Document:

Exhibit 10.1 (plan)

Exhibit 10.1

2008 Stock Compensation Plan for Non-Employee Directors 
(amended and restated as of September 9, 2014) 
Section 1. Purpose; Definitions. 
The purposes of the Plan are (i) to assist the Company in promoting a greater identity of interest between the Company’s Non-Employee Directors and the Company’s shareholders; and (ii) to assist the Company in attracting and retaining Non-Employee Directors by affording them an opportunity to share in the future successes of the Company. 
For purposes of the Plan, the following terms are defined as set forth below: 
(a) “Altria Deferred Stock Program” has the meaning provided in Section 7(g). 
(b) “Award” means the grant under the Plan of Common Stock, Stock Options, or Other Stock-Based Awards. 
(c) “Board” means the Board of Directors of the Company. 
(d) “Committee” means the Nominating and Corporate Governance Committee of the Board or a subcommittee thereof, any successor thereto or such other committee or subcommittee as may be designated by the Board to administer the Plan. 
(e) “Common Stock” or “Stock” means the Common Stock of the Company. 
(f) “Company” means Philip Morris International Inc., a corporation organized under the laws of the Commonwealth of Virginia, or any successor thereto. 
(g) “Deferred Stock” means an unfunded obligation of the Company, represented by an entry on the books and records of the Company, to issue one share of Common Stock on the date of distribution. 
(h) “Deferred Stock Account” means the unfunded deferred compensation account established by the Company with respect to each participant who elects to participate in the Deferred Stock Program in accordance with Section 7 of the Plan. 
(i) “Deferred Stock Program” means the provisions of Section 7 of the Plan that permit participants to defer all or part of any Award of Stock pursuant to Section 5(a) of the Plan. 
(j) “Fair Market Value” means, as of any given date, the mean between the highest and lowest reported sales prices of the Common Stock on the New York Stock Exchange-Composite Transactions or, if no such sale of Common Stock is reported on such date, the fair market value of the Stock as determined by the Committee in good faith; provided, however, that the Committee may in its discretion designate the actual sales price as Fair Market Value in the case of dispositions of Common Stock under the Plan. In the case of Stock Options or similar Other Stock-Based Awards, for purposes of Section 5(a), Fair Market Value means, as of any given date, the Black-Scholes or similar value determined based on the assumptions used for purposes of the Company’s most recent financial reporting. 
(k) “Non-Employee Director” means each member of the Board who is not a full-time employee of the Company or of any corporation in which the Company owns, directly or indirectly, stock possessing at least 50% of the total combined voting power of all classes of stock entitled to vote in the election of directors in such corporation, and “eligible Non-Employee Director” has the meaning provided in Section 3 of the Plan. 
(l) “Other Stock-Based Award” means an Award, other than a Stock Option or Deferred Stock, that is denominated in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock. 

