Document:

Exhibit
10.3

 

Set-Off
Agreement

 

This
Set-Off Agreement (this “Agreement”) is entered into as of December 31, 2020 by and among World Health Energy
Holdings, Inc., a Delaware corporation (“WHEN”), UCG, Inc., a Florida corporation (“UCG”),
RNA Ltd. a company formed under the laws of the State of Israel (“RNA”) Gaya Rozensweig (“GR”),
Giora Rozensweig (“Giora”) and George Baumoehl (“GB”).

 

RECITALS

 

 

WHEREAS,
GR and GB own 100% of the equity interests in UCG and, in additional serve as the directors of WHEN;

 

WHEREAS,
Giora is a shareholder in and a director and executive officer of WHEN;

 

WHEREAS,
GR, Giora and GB collectively owe to RNA an aggregate of $250,609 as of December 31, 2020 (the “GR Debt”);

 

WHEREAS,
WHEN owes to UCG an aggregate amount of $2,063,314 as of December 31, 2020 (the WHEN Debt”)

 

NOW,
THEREFORE, for good and sufficient consideration, the parties hereto hereby agree as follows:

 

1.
Effective as of the date of this Agreement, the parties hereto agree that the GR Debt and the WHEN Debt are hereby set off. As
a result thereof, the WHEN Debt is hereby satisfied and extinguished to the extent of an amount equal to the GR Debt, resulting
in a net amount payable by WHEN owing to UCG of $1,812,704 (the “Net WHEN Payable”).

 

2.
The Net WHEN Payable shall not bear interest.

 

3.
No amendment to or waiver of any provision of this Agreement nor consent to any departure by any party from any provision in this
Agreement shall in any event be effective unless the same shall have been agreed to in writing by the all of the parties hereto.

 

4.
This Agreement shall be construed and enforced in accordance with the rights of the parties and the rights of the parties shall
be governed by, the State of Delaware, excluding choice of law principals of the law that would require the application of the
laws of a jurisdiction other than the laws of the State of Delaware.

 

5.
This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Facsimile signatures (or other electronically delivered signature pages) to this Agreement
or any other document required to be delivered at Closing pursuant to this Agreement shall be binding on the parties.

 

6.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or, invalidity, without invalidating the reminder of such provision or the
remaining provisions of this Agreement.

 

7.
This Agreement shall inure to the benefit and shall be binding upon all the parties, their legal representatives, successors,
heirs and assigns.

 

8.
This Agreement sets forth the entire agreement of the parties and shall not be amended, modified, or otherwise changed except
in a writing signed by both parties and incorporating this Agreement by reference.

 

[The
remainder of this page is intentionally left blank; signature pages follow.]

 

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IN
WITNESS WHEREOF, the undersigned have caused this Set-Off Agreement to be executed and delivered by their duly authorized
officers as of the date first above written.

 

	WORLD
    HEALTH ENERGY HOLDINGS, INC.	UCG.
    INC.
	 	 	 	 
	By:	/s/
    Giora Rozensweig	By:	/s/
    George Baumeohl
	Title:	 	Title:	 
	Name:	 	Name:	 

 

	RNA LTD	 
	 	 	 
	By	/s/
    Gaya Rozensweig	 
	Title:	 	 
	Name:	 	 

 

	/s/
    Gaya Rozensweig	 	/s/
    George Baumoehl
	Gaya
    Rozensweig	 	George
    Baumoehl

 

	/s/
    Giora Rozensweig	 	 
	Giora
    Rozensweig	 	 

 

    	2Exhibit
10-4

 

IRREVOCABLE
LICENSE & ROYALTY AGREEMENT

 

This
IRREVOCABLE LICENSE & ROYALTY AGREEMENT (“Agreement”) is entered into as of December 31, 2020 by SG 77, Inc. a
Delaware corporation (“SG”) and Giora Rozensweig (“GR”)

 

RECITALS

 

WHEREAS,
pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”) dated as of April 27, 2021, among the World
Health energy Holdings, Inc. (“WHEN”), R2GA, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“WHEN”),
UCG, Inc., a Florida corporation (“Seller”), SG 77 Inc., a Delaware corporation and wholly-owned subsidiary of Seller (“SG”),
and RNA Ltd., an Israeli company and a wholly owned subsidiary of SG (“RNA”), whereby SG became a direct and wholly owned
subsidiary of WHEN and RNA indirect wholly owned subsidiary of the Company.Exchange & Acquisition Agreement dated August 10, 2011

 

WHEREAS,
pursuant to the Merger Agreement, SG acquired from GR certain technology relating and all the Intellectual Property arising out of or
related to the technology (“Technology”);

 

WHEREAS,
GR is the chief executive officer of WHEN;

 

WHEREAS,
the Technology currently resides wholly and exclusively in GR; and

 

WHEREAS,
the parties desire to irrevocably license the Technology to SG;

 

WHEREAS,
in exchange for various consideration in exchange for licensing the Technology to GS, WHEN and SG have agreed to grant GR a royalty interest
in any and all revenues generated by SGS/WHEN or any affiliate (hereinafter the “WHEN Group”) from any source throughout
the world (“Royalty Territory”) from the exploitation, utilization or commercialization of the Technology.

