Document:

Exhibit
10.7

 

Cooperation
Agreement

 

This
Cooperation Agreement (“Agreement”) is entered into as of March 7, 2022 (“Effective Date”) between
Scisparc Ltd. with an office at 20 Raoul Wallenberg St. Building A, 2nd Fl. (“Scisparc”) and ClearMind Medicine
Inc. with offices at 101 – 1220 W 6 Ave Vancouver, BC V6H 2R8, on behalf of itself and its affiliates (“CM”).
Each shall be referred hereinafter as “Party” and together – as “Parties”.

 

WHEREAS,
Scisparc is the developer and owner of proprietary combinations of several compounds including without limitation, Palmitoylethanolamide
(“PEA”) (“Scisparc Technology”); and CM is the developer and owner of certain patents in regards
to psychedelic compounds, including without limitation the psychedelic compound “MEAI” for various addictions and
binge behavior (“CM Technology”); and

 

WHEREAS,
the Parties are interested to explore the technological and business feasibility of creating pharmaceutical solutions for several indications
including CNS related indications combining the respective capabilities and technologies of both parties (“Pharmaceutical Solutions”);
and

 

WHEREAS,
,the Parties wish to cooperate and conduct a feasibility study, attempting to create a combined molecule based on both the PEA and MEAI
(“Combined Molecule”), in order to review the feasibility of a synergy between the respective compounds of the parties,
and the business potential of such synergy; and

 

WEHREAS,
to the extent the Parties determine, based on such feasibility study, that they wish to proceed to a commercial cooperation, they will
enter into a joint venture agreement covering such cooperation: all according, and subject to the terms of this Agreement.

 

NOW
THEREFORE, the Parties hereby agree as follows:

 

		1.	Definitions

 

In
addition to other capitalized terms elsewhere defined in this Agreement, the following terms shall have the meanings set forth below:

 

1.1.
“Confidential Information” shall mean all proprietary information belonging to either Party hereunder, or held by such
Party under a confidentiality undertaking, in any form, whether of a technological, financial, commercial or any other nature, and including
without limitation, formulations, data, technology, know how, designs, inventions, discoveries, processes and models, technology, and
any sales, financial, contractual and marketing information and any information of a confidential nature concerning such Party, its business
and/or its products.

 

1.2.
“Intellectual Property Rights” is deemed to include any and all intellectual property rights and/or quasi intellectual
property rights, whether registered or not, in any jurisdiction worldwide, and shall also include without limitation, the following:
(a) all inventions, and all patents, patent applications, patent disclosures, together with all reissuances, continuations, continuations-in-part,
divisions, revisions, extensions and re-examinations of any of the above, (b) all copyrightable works, whether registered or unregistered,
copyrights, mask works, registered and unregistered design rights, utility models, (c) all trade secrets and know-how, (d) all trademarks,
whether registered or unregistered, and all trade names and applications therefore and all goodwill associated therewith, and (e) other
proprietary rights relating to the foregoing.

 

		2.	Combined
                                            Solution

 

2.1.
Creating the Combined Molecule. The Parties shall in good faith, mutually create and agree to a work plan which will include specifications,
milestones a schedule and budget for the creation of the Combined Molecule]. Such work plan shall be attached to this Agreement under
Appendix A thereto (“Work Plan”/”Project”). The Parties shall then pursue their respective
tasks under the Work Plan.

 

2.2.
No Consideration; Expenses. Each Party shall perform its obligations hereunder without receiving any consideration or compensation
in connection thereto. The Parties shall equally bear the costs and expenses associated with the performance of the Project based on
the budget set forth in the Work Plan.

 

     

     

    

 

2.3.
Further Cooperation. Upon completion of the Work Plan, the Parties shall review the results thereof, and shall mutually assess
and evaluate the synergy between their respective compounds and the business prospect thereof. The Parties shall then mutually decide
to either (i) pursue a commercial joint venture under which they will jointly pursue the development and commercialization of the Combined
Molecule, and potentially additional combined compounds and molecules, and Pharmaceutical Solutions based on them (the “JV”);
or (ii) to terminate this Agreement. In the event the Parties decide to proceed with their cooperation, they will enter into a joint
venture agreement based on the principles set out in Appendix B (“JV Principles” and “JV Agreement”
as applicable). In the event the Parties decide not to proceed to the JV Agreement, this Agreement shall terminate as further detailed
in Section 6 below.