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(m) “Plan” means this Stock Compensation Plan for Non-Employee Directors, as amended from time to time. 
(n) “Plan Year” means the period commencing at the opening of business on the day on which the Company’s annual meeting of shareholders is held and ending on the day immediately preceding the day on which the Company’s next annual meeting of shareholders is held. 
(o) “Stock Option” means a right granted to a Non-Employee Director to purchase a share of Stock at a price equal to the Fair Market Value on the date of grant. Any Stock Options granted pursuant to the Plan shall be nonqualified stock options. 
(p) “Transferred Account” has the meaning provided in Section 7(g). 
Section 2. Administration. 
The Plan shall be administered by the Committee, which shall have the power to interpret the Plan and to adopt such rules and guidelines for carrying out the Plan and appoint such delegates as it may deem appropriate. The Committee shall have the authority to adopt such modifications, procedures and subplans as may be necessary or desirable to comply with the laws, regulations, compensation practices and tax and accounting principles of the countries in which Non-Employee Directors reside or are citizens of and to meet the objectives of the Plan. 
Any determination made by the Committee in accordance with the provisions of the Plan with respect to any Award shall be made in the sole discretion of the Committee, and all decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company and Plan participants. 
Section 3. Eligibility. 
Only Non-Employee Directors (except for Mr. Frederik Paulsen) shall be eligible to be granted Awards under the Plan. 
Section 4. Common Stock Subject to the Plan. 
The total number of shares of Common Stock reserved and available for distribution pursuant to the Plan shall be 1,000,000. If any Stock Option or Other Stock-Based Award is forfeited or expires without the delivery of Common Stock to a participant, the shares subject to such Award shall again be available for distribution in connection with Awards under the Plan. Any shares of Common Stock that are used by a participant as full or partial payment of withholding or other taxes or as payment for the exercise price of an Award shall be available for distribution in connection with Awards under the Plan. 
In the event of any merger, share exchange, reorganization, consolidation, recapitalization, reclassification, distribution, stock dividend, stock split, reverse stock split, split-up, spin-off, issuance of rights or warrants or other similar transaction or event affecting the Common Stock, the Committee is authorized to and shall make such adjustments or substitutions with respect to the Plan and to Awards granted thereunder (including adjustments to any Transferred Account to reflect the distribution of the Company to shareholders of Altria Group, Inc.) as it deems appropriate to reflect the occurrence of such event, including, but not limited to, adjustments (A) to the aggregate number and kind of securities reserved for issuance under the Plan, (B) to the Award amounts set forth in Section 5(a), and (C) to the number and kind of securities subject to outstanding Awards and, if applicable, to the grant or exercise price of outstanding Awards. In connection with any such event, the Committee is also authorized to provide for the payment of any outstanding Awards in cash, including, but not limited to, payment of cash in lieu of any fractional Awards, provided that any such payment shall comply with the requirements of Internal Revenue Code section 409A. 
Section 5. Awards. 
(a) Annual Awards. Following March 28, 2008, each eligible Non-Employee Director serving on such date shall receive an Award having a Fair Market Value equal to $175,000 (with any fractional share being rounded up to the next whole share). On the first day of each succeeding Plan Year, each eligible Non-Employee Director serving as such immediately after the annual meeting held on such day shall receive an Award having a Fair Market Value equal to $175,000 (with any fractional share being rounded up to the next whole share) or such greater amount as the Committee determines in its discretion. If an eligible Non-Employee Director first becomes a member of the Board after March 28, 2008 and on a day other than the first day of a Plan Year, the Committee may, in its discretion, make an Award to such Non-Employee Director for such initial Plan Year having a Fair Market Value of up to $175,000 (with any fractional share being rounded up to the next whole share) or up to 

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such greater amount paid to other Non-Employee Directors for such Plan Year. Awards pursuant to this Section 5(a) shall be made in the form of Common Stock, Stock Options, Other Stock-Based Awards, or a combination of the foregoing as the Committee determines in its discretion. 
(b) Terms of Awards. 
(i) Awards pursuant to Section 5(a) that are denominated in Common Stock are eligible for participation in the Deferred Stock Program described in Section 7. 
(ii) The term of each Stock Option or similar Other Stock-Based Award shall be ten years. Each Stock Option or similar Other Stock-Based Award shall vest in not less than six months (or such longer period set forth in the Award agreement) and shall be forfeited if the participant does not continue to be a Non-Employee Director for the duration of the vesting period, unless the participant ceases to be a Non-Employee Director by reason of the participant’s death or disability. Subject to the applicable Award agreement, Stock Options or similar Other Stock-Based Awards may be exercised, in whole or in part, by giving written notice of exercise specifying the number of shares to be purchased. Such notice shall be accompanied by payment in full of the purchase price by certified or bank check or such other instrument as the Company may accept (including, to the extent the Committee determines such a procedure to be acceptable, a copy of instructions to a broker or bank acceptable to the Company to deliver promptly to the Company an amount of sale or loan proceeds sufficient to pay the purchase price). As determined by the Committee, payment in full or in part may also be made in the form of Common Stock already owned by the Non-Employee Director valued at Fair Market Value. 
Section 6. Award Agreements. 
Each Award of a Stock Option or Other Stock-Based Award under the Plan shall be evidenced by a written agreement (which need not be signed by the Award recipient unless otherwise specified by the Committee) that sets forth the terms, conditions and limitations for each such Award. 
Section 7. Payments and Payment Deferrals. 
(a) Each Plan participant may elect to participate in a Deferred Stock Program with respect to Awards of Common Stock granted under Section 5(a). The Deferred Stock Program shall be administered in accordance with the terms of this Section 7, provided that the Committee may modify the terms of the Deferred Stock Program or may require deferral of the payment of Awards under such rules and procedures as it may establish. Any deferral election shall be made at a time and for such period as shall satisfy the requirements of Internal Revenue Code section 409A(a)(4). 
(b) Any election to have the Company establish a Deferred Stock Account shall be made in terms of integral multiples of 25% of the number of shares of Common Stock that the participant otherwise would have been granted on each date of grant, shall be made no later than the last day of the calendar year immediately preceding the date of grant (or in the case of a participant who is first becoming eligible for this Plan and any other Plan required to be aggregated with this Plan under Internal Revenue Code section 409A and the regulations and other guidance thereunder, no later than 30 days after the participant first becomes eligible and before the date of grant), and shall specify the time and form of distribution of the participant’s Deferred Stock Account in a manner complying with Internal Revenue Code section 409A(a)(2) and (3). Any such election shall remain in effect for purposes of the Plan until the participant executes (i) a new election applicable to any grants denominated in Common Stock to be made in years after the year in which the new election is made or (ii) an election not to participate in the Deferred Stock Program for Common Stock grants in such future years. New elections pursuant to clause (i) of the preceding sentence may be made only to the extent permitted under rules and procedures established by the Committee taking into account administrative feasibility and other constraints. 
(c) The Deferred Stock Account of a participant who elects to participate in the Deferred Stock Program shall be credited with shares of Deferred Stock equal to the number of shares of Common Stock that the participant elected to receive as Deferred Stock. The Deferred Stock Account shall thereafter be credited with amounts equal to the cash dividends that would have been paid had the participant held a number of shares of Common Stock equal to the number of shares of Deferred Stock in the participant’s Deferred Stock Account, and any such amounts shall be treated as invested in additional shares of Deferred Stock. 

