yissum, Yissum shall be entitled to terminate this Agreement without any further notice and without any
need to compensate the Company in any manner.

 

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		10.10.	The
                                         foregoing does not constitute an obligation, representation or warranty, express or implied,
                                         on the part of Yissum that any patent or patent registration application will indeed
                                         be made or registered or be registerable in respect of the Licensed Technology or any
                                         part thereof, nor shall it constitute an obligation, representation, or warranty, express
                                         or implied, on the part of Yissum that a registered patent will be valid or afford any
                                         protection. For the avoidance of doubt, nothing in this Agreement constitutes an obligation,
                                         representation or warranty, express or implied, on the part of Yissum regarding the validity
                                         of or the protection afforded by any of the patents or patent registration applications
                                         detailed in Appendix A or regarding the commercial exploitability or any other
                                         value of the Licensed Technology or that the Licensed Technology will not infringe the
                                         rights of any third party.

 

		11.	Patent
                                         Rights Protection

 

		11.1.	The
                                         Company and Yissum shall each inform the other promptly in writing of any alleged infringements
                                         by a third party of the Licensed Patents in the Territory, together with any available
                                         written evidence of such alleged infringement.

 

		11.2.	To
                                         the extent permitted by applicable law, if the Company, its Affiliate or any Sublicensee
                                         makes (directly or indirectly), any assertion, application or claim, or initiates or
                                         supports (directly or indirectly) any action or proceeding, that challenges the validity,
                                         enforceability or scope of any of the Licensed Patents (“Challenge
                                         Proceeding”), Yissum will have the right,
                                         at any time following the commencement of the Challenge Proceeding, to terminate this
                                         Agreement and the Royalty rates specified in this Agreement will be tripled with respect
                                         to Net Sales of Products that are sold, leased or otherwise transferred during the course
                                         of such Challenge Proceeding, and the percentage due to Yissum in respect of Sublicense
                                         Consideration will be tripled with respect to Sublicense Consideration during such period.
                                         If the outcome of such Challenge Proceeding is a determination in favor of Yissum, (a)
                                         the Royalty rate with respect to Net Sales of Products and the percentage due to Yissum
                                         with respect to Sublicense Consideration will remain at such triple rate as aforesaid;
                                         and (b) Company will reimburse Yissum for all expenses incurred by Yissum (including
                                         reasonable attorneys’ fees and court costs) in connection with such Challenge Proceeding.
                                         If the outcome of such Challenge Proceeding is a determination in favor of Company, Company
                                         will have no right to recoup any Royalties or Sublicense Fees paid before or during the
                                         course of such Challenge Proceeding.

 

		11.3.	The
                                         Company, its Affiliate or Sublicensee shall have the first right in its own name and
                                         at its own expense to initiate any legal action and enforce the Licensed Patents against
                                         any infringement of such Licensed Patents in the Field. 

 

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In
the event of an infringement of the Licensed Patents which is both in the Field and outside the Field, Yissum shall decide which
of its licensees shall be entitled to lead the legal action after consulting with the Company and giving reasonable consideration
to the views of the Company in making such decision. In the event that Yissum decides that another licensee shall be entitled
to lead the legal action, Yissum shall require such lead licensee to keep the Company reasonably apprised of all developments
in the action and shall provide the Company with information and copies of all documents directly relevant to the proceedings,
including, all documents filed with the courts by the parties to the legal action(s), and shall seek the Company’s input
on any substantive submissions or positions taken in the litigation that may adversely affect the Company and/or the License,
it being agreed further that the grant of any rights and/or license to the infringing party that adversely affects the License
shall be subject to the prior written consent of the Company, such consent not to be unreasonably delayed, denied or conditioned.

 

Before
the Company, its Affiliate or its Sublicensee commences an action with respect to any infringement, the Company shall give careful
consideration to the views of Yissum in making its decision whether or not to initiate any legal action and, if relevant, make
these views known to its Affiliate or Sublicensee. The Company shall, or, if relevant, shall ensure that its Affiliate or Sublicensee
shall, continuously keep Yissum apprised of all developments in the action and shall continuously provide Yissum with full information
and copies of all documents relevant to the proceedings, including, all documents filed with the courts by the parties to the
legal action(s) and all correspondence with the other parties to the proceedings, and shall seek Yissum’s input and approval on
any substantive submissions or positions taken in the litigation regarding the scope, validity or enforceability of the Licensed
Patents. 

 

If
Yissum shall determine that the legal actions taken by the Company may adversely affect Yissum’s rights hereunder, Yissum shall
be entitled to appoint its own counsel at its own expense to represent it in such litigation; provided however that if the views
of Yissum were not taken into consideration, as provided above, the Company shall reimburse Yissum for its reasonable expenses
for such legal representation. 

 

If
the Company, its Affiliate or its Sublicensee elects to commence an action as described above and Yissum is a legally indispensable
party to such action (being the registered owner of the infringed patent rights), Yissum, at the Company’s expense, may be joined
as a co-plaintiff, provided that all the following conditions shall be fulfilled: 

 

(a)
the Company shall continuously provide Yissum with full information and copies of all documents relevant to the proceedings, including,
all documents filed with the courts by the parties to the legal action(s) and all correspondence with the other parties to the
proceedings, as well as all drafts of written submissions relating to such legal action that are sent to the Company for review,
and all Yissum’s comments in respect thereof will be taken into account;

 

(b)
any out of pocket expenses incurred by the Company or Yissum in connection with such action(s), including all legal and litigation
related fees and expenses, all out of pocket expenses for external assistance required to comply with any discovery or other motions
and any costs or amounts awarded to the counterparties in such action(s) shall be borne by the Company;

 

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(c)
if Yissum shall determine that a conflict of interest exists between the Company and Yissum, Yissum shall be entitled, at its
own expense, to appoint its own counsel to represent it in such litigation and the Company shall make best efforts to ensure that
such counsel chosen by Yissum is fully informed and receives all material necessary to adequately participate in such action;
and

 

(d)
the Company shall bear all costs, expenses and awards incurred by or awarded against Yissum, with respect to any action filed
against Yissum alleging that an action initiated by the Company pursuant to the terms of this Section 11 was anticompetitive,
malicious, or otherwise brought for an improper purpose, whether by a counterparty to such aforementioned action or by any third
party.

 

If
Yissum is not required by law to be joined as a co-plaintiff, Yissum, to the extent permitted by law, and at its own cost, may
elect to join the action as a co-plaintiff at its own initiative and shall jointly control the action with the Company, its Affiliate
or its Sublicensee. Irrespective of whether Yissum joins any such action as described above it shall provide reasonable cooperation
to the Company, its Affiliate or its Sublicensee. The Company shall reimburse Yissum for any costs it incurs as part of an action
brought pursuant to this Section where Yissum has not elected to join the action as a co-plaintiff at its own initiative.

