Document:

Exhibit 10.11

 

 

 

-Confidential-

 

DISTRIBUTION AGREEMENT

 

This Agreement (the “Agreement”),
is entered into as of August 2, 2011 by and between Kamada Ltd., a company organized under the laws of the State of Israel, with
its principal office in 7 Sapir St., Kiryat Weizmann, Ness-Ziona 74036, Israel (“Kamada”), and TUTEUR S.A.C.I.F.I.A.,
a corporation organized under the laws of Argentina, having its registered office at Av. Juan de Garay 848, 1153 Buenos Aires,
Argentina (the “Distributor”).

 

RECITALS

 

WHEREAS, Kamada desires to appoint the
Distributor as its exclusive distributor for the Product (as defined below) within the Territory (as defined below), and the Distributor
desires to accept such appointment, all on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants, terms and conditions set forth herein, Kamada and the Distributor hereby agree as follows:

 

1.          DEFINITIONS

 

As used in this Agreement and the Schedules
hereto and unless otherwise expressly indicated, the following terms shall have the following meanings:

 

1.1        “Act of Insolvency”
means the occurrence of any of the following events: (i) the filing of any voluntary petition in bankruptcy or for corporate reorganization
or for any similar relief by a party under the bankruptcy or insolvency laws of any jurisdiction; (ii) the filing of any involuntary
petition in bankruptcy or its equivalent against a party, not dismissed within [*****] days from the filing thereof; (iii) the
appointment of a receiver or the equivalent for a party or for the property of a party by any court of competent jurisdiction,
which receiver shall not have been dismissed within [*****] days from the date of such appointment; (iv) a general assignment by
a party for the benefit of its creditors; (v) the inability admitted by a party in writing to meet its debts as they mature; (vi)
occurrences similar to any of the foregoing under the laws of any jurisdiction, irrespective of whether such occurrences are voluntary
or involuntary, or whether they are by operation of law or otherwise; and (vii) any order or resolution passed for winding up the
business of a party.

 

 

[*****] Confidential portions
of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

1.2           “Affiliates”
means entities that directly or indirectly, through one or more intermediaries, control or are controlled by, or are under common
control with, a specified party. The term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of an entity, whether through the ownership of voting securities, by contract or otherwise.

 

1.3           “Product”
means 50 mL, 1 gram of active Alpha 1 Proteinase Inhibitor (also called Alpha-1 Protease Inhibitor or Alpha-1 Antitrypsin (AAT)),
as defined in Schedule A, for intravenous use only, a pharmaceutical
composition for human use derived from human plasma for the treatment of Alpha-1 Antitrypsin Deficiency. 

 

1.4           “Competent
Authorities” means the competent authorities in each country in the Territory in charge of determining, licensing, approving
and/or registering, the pricing, the sale, the distribution and/or the reimbursement (as applicable) of pharmaceutical products.
Unless it is otherwise indicated, Competent Authorities is used herein as a collective term for the Competent Authorities in all
the countries in the Territory.

 

1.5           “Dollar(s)”
or “$” means United States currency only.

 

1.6           “Distributor’s
Warehouses” means the warehouses of the Distributor located in the Territory for the storage of the Product, as identified
by the Distributor to Kamada by location, including any change in location.

 

1.7           “Effective
Date” means the date on which this Agreement is entered into by the parties as set forth in the heading of this Agreement.

 

1.8           “Event
of Default” means any failure of the defaulting party (except where such failure is caused by or is a direct result of
an Event of Default by the other party) to cure a material breach of any obligation under this Agreement within [*****] days of
receipt of written notice from the aggrieved party of: (a) the specific obligation materially breached, (b) the section(s) of this
Agreement setting forth such obligation, (c) the request for cure of the breach within [*****] days of receipt of the notice and
(d) the aggrieved party’s intention to terminate this Agreement if the breach is not cured within [*****]
days of receipt of the notice. A material breach of an obligation under
this Agreement shall include, but not be limited to: (i) the Distributor’s failure to purchase the Minimum Purchase Requirement
of Product pursuant to Section 3.2 hereof, (ii) the Distributor’s failure to make full payment to Kamada on the due date
pursuant to Section 3.5 hereof, (iii) the Distributor’s breach of its obligations not to transfer the Product outside the
Territory or sell the Product outside the Territory, pursuant to Section 2.1 hereof; (iv) the Distributor’s breach of its
obligations as to the use of the Trademarks, pursuant to Section 9 hereof; or (v) Kamada’s sale of Product in the Territory
in breach of Section 2.3 hereof.

  

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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1.9           “Expiration
Date” has the meaning set forth in Section 13.1 hereof

 

1.10         “Launch
Date” means the date that the Distributor commences Sales of the Product in each country in the Territory, which date
shall be no later than [*****]
months after the grant of the License by the Competent Authorities in each
country. 

 

1.11         “License”
means the license, approval or registration issued by the Competent Authorities in each country allowing the Distributor to market,
Sell and distribute the Product within each country in the Territory.

 

1.12         “Minimum
Purchase Requirement” means the minimum quantity of Product which the Distributor shall purchase from Kamada commencing
on the second year after the Launch Date and in all subsequent years during the Term, as set forth in Schedule B hereto
and specified in Section 3.2 hereof.

 

1.13         “Minimum
PV Information” means the following data elements: (i) a reporter who is identifiable by name, initials and/or address;
(ii) an identifiable patient/subject (i.e., identifiable by patient number, date of birth, age, or gender); (iii) at least one
suspected substance/medicinal product; and (iv) at least one suspected adverse drug event.

 

1.14         “Kamada’s
Warehouse” means Kamada’s facility which is located at Beit-Kama, Israel or such other location as Kamada may designate,
upon not less than thirty (30) days’ notice to the Distributor.

 

1.15         “Sale(s)”,
“Sold”, “Sell(s)” or “Selling” means any gift, grant, sale, assignment,
transfer, conveyance, pre-sale transaction or other disposition of the Product by the Distributor or any of its Affiliates to another
party (other than for quality assurance or control purposes); provided however, that Sales shall not include distribution by the
Distributor without charge of samples of the Product to physicians, hospitals, clinics or other health care providers for promotional
or research purposes, provided such distribution is not made in exchange for lower prices on other products distributed by the
Distributor or for other non-cash consideration.

 

1.16         “Supply
Price” has the meaning set forth in Section 3.4 hereof.

 

1.17         “Term”
has the meaning set forth in Section 13.1 hereof.

 

1.18         “Territory”
means Argentina, Paraguay and Uruguay.

 

1.19         “Third
Party Product(s)” means any other AAT product other than the Product.

  

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

1.20         “Trademark”
or “Trademarks” means the trademarks, service marks, trade names, symbols and logos developed, registered, or
used by Kamada, including, but not limited to, “RESPIRA®” and “GLASSIA®”,
used on or in connection with the identification, marketing or Sale of the Product, such trademarks, service marks, trade names,
symbols and logos being listed in Schedule C hereto, together with all additional trademarks, service marks, trade names,
symbols and logos as may be developed by Kamada and made subject to this Agreement by amendment of Schedule C from time
to time by agreement of the parties.

 

2.          
SCOPE OF APPOINTMENT 

 

2.1           Exclusive
Appointment. Kamada hereby appoints the Distributor, as of the Effective Date, as its exclusive distributor of the Product
in the Territory, and the Distributor hereby accepts such appointment subject to the terms and conditions as set forth herein.
The foregoing exclusive appointment of the Distributor includes the exclusive right of the Distributor (exclusive as to Kamada,
its Affiliates, or any third party), during the Term, to register, distribute, promote, market and/or Sell the Product in the Territory.
During the Term, the Distributor shall not Sell, promote the Sale of or ship the Products outside of the Territory, nor shall the
Distributor establish a branch or maintain a distribution warehouse for the Product outside of the Territory, nor shall the Distributor
assist any third party in Sales or distribution of the Product outside the Territory, nor shall the Distributor permit its Affiliates
to engage in any of these acts. Such exclusive right shall expire upon the Distributor’s failure to comply with its Minimum
Purchase Requirement, as specified in Section 3.2 below. The parties agree that the Distributor’s exclusive right under this
section is limited by Kamada’s right to co-promote by appointing sales representatives.

 

2.2           Distribution
of Third Party Products. The Distributor declares and covenants that, as of the Launch Date, neither it nor its Affiliates
shall manufacture, import, Sell and/or distribute, directly or indirectly, in the Territory, any Third Party Products. In consideration
of, and as a continuing condition of the exclusive distribution rights granted hereunder to the Distributor, the Distributor shall
not, by itself, or through its Affiliates, nor shall it permit its Affiliates to, manufacture, import, Sell or distribute in the
Territory any Third Party Products from the Launch Date until [*****]
months following termination of this Agreement. 

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

2.3           Kamada
Non-Compete. As long as the Distributor has and maintains exclusive rights hereunder, Kamada and its Affiliates shall not directly
or indirectly market, sell or distribute in the Territory the Product or any Third Party Product, subject to Kamada’s right
to co-promote by appointing sales representatives pursuant to Section 2.1 hereof. Kamada declares that, as of the Effective Date,
neither it nor its Affiliates are a party to any agreement or arrangement with any person or entity, nor shall they enter into
any agreement or arrangement, during the Term, with any person or entity, which conflicts with or derogates from the exclusive
appointment of the Distributor as set forth in Section 2.1 hereof.

 

2.4           No
Sub-Distributors. The Distributor shall not contract with or engage sub-distributors or others to Sell the Product in the Territory,
without Kamada’s prior written consent.

 

3.          SALES
OF PRODUCT TO DISTRIBUTOR 

 

3.1           Order
and Delivery of Product.

 

(i) 
   The Distributor shall order Products from Kamada in such quantities as are necessary to meet the demand for
Products in the Territory. Inventory projections and orders for the Products shall be based on sales forecasts developed by
the Distributor in good faith and using the best available information, and communicated in writing to Kamada on [*****]
rolling basis commencing with the submission by the Distributor of its first order for the Products. Such forecasts shall
cover a minimum period of [*****] shall be specified on a [*****] basis, and shall be updated every [*****] by the
Distributor. The quantity of Products specified in the first quarter of each such forecast shall bind the Distributor and
therefore, the quantity the Distributor specifies in its purchase orders to Kamada for that [*****] shall not be lower than
such quantity. The Distributor may order Products in excess of the quantity specified in its sales forecasts subject to the
conditions set forth in Section 3.1(iii) hereof. The Distributor shall allow at least [*****] days from the date of receipt
of its purchase order by Kamada [*****] days for its first purchase order under this Agreement), to take delivery of the
Products ordered, as delivery is prescribed in Section 3.1(iv) of this Agreement.

 

(ii)    
Kamada shall use its best efforts to deliver such quantities of the Products to the Distributor as the Distributor shall order,
subject to the limitations set forth below. If the Distributor’s purchase orders requested for delivery in any [*****] exceed
[*****] the Distributor’s latest sales forecast for [*****],
Kamada reserves the right to allocate to the Distributor, in respect to the excess, such portion of its available supplies of Products
immediately suitable for distribution in the Territory as Kamada shall decide in its sole discretion. Kamada’s allocation
of Products under this Section does not constitute a breach of this Agreement, so long as Kamada has used its best efforts. Notwithstanding
anything to the contrary in this Section 3, in no event shall Kamada have any obligation to deliver to the Distributor a quantity
of Products which exceeds Kamada’s Maximum Supply Obligation set forth in Schedule B hereto. The parties will discuss
any amounts exceeding such annual amount.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

(iii)   
Kamada shall deliver the Products to the Distributor and the Distributor shall take delivery at [*****] (Incoterms 2000). Kamada
shall retain samples of each lot of Products from which the Distributor’s orders are filled.