 

2.4.
Best Efforts. No Guarantee. It is acknowledged and agreed that while each Party agrees to use best efforts to conduct the activities
hereunder in a manner that will result in a successful cooperation, neither Party guarantees to the other the success of the cooperation
or of the activities described herein.

 

		3.	Ownership;
Intellectual Property

 

3.1.
Each Party shall retain all right, title and interest of each of their Intellectual Property Rights and Background Technology. The “Background
Technology” shall mean, with respect to each Party, the know-how, technology, products, systems, methods, data and information,
and any and all other intellectual property, and any and all Intellectual Property Rights related to any of the foregoing, belonging
to such Party, which existed prior to the Effective Date and/or which is created outside the scope of this Agreement, which shall include
without limitation, with respect to Scisparc - the Scisparc Technology (including without limitation the PEA) and with respect to CM,
CM Technology (including without limitation the MEAI).

 

3.2.
Mutual License – Background Technology. Each Party hereby grants the other Party a limited, non- transferable, non-sublicensable,
non-exclusive, fully paid and royalty free, right and license, only during the term of this Agreement, to utilize such Party’s
Background Technology solely as required to execute the Work Plan and for the purpose of performing this Agreement.

 

3.3.
Foreground Technology. The Parties anticipate that the Project may result in the development of certain new developments, materials,
compounds, Confidential Information, or other intellectual property (collectively, “Foreground Technology”). The Parties
shall jointly and equally own any and all Foreground Technology, and all Intellectual Property Rights pertaining thereto. To the extent
the Parties enter into a JV Agreement as anticipated in Section 2.3 above, the JV Agreement shall include provisions with respect to
the joint management of such jointly owned Foreground Technology and Intellectual Property Rights, and the manner in which the Parties
may use them. In the event this Agreement terminates, and a JV Agreement is not executed, then each Party shall be free to use the Foreground
Technology without the consent of, or accounting to, the other Party, provided however, that to the extent the Foreground Technology
or any portion thereof may be patentable, the Parties shall discuss in good faith the manner in which they would apply for, register
and maintain the jointly owned patents1

 

		4.	Representations;
Disclaimer; Limitation of Liability2

 

4.1.
Each Party represents that is has power and authority to transact the business it transacts and proposes to transact and to execute and
deliver this Agreement and to perform the obligations under this Agreement and its entry into this Agreement does not violate or constitute
a breach of any agreement to which it is a party or otherwise bound.

 

4.2.
Each Party represents that (i) it is the sole author of its respective Background Technology, (ii) it has all rights, including Intellectual
Property Rights in and to the Background Technology as needed to create and use the Combined Molecule, and to perform this Agreement,
and (iii) in performing this Agreement, such Party will not infringe upon third parties’ rights, including Intellectual Property
Rights of any sort.

 

EXCEPT
AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PARTIES EXPRESSLY DISCLAIM, WAIVE, RELEASE AND RENOUNCE ANY WARRANTIES, EXPRESS
OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

 

 

    2

     

    

 

Without
limiting the foregoing, in addition, other than as specifically represented in this Section 4, each of SciSparc and CM hereby clarifies,
respectively, that the Combined Molecule created by the integration thereof, are provided on an “as-is” basis, and each of
the Parties hereby expressly disclaims any and all representations and/or warranties or liabilities, whether express or implied, in connection
with the foregoing including, without limitation, any warranty of fitness for a specific purpose or any warranty that the Combined Molecule
will be error –free, except however, that each Party warrants and represents that is has the right to convey to the other the Combined
Molecule, and the licenses granted hereunder.

 

4.3.
EXCEPT IN THE EVENT OF WILLFUL MISCONDUCT AND GROSS NEGLIGENCE, IN NO EVENT WILL EITHER PARTY BE LIABLE WITH RESPECT TO ANY SUBJECT MATTER
OF THIS AGREEMENT FOR (A) ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, HOWEVER CAUSED AND WHETHER OR NOT ADVISED IN ADVANCE
OF THE POSSIBILITY OF SUCH DAMAGES; OR (B) DAMAGES FOR LOST PROFITS OR LOST DATA.

