Document:

Exhibit 10.10

 

SUPPLY AND
EXCLUSIVE LICENSE

 

AGREEMENT

 

This Supply and Exclusive License Agreement
is made between

 

Oasmia Pharmaceutical AB (“Licensor”)

a corporation under the laws of Sweden

and having its principal office at

Vallongatan 1, 752 28 Uppsala, Sweden

 

And

 

Medison Pharma LTD (“Licensee”)

a corporation under the laws of Israel

and having its principal office at

10 Hashiloach Street, P.O.B 7090 Petach
Tikva,

Israel, 49170

 

and takes effect as of the 9th
of May 2011, (the Effective Date).

 

WHEREAS

 

		-	Licensor has certain worldwide rights to Licensed Technology (hereinafter defined) to the Product
(hereinafter defined).

 

		-	Licensee is a company specializing in marketing and distribution of pharmaceutical products and
has the competencies and capabilities to market and distribute the Product in the Territory (hereinafter defined).

 

		-	Licensor is desirous of granting to Licensee, and Licensee is desirous of accepting from Licensor,
the exclusive rights to sell the Product in the Territory using the Licensed Technology

 

		-	Licensor is desirous of supplying Licensee's requirements of the Product and Licensee is desirous
of purchasing the same from Licensor.

 

    	 

    	 

    

 

1. DEFINITIONS

 

"Affiliate" shall mean
any entity that directly (or indirectly through one or more intermediaries) controls, is controlled by, or is under common control
with a Party, and the term "control” means control of (i) more than half of the voting power or issued share
capital, or (ii) the control directly or indirectly to direct or cause direction of the management and policies of an entity; and
the terms "controls” and "controlled” shall be construed accordingly;

 

"Agreed Quality" shall
have the meaning given in clause 16;

 

"Agreement" shall mean
this Supply and Exclusive License Agreement;

 

"Binding Purchase Order"
shall have the meaning given in clause 13;

 

“Claim” shall mean any
claim, action, demand, proceeding, complaint or other similar action (including, but not limited to, any such claim, action, demand,
proceeding, complaint or other similar action by a third party);

 

"Clinical Trial" shall
have the meaning given in clause 3;

 

"Competent Authorities"
shall mean any and all competent and regulatory authorities in each of the countries in the Territory: (i) that are responsible
for the regulation of medicinal products intended for human use and responsible for granting any Marketing Authorisation, including
but not limited to the European Medicinal Agency (EMA)/European Commission; (ii) all local Medicinal Product Agencies; and (iii)
all pricing and reimbursement authorities;

 

"Confidential Information"
shall mean in relation to a Party any secret or proprietary information (whether written or oral and in whatever medium) relating
to a Party’s business or of the business of their Affiliates, including Intellectual Property Rights, the Trademark, Know-how,
the Improvements, the Product and related developments, other products, substances, customer lists, pricing policies, employment
records and policies, operational methods, marketing and strategy plans and policies, product development techniques or plans,
regulatory data, data, regulatory applications and dealings, methods of manufacture, technical processes, designs and design projects,
inventions and research programmes, trade secrets and other business affairs, and any other information of a confidential nature
of the Party or of its Affiliates; 

 

“Current Good Distribution Practice”
or “cGDP” shall mean Good Distribution Practice as defined in all applicable legislation and guidelines, including
(in respect of countries in the Territory in the EU) directive 94/C 63/03 and associated guidelines;

 

“Current Good
Manufacturing Practice” or "cGMP" shall mean Good Manufacturing Practice for medicinal products as defined
in all applicable legislation and guidelines, including (in respect of countries in the Territory in the EU) directive 2003/94/EEC
and associated guidelines; 

 

    	 

    	 

    

 

"Data Market Exclusivity"
shall mean any data protection, market exclusivity (including but not limited to orphan and paediatric) or any similar protection
granted to the Product according to the applicable rules and regulations in the Territory;

 

"Data Protection Laws"
shall mean the data privacy and data protection laws applicable to the Personal Data and activities in relation to such Personal
Data;

 

"Data Provider" shall
have the meaning given in clause 7;

 

"Data Recipients" shall
have the meaning given in clause 7;

 

"Effective Date" shall
mean the signing date of this Agreement;

 

“Fiscal Year” shall
mean a period from the 1st January through December 31st in the same year;

 

"Field" shall mean human
therapy;

 

"Finished Product" shall
mean the Product packaged, labelled and released by Licensor according to the specifications approved by Competent Authorities
for distribution and sale in each country of the Territory;

 

"Licensor's Patents" shall
mean Patents in the Territory that are owned or controlled by Licensor and that relate to the Product, including its uses and processes
for manufacture;

 

"Improvements" shall mean
(a) any change in, or development, improvement or derivative of, or modification to the Licensed Technology or the method of manufacture,
processing or use in relation to or application of the Licensed Technology (whether patentable or not), including improvements
defined as aforesaid which (i) embody, use or are improvements to or derivatives of Licensed Technology; or (ii) which would infringe
any patent or employ any Know-how included in Licensed Technology; or (iii) otherwise relate to the Product; and (b) improvements
in or additions to Know-how relating to the Product. "Improvements" shall always exclude data and Information
falling within the definition of Regulatory or Clinical Data;

 

“Indemnitee” shall have
the meaning given in clause 22.1.1

 

“Indemnitor” shall have
the meaning given in clause 22.1.1

 

"Information" means any
information, communications or data, in any form, including oral, written, graphic, electro-magnetic, in machine readable form,
computerised, or otherwise stored in any media;

 

"Intellectual Property"
shall mean all intellectual property including all patents, trademarks, service marks, registered designs, utility models, design
right, database rights, copyright, trade secrets and other confidential information, know-how, and all other intellectual and industrial
property and rights of a similar or corresponding nature in any part of the world, whether registered or not or capable of registration
or not and including the right to apply for and all applications for any of the foregoing rights, right to claim priority, the
right to sue for past infringements and common law or equitable remedies in respect of any of the foregoing rights, and any renewals,
extensions or restorations, and divisional, continuation and reissued applications of the foregoing rights (and "Intellectual
Property Rights" means rights, title and interest including all moral rights in such Intellectual Property);

 

    	 

    	 

    

 

"Know-how" shall mean
any and all relevant Information, data and/or know-how, related to the Product;

 

"Licensed Technology"
shall mean collectively the Know-how and the Regulatory or Clinical Data owned or controlled by Licensor. ; 

 

“Losses” shall mean
losses of whatsoever nature, including damages, payments, penalties, interest, fines and compensation, howsoever they might arise,
whether as a result of a tort (including negligence), breach of contract, breach of statutory duty or misrepresentation and shall
include all reasonable professional fees and expenses;

 

"Marketing Authorisation"
shall mean any and all marketing and other authorisations and approvals for uses in the Field by Competent Authorities or a governmental
or similar body necessary for the lawful importation, use, marketing, promotion, distribution, and sale (whether to the public
or the private sectors) of the Product in each country in the Territory including but not limited to regulatory approval and pricing
and reimbursement. Distribution of the Product in the Territory on a Named Patient basis is not considered a Marketing Authorisation;

 

"Marketing Authorisation Holder"
shall in all text refer to Licensor.

 

"Net Sales" shall mean
the amounts invoiced (or that should properly be invoiced) for Product utilizing any of the Licensed Technology, and that are sold
by or on behalf of Licensee or its Affiliates to the first person independent of the foregoing in a bona fide arm’s
length transaction without ties to any other product, less the following amounts where they are properly and actually incurred
and itemized on invoices: rebates, discounts, allowances, (but not rebates, discounts or allowances for prompt payments), credits
for refunds in respect of actual returns of Product, and taxes for sales or commodity taxes which are included in the selling price
of the Product and collected as part thereof. Any transaction that is not bona fide arm’s length or that is tied to
other products will be treated for the purpose of "Net Sales" as having been invoiced at the price that
ought to have been invoiced at the prevailing market rate had the transaction been bona fide and arm’s length and
without ties to other products;

 

"Non-Conforming Product" shall
have the meaning given in clause 16;

 

"Patent Rights" shall
mean all intellectual and industrial property rights, including the right to claim priority, the right to sue for past infringements
and common law or equitable remedies in respect of any of the rights, and any renewals, extensions or restorations, and divisional,
continuation and reissued applications of the following rights: (a) (i) the rights in patent applications shown in Appendix II
(and patents issued thereon) and all inventions described therein; and (ii) rights in patents shown in Appendix II and all inventions
described therein; and in each of (i) and (ii), including any substitutions, extensions, reissues, renewals, divisions, confirmations,
continuations-in-part, registrations, and all foreign counterpart patent applications and patents; and (b) (i) rights in all patentable
inventions made and patent applications which are filed for by Oasmia or any of its Affiliates during the Term (and patents issued
thereon) and that relate to the Product; and (ii) rights in patentable inventions made and patent applications licensed to or acquired
during the Term by Oasmia or any of its Affiliates from third parties and that relate to the Product; and which, in respect of
(b)(i) and (ii), in the absence of a licence, would constitute an infringement of the patents or patent applications listed in
Appendix II;

 

    	 

    	 

    

 

"Personal Data" means
any information relating to an identified or identifiable natural person contained in the Regulatory and Clinical Data;

 

"Product" shall mean Paclical®
containing paclitaxel and XR17;

 

"Regulatory or Clinical Data"
shall mean data and Information: (i) directly or indirectly generated from any clinical trial in relation to the Product, including
all raw data and analyses; (ii) arising from interactions with Competent Authorities, or drafted or prepared with the intention
of being submitted, or which is actually submitted to any Competent Authority, and all preparatory data and Information that supports
or are or might be used to support the foregoing submissions; 

 

"Regulatory Requirements"
shall mean all laws, guidelines and notices applicable in the Territory to the manufacturing, provision, sale, promotion, marketing
and clinical testing of the Product, including directive 2001/83/EC, directive 2003/94/EC, directive 2001/20/EC, directive 2005/28/EC,
and including all obligations applicable to Oasmia as the holder of each Marketing Authorisation, including pharmacovigilance
requirements;

 

"Supply Price" shall mean
the price extended for the Finished Product by Licensor to Licensee as set forth in Appendix I;

 

"Term" shall mean the
term of this Agreement, from the Effective Date until its termination or expiry;

 

“Territory” shall mean
the Republic of Israel including Palestine and the Republic of Turkey;

 

"Trademark" shall mean
Paclical or any Oasmia trademark to be used for the Product in the Territory or part of the Territory;

 

"Vial" shall mean a vial
containing 60 mg of the Product.

 

"Year" shall mean a calendar
year

 

In this Agreement (except where the context
otherwise requires):

 

		1.1.1	any reference to a Recital, Clause or Appendix is a reference
to the relevant recital, clause or appendix of or to this Agreement;

 

		1.1.2	the index and clause headings are included for convenience only
and shall not affect the interpretation of this Agreement;

 

		1.1.3	any reference to “persons"
includes natural persons, firms, partnerships, companies, corporations, associations, organisations, governments, governmental
agencies and departments, states, foundations and trusts (in each case whether or not having separate legal personality);

    	 

    	 

    

 

		1.1.4	any phrase introduced by the terms “including”, “include”,
“in particular” or any similar expression shall be construed as illustrative and shall not limit the sense of any other
words;

 

		1.1.5	Unless otherwise specified, words importing the singular include
the plural, words importing any gender include every gender, and (in each case) vice versa and words importing persons include
all persons; 

 

		1.1.6	References to any statute or statutory provision shall include
(i) any subordinate legislation made under it, (ii) any provision which it has modified or re-enacted (whether with or without
modification) and (iii) any provision which subsequently supersedes it or re-enacts it (whether with or without modification).

 

2. GRANT
OF LICENSE to promote and sell

 

Subject to the terms and conditions of
this Agreement, Licensor grants to Licensee the exclusive right and exclusive license (with the right to grant sublicenses) during
the Term to: promote, use, sell and distribute the Product (i) using the Licensed Technology in the Territory, and for use in the
Field, and, (ii) upon their coming into the ownership or control of Licensor: all Improvements to the Licensed Technology, for
use in the Field, in the Territory, and (iii) use Licensor's Trademark for the Product for use in the Field, in the Territory.