 

(iv)   The
Distributor shall require all carriers it engages to transport the Products to maintain the proper shipment conditions, including,
but not limited to, temperature and light exposure standards for the Products’ storage and transport as provided in Schedule
D hereto, as may be amended by Kamada in its sole discretion from time to time. The Distributor shall be responsible for such
carriers’ compliance with such conditions.

 

3.2           
Minimum Purchase Requirement. Commencing on the second year after the Launch Date and in all subsequent years during the
Term, the Distributor shall purchase from Kamada minimum annual quantity of Products as set forth in Schedule B hereto.

 

3.3           
Inspection. The Distributor shall accept the Products upon delivery at Kamada’s Warehouse on the basis of Kamada’s
certificate of analysis. The certificate of analysis shall provide the following details: (a) specifications limits (finished Product
specifications), (b) the results of all analyses on the Products delivered. Kamada shall also declare that “Kamada confirms
that all analytical testing has been performed according to the terms of registration as approved by the Competent Authorities”.
Upon transport of the Products to the Territory by the Distributor’s carrier, the Distributor shall take all necessary steps
to secure the speedy inspection and approval of the Products by the Competent Authorities as provided by the laws and regulations
of each country in the Territory. If the Competent Authorities of any country do not approve the Product within [*****] days of
the day that the first application is made to the Competent Authorities, or otherwise reject the Products upon their inspection
for any reason, the Distributor shall notify Kamada within [*****] of learning of such action by the Competent Authorities of that
country.

 

3.4           Supply
Price. The Distributor shall purchase the Products exclusively from Kamada at the supply price, which shall be the higher of:
(i) the supply price set forth in Schedule E hereto, or [*****]
of the corresponding purchase price quoted in the Distributor’s then
effective selling price (without taking into account any special discounts, rebates, offsets, etc.) in each applicable country
of the Territory (“Supply Price”). At the request of either party, the parties shall negotiate the Supply Price
in good faith, prior to the commencement of each subsequent year after the Launch Date. No change in Supply Price shall be valid
unless explicitly agreed upon in writing by the parties. Orders placed for delivery of Products for more than [*****] after the
order date, are subject to subsequent Supply Price changes, in the manner set forth above. 

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

3.5           Terms
of Payment. The Distributor shall pay Kamada in full for each order of the Product in US Dollars within [*****] from AWB. The
Distributor will issue promissory notes to Kamada regarding each delivery. The Distributor shall make such payment in compliance
with Kamada’s conditions of sale. In order to secure payment for the shipments, which are delivered to the Distributor, the
Distributor shall furnish to Kamada promissory notes in the total sum of each shipment fixed in US Dollars (the “Promissory
Notes”). The Promissory Notes shall be drafted in a form which is legally binding under the laws of Distributor’s
domicile, and the signature thereupon shall be witnessed by a functionary who is authorized under the laws of the domicile to authenticate
such an instrument. Notwithstanding Section 15.5 below, the laws of Distributor’s domicile shall apply to the Promissory
Notes and they shall be enforceable by Kamada by application to the courts of competent jurisdiction in Distributor’s domicile.

 

3.6           Interest
on Unpaid Balance. In Any overdue payment hereunder shall bear interest at the rate of [*****]
in which the payment is in arrears, this without derogating from any other
remedy to which Kamada might be entitled to under this Agreement or applicable law. 

 

3.7           No
Reduction in Payment. All payments due under this Agreement, including interest, are to be made without reduction for taxes
(including withholding taxes), duties and such other amounts that are or may be imposed by any national, municipal or other government
agency or authority in the Territory. If any such reduction is required to be made, the gross payment due to Kamada shall be increased
such that the net amount received by Kamada after the required reduction shall equal the invoice amount with the addition of any
interest, if due.

 

4.          DISTRIBUTOR’S
OBLIGATIONS 

 

4.1           Distributor’s
Obligations and Acknowledgments. The Distributor shall use its best efforts to register market, Sell and distribute the Product
in the Territory, including but not limited to the following (in all events in a manner that is in accordance with its normal standards
of doing business):

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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(i)     Shall
obtain a License and any other approval by the Competent Authorities in each country for the Sale and distribution of the Products
within each country in the Territory within eighteen (18) months after receipt, by the Distributor, of all required registration
documents from Kamada, and obtain and maintain the acceptance by the Competent Authorities of the Products for inclusion in and
coverage under the national healthcare reimbursement programs (i.e., government program) and any private insurance policies or
programs in the Territory, and shall be responsible for all costs associated with the registration of the Product with the competent
regulatory authorities in the Territory (including all costs associated with the grant of the marketing authorization, health authority
fees, translation fees, taxes and variation fees as well as any related fees regarding the use of consultants required to perform
local submissions at the health authorities) and the grant of License. All fees related to maintenance of the License during the
Term shall be solely borne by the Distributor. If any clinical or similar studies are required by the Competent Authorities in
the Territory, in order to obtain the License or other approvals, the Distributor shall provide Kamada with all relevant documentation
and communication from such Competent Authority, and the Parties shall negotiate either party’s responsibility in conduction
such studies.

 

(ii)    publicize,
promote and market the Products to maximize Sales of the Products in the Territory, to obtain and maintain acceptance of the Products
among medical personnel, patients and the Competent Authorities, and to service its customers by maintaining regular contact, handling
special orders, answering questions and complaints about the Products, and otherwise enhancing customer satisfaction;

 

(iii)   handle
and fill all orders for the Products in the Territory and maintain a prompt delivery service compatible with good business practice,
the nature of the Products and the requirements of its customers;

 

(iv)   
maintain sufficient inventory of the Products in the Distributor’s Warehouses equal to the higher of: (i) [*****] months’
supply (defined as [*****]); or (ii) the Distributor’s average [*****]
sales forecast for that year;

 

(v)    allow
Kamada, at its request, to inspect the Distributor’s Warehouses, transportation vehicles, related facilities and records
regarding quality assurance/product handling of the Products and adverse reactions or adverse events in patients using the Product,
on reasonable prior written notice and provide Kamada a summary description of the steps of the carriage and storage of the Products
from Kamada’s Warehouse to the Distributor’s customer, at the beginning of the Term and from time to time, as the steps
in the procedure may change;

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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(vi)   
notify Kamada in writing immediately upon its becoming aware of any occurrence of disparagement of any of the Products or infringement
of any rights relating to the Products in the Territory;

 

(vii)      make
no safety or performance claim in respect to the Products which are beyond the statements in Kamada’s label for the Products
as approved by the Competent Authorities, nor make false or unsubstantiated claims about the Products toward any person or entity;

 

(viii)     take
no negligent or willful action in connection with the marketing or sale of the Products, which might adversely affect the standing
of Kamada or any of its Affiliates in the trade;

 

(ix) 
take no negligent or willful action which would or might encourage, cause or otherwise contribute to the undermining by others
of the image of the Products or Kamada; and

 

(x)  take
no action to use trademarks, trade names or logos of the Distributor on the packaging of the Products or in connection with the
marketing of the Products, unless the Distributor has previously requested and obtained written authorization from Kamada to use
such trademarks, trade names or logos to identify the Distributor of the Products (including usage and format), such authorization
not to be unseasonably withheld or delayed, and if authorized to do so, then such use to be made at all times only together with
the Trademarks.

 

4.2           Filings
with the Competent Authorities. Upon Kamada’s request, prior to or following any filing or other communication, the Distributor
shall provide Kamada, for its review, a copy of each filing or other communication it proposes to make or already made with the
Competent Authorities regarding the Products, including any sample labels and package inserts, with an English translation thereof,
and await Kamada’s written approval or comments, if Kamada’s request to review is made prior to such filing or communication.
The Distributor shall further promptly provide Kamada with all relevant information concerning the status of the approval of the
License or any revision thereto, including copies of all communications from the Competent Authorities regarding the Products,
with an English translation thereof. At its discretion, Kamada shall, subject to the laws and regulations of each country in the
Territory and in coordination with the Distributor, revise any Distributor filing or other communication, including the wording
and appearance of any sample labels and package inserts, before it is submitted to the Competent Authorities. The Distributor bears
the ultimate responsibility for the accuracy of each such filing or communication, except as to such sentences revised by Kamada.
This Section does not apply to adverse event reports or summaries.

 

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4.3           Commencement
of Sales; Launch Date. The Distributor shall commence the marketing, Sale and distribution of the Products in each country
in the Territory as allowed by the laws and regulations of each country within two (2) months of the grant of the License by the
Competent Authorities in each country.

 

4.4           Associated
Costs. The Distributor shall be responsible for paying all costs associated with the storage and handling of the Products at
the Distributor's Warehouses and handling and transportation costs associated with the transportation and delivery of Products
to its customers.

 

4.5           Sales
Reports. Within [*****] days of the end of each quarter after the Launch Date, the Distributor shall submit a sales report
to Kamada for that quarter, setting forth for each customer: name, location, Product code, price at which Sold, and quantity of
Products purchased, and, within [*****] days of the end of the Term, the Distributor shall submit a final sales report to Karnada,
setting forth the above-stated information.

 

4.6           Submission
of Orders. The Distributor shall submit all orders for the Products by facsimile transmission or by email on a standard purchase
order form, pursuant to Kamada’s conditions of sale as set forth below.

 

4.7           Conduct
of Business. The Distributor shall conduct all of its business in its own name and in a competent and financially sound manner.

 

4.8           Required
Approvals. The Distributor shall obtain and maintain all licenses, approvals and permits necessary for the Distributor to perform
fully its obligations under this Agreement in each country in the Territory.

 

4.9           Foreign
Corrupt Practices Act; Territory Laws. The Distributor shall fully observe and comply with the Foreign Corrupt Practices Act
of 1977, as amended, of the United States of America and all applicable laws, rules and regulations in effect in the Territory,
including, but not limited to, those administered and enforced by the Competent Authorities.

 

4.10         Claims
and Potential Claims. The Distributor shall notify Kamada promptly, but in no event more than [*****]
days after the Distributor is notified, of any litigation or threat of litigation
or any occurrence that might reasonably lead to a liability claim, alleged or potential, relating to the Product or to this Agreement,
against Kamada, the Product or the Distributor. 

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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4.11         Use
of the Product in Clinical Studies. Neither the Distributor, nor any of its Affiliates, shall use the Product, or knowingly
provide Products to any third party for use, in any clinical or other study, without receiving the prior written consent of Kamada.
The Distributor shall submit to Kamada, or request from any such third party and submit to Kamada, all information identified by
Kamada regarding the proposed study, including any protocol for the study and any other related documentation. Kamada shall, within
its sole discretion, amend the protocol or other aspects of the study and will have the right to approve or disapprove the conduct
of the study. Kamada shall be the owner of all rights and information resulting from such study. The Distributor shall be entitled
to use such information, for the sole purpose of obtaining the License or other approvals from the Competent Authorities, as described
under Section 4.1 above.