 

		11.4.	If
                                         the Company, its Affiliate or its Sublicensee does not bring an action against an alleged
                                         infringer pursuant to Section 11.3, above, or has not commenced negotiations with said
                                         infringer for discontinuance of said infringement within one hundred and eighty (180)
                                         days after learning of said infringement, Yissum shall have the right, but not the obligation,
                                         to bring an action for such infringement at its own expense, and retain all proceeds
                                         from such action. In the event that Yissum has decided to bring an action for such infringement,
                                         the Company shall provide Yissum with any assistance reasonably required by Yissum with
                                         respect to such action. If the Company has commenced negotiations with said infringer
                                         for the discontinuance of said infringement within such one hundred and eighty (180)
                                         day period, the Company shall have an additional period of ninety (90) days from the
                                         end of the first one hundred and eighty (180) day period to conclude its negotiations
                                         before Yissum may bring an action for said infringement.

 

		11.5.	No
                                         settlement, consent judgment or other voluntary disposition of an infringement suit may
                                         be entered without the consent of Yissum, which consent shall not be unreasonably withheld,
                                         conditioned or delayed. For the avoidance of doubt and notwithstanding anything to the
                                         contrary herein, should Yissum bring an action as set forth in Section 11.4 above, it
                                         shall have the right to settle such action by licensing the Licensed Technology, or part
                                         of it, to the alleged infringer.

 

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		11.6.	Any
                                         award or settlement payment resulting from an action initiated by the Company pursuant
                                         to this Section ‎11 shall be utilized, first to effect reimbursement of documented
                                         out-of-pocket expenses incurred by both Parties in relation to such legal action, and
                                         thereafter shall be paid to the Company and shall be deemed Sublicense Consideration
                                         received under this Agreement, in respect of which Sublicense Fees shall be due to Yissum.

 

		11.7.	If
                                         either Party commences an action and then decides to abandon it, such Party will give
                                         timely notice to the other Party. The other Party may continue the prosecution of the
                                         suit after both Parties agree on the sharing of expenses.

 

		11.8.	The
                                         Company shall use its best efforts at its own expense to defend any action, claim or
                                         demand made by any entity against the Company or Yissum in connection with rights in
                                         the Licensed Technology. Each Party shall notify the other immediately upon learning
                                         of any such action, claim or demand as aforesaid

 

		12.	Confidentiality

 

		12.1.	For
                                         the purposes of this Agreement (i) “Yissum Confidential Information”
                                         means this Agreement and the terms hereof and any and all reports, details, data, formulations,
                                         solutions, designs, and inventions and other information disclosed to the Company or
                                         any of its Representatives by Yissum or any of Yissum’s Representatives in connection
                                         with the Licensed Technology, Yissum, the University, the Researcher and other Representatives
                                         of Yissum and/or the University, whether in written, oral, electronic or any other form,
                                         except and to the extent that that any such information: (a) was known to the Company
                                         at the time it was disclosed, other than by previous disclosure by or on behalf of Yissum,
                                         as evidenced by the Company’s written records at the time of disclosure; (b) is
                                         in the public domain at the time of disclosure or becomes part of the public domain thereafter
                                         other than as a result of a violation by the Company or any of its Representatives of
                                         the confidentiality obligations herein; (c) is lawfully and in good faith made available
                                         to the Company by a third party who is not subject to obligations of confidentiality
                                         with respect to such information; or (d) is independently developed by the Company without
                                         the use of Yissum Confidential Information, as demonstrated by documentary evidence;
                                         and (ii) “Company Confidential Information” means this Agreement and
                                         the terms hereof and any and all reports, details, data, formulations, solutions, designs,
                                         and inventions and other information disclosed by or on behalf of the Company or any
                                         of the Company’s Representatives under this Agreement, whether in written, oral, electronic
                                         or any other form, except and to the extent that any such information: (a) was known
                                         to Yissum or the University at the time it was disclosed, other than by previous disclosure
                                         by or on behalf of the Company, as evidenced by Yissum’s or the University’s written
                                         records at the time of disclosure; (b) is in the public domain at the time of disclosure
                                         or becomes part of the public domain thereafter other than as a result of a violation
                                         by Yissum or its Representatives of the confidentiality obligations herein; (c) is lawfully
                                         and in good faith made available to Yissum or the University by a third party who is
                                         not subject to obligations of confidentiality with respect to such information; or (d)
                                         is independently developed by Yissum or the University without the use of the Company
                                         Confidential Information, as demonstrated by documentary evidence.

 

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		12.2.	Yissum
                                         Confidential Information. The Company undertakes that during the term of this Agreement
                                         and for a period of five (5) years subsequent thereto, it shall maintain full and absolute
                                         confidentiality of and shall not use the Yissum Confidential Information other than for
                                         the purposes of this Agreement. Except as otherwise set forth herein, the Company undertakes
                                         not to convey or disclose any of the Yissum Confidential Information to any third party
                                         without the prior written permission of Yissum. The Company shall be liable for its officers
                                         or employees or other Representatives maintaining absolute confidentiality of and not
                                         using or disclosing the Yissum Confidential Information except as expressly provided
                                         herein. The Company shall treat such Yissum Confidential Information with the same degree
                                         of care and confidentiality that it maintains or protect its own confidential information,
                                         but in any event, no less than a reasonable degree of care and confidentiality.

 

		12.3.	Notwithstanding
                                         the foregoing, the Company may only disclose the Yissum Confidential Information:

 

		(a)	to
                                         those of its Representatives who have a “need to know” such information as
                                         necessary for the exercise of its rights and/or performance of its obligations hereunder,
                                         provided that such Representatives are legally bound by agreements which impose similar
                                         confidentiality and non-use obligations to those set out in this Agreement. The Company
                                         shall be responsible for ensuring that its Representatives abide by such undertakings
                                         of confidentiality; and

 

		(b)	to
                                         any potential third party investor, including, any government, public foundation and/or
                                         private foundation, commercial partners or potential Sublicensees, in connection with
                                         seeking potential funding for the Company or the entering into a commercial collaboration
                                         or a Sublicense, provided that such potential third party has executed a confidentiality
                                         and non-use agreement which imposes similar obligations to those set out in this Agreement;
                                         and

 

		(c)	to
                                         any competent authority for the purposes of obtaining any approvals or permissions required
                                         for the exercise of the License and/or the implementation of this Agreement, or in the
                                         fulfillment of a legal duty owed to such competent authority (including a duty to make
                                         regulatory filings or to comply with any other reporting requirements); and

 

		(d)	to
                                         the extent required to be disclosed under any law, rule, regulation, court, or order
                                         of any competent authority (including any Stock Exchange), provided that, to the extent
                                         permissible, the Company promptly notifies Yissum thereof in order to enable Yissum to
                                         seek an appropriate protective order or other reliable assurance that confidential treatment
                                         will be accorded to such information (with the Company’s assistance, if necessary),
                                         and such disclosure shall be made to the minimum extent required.