 

Licensor agrees to disclose and provide
from time to time to Licensee that Know-how included in the Licensed Technology in the possession or control of Licensor or its
Affiliates at the Effective Date.

 

During the Term Licensor will not supply the Product to any
other person in the Territory than Licensee for the use in the Field, except Licensee.

 

3. CLINICAL
TRIAL

 

Subject to the terms and conditions of
this Agreement, Licensor shall conduct and manage at Licensor’s own expense, clinical trials appropriate for registration
of the Product with the Competent Authority in a manner reasonably designed to allow for use in the Territory ("Clinical
Trial").

 

4. JOINT
STEERING COMMITTEE

 

Promptly after the Effective Date, but
in any event within ninety (90) days from the Effective Date, the Parties shall establish a steering committee (the “Committee”)
to oversee the Parties' cooperation and performance under the Agreement including but not limited to the development, manufacturing,
marketing and regulatory issues of the Product to ensure timely supply, development and approval and successful marketing of the
Product.

 

    	 

    	 

    

 

The Committee shall include three (3) representatives
of each Party. The initial members of the Committee are specified in Appendix V. Each of the Parties may replace any or all of
its representatives on the Committee at any time upon written notice to the other in accordance with Clause 35. Each Party may,
in its sole discretion, but subject to the written objection of the other Party (with demonstrable reason for objection), invite
to attend meetings or portions of such meetings of the Committee, a reasonable number of non-member representative of such Party
who have a reasonable purpose for attending such meeting or portion of such meeting. The Committee shall be co-chaired by a representative
of each Party, as such representative may be changed by the designating Party at the time. The co-chairpersons shall appoint a
secretary of the Committee, and such secretary shall serve for such term as designated by the co-chair persons.

 

The Committee shall meet at least every
six calendar months, with the first meeting to be held within six calendar months following the Effective Date, unless otherwise
agreed between the Parties. Such meetings shall alternate between Licensor and Licensee locations (or be held by teleconference
or videoconference or other suitable remote meeting system, if agreed by the Parties) and be held at such times as are mutually
agreed upon by the Committee.

 

The role of the Committee shall be to facilitate
sharing of information between the Parties and to permit discussion and recommendations, in particular in relation to:

 

		4.1.1	reviewing Licensee’s strategy and plans for supply, marketing
and distribution of the Product in the Territory;

 

		4.1.2	reviewing regulatory data and regulatory documentation, and the
progress and outcomes of applications to Competent Authorities in the Territory for Marketing Authorisation and determining an
agreed written strategy in respect of the same;

 

		4.1.3	considering what might
be suitable as the Trade Mark;

 

		4.1.4	considering additional indications for which clinical trials
might be undertaken and applications made to Competent Authorities in the Territory; and

 

		4.1.5	discussing manufacturing and supply and any issues or Improvements
which might be made, and reconciling the quality systems of the Parties, as needed.

 

However, each Party shall be at liberty
to make its own decisions, following discussion in the Committee, in relation to their respective obligations under this Agreement.

 

5. REGISTRATION,
APPROVAL ETC. OF THE PRODUCT

 

Following the granting of the Marketing
Authorisation, but prior to the manufacture of any Product for delivery to the Territory, Licensor shall ascertain that any and
all reasonable requirements of any Competent Authorities applicable to the manufacture and composition of the Product might be
met in the manufacture of the Product by Licensor or its subcontractors, and Licensor shall identify any reasonably necessary modifications
to the specifications necessary to cause the Product to meet the requirements applicable to allow the sale and distribution of
the Product in the Territory, save that it shall be Licensee’s responsibility to ascertain the requirements of the Competent
Authorities with respect to the containment, packaging, storage, transportation and labelling requirements of the Product and to
provide this information in sufficient detail to Licensor.

 

Licensor shall use all reasonable endeavours
to obtain as soon as reasonably possible, and to thereafter maintain in its own name, each Marketing Authorisation for the Product
in each country in the Territory and that is reasonably required to market, promote and/or sell the Product to all the potential
purchasers/ prescribers in that country.

    	 

    	 

    

 

Licensor shall be solely responsible for
all communications with the Competent Authorities in relation to obtaining and maintaining the Marketing Authorisation.

 

Licensee shall on behalf of Licensor obtain
and maintain pricing/reimbursement approvals for the Product in each country in the Territory, as well as Named Patient Sales.
Licensee shall in connection hereto provide to Licensor any advice, assistance, information, data and/or material if required (to
the extent in the possession or control of Licensee) as is necessary in connection with Licensor’s filings and/or correspondence
with the Competent Authorities, at Licensor’s sole expense.

 

Licensee shall provide to Licensor a health
economics dossier for pricing and reimbursement purposes, to be locally adapted by Licensor.

 

Licensor undertakes to perform any tests
and/or investigations with regard to the manufacturing of the Product as are required by any Competent Authority in order to maintain
the Marketing Authorisation during the Term.

 

If any modifications are made to the Product
which require a variation or other change of the Marketing Authorizations in the Territory as a result a request by Licensee (that
is not required by requirements of any Agreed Quality), Licensee shall bear any and all costs related to the regulatory procedures
in the Territory caused by such modifications, including Licensor’s costs associated therewith.

 

Licensor and
Licensee shall keep each other informed of all developments of which either Party becomes aware with respect to major clinical
and commercial relevance and clinical activities in connection with the Product and competing products on a twice yearly basis
at a development meeting to be held alternately at each other’s premises. In the case of important events (including without
limitation adverse events), the reporting activities have to be immediate and/or more frequent in the time frame that reflects
the severity or importance of the events, as required to comply with all obligations of Licensor and Licensee in each country in
the Territory.

 

Each Party undertakes to notify the other
Party within ten (10) business days of receipt of any correspondence received from any Competent Authority pertaining to the distribution
of the Product in the Territory. In case of urgent matters, such notification shall take place without delay.

 

Licensee shall, if required by Licensor,
support Licensor in contact with each Competent Authority with respect to packaging and labeling of the Product, including design/artwork,
material and text, as well as the form of packaging, the appearance of the packaging or labeling and the manner of packaging, storage,
and handling as required for the Product for each country in the Territory. Licensee shall, in such case, provide to Licensor on
a regular basis the information and requirements necessary for manufacturing packaging and labeling from time to time in each country
of the Territory and on Licensor’s request proof-read any packaging, labeling, design/artwork, material and text.

 

    	 

    	 

    

 

6. LICENCE
FROM LICENSEE

 

If during the Term, Licensee acquires ownership
or possession of any Improvements and/ or of any Regulatory or Clinical Data (other than from Licensor or its Affiliates), Licensee
shall promptly disclose those Improvements and/or Regulatory or Clinical Data to Licensor through a written disclosure that reasonably
documents all the Improvement(s) and Regulatory or Clinical Data (as applicable).

 

Subject to the terms and conditions of
this Agreement, Licensee grants to Licensor the following rights with respect to the Improvements and Regulatory or Clinical Data
disclosed or to be disclosed pursuant to Clause 6:

 

		6.1.1	the exclusive right and license during the Term to use any and
all such Improvements that are not severable from the Licensed Technology;

 

		6.1.2	the non-exclusive right and license during the Term to use any
and all such Improvements that are severable from the Licensed Technology; and

 

		6.1.3	the non-exclusive right and license during the Term to use any
and all such Regulatory or Clinical Data.

 

in
each case for any and all regulatory and/or sales, promotion and marketing purposes relating to the Product outside the Territory.

 

The licence granted pursuant to Clause
6.1.1 and 6.1.3 shall be royalty free with respect to uses made by Licensor and its Affiliates or third parties.

 

Licensee shall support Licensor, at Licensor’s
sole expense, if reasonably requested and on terms negotiated in good faith where Licensee has in its possession or control or
is more easily able to obtain, information reasonably necessary for the obtaining or maintenance by Licensor of any Marketing Authorisation
for the Product outside the Territory.

 

7. Data Privacy

 

Each Party (“Data Provider”)
shall be responsible for ensuring that it complies with Data Protection Laws with respect to the provision of Regulatory and Clinical
Trial Data to the other Party pursuant to this Agreement. The Data Provider shall ensure as far as is reasonably possible, that
all permitted recipients of the Regulatory and Clinical Trial Data pursuant to this Agreement (“Data Recipients”)
shall have the lawful authority pursuant to Data Protection Laws, to use, store, make copies of and disclose the Regulatory and
Clinical Trial Data provided, in the manner and the countries contemplated by this Agreement.

 

Without prejudice to the generality of
Clause 7, each Data Provider shall be responsible for ensuring that they obtain in advance all necessary and appropriate consents
from data subjects allowing information relating to them and included in Regulatory and Clinical Trial data, to, pursuant to the
Data Protection Laws:

    	 

    	 

    

 

		7.1.1	be transferred to any
country in the world;

 

		7.1.2	be disclosed to all
Data Recipients;

 

		7.1.3	used by Data Recipients for those uses permitted pursuant to
this Agreement, including for:

 

		7.1.3.1	supply to Competent
Authorities;

 

		7.1.3.2	supply to persons writing articles for medical or other relevant
publications; and

 

		7.1.3.3	statistical analysis.

 

The Parties shall implement appropriate
technical and organizational measures to protect the Personal Data against unauthorized or unlawful processing and against accidental
loss, destruction, damage, alteration or disclosure.

 

When implementing and updating technical
and organizational measures, each Party shall have regard to:

 

		7.1.4	the sensitive nature of the Personal Data and the substantial
harm which would result from unauthorized or unlawful processing or accidental loss or destruction of or damage to such Personal
Data; and

 

		7.1.5	the state of technological development and the cost of implementing
such measures.

 

The Parties shall ensure:

 

		7.1.6	the reliability of any employees, contractors and contractor
personnel who have access to the Personal Data; and

 

		7.1.7	that all employees, contractors and contractor personnel involved
in the processing of the Personal Data have undergone adequate training in the care, protection and handling of the Personal Data.

 

Each Party shall provide reasonable assistance
to the other Party to comply with any obligations under Data Protection Laws and shall not perform its obligations under this Agreement
in such a way as to knowingly cause the other Party to breach any of its obligations under Data Protection Laws.

 

8. PHARMACOVIGILANCE

 

Licensee shall be solely responsible for
any and all pharmacovigilance activities required pursuant to the Regulatory Requirements and all related obligations in connection
with this Agreement under applicable laws, regulations and guidelines in the Territory and shall fulfill all such obligations at
its sole expense. The Parties shall cooperate on pharmacovigilance issues and shall make commercially reasonable efforts to promptly
establish and adopt sufficient procedures concerning such cooperation and the exchange of pharmacovigilance information. These
procedures shall be documented in writing and attached to this Agreement as Appendix IV prior to the first delivery of Product
under this Agreement.

 

    	 

    	 

    

 

Licensee shall promptly notify Licensor
in writing of any adverse events of which Licensee becomes aware in relation to the Product.

 

Licensor shall promptly provide to Licensee
copies of all documents containing any negative comments or feedback, or details of any safety issues, in relation to the Product,
its sale, marketing or promotion that is received from or exchanged with any Competent Authority or other person.

 

9. marketing
and sales

 

Licensee shall use its commercially best
efforts to launch the Product within six (6) months of receipt of notice that it has obtained Marketing Authorisation in each respective
country of the Territory (excluding Named Patient Sales).

 

Upon grant of the Marketing Authorisation
to Licensor and Licensee’s launch of the Product, Licensee shall use its commercially reasonable best efforts to market,
offer for sale and maximise sales of the Product in the Field in the Territory for the remainder of the Term.

 

Licensee shall be solely responsible for
the marketing and promotion costs in the Territory.

 

Licensee will allow using sub Licensee
for registration, marketing and selling in the territory.

 

In case Licensee is not able to launch
and sell the Product within six (6) months of receipt of notice that it has obtained Marketing Authorisation in each respective
country of the Territory, Licensor shall have the right to terminate this Agreement in accordance with Clause 24.