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(d) If as a result of adjustments or substitutions in connection with an event described in the second paragraph of Section 4 of this Plan or as a result of the transfer of the Transferred Accounts, a participant has received or receives with respect to Deferred Stock credited to the participant’s Deferred Stock Account rights or amounts measured by reference to stock other than Common Stock, (i) such rights or amounts shall be treated as subject to elections made, crediting of the participant’s account, and any other matters relating to this Plan in a manner parallel to the treatment of Deferred Stock under the Plan, provided that any crediting of amounts to reflect dividends with respect to such other stock shall be treated as invested in additional Deferred Stock rather than such other stock, and (ii) within 12 months following the event described in Section 4, the participant shall be offered the opportunity to convert the portion of his or her account measured by reference to such other stock to Deferred Stock with the same Fair Market Value (rounded as necessary to reflect fractional shares) as of the date of such conversion. 
(e) Any election by a participant for his or her Deferred Stock Account to be paid upon his or her separation from service as a member of the Board shall be applied in accordance with Internal Revenue Code section 409A. No separation from service shall be deemed to occur until the participant ceases to serve on any and all of the Board of Directors of the Company and the board of directors of any other company with respect to which his service as a director began while such other company was a subsidiary of the Company. 
(f) The Deferred Stock Program shall be administered under such rules and procedures as the Committee may from time to time establish, including rules with respect to elections to defer, beneficiary designations and distributions under the Deferred Stock Program. Notwithstanding anything in this Plan to the contrary, all elections to defer, distributions, and other aspects of the Deferred Stock Program shall be made in accordance with and shall comply with Internal Revenue Code section 409A and any regulations and other guidance thereunder. 
(g) Notwithstanding anything in this Plan to the contrary, with respect to a participant in this Plan who was also a participant in the Deferred Stock Program of the Altria Group, Inc. Stock Compensation Plan for Non-Employee Directors (the “Altria Deferred Stock Program”) for service in 2008 and who is eligible for this Plan on March 28, 2008: 
(i) the participant’s deferral elections in effect for 2008 under the Altria Deferred Stock Program with respect to such participant’s stock compensation paid by the Altria Group, Inc. shall also apply with respect to Awards of Common Stock under this Plan to be paid to the participant by the Company for services performed in 2008 and future years; 
(ii) the balance credited to the participant’s Deferred Stock Account under the Altria Deferred Stock Program shall be transferred to this Plan (a “Transferred Account”), and the unfunded liability relating to such Transferred Account shall be assumed by the Company; 
(iii) the participant’s election as to the time and form of distribution of amounts deferred under the Altria Deferred Stock Program and credited to the Transferred Account shall continue to apply to the Transferred Account, and the participant’s election as to the time and form of distribution of amounts deferred in 2008 under the Altria Deferred Stock Program shall also apply with respect to amounts deferred under this Plan in 2008 and future years; and 
(iv) the participant’s most recent beneficiary designation under the Altria Deferred Stock Program shall continue to apply to the Transferred Account and shall also apply to amounts deferred under this Plan in 2008 and future years; 
provided, however, that any election or beneficiary designation carried over from the Altria Deferred Stock Program under this Section 7(g) may be changed by the participant in the manner and to the extent permitted under the applicable provisions of this Section 7 and the rules and procedures established by the Committee pursuant to this Section 7. 
Section 8. Plan Amendment and Termination. 
The Board may amend or terminate the Plan at any time without shareholder approval, including, but not limited to, any amendments necessary to comply with section 409A of the Internal Revenue Code of 1986, as amended, and any regulations and other guidance thereunder; provided, however, that no amendment shall be made without shareholder approval if such approval is required under applicable law, regulation, or stock exchange rule, or if such amendment would: (i) decrease the grant or exercise price of any Stock Option or a similar Other Stock-Based 