 

5.          REPRESENTATIONS
AND WARRANTIES; LIMITATION OF LIABILITY 

 

5.1           Kamada’s
Representations and Warranties. Kamada represents and warrants that, upon delivery to the Distributor at Kamada’s Warehouse,
all Products shall comply with the Product specifications set forth in Schedule A hereto, shall have been tested in accordance
with terms of the License or Licenses issued at that time, shall be accompanied by a certificate of analysis providing the following
(a) specifications (limits) as set forth in the registration files as submitted to the Competent Authorities (finished Product
specifications), and (b) a declaration stating, “Kamada confirms that all analytical testing has been performed according
to the terms of registration as approved by the applicable Ministry of Health”, and shall be packaged and labeled in conformity
with and shall meet or exceed all minimum standards of quality imposed by the License or Licenses then issued. Kamada further represents
and warrants that the Products have been manufactured in accordance with cGMP; that, upon delivery of the Products to the Distributor
at Kamada’s Warehouse, the Products are not contaminated or adulterated; and that, upon delivery of the Products to the Distributor
at Kamada’s Warehouse, the Products are not subject to any lien or other encumbrance.

 

5.2           Limitation
of Liability. Except as expressly set forth in Section 5.1 above, Kamada does not make and shall not be liable to the Distributor
or to any third party for any warranty whatsoever, express or implied, in respect to the Products, including without limitation
any warranties of merchantability or fitness for a particular use or purpose. In no event shall Kamada be liable for any special,
indirect, punitive, consequential or incidental damages.

 

5.3           Distributor’s
Representations and Warranties. Without derogation from the Distributor’s obligations under this Agreement, Distributor
represents and warrants that it shall:

 

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(i) ensure
that the Products, while they are in the possession or control of the Distributor or its agents, maintain their quality, are kept
free of contamination and are stored and transported in accordance with the procedures specified in Schedule D hereto, which
Schedule may be reasonably amended unilaterally by Kamada from time to time;

 

(ii) sell
the Product only in the Territory:

 

(iii) give Kamada written
notice within [*****] days of any newly enacted or amended laws, rules or regulations and promptly give Kamada notice of
proposed legislation, rules or regulations which could materially affect the License and/or the use, formulation,
labeling, packaging, importation, distribution, advertising, promotion or sale of the Product in the Territory or which
affect, in any way, the manner in which reports of adverse events are to be submitted to the Competent Authorities in
relation to the Product;

 

(iv) establish and
maintain complete and accurate quality assurance Product handling systems and records (including lot numbers of the Products
Sold, to whom Sold, and the purchases of the Products) to enable the Distributor and Kamada to retrieve the Products in a
timely, efficient and accurate manner and otherwise in accordance with applicable laws and regulations, and cooperate with
Kamada in effecting any recall of Products, including communicating with all customers or other users of the Products,
pursuant to Section 8.2 hereof;

 

(v) not
interfere, directly or indirectly, within or outside the Territory, with any attempt by Kamada to obtain patent protection for
the Product for any use or indication with any Competent Authority, including the Competent Authorities; and

 

(vi)
use its trademarks in connection with its distribution of the Product only in accordance with the format submitted to and approved
in writing by Kamada in advance, such approval not to be unreasonably withheld or delayed.

 

In no event shall the Distributor be liable
for special, indirect, punitive, consequential or incidental damages.

 

6.          
KAMADA’S OBLIGATIONS 

 

6.1           Assistance
with Approval Process. Kamada shall make reasonable efforts to provide assistance to the Distributor within a mutually agreed
upon time frame to enable the Distributor to comply with its obligations under Section 4.1(i) hereof including without limitation
responding to reasonable requests by the Distributor and providing the Distributor with information and documentation in English
relating to the Product to the extent the information and documentation are available to Kamada and required by the Competent Authorities.

 

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-Confidential-

 

6.2           Supplemental
Information. Kamada shall provide the Distributor with existing data, analyses, studies and other information which Kamada
believes, in its sole discretion, will assist the Distributor in its strategic planning and marketing activities for the Product.

 

6.3           Claims
and Potential Claims. Kamada shall notify the Distributor promptly, but in no event more than [*****] days after Kamada is
notified, of any litigation or threat of litigation or any occurrence that might reasonably lead to a liability claim, alleged
or potential, relating to the Product or to this Agreement, against the Distributor, the Product or Kamada, in the Territory.

 

6.4           Training.
Kamada shall provide such training assistance to the Distributor, in connection with the Distributor’s commencement of Sales
of the Product in the Territory, as Kamada may determine in its sole discretion, after consulting with the Distributor and at the
Distributor’s expense.

 

7.          PHARMACOVIGILANCE
AND ADVERSE EVENT REPORTING.

 

7.1           Kamada
shall be responsible for establishing a pharmacovigilance monitoring system, with the reasonable assistance of the Distributor.
Such monitoring system will include (i) provision of minimum pharmacovigilance information regarding a reporter who is identifiable
by name, initials and/or address; (ii) an identifiable patient/subject (i.e., identifiable by patient number, date of birth, age,
or gender); (iii) at least one suspected substance/medicinal product; and (iv) at least one suspected adverse drug event.

 

7.2           The
Distributor shall provide all necessary assistance to Kamada in the establishment and maintaining the pharmacovigilance monitoring
system as the distributor of the Products in the Territory at its expense; such assistance shall include field corrections, product
withdrawals, adverse event reporting and complaint reporting to Kamada or any other relevant report or action required under any
applicable law.

 

7.3           Without
derogating from the above, the parties shall abide by the following reporting requirements:

 

(i)     Adverse
Event Reporting - The parties shall report to each other all information necessary to make timely reports as required by any
regulatory authority in the Territory regarding the Product. Further, the parties shall use commercially reasonable efforts to,
within [*****] days
following registration of the Product with the competent authorities in the Territory, but in any case, no later than upon the
first sale of a Product in the Territory by the Distributor, enter into a written agreement regarding adverse event reporting system
and procedures acceptable to the parties.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

(ii)    Complaint
Reporting - Without derogation from the above, upon any party receiving or becoming aware of any complaint involving the possible
failure of the Product, in any location in the world, to meet any requirement of applicable law or regulation, and any serious
or unexpected side effect, injury, toxicity or sensitivity reaction or any unexpected incidents associated with the distribution
of the Product, whether or not determined to be attributable to the Product (i) such party shall notify the other party about such
complaint and provide initial information about such complaint to the other party within [*****] and shall provide all information
about such complaint within [*****] (ii) promptly provide to the other party copies of any complaints, and provide at the time
of submission copies of any submissions to any competent regulatory authority regarding such complaints, and (iii) with respect
to adverse events, comply with the provisions of Section ‎7.3(i) above.

 

(iii)   
Notification of Threatened Action - Each party shall immediately notify the other party of any information it receives regarding
any threatened or pending action, inspection or communication by or from any party, including, without limitation, a regulatory
authority which may affect the safety or efficacy claims of the Product or the continued marketing of the Product. Upon receipt
of such information, the parties shall consult with each other in an effort to arrive at a mutually acceptable procedure for taking
appropriate action.

 

7.4           The
Distributor shall have responsibility for investigating any complaint in the Territory, with cooperation and assistance from Kamada,
and shall inform Kamada of any information discovered in the course of the investigation that could show that the complaint is
justified and that it resulted from Kamada’s actions or omissions.

 

7.5           All
costs and expenses connected with each party’s activities and performance under this section, are to be borne [*****].

 

8.          SUSPENSION
OF DISTRIBUTION; RECALL; RECORD RETENTION 

 

8.1           Suspension
of Distribution. If Kamada requests, as a result of a problem with the quality of the Product, regarding safety requiring suspension
of Sales or a relevant directive from applicable regulatory authorities regarding the Product safety and suspension of Sales, the
Distributor shall immediately suspend Sales and distribution of the Product. Kamada and the Distributor shall comply with any prohibition
order or other directive from the Competent Authorities requiring suspension of Sales in the country for which the Competent Authorities
have jurisdiction.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

8.2           Product
Recall. Kamada shall promptly notify the Distributor of any recalls initiated by Kamada or required by applicable regulatory
authorities in respect to the Products in the Territory. Upon receipt of notice of such a recall from Kamada, the Distributor shall
immediately notify its affected customers. Kamada shall provide the Distributor with the form of a letter to be used in connection
with notice to the Distributor’s customers of such a recall which shall contain the appropriate instructions as to whether
the customer should return or dispose of the affected Products. The Distributor shall arrange for the receipt, storage and transport
of the Products recalled, all in accordance with Kamada’s reasonable instructions. To the extent that such recall is pursuant
to a prohibition order or other directive from the Competent Authorities requiring suspension of Sales, Kamada and the Distributor
shall conduct the recall and the receipt, storage and transport of the Products recalled pursuant to the laws and regulations of
the country in the Territory for which the Competent Authorities have jurisdiction. Kamada shall be responsible for all reasonable
costs and expenses incurred by the Distributor in connection with a recall in the Territory as well as the cost of replacement
Products for the Distributor and its customers, provided that the reason for the recall primarily does not arise from: (i) the
negligence or intentional misconduct of the Distributor or any of its directors, officers, employees, representatives or agents,
or (ii) the failure of the Distributor to comply with the provisions of this Agreement. The Distributor shall cooperate in any
such recall by providing to Kamada the information regarding Sales of the Product.

 

8.3           Retention
of Records and Continuing Obligations. The Distributor shall maintain during the Term and for [*****] years after the termination
or expiration of this Agreement the systems and records specified in Section 5.3(iv) hereof and such other information as shall
reasonably be required by Kamada to effect a recall of the Product or comply with the request for documents or information relating
to the Sale of Product in the Territory by the applicable authorities, and shall make such documents and information available
to Kamada, at its request, in the event of a recall or applicable authority request for documents or information. Furthermore,
during the Term and for [*****] years after the termination or expiration of this Agreement, the Distributor shall: (a) cooperate
with Kamada in investigating any adverse report or adverse reaction to the Product, which results in the need for a recall in the
Territory, and (b) continue to comply with its obligations under Sections 5.3(iv) hereof for Products sold by the Distributor.
The Distributor shall maintain during the Term and for [*****]
years after the termination or expiration of this Agreement its systems
and records relating to any adverse reaction or adverse event in a patient using the Products.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

9.          
PROMOTION AND ADVERTISING 

 

The
Distributor shall, in consultation with Kamada, develop no later than [*****] prior to the end of each calendar year, a marketing
plan for the Product for the immediately succeeding calendar year and submit such plan for the approval of Kamada. The marketing
plan shall include distribution strategies, market analyses, advertising campaigns, sales training, Product launch strategy, patient
information, continuing clinician training programs, participation in conferences and exhibitions, and publicity material for the
year concerned. The Distributor may request from Kamada in stock promotional material prepared by or for Kamada, it being understood
that such promotional material is in English only and that Kamada is not obligated to modify such promotional material for use
in the Territory or reprint promotional material that is out of stock. Kamada shall provide such promotional material to the Distributor
in amounts that it determines are reasonable in its sole discretion. Kamada shall have the right to approve all promotional materials
which the Distributor intends to use in respect to the Product. The Distributor shall submit all such promotional materials to
Kamada together with an English translation thereof for review and approval in a timely fashion so as to allow Kamada a reasonable
time period, and in no event less than [*****]
weeks before the Distributor intends to use the promotional material. The
parties shall meet annually after the Launch Date during the Term of this Agreement to review the Distributor’s performance
and approve the Distributor’s marketing plan. All the costs of marketing activities shall borne by the Distributor.