 

Licensee shall in due time before Marketing
Authorisation is expected develop a marketing and sales strategy appropriate for the respective country of the Territory. These
plans shall be presented to the Steering Committee. The intention with the strategy shall be to make the time gap from Marketing
Authorisation to launch of the Product as short as possible. The strategy shall include expected sales volumes for specified scenarios
of market penetration and a product positioning plan and sales channels to be considered to maximize sales in price and volume.

 

Beginning at the first calendar quarter
following the reimbursement approval in each territory Licensee undertakes to purchase from Licensor the following minimum quantities
of Products:

 

    	 

    	 

    

 

Minimum Quota Year Israel

 

	Fiscal Year	 	Minimum Quantities	 	 	 	 
	 	 	 	 	 	 	 
	Year 1	 	 	800	 	 	 	vials	 
	 	 	 	 	 	 	 	 	 
	Year 2	 	 	1624	 	 	 	vials	 
	 	 	 	 	 	 	 	 	 
	Year 3	 	 	2474	 	 	 	vials	 
	 	 	 	 	 	 	 	 	 
	Year 4	 	 	4184	 	 	 	vials	 
	 	 	 	 	 	 	 	 	 
	Year 5	 	 	5095	 	 	 	vials	 

 

Minimum Quota Year Turkey

 

	Fiscal Year	 	Minimum Quantities	 	 	 	 
	 	 	 	 	 	 	 
	Year 1	 	 	4000	 	 	 	vials	 
	 	 	 	 	 	 	 	 	 
	Year 2	 	 	6240	 	 	 	vials	 
	 	 	 	 	 	 	 	 	 
	Year 3	 	 	8640	 	 	 	vials	 
	 	 	 	 	 	 	 	 	 
	Year 4	 	 	13440	 	 	 	vials	 
	 	 	 	 	 	 	 	 	 
	Year 5	 	 	16800	 	 	 	vials	 

 

If 60 % of the minimum quantities are not
achieved for one minimum Quota Year Licensor, at its option, may as sole remedy terminate Licensee's exclusivity pursuant to clause
2.

 

Within thirty (30) days of the end of each
Minimum Quota Year Licensor shall exercise its right that may occur to change the exclusive nature of this Agreement by giving
Licensee a written notice of such change. If Licensor fails to exercise any such right within such thirty (30) day period, Licensor
shall be considered to have waived the right.

 

For purposes determining whether Licensee
has complied with the minimum quantity requirements in clause 9 for a Minimum Quota Year Licensee shall be considered to have purchased
a quantity of Products when such Products are due for delivery in accordance with a Binding Purchase Order.

 

    	 

    	 

    

 

10. named
patient services

 

In the period between the Effective Date
and up until Marketing Authorisation is obtained in any country in the Territory, Licensee shall have the right in that country
to provide the Product for use on a Named Patient Basis, according to the relevant local rules and regulations in each country
of the Territory, subject to Licensor having sufficient commercial manufacturing output to supply the anticipated volume requirements
of Licensee, which is not warranted by Licensor. During this period Licensee shall, at no cost to Licensor, provide the reasonable
assistance, support, documentation and information as requested by Licensor and that are necessary to meet these local rules and
regulations.

 

11. MILESTONE
payments

 

As consideration to Licensor for the rights
granted hereunder, Licensee shall make milestone payments to Licensor as follows:

 

		11.1.1	The sum of 200 000 Euro within thirty (30) days
of the Effective Date;

 

		11.1.2	The sum of 200 000 Euro within thirty (30) days of Licensor ́s written communication
to Licensee that Marketing Authorisation has been granted by the European Commission;

 

If Licensor will not succeed
to get the Marketing Authorisation by 2015, Licensor will pay to Licensee 50 % of the 1st milestone payment made to
Licensor under this section 11.

 

12. royalties

 

In consideration of the license rights
granted in the Agreement, Licensee and its Affiliates and sublicensees shall pay royalties to Licensor which shall be calculated
as described in Appendix I.

 

Licensee, its Affiliates shall keep and
maintain complete and accurate records of the sales and all necessary and supporting data for calculation of the Net Sales of the
Product for each year and shall retain such records for a period of five (5) years thereafter. Licensor shall have the right to
from time to time nominate a firm of independent certified public accountants acceptable to Licensee to inspect and take copies
of such records during reasonable business hours, for the purpose of verifying, at Licensor's expense the Net Sales of Licensee
and its Affiliates, provided that this right may not be exercised more than twice in any Year, and provided further that such accounting
firm shall be first made subject to confidentiality obligations not more burdensome than those to which the Parties are subject
to under this Agreement. If Licensee or its Affiliate is required to reimburse Licensor for an underpayment (in any amount) it
shall do so (together with interest payable pursuant to clause 18) within thirty (30) days of its receipt of notice from Licensor
of the result of the accountant's audit. In the event that the accountants' audit finds that an underpayment of five (5) per cent
or more has been made by Licensee or its Affiliate, Licensee shall reimburse Licensor the cost of the audit (within thirty (30)
days of its receipt of notice of the results of the audit).

 

If Licensee or its Affiliate sells Product
in a currency other than Euro, then for purposes of calculating the royalty payable, “Net Sales” of such sales will
be computed on the basis of the “spot” conversion rate of the currency of sale into Euro as of the close of business
on the last day of the applicable accounting and payment period.

 

Licensee shall provide Licensor with any
documents or information reasonably requested by Licensor in order to comply with any tax, foreign exchange or other laws relating
to this Agreement and payments hereunder. The Parties shall cooperate with each other for Licensor’s applications and reports
to any governmental authorities.

 

    	 

    	 

    

 

13. FORECASTING
AND ORDERING

 

Licensee shall buy the Product from Licensor
if not otherwise agreed upon in this Agreement.

 

Licensee shall by the 1st January
and 30 June each Year provide to Licensor in writing its forecast requirements of Finished Product for the next twenty four (24)
months following either 1st January or 30 June, as applicable, where (subject to clause 13) the first three (3) months
of such forecast shall be considered a binding purchase order (a "Binding Purchase Order"). The following 9 months
shall be a Binding Purchase Order which might vary with +/- twenty (20) per cent. The remaining twelve (12) month’s forecast
shall be considered a non-binding estimate.

 

A non-binding estimate for twelve (12)
to twenty four (24) months shall be used by Licensor solely for production planning purposes. Licensee makes no representation
and gives no warranty, express or implied, regarding the accuracy of non-binding estimates or that Licensee will actually order
the amount of Finished Product indicated in any such estimate.

 

Licensor will notify Licensee following
receipt of a forecast pursuant to clause 13, if its manufacturing capacity is not likely to be sufficient to meet the anticipated
volume requirements of Licensee (taking into account Licensor’s own and other third parties’ requirements), as well
as the volumes of Finished Product that Licensor is likely to be able to supply during the period of the forecast, and Licensee’s
Binding Purchase Order shall be automatically decreased by the volume of Finished Product which exceeds volumes Licensor is able
to supply to Licensee.

 

14. SUPPLY
OF PRODUCT

 

Licensor shall supply the Finished Product
to Licensee in accordance with the terms of this Agreement, and all other terms (save for those agreed by the Parties) whether
express or implied, shall be excluded from any contract for Finished Product.

 

Licensor shall (subject to clause 13),
during the Term, manufacture and deliver such quantities of Finished Product which are ordered by Licensee in writing from time
to time within ninety (90) days from the date of Licensee's Binding Purchase Order pursuant to clause 13.

 

Subject
to the foregoing, Licensor shall confirm in writing each purchase order within ten (10) business days from the receipt of the same.

 

Without
prejudice to any rights or remedies available to Licensee under law or this Agreement, Licensor agrees to promptly notify Licensee
after becoming aware of any actual or anticipated delay in any delivery of Finished Product.

 

    	 

    	 

    

 

As part of the Supply Price, Licensor shall
package and label Finished Product manufactured by Licensor according to clause 14 above for distribution by Licensor shall include
the Trademark. As part of the Supply Price, Licensor shall package and label Products in compliance with the instructions provided
by Licensee, provided that Licensor shall have no obligation to implement new packaging or labelling requirements communicated
by Licensee with a lead time of less than nine (9) months. Any inventory of obsolete packaging and labelling material ordered by
Licensee shall be fully paid for by the Licensee if not possible to use. If permitted by local rules and regulations in a country
in which Finished Product shall be distributed, Licensor shall be identified as the developer/manufacturer/licensor of the Finished
Product distributed in such country. The packaging of the Finished Product, approved by Licensor using supporting documentation
provided by Licensee, shall be: (a) sufficient to protect the Finished Product during shipment, (b) compliant with environmental
regulations or other relevant rules or regulations; and (c) contain the proper labelling as instructed by Licensee pursuant to
this Agreement. Licensee shall repackage any Finished Product units. Product traceability shall always be assured. cGMP and cGDP
shall be applied and documented for the Product from Licensee. The integrity of the sealed immediate container has to be assured
whatever action undertaken by the Licensee. Licensor shall use reasonable endeavours to supply the Finished Product and
to meet the delivery date, but time of delivery shall not be of the essence and Licensor shall have no liability to Licensee if,
notwithstanding such endeavours, there is any delay in delivery.

 

All Finished Product delivered by Licensor
shall be delivered DAT Arlanda, Stockholm, shipment point LOD Israel and/or Istanbul Turkey. (Delivered At Terminal per Inco terms
2010, made part of this Agreement by reference).

 

Licensee shall use its reasonable endeavours
to collect the Finished Product in a prompt manner. Warehouse or storage costs incurred by Licensor due to Finished Product being
left at the point of delivery for an extended period of time on Licensee’s instructions, or as a result of an act or omission
of Licensee, shall be borne by Licensee.

 

Risk in the Finished Product shall pass
to Licensee upon delivery.

 

The title to any consignment of the Finished
Product shall not pass to Licensee until Licensor has received payment in full.

 

During such time as title in the Finished
Product remains with Licensor, Licensee shall:

 

		14.1.1	store or otherwise keep the Finished Product in such a way as
clearly to indicate at all times that the Finished Product are owned by Licensor and shall not remove, obscure or delete any mark
placed on the Finished Product by Licensor which may enable the Finished Product to be identified; and

 

		14.1.2	have the power to deal with or use the Finished Product (and
other goods in which the Finished Product are incorporated) as fiduciary bailee of Licensor in the normal course of its business
and to dispose of the Finished Product or such goods by way of bona fide sale at full market value. 

 

In order to secure the availability and
timely delivery of the Finished Product to Licensee, Licensor undertakes to keep at all times, at its sole costs, expense and responsibility,
in its premises a sufficient safety stock of Finished Product (the “Safety Stock”). Such Safety Stock shall
correspond to at least one (1) month of Licensee’s average monthly orders for Finished Product over the previous twelve (12)
calendar months to be assessed and updated at the end of each calendar quarter Safety stock will be kept as bulk product by Licensor.
Licensor may not deliver Finished Product which is not manufactured at an approved facility and may not change the manufacturing
site and/or the regulatory commitments (which are defined in the Marketing Authorisation documentation and shall include without
limitation manufacturing method and specification) for the Finished Product without obtaining prior written approval therefore
from the Competent Authority.

 

    	 

    	 

    

 

Licensee's right to possession of the Finished
Product shall terminate immediately upon the any of the events listed in clause 24 affecting Licensee, or if Licensee encumbers
any of the Finished Product.

 

Licensee grants Licensor, its agents and
employees an irrevocable licence at any time to enter any premises where the Finished Product are or may be stored in order to
inspect them, or, where Licensee's right to possession has terminated, to recover them.

 

Where Licensor is unable to determine whether
any Finished Product are the Finished Product in respect of which Licensee's right to possession has terminated, Licensee shall
be deemed to have sold all Finished Product of the kind sold by Licensor to Licensee in the order in which they were invoiced to
Licensee.

 

During the Term Licensee or any Competent
Authority shall be entitled upon prior written notice to visit, inspect and carry out audits relating to the Finished Product at
Licensor's facilities, to verify the compliance with this Agreement. With regards to Licensee such visits shall be arranged during
normal working hours within three (3) weeks from the date of notice. For purposes of such audits, the Parties undertake to co-operate
in good faith with each other and provide the other Party with such information and documentation relating to the Finished Product
and the manufacture thereof, which it may reasonably request.

