Document:

Yissum
Research Development Company

of
the Hebrew University of Jerusalem

Edmond
Safra Campus,

Givat
Ram, POB 39335

Jerusalem
91390

Israel

 

Re:
Extension of Agreement for rendering of Services

 

We
do hereby refer to the Agreement for the Rendering of Services dated as of June 20, 2005 ("Service Agreement")
and the License Agreement dated November 27, 2002, (the "License Agreement") by and between Yissum Research Development
Company 0f the Hebrew University of Jerusalem ('Yissum") and Morria Biopharmaceuticals ("the Company'').

Unless
the context otherwise requires, all capitalized terms used herein shall have the meaning ascribed to them in the Service Agreement.

The
Company docs hereby request that that Yissum performs the additional tasks and activities set forth on Appendix B hereto ("Additional
Services"). All of such Additional Services shall be included as Services under the Service Agreement, and shall be performed
in accordance with the timetable set forth on Appendix B hereto. In consideration, Morria shall pay to Yissum an additional amount,
of $30,000 (plus VAT) (the "Additional Service Fee") payable within seven days of the signing of this
Letter of Extension.

All
terms and conditions as set out in the Service Agreement shall apply mutatis mutandis in respect of the Additional Service
Fee and the Additional Services.

Your
signature on this copy of the document shall constitute your approval and agreement to all that is written herein.

 

Yours
sincerely,

 

	MORRIA BIOPHARMACEUTICALS PLC.	 	 
	 	 	 
	/s/ YUVAL COHEN	 	 	 
	 	 	 
	By: Yuval Cohen	 	Date: June 19, 2006
	 	 	 
	Title: CEO	 	 
	 	 	 
	 	 	 	 
	We hereby agree and approve: 	 	 
	/s/ ELENA CANETTI	 	 
	 	 	 	 
	 	 	 
	By: Elena Canetti, VP Scientific Services	 	Date: June 4, 2006
	Yissum	 	 
	 	 	 
	/s/ NAVA SWERSKY SOFER	 	 
	By: Nava Swersky Sofer, CEO	 	 
	Yissum	 	Date:  

 

    	1

    	 

    

 

APPENDIX B

 

 

Research Program for Morria
Biopharmaceuticals Plc

 

Proposed by Prof. Saul Yedgar of the Dept of

Biochemistry, Hebrew University Medical School,

Jerusalem

 

Aim

 

An extension of the existing program with
Prof. Yedgar aimed at further exploring mechanisms of inflammatory processes and the therapeutic potential of MFAIDs in in vitro
and in vivo models.

 

Scope

 

1. Exploration of inflammatory mechanisms
and their control in in vitro and in vivo experimental systems.

2. Testing of MFAID candidates for their
potential in treating inflammatory conditions, inter alia IBD Alzheimer, cystic fibrosis and arthritis.

3. Continuing the chemical optimization
of MFAIDs, and developing derivatives thereof..

4. Setting up new in vivo and in
vitro models for testing MFAIDs on inflammatory diseases.

 

Outcomes

 

		·	Data on efficacy of various MFAIDs in
the above-mentioned disease fields.

		·	Optimization of selected MFAID synthesis,
and production of improved derivatives and variants

		·	All this data to be potentially used to
strengthen and originate IP and licensing opportunities for Morria.

 

Duration

24 months with annual written summaries.

 

Budget: $30,000 total (including
overhead).Morria Biopharmaceuticals Plc

        53 Davies street

        Mayfair

        London W1K5JH

        Tel: +44 (0)207 152 6341

        Fax: +44 (0) 207 152 6342

        Email: info@morria.com

 

		Date:	6 June 2005

 

		To:	Gilead Raday

		29	Rama Street

		Jerusalem,	Israel, 94506

 

From: Morria Biopharmaceuticals Plc

 

This letter sets out the terms on which you will act as a non-executive
director on the board (Board) of the Company. The appointment commences from the date of this letter.

 

		1.	Appointment
                                                            and termination

 

		1.1	Your appointment as a non-executive director
on the Board shall be until the next general meeting of the Company; or upon the occurrence of any of the following events (each
one a Termination Date):

 

		1.1.1	either you or the Company terminates the
appointment by giving the other three months’ notice in writing to that effect;

 

		1.1.2	you resign or do not offer yourself for
re-election by shareholders upon retirement, either for your own reasons or at the request of the Board;

 

		1.1.3	you are not re-appointed or are deemed not
to have been re-appointed as a director of the Company by the shareholders in general meeting having presented yourself for re-election
following upon your retirement at any time in accordance with the Company’s articles of association;

 

		1.1.4	you are otherwise removed, vacate office
or become prohibited from being a company director pursuant to the law or the Company’s articles of association; 

 

		1.1.5	you are convicted of any criminal offence
other than a minor motoring offence which does not render you unable to discharge your duties; or

 

Non-Executive Board Agreement

Gilead Raday

 

    	1

    	 

    

 

		1.1.6	you are convicted of an offence relating
to insider dealing or are in breach of the code on dealings during close periods in securities dealt on the AIM market of the London
Stock Exchange plc as adopted by the Company.

 

		1.2	For the purposes of clause ‎1.1.6 the
expression close periods has the meaning given to it in the AIM Rules for Companies published by the London Stock Exchange
plc as amended or revised from time to time.