 

10.         TRADEMARKS
;PATENTS 

 

10.1         Use
of Trademarks. The Distributor acknowledges and agrees that the Trademarks are the sole and exclusive property of Kamada and
that nothing herein shall be construed as transferring any right, title or interest of any kind or nature whatsoever to the Distributor.
The Distributor further agrees not to use any trademarks other than the Trademarks in connection with its distribution of the Products,
except the Distributor’s trademarks as approved by Kamada pursuant to Section 5.3(vi) hereof and not to register the Trademarks
for its own account or use a mark, name or logo which is confusingly similar to the Trademarks to identify other products manufactured,
distributed or sold by the Distributor. The Distributor further agrees not to do anything itself, nor to allow any of its Affiliates
to contest the Trademarks, challenge Kamada’s ownership of the Trademarks or take action that, to its knowledge, in any way
would be prejudicial to Kamada's rights in and to any of the Trademarks. Subject to Sections 2.1 and 2.2 hereof, Kamada’s
right to use the Trademarks in institutional advertising and promotions in the Territory and Kamada’s right to co-promote
by appointing sales representatives pursuant to Section 2.1 hereof, the Distributor shall have the exclusive right to use the Trademarks
in the Territory; provided however, that such use (a) shall be limited to the Term of this Agreement, and (b) shall be solely in
connection with the marketing and sale of the Product in the Territory, and (c) shall be subject to the following conditions:

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

(i)   such
use shall be in accordance with the shape, form, style and color of the Trademarks as communicated or authorized by Kamada and
subject to Kamada’s prior written approval;

 

(ii)  such
use shall clearly indicate that the Trademarks are owned and/or registered by Kamada, e.g., by using the appropriate Trademark
(“TM” or “®”) symbol and by stating that the Trademarks are owned by Kamada;

 

(iii) 
all rights arising from the use of the Trademarks shall inure solely to Kamada’s benefit, it being understood that nothing
contained herein shall give the Distributor any right, title or interest in the Trademarks, now or hereafter owned or used by Kamada,
nor in any contraction, variation or abbreviation of any of them;

 

(iv) 
such use shall give the Distributor no authority or right to transfer, assign, license or otherwise convey any Trademarks; and

 

(v)  such
use shall not, through any negligent or willful act of the Distributor, damage or weaken the Trademarks or bring the Trademarks
into disrepute.

 

10.2         Trademark
Infringement. The Distributor shall notify Kamada immediately upon its becoming aware of any actual or threatened infringement
or other unauthorized use of the Trademarks within the Territory. Subject to the limitation of Section 10.4 hereof, Kamada shall
promptly take all steps it deems reasonably necessary to enforce or defend its rights with respect to the Trademarks within the
Territory, and the Distributor shall provide such assistance to Kamada as Kamada may reasonably request. Any costs incurred by
the Distributor at the request of Kamada in connection with any legal action relating to the enforcement or defense of the Trademarks
shall be borne by Kamada. The Distributor shall make no communication with any third party, nor shall it initiate any suit or proceeding,
concerning unauthorized use of the Trademarks, without the prior written consent of Kamada.

 

10.3         Maintenance
of Trademarks. Kamada, in its sole discretion, may obtain and maintain the registration of the Trademarks in the Territory
throughout the Term of this Agreement, subject to Section 10.4 hereof.

 

10.4         Inactive
or Abandoned Trademarks. Kamada shall have no obligation to undertake to register, defend or maintain any Trademarks which
it considers, in its reasonable discretion, inactive and/or abandoned in the Territory.

 

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10.5         Patents.
Kamada in its sole discretion may obtain and maintain patent coverage in the Territory for the formulation used for the Product.

 

10.6         Non-Infringement.
To Kamada’s knowledge, importation, License, sale and distribution of the Product in the Territory will not infringe intellectual
or industrial property rights of any individual or entity in the Territory.

 

11.         INDEMNIFICATION

 

11.1         Each
party (referred to hereunder as the “Indemnifying Party”) shall indemnify and hold harmless the other party
and its directors, officers, agents, employees and representatives (the “Beneficiaries”) from and against any
and all claims, demands, actions, damages, liabilities, losses and reasonable expenses, including reasonable attorney’s fees,
arising out of the breach of this Agreement by the other party.

 

11.2         Notwithstanding
the foregoing, neither party shall incur any liability in connection with, or be obliged to indemnify the other party for, any
indirect, incidental and consequential damages and losses, including, without limitation, loss of income and/or profit.

 

11.3         As
a condition precedent to each party’s right (and its Beneficiaries’ right) to be indemnified under this Agreement,
the party claiming the right to be indemnified (the “Indemnified Party”): (i) shall promptly notify the Indemnifying
Party of any relevant claims asserted or made, including any claims asserted or made by any governmental authority having jurisdiction;
and (ii) shall include in such notice all information in its possession relating to the claim; and (iii) shall not negotiate or
settle any such claim without the Indemnifying Party’s prior written consent; and (iv) shall fully cooperate with the Indemnifying
Party in the defense and settlement of such claim.

 

11.4         The
Indemnifying Party shall have full control over the defense and the right to settle any such claim on such terms it deems appropriate,
provided that such settlement includes an unconditional release of the Indemnified Party and its respective Beneficiaries from
all liability arising out of such claim and does not include a statement as to an admission of fault, culpability or failure to
act by or on behalf of the Indemnified Party or any of its respective Beneficiaries.

 

11.5         The
Indemnifying Party may conduct the defense against a claim by itself, if the Indemnifying Party fails to do so, and in such case
the Indemnifying Party shall be entitled to an immediate reimbursement for all reasonable legal fees incurred by it in that connection.

 

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-Confidential-

 

12.         INSURANCE

 

12.1         Kamada
shall purchase and maintain, at its own cost, a Product Liability policy, covering each occurrence of bodily injury due
to defective approved (licensed) Product in an amount of not less than [*****] per event and in the aggregate per annum, by reputable
insurance companies, for each applicable country of the Territory. Such Product Liability policy shall:

 

(i)   
include worldwide territorial and law and jurisdiction scope of coverage and shall be endorsed to specifically name the Distributor
as an Additional Insured under and subject to the terms of its Vendors’ (distributors’) Extension, in the form of Schedule
F attached as Side Letter to this Agreement.

 

(ii)  not
be materially reduced or canceled without a prior written notification to be sent to the Distributor, by registered mail, [*****]
in advance;

 

(iii) 
be renewed by Kamada for additional period of at least [*****] years following termination or expiration of this Agreement, or,
a Run-Off Policy (which includes the same terms of insurance as above) shall be purchased by the Supplier on its own cost and shall
include inter-alia an Extended Discovery (Reporting) Period of [*****], as from the termination or Expiration Date of this Agreement
and a Retroactive Date not later than the commencement of operations by the respective insured party according to this Agreement,
even if such operations began prior to the date of signature of this Agreement.

 

12.2         The
Distributor shall purchase and maintain, at its own cost, a Third Party (Public) Liability policy, covering each occurrence
of bodily injury or property damage due to any act of negligence act, in an amount of not less than [*****] US Dollars (or equivalent
in EURO) per event and in aggregate per annum. Such Third Party (Public) Liability policy shall:

 

(i)     be
endorsed to specifically name Kamada as an Additional Insured. Such Third Party (Public) insurance policy shall not be materially
reduced or canceled without a prior written notification to be sent to Kamada, by registered mail, [*****]
days in advance; 

 

(ii)    be
issued by a reputable third party insurer and shall include Kamada as additional insured with respect to any liabilities which
might be imposed on it as a result of the insured party’s act or omission;

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

(iii)   
be renewed by the Distributor for additional period of at least [*****] years following termination or expiration of this Agreement,
or will include an extended discovery period of [*****]
years from the termination or Expiration Date of this Agreement and a retroactive
date not later than the commencement of operations by the Distributor according to this Agreement, even if such operations began
prior to the date of signature of this Agreement. 

 

(iv)   
be subject to a worldwide jurisdiction.

 

12.3         Each
of the parties shall provide the other party with a certificate of insurance in English, for each period of insurance, signed by
the respective insurer, confirming the cover under the policy as set out above. The issuance of any such policy will not constitute
an approval that the above insurance is in accordance with the provisions of this Agreement and will not impose any liability on
either party; nor will it be considered as reducing either party’s liability under this Agreement and under any applicable
law.

 

13.         TERM
AND TERMINATION 

 

13.1         Term.
The term of this Agreement shall commence on the Effective Date and, unless terminated sooner pursuant to Sections 13.2 or 13.3
hereof, shall expire on the fifth (5th) anniversary of the Launch Date in Argentina, unless a shorter period is required
by Israeli Securities Law, which shall be the “Expiration Date”. The period from the Effective Date to the earlier
date of termination hereunder or the Expiration Date is the “Term” of this Agreement.

 

13.2         Termination
by Kamada. Kamada, in its sole discretion, may, upon thirty (30) days notice to the Distributor, terminate this Agreement in
the event that:

 

(i)   
a third party acquires more than fifty percent (50%) of the common stock or voting rights of the Distributor or any of its Affiliates
to which rights and/or obligations hereunder have been assigned; or

 

(ii)   the
Distributor fails to receive a License in Argentina within eighteen (18) months after receipt by the Distributor of all required
registration documents from Kamada.

 

13.3         Termination
by Either Party. If one of the following events shall occur:

 

(i)  the
parties mutually agree in writing to terminate this Agreement; or

 

(ii) an
Act of Insolvency of either Kamada or the Distributor has occurred; or

 

(iii) an Event of Default has occurred and such Event of Default has not been waived by the non-defaulting party; or

 

(iv) a party’s non-performance, as a result of a case of force majeure, has continued for more than two (2) months, as provided
in Section 13.9 hereof; or

 

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-Confidential-

 

(v)  the
purpose of this Agreement has been materially altered by an invalidation of a portion of the Agreement or an act rendering a portion
of the Agreement unenforceable pursuant to Section 15.9 hereof;

 

then, upon such mutual agreement or upon
the giving of notice by (A) the non-defaulting party in an Event of Default, (B) the non-insolvent party in the event of an Act
of Insolvency, (C) the unaffected party in the event of non-performance as a result of a case of force majeure, (D) either party
in the event of the invalidation of a portion of this Agreement that materially alters the purpose of this Agreement, or (E) either
party in the event of non-approval of this Agreement by the Board of Directors of either company, this Agreement shall terminate
as of the date provided in the mutual agreement or notice (“Effective Date of Termination”).

 

13.4         Rights
and Obligations upon Expiration or Termination. within [*****] days following the Expiration Date or Effective Date of Termination
of this Agreement, Kamada, at its sole option, may purchase from the Distributor any or all quantities of the Products, which the
Distributor then has in stock, provided that they are still in good condition and in original packing and that they are not expired,
at the lower between the purchase price originally paid by the Distributor to the Supplier for such Products or the corresponding
purchase price quoted in the Supplier’s then effective price list. The Distributor may sell in the Territory on a non-exclusive
basis any Products not so purchased by Kamada, subject to the terms of this Agreement, within a period of [*****] months following
such Expiration Date or Effective Date of Termination, but no later than [*****]
days prior to the Products’ expiry date. The Distributor shall take
no action with regard to such Products until it receives Kamada’s written notice. Products which are not repurchased by Kamada
nor sold by the Distributor as described hereunder, shall be destroyed by the Distributor, unless otherwise instructed in writing
by Kamada. 