 

		5.	Confidentiality

 

Each
Party agrees and acknowledges that certain Confidential Information may be disclosed between the Parties hereto with respect to this
Agreement and its implementation, and that the provisions herein shall govern the disclosure, use and protection of any such Confidential
Information, as follows:

 

5.1.
Each Party agrees that it will maintain the Confidential Information of the other party under strict confidence and shall not disclose
the Confidential Information to any third party, nor use the Confidential Information for any purpose except as required in order to
perform its obligations and/or exercise its rights as set forth in this Agreement. Each Party shall use the same means to protect the
other Party’s Confidential Information as the means used to protect its own Confidential Information, which in any event shall
be at least a reasonable level of protection.

 

5.2.
Each Party shall not disclose any Confidential Information to its respective employees, except to those employees who have a “need
to know” and who must be directly involved in the use of Confidential Information for the purposes of this Agreement and who have
executed confidentiality agreements that sufficiently enables the receiving party to enforce the confidentiality undertakings hereunder.

 

5.3.
The nondisclosure obligations set forth in this Section shall not apply to (i) information that is generally available to the public
(other than through breach of this Agreement), (ii) was already lawfully in the receiving party’s possession at the time of receipt
of the information from the other party, as documented by the receiving party; (iii) was independently developed by the receiving party
without reference to or use of the Confidential Information of the disclosing party and proof is available to support such independent
development; or (iv) was lawfully received by a third party under no obligation of confidentiality to the disclosing party Notwithstanding
the above, the receiving party may disclose Confidential Information (i) if required to do so by law or court order provided, however,
that the receiving party shall make the best effort to provide prompt written notice of such court order or requirement to the disclosing
party to enable the disclosing party to seek a protective order or otherwise prevent or restrict such disclosure; (ii) or in accordance
with applicable securities laws, rules and regulation of any stock exchange in which a Party’s securities are listed, traded or
quoted, all as reasonably determined by the party disclosing the information under such stock exchange rules.

 

5.4.
The Parties acknowledge that unauthorized disclosure or use of Confidential Information may give rise to irreparable injury, which may
not be adequately compensated by damages. The Parties agree and acknowledge that money damages may not be a sufficient remedy for any
breach or threatened breach of this Agreement by the receiving party and that the disclosing party shall be entitled to seek specific
performance or injunctive relief (as appropriate) as a remedy for any breach or threatened breach thereof, in addition to any other remedies
available at law or in equity.

 

    3

     

    

 

		6.	Term
and Termination

 

6.1. Term.
This Agreement shall commence on the Effective Date and shall continue and remain in full force and effect until the earlier of
either (i) the decision of the Parties not to pursue their cooperation as set out in Section 2.3 above; or (ii) the execution of the
JV Agreement as set forth in Section 2.3 above (the “Term”).

 

6.2.
Termination. Each Party may terminate this Agreement with a 10 days’ prior notice, for any reason, with or without cause.

 

6.3.
Effects of Termination or Expiration. Upon termination or expiration of this Agreement for any reason:

 

6.3.1.
Each Party shall promptly return, or if so requested by the disclosing party, destroy (and certify the destruction thereof), of the other
Party’s Confidential Information received in relation to this Agreement and/or its implementation, and cease any usage of Combined
Molecule.

 

6.3.2.
Survival. Any terms and conditions that by their nature or otherwise reasonably should survive any termination or expiration of
this Agreement shall be deemed to survive including, without limitation, Sections 2.4, 3,4, 5, 6.3 and 7.

 

		7.	MISCELLANEOUS

 

7.1.
Assignment. This Agreement may not be assigned by either Party to any third party without the prior written approval of the other
Party, except that this Agreement may be assigned with the framework of the sale of all or substantially all of the assets of either
Party to a third party, or in the event of any reorganization, provided however that the assignee shall be obligated to execute a written
agreement taking upon itself to be bound by the rights and obligations set forth in this Agreement. This Agreement shall apply to and
bind the successors and permitted assigns of the Parties.

 

7.2.
Governing Law; Courts. This Agreement will be governed by and interpreted under the laws of the State of Israel, without regard
to its principles of conflicts of laws. All disputes arising out of this agreement will be brought solely in State or Federal courts
having jurisdiction in the State of Israel.

 

7.3.
Relationship of the Parties. Each Party is acting as an independent contractor and not as agent, partner, or joint venture of
the other Party for any purpose. Neither Party shall have the right, power or authority to act or to create any obligation, express or
implied, on behalf of the other. Each Party is solely responsible for all of the costs and liabilities associated with its business,
including without limitation tax obligations and in connection with its employees and representatives.