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Award to less than the Fair Market Value on the date of grant (except as contemplated by Section 4); or (ii) increase the total number of shares of Common Stock that may be distributed under the Plan. Except as may be necessary to comply with a change in the laws, regulations or accounting principles of a foreign country applicable to participants subject to the laws of such foreign country, the Committee may not, without shareholder approval, cancel any Stock Option or similar Other Stock-Based Award and substitute therefor a new Stock Option or Other Stock-Based Award with a lower exercise price. Except as set forth in any Award agreement or as necessary to comply with applicable law or avoid adverse tax consequences to some or all Award recipients, no amendment or termination of the Plan may materially and adversely affect any outstanding Award under the Plan without the Award recipient’s consent. 
Section 9. Transferability. 
Unless otherwise required by law, Awards shall not be transferable or assignable other than by will or the laws of descent and distribution. 
Section 10. Unfunded Status of Plan. 
It is presently intended that the Plan constitute an “unfunded” plan for incentive and deferred compensation. The Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or make payments; provided, however, that, unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of the Plan. 
Section 11. General Provisions. 
(a) The Committee may require each person acquiring shares of Common Stock pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the shares without a view to the distribution thereof. The certificates for such shares may include any legend that the Committee deems appropriate to reflect any restrictions on transfer. 
All certificates for shares of Common Stock or other securities delivered under the Plan shall be subject to such stock transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission (or any successor agency), any stock exchange upon which the Common Stock is then listed, and any applicable Federal, state or foreign securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
(b) Nothing contained in the Plan shall prevent the Company from adopting other or additional compensation arrangements for Non-Employee Directors. 
(c) Nothing in the Plan or in any Award agreement shall confer upon any grantee the right to continued service as a member of the Board. 
(d) No later than the date as of which an amount first becomes includable in the gross income of the participant for income tax purposes with respect to any Award under the Plan, the participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any Federal, state, local or foreign taxes of any kind that are required by law or applicable regulation to be withheld with respect to such amount. Unless otherwise determined by the Committee, withholding obligations arising from an Award may be settled with Common Stock, including Common Stock that is part of, or is received upon exercise of the Award that gives rise to the withholding requirement. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company, shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the participant. The Committee may establish such procedures as it deems appropriate, including the making of irrevocable elections, for the settling of withholding obligations with Common Stock.
(e) The terms of this Plan shall be binding upon and shall inure to the benefit of any successor to Philip Morris International Inc. and any permitted successors or assigns of a grantee. 
(f) The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. 

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Unless otherwise provided in an Award, recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of Virginia, to resolve any and all issues that may arise out of or relate to the Plan or any related Award. Notwithstanding anything in this Plan to the contrary, the Plan shall be construed to reflect the intent of the Company that all elections to defer, distributions, and other aspects of the Plan shall comply with Internal Revenue Code section 409A and any regulations and other guidance thereunder. 
(g) If any provision of the Plan is held invalid or unenforceable, the invalidity or unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be enforced and construed as if such provision had not been included. 
(h) The Plan shall be effective January 29, 2008. Except as otherwise provided by the Board, no Awards shall be made after the Awards made immediately following the 2017 Annual Meeting of Shareholders, provided that any Awards granted prior to that date may extend beyond it. 