 

13.5         Set-Off
Payment. Against the total amount owed by Kamada to the Distributor under Section 13.4 above (if any), Kamada may set-off any
amount owed by the Distributor to Kamada under this Agreement.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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-Confidential-

 

13.6         Use
of Trademarks after Expiration or Termination. Upon the Expiration Date or the Effective Date of Termination of this Agreement,
the Distributor shall immediately discontinue use of all Trademarks, with the exception of the Distributor’s Sale of Products
as allowed under Sections 13.4 hereof and shall promptly remove all signs, advertising, and similar materials bearing the Trademarks
and other indicia of origin or quality of the Products from the Distributor’s buildings, stationery and other property and
advertising materials. Thereafter, in accordance with Kamada’s written instructions and at Kamada’s option, the Distributor
shall either deliver to Kamada or Kamada’s designee at Kamada’s Warehouse or destroy all signs, displays, advertising
and promotional materials, stationery, business cards and all other documents or other things bearing the Trademarks or other indicia
of origin or quality of the Product then in the Distributor’s possession. To the extent the Distributor has purchased said
materials from Kamada within [*****] days of the Effective Date of Termination, Kamada shall pay to the Distributor its costs for
such materials, less wear and tear to such materials as received by Kamada; provided however, that no such payment shall be owed
to the Distributor in the event this Agreement has expired or is terminated by Kamada because of an Event of Default caused by
the Distributor.

 

13.7         Transfer
of Licenses, Customer Lists. Within [*****] days after the Expiration Date or the Effective Date of Termination and to the
extent legally permissible, the Distributor shall transfer and assign to Kamada or its designee the License for each country in
the Territory and any other licenses, approvals and permits in the name of the Distributor or its Affiliates (and all documentation
necessary or relating thereto) solely relating to the marketing, Sale, use and distribution of the Products in the Territory, including,
without limitation, approval from the Competent Authorities. Furthermore, within [*****]
days of the Expiration Date or the Effective Date of Termination of this
Agreement, the Distributor shall, subject to the laws and regulations of the applicable Territory, deliver to Kamada an accurate
and complete copy of the Distributor’s list of customers for the Products (including, without limitation, address and telephone
and fax number, e-mail address, contact name and purchase history).

 

13.8         Outstanding
and Surviving Obligations. Neither the expiration nor the termination of this Agreement shall release either party from the
obligation to pay any sums then owing to the other party or from the obligation to perform any other duty or to discharge any other
liability that a party has incurred prior thereto, nor shall it affect any rights or obligations of either party under this Agreement,
which are intended by the parties to survive expiration or termination, including, but not limited to, the Distributor’s
obligations under Sections 5.3(i), 5.3(iv)-(vi), 8.3, 12.2 and 13.7 hereof. Subject to the foregoing, neither party shall, by reason
of expiration or termination of this Agreement for any reason whatsoever, be liable to the other party for compensation or damage
(i) on account of loss of present or prospective profits on Sales or anticipated Sales, or expenditures, investments or commitments
made in connection therewith, (ii) in connection with the establishment, development or maintenance of the Distributor’s
business or goodwill or the appointment of the Distributor under this Agreement, (iii) in connection with the Distributor’s
failure to purchase the Minimum Purchase Requirement of Product pursuant to Section 3.2 hereof or (iv) in connection with Kamada’s
failure to deliver Product in the quantities or timeframes requested by the Distributor and approved by Kamada. The parties farther
agree that any termination of this Agreement according to the procedures specified herein, and based on the conditions required
by the provision under which such termination is effected, shall not constitute an unfair or abusive termination or create any
liability of the terminating party to the other party that is not set forth in this Agreement.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

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13.9         Force
Majeure. Except for each party’s confidentiality and indemnity obligations, the failure of a party to perform its obligations
under this Agreement, except for obligations to pay money when it is due hereunder, resulting from a case of force majeure, such
as fires, floods, earthquakes, accidents, explosions, sabotage, strikes, or other labor disturbances (regardless of the reasonableness
of the demands of labor), civil commotions, riots, invasions, wars, terrorism, governmental acts, restraints, requisitions or regulations,
shortages of labor, electric power, or raw material, inability to obtain equipment or supplies, inability to obtain or delays in
transportation, or any other cause beyond the reasonable control of the party affected thereby and without the fault or negligence
of the party so affected, which directly affect the ability of the party to perform its obligations under this Agreement, shall
not be considered the basis for an Event of Default under this Agreement, provided that the party affected thereby shall: (i) give
prompt notice to the other party of the date of commencement of the force majeure, the nature thereof, and expected duration; and
(ii) use its best efforts to avoid or remove the force majeure to the extent it is so able to do; and (iii) make up, continue on
and complete performance when such cause is removed to the extent it is able to do so. In the event any such failure to perform
under this Agreement as a result of a case of force majeure continues for more than two (2) consecutive months, the party not affected
thereby shall have the right to terminate this Agreement with immediate effect by written notice sent to the other party pursuant
to Section 13.3 hereof, but without prejudice to the rights and obligations of the parties which subsist at the Effective Date
of Termination.

 

14.         CONFIDENTIALITY

 

14.1         The
Distributor shall not, directly or indirectly, use or disclose to any third party all or any part of the Confidential Information
heretofore or hereto after disclosed by or obtained from the Supplier, except for Confidential Information which the Distributor
can show by written records that:

 

(i)    at
the time of its disclosure or thereafter is generally available to and known to the public, other than as a result of a disclosure
by the Distributor or its representatives in breach of this Agreement;

 

(ii)   was
or becomes available to the Distributor, on a non-confidential basis from a third party source independent of any restrictions
imposed by the Supplier;

 

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(iii)  
has been independently acquired or developed by Distributor without breaching this Agreement; or

 

(iv)  
has been lawfully in the possession of the Distributor prior to disclosure by the Supplier.         

 

“Confidential Information”
means, in this Agreement, any information or materials in oral, written, pictorial, magnetic, graphic or maintained or transferred
in any other media, which have been previously disclosed or may hereafter be disclosed by Kamada to the Distributor, relating to
the financial, technological and business information, products, services and/or operations of Kamada, including, but not limited
to, business plans, agreements, trade secrets, know-how, patents, formulae, data, source code, object code, product plans, Product
specifications, technical information, customer lists, and all other information of any kind or nature whatsoever, whether or not
contained or incorporated in drawings, photographs, memoranda, operational documents, models, prototypes, designs, quality control
and test charts, lists, manuals and methods, whether or not labeled as confidential or proprietary, and including, without limitation,
all copies, excerpts, modifications, translations, enhancements and adaptations of all the foregoing, whether made by the Distributor
or otherwise.

 

14.2         In
the event that the Distributor shall be legally required (by formal questioning or, in the written opinion of its legal counsel,
by applicable securities laws) to disclose any Confidential Information of Kamada, it shall immediately notify the Kamada in writing
of such request or requirement prior to disclosure, so that the Kamada may seek an appropriate protective order with the reasonable
assistance of the Distributor. If such order is not timely obtained, only such portion of the Confidential Information as specifically
required shall be disclosed.

 

14.3         The
Distributor acknowledges that Kamada’s shares are publicly traded in the Tel-Aviv Stock Exchange and (i) undertakes not to
use any Confidential Information in connection with the purchase or sale of securities of the Company in violation of the Israeli
securities laws, and (ii) acknowledges that Kamada may be required to furnish public reports pertaining to this Agreement and the
terms thereof, upon the requirements of the Israeli securities laws and regulations.

 

14.4         The
Distributor’s undertakings under this Section 14 shall survive the expiration or termination of this Agreement

 

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15.         MISCELLANEOUS

 

15.1         Entire
Agreement. This Agreement, together with the Schedules hereto, sets forth the entire agreement and understanding between the
parties as to the subject matter hereof and supersedes, merges, terminates and otherwise renders null and void any and all prior
written and oral agreements entered into between Kamada and the Distributor with respect to the subject matter hereof. Each party
acknowledges that there are no warranties, representations, covenants, promises or understandings of any kind, nature or description
whatsoever made by either party to the other, except such as are expressly set forth in this Agreement, and further agrees that
they shall not be bound by any definition, condition, provision or understanding, except as expressly set forth herein.

 

15.2         Amendments.
Except as otherwise provided expressly herein, no modification, amendment or supplement to this Agreement or to the Schedules hereto
shall be effective for any purpose except by consent of both parties and the proper execution of another written instrument by
duly authorized officers of the parties hereto. In the event of a discrepancy between this Agreement and any other agreement or
ancillary document the provisions of this Agreement shall prevail.

 

15.3         Relationship
of Parties. The relationship between the parties established by this Agreement is that of independent contractors or traders,
and not as principal-agent, franchisor-fanchisee, partners or joint ventures. As such, subject to the rights retained or granted
to, and the obligations undertaken by, each party pursuant to this Agreement, each party shall conduct its business at its own
initiative, responsibility and expense, and shall have no right or authority to assume, create or incur any liability or any obligation
of any kind, expressed or implied, in the name of or on behalf of the other party, unless otherwise expressly provided herein,
or otherwise agreed separately in writing. Nothing in this Agreement shall constitute or be deemed to constitute either party as
the legal representative or agent of the other. All costs and expenses connected with each party’s activities and performance
under this Agreement, unless provided for in this Agreement or otherwise separately agreed, are to be borne solely by the party
incurring such costs and expenses.

 

15.4         Binding
Effect Assignments. Each party hereby represents to the other that the execution, delivery and performance of this Agreement
by it and the consummation by it of the transactions contemplated hereunder, have been duly and validly authorized by all necessary
corporate actions and that this Agreement has been duly and validly executed and delivered by it and the individuals executing
this Agreement having complete authority to bind their respective corporate entities. This Agreement shall inure to the benefit
of and be binding upon the parties hereto and their respective successors and permitted assigns. Neither this Agreement nor the
rights granted or obligations assumed hereunder shall be assigned or transferred, by operation of law or otherwise, without the
prior written consent of the other party; provided however, that either party hereunder may freely assign this Agreement to any
of its Affiliates. An assignment by a party to any of its Affiliates shall, in no event, release such party of any of its obligations
hereunder.

 

    	Page 25	Kamada – Tuteur – Distribution Agreement

    	 

    

 

-Confidential-

 

15.5         Governing
Law & Jurisdiction. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of Israel, regardless of any choice of law principles. The competent court in Tel-Aviv - Jaffa shall have exclusive jurisdiction
with respect to any and all actions brought hereunder, and each party irrevocably submits to the jurisdiction of such court.

 

15.6         Cooperation
in Trade Regulation Applications. If either party elects to make an application or applications to the relevant competition
or trade regulation authorities within the Territory for comfort, negative clearance or exemption, under competition or trade regulation
laws, with respect to this Agreement, the other party shall cooperate fully therein, including without limitation the preparation
and submission of any necessary or advisable documents to such authorities on a joint basis with the other party. The party initiating
such application shall inform the other party of the progress of any such applications. The costs associated with any such applications
(including legal fees) shall be borne by the party which desires to make such applications, unless such applications are made by
mutual agreement between the parties, in which case all costs shall be borne equally between the partie.

 

15.7         No
Waiver; Remedies. The failure of either party at any time to require performance by the other party of any provision of this
Agreement shall in no way affect the right of such party to require performance of that provision, and any waiver by either party
of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such
provision, a waiver of the provision itself or a waiver of any right under this Agreement. The remedies herein are cumulative and
not exclusive of any remedies provided by law.