 

Product shipped to Licensee cannot be returned
to Licensor at any time. All costs for expired Products shall be covered by Licensee.

 

Licensor shall only provide Licensee with
batches of Product that have previously been released and approved.

 

A Certificate of Analysis (CoA) of each
specific batch, intended for Licensee Territories can on special request be sent before shipment of a specific order. Licensee
has to approve the certificate via fax or email within two business days. A CoA shall specify Product, batch number, and tests
performed in accordance with the specifications submitted to the competent authorities within the Territory. Further it shall contain
the name and address of Licensor - manufacturing site and number of Manufacturing Authorisation Licence or Certificate of GMP Compliance
of a Licensor’s third Party Manufacturer.

 

A CoA shall specify
Product, batch number, and tests performed in accordance with the specifications submitted to the competent authorities within
the Territory. Further it shall contain the name and address of Licensor - manufacturing site and number of Manufacturing Authorisation
Licence or Certificate of GMP Compliance of a Licensor.

 

Batch
Release Certificate, signed by Licensor QP. The Batch Release Certificate shall be accompanied with a declaration of having no
deviations in the manufacturing and control or a list of cleared and closed deviations

 

All sites involved in the manufacture including
packaging and quality control of the batch should be listed with name and address. The name and address must correspond to
the information provided on the Manufacturing Authorisation/Establishment Licence.

 

Each shipper box shall include a temperature
logger. On the Packing list, it shall be indicated the location of temperature loggers and information on required transportation
conditions of the Product.

 

    	 

    	 

    

 

Licensor
's QP shall collaborate with Licensee 's QP and shall provide Licensee 's QP with for local
Product release, relevant GMP information related to the Products and required by Licensee ́s for the release of the Products
in the Territory.. Final judgement on which information to provide shall be solely based on GMP and on the Licensor ́s QP
judgement. Such information will be provided within reasonable time.

 

Without derogating from the aforesaid,
Licensor's QP shall provide Licensee's QP with general information on Licensor's quality assurance system, Licensor's quality policy
and the manufacturing process's compliance with GMP requirements.

 

Disclosure of Information

 

Licensor
shall report Licensee immediately on any general change in the mode of manufacturing, control,
storage or transportation of The Products under its responsibility, which may be relevant for the evaluation of the quality of
The Product or their ability to meet the Terms of Registration in the Territory.

 

Licensor shall notify Licensee immediately
on any decision taken by the Licensor or any competent authority to recall any of the Products.

 

Audit

 

Licensor
shall provide copies of Audit Reports of the Production facility to Licensee on Licensee ́s
request. Licensor Audits of the production site will be performed by competent Auditors having the necessary knowledge of the products
and processes. In case an Audit by Licensees QP is required by Licensee it will be charged at cost charged to Licensor.

 

Quality Complaints

 

During
the Term of this Agreement, Licensee may submit quality complaints
regarding the Products to Licensor. Licensor must carefully investigate any such complaint, and notify Licensee,
within reasonable time, on the results of the investigation and on any corrective or preventive actions taken following the complaint.

 

15. SAMPLES

 

In order to support marketing and promotion
efforts for Finished Product in the Territory, Licensor will promptly supply a reasonable quantity of samples of the Finished Product
to Licensee or its Affiliates, for use in the Territory. These Products shall not at any time be sold to customers.

 

Sample price to Licensee or its Affiliates
shall be Licensor’s All-In Cost of Goods (as defined in Appendix I) including specific sample label costs, shipping, insurance
of shipment, customs fees and other fees connected to the specific supply request. For the avoidance of doubt, a royalty shall
not be payable in respect of any supply of samples by Licensor or for Finished Product to be used in clinical trials.

 

Licensee shall keep complete records of
sample distribution and shall, after request by Licensor, provide such records to Licensor.

 

    	 

    	 

    

 

16. QUALITY
OF PRODUCT

 

Licensor represents and warrants that all
amounts of Finished Product delivered and supplied to Licensee:

 

		16.1.1	shall have been manufactured in accordance with the approved specifications in the Marketing Authorisations,
all applicable regulatory requirements and/or commitments, cGMP and all applicable laws and regulations in force from time to time;

 

		16.1.2	shall comply with the approved specifications;

 

		16.1.3	the manufacturing facilities utilized for the manufacture of Finished Product shall, at the time
of manufacture, comply with applicable regulations, or other applicable regulations, including applicable cGMP.

 

Clause 16.1.1, 16.1.2 and 16.1.3
above shall together be the "Agreed Quality".

 

Licensor shall with each batch of Finished
Product delivered and supplied furnish Licensee with a certificate of analysis indicating the compliance of that batch of Finished
Product with the Marketing Authorisation, and such other information and documentation as may be required from time to time under
applicable laws and regulations in the relevant country in the Territory.

 

As soon as possible, but in no case later
than five (5) business days following delivery of Finished Product from Licensor, Licensee shall: (i) perform a visual inspection
of the Finished Product so delivered, to identify any visible signs of defect or transportation damage, and (ii) notify Licensor
promptly should any such defect be found, and in that case place such Finished Product in quarantine until the claim is settled
between the Parties.

 

If Licensee becomes aware that a Finished
Product delivered is defective, or is recalled by any governmental agency or authority or is not in conformance with the Agreed
Quality ("Non-Conforming Finished Product"), Licensee shall notify Licensor in writing without undue delay after
becoming aware thereof. Licensor acknowledges and agrees that Licensee may, subject to applicable mandatory legislation, from time
to time and at its option rely on the certificate of analysis issued by Licensor pursuant to clause 14 herein above and sell Product
delivered by Licensor without testing the compliance of Product with the agreed quality. Non-conforming or defective Product shall
be without prejudice to Licensor’s warranty and any remedy available to Licensee under law or this Agreement.

 

As soon as possible, but in no case later
than five (5) business days following delivery of Product from Licensor, Licensee shall, without prejudice to its rights relating
to Non-Conforming Product in this Agreement, perform an optical inspection of the goods so delivered, to identify any visible signs
of defect or transportation damage, notify Licensor promptly should any such defect be found, and in that case place such Product
in quarantine until the claim is settled between the parties.

 

If Licensee finds out that a Product delivered
is defective, does not comply with the agreed quality, was shipped in violation of any applicable statute, administrative order
or regulation, is recalled by any governmental agency or authority, or is not in conformance with instructions agreed upon by the
parties regarding packaging or transport, or is not suitable for use or sale (“Non-Conforming Product”), Licensee shall
notify Licensor in writing without undue delay after becoming aware thereof. Any claims by Licensee regarding Non-Conforming Finished
Product delivered shall specify in reasonable detail the nature and basis for the claim and cite relevant Licensor batch control
numbers or other information to enable specific identification of Finished Product involved.

 

    	 

    	 

    

 

Licensor agrees to review any written claim
made by Licensee regarding Non-Conforming Finished Product and provide Licensee with the results of its review within sixty (60)
days after Licensor's receipt of such written claim. At Licensor’s request and expense, Licensee shall if available return
to Licensor for testing the Finished Product at issue or a representative sample thereof. If Licensor’s test results reasonably
confirm the Finished Product as Non-Conforming Finished Product, Licensee shall return all Non-Conforming Finished Product to Licensor
at Licensor’s expense or at Licensor's discretion destroy such Non-Conforming Finished Product, and Licensor shall, at Licensor's
option and sole remedy, either make a replacement delivery of conforming Finished Product within sixty (60) days from the receipt
of Licensee’s notice or reimburse Licensee for any payments made for such Non-Conforming Finished Product.

 

If Licensor’s test results do not
confirm the Finished Product’s non-conformance, and if the Parties cannot resolve the issue of non-conformance of such Finished
Product, the Parties shall submit to a mutually acceptable independent laboratory that has the methods validated and can assure
the relevance of results of tests such Finished Product or a representative sample thereof, along with a reference sample of Finished
Product which has previously been confirmed by Licensee as conforming to the Agreed Quality, the test protocols described in the
specifications and mutually agreeable interrogatories to be answered by such laboratory. The determination of the Finished Product’s
conformance or non-conformance to the Agreed Quality shall be binding upon the Parties. If the laboratory determines that the Finished
Product is conforming, Licensee shall pay all independent laboratory and shipping costs incurred by Licensor. If such laboratory
confirms the Finished Product tested as Non-Conforming Finished Product, Licensor shall pay all independent laboratory costs and
shall, at Licensor's option, either make a replacement delivery of conforming Finished Product free of charge within fourteen (14)
days from the date of such laboratory confirmation or reimburse Licensee for any payments made for such Non-Conforming Finished
Product.

 

At any time during review of any claim
made by Licensee regarding Finished Product delivered, Licensor shall, at Licensee’s request, within sixty (60) days deliver
to Licensee such quantities that are requested by Licensor to replace all or part of the Finished Product referred to in that claim,
subject to volume restraints to which Licensor is subject at that time. Without prejudice to any other rights or remedies available
to Licensee under law or this Agreement, Licensee shall not be obliged to pay Licensor the Supply Price for any replacement Finished
Product provided under this clause and that is subsequently found to be a Non-Conforming Finished Product.

 

Licensor shall maintain an inspection procedure
and quality assurance program for the Finished Product and its production process, which Licensor shall follow for the manufacture
of Finished Product units under this Agreement. Licensee shall have the right to review complete records of all quality system
documentation which includes but is not limited to inspection, corrective action, and quality assurance work performed by Licensor
during visits arranged in accordance with clause 16. Details of such inspection procedures, quality assurance program and record
retention shall be set forth in the quality agreement executed between the Parties.

 

    	 

    	 

    

 

17. PRODUCT
RECALL; REGULATORY MATTERS

 

In the event that (a) any governmental
agency or authority or Competent Authority issues a recall or takes similar action, in connection with the Finished Product sold
or distributed by Licensee in the Territory, or (b) a court of competent jurisdiction orders such a recall, or (c) Licensor decides
to cease distribution and/or sales of the Finished Product by reason of a possible safety risk (hereinafter "Recall")
then Licensor shall promptly inform Licensee of such Recall, and Licensor and Licensee shall agree on an appropriate course of
action.

 

Licensee shall promptly inform Licensor
of any notification of any action by, or notification or other information which it receives (directly or indirectly) from any
regulatory or other authority, which (a) raises any material concerns regarding the safety or efficacy of the Finished Product,
or (b) which indicates a reasonable potential for a recall or market withdrawal of the Finished Product.

 

Licensor shall bear all direct costs and
expenses of a Recall resulting from Finished Product failing to meet the Agreed Quality at the date of delivery to Licensee. For
the purposes of this Agreement, costs and expenses of recall include without limitation the expenses of notification and destruction
or return of the Finished Product recalled, and the supply price (including potential royalties) paid by Licensee for such Finished
Product.

 

Licensee shall bear all direct costs and
expenses of a recall resulting from Licensee’s failure to meet any storage conditions or if Licensee, without written approval
from Licensor, change labels on package.

 

In the event that Licensor permanently
withdraws the Finished Product from the market in the Territory following a Recall, Licensee shall have the right to terminate
this Agreement upon thirty (30) days prior written notice to Licensor.

 

18. SUPPLY
PRICE AND PAYMENTs

 

Subject to the terms and conditions hereunder,
Licensee shall pay the Supply Price set out in Appendix I.

 

Any customs fee or other taxes
involved in the Supply shall be paid by the Licensee.

 

Licensor shall invoice Licensee for the
Supply Price in relation to Finished Product at the time of shipment of the Finished Product to Licensee.

 

Licensee shall pay the Supply Price in
accordance with Licensor’s valid invoice within the later of (i) forty-five (45) days from the date of receipt of such invoice,
or (ii) forty-five (45) days from the date the invoiced Finished Product have been safely delivered according to clause 14 provided
that such invoice shall only reference Finished Product that have been shipped by Licensor at the time of issuance in accordance
with a Binding Purchase Order from Licensee.

 

Licensor may appropriate sums received
from Licensee against any debt due to Licensor from Licensee, irrespective of any purported appropriation by Licensee.

 

Licensor may appropriate sums received
from Licensee against any debt due to Licensor from Licensee, irrespective of any purported appropriation by Licensee.