 

7.4.
Inside Information. Each of the Party is a publicly traded company, and as therefore certain Confidential Information of each of the
Parties may be considered “inside information” according to the securities laws, rules and regulations applicable to such
party. Accordingly, each Party undertakes towards the other Party to comply with the securities laws applicable to the latter Party,
with respect to the use and transfer of Inside information (for example with the prohibition to use it for any action involving any type
of securities trade).

 

		 	7.5.

 

7.6.
Severability; Entire Agreement. If any provision of this Agreement is held to be illegal, invalid or unenforceable, then such
provision shall be limited or eliminated to the minimum extent necessary, and the remainder of this Agreement shall continue in full
force and effect. The failure of either Party to enforce any provision hereof shall not be deemed a waiver of that Party’s right
to enforce that provision at a later date. The Parties agree that this Agreement (and its exhibits) constitutes the complete understandings
between the Parties with respect to the subject matter hereof and supersedes all prior or contemporaneous proposals, understandings and
other communications relating thereto, whether written or oral. This Agreement may only be amended by writing signed by both Parties.

 

    4

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date:

 

	Scisparc Ltd.	 	Clearmind Medicine Inc.
	Signed by:	 /s/ Amitay Weiss, /s/ Oz Adler 	 	Signed by:	 /s/ Adi Zuloff-Shani
	Name:	Amitay Weiss Oz Adler	 	Name:	Adi Zuloff-Shani
	 	 	 	 	 
	In Tel Avivdated March 7, 2022	 	In Tel-Avivdated March 8 2022

 

    5

     

    

 

Appendix
B – JV Principles

 

To
the extent the Parties decide to enter into a JV as detailed in Section 2.3 of the Cooperation Agreement, to engage in the development
and commercialization of the Combined Molecules, and any other compounds or molecules and Pharmaceutical Solutions based thereon (“Products”
or “Business” as applicable) the terms of the JV Agreement shall be in good faith mutually agreed upon between the
Parties.

 

The
following principles are non-binding, and outline the understandings of the Parties to date.

 

For
the avoidance of doubt, this Appendix is subject to the terms of the Cooperation Agreement, including without limitation the provisions
of Sections 5 through 7 hereof.

 

		1.	The
                                            JV. The Parties shall create a joint venture, which may either be achieved by a definitive
                                            cooperation agreement, or by creating a jointly owned new company (“NewCo”),
                                            in both cases on equal portions (on a 50-50 basis).

 

	 	2.	Financing; Revenues. For as long as the JV is based on equal portions/holdings, the financing of the activities of the JV shall be equally borne by the Parties. Similarly, revenues from the Business shall be equally shared by the Parties.

 

		3.	Licenses:
                                            To enable the JV to engage in the Business, each Party shall grant to the JV (or to each
                                            other in the event the JV is not separately incorporated), an exclusive license under such
                                            Party’s Intellectual Property Rights as required for the development and commercialization
                                            of the Products. The licenses shall be perpetual and and shall be free of charge until the
                                            initial Product is commercially released (subject to tax considerations).

 

		4.	Ownership
                                            Rights. Any technology, molecules, compounds or materials developed or created under
                                            the JV, and Intellectual Property Rights pertaining thereto (“JV Technology”),
                                            shall be jointly and equally owned by the Parties, or by the company they may incorporate,
                                            as applicable. The JV Agreement shall set detailed mechanisms for applying, prosecuting and
                                            maintaining intellectual property protection to the JV’s technology, and the use and
                                            licenses to be granted thereunder.

 

		5.	IP
                                            Indemnification. The JV Agreement will set the indemnification obligations of each Party
                                            towards the other Party with respect in the event of a claim or suit based on an alleged
                                            infringement of third parties’ rights by such Party’s Background IP (as defined
                                            in the Cooperation Agreement).

 

		6.	Composition
                                            of the JV’s Management. Each Party shall assign one or more representative/s to
                                            engage in managing and executing the JV’s activities. In the JV agreement, the Parties
                                            shall agree on the composition of the management team, and to the extent the JV is a NewCo
                                            – on the composition of the Board.

 

		7.	Decisions-Making.
                                            The JV Agreement shall set decision making mechanisms, including resolution of a deadlock
                                            in connection with resolutions should be determined in consensus and mutual consent by the
                                            Parties.