 

15.8         Notices
and all other Communications. All notices, reports, requests, authorizations, instructions, approvals, consents and other communications
permitted or required by this Agreement shall be in writing, shall be in English and shall be deemed given when they are (i) delivered
personally, or (ii) transmitted by facsimile (and telephonically confirmed), or (iii) mailed by registered or certified mail with
postage prepaid and returned receipt requested plus five business days (in the receiver’s country), or (iv) received if they
are sent by commercial overnight courier with fees prepaid (if available; otherwise, by the next best class of service available),
to the parties at the following addresses and facsimile number:

 

	KAMADA LTD.	TUTEUR S.A.C.I.F.I.AS.A.
	 	 
	7 Sapir St., Kiryat Weizmann, Science	Av. Juan de Garay 848
	 	 
	Park, P.O. Box 4081, Ness Ziona 74140, 	1153 Buenos Aires
	 	 
	Israel	Argentina 
	 	 
	Tel: +972-8-9406472	Tel: 54-1-307-6110 
	 	 
	Fax: +972-8-9406473	Fax: 54-1-307-9039 
	 	 
	Attn. Mr. David Tsur, CEO 	Attn. Mr. Edgardo Taraciuk

 

A party may change its designated address,
telephone number or facsimile number by providing written notice of such change to the other party in the manner provided in this
Section 15.8.

 

15.9         Severability
and Validity. Any provision of this Agreement that is declared invalid or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity or unenforceability without invalidating the remaining provisions
hereof to the extent that the purpose of this Agreement is not materially altered, and without affecting the validity or enforceability
of such provision in another jurisdiction.

 

15.10         Specific
Performance and Other Remedies.

 

(i)          The
Distributor acknowledges and agrees that if it fails to perform any of its obligations in accordance with the specific terms of,
or otherwise breaches the terms of Sections 2.1, 2.2, 10.1, 10.2 or 14 of this Agreement, it may cause immediate and irreparable
harm and injury to Kamada for which money damages would not be an adequate remedy. Therefore, the Distributor agrees that, in addition
to other remedies provided herein, Kamada shall be entitled to an injunction restraining any violation or threatened violation
by the Distributor of the provisions of Sections 2.1, 2.2, 10.1, 10.2 or 14 hereof or to specific performance or other equitable
relief to enforce such provisions and, in connection therewith, that Kamada shall not be obligated to post a bond for or otherwise
ensure payment of any damages which might be incurred by the Distributor because of such legal action. If any such legal action
should be brought by Kamada in a competent court having jurisdiction to enforce the provisions of Sections 2.1, 2.2, 9.1 or 12
hereof, the Distributor shall not allege, and it hereby waives, the defense that an adequate remedy exists without resorting to
such legal action.

 

(ii)         Kamada
acknowledges and agrees that if it fails to perform any of its obligations in accordance with the specific terms of, or otherwise
breaches the terms of, Sections 2.1 or 2.3 of this Agreement, it may cause immediate and irreparable harm and injury to the Distributor
for which money damages would not be an adequate remedy. Therefore, Kamada agrees that, in addition to other remedies provided
herein, the Distributor shall be entitled to an injunction restraining any violation or threatened violation by Kamada of the provisions
of Sections 2.1 or 2.3 hereof or to specific performance or other equitable relief to enforce such provisions and, in connection
therewith, that the Distributor shall not be obligated to post a bond for or otherwise ensure payment of any damages which might
be incurred by Kamada because of such legal action. If any such legal action should be brought by the Distributor in a competent
court having jurisdiction to enforce the provisions of Sections 2.1 or 2.3 hereof, Kamada shall not allege, and it hereby waives,
the defense that an adequate remedy exists without resorting to such legal action.

 

    	Page 26	Kamada – Tuteur – Distribution Agreement

    	 

    

 

-Confidential-

 

15.11         Advice
of Counsel and Construction. Each party acknowledges and confirms that it and its counsel have reviewed this Agreement, that
it has consulted with its counsel regarding this Agreement and that the rule of construction to the effect that any ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation and construction of this Agreement.

 

15.12         Captions.
The captions in this Agreement are inserted for convenience of reference only and are not and shall not be construed as forming
a part of this Agreement.

 

15.13         Use
of Singular and Plural. It is expressly agreed that, whenever reasonable interpretation of the context of this Agreement requires,
the use of the singular of any word shall be deemed to include the plural and vice versa.

 

15.14         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original for all purposes and all
of which, when taken together, shall constitute one and the same Agreement.

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed by their respective, duly authorized, officers, as of the day and year first above written.

 

    	Page 27	Kamada – Tuteur – Distribution Agreement

    	 

    

 

-Confidential-

 

	KAMADA LTD.	 	TUTEUR S.A.C.I.F.I.A S.A.
	 	 	 
	/s/ David Tsur	 	/s/ Edgardo Taraciuk
	By: Mr. David Tsur, CEO	 	By: Edgardo Taraciuk
	 	 	 
	/s/ Eyal Leibovitz	 	 
	By: Mr. Eyal Leibovitz, CFO	 	 

 

    	Page 28	Kamada – Tuteur – Distribution Agreement

    	 

    

 

-Confidential-

 

SCHEDULE A – Kamada’s
Product Specification: In accordance with the approved dossier in each country of the Territory.

 

SCHEDULE B – Distributor’s
Minimum Purchase Requirement: [*****]

 

Kamada’s Maximum Supply Obligation:
up to [*****]

 

SCHEDULE C – Trademarks:
“KAMADA”, “RESPIRA”, “GLASSIA”; Product Logos.

 

SCHEDULE D – Procedure
of Storage, Transport and maintenance of Sterility of the Products by Distributor:

 

STORAGE -

 

		•	2° -go Centigrade TRANSPORT

 

		•	2° -go Centigrade STERILITY

 

SCHEDULE E – Minimum
Supply Price: [*****]

 

SCHEDULE F – Product
Liability Insurance Side Letter: see below

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	Page 29	Kamada – Tuteur – Distribution Agreement

    	 

    

 

-Confidential-

 

[Kamada’s Letterhead]

 

Date: ____________

 

To: TUTEUR S.A.C.I.F.I.A

 

Re: Kamada Ltd. (the “Company”)
- Product Liability Insurance

 

Dear Sirs,

 

We are writing to inform you that we intend
to include you as “Additional Insured” within the Company’s Product Liability Insurance Policy (the “Policy”).

 

Such inclusion is subject to the terms and
conditions of the Policy, a copy of the relevant provisions is attached.

 

The inclusion is done at the Company’s
sole discretion and the Company may elect to cancel such inclusion, change or reduce the coverage at any time and for any reason
whatsoever with or without notice.

 

Your inclusion in the Company’s Product
Liability Insurance is in addition to, and not instead of, any other insurance you have or are required to have under your agreement
with your insurance companies.

 

Accordingly, nothing herein derogates, limits
or relieves you from any of your responsibilities and liabilities under the agreement with the Company, including, without limitations,
the obligation to obtain the appropriate insurance coverage for your activities in connection with the Agreement.

 

Sincerely yours,

 

KAMADA LTD.

 

*****************************************************************

 

    	Page 30	Kamada – Tuteur – Distribution Agreement

    	 

    

 

-Confidential-

 

GENERAL PROVISIONS

 

Coverage is provided only for sales of the
Company’s Product in the ordinary course of vendor’s (distributor’s) business.

 

Coverage is subject to vendor’s written
notice to the Company of any product liability claim immediately upon becoming aware of such claim or of circumstances that may
lead to such claim.

 

Coverage expressly excludes liability for
or deriving of any express or implied warranty, or any liability for distribution or sale for a purpose unauthorized by Kamada.

 

Coverage does not apply to injury or damage:

 

		1.	Arising out of any act of the vendor which changes the
condition of the Product.

 

		2.	Arising out of any failure to maintain the Product in
merchantable condition.

 

		3.  	Arising out of alteration, treatment,
processing, assembling, installation, repairing, packing/repacking, labelling, servicing and the like of such goods by the above
Vendor or retailer.

 

		4.	Occurring within the vendor’s premises or occurring
prior to sale of the designated Products.

 

The
Vendor undertakes to comply with the Policy’s conditions in so far as applicable.

 

Any disputes that may arise between Vendor
and Kamada and/or the Insurers regarding Policy conditions will be governed by Israeli Law.

 

    	Page 31	Kamada – Tuteur – Distribution AgreementExhibit 10.18

 

 

 

FRACTION IV-1 PASTE SUPPLY AGREEMENT

 

This Fraction IV-1
Paste Supply Agreement is entered into, and effective as of this 3rd day of December, 2012 (“Effective Date”),
by and between Baxter Healthcare S.A., a Swiss entity, having a place of business at Postfach, 8010 Zurich, Switzerland (“Baxter”)
and Kamada Ltd., having a place of business at 7 Sapir St. Kiryat Weizmann, Ness-Ziona 74036, Israel (“Kamada”).

 

RECITALS

 

WHEREAS, Kamada wishes
to purchase filter-aid derived Fraction IV-I Paste (“Product”) from Baxter for further manufacturing of Alpha
1 Antitrypsin and/or human Transferrin derived from the Product for clinical and commercial purposes; and

 

WHEREAS, Baxter desires
to sell available Product to Kamada for further manufacturing of Alpha 1 Antitrypsin and/or human Transferrin derived from the
Product for clinical and commercial purposes upon the following conditions;

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual promises contained herein, the parties agree as follows:

 

TERMS

 

1.          Purpose.
Baxter will supply and Kamada will purchase Product that meets the requirements of the Certificate of Analysis for Fr. IV-1 specified
under Exhibit A, the form thereof will be attached to the Quality Agreement (as defined below) (the "Certificate of Analysis"),
and that fits for further process for human use in accordance with EMA regulations and guidelines. Kamada further agrees that the
Product will not be used for any other purpose than that stated above nor sold to any third party for any reason.

 

The parties shall enter, within  [*****] following execution of this
Agreement, into a quality agreement which shall be attached as Exhibit D hereto and incorporated herein by way of reference
(the “Quality Agreement”).

 

2.          Orders
and Supply. During the term of this Agreement Baxter shall make available to Kamada, yearly quantity of Products according
to the table in Exhibit B (the "Basic Amount"). Upon agreement with Kamada Baxter may adjust the “Basic
Amount” in Exhibit B annually by end of September.

  

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	Page 1

    	 

    

 

Kamada shall provide Baxter in writing,
on a [*****] basis, a non-binding forecast of Kamada’s expected requirements for delivery of Products (including then current
packaging requirements), for each month in the following [*****] period (the "Forecast").

Kamada shall deliver binding purchase orders
from time to time by written or electronic purchase orders (or by any other means agreed to by the parties) to Baxter, at least
[*****] to the desired date of delivery (the "Binding Forecast"). Baxter shall either: (i) acknowledge and accept
or (ii) reject any purchase order in writing within [*****] of receipt, provided that Baxter shall not reject any purchase order
below the agreed monthly amount of [*****] of the Basic Amount as described in Exhibit B. If this minimum amount cannot
be reached due to foreseeable reasons such as shutdowns, maintenance or supply reasons, Baxter will inform Kamada about not meeting
a specific order quantity as soon as the information is available and shall make its best efforts to provide Kamada with the shortage,
as soon as possible. All Products ordered by Kamada under this Agreement shall be delivered on or, subject to prior coordination
between the parties, before the delivery date set forth in the applicable purchase order.

 

If Baxter does not provide an acknowledgement
to Kamada within [*****] of its receipt of a purchase order, and the aggregate quantities set forth in the purchase orders for
delivery in the applicable month do not exceed, in the aggregate, the Basic Amount (unless Baxter has otherwise affirmatively agreed
in writing to meet the excess quantities ordered), Baxter shall be deemed to have accepted each purchase order from Kamada.