 

    	 

    	 

    

 

Royalties accruing to Licensor under this
Agreement shall be paid by Licensee to Licensor not later than forty-five (45) days following the end of the calendar quarter
during which such royalties accrued.

 

Milestones accruing to Licensor under this
Agreement shall be paid by Licensee to Licensor not later than thirty (30) days following the occurrence of the event triggering
Licensor’s right to receive and Licensee’s obligation to pay the particular milestone.

 

All payments shall be made
by bank transfer, or by such other payment method as shall be stipulated by the relevant Party from time to time, to such bank
account as that Party may from time to time notify in writing to the other Party.

 

All sums payable under this Agreement shall
be paid in full without any deductions or withholdings (including deductions or withholdings in respect of items such as income
tax, corporation tax, or other taxes, charges or duties) except insofar as the Party obliged to make the payment is required by
law to deduct withholding tax from sums payable to the other Party in which case the Party making the payment shall:

 

		a)	ensure that the deduction or withholding does not exceed the minimum amount legally required; and

 

		b)	provide to the other as required by the relevant law either an official receipt of the relevant
taxation authorities involved in respect of all amounts so deducted or withheld or if such receipts are not issued by the taxation
authorities concerned a certificate of deduction or equivalent evidence of the relevant deduction or withholding.

 

The Parties shall cooperate to ensure that
all sums payable under this Agreement can be lawfully paid without deduction of withholding tax, where this is possible under the
laws of the relevant jurisdiction.

 

Each Party shall pay to the other interest
on payments due to that other Party (including payments of royalties pursuant to clause 12) at the rate of ten (10) per cent per
annum above the Swedish Central Bank base rate in force from time to time from the date the payment became due until actual payment
is made (irrespective of whether the date of payment is before or after any judgement or award in respect of the same).

 

19. Export
controls

 

The Parties acknowledge that this Agreement
is subject to compliance with any applicable laws, regulations, or orders, including those that may relate to the export of technical
data, and the Parties agrees to comply with all such laws, regulations and orders, including, if applicable, all requirements of
the US Export Administration Act. The Parties further agrees that if the export laws are applicable, they will not disclose or
re-export any technical data or product received under this Agreement to any countries for which the United States government requires
an export license or other supporting documentation at the time of export or transfer, unless they have obtained prior written
authorization from the United States Office of Export Control or other authority responsible for such matters.

 

    	 

    	 

    

 

20. REPRESENTATIONS
AND WARRANTIES BY Licensor

 

Licensor warrants and represents that it
shall at all times

 

		20.1.1	comply with the Regulatory
Requirements;

 

		20.1.2	that the rights granted or to be granted to Licensee pursuant
to this Agreement do not conflict with any rights granted to any third party.

 

21. INTELLECTUAL
PROPERTY

 

Except for those rights expressly granted
under this Agreement, nothing in this Agreement shall be construed as creating, granting or conveying to one Party any licence,
right, title or other interest in or to any Intellectual Property Rights owned or controlled by the other Party or its Affiliates
(i) existing prior to the Effective Date; or (ii) independently discovered and developed during the Term by such other Party or
its Affiliates other than in performance of its obligations under this Agreement and without use of such other Party’s Intellectual
Property Rights or Confidential Information.

 

Licensor shall be responsible for and undertake,
at its own cost, the filing, prosecution, maintenance and defence of any Patent Rights. Upon request by Licensor, Licensee shall,
at its own cost, promptly provide all reasonable assistance requested by Licensor in connection with the filing, prosecution, maintenance
or defence of any Patent Rights.

 

Licensor shall have the right to timely
restrain any third party infringement of any Licensor patent in Licensor’s name and at its expense, and shall be solely
entitled to any recovery that results from such enforcement. At Licensor’s reasonable request and expense, Licensee may
be, but shall not be obligated to be, joined as a Party plaintiff. In such event, Licensee shall cooperate in such proceeding.
Licensor shall have the right to control prosecution of such action, and shall keep Licensee reasonably informed in writing as
to the status of such proceedings. Licensee further reserves the right, in the event that Licensor elects not to directly pursue
enforcement of the third party infringement of any Licensor patent, to directly pursue enforcement of such third party infringement
at Licensee’s sole cost and expense. In such event, Licensor shall cooperate in such proceeding. Licensee shall have the
right to control prosecution of such action, and shall keep Licensor reasonably informed in writing as to the status of such proceedings.
Should Licensee be successful in enforcing any Patent Rights in the event that Licensor elects not to directly pursue enforcement
of such third party infringement, Licensee shall be solely entitled to any recovery that results from such enforcement.

 

Each Party shall notify the other in the
event any third party shall commence or threaten to commence an action against Licensor or Licensee alleging that the sales of
the Finished Product infringes a patent or other Intellectual Property Right of such third party. Each Party shall keep the other
reasonably informed with respect to the progress of any such action from time to time. Upon Licensee's reasonable request and at
its expense Licensor shall cooperate with Licensee and its counsel with respect to the defense of any such action against Licensee.
Each Party shall be permitted to participate in any such infringement litigation on its own behalf, at its own expense, through
counsel of its choice.

 

    	 

    	 

    

 

Licensor represents and warrants to Licensee
as of the date of this Agreement that:

 

		21.1.1	there have been no claims
or assertions, written or oral, that the making, offering for sale, use, or importing of the Product infringes the patents, trademarks,
or other Intellectual Property Rights of any third party;

 

		21.1.2	Licensor has no actual knowledge, of
any third party patents, trademarks or other proprietary rights which are valid and which would be infringed by making, having
made, using, selling, offering for sale or importing Product in the Territory in accordance with the terms of this Agreement; and

 

		21.1.3	Licensor has no actual knowledge
                                         that as a result of the execution and delivery of this Agreement and the performance
                                         of Licensor hereunder, of any violation of, or lose any rights pursuant to, any license,
                                         sublicense or agreement previously provided to a third party with respect to Licensor’s
                                         intellectual property rights relating to the Product, including the Patent Rights.

 

22. INDEMNIFICATION
AND LIABILITY 

 

Without prejudice to any other limitation
(whether effective or not) of either Party’s liability, neither Party shall be liable (whether in contract, tort (including
negligence) or for breach of statutory duty or otherwise) for any loss of profits, use, opportunity, goodwill, business or anticipated
savings, for any indirect or consequential losses in connection with this Agreement or the Products (in each case irrespective
of any negligence or other act, default or omission of a Party (or its employees or agents), and regardless of whether such loss
or claim was foreseeable or not or whether the other has been informed of the possibility of such loss). Nothing in this Clause
22 shall however operate to limit or exclude any liability for fraud.

 

Licensor hereby indemnifies Licensee in
full and on demand and shall keep Licensee so indemnified from and against all Losses incurred or suffered by Licensee whether
or not foreseeable and howsoever arising, as a result of any Claim by a third party which alleges that the Finished Product has
caused death or personal injury as a direct result of the Finished Product as delivered to Licensee proved not to meet the Agreed
Quality. The indemnity in this Clause 22 shall not apply where the Losses or Claim shall have resulted from damage to the Product
in transit or in storage following delivery to Licensee.

 

Where a Party seeks indemnification pursuant
to this Agreement, the following provisions shall apply:

 

		22.1.1	the Party seeking indemnification (“Indemnitee”) shall notify the other Party (“Indemnitor”)
in writing promptly, but no later than forty five (45) days after becoming aware of any Claim in respect of which indemnification
may be sought hereunder;

 

		22.1.2	if any action is threatened or brought against the Indemnitee, it shall notify the Indemnitor of
that action within 45 days of the Claim being brought to the Indemnitee’s attention and the Indemnitor shall have the right
but not the obligation, to defend against, control the defence of, and settle any such claim and if the Indemnitor fails to take
action in defence of the Claim within 45 days of the Claim being notified to the Indemnitor, or if the Indemnitor subsequently
ceases to pursue such defence, the Indemnitee shall have the right but not the obligation to defend the Claim; and

    	 

    	 

    

 

		22.1.3	the Party not pursuing the defence of a Claim as envisaged in
Clause 22.1.2 shall co-operate as reasonably requested by the other Party in the defence of any Claim indemnifiable pursuant to
this Agreement.

 

In case that and as far as the Indemnitor
takes action in defence of any such Claim, the Indemnitee shall be entitled to participate in the defence of any such Claim provided,
however, the decisions of counsel for the Indemnitor shall supersede any decisions made by counsel for the Indemnitee.

 

The amount of any indemnification payable
pursuant to this Agreement shall include all reasonable legal and professional services costs incurred in respect of the relevant
Claim.

 

Nothing in this Agreement, or agreements
to be entered into pursuant to its terms shall in any way exclude or limit any Party’s liability for death or personal injury
caused by its negligence or for fraudulent misrepresentation.

 

23. INSURANCE

 

During the Term Licensor and Licensee shall
each maintain general business liability insurance coverage, sufficient to cover their respective responsibilities and liabilities
in this Agreement. Upon request by one Party, the other Party shall furnish to the requesting Party a certificate of insurance
signed by an authorized representative of the Party's insurance underwriter evidencing the insurance coverage required by this
Agreement.

 

24. term
AND TERMINATION

 

The Agreement enters into force on the
Effective Date. Unless terminated earlier by one of the Parties in accordance with the terms of this Agreement, it shall continue
in force in each country in the Territory until terminated in respect of each country in the Territory by at least twelve months
prior written notice by one Party to the other Party, which shall have effect either on (and no earlier than):

 

		24.1.1	the date of last to occur of the following:

 

		24.1.1.1	ten (10) years from the first commercial sale of the Product
in any country in the Territory;

 

		24.1.1.2	the last expiration of any Patent Rights in the Territory.

 

Notwithstanding clause above, in addition
to the termination provisions set forth elsewhere in this Agreement, the Agreement may be terminated:

 

		24.1.2	by mutual agreement of the Parties,

 

		24.1.3	by Licensor by written notice to Licensee having immediate effect, if any Change of Control occurs
in relation to Licensee unless Licensor has consented to such Change of Control in advance in writing, such consent not to be unreasonably
withheld or delayed;

 

    	 

    	 

    

 

		24.1.4	by a Party by written notice having immediate if effect, if there is a material breach in the performance
of the other Party’s duties and obligations under this Agreement and the Party in default has not remedied the default within
sixty (60) days after receipt of written notice (provided that if such default involves any matter relating to the public health
or relates to a matter for which substantial harm shall accrue to the non-defaulting Party by such delay (including without limitation
harm to the Marketing Authorisation, registration or patents pertaining to the Product), the defaulting Party shall have ten (10)
days following notice from the non-defaulting Party in which to remedy such default).

 

		24.1.5	by a Party in the event that such Party determines that the results of the Second Interim Analysis
were not a Positive Outcome.

 

		24.1.6	by Licensor in the event that Licensor determines that it will not be able to meet its obligations
under this Agreement prior to the first approval of the Product by a Competent Authority.

 

This Agreement may be terminated immediately
by either Party by giving the other Party written notice thereof in the event such other Party makes a general assignment for the
benefit of its creditors, or proceedings of a case are commenced in any court of competent jurisdiction by or against such Party
seeking (a) such Party’s reorganization, liquidation, dissolution, arrangement or winding up, or the composition or readjustment
of its debts, (b) the appointment of a receiver or trustee for or over such Party’s property, or (c) similar relief in respect
of such Party under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debt,
and such proceedings shall continue undismissed, or an order with respect to the foregoing shall be entered and continue unstated,
for a period of more than sixty (60) days.

 

Save as otherwise provided in Clause, in
the event of termination for any reason the Parties shall fulfil orders which were accepted before the end of the Agreement. Licensee
shall cease to promote, market, advertise or enter into negotiations for the sale of the Product and it shall return or, if applicable,
assign to Licensor or a third party designated in writing by Licensor all Marketing Authorisation, information, Know-how and Confidential
Information received from Licensor and pertaining to the Product.

 

Should the Licensor be acquired or merge
with another company during the Term of this Agreement, this Agreement shall nevertheless continue in full force and effect.

 

25. POST
TERMINATION

 

Upon termination or expiration of this
Agreement for any reason, Licensee’s rights with respect to Product shall terminate save as otherwise provided in clause.