6exhibit_10-4.htm

Exhibit 10.4

 

CONSULTING AGREEMENT

 

This Agreement is entered into as of February 23, 2009  with  full force and effect as of June 10, 2008 (the "Effective Date") by and between HADASIT MEDICAL RESEARCH  SERVICES AND DEVELOPMENT LIMITED, a company duly incorporated under the laws of Israel, of P.O. Box 12000, Jerusalem 91120, (hereinafter: "Hadasit"), Prof Eithan Galun (the "Consultant"), and SILENSEED Ltd., a corporation organized under the laws of Israel, with its registered office located at the Goldyne Savad Institute of Gene Therapy, Hadassah Medical Center, Jerusalem 91120 Israel (hereinafter: "Company").

 

WHEREAS Hadasit is a wholly owned subsidiary of Hadassah Medical Organization (''HMO") and is authorized to enter this Agreement and to utilize HMO's facilities, employees and agents for purpose of this Agreement;

 

WHEREAS the Company is interested to receive from the Consultant certain consulting services with respect to the clinical application and development of its technology and products, as requested from time to time by the Company (the "Work") under the terms and conditions herein.

 

NOW THEREFORE, the parties agree as follows:

1.     SCOPE OF WORK AND DUTIES OF CONSULTANT

The Consultant shall professionally and diligently perform the Work as requested from time to time by the Company and agreed upon by Consultant, at HMO's facilities. Any change in the Work shall require the written consent of both parties without derogating from the Company's responsibilities hereunder. The Work Period shall commence upon signing of this agreement and shall end within 60 days of delivery of a written notice of the Company (the "Work Period").

In his capacity as Consultant, Consultant shall provide the Company with such services as shall be mutually agreed by the Company and Consultant from time to time, including without limitation, scientific advice and assistance in the development of delivery system for nucleic acid.

Consultant hereby undertakes to perform his duties to the best of his ability, in compliance with the terms and conditions set forth herein.

Consultant agrees to participate in meetings and discussions with the Company and/or third parties at venues to be determined by the Company, subject to prior coordination with the Consultant when reasonably requested to do so by the Company. In addition, Consultant shall maintain regular contact with the Company via telephone, facsimile and email.

 

Each of Consultant and Hadasit, and their respective assistants, team members, employees and consultants, shall immediately notify the Company, in writing, should any conflict of interest arise or on any issue and/or circumstance which might give rise to a conflict of interests between any of the foregoing and the Company.

Each of Consultant and Hadasit, and their respective assistants, team members, .employees and consultants, warrants and represents that he/it is not bound by any outstanding agreement or obligation that is in conflict of interests with any of the provisions of this agreement.

Each of Consultant and Hadasit warrants and represents that he/it has full power and authority to enter into and execute this Agreement.

 

2.     INDEPENDENT CONTRACTORS

Each party hereto is an independent contractor. The Company shall be solely responsible for the Company's personnel and their performance under this Agreement and shall bear and timely make payment of their salaries, social rights and any other rights they are entitled to under any applicable law including any deductions and allocations. Nothing contained herein shall be construed as forming employee-employer relations between the Company's employees and Hadasit or HMO or between Hadasit's and HMO's employees (including the Consultant) and the Company. In the event that an employee of a certain party hereto claims or demands from the other party any employment rights or benefits, the other party shall immediately assume defense of such claim or demand and indemnify such party for any cost or expense it may suffer as result thereof.

  

  

  

 

It is agreed between the parties hereto that should it be held by any competent judicial authority, that the relationship between the Consultant and the Company in respect of the Services provided pursuant to this Agreement is one of employer and employee, the following provisions shall apply:

	
  

	
(i)

	
Retroactively, from the Effective Date, and in lieu of any other compensation, Consultant shall be deemed to have been entitled only to such compensation which constitutes the Compensation (as defined below) inclusive of all social benefits (whether required under law, contract, custom or otherwise) and Consultant shall not be deemed to have been entitled to any other benefits under law or otherwise. To the extent any such benefit is still required by court to be paid to Consultant, then Consultant shall be required to repay to the Company amounts which the Company has been required to pay in access of the Compensation with respect to all previous periods; and

	
  

	
(ii)

	
The Company shall be entitled to set off from the Compensation granted to Consultant hereunder and/or in accordance with any other source as required under tax law.