 

3.          Payment.
The price and payment terms that Kamada and Baxter have agreed upon are listed in Exhibit B. Kamada shall pay a late fee
of [*****] for any invoices paid beyond [*****]
of Baxter’s invoice date. Any shipment of Product composed and invoiced by Baxter and accepted by Kamada shall be subject
to the terms and conditions of this Agreement (except to the extent otherwise explicitly agreed to in writing). Any use of the
Product shall be in accordance with this Agreement and the label of the Product. There are no expressed or implied warranties,
including any warranty of merchantability or fitness for a particular purpose accompanying the sale of this Product, except with
respect to the compliance of the Product to the Certificate of Analysis. Neither party shall be liable for any, incidental or consequential
damages arising from or in connection with this Agreement or from the use of the Product by Kamada and shall only be liable for
direct damages to the extent that such damages are attributable to the negligence or wrongful conduct of such party.

 

4.          Warning
Notice. Kamada specifically acknowledges that when products prepared from human blood or plasma (including the Product) are
administered, the potential for the transmission of infectious agents (such as viruses or other infectious particles, and including
infectious agents that may not have been discovered or characterized at this time) cannot be totally eliminated, despite stringent
controls applied in the selection of blood and plasma donors and prescribed manufacturing standards used at blood and plasma collection
centers, testing laboratories and fractionation facilities. Kamada agrees that any claims resulting from or alleging such transmission
of infectious agents, are intended to be covered by the indemnification provisions of Article 9. 

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

    	Page 2

    	 

    

 

5.          Recall.
If, in Baxter’s sole discretion, or as a consequence of regulatory requirements, Baxter decides to undertake a recall of
certain lots of the Product or other fractions processed from the same plasma units as the Product, due to the derivation of the
fractions being from the same plasma sourcing or associated with a specific plasma donor whose plasma was used in the manufacture
of the Product, Baxter shall notify Kamada of such recall and Kamada shall make the determination of whether or not to initiate
a recall of its own products manufactured with the Product from its own customers. If Kamada initiates a withdrawal or recall for
any of the reasons specified above or upon proof that the Product used in the manufacture of Kamada’s product caused safety
of quality problems in Kamada's product, then Baxter shall reimburse or provide Kamada with the cost of the Product used by Kamada
in the production of Kamada’s products or provide equivalent replacement Product. [*****]

 

6.          Change
Control. Any changes to the Certificate of Analysis will require Kamada’s prior written approval, in accordance with
an approval mechanism to be agreed upon under the Quality Agreement. Such approval mechanism will set reasonable and customary
notice time frames which will enable Kamada to make all the required arrangements for such change.

 

7.          Acceptance/Rejection.    
Kamada shall have a period of [*****] from date of its receipt of a shipment of the Product and accompanying documentation at Kamada’s
Israel plant to inspect and reject all or part of the corresponding shipment of the Product for nonconformity with the Certificate
of Analysis, that has not been manufactured, processed, stored, tested, transported internally, disposed of or otherwise handled
in accordance with applicable SOPs, cGMPs and/or the Regulations, as such terms are defined in Exhibit B hereto, and in
accordance with the Quality Agreement. If Kamada rejects all or part of such shipment, it shall promptly notify Baxter and the
provisions of this Article 8 shall apply. In the event that Kamada rejects all or part of any shipment of the Product as above
said, Baxter will, at no cost to Kamada, and within [******] replace such nonconforming Product with an equivalent amount of conforming
Product depending upon availability of Product. Kamada shall provide Baxter with a proof of destruction notice for all Product
rejected by Kamada before any replacement conforming Product is made available to Kamada, depending upon the availability of such
replacement product.

 

Latent Defects. If, after accepting
a shipment of the Product, Kamada discovers latent defects that do not conform to the Certificate of Analysis and that are not
reasonably discoverable during the [*****]
days acceptance period set forth above, Kamada may revoke its acceptance of such shipment of the Product by giving written notice
and disclosing the nature of any defects to Baxter as soon as practicable after discovering such defects. In such event, Baxter
will conduct further testing to confirm specification nonconformance on the Product. Should Baxter’s test results confirm
specification nonconformance, then the Product delivered in such shipment shall be considered a nonconforming Product, and
the provisions set forth in this Article 8 shall apply.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	Page 3

    	 

    

 

8.          Term
and Termination. This Agreement shall become effective on the Effective Date and shall remain in full force and effect until
December 31, 2021 (the “Initial Term”), unless earlier terminated in accordance with the terms herein. The Initial
Term may be renewed for two consecutive two (2) year periods (each an “Additional Term”) upon mutual agreement
of both parties by giving written notice to the other party at least [*****] in advance of the expiration of the Initial Term or
any Additional Term. Either party may terminate the Agreement for any reason with twelve (12) months prior written notice to the
other party, provided that as a condition to such termination by Baxter, Baxter shall be obligated to provide Kamada, upon Kamada's
request, with Products at the amount equivalent to the previous year's total amount of Products sold to Kamada in addition to the
Products to be sold during the last year of the Agreement; such Products, to be sold and delivered under the terms of this Agreement.
In the event that either party materially breaches the Agreement, the breaching party upon [*****] days prior written notice shall
make a good faith attempt to cure the breach. If the breaching party fails to cure the breach during the [*****]
day cure period, the non-breaching party may terminate the Agreement. Articles 3, 4, 5, 6, 7, 8, 9, 10, 14 and 16 shall survive
termination of this Agreement. This Agreement shall also be terminated in accordance with the provisions of Article 13 below (Revocation
of Product License). Upon termination for any reason, all Products ordered under any purchase orders issued by Kamada prior to
such termination shall be supplied to Kamada.

 

9.         Indemnification. Kamada shall
defend, indemnify and hold harmless Baxter, its successors, assignees, affiliates, directors, officers, agents and employees (collectively
referred to in this Article 9 as “Baxter”), from and against any and all liabilities, losses, damages and expenses
(including reasonable attorney’s fees) actually borne by Baxter as the result of claims, demands, costs or judgments which
have been made or instituted against any of them by third parties arising out of Kamada’s purchase, possession, packaging,
distribution, use, testing, sale or other disposition of products which were manufactured with the Product, and whether or not
resulting from the actual or alleged acts or omissions of Baxter. This indemnity shall not apply, however, to the extent any such
liabilities, losses, damages or expenses are caused by the negligence or willful misconduct of Baxter.

 

Baxter shall defend, indemnify and hold
harmless Kamada, its successors, assignees, affiliates, directors, officers, agents and employees (collectively referred to in
this Article 9 as “Kamada”), from and against any and all liabilities, losses, damages and expenses (including
reasonable attorney’s fees) actually borne by Kamada as the result of claims, demands, costs or judgments that may arise
out of Baxter’s breach of its warranties under this Agreement or the Quality Agreement or from its negligence or willful
misconduct.

  

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	Page 4

    	 

    

 

The indemnifying party under this Section
9 (the “Indemnifier”) shall have the right to control the defense of any action which is to be indemnified by
it hereunder, including the right to select counsel reasonably acceptable to the party seeking indemnification (the “Indemnitee”)
to defend the Indemnitee, and to settle any claim. The Indemnifier will not enter into any settlement that would admit any fault
of the Indemnitee or place any blame on the Indemnitee’s products without the prior written consent of the Indemnitee. The
provisions of Articles 3, 5 and 9 shall survive and remain in full force and effect after any termination, expiration or cancellation
of this Agreement and Kamada’s obligation hereunder shall apply whether or not such claims are rightfully brought.

 

The Indemnitee shall promptly notify the
Indemnifier of any loss, claim, damage, liability or action in respect of which the Indemnitee intends to claim indemnification
under this Article 9, and the Indemnifier shall assume the defense thereof at the Indemnifier’s expense. The Indemnitee
shall fully cooperate with the Indemnifier and its legal representatives in the investigation and defense (including settlement
negotiations) of any matter that is the subject of indemnification. The Indemnitee may elect to be represented by additional
counsel of its choosing at its own expense. Both parties shall cooperate fully with each other in the investigation of any action,
claim or liability covered by this indemnification.

 

NOTWITHSTANDING
ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES FOR ANY SPECIAL,
PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION LOST PROFITS OR LOST REVENUES.

 

10.         Insurance:
 Kamada shall, to the extent permitted by law, secure and maintain in full force and effect during the term of any clinical
trial conducted with Kamada’s product manufactured from the Product and for a period of [*****] following termination of
any and all such clinical trials, a Clinical Trials Liability insurance policy in an amount of at least [*****] per occurrence
and [*****] in aggregate per annum. A Certificate of Insurance evidencing the appropriate Clinical Trials Liability insurance coverage
shall be made available to Baxter within [*****] following Baxter’s request. Upon Kamada’s initial commercial distribution
of a final product manufactured by Kamada from the Product supply, Kamada shall, to the extent permitted by law, acquire a Product
Liability insurance policy with a coverage limit of [*****] per occurrence and in aggregate per annum. Kamada shall maintain such
policy in full force and effect throughout the performance of this Agreement and for a period of [*****] following termination
of this Agreement. A Certificate of Insurance evidencing the appropriate Product Liability insurance coverage shall be made available
to Baxter within [*****] following Baxter’s request. Baxter shall, to the extent permitted by law, secure and maintain in
full force and effect throughout the performance of the Agreement and for a period of [*****]
following termination of this Agreement, General Liability Coverage, either by way of an insurance policy and/or self insurance
program, in an amount appropriate to assume the risk and provide sufficient coverage for the Product.

  

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

    	Page 5

    	 

    

 

11.         Use
of Names. Neither party shall use the name of the other party or the names of that party’s officers, affiliates, agents
or employees in any commercial or noncommercial advertising, article, press release, or any other form of writing without the prior
written permission of the party whose name is to be used. Notwithstanding the foregoing: (i) Kamada may disclose the name of Baxter
as the manufacturer and supplier of the Product, to the extent required for the transportation and/or importation of such Product
to Kamada’s facilities in Israel, and/or as shall be required by any competent regulatory authority, and/or in connection
with any due diligence checks by any third party who is bound by customary non-disclosure requirements; and (ii) neither party
will be prevented from complying with any duty of disclosure it may have pursuant to applicable laws (including without limitation
applicable securities laws or stock exchange regulations), provided however, that such party shall first inform the other party
of such request or legal requirement for disclosure.

 

12.         Force
Majeure. Should Baxter be precluded from supplying all or part of the Product provided for in this Agreement temporarily, indefinitely,
or permanently due to acts of God or new legislation such as, riots, strikes, war, act of terror, natural disasters, shortage of
plasma due to industry constraints or should Kamada be precluded from further manufacture using all or part of the Product provided
for in this Agreement temporarily, indefinitely, or permanently due to acts of God or new legislation such as, riots, strikes,
war, act of terror, and natural disasters, then this Agreement shall be suspended to the extent necessary and for the time necessary
to allow for the remedy of the situation causing the disruption of sale or use of the Product, provided that the delay in performance
shall not exceed [*****] for any reason unless the parties agree in writing to a longer period. If any of the above acts occurs,
the affected party will immediately notify the other party by fully disclosing the problem, the date the problem occurred, and
the date that production can restart. Notwithstanding the foregoing, the parties agree that a force majeure event does not relieve
any party from fulfilling its obligations under sections 2, 4, 5, 7 and 8 of the Agreement. If such circumstances of force majeure
continue beyond 3 months (or a longer period agreed on in writing by the parties), the non affected may terminate this Agreement
immediately by a written notice to the affected party.