 

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		12.4.	The
                                         Company Confidential Information. Yissum undertakes that during the term of this
                                         Agreement and for a period of five (5) years subsequent thereto, it shall maintain in
                                         confidence, and shall not use the Company Confidential Information other than for the
                                         purposes of this Agreement. Yissum undertakes not to convey or disclose any of the Company
                                         Confidential Information to any third party without the prior written permission of the
                                         Company. Yissum shall treat such Company Confidential Information with the same degree
                                         of care and confidentiality it maintains and protects its own confidential information,
                                         but in any event, no less than a reasonable degree of care and confidentiality.

 

		12.5.	Notwithstanding
                                         the foregoing, Yissum may only disclose the Company Confidential Information:

 

		(a)	to
                                         the University and to those of the Representatives of Yissum and/or the University who
                                         have a “need to know” such information as necessary for the exercise of Yissum’s
                                         rights and/or performance of Yissum’s obligations hereunder, provided that such Representatives
                                         are legally bound by agreements which impose similar confidentiality and non-use obligations
                                         to those set out in this Agreement; and

 

		(b)	to
                                         any competent authority in connection with the filing and prosecution of patent applications
                                         relating to the Licensed Technology, or in the fulfillment of a legal duty owed to any
                                         competent authority; and

 

		(c)	to
                                         the extent required to be disclosed under any law, rule, regulation, court, or order
                                         of any competent authority, provided that Yissum promptly notifies the Company thereof
                                         in order to enable the Company to seek an appropriate protective order or other reliable
                                         assurance that confidential treatment will be accorded to such information (with Yissum’s
                                         assistance, if necessary), and such disclosure shall be made to the minimum extent required.

 

		12.6.	Each
                                         Party shall be responsible and liable to the other Party for any breach by its Representatives,
                                         Affiliates, Subcontractors, Sublicensees and investors of the undertakings of confidentiality
                                         set forth in this Section 12 as if such breach were a breach by the Party itself.

 

 

		12.7.	Without
                                         prejudice to the foregoing, the Company shall not mention the name of the University,
                                         Yissum or the Researcher, unless required by law, in any manner or for any purpose in
                                         connection with this Agreement, the subject of the Research or any matter relating to
                                         the Licensed Technology, without obtaining the prior written consent of Yissum, which
                                         will not be unreasonably withheld or delayed. Notwithstanding the foregoing, the mere
                                         statement of the fact that the Company is a party to, or that the Licensed Technology
                                         is subject to, this Agreement, shall not be deemed a prohibited disclosure hereunder.

 

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		12.8.	Neither
                                         Party shall issue any press release or other media statement regarding the execution,
                                         existence or terms of this Agreement or any developments of the Licensed Technology without
                                         the prior written approval of the other Party.

 

		12.9.	The
                                         provisions of this Section shall be subject to permitted publications pursuant to Section
                                         13 below.

 

		13.	Publications

 

		13.1.	Yissum
                                         shall ensure that no publications in writing, in scientific journals or orally at scientific
                                         conventions relating to the Licensed Technology, the Development Plan, the Development
                                         Results or the Product, which are subject to the terms and conditions of this Agreement,
                                         are published by it or the Researcher, without first seeking the consent of the Company.

 

		13.2.	The
                                         Company undertakes to reply to any such request for publication by Yissum within thirty
                                         (30) days of its receipt of a request in connection with the publication of articles
                                         in scientific journals, and within fourteen (14) days of its receipt of a request in
                                         connection with article abstracts. The Company may only decline such a request upon reasonable
                                         grounds, which shall be fully detailed in writing, requiring the postponement of such
                                         publication because it contains patentable subject matter for which patent protection
                                         should be sought, or the removal of any Company Confidential Information.

 

		13.3.	Should
                                         the Company decide to object to publication as provided in sub-Section 13.2, the publication
                                         shall be postponed for a period of not more than ninety (90) days from the date the publication
                                         was sent to the Company, to enable the filing of an appropriate patent application, or
                                         until the removal of the Company Confidential Information as requested by the Company.
                                         Thereafter, the publication will automatically be permitted.

 

		13.4.	The
                                         provisions of this Section 13 shall not prejudice any other right which Yissum has pursuant
                                         to this Agreement or at law.

 

		13.5.	For
                                         the avoidance of doubt, the prohibitions with respect to disclosure and publication set
                                         out in Sections 12 and 13 shall not apply to internal research and educational activities
                                         at the University for the Researcher and University employees provided that such persons
                                         are subject to written obligations of confidentiality substantially similar to those
                                         set forth in Section 12.

 

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		14.	Representations
                                         by Yissum

 

		14.1.	This
                                         Agreement has been duly authorized by all necessary corporate action of Yissum and is
                                         a valid and binding corporate obligation of Yissum enforceable against it in accordance
                                         with its terms. 

 

		14.2.	At
                                         the Effective Date, all right, title and interest in and to the Licensed Technology is
                                         owned by Yissum and neither Yissum, the Researcher nor any other person then acting on
                                         the behalf of either of them is licensing or granting any rights which contradict the
                                         License rights set forth in this Agreement to any person, or agreed to license to any
                                         person, the Licensed Technology in the Field.

 

		14.3.	To
                                         the knowledge of Yissum, at the Effective Date, Yissum has not received any written notice
                                         that any action or proceeding related to the Licensed Technology has been initiated or
                                         threatened against the University, Yissum and/or the Researcher, before any court, arbitration
                                         board or tribunal or administrative or other governmental agency, including by way of
                                         any letter of demand, legal suit or proceeding contesting the ownership of the Licensed
                                         Patents or the validity of the Licensed Patents, or claiming that the practice of the
                                         Licensed Patents or the Licensed Technology would infringe the rights of such third party.

 

		15.	Liability
                                         and Indemnity

 