3.     REPORTING

Within 45 (forty) days from the completion of the Work and without derogating from Consultant's obligations to periodically consult with the Company and maintain contact, as set forth above, the Consultant will provide the Company with a final report which shall comprise, inter alia, experimental results, raw data, statistical evaluation and the Consultant's findings.

4.     COMPENSATION FOR WORK

Subject to approval of the Board, adoption of an option plan and its submission to the tax authorities, and subject, further, to execution by the parties of an option agreement granting options as set forth herein (the "Option Agreement"), the Consultant shall receive options, that shall be granted to Hadasit for the benefit of the Consultant according to the internal mechanism in HMO for the entitlement of external options (the "Options"), to purchase 30,000 Ordinary Shares of the Company of par value NIS 0.01 each (representing 30% of the issued share capital of the company as of the date of incorporation of the Company) at an exercise price per share of $0.01 (the “Compensation”). The Options will be granted m accordance with the provisions of Section 3(i) of the Israeli Income Tax Ordinance [New Version] - 1961). Hadasit and/or Consultant, as the case may be, will solely bear, and be liable to pay, any and all taxes arising out or in connection with the Compensation.

For the avoidance of any doubt, Hadasit and Consultant hereby acknowledge and confirm, that the Compensation constitutes the Company's sole obligation towards Hadasit and/or Consultant in consideration for the Work, and that Hadasit and/or Consultant shall not be entitled to any other remuneration or other payment whatsoever from the Company. For the avoidance of doubt, the Compensation stated hereof shall include merely compensation for the Work performed by the Consultant. As customary, the Company will enter into a separate agreement under which it compensates Hadasit for the involvement of other individuals or performance of services within HMO involved in the performance of the Work.

The vesting will be over a period beginning at the Effective Date, be conditioned upon continuation of Consultant's engagement with the Company, and be subject to following conditions: (i) First instalment (representing 7.5% of the issued share capital of the company) upon completion of the in vitro Study, (ii) a second instalment (7.5%) upon completion of the in vivo Study, (iii) a third instalment (7.5%) upon submission of an application of a Phase I Clinical Study to the Helsinky committee, and (iv) Last installment (7.5%) upon completion of a Phase I clinical study and submission to the Company of the applicable study report. For the avoidance of doubt, the above vesting schedule does not provide that Hadasit is obligated to perform clinical trials for the Company.

The Options shall be exercised by the Consultant as per the terms of the Option Agreement.

  

  

  

5.   CONFIDENTIAL INFORMATION; OWNERSHIP OF RIGHTS

	
  

	
A.

	
Confidential Information. In this Agreement, the term "Confidential Information" shall mean any and all technical and non-technical information including patents, copyrights, trade secrets, all intellectual property, and proprietary information, actual or anticipated products, inventions, hardware, software, past, present or future plans, forms, methods, customers, supplies, finances, concepts, techniques, sketches, drawings, artwork, models, analyses, inventions, know-how, processes, procedures, strategies, algorithms, concepts, source codes, compiled or uncompiled codes, computer software programs, discoveries, inventions, ideas, apparatus, equipment and formulae related to the current, future and proposed products and services related to the Work for the Company and all derivatives, enhancements and improvements thereof, and including, without limitation, Company's information concerning research, experimental work, development, design details and specifications, engineering, business information, financial information, procurement requirements, purchasing, manufacturing, customer lists, business activities, names and expertise of employees and consultants, license information, pricing structure, documentation, business forecasts, sales and merchandising, and marketing plans and information, disclosed to Consultant and/or to Hadasit by the Company in writing, orally or by drawings or observation of parts or equipment, and whether or not it is marked as confidential, as well as confidential or proprietary information from third parties that the Company has received and in the future will receive that is subject to a duty of confidentiality on the Company's part. Confidential Information shall not be used or disclosed by Hadasit and/or the Consultant except in furtherance of this Agreement and the Work. The Company shall maintain in strict confidence all information related to any invention resulting from the Work. Confidential Information shall not include: (l) Information that is or becomes publicly available other than as a result of disclosure by the Consultant or Hadasit; (2) Information that is already independently known by the Consultant, or employees of Hadasit and/or the HMO, prior to its disclosure as can be shown the a competent proof; or (3) Information that was independently developed by employees of Hadasit or of HMO who have not been exposed to the Confidential Information; (4) Information at or after such time that is disclosed on a non-confidential basis to the Consultant or Hadasit or the HMO, or their employees, by a third party which owes no obligation of confidentiality to the Company. Consultant and/or Hadasit shall have the burden of proof of establishing that any one or more of these exceptions applies; or (5) Information that the disclosure thereof is required under any law, court writ or any competent authority. However, if the Consultant and/or Hadasit are legally required to disclose any Confidential Information to a court or governmental authority, prompt written notice thereof shall be given to the Company so that, if applicable, the Company may seek a protective order or other appropriate remedy from the proper authority. Consultant and/or Hadasit agree to cooperate with the Company in seeking such order or remedy. Consultant and/or Hadasit further agree that if he/it is required to disclose Confidential Information, he/it will furnish only that portion of Confidential Information that is legally required.