 

		8.	Shareholders’
                                            rights: In the event the JV is a NewCo, the incorporation documents of the NewCo shall
                                            include customary shareholders’ rights, as mutually agreed upon by the Parties, such
                                            as preemptive rights, rights of first refusal, co-sale etc.

 

 

6Exhibit 10.8

 

EXECUTION VERSION

 

AMENDMENT TO THE SUBSCRIPTION AGREEMENT

 

THIS AMENDMENT (the “Amendment”)
to the Subscription Agreement dated February 3, 2022 (the “Agreement”) is made on June 29, 2022, by and between Clearmind
Medicine Inc. (the “Corporation”) and Medigus Ltd. (the “Investor”, and together with the Corporation,
the “Parties”).

 

	 	WHEREAS,	the Corporation and the Investor previously entered into the Agreement;

 

		WHEREAS,	the Corporation and the Investor wish to amend certain provisions of the the Agreement, as of the date
hereof (the “Effective Date”) in accordance with the terms set forth herein.

 

NOW, THEREFORE,
in consideration of the mutual promises covenants set forth herein, the Parties agree to amend the Agreement, as follows:

 

Capitalized terms used and not otherwise defined herein, shall have
the respective meanings ascribed to them under the Agreement.

 

		1.	Corporation Covenants.

 

It is hereby agreed between the Parties that, effective
as of the Effective Date: (i) Section 7.2(d) of the Agreement regarding certain covenants made by the Corporation to the Investor, shall
be deleted in its entirety and shall be of no further force and effect; and (ii) shall be replaced with the following:

 

“(d) if at any time after the Closing but prior to the
earlier of:

 

		i.	that date which is 18 months after the Closing; and

		ii.	12:00 p.m (Eastern Time) on the first
business day following the closing of the Corporation’s initial public offering of its Common Shares on a recognized

 

exchange in the United States (the “Listing”),
but, for the avoidance of doubt, not including an OTC quotation in the Unted States,

 

the Corporation shall issue or propose
to issue any additional Common Shares, or warrants, options (excluding any of:

 

		i.	options granted to employees of the Corporation in accordance with any employee plans, now or hereinafter
in effect; or

		ii.	Common Shares upon conversion or exercise of any convertible instruments issued and outstanding prior
to Closing)

		iii.	an underwritten offering of Common Shares closing concurrently with the Listing)

 

or other rights or instruments of any kind convertible
into or exercisable or exchangeable for Common Shares (the “Additional Securities”), the Purchaser shall receive
for no consideration the Additional Securities necessary to maintain a Fully-Diluted Ownership Percentage (as defined herein below) in
the Corporation only in respect of the Units acquired by way of the Cash Investment. Provided however that in the case of unexercised
Warrants the Purchaser shall receive the Additional Securities in the form of Warrants.

 

For the purpose of this sub-section 7.2 (d), the term
"Fully-Diluted Ownership Percentage" shall mean the percentage ownership calculated immediately after Closing and arrived at
by dividing (i) the aggregate number of shares of Common Shares (including any shares of Common Shares issuable upon exercise or conversion
of the Warrants) owned by the Purchaser, by (ii) the aggregate number of all issued and outstanding shares of Common Shares (including
any shares of Common Shares which are issuable upon exercise or conversion of options, warrants or other securities or rights).

 

		2.	Survival of Provisions.

 

Except as otherwise amended and modified hereby, which
Amendment shall have effect on the entire Agreement, the provisions of the Agreement and any of its schedules and exhibits shall remain
in full force and effect.

 

		3.	General.

 

		3.1.	Investor hereby acknowledges that he is aware that this Amendment shall take effect as of the Effective
Date.

 

		3.2.	This Amendment shall be deemed to all intents and purposes as an integral part of the Agreement. Investor
acknowledges that it has read and fully understood all the provisions of this Amendment and that the signing of this Amendment was made
at Investor’s own free will.

 

     

     

    

 

IN WITNESS WHEREOF, the Parties have executed this Amendment
as of the date written above.

 

	Clearmind Medicine Inc.	 	Medigus Ltd.
	 	 	 	 	 
	By:	/s/ Adi Zuloff Shani, CEO	 	By:	/s/ Eli Yoresh, Chairman
	 	(Name & Title)	 	 	(Name & Title)

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