 

13.         Revocation
of Product License. In the event the establishment and/or maintenance of product licenses under which the Product processed
shall be revoked by the respective government regulatory authorities, and therefore, production or sale of the Products is forbidden,
this Agreement shall terminate, without penalty to any party, and neither party shall be further liable to the other. Such termination
shall be effective immediately upon the affected party notifying the other party in writing of the revocation. Kamada may terminate
this Agreement with a [*****] written
notice in the event that the establishment and/or maintenance of marketing approval for Kamada’s products derived from the
Product shall be revoked by the applicable regulatory authority. In such circumstances, Kamada is obligated to pay for any outstanding
Product shipped prior to notice of termination. Without derogating from the above, Baxter shall immediately notify Kamada in writing
if it assumes that the establishment and/or maintenance of product licenses under which the Product processed may be revoked.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	Page 6

    	 

    

 

14.         Notices.
All notices, communications, demands and payments required or permitted to be given or made hereunder or pursuant hereto shall
conclusively be presumed for all purposes of this Agreement to be given or made at the time the same is personally given or made,
or faxed or emailed, or at the time the same is placed in an envelope and deposited in the mail, with sufficient postage prepaid,
addressed as follows:

 

	Notice to:	 	Kamada Ltd.
	 	7 Sapir St. Kiryat Weizmann
	 	Ness-Ziona 74036
	 	Israel
	 	Attn:  David Tsur
	 	 
	Notice to:	 	Baxter Healthcare S.A.
	 	Postfach, 8010
	 	Zúrich, Switzerland
	 	Attn: Director, Supply Chain
	 	 
	With a copy to:	 	Baxter Healthcare Corporation
	 	One Baxter Way
	 	Westlake Village, CA  91362
	 	Attn: Director, Supply Chain

 

15.         Assignment.
This Agreement shall not be assignable by either party, except for an assignment accompanying a transfer of the business to which
this Agreement pertains or to a parent corporation or affiliate under common ownership with the transferring party, without the
written consent of the other party, which consent shall not be unreasonably withheld.

 

16.         Governing
Law/Arbitration. This Agreement shall be governed by the laws of England, and its interpretation, construction, and the remedies
for its enforcement of breach are to be applied pursuant to and in accordance with the laws of England. The competent courts in
London, England shall have exclusive jurisdiction with respect to any and all actions brought hereunder, and each party irrevocably
submits to the jurisdiction of such courts.

 

If a dispute arises between the parties
relating to the interpretation or performance of this Agreement, and the parties cannot resolve the dispute within [*****]
of a written request by either party to the other party, the parties agree to hold a meeting, attended by individuals with decision-making
authority regarding the dispute, to attempt in good faith to negotiate a resolution of the dispute prior to pursuing termination
or other available remedies, legal or otherwise.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

    	Page 7

    	 

    

 

17.         Entire
Agreement. This Agreement, the attached Exhibits B and C (Quality Agreement) and the related attachments, constitute
the entire agreement between the parties relating to the subject matter herein, and all prior proposals, discussions, letters and
agreements by and between the parties and relating to the subject matter herein are hereby superseded and rendered null and void,
except for the Confidential Disclosure Agreement dated March 31, 2006. None of the terms of this Agreement shall be deemed to be
waived by either party or amended unless such waiver or amendment is written and signed by both parties, and recites specifically
that it is a waiver of, or amendment to, the terms of this Agreement.

 

18.         Severance.
In the event any portion of this Agreement is declared void or invalid by a court or tribunal of competent jurisdiction, such provision
shall be modified or severed from this Agreement, and the remaining provisions shall remain in effect, unless the effect of such
severance would be to alter substantially this Agreement or the obligations of the parties, in which case this Agreement may be
immediately terminated.

 

    	Page 8

    	 

    

 

IN WITNESS THEREOF, the parties have caused this Agreement to
be executed by their duly authorized representatives.

 

	BAXTER HEALTHCARE S.A.	 	KAMADA LTD.
	 	 	 
	By:	/s/ Sarah Byrne-Quinn	 	By:	/s/ David Tsur
	 	 	 
	Name: Sarah Byrne-Quinn	 	Name: David Tsur
	 	 	 
	Title: VP Business Development	 	Title: CEO
	 	 	 
	Date:	18/12/12	 	Date:	3/12/12
	 	 	 
	BAXTER HEALTHCARE S.A.	 	KAMADA LTD.
	 	 	 
	By:	/s/ Yvo Aebli	 	By:	/s/ Gil Efron
	 	 	 
	Name: Yvo Aebli	 	Name: Gil Efron
	 	 	 
	Title: Finance Director	 	Title: CFO
	 	 	 
	Date:	19/12/12	 	Date:	3/12/12

 

    	Page 9

    	 

    

 

EXHIBIT A

 

CERTIFICATE OF ANALYSIS: 

 

This Exhibit A has been redacted in its
entirety.*

 

 

 * Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

    	Page 10

    	 

    

 

EXHIBIT B

 

VOLUME / PRICE: 

 

	Product	 	Period and

manufacturing phase	 	Price Per Kilogram	 	Estimated, non-binding,

maximum Quantities	 
	[*****]	 	[*****]	 	[*****] 	 	[*****]	 

 

The parties shall agree on appropriate
mechanisms for Forecasting and Purchase Orders under Section 2 “Orders and Supply”, [*****] days of execution of this
Agreement.

 

The foregoing quantities pertain to Product
manufactured through filtration process. Each manufacturing pool consists exclusively of either recovered or source plasma.

 

Fr. IV-1 Paste samples for each manufactured
lot assigned for shipment to Kamada are to be included with each shipment. [*****] aliquots of not less than [*****] each of Fr.
IV-1 Paste from each lot are to be collected and transferred to [*****]. The sample test tubes shall be marked with the lot number
and shall be placed in bucket A of each lot for each shipment. The samples shall be frozen at no more than –20°
Celsius until shipment.

 

Baxter hereby represents that Fr. IV-1
Paste lots supplied to Kamada under the Agreement are manufactured from the same plasma pools that are used by Baxter in manufacturing
of other plasma derivatives for human use.

 

Beginning [*****] and each [*****] thereafter during the Term,
the Product Price shall be [*****] by [*****] over the [*****] as [*****].

 

DELIVERY TERMS / LABELING: 

 

Product to be shipped to the address provided
by Kamada as follows:

 

Delivery of Product - [*****] PASETTISTRASSE
(INCOTERMS 2010). Delivery charges are the responsibility of [*****]. Loading and shipping of the
Fraction IV-1 Paste must be according to the previously validated procedure “[VN-PVT0062-01-VPR.01]. Loading of the
Reefer is done via a cold air lock. Kamada shall define the pallet configuration to meet the conditions at unloading of the Reefer
appropriately. The costs for those requirements will be taken by [*****] according to the [*****] delivery conditions.

If Kamada prefers a different shipping
method, Baxter will accept Kamada’s validated approach. Costs for thermal protection of the single pallets to meet unloading
conditions at the destination appropriately are the responsibility of [*****].

The data loggers (Marathon) will be provided
by [*****].

Sending as well as receiving sites will
establish SOPs to define the shipping process.

 

Product to be shipped to the address provided
by Kamada as follows:

 

Efrat Ben Nachum

Kamada Ltd.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

    	Page 11

    	 

    

 

Kibutz Beit Kama, M.P.
Negev 85325

Israel

Tel Direct: 972-8-9913189

Tel General: 972-8-9913111

Email: efratb@kamada.com

 

Required Documentation

Original
with shipment / copies scanned and sent by e-mail prior, at least [*****] business days
prior to shipment:

 

		-	Certificate of Analysis for Fraction IV-1 (in the form attached to this Agreement), as shall be
amended to comply with the updated regulatory requirements or the competent authorities’ requests, from time to time;

		-	Packing List stating lots numbers, numbers and weight of each of the buckets in each lot;

		-	Invoice;

		-	Certificate of Country of Origin of the Product (Eur 1)

 

Baxter shall label Product per Attachment
1 of Exhibit B.

 

PAYMENT TERMS:

 

Baxter shall invoice Kamada upon [*****]
of Product from [*****]. Payment shall be due at [*****]
of the date of Baxter’s invoice. Invoices paid beyond net terms are subject to a late payment charge of [*****]
month.

 

	Kamada to remit payment to:	Baxter Healthcare SA
	 	Deutsche Bank AG
	 	Zweigniederlassung Zürich
	 	Uraniastrasse 9
	 	Postfach 7370
	 	CH – 8023 Zürich
	 	 
	 	[*****]
	 	 
	Baxter to bill to:	Kamada Ltd.
	 	Science Park
	 	7 Sapir St.
	 	Kiryat Weizmann
	 	Ness-Ziona 74140, Israel
	 	Attn:  Finance Division

 

All payments shall be made in euro by way
of wire transfer to such bank account that shall be designated from time to time by Baxter.
It is agreed that any delay in transfer of any payment hereunder because of telecommunication and other inter-banks
issues shall not be considered default by Kamada.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

    	Page 12

    	 

    

 

Exhibit
C 

 

REGULATORY SUPPORT 

 

Upon Kamada’s written request, Baxter
will provide Kamada with an authorization letter to reference to the relevant Baxter’s Albumin registration file, as applicable.

Should Kamada wish to file dossier(s) of
its AAT or Transfferin to the EMA and/or any local EU Regulatory Authority, either in centralized procedure (CP), decentralized
procedure (DCP) or national or MR procedure, Baxter shall provide all the regulatory support and assistance needed for such registration,
including preparing and providing Kamada with a [*****], in accordance with the applicable laws, guidelines and regulations [*****].
Baxter shall provide Kamada with the [*****] within [*****] from Kamada's request.

 

In consideration for Baxter's providing
Kamada with such support and assistance, including preparation and provisions of the [*****] ("Regulatory Support"),
Kamada shall pay Baxter a total amount of [*****] ("Regulatory Fees").

 

Baxter
shall, upon written request by Kamada, provide Kamada with pertinent supporting data, information, documentation and/or certifications,
including any information derived from additional studies or testing, as may be required under any applicable law and/or by any
competent regulatory authority, worldwide, in order to obtain, maintain, or defend the regulatory approvals necessary for the
performance of clinical trials with Kamada's products derived from the Product (“Kamada's Products”), for the
importation of the Product by Kamada and registration of Baxter as authorized supplier with the competent regulatory authorities,
the development and/or manufacturing of Kamada's Products and/or for the marketing and sale of Kamada's Products.  

  

In
addition, any updates or changes in the above data, information, documentation and certifications shall also be provided as needed.

 

Obtaining
any information or documents that are not generated as part of Baxter's normal business practices (e.g. Product stability data),
will be [*****].

 

AUDITS 

 

Kamada has to notify the SUPPLIER
about an inspection [*****] in advance. Kamada, in its written notice, will propose the dates and attach an audit plan/agenda ensuring
the scope of the audit is properly defined. [*****] shall bear all costs and expenses incurred in connection with the audit. The
audit frequency shall be no more than [*****] lasting for no more than [*****],unless
there is a serious proven risk signal requiring a specific audit. For any audit request exceeding above described scope SUPPLIER
may charge Kamada a reasonable fee, payable in advance.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

    	 

    	 

    

 

EXHIBIT D

 

QUALITY AGREEMENT

 

    	 

    	 

    

 

ATTACHMENT 1 to Exhibit B: Fraction IV-1 Label:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]