	
  

	
B.

	
Non-Disclosure & Non-Use. Hadasit and the Consultant (jointly and severally) undertake to maintain in strict confidence any and all information relating to the Work and its results as well as all the Confidential Information. Hadasit and Consultant (jointly and severally) warrant, represent and undertake that they shall treat all Confidential Information of the Company with at least the same degree of care as they accord to their own confidential information, but in no case less than reasonable care.

	
  

	
C.

	
Assignment of Inventions. Hadasit and the Consultant (jointly and severally) undertake that they will promptly make full written disclosure to the Company, will hold in trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, any and all rights, title, and interests in and to any and all inventions, original works of authorship, developments, concepts, improvements, designs, discoveries, ideas, trademarks or trade secrets, whether or not patentable or registerable under copyright or similar laws, which they may, solely or jointly with others, conceive or develop or cause to be conceived or developed or reduced to practice, or have conceived or developed or reduced to practice, related to the Work performed by the Consultant during the period of time Consultant is engaged by the Company and within the scope of that engagement (collectively referred to as "Inventions"). Hadasit and the Consultant further acknowledge that all original works of authorship which are made by Consultant (solely or jointly with others) within the scope of the Work are and will remain shall be the exclusive property of the Company whether protectable by copyright or not, and will be deemed "works made for hire" as such term is defined in the United States Copyright Act.

  

  

  

 

	
  

	
D.

	
Patent and Copyright Registrations. Hadasit and the Consultant (jointly and severally) undertake that they will assist the Company, or its designee, at the Company's expense, to secure the Company's rights in the Inventions and any copyrights, patents, mask work, rights or other intellectual property rights relating thereto by way of assigning rights, with the exclusion of inventorship rights. To avoid any doubt, the assistance shall not include drafting Inventions and/or engage in the process of registration. If the Company is unable because of Consultant's and/or Hadasit's mental, physical or legal incapacity or for any other reason to secure any of their signatures to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Inventions or original works of authorship assigned to the Company as above, then each of Hadasit and Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his/its agent and attorney in fact, to act for and in his/its behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by Hadasit and/or Consultant, as the case may be.

6.   PUBILICATIONS

	
  

	
A.

	
Any publication regarding the Work by either party to this Consulting Agreement requires all other parties written consent in advance.

	
  

	
B.

	
Notwithstanding anything to the contrary herein, the Company shall not use the names of Hadasit, HMO or the Consultant and shall not disclose their involvement in the Work without Hadasit's prior written approval, all except for references to scientific publication which are already in the public domain at the time of publication and except for applications for regulatory approval to official authorities. Subject to the foregoing, the Company shall appropriately credit Hadasit, HMO and the Consultant in any publication relating to the Work.

 

7.   INDEMNIFICATION, INSURANCE, LIMITED LIABILITIES

	
  

	
A.