		15.1.	TO
                                         THE EXTENT PERMITTED BY THE APPLICABLE LAW, EXCEPT AS EXPLICITLY SET OUT HEREIN, YISSUM
                                         MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT
                                         TO THE LICENSED TECHNOLOGY. IN PARTICULAR, YISSUM MAKES NO EXPRESS OR IMPLIED WARRANTIES
                                         OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, NOR DOES YISSUM REPRESENTS, WARRANTS
                                         OR GUARANTEES THAT THE USE OF THE LICENSED TECHNOLOGY WILL NOT INFRINGE ANY PATENT, COPYRIGHT,
                                         TRADEMARK OR OTHER RIGHTS OF ANY THIRD PARTY. IN ADDITION, NOTHING IN THIS AGREEMENT
                                         MAY BE DEEMED A REPRESENTATION OR WARRANTY BY YISSUM AS TO THE VALIDITY OF ANY OF THE
                                         LICENSED PATENTS OR THEIR REGISTRABILITY OR OF THE ACCURACY, SAFETY, EFFICACY, OR USEFULNESS,
                                         FOR ANY PURPOSE, OF THE LICENSED TECHNOLOGY. YISSUM HAS NO OBLIGATION, EXPRESS OR IMPLIED,
                                         TO SUPERVISE, MONITOR, REVIEW OR OTHERWISE ASSUME RESPONSIBILITY FOR THE PRODUCTION,
                                         MANUFACTURE, TESTING, MARKETING OR SALE OF ANY PRODUCT. TO THE EXTENT PERMITTED BY APPLICABLE
                                         LAW, NEITHER YISSUM NOR THE RESEARCHER, NOR THE UNIVERSITY, NOR THE REPRESENTATIVES OF
                                         YISSUM AND/OR OF THE UNIVERSITY SHALL HAVE ANY LIABILITY WHATSOEVER TO THE COMPANY OR
                                         TO ANY THIRD PARTY FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE, OF ANY KIND OR NATURE
                                         WHETHER DIRECT OR INDIRECT, SUSTAINED BY THE COMPANY OR BY ANY THIRD PARTY, FOR ANY DAMAGE
                                         ASSESSED OR ASSERTED AGAINST THE COMPANY, OR FOR ANY OTHER LIABILITY INCURRED BY OR IMPOSED
                                         UPON THE COMPANY OR ANY OTHER PERSON OR ENTITY, DIRECTLY OR INDIRECTLY ARISING OUT OF
                                         OR IN CONNECTION WITH OR RESULTING FROM THIS AGREEMENT AND/OR THE EXERCISE OF THE LICENSE,
                                         INCLUDING, (i) THE PRODUCTION, MANUFACTURE, USE, PRACTICE, LEASE, OR SALE OF ANY PRODUCT;
                                         (ii) THE USE OF THE LICENSED TECHNOLOGY; OR (iii) ANY ADVERTISING OR OTHER PROMOTIONAL
                                         ACTIVITIES WITH RESPECT TO ANY OF THE FOREGOING.

 

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		15.2.	EXCPET
                                         WITH RESPECT TO CLAIMS BY ANY THIRD PARTY FOR WHICH COMPANY IS OBLIGATED TO INDEMNIFY
                                         YISSUM UNDER SECTION 15.4 OR IN THE EVENT OF USE OF THE LICENSED TECHNOLOGY IN BREACH
                                         OF THIS AGREEMENT, IN NO EVENT SHALL EITHER PARTY, OR THE REPRESENTATIVES OF SUCH PARTY
                                         BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES OR TO ANY THIRD PARTY FOR ANY CONSEQUENTIAL,
                                         INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES (INCLUDING, LOST PROFITS,
                                         BUSINESS OR GOODWILL) SUFFERED OR INCURRED BY THE OTHER PARTY OR ANY OF ITS AFFILIATES
                                         OR ANY THIRD PARTY, WHETHER BASED UPON A CLAIM OR ACTION OF CONTRACT, WARRANTY, NEGLIGENCE
                                         OR TORT, OR OTHERWISE, ARISING OUT OF THIS AGREEMENT.

 

		15.3.	The
                                         Company shall be liable for any loss, injury or damage whatsoever caused directly or
                                         indirectly to or suffered by its employees or any Representatives of Yissum or the University
                                         (including the Researcher and his/her team), or to any third party by reason of the Company’s
                                         acts or omissions pursuant to this Agreement or by reason of any use made by the Company,
                                         its Representatives, Affiliates, Subcontractors, and the Sublicensees and their respective
                                         business associates and customers of the Licensed Technology, the Development Results
                                         or any Product or exercise of the License, except to the extent such loss, injury or
                                         damage results directly from an uncured material breach of Yissum’s obligations or representations
                                         hereunder.

 

		15.4.	The
                                         Company undertakes to compensate, indemnify, defend and hold harmless Yissum, the University,
                                         and any of their respective Representatives (including the Researcher and his/her team)
                                         (herein referred to jointly and severally as “Indemnitees”) from and
                                         against any claim, investigation or liability including, product liability, damage, loss,
                                         costs and expenses, including legal costs, attorneys’ fees and litigation expenses,
                                         incurred by or imposed upon the Indemnitees by reason of any acts or omissions of the
                                         Company, its Representatives, Affiliates, Subcontractors, and the Sublicensees, or which
                                         derive from the development, manufacture, marketing, sale, use or other exploitation,
                                         or sublicensing (as applicable) of any Product, or Licensed Technology, or the exercise
                                         of the License unless such loss, injury or damage resulting directly uncured material
                                         breach of obligations or representations hereunder of an Indemnitee.

 

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The
Company shall ensure that its Sublicensees shall provide undertakings of indemnification which shall also be given also in favor
of, and shall be actionable by Yissum, the University and any director, officer or employee of Yissum or of the University, and
by the Researcher.

 

		15.5.	The
                                         Company shall procure and maintain, at its sole cost and expense, policies of comprehensive
                                         general liability insurance in amounts not less than (i) $2,000,000 per incident and
                                         $2,000,000 annual aggregate, commencing as of the date and for such period that any Product
                                         is being tested in clinical trials by the Company, its Affiliate or Sublicensee prior
                                         to commercial sale; and (ii) $4,000,000 per incident and $4,000,000 annual aggregate
                                         during the period that any Product is being commercially distributed or sold Company,
                                         its Affiliate or Sublicensee. Such policy shall name the Indemnitees as additional insureds.
                                         The policy or policies so issued shall include a “cross-liability” provision
                                         pursuant to which the insurance is deemed to be separate insurance for each named insured
                                         (without right of subrogation as against any of the insured under the policy, or any
                                         of their representatives, employees, officers, directors or anyone in their name). Such
                                         comprehensive general liability insurance shall provide (i) product liability coverage
                                         and (ii) broad form contractual liability coverage for the Company’s indemnification
                                         obligations under this Section 15. If the Company elects to self-insure all or part of
                                         the limits described above (including deductibles or retentions which are in excess of
                                         a $250,000 annual aggregate), such self-insurance program shall include assets or reserves
                                         which have been actuarially determined for the liabilities associated with this Agreement
                                         and must be reasonably acceptable to Yissum. 

 

The
minimum amounts of insurance coverage required above shall not be construed to create a limit of the Company’s liability with
respect to its indemnification obligations under this Section 15.

 

		15.6.	The
                                         Company shall provide Yissum with written evidence of such insurance upon request. The
                                         Company shall provide Yissum with written notice at least fifteen (15) days prior to
                                         the cancellation, non-renewal or material change in such insurance. If the Company does
                                         not obtain replacement insurance providing comparable coverage within such fifteen (15)
                                         day period, Yissum shall have the right to terminate this Agreement effective at the
                                         end of such fifteen (15) day period without notice or any additional waiting periods.

 

		15.7.	The
                                         Company shall maintain, at its own expense, liability insurance as set forth in Section
                                         15 above, beyond the expiration or termination of this Agreement as long as a Product
                                         relating to or developed pursuant to this Agreement is being commercially distributed
                                         or sold by the Company, an Affiliate or a Sublicensee, and thereafter as required by
                                         applicable laws.