 

Promptly following termination, Licensee
shall (without additional payment being required from Licensor):

 

		25.1.1	transfer to Licensor copies, including annotations, of all data,
reports, records and materials containing Licensor Confidential Information and that are in the possession or control of Licensee,
its Affiliates or sublicenses;

 

    	 

    	 

    

 

		25.1.2	transfer to Licensor all Regulatory or Clinical Data provided
to Licensee by or through Licensor and related to the Product;

 

		25.1.3	transfer to Licensor or its nominee all right, title and interest
in and to every Marketing Authorisation for the Product in the Territory (if any); and

 

		25.1.4	Licensee hereby covenants with Licensor that Licensee will at
its own expense execute, promptly sign and do all such instruments, applications, documents, acts and things as may reasonably
be required by Licensor give full effect to clauses 25.1.1 to 25.1.3 (inclusive).

 

Licensee shall, at Licensee’s expense,
provide Licensor with all reasonably necessary or useful assistance to enable Licensor to coordinate and undertake the orderly
continued development and commercialization of the Product in such country or countries as applicable (such assistance shall include,
but not be limited to, providing access to, copies of and the right to use customer lists, marketing materials, marketing plans
and marketing presentations solely to the extent related to the Product, as well as advice and recommendations on which sales representatives,
sales organizations and sales methods would most likely prove most beneficial to promote sales of such Product).

 

Termination or expiration of this Agreement,
for whatever reason, will not affect any accrued rights or liabilities of either Party or payments due nor will it affect the coming
into force or the continuance in force of clauses 21, 22, 23 and 25 and any other provision of this Agreement which is expressly
or by implication intended to come into or continue in force on or after such termination, including all clauses relevant to the
continuation of supply of Product pursuant to clause.

 

26. Force
Majeure

 

Neither Party shall be under any liability
to the other for failure or delay in the performance of any obligation hereunder or part thereof to the extent and for the period
that such performance is prevented by reason of a case of Force Majeure, provided that the Party affected thereby shall give prompt
notice to the other Party of the date of commencement of the Force Majeure, the nature thereof, and expected duration; use its
best efforts to avoid or remove the Force Majeure to the extent it is so able to do; and make up, continue on and complete performance
when such cause is removed to the extent it is able to do so. Either Party shall be entitled to terminate this Agreement forthwith
by giving written notice to the other Party if the performance of this Agreement shall be substantially hindered or prevented for
a period exceeding six (6) months due to an event of Force Majeure affecting either Party which cannot be removed or abated.

 

27. relationship
between The Parties

 

The relationship between the Parties under
the Agreement is that of independent contractors of which Licensor is the licensor, manufacturer, supplier and seller and Licensee
is the purchaser and licensee and of the Product.

 

    	 

    	 

    

 

Neither Party has any right or authority
to enter into any contracts in the name of or for the account of the other Party, nor to assume or create any obligation of liability
of any kind, express or implied, on behalf of the other Party.

 

Licensee shall purchase from Licensor all
Product unless otherwise agreed in accordance with clause 13.

 

Each Party shall have the right to perform
its rights and obligations under this Agreement through a wholly owned subsidiary. Each Party shall be responsible for the performance
of its subsidiary in the same way as if the performance had been executed by the Party itself.

 

28. non-competition

 

During the Term Licensee and its Affiliates
will not develop, use or commercialise any new product directly competing with the Product in the Territory, without the prior
written consent by Licensor. A directly competing product means a pharmaceutical product which is used or can be used as a substitute
to the Product in the Field in the Territory. For the sake of clarity, Licensee shall be free to use for whatever purpose any and
all information and Know-how developed and collected by Licensee that is not obtained from Licensor; provided, however, any information
and Know-how that is developed by or with Licensee in connection with its performance under this Agreement that relates directly
to the Product itself or to improvements, modifications, formulations or future product extensions of the Product shall be the
property of Licensor if not otherwise agreed between the Parties.

 

29. CONFIDENTIAL
INFORMATION

 

Neither Party shall make copies of, disclose
or use the Confidential Information of the other Party under any circumstances whether during or after the currency of this Agreement
other than to employees, agents or sub-contractors of such Party who are reasonably required to know such Confidential Information
for the purposes of this Agreement, in which case the Party concerned shall procure that such Persons undertake to keep such Confidential
Information confidential. Each Party shall be responsible for any disclosure by its employees, agents or sub-contractors.

 

Clause 29 shall not apply to information:

 

		29.1.1	already in the public domain or which comes into the public domain other than through a breach
of Clause 29 by a Party;

 

		29.1.2	which is already in the possession of the other Party free from any obligation of confidentiality
at the time it is/was disclosed to it;

 

		29.1.3	which is developed by a Party independently of information provided
by the other Party;

 

		29.1.4	where the non-disclosing Party to whom the information relates
has expressly approved its disclosure;

 

    	 

    	 

    

 

		29.1.5	which the other Party is required by any Competent Authority
or law to disclose but only to the extent of such required disclosure and provided prior notification of such disclosure has been
given to the other Party; and

 

		29.1.6	which a Party is required by a recognised Stock Exchange to disclose
but only to the extent of such required disclosure and provided that the disclosing Party has first consulted with and taken due
account of any reasonable representations made by the other Party.

 

Upon termination of this Agreement for
whatever reason, the Parties shall each within fourteen (14) days return to the other all of the other Party's Confidential Information.
All obligations of confidentiality and non-use imposed upon the Parties under this Agreement shall expire ten (10) years after
the expiration or earlier termination of this Agreement.

 

30. STATEMENTS
TO PUBLIC

 

Neither Licensor nor Licensee shall make
or procure or permit the making of any announcement or statement to the public with respect to this Agreement without the prior
consent of the other Party, which consent shall not be unreasonably withheld, subject to any applicable regulatory and/or stock
exchange requirements.

 

The wording and the timing of any press
release or of any other announcement and/or statement to the public shall have to be agreed upon in advance between the Parties.
The Parties agree that announcements and/or statements to the public shall be promptly reviewed by both Parties, and that any such
announcements or statements deemed by Licensor to be required to fulfil a commitment under the laws applicable to publicly listed
companies in Sweden shall be reviewed within two business days by Licensee, and if Licensor does not receive a response from Licensee
within such period, it shall be deemed accepted by Licensee.

 

31. Entire
Agreement

 

This Agreement constitutes the whole agreement
between the Parties and supersedes all previous agreements between the Parties relating to its subject matter.

 

Each Party acknowledges that, in entering
into this Agreement, it has not relied on, and shall have no right or remedy in respect of, any statement, representation, assurance
or warranty (whether made negligently or innocently) other than as expressly set out in this Agreement.

 

Nothing in this Clause 31 shall limit or
exclude any liability for fraud.

 

32. Amendments

 

Except as otherwise provided expressly
herein, no modification, amendment or supplement to this Agreement or to the Appendices hereto shall be effective for any purpose
except by consent of both Parties and the proper execution of another written instrument by duly authorized officers of the Parties
hereto.

 

    	 

    	 

    

 

33. Assignment

 

Neither Party shall assign, transfer, charge
or otherwise encumber the Agreement or any right hereunder without the prior written consent of the other.

 

34. No Waiver;
Remedies

 

The failure of either Party at any time
to require performance by the other Party of any provision of this Agreement shall in no way affect the right of such Party to
require performance of that provision, and any waiver by either Party of any breach of any provision of this Agreement shall not
be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver
of any right under this Agreement.

 

35. Notices

 

Any communication, including any notice
or demand, under or in connection with this Agreement must be in writing, in English, and will be deemed to be validly served if
delivered personally (when delivered) or sent by confirmed fax (when confirmed), by reputable courier (within 5 days of sending)
(or as otherwise specified in this Agreement):

 

To
Licensor:

 

Oasmia Pharmaceutical AB

Att: Chief Executive Officer

Vallongatan 1

SE-752 28 Uppsala

Sweden

 

Telephone: +46 (0) 18 50 54 40

Fax:    +46 (0) 18 51 08 73

 

and to Licensee:

 

Medison Pharma Ltd

Att. Chief Executive Officer

Hashiloach 10

Petach – Tikva 49170

Israel

 

Telephone: +972 3 9250 245

Fax:    + 972 39 265 623

 

A Party may change its designated address, telephone
number or facsimile number by providing notice of such change to the other Party under this Section.

 

    	 

    	 

    

 

36. Severability
and Validity

 

Any provision of this Agreement that is
declared invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity
or unenforceability without invalidating the remaining provisions hereof, to the extent that the purpose of this Agreement is not
materially altered, or without affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding
the foregoing, if the purpose of the Agreement has been materially altered, a Party may terminate this Agreement.

 

37. Governing
Law and Dispute Resolution

 

This Agreement and the documents to be
entered into pursuant to it, and any dispute or claim arising out of or in connection with it or its subject matter or formation,
including any question regarding its existence, validity or termination, (including non-contractual disputes or claims) ("Dispute")
shall be governed by and construed in accordance with the law of Germany.

 

A conciliation committee shall be installed
by both Parties. The conciliation committee shall attempt to resolve any Dispute by mutual agreement. The conciliation committee
shall consist of the Managing Directors (or equivalent) of the Parties as well as two additional authorised designees from each
Party. In case the conciliation committee has not resolved the Dispute within thirty (30) days (fifteen (15) for Disputes relating
to amounts owed) after the Dispute has been referred to it by either of the Parties, either of the Parties may resort to clause
37. In the event the Dispute relates to amounts owed by one Party to the other, all amounts not in dispute must be timely paid
and only the difference between the amounts asserted by the Parties shall be subject to delay. This clause 37 shall be without
prejudice to either Party’s rights to seek interim relief from the courts to protect its confidential information, rights
or assets.

 

Save as otherwise provided in clause37,
any dispute, controversy or claim arising out of or in connection with this Agreement, or the breach, termination or invalidity
thereof shall be resolved by arbitration under the Arbitration Rules of the Stockholm Chamber of Commerce, which Rules are deemed
incorporated by reference into this clause. The number of arbitrators shall be three. The seat or legal place of the arbitration
shall be Stockholm. The language to be used in the arbitral proceedings shall be English.

 

    	 

    	 

    

 

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

  

	SIGNED as a DEED on behalf of Oasmia Pharmaceutical AB, a company incorporated in Sweden, by Julian Aleksov, being a person who, in accordance with the laws of that territory, is acting under the authority of the company.	 
	 	 
	 	Authorised signatory	 
	 	 
	SIGNED as a DEED on behalf of Medison Pharma Ltd. a company incorporated in Israel by Meir Jakobsohn, being a person who, in accordance with the laws of that territory, is acting under the authority of the company.	 
	 	 
	 	Authorised signatory	 

 

    	 

    	 

    

 

APPENDIX I

 

Supply Price and Royalties

 

"The Supply Price"
shall be Licensor's All-In Cost of Goods;

 

"All-In Cost-of-Goods"
shall mean all direct out-of-pocket costs and Allocable Overhead incurred in the manufacture, packaging, storage and quality assurance
release of the Product;

 

"Allocable Overhead"
shall mean with respect to a Party’s activities, costs directly related to such activities and incremental costs actually
incurred by such Party or for its account, including but not limited to, those which are attributable to such Party’s supervisory
services, quality control, occupancy costs, financial costs, depreciations and its payroll, information systems, delivery systems,
or purchasing functions and which are allocated to company departments based on space occupied or headcount or other activity-based
method consistently applied by such Party. Allocable Overhead shall not include any costs attributable to general corporate activities
including executive management, investor relations, business development and legal affairs.

 

"Gross Profit"
shall mean with respect to the calculation of royalty in this Appendix 1 Net Sales less Supply Cost of Finished Product.

 

		1.	Licensee buys finished Product from Licensor at Licensor's actual Supply Price.

 

		a.	The Supply Price may be revised by Licensor once per year, to be effective by May 1 the following
year, giving at least three month’s written notice.

 

		b.	Any increase in Supply Price may only include Licensor’s documented increased cost of production,
to be furnished to Licensee.

 

		c.	Any change in Supply Price shall not affect the Supply Price for orders already submitted.