 

WHEREAS,
the parties intend that such license to use the Technology will be an exclusive license;

 

NOW
THEREFORE, in consideration of the mutual covenants contained in this Agreement and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows.

 

1.
DEFINITIONS

 

1.1 Affiliate means, with respect to any specified person, any other person which controls,
is under common control with, or is controlled by such specified person.

 

1.2 Gross Revenues means the gross revenue collected and realized by WHEN Group or its Affiliates
during the Term from any and all commercial endeavors in the Royalty Territory directly or indirectly involving the Technology.

 

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1.4 Royalty means one and one half percent (1.5%) of the annual Gross Revenues from the
sale or lease of the products utlizing the Technology; provided, that such Royalty shall become payable after the WHEN Group has recoded
Reveneus in an aggregate amount of $200,000.

 

1.5 Term means the period commencing as of the date of this Agreement and shall continue
for a period of fifteen (15) years.

 

2.
ROYALTIES

 

2.1
License. GR hereby irrevocably and exclusively grants a world-wide license to SG of all of his rights to the Technology (“License”)
in exchange for the payment by WHEN Group to GR of any Royalty accruing under this Agreement on a quarterly basis in arrears. This License
shall provide SG with the exclusive right to exploit, utilize and commercial the Technology for the Term.

 

2.2
Payment. Within sixty (60) days after the end of each fiscal quarter during the Term, WHEN Group shall submit to GR a statement
in writing indicating the Gross Revenues during the previous calendar quarter and a calculation of the Royalty due along with payment
of the appropriate Royalty amount (“Royalty Statement”). Upon termination or expiration of this Royalty Agreement, all past
due Royalties shall be accelerated and shall immediately become due and payable.

 

2.3
Sub Licenses. WHEN Group may sub license the Technology. Any revenue derived from sub licensing shall be included in the calculation
of Gross Revenue for purposes of determining Royalty payments due GR.

 

2.4
Audit. WHEN Group agrees to maintain accurate and complete records of all Gross Revenues and Royalty payments made pursuant to
this Royalty Agreement (the “Records”). The Records will be retained for a period of at least one (1) year following the
date a Royalty payment is made to GR hereunder. With prior written notice of at least thirty (30) days, WHEN Group agrees to permit GR
or any person or entity designated by GR to examine and audit the Records, provided that WHEN Group may require such third party representative
to sign a non-disclosure agreement prior to any such disclosure. The audit will be conducted during normal business hours at the place
the Records are normally maintained and will not unreasonably disrupt the business of WHEN Group. In the event such audit discloses an
underpayment or overpayment of Royalties due hereunder, the appropriate party will promptly remit the amounts due to the other party
within thirty (30) days. Such audit shall be conducted at GR’s expense; unless a discrepancy or error resulting in an under-payment
exceeding five percent (5%) of the amount actually due is found in conjunction with audit, in which case, the cost of such audit shall
be borne by WHEN Group. Prompt adjustment shall be made by the appropriate party to compensate for any errors or omissions disclosed
by such audit.

 

3.
TERMINATION AND TRANSFER

 

3.1
Termination. Notwithstanding the Term, this Royalty Agreement shall terminate upon written notice from one party to the other
if the party receiving such notice is in material breach of its obligations hereunder, or if any of its representations hereunder prove
false or misleading, and the same is not cured within thirty (30) days from that date of such notice.

 

3.2
Sale or Transfer. WHEN Group is prohibited from selling or otherwise transferring the Technology without the written consent from
GR. Any attempt to sell or transfer the Technology without the written consent of GR shall be void ab initio.

 

4.
RIGHTS OF WHEN GROUP

 

4.1
Title. WHEN Group acknowledges GR’s ownership of the Technology and shall not at any time do or suffer to be done any act
or thing which will in any way impair the rights of GRSEER in and to the Technology.

 

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4.2
Regulatory Filings. WHEN Group will be responsible, at its sole discretion, for obtaining and maintaining any and all regulatory
approvals necessary or useful for the marketing, placement, promotion or exploitation of the Technology. GR shall provide any documents
requested by WHEN Group in connection with obtaining and maintaining such approvals.

 

4.3
Product Design. WHEN Group shall be entitled, in its sole discretion, to make any improvements or adjustments to the Technology
as it deems necessary or desirable.