 

		16.	Termination
                                         of the Agreement

 

		16.1.	Unless
                                         otherwise agreed by the Parties in writing, this Agreement shall terminate upon the occurrence
                                         of the later of the following: (i) the date of the expiry of the Term pursuant to Section
                                         4 above; or (ii) if the Company elects to obtain an exclusive license to the Know-How
                                         pursuant to Section 4 above - the date of expiry of the period of such exclusive license.

 

    29

     

    

 

		16.2.	Without
                                         prejudice to the Parties’ rights pursuant to this Agreement or at law, either Party
                                         may terminate this Agreement by written notice to the other in any of the following cases:

 

		16.2.1.	immediately
                                         upon such written notice, if: (i) the other Party passes a resolution for voluntary winding
                                         up or a winding up application is made against it and not set aside or suspended within
                                         ninety (90) days; or (ii) a receiver or liquidator is appointed for the other Party and
                                         has not been removed within ninety (90) days; or (iii) the other Party enters into winding
                                         up or insolvency or bankruptcy proceedings which have not been set aside or suspended
                                         within ninety (90) days.

Each
of the Parties undertakes to notify the other within seven (7) days if any of the abovementioned events occur; or

 

		16.2.2.	upon
                                         breach of this Agreement, where such breach has not been remedied within thirty (30)
                                         days from the breaching Party’s receipt of written notice from the non-breaching Party
                                         requiring such remedy.

 

		16.2.3.	The
                                         Company shall be entitled to terminate this Agreement for convenience upon ninety (90)
                                         days prior written notice provided that immediately on or before the date of such termination
                                         the Company ceases or terminates on a world-wide basis: (a) all exploitation and use
                                         of the technology covered by or claimed in the Licensed Technology, whether by the Company,
                                         an Affiliate, a Sublicensee, or any contractor, distributor, reseller or agent and (b)
                                         all marketing and sales of all Products.

 

		16.2.4.	Yissum,
                                         at its sole discretion, shall be entitled to terminate this Agreement, without cause,
                                         with immediate effect, upon written notice to the Company in the event that a Development
                                         Plan (including the Essential Development Milestones) prepared by the Company and meeting
                                         Yissum’s approval, has not been incorporated into this Agreement within 45 (forty-five)
                                         days of the Effective Date as set out in Section 5.1 above.

 

		16.3.	In
                                         addition to the above, and without prejudice to Yissum’s rights pursuant to this
                                         Agreement or at law, Yissum shall be entitled to terminate this Agreement immediately
                                         upon written notice to the Company in the following circumstances:

 

		16.3.1.	failure
                                         or a delay of more than one hundred and twenty (120) days, or such extended period as
                                         provided in Section 5.4 above, in meeting the Essential Development Milestones as provided
                                         in Section 5 above;

 

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		16.3.2.	if
                                         an attachment is made over the majority of the Company’s assets or if execution proceedings
                                         are taken against the Company and the same are not set aside within sixty (60) days of
                                         the date the attachment is made or the execution proceedings are taken or the Company
                                         seeks protection under any laws or regulations, the effect of which is to suspend or
                                         impair the rights of any or all of its creditors, or to impose a moratorium on such creditors
                                         and such act is not cancelled within sixty (60) days of the performance thereof; or

 

		16.3.3.	if
                                         the Company, its Affiliate or a Sublicensee initiates, supports or makes a Challenge
                                         Proceeding as detailed in Section 11.2 above.

 

		16.4.	Upon
                                         termination of this Agreement for any reason (including termination for convenience and
                                         termination without cause), other than the expiration of its term, the License shall
                                         terminate, the Licensed Technology and all rights included therein shall revert to Yissum,
                                         and Yissum shall be free to enter into agreements with any other third parties for the
                                         granting of a license or to deal in any other manner with such right as it shall see
                                         fit at its sole discretion.

 

The
Company shall return or transfer to Yissum, within fourteen (14) days of termination of the License, all material, in soft or
hard copy, provided by Yissum or Yissum’s Representatives and relating to the Licensed Technology or Products connected with the
License, and it may not make any further use thereof. In case of termination as set out herein the Company will not be entitled
to any reimbursement of any amount paid to Yissum under this Agreement. Yissum shall be entitled to conduct an audit in order
to ascertain compliance with this provision and the Company agrees to allow access to Yissum or its representatives for this purpose.

 

		16.5.	The
                                         Company will prepare and present all regulatory filings necessary or appropriate in any
                                         country and will obtain and maintain any regulatory approval required to market Products
                                         in any such country, at all its own expense. Company will solely own all right, title
                                         and interest in and to all such regulatory approvals and filings; provided, however,
                                         that (1) Company will provide copies thereof to Yissum on an on-going basis; and (2)
                                         without derogating from Company’s assignment undertaking in this Section 16.5 below,
                                         upon termination of the License (in whole or in part) for any reason other than due to
                                         an uncured breach by Yissum (as set forth in Section16.2.2 above), Company agrees that
                                         Yissum shall have the right, on its own or via third parties, to reference, cross-reference,
                                         review, have access to, incorporate and use all documents and other materials filed by
                                         or on behalf of Company and its Affiliates with any regulatory authority in furtherance
                                         of applications for regulatory approval in the relevant country with respect to Products.

 

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Upon
the termination of the Agreement for any reason (including termination for convenience and termination without cause), other than
the expiration of its term or due to an uncured breach by Yissum (as set forth in Section 15.2.2 above), the Company shall transfer
and assign to Yissum all of the Development Results and any information and documents, in whatever form, relating thereto, including
any data, results, regulatory information (including applications, registrations, licenses, authorizations, approvals and all
clinical studies, tests, and manufacturing batch records relating to a Product, and all data contained in any of the foregoing)
and files that relate to the Licensed Technology or the Product(s), with the exclusion of Development Results which are directly
applicable to other products of the Company (the “Excluded Development Results”) or intellectual property of
the Company existing prior to the Effective Date or developed independently of this Agreement (collectively, the “Assigned
Development Results”); provided however that Yissum shall have a non-exclusive, worldwide, royalty free, limited in purpose
license to use the Excluded Development Results for the sole purpose of demonstrating the feasibility of the Licensed Technology
in the re-commercialization of the Licensed Technology to other third parties, and subject to such third parties being bound to
confidentiality provisions regarding such Excluded Development Results. The Company shall fully cooperate with Yissum to effect
such transfer and assignment and shall execute any document and perform any acts required to do so.

 

Without
derogating from the force and effect of the foregoing assignment undertaking, the Parties acknowledge and agree that if under
applicable law the aforesaid assignment undertaking will not be fully enforceable, then the part (if any) of such undertaking
which is enforceable shall remain in full force and effect, and the part (or whole) which is not enforceable shall be automatically
replaced with an irrevocable grant by the Company to Yissum, binding upon all of the Company’s acquirers, successors and
assignees, of an unrestricted, perpetual, irrevocable, worldwide, royalty-free, license to use, exploit, transfer and sublicense
(on a multi-tier basis) the Assigned Development Results, for any and all purposes and uses. To the extent permitted by applicable
law, such license will be exclusive, provided, however, that the foregoing assignment shall be subject to any conditions
preventing or governing such transfer and assignment set out in the applicable laws and regulations governing grants received
by the Company and used in generation of the Assigned Development Results (“Grant Transfer Conditions”), in
which case the Company will not be required to transfer and assign the Assigned Development Results as contemplated above unless
and until Yissum either (i) agrees in writing to assume all obligations required by the Grant Transfer Conditions, or (ii)
reach another arrangement with the grantors of the grants which absolves the Company of any liability to such grantors with respect
to the transfer or assignment of the Assigned Development Results.