 

		1.3	The recommendation of the Board for your
re-election by shareholders in general meeting is not automatic and is in the absolute discretion of the remainder of the Board.

 

		2.	Duties
                                                            and responsibilities

 

You undertake
that you will as a non-executive director:

 

		2.1	attend meetings of the Board and any Board
committees of which you may from time to time be a member and shareholders’ meetings;

 

		2.2	discharge your general duties as a director
pursuant to the Company’s articles of association and the law;

 

		2.3	make yourself available for consultation
on the affairs of the Company and provide such other advice and assistance as the Board may request from time to time; and

 

		2.4	accept responsibility when required to do
so in accordance with the law and the requirements of the London Stock Exchange plc.

 

		3.	Notice
                                                            of meetings and information

 

You will
be given appropriate prior notice of the date, time and venue of all meetings of the Board and any Board committees to which you
may be elected, unless circumstances do not permit.

 

		4.	Fees
                                                            and expenses

 

		4.1	In consideration of you acting as a non-executive
director of the Company, you are entitled, with effect from the date hereinabove, to be paid fees at the rate of £1,000 (one
thousand pounds) per board meeting, subject to any requisite statutory deductions. The fees will be reviewed annually from
31 December 2005 by the Board. Any increase in the fees as a result of such review will take effect from the month following
the review date.

 

Non-Executive Board Agreement

Gilead Raday

 

    	2

    	 

    

 

		4.2	Any expenses that are reasonably incurred
by you on Company business will be reimbursed within 14 days of receipt by the Company of a written claim supported by proper vouchers
or other documentation in accordance with the Company’s normal expenses policy, you must receive prior written approval for
such expenses by the Managing Director of the Company.

 

		4.3	You are not entitled to receive any other
benefits in respect of your role as director and upon you ceasing to be a director, you will not be entitled to receive any payment
except in your possible role at such time as a consultant or employee of Company.

 

		5.	Taxation
                                                            of payments

 

You are responsible
for and will indemnify the Company in respect of the payment of income tax, social security contributions or any other contributions
required by law, including any penalties, charges or interest. If any amount due to the Company under this clause is required to
be paid to the Company net of tax or the Company suffers tax on its receipt, you will, to the extent permitted by law, pay such
additional amount to the Company as is required to leave the Company in no worse position.

 

		6.	Restriction

 

You undertake
that you will not do any of the following things:

 

		6.1	disclose to any other person or use any
confidential information relating to the Company which is not in the public domain unless approved by the managing director of
the Company;

 

		6.2	until after the second anniversary of a
Termination Date directly or indirectly solicit the custom, in relation to goods or services sold to any person by the Company
during the two years before the Termination Date, of that person in respect of similar goods or services;

 

		6.3	until after the second anniversary of a
Termination Date, directly or indirectly solicit or entice away any employee of the Company;

 

		6.4	give the impression or knowingly permit
another person to give the impression that he is connected with the Company or that he has any authority to act on behalf of the
Company;

 

		6.5	be involved, directly or indirectly with
any business which uses the name “Morria” or any colourable or phonetic imitation of it or any name which is so similar
as to be capable of suggesting an association with the Company; or

 

		6.6	assist any other person to do any of the
things mentioned in clauses 6.1 to ‎6.5.

 

Non-Executive Board Agreement

Gilead Raday

 

    	3

    	 

    

 

		7.	Confidentiality

 

At all times,
you must keep confidential all information relating to the Company and its subsidiaries which is not public knowledge. Additionally,
you must not disclose or use any such information to any third party unless required to do so by law or with the authority of the
Board, except in the proper discharge of your duties as a non-executive director.

  

		8.	Conflicts
                                                            of interest

 

You must
not without the consent of the Board, enter into any arrangement which might reasonably be expected to result in a conflict of
interest. If you are in any doubt please consult with the Board in advance.

 

		9.	Independent
                                                            advice

 

You may,
if necessary, in connection with your duties, take independent professional advice, however such advice is at your expense.

 

		10.	Liability
                                                             insurance

 

The Company
has taken out liability insurance to cover directors and other officers of the Company and its subsidiaries. The cover to be provided
will be subject to the terms conditions and exclusions contained in the relevant policy and will cover the issuance of the Prospectus
dated February 2005.

 

		11.	Entire
                                                             agreement

 

This letter
read in conjunction with the memorandum and articles of association of the Company contains the entire agreement between you and
the Company concerning you acting as a non-executive director of the Company and it supersedes all previous agreements whether
written oral or implied.

 

		12.	Governing
                                                             law

 

This agreement
is to be governed by and construed in accordance with English law and the parties submit to the jurisdiction of the courts of England
and Wales.

 

Non-Executive Board Agreement

Gilead Raday

 

    	4

    	 

    

 

	Yours faithfully	 
	 	 
	/s/ Mark Cohen	 
	for and on behalf of	 
	Morria Biopharmaceuticals plc	 

 

On copy 

 

I have read and confirm
my agreement to the terms of this letter for my appointment as a non-executive director of the Company as set out in the above
letter.

 

	/s/ G. Raday	 	 
	Gilead Raday	 
	Dated:  16 June, 2005

 

Non-Executive Board Agreement

Gilead Raday

 

    	5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]