 

		2.	Licensee sells the Product in the Territory on a country by country level

 

		a.	A quarterly reconciliation of Net Sales is done at the end of each calendar quarter on a Territory
level.

 

		b.	Net Sales Price shall include distribution costs.

 

		c.	Net Sales Price shall not consider any rebates provided by Licensee, without written approval from
Licensor,

 

    	 

    	 

    

 

		3.	A royalty is paid to Licensor, calculated as a percentage of Licensee’s or its Affiliate’s
Net Sales of the Product in the Territory as follows:

 

Fiscal Year Net Sales below
7,5 million Euro 25 %

 

Fiscal Year Net Sales above
7,5 million Euro 30 %

 

    	 

    	 

    

 

APPENDIX II

 

Patents and Trademarks

 

    	 

    	 

    

 

APPENDIX III

 

Quality and Technical Agreement

 

    	 

    	 

    

 

APPENDIX IV

 

Pharmacovigilance Agreement

 

    	 

    	 

    

 

APPENDIX V 

 

Committee MembersExhibit 10.11

 

A NON EXCLUSIVE TOLL MANUFACTURING AGREEMENT

 

This
toll manufacturing agreement is made and entered into effective as of this 6th day of August 2013 (the “Effective
Date”) by and between:

 

Oasmia Pharmaceutical AB, a
Swedish corporation with its principal place at Vallongatan 1, SE-752 28 Uppsala, Sweden (hereafter "Oasmia"),

 

and

 

Syntagon AB a Swedish corporation
with its principal place at Tallvägen 2, SE-151 02 Södertälje, Sweden (hereafter “Syntagon”).

 

Oasmia and Syntagon will be hereafter referred
to individually or collectively as the « Party » or the « Parties ».

 

PREAMBLE:

 

Whereas Oasmia is a pharmaceutical
company specialized in the research, development and commercialization of drugs.

 

Whereas Syntagon is a contract manufacturer
of API and provider of Analytical Services to the pharmaceutical industry and similar businesses?

 

Whereas Oasmia is willing to entrust
Syntagon to produce the Products, (as defined in Section 1 below) according to the Oasmia Process (as defined in Section 1 below).
Syntagon agrees to produce the Products as defined below, in exclusivity for Oasmia.

 

THE PARTIES AGREE UPON THE FOLLOWING TERMS AND CONDITIONS:

 

		1.	Definitions

 

In this Agreement (including its Preamble),
the following expressions shall have following meaning:

 

“Affiliate” shall mean
any company, corporation, firm, partnership or other entity which is directly or indirectly controlled by, or under the same control
of any of the Parties, where control means the power, direct or indirect, to direct or cause the direction of the management and
policies of such entity, whether by contract, through the by-laws of the aforementioned entities or otherwise.

 

“Agreement”
shall mean this toll manufacturing agreement including all appendixes.

 

“Batch” or “Batches”
shall mean a specific quantity of material produced in accordance with a process or a series of processes so that it
is expected to be homogeneous within specified limits.

 

“cGMP” shall mean EU
GMP volume 4 and FDA GMP CFR 211

 

“CoA” shall mean certification
of analyses

 

“Confidential Information”
as defined in section 18.

 

“Force Majure” as defined
in section 20.

 

    	1 (14)

    	 

    

 

“Initial Term” as defined
in section 15.

 

“Intellectual property”
as defined in section 17.

 

“Oasmia Intellectual Property”
as defined in section 18.

 

“Operations” shall mean
all aspects of the manufacturing at Syntagon, but is not limited to, the production facilities and installations, the organisation,
competence of staff, quality control and quality assurance activities

 

“PO” shall mean a purchase
order.

 

“Production
Campaign” shall mean three consecutive batches of each Product.

 

“Process” shall mean
Oasmia's production process of the Products, scaled up as described in Appendix 3. It is agreed between the Parties that
the Process may be improved by the Parties, and as the consequence Appendix 3 may be changed from time to time upon mutual
agreement. The Process cannot be changed unless approved by Oasmia in advance.

 

“Production Site” shall
mean the Syntagon AB Plant PO Box 2073 150 02 Södertälje Sweden. This is the only site approved by the Parties to perform
the production of Products.

 

“Product” or “Products”
shall mean all trans-XMeNa and 13 cis-XMeNa taken collectively, as more precisely defined in Appendix 1 and 3. Final
Product is the respective isomer dissolved and stored in methanol. This solution is also defined as the Stock Solution of XMeNa.

 

“Rolling Forecast” shall
mean a non binding rolling 12 months purchase forecast.

 

“Site Master Plan” as
defined in cGMP.

 

“Specifications” shall
mean the specific Syntagon supply specification that every batch shipped to Oasmia of the Products shall comply with in according
with Appendix 1.

 

“Stationary Phase” shall
mean the HPLC Preparative Chromatography material used for the cleaning and finally polishing of the Products. This refers to a
specific material according to Appendix 5

 

“Starting Materials” shall
mean the following materials, which will be provided by Oasmia to Syntagon, “all trans Retinocid Acid”, “13-cis
Retinoic Acid” and “17ME-Methylic ester”. Oasmia still owns the material even though Syntagon stores it in its
facilities.

 

“Technical Batch” shall
mean a non GMP batch with the purpose of providing evidence that a process of a specific batch size delivers a batch of specified
quality.

 

“Validation Batch” shall
mean a full GMP batch of a specific batch size that shall prove that the Process in use delivers batches of releasable quality
in full accordance with specifications.

 

“XMeNa” shall mean Oasmia’s
product all trans-XMeNa as defined in Appendix 1.

 

“13 cis-XMeNa” shall
mean Oasmia’s product as defined in Appendix 1.

 

		2.	Purpose of the Agreement

 

Oasmia is preparing a global registration
of pharmaceutical products that contains the Products and therefore Oasmia entrusts Syntagon to produce the Products according
to Oasmia's Process as scaled up, and Syntagon agrees to produce and deliver the Products to Oasmia in accordance with the terms
and conditions of this Agreement.

 

    	2 (14)

    	 

    

 

		3.	Supply and Purchase

 

Syntagon shall produce the Products exclusively
for Oasmia. The Products shall be produced by Syntagon’s Production Site in Södertälje, as defined in Section 1
above.

 

		4.	Obligations of Oasmia

 

4.1. Oasmia
shall deliver to Syntagon all quantities of Starting Materials necessary for the production of the Products in accordance with
the Process and supply Syntagon with Duran bottles for Products, with methanol for preparation of Stock Solutions and temporarily
for the test and validation batches supply with methanol.

 

4.2. Oasmia
undertakes to provide Syntagon with Starting Materials in:

 

		-	a quality agreed in Appendix 2;

 

		-	the quantities scheduled in advance, determined sufficient in order to allow Syntagon to produce
the Products in accordance with the terms and conditions of the Agreement;

 

		-	sufficiently in advance (typically 4 weeks before start-up of Production Campaign) in order to
allow Syntagon to meet the delivery time schedule agreed between Syntagon and Oasmia.

 

4.3. Oasmia
undertakes to provide Syntagon with available information on the Process and with the quality and regulatory requirements in order
to allow Syntagon to meet Oasmia’s needs of the Products. Oasmia grants Syntagon a right to use the Process for the purpose
of performing its obligations under this Agreement.

 

4.4. Oasmia
shall implement and maintain all regulatory filings in relation to the Products. Oasmia is responsible for all regulatory contacts
with the relevant regulatory authorities having jurisdiction over the Products.

 

4.5. Oasmia
QC-lab might act as a temporarily contract lab to Syntagon for Product analyses. Such services shall be agreed and specified between
the Parties in writing. Results from such tests that are connected to final Product analyses shall be sent to Syntagon, and Syntagon
shall include these data in their CoA for the Products.

 

		5.	Obligations of Syntagon

 

Syntagon undertakes:

 

		(a)	to follow the Process and not to modify any part of it unless the Parties have agreed in writing
upon the modification; this will be under change control according to cGMP.

 

		(b)	to supply the Products in quantities sufficient to meet Oasmia’s demands on a timely basis,
according to Oasmia’s firm orders pursuant to Section 9 of this Agreement;

 

		(c)	to supply the Products at the date of delivery to Oasmia in conformity with the specifications
in Appendix 1. The Products shall be produced in accordance with cGMP guidelines, ICH Q7, this agreement and the quality
agreement in Appendix 4;

 

    	3 (14)

    	 

    

 

		(d)	to purchase all materials and products needed for the Production of the Products, except the Starting
Materials, Duran bottles and methanol for Stock Solutions which will be provided by Oasmia and temporarily methanol until Syntagon
starts to buy it themselves.

 

		(e)	to inform and transfer to Oasmia, without any delay, any request or information about the Products,
received by Syntagon from any third party;

 

		(f)	to give Oasmia, a third party appointed by Oasmia or any authorities the right to audit and inspect
Syntagon’s facilities during normal business hours upon notice of at least one (1) month; typically one audit per year from
Oasmia or a third party appointed by Oasmia.

 

		(g)	to keep inventory of the precise consumption of Starting Material and shall carry out physical
inventory of these materials and report the result to Oasmia upon request and per July 31, October 31, January 31 and April 30.;

 

		(h)	to store the Starting Material separated from all other goods.

 

		(i)	to at all times be responsible to maintain equivalent documents, including but not limited to Site
Master Plan, required for Oasmia to fulfill regulatory requirements. This shall be without any cost to Oasmia. Syntagon shall not
make any changes of documentation affecting the Products or Processes unless agreed in writing by Oasmia in advance.

 

		(j)	Syntagon will keep inventory of the Products in its facility without any costs to Oasmia up to
6 months after Syntagon and Oasmia release of Products and ship it to places designated in writing by Oasmia at Oasmia expenses.

 

		(k)	Syntagon shall not, without written consent from Oasmia, subcontract the production of any step
of the Process.

 

		(l)	Syntagon shall for validation and stability batches dispense Products in, for the purpose, suitable
sized and numbers of containers agreed. For normal production batches dispensing in other that the prescribed containers, Syntagon
and Oasmia shall agree on charge for such service separately.

 

		(m)	To notify Oasmia without any delay at a risk of downtime in production or other circumstance that
might influence the ability to produce the Products.

 

		(n)	To, without additional cost, at the risk of downtime in production, let Oasmia GMP-certified personnel
use Syntagon facilities and installed equipment to continue production of the Products

 

		(o)	To, after its best effort, assist Oasmia in the event of paragraph n

 

		(p)	To place written orders for Starting Materials, Duran bottles and methanol to Oasmia 4 weeks in
advance of every Production Campaign..

 

		(q)	Superficial material, byproducts, or Product not meeting Oasmia Specifications shall be disposed
of in a controlled manner by Syntagon. Full records of these shall be kept by Syntagon.

 

		(r)	Without costs to Oasmia furnish the Operations to comply with FDA and EU GMP for production of
the Products.

 

    	4 (14)

    	 

    

 

		6.	Batch Size

 

6.1. Validation Batches:

 

For the validation campaign of the Products,
Syntagon will produce in 2013 of three (3) Batches of XMeNa and three (3) Batches of 13cis XMeNa of 1100 g (+/-20%), and before
the validation campaign, one (1) of each Technical Batch to enable the Process to be validated at this scale.

 

Syntagon will complete the validation campaign
and Oasmia will buy Technical and Validation Batches in accordance with the price conditions set forth in Section 9.

 

Syntagon will deliver analysis results
and CoA on each of the Validation Batches according to Oasmia requirements and issue a complete validation report to Oasmia within
four (4) weeks after the end of the validation campaign.

 

6.2 Batch Size

 

After the validation campaign, unless otherwise
agreed between the Parties, the Batch size of the Products shall be 1100g (+/- 20%), before sampling 40 ml of 100 g/l equivalent
to 4g of Products per Batch for analysis & retained samples and analyses samples required by Oasmia or Oasmia subcontracted
for laboratory for analyses.

 

		7.	Stationary Phase

 

For the production of the Products, Syntagon
will need stationary phase for its chromatography equipment. The characteristics, quality and quantities of the stationary phase
required by Syntagon to produce the Products in accordance with the Process will be agreed upon in writing by the Parties.