 

Notwithstanding
anything to the contrary in Section 11 (Confidentiality) or elsewhere in this Agreement, Yissum (on its own or via third parties)
shall be entitled to freely exploit the Assigned Development Results without any obligation of confidentiality to the Company.

 

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		16.6.	In
                                         the event that Yissum commercializes any of the Assigned Development Results assigned
                                         and transferred in accordance with Section 16.5, through a license or otherwise, Yissum
                                         shall pay the Company a royalty equal to 15% (fifteen percent) of Net Licensor Receipts
                                         as defined below , until such time as the Company shall have received, in aggregate,
                                         two (2) times the full amount of the documented capital investment actually expended
                                         out-of-pocket by the Company in order to generate the Assigned Development Results as
                                         certified by external independent auditors agreed upon by the Parties, less any amounts
                                         received or receivable by the Company from third parties in connection with the Licensed
                                         Technology or the Assigned Development Results prior to the transfer of the Assigned
                                         Development Results to Yissum (the “Development Reimbursement Amounts”).
                                         The Development Reimbursement Amounts shall be paid by Yissum on a quarterly basis, within
                                         thirty (30) days of the end of the calendar quarter in which the Net Licensor Receipts
                                         were received. The Company shall have the rights granted to Yissum pursuant to Section
                                         8, mutatis mutandis, in respect of the Net Licensor Receipts. For purposes of
                                         this Section 16.6, the following terms shall have the following meanings:

 

“Net
Licensor Receipts” shall mean Licensor Receipts less Licensor Expenses;

 

“Licensor
Receipts” shall mean all amounts in cash and other consideration actually received by Yissum solely in respect from the
grant of a license to a third party under the Assigned Development Result (but not other technology licensed together therewith)
; except for (a) any amounts received for sponsored research and fees for the provision of services; and (b) any academic research
grants; and

 

“Licensor
Expenses” shall mean (a) payments actually incurred by Yissum in accordance with detailed budgets and research workplans
included in sponsored research or research and license agreements relating to the Assigned Development Results; and (b) any out-of-pocket
expenses paid by Yissum in connection with enabling the receipt of such Licensor Receipts. (including, without limitation, unreimbursed
patent costs, and all attorney’s fees and expenses and other costs and expenses in connection with the negotiation and conclusion
of such license.

 

		16.7.	Notwithstanding
                                         the foregoing, neither the termination of this Agreement for any reason nor the expiration
                                         of the License shall release the Company from its obligation to carry out any financial
                                         or other obligation which it was liable to perform prior to the Agreement’s termination
                                         or the License’s expiration.

 

In
addition, Sections 8, 9, 12, 13, 14, 15, 16, 17 and 19 shall survive the termination of this Agreement to the extent required
to effectuate the intent of the Parties as reflected in this Agreement.

 

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		17.	Law

 

		17.1.	The
                                         provisions of this Agreement and everything concerning the relationship between the Parties
                                         in accordance with this Agreement shall be governed exclusively by Israeli law without
                                         application of any conflict of law principles that direct that the laws of another jurisdiction
                                         apply and jurisdiction shall be granted to the competent court in Tel-Aviv exclusively
                                         except that Yissum may bring suit against the Company in any other jurisdiction outside
                                         the State of Israel in which the Company has assets or a place of business.

 

		17.2.	Each
                                         Party agrees that any breach or threatened breach of the terms and conditions of this
                                         Agreement governing confidentiality or the exploitation and use of the Licensed Technology
                                         may cause irreparable harm, that may be difficult to ascertain and that monetary damages
                                         may not afford an adequate remedy. Accordingly, in addition to all other rights and remedies
                                         that may be available to the non-breaching Party under this Agreement or by law, such
                                         Party shall be entitled to seek, in the courts and under the law mutually agreed to in
                                         Section 17.1 above, injunctive relief without proof of damages.

 

		18.	Miscellaneous

 

		18.1.	Relationship
                                         of the Parties. It is hereby agreed and declared between the Parties that they shall
                                         act in all respects relating to this Agreement as independent contractors and there neither
                                         is nor shall there be any employer-employee or principal-agent relationship or partnership
                                         relationship between the Company (or any of its employees) and Yissum. Each Party will
                                         be responsible for payment of all salaries and taxes and social welfare benefits and
                                         any other payments of any kind in respect of its employees and officers, regardless of
                                         the location of the performance of their duties, or the source of the directions for
                                         the performance thereof.

 

		18.2.	Assignment.
                                         No Party may transfer or assign or endorse its rights, duties or obligations pursuant
                                         to this Agreement to another, without the prior written consent of the other Parties,
                                         which consent shall not be unreasonably denied, conditioned or delayed, except that the
                                         Company shall be entitled to assign its rights and obligations under this License Agreement
                                         to an Affiliate without requiring to obtain the prior written consent of Yissum, provided,
                                         however, that in the event of such assignment (i) the Affiliate shall undertake in writing
                                         to be bound by all the terms and conditions of this Agreement, and (ii) any such assignment
                                         shall not derogate from the Company’s obligations which have accrued prior to the
                                         date of such assignment. In addition, the Company may assign this Agreement and its rights
                                         hereunder without the consent of Yissum to an acquirer acquiring all or substantially
                                         all of its assets or shares, provided that such acquirer shall agree in writing to be
                                         bound to Yissum by all of the terms of this Agreement.

 

		18.3.	No
                                         waiver. No waiver by any Party, whether express or implied, of its rights under any
                                         provision of this Agreement shall constitute a waiver of such Party’s rights under
                                         such provisions at any other time or a waiver of such Party’s rights under any
                                         other provision of this Agreement. The failure or delay of a Party to claim the performance
                                         of an obligation of another Party shall not be deemed a waiver of the performance of
                                         such obligation or of any future obligations of a similar nature.

 

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		18.4.	Representation
                                         by Legal Counsel. Each Party represents that it has been represented by legal counsel
                                         in connection with this Agreement and acknowledges that it has participated in drafting
                                         this Agreement. In interpreting and applying the terms and provisions of this Agreement,
                                         the Parties agree that no presumption shall exist or be implied against the Party which
                                         drafted such terms and provisions.

 

		18.5.	Legal
                                         Costs. Each Party shall bear its own legal expenses involved in the negotiation and
                                         drafting of this Agreement.

 

		18.6.	Disclosure
                                         of Agreements with Researcher. The Company shall disclose to Yissum any existing
                                         agreement or arrangement of any kind with the Researcher and or any representative of
                                         the Researcher, and shall not enter into any such agreement or arrangement without the
                                         prior written consent of Yissum.