	
The Company shall defend, indemnify and hold harmless the Consultant, Hadasit, HMO and any of their employees, agents or contractors (collectively the "Indemnitees") promptly upon their first demand from and against any loss, damage, liability and expense (including legal fees) any responsibility, charges, damages derived from or connected to product liability claim which may result from the performance of the Work: provided, however

	
  

	
(1)

	
that the Company's indemnification obligations under this Section 7 shall be proportionately reduced to the extent the loss was caused or increased by the negligence or willful misconduct of an Indemnitee;

	
  

	
(2)

	
that the Company is notified in writing as soon as practicable under the circumstances of any complaint or claim potentially subject to indemnification;

	
  

	
B.

	
Disclaimer of Warranty. Nothing contained in this Agreement shall be construed as a warranty by Hadasit and the Consultant that the results of the Work will be useful or commercially exploitable or of any value whatsoever. In addition, and without derogating from the aforementioned, Hadasit and the Consultant disclaim all warranties, either express or implied, with respect to the Work, including without limitation implied warranties of merchantability, efficacy and fitness for a particular purpose. The entire risk arising out of the use of the Work results remains solely with the Company.

8.   TERM AND TERMINATION

	
  

	
A.

	
This Agreement shall become effective upon its execution by both parties and shall be in effect during the entire Work Period, unless earlier terminated by the parties as set forth herein.

  

  

  

 

	
  

	
B.

	
Either party may terminate this Agreement upon the filing by any person of a petition for the winding-up or liquidation or the appointment of a receiver on most of the assets of the terminated party, if such petition is not dismissed within 60 days. In addition, each party may terminate this Agreement without further notice in case the terminated party has breached this Agreement and did not cure such breach within 21 days of delivery of a written notice from the non-defaulting party.

	
  

	
C.

	
The Company may terminate this agreement for any reason with a prior written notice of 30 days. Hadasit and/or the Consultant are entitled to terminate this Agreement promptly in case of any failure of the Options vesting periods under Section 4 above. In such event, the Company shall reimburse Hadasit for all reasonable out of pocket costs and non-cancelable commitments actually incurred prior such termination with regard to the performance of this Agreement.

	
  

	
D.

	
Termination of this Agreement by either party shall not affect the rights and obligations of the parties accrued prior to the effective date of the termination. The rights and duties under Sections 2, 3, 5, 6, 7 and 8 will survive the termination or expiration of this Agreement.

9.     ASSIGNMENTS

The Agreement, and the rights and obligations hereunder, may not be assigned by any party hereto without the express written consent of the other parties, which shall not be unreasonably withheld.

10.  APPLICABLE LAW

The Agreement shall be governed by and construed in accordance with the laws the laws of Israel. The competent courts in Jerusalem shall have exclusive jurisdiction over any dispute that may arise with respect to this Agreement.

11.  ENTIRE AGREEMENT

This Agreement represents the entire understanding of the parties with respect to the subject manner hereof. In the event of any inconsistency between this Agreement and the Protocol, the terms of this Agreement shall govern. The invalidity or unenforceability of any term or provision of this Agreement shall not affect the validity or enforceability of any other term or provision hereof. This Agreement may be amended only by a written document signed by the parties hereto.

12.  NOTICES

All notices required or permitted to be given under the Agreement shall be sent as follows:

If to the Company:

Silenseed Ltd.

c/o

Pearl Cohen Zedek Latzer

5 Shenkar St., Herzliya 46733

POB 12704

ATTN: Oded Kadosh

If to the Consultant:

 

If to Hadasit:

Hadasit Medical Research Services And Development Ltd

POB 12000 Jerusalem 91120 Israel

Attention Mrs. Carole Grumbach

 

[signatures appear on the following page]

  

  

  

 

IN WITNESS WHEREOF, the parties herein have duly executed this Agreement effective as of the date first set forth above.

	
/s/ Amotz Shemi

	  
	
Silenseed Ltd.

	  

 

	
By:

	
Amotz Shemi

	 
	
Name

	  	 
	
Title

	
CEO

	 
	
Date

	
5/3/09

	 

 

CONSULTANT

	
/s/ Dr. Eithan Galun

	  
	
Dr. Eithan Galun

	  

 

HADASIT MEDICAL RESEARCH SERVICES AND DEVELOPMENT LTD

	
By:

	
/s/ Kupitz Yuval

	 
	
Name

	  	 
	
Title

	  	 
	
Date

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