 

4.4
Intellectual Property Rights. GR represents and warrants that no filing with, consent, approval, authorization, order, registration,
or qualification of any third party is necessary for or required for the valid execution, delivery and performance by GR of its obligations
under this Agreement. In furtherance thereof, GR represents and warrants that the Technology, with respect to either design or operation,
and the GR IP will not result in a default of or breach by GR under any third-party agreement or its affiliates with respect to the Technology.

 

4.5
Intellectual Property Enforcement Rights. WHEN Group may enforce any patent, trade secrets or other intellectual property rights
related to the GR Technology against infringers, and receive damages awarded against the infringers in any such enforcement actions.
Each party shall: (a) at the other’s written request, execute all instruments and take all other steps necessary to assist in any
intellectual property right enforcement efforts; and (b) immediately notify the other in writing in the event it learns of any claim
or act of any third party that constitutes or may constitute or result in the infringement or any other violation of the intellectual
property rights in the GR IP or Technology.

 

5.
REPRESENTATIONS AND WARRANTIES.

 

5.1
Representations and Warranties of WHEN Group. WHEN Group represents and warrants that it has the requisite organizational authority
and power to enter into this Agreement.

 

5.2
Representations and Warranties of GR. GR represents and warrants that it has the requisite organizational authority and power
to enter into this Agreement; that its contributions to the Technology and the GR IP will not, to its knowledge, infringe or misappropriate
any patent, copyright, trade secret or other intellectual property right of any third party; that no third party has any rights, intellectual
property or otherwise, in the GR IP; and that its performance hereunder are not subject to any restriction or limitation, contractual
or otherwise, and will not constitute a breach of any agreement or commitment to which it is bound.

 

6.
MISCELLANEOUS

 

6.1
Entire Agreement. This Agreement sets forth the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes any previous understandings or agreements, whether written or oral, regarding such matter.

 

6.2
Binding Agreement: Assignment. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of
WHEN Group and GR. Neither party shall assign this Agreement or any rights or obligations hereunder, without the prior written consent
of the other party, which shall not be unreasonably withheld; provided, however, that no such consent shall be required for any assignment
by a party of this Agreement or any rights or obligations hereunder to any: (i) Affiliate of such party; or (ii) successor pursuant to
a merger, consolidation or sale of all or substantially all of its assets. Any attempted assignment in violation of this Section shall
be void ab initio. Any permitted assignee or successor of a party shall be bound by all the terms and conditions of this Agreement,
including, but not limited to, the applicable Royalty payments to GR.

 

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6.3
Amendment and Waiver. This agreement may be amended or any provision of this Royalty Agreement may be waived only if such amendment
or waiver is set forth in a writing executed by all parties. The failure of any party to enforce any provision or the right of such party
thereafter to enforce such provision or any other provision of this Royalty Agreement shall not constitute a waiver of such provision.

 

6.4
Relationship of Parties. The parties agree that nothing in this Agreement shall be construed to create the relationship of employer
and employee between the parties. Nothing contained in this Agreement shall be construed as creating a partnership, joint venture, agency,
trust or other association of any kind, each party being individually responsible only for its obligations as set forth in this Royalty
Agreement. No party shall act or represent or hold itself out as having authority to act as an agent or partner of any other party, or
in any way bind or commit the other party to any obligations.

 

6.5
Severability. The illegality, invalidity or unenforceability of any part of this Agreement shall not affect the legality, validity
or enforceability of the remainder of this Agreement. If any part of this Royalty Agreement shall be found to be illegal, invalid or
unenforceable, this Royalty Agreement shall be given such meaning as would make this Agreement legal, valid and enforceable in order
to give effect to the intent of the parties.

 

6.6
Waiver. No waiver by either party of any condition or of any breach of any term contained in this Agreement shall be deemed a
waiver of such condition or term.

 

6.7
Governing Law Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to conflicts of law provisions thereof. The parties shall submit all disputes which arise under this
Agreement to binding arbitration to be conducted under the applicable rules and regulations of the AAA and in Delaware for resolution.

 

6.8
Notices. All notices under this Agreement shall be in writing and sent by first class mail or by reputable courier service to
the addresses of the respective parties to such address as the party may hereafter specify by written notice so given. Notices shall
be effective upon receipt at the location of the specified address. Either party may change its address for notice purposes by providing
written notice of the change of address to the other party.

 

6.9
Counterparts. This Agreement may be executed in counterparts, or facsimile versions, each of which shall be deemed to be an original,
and both together shall be deemed to be one and the same agreement.

 

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In
WITNESS WHEREOF and intending to be legally bound hereby, the parties have executed this Irrevocable License & Royalty Agreement
as of the dates set forth below.

 

	SG
    77 INC.	/s/
    Giora Rozensweig
	 	GIORA
    ROZENSWEIG

 

	By:	/s/
    Giora Rozensweig	 
	Name	Giora
Rozensweig	 
	Title	Director	 

 

    	5

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