 

		18.7.	Taxes.
                                         Monetary amounts mentioned in this agreement do not include value added tax (“VAT”),
                                         or any duties or other taxes. Each Party shall itself be responsible to pay the taxes
                                         for which it is liable under the law.

 

		18.8.	Severability.
                                         The provisions of this Agreement are severable and, in the event that any one or more
                                         of the provisions or part of a provision contained in this Agreement shall, for any reason,
                                         be held by any court of competent jurisdiction to be invalid, illegal or unenforceable
                                         in any respect, such invalidity, illegality or unenforceability shall not affect any
                                         other provision or part of a provision of this Agreement; but such provision shall be
                                         modified as set out below and the balance of this Agreement shall be interpreted as if
                                         such provision were so modified. The Parties shall negotiate in good faith in order to
                                         agree on the terms of an alternative provision which complies with applicable law and
                                         achieves, to the greatest extent possible, the same effect as would have been achieved
                                         by the invalid, illegal or unenforceable provision. In the event that the Parties fail
                                         to agree within thirty (30) days, the head of the Israeli Bar Association (on his/her
                                         own or via a representative that he/she appoints) (“Deciding Expert”)
                                         will determine the text of the alternative provision, and each Party shall bear its own
                                         costs and the Parties shall equally bear the fees and expenses of the Deciding Expert.
                                         Each Party agrees that the determination of the Deciding Expert will be non-appealable,
                                         final and binding.

 

		18.9.	Force
                                         Majeure. Neither Party shall be held liable or responsible to the other Party nor
                                         be deemed to have defaulted under or breached the Agreement for failure or delay in fulfilling
                                         or performing any term of this Agreement to the extent, and for so long as, such failure
                                         or delay is caused by or results from causes beyond the reasonable control of the affected
                                         Party and without fault of such Party, including fires, earthquakes, floods, embargoes,
                                         wars, acts of war (whether war is declared or not), insurrections, riots, civil commotions,
                                         strikes, lockouts or other labor disturbances (except of such Party’s personnel), acts
                                         of God or acts, omissions or delays in acting by any governmental authority provided
                                         that the nonperforming Party uses commercially reasonable efforts to avoid or remove
                                         such causes of nonperformance and continues performance under this Agreement with reasonable
                                         dispatch whenever such causes are removed. The Party affected by such circumstances shall
                                         promptly notify the other Party in writing when such circumstances cause a delay or failure
                                         in performance and when they cease to do so.

 

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		18.10.	Counterparts.
                                         This Agreement may be executed in any number of counterparts (including counterparts
                                         transmitted by facsimile and by electronic mail), each of which shall be deemed an original,
                                         but all of which taken together shall be deemed to constitute one and the same instrument.

 

		18.11.	Binding
                                         Effect. This Agreement shall be binding upon the Parties once executed by both Parties
                                         and shall enter into force and become effective as of the later of the signature dates.

 

		18.12.	Entire
                                         Agreement. This Agreement constitutes the full and complete agreement between the
                                         Parties and supersedes any and all agreements or understandings, whether written or oral,
                                         concerning the subject matter of this Agreement, and may only be amended by a document
                                         signed by both Parties.

 

		19.	Notices

 

All
notices and communications pursuant to this Agreement shall be made in writing and sent by facsimile, electronic mail or by registered
mail or served personally at the following addresses:

 

To
Yissum at:

 

Yissum
Research Development Company

of
the Hebrew University of Jerusalem Ltd.

P.O.
Box 39135,

Jerusalem
91390

Israel

Facsimile:
972-2-6586689

Email:
bob.trachtenberg@yissum.co.il

 

To
the Company at:

Therapix
Biosciences Ltd.

4
Ariel Sharon St.

Givatayim,
Israel

Facsimile:
972-3-616-7056

Email:
elran@therapixbio.com

 

or
such other address furnished in writing by one Party to the other. Any notice served personally shall be deemed to have been received
on the day of service, any notice sent by registered mail as aforesaid shall be deemed to have been received seven (7) days after
being posted by prepaid registered mail. Any notice sent by facsimile or electronic mail shall be deemed to have been received
by the next business day after receipt of confirmation of transmission (provided that any notice terminating this Agreement which
is sent by electronic mail shall be followed by a notice sent in any other manner provided herein).

 

    36

     

    

 

IN
WITNESS WHEREOF THE PARTIES HAVE SET THEIR HANDS

 

	YISSUM	 	THERAPIX BIOSCIENCES LTD.
	 	 	 
	By:	 /s/ Yaron Daniely	 	By: 	/s/ Ascher Shmulewitz 
	Name:  	Dr. Yaron Daniely	 	Name: 	 Dr. Ascher Shmulewitz
	Title:	 CEO of Yissum	 	Title: 	CEO of Therapix
	Date: 	July 29, 2018  	 	Date: 	July 30, 2018
	 	 	 
	By:	 /s/ Ariela Markel	 	By: 	/s/ Adi Zuloff-Shani
	Name: 	Ariela Markel	 	Name: 	Dr. Adi Zuloff-Shani
	Title: 	VP Licensing of Yissum	 	Title: 	CTO of Therapix
	Date:	 July 29, 2018  	 	Date:	 July 30, 2018

 

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

 

	/s/ Raphael Mechoulam	 	July 30, 2018
	Prof. Raphael Mechoulam	 	Date signed

 

    37

     

    

 

Appendix
A

 

LICENSED
PATENTS

 

Appendix
B

 

	YISSUM	 	THERAPIX BIOSCIENCES LTD.
	 	 	 
	By: 	/s/ Yaron Daniely	 	By:	 /s/ Ascher Shmulewitz 
	Name: 	 Dr. Yaron Daniely	 	Name:  	Dr. Ascher Shmulewitz
	Title: 	CEO of Yissum	 	Title:	 CEO of Therapix
	Date:	 July 29, 2018  	 	Date:	 July 30, 2018
	 	 	 
	By: 	/s/ Ariela Markel	 	By:	 /s/ Adi Zuloff-Shani
	Name:	 Ariela Markel	 	Name: 	Dr. Adi Zuloff-Shani
	Title: 	VP Licensing of Yissum	 	Title: 	CTO of Therapix
	Date: 	July 29, 2018  	 	Date:	 July 30, 2018

 

    38

     

    

 

Appendix
C

 

THE
DEVELOPMENT PLAN (including the Essential Development Milestones)

 

[To
be prepared by the Company, subject to Yissum approval; for incorporation into this Agreement within 45 days of the Effective
Date]

 

	YISSUM	 	THERAPIX BIOSCIENCES LTD.
	 	 	 
	By:	 /s/ Yaron Daniely	 	By: 	/s/ Ascher Shmulewitz 
	Name: 	 Dr. Yaron Daniely	 	Name: 	 Dr. Ascher Shmulewitz
	Title: 	CEO of Yissum	 	Title:	 CEO of Therapix
	Date:	 July 29, 2018	 	Date: 	July 30, 2018
	 	 	 
	By: 	/s/ Ariela Markel	 	By:	 /s/ Adi Zuloff-Shani
	Name: 	Ariela Markel	 	Name:	 Dr. Adi Zuloff-Shani
	Title: 	VP Licensing of Yissum	 	Title: 	CTO of Therapix
	Date: 	July 29, 2018  	 	Date:	 July 30, 2018

 

    39

     

    

 

Appendix
D

 

JOINT
PATENT ASSIGNMENT LETTER

 

ASSIGNMENT
AGREEMENT

 

Made
as a Deed

 

This
ASSIGNMENT AGREEMENT (the “Agreement”) is made this July 31, 2018, by and between Yissum Research Development
Company of the Hebrew University of Jerusalem Ltd., Hi-Tech Park, Edmond J. Safra Campus, Givat Ram, Jerusalem, Israel on the
one hand (“Yissum”) and Therapix Biosciences Ltd. of 4 Ariel Sharon St. Givatayim, Israel, on the other hand
(the “Company”). Yissum and the Company shall be referred each as a “Party”, and together
as the “Parties”.

 

		WHEREAS,	on
                                         July 29, 2018, the Parties signed a Research and License Agreement (the “R&L
                                         Agreement”), according to which the Company received, among other things, a
                                         License to the Licensed Patents; and

 

		WHEREAS,	pursuant
                                         to the R&L Agreement, certain inventions have been or shall/may be registered jointly
                                         in the name of Yissum and the Company and shall be regarded as Joint Patents; and

 

		WHEREAS,	the
                                         Parties have agreed that, upon the occurrence of certain Events (as defined below), the
                                         Company shall assign and transfer to Yissum its title and ownership in and to the Joint
                                         Patents and thereafter Yissum shall become the sole and exclusive owner of such Joint
                                         Patents; all in accordance with the terms and conditions of this Agreement;

 

NOW
THEREFORE THE PARTIES DO HEREBY AGREE AS FOLLOWS: 

 

		1.	Preamble

 

		1.1	The
recitals hereto constitute an integral part hereof.

 

		1.2	The
headings of the sections in this Agreement are for the sake of convenience only and shall not serve in the interpretation of the
Agreement.

 

		1.3	All
capitalized terms not defined herein shall have the meaning ascribed to such terms in the R&L Agreement.

 

		1.4	In
this Agreement the following expressions shall have the meanings appearing alongside them, unless the context otherwise requires:

 

“Effective
Date” shall mean the date of occurrence of the earliest of the Events.

 

“Event(s)”
shall mean a situation in which: (i) the Company passes a resolution for voluntary winding up or a winding up application
is made against it and not set aside or suspended within ninety (90)days; or (ii) a receiver or liquidator is appointed for the
Company and has not been removed within ninety (90) days; or (iii) the Company enters into winding up or insolvency or bankruptcy
proceedings which have not been set aside or suspended within ninety (90)days; or (iv) the Company ceases operations for a consecutive
period of 180 days ; or ) a Joint Patent has become a Relinquished Patent.

 

“Intellectual
Property Rights” shall mean any and all rights relating to intellectual property, including without limitation, all
inventions, patents and patent applications, including all re-issuances, continuations, continuations-in-part, divisions, revisions,
extensions and re-examinations thereof.

 

“Relinquished
Patent” shall mean a Joint Patent for which the Company fails to pay the expenses of the filing, prosecution, maintenance
or any activity required by the patent office, relating thereto, in accordance with the Company’s obligations under the R&L
Agreement.

 

    40

     

    

 

		2.	Assignment
of Joint Patents.

 

		2.1	Upon
the Effective Date, the Company shall assign, convey and transfer to Yissum, its successors and assigns, the entire right, title
and interest and benefits in and to any Joint Patent(s), including all Intellectual Property Rights therein. Notwithstanding the
foregoing, in case the Event relates solely to a Relinquished Patent, the aforementioned assignment shall relate only to such
Relinquished Patent. Notwithstanding the foregoing, any assignment hereunder shall be subject, to any conditions governing such
transfer and assignment set out in the applicable laws and regulations governing grants received by the Company and used in generation
of the Joint Patent(s).
	 	 	 
		2.2	Subsequent
to an assignment pursuant to this Agreement, the Company or its successors, legal representatives or assigns, at Yissum’s sole
cost and expense, shall notify Yissum, its successors, legal representatives and assigns, of any facts known to it regarding said
Joint Patents, testify in any legal proceeding, sign all lawful papers, execute all divisional, continuing, reissue and foreign
applications, make all rightful oaths, and generally do everything possible to assist Yissum, its successors, legal representatives
and assigns, to obtain and enforce proper protection, full ownership and rights of use for said Joint Patents in all countries.
	 	 	 
		2.3	In
the event the Company, its successors, legal representatives or assigns fail to execute and deliver such documents and instruments
promptly upon Yissum’s request, Yissum is hereby authorized and appointed attorney-in-fact of and for the Company to make,
execute and deliver any and all such documents and instruments.

 

		3.	Governing
Law and Jurisdiction. The provisions of this Agreement and everything concerning the relationship between the Parties in accordance
with this Agreement shall be governed by the laws of the State of Israel and exclusive jurisdiction shall be granted to the appropriate
courts in Tel Aviv, Israel.

 

		4.	Miscellaneous.
This Agreement supersedes any prior understanding, agreement, practice or contract, oral or written, between the Parties with
respect to the matters covered by this Agreement. This Agreement may not be modified except by written instrument signed by all
Parties hereto. This Agreement may be executed in counterparts, each of which shall be deemed an original, but which together
shall constitute one and the same instrument. This Agreement shall be binding upon the Parties’ heirs, executors, administrators,
successors, and assigns. The invalidity of any provision of this Agreement shall not result in the invalidity of the entire Agreement.

 

AS
WITNESS THE HANDS OF THE PARTIES:

 

	 	Yissum
        Research Development Company 

        of
        the Hebrew University of Jerusalem Ltd.

        Hi-Tech
        Park, Edmond J. Safra Campus,

        Givat
Ram, P.O.B 39135, Jerusalem 91390, Israel
	 	Therapix
        Biosciences Ltd.

        4
Ariel Sharon St. Givatayim, Israel

 

	 	By:	 /s/ Ariela Markel	 	By:	 /s/ Ascher Shmulewitz
	 	Name: 	Ariela Markel	 	Name: 	Dr. Ascher Shmulewitz
	 	Title:	VP Licensing of Yissum	 	Title:	CEO of Therapix
	 	Date:	 July 29, 2018	 	Date:	 July 31, 2018
	 	 	 	 
	 	 	 	By:	/s/ Adi Zuloff-Shani
	 	 	 	Name:	 Dr. Adi Zuloff-Shani
	 	 	 	Title:	 CTO of Therapix
	 	 	 	Date:	 July 31, 2018

 

 

41

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