 

Such stationary phase will be purchased
by Oasmia and approved by Quality Assurance and delivered to Syntagon.

 

Syntagon will keep a complete track record
of the use of and inventory of the Stationary Phase and have it available for Oasmia upon request. Stationary Phase is specified
in Appendix 5.

 

		8.	Price of Products

 

8.1 Batch Price

 

For each gram of Products produced by Syntagon
in conformity with the Agreement, Oasmia shall pay the price agreed below.

 

Such price will be as follows:

 

(a) Price for Technical and Validation
Batches (1100g): SEK /g: 215.

(b) Price
for regular production at initial Batch Size (1100g): The price shall have an upper price cap of 215 SEK /g for Regular Production
after the completion of approved Validation. Every year in December price negotiation will take place between the Parities to agree
on batch price for the coming 12 months. A price ladder will be agreed on that increased volume of Products will provide a decrease
of the gram price per batch, consequently less volume will have the opposite effect.

(c) The quantities chargeable to Oasmia
shall be the net quantity delivered, including the analytical and retain samples as of Section 6.2 and Section 10.

 

The price of the Products excludes:

		-	the cost of Starting Materials, which will be provided free of charge by Oasmia;

 

		-	a sample of 40 ml of 100 g/l solution equivalent to 4g from each Batch of Products for quality
release by Syntagon.

 

    	5 (14)

    	 

    

 

		-	The cost for Duran bottles and methanol. When Syntagon starts to buy Duran bottles Oasmia will
pay Syntagon ́s net cost for them.

 

Oasmia will buy, at the date of release
by Syntagon’s Quality Assurance Department, and at the price agreed upon in the Agreement, all quantities firmly ordered
by Oasmia during the mutually agreed Production Campaigns.

 

8.2 Productivity gains

 

Any yield improvements proposed by Syntagon,
implemented as a change to the Production, that lead to productivity gains shall be shared openly. Any benefit of these shall be
calculated and shared 50/50 by the Parties. Improvements and changes by Oasmia will be to the full benefit of Oasmia.

 

An upgrade of the present HPLC preparative
procedure from presently 4 runs to 2 runs will, in full, be a reduction of price/gram for the Products.

 

Update of the production process for the
products might involve development work and update of documentation. The cost of such changes shall be dealt with separately and
agreed in good faith between the Parties. Syntagon shall not delay the initiation of such development work and the introduction
of such changes; however any changes must be previously approved by Oasmia in writing.

 

		9.	Forecasts and Orders

 

The estimated quantities of Products needed
each year by Oasmia within this Agreement with Syntagon are indicated, for information purposes only, in the table below:

 

	Years	 	2013 ( including
 validation)	 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 
	Quantities of XMeNa in kg	 	6	 	 	12	 	 	 	15	 	 	 	15	 	 	 	18	 	 	 	18	 
	Quantities of 13-cis XMeNa in kg	 	6	 	 	12	 	 	 	15	 	 	 	15	 	 	 	15	 	 	 	15	 

 

After receipt of market authorisation of
any regulatory authority for the Products, Oasmia shall communicate to Syntagon a non binding Rolling Forecast before the 15th
day of each quarter. Firm and binding orders of each batch will be placed at least 4 months in advance of the required delivery
date of the first batch of a Production Campaign.

 

Syntagon will accept Oasmia orders and
delivery schedule by sending an acknowledgment of acceptation to Oasmia in accordance with the Agreement.

	-	The lead time of delivery of the first Batch of a new Production Campaign is minimum 3 months after
the date of the order.

 

Orders shall be documented by written or
electronic PO form. No verbal communication shall be construed to mean a commitment to supply. Each PO shall become firm and binding
as soon as confirmed by Syntagon in writing no later than 10 working days following the receipt of Oasmia’s order.

 

    	6 (14)

    	 

    

 

		10.	Payment of Products

 

After release of each Batch of Products
by Syntagon’s Quality Assurance Department, Syntagon will invoice Oasmia the corresponding quantities Products at the agreed
price and will send a sample in accordance with section 6 of Products to Oasmia or to any contractor qualified and designated by
Oasmia to manage a verification of the Products quality.

 

Oasmia will pay for the Products produced,
fulfilling Specifications and released by Syntagon in accordance with this Agreement, within forty five (45) days after receipt
of Syntagon’s invoice unless a quality defect has been detected in accordance with section 11.

 

The price of the Products is Ex-Works Södertälje
(Incoterms I.C.C. 2010).

 

All such amounts shall be paid in SEK by
wire transfer, to such bank or account as Syntagon may from time to time designate in writing.

 

Any further cost of additional sampling,
re-analysis, repacking and special storage requirement will be discussed in good faith by the Parties.

 

		11.	Quality - Rejection

 

11.1. Quality

 

Syntagon shall produce, release and deliver
the Products in conformity with the Specifications and cGMP requirements. Release procedures shall fulfill the requirements of
cGMP. Syntagon shall provide Oasmia with a CoA for each Batch produced.

 

A master batch protocol, in accordance
with cGMP, shall be supplied in English for every update of Process before its implementation. For all batches Syntagon shall keep
a complete copy of the Batch Record, as defined in cGMP, available for Oasmia during normal business hours without any costs.In
case of any significant Specification changes the details will be agreed upon in the Quality Agreement in accordance with cGMP,
as set forth in Appendix 4 of the Agreement.

 

11.2. Rejection of Products

 

		a)	Promptly upon receipt of each delivery of Product or samples of Products, and no later than thirty
(30) days after receipt of each delivery, Oasmia shall perform appropriate inspection procedures designed to determine whether
such Products conforms to the applicable Specifications. If any batch of the Products supplied to Oasmia fails to conform to the
Specifications, Oasmia shall notify Syntagon within 30 (thirty) days and present reasonable evidence of such non-conformity.

 

		b)	If Oasmia notifies Syntagon that a batch of Products is non-conforming and Syntagon does not dispute
such determination, Syntagon shall supply Oasmia with replacement Products without any costs, including but not limited to Starting
Materials, within a period of time of maximum sixty (60) days and accept the return of the defective Products at Syntagon’s
cost, or have the non-conforming Batch of the Products reprocessed within a period of time of maximum forty five (45) days, as
long as such reprocessing has been previously approved by both Syntagon and Oasmia, at Syntagon’s cost. In the case of non-conforming
Products Oasmia shall supply Syntagon with analytical documentation that supports the judgment of the non-conformance.

 

		c)	In the event that Syntagon disputes the findings alleging non-conformity provided by Oasmia, Syntagon
shall provide Oasmia with notice thereof within ten (10) days after Syntagon’s receipt of Oasmia’s notice and presentation
of evidence. Syntagon shall thereafter have an additional fifteen (15) days period after Oasmia’s receipt of such notice
to perform such testing and analysis of the Products that Oasmia claims to be non-conforming. All information, including but not
limited to re-analytical tests, regarding a non-conformance shall be transparent. Based on such testing the Parties will negotiate
in good faith for a period of 10 (ten) days to reach a resolution of the issue.

 

    	7 (14)

    	 

    

 

11.3.     Quality in relation to cGMP

a) All costs or changes required
to keep or upgrade Syntagon Operations to comply with FDA and EU GMP shall be carried by Syntagon.

 

b) In case of remarks or deficiencies,
either connected to any supplied document to Oasmia for regulatory purposes or as a result of GMP inspections by FDA or EU authorities,
Syntagon shall without delay correct the deficiencies provide documentation thereof and have them closed by the authority involved.

 

		12.	Complaints and Recalls

 

In the event that a Product delivered by
Syntagon is involved in any complaint from Oasmia customers or contract producer of an Oasmia registered pharmaceutical product,
Oasmia shall immediately inform Syntagon and provide all necessary information to Syntagon to, in a timely manner, initiate all
required investigations.

 

Further, Syntagon shall be immediately
informed of any complaints or regulatory action, investigation or recall on Oasmia products from regulatory authorities. Syntagon
shall collaborate with Oasmia at its best efforts to provide all required information to Oasmia.

 

Recalls proven to be caused by negligence
from Syntagon shall be remedied by Syntagon in accordance with Section 13.

 

Any non conformance, regulatory actions
or complaints to Syntagon, by other than Oasmia, Syntagon shall without any delay inform Oasmia. Syntagon shall make all efforts
possible to minimize the effect of such events.

 

		13.	Liability and indemnification

 

13.1. Syntagon’s liability

 

It is expressly agreed between the Parties
that Syntagon’s sole liability and responsibility under the Agreement is limited to the production of the Products in conformity
with the Specifications set forth in Appendix 1 or with the new Specifications that may be agreed on by the Parties from
time to time.

 

Syntagon undertakes to hold Oasmia harmless
against any liability claim, lawsuits or judgments suffered or incurred by Oasmia arising out of defective production and/or supply
of Products or being a result of any breach of this Agreement by Syntagon.

 

In case of a recall or other regulatory
intervention on Oasmia caused by Syntagon’s negligence shall be covered by Syntagon. Third party claims caused by Syntagon’s
negligence shall be covered by Syntagon directly or by Syntagon insurance policies.

 

13.2. Oasmia’s liability

 

Oasmia undertakes to hold Syntagon harmless
against any liability claim, lawsuits or judgments suffered or incurred by Syntagon arising out of Oasmia negligent use, breach
of warranty, production or sale of pharmaceutical speciality containing the Products or being a result of any breach of this Agreement
by Oasmia.

 

    	8 (14)

    	 

    

 

13.3. Limitation of liability

 

Each of the parties will
be solely liable and responsible for all claims, lawsuits or judgments in connection with their Intellectual Property.

 

		14.	Syntagon Indemnification

 

Syntagon shall indemnify, defend and hold
harmless Oasmia and its affiliates and any of their respective directors, officers and employees from and against any and all claims
to the extent resulting from Syntagon’s negligence or willful misconduct or Syntagon’s breach of its representations
or warranties under this Agreement.

 

		15.	Duration

 

This Agreement shall enter into force on
the Effective Date and shall remain in force until December 31, 2018 (the “Initial Term”).

 

After the Initial Term, this Agreement
will be automatically renewed for a one (1) year period unless a Party, in writing, terminates the Agreement at least twelve (12)
months before the end of the renewal period. Both Parties have to update the other party well in advance of the expiry of the Initial
Term, e.g. more than 12 months before the expiry.

 

		16.	Termination

 

This Agreement may be terminated at any
time:

 

		a)	by a Party upon registered written notice to the other in case of a breach of the other Parties
obligations hereunder which has not been remedied within ninety (90) days after receiving a written notice from the other Party
requiring such breach to be remedied; or

 

		b)	by a Party if the other Party goes into liquidation, becomes bankrupt or insolvent; or

 

		c)	by a Oasmia in case Syntagon is acquired by any third party or a change of ownership take place
of Syntagon.

 

In case of termination of this Agreement:

 

		-	Syntagon shall, upon request, transfer all raw data and documents related to Products and the Process
to Oasmia. However, Syntagon may keep one copy which can be kept for legal archival purposes;

 

		-	Syntagon shall transfer to Oasmia, upon request and without any cost, all quantities of Starting
Materials not needed by Syntagon to produce the Products ordered by Oasmia or under production;

 

		-	Oasmia shall purchase from Syntagon all quantities of Products already firm ordered.

 

    	9 (14)

    	 

    

 

		17.	Intellectual Property Rights

 

17.1 Existing Intellectual Property

 

Except as the Parties may otherwise expressly
agree in writing, each Party shall continue to own its existing patents, trademarks, copyrights, trade secrets, know-how, and other
intellectual property (collectively “Intellectual Property”), without conferring any interests therein on the
other Party. Without limiting the generality of the preceding sentence, Oasmia shall retain all right, title and interest
arising under the applicable laws, rules and regulations in and to all Products, Process, production and labeling and trademarks
associated therewith (collectively, “Oasmia Intellectual Property”). Neither Syntagon nor any third Party shall
acquire any right, title or interest in Oasmia Intellectual Property by virtue of this Agreement or otherwise, except to the extent
expressly provided herein.

 

17.2 Product or Process Related Inventions
and Improvements

 

Oasmia and Syntagon each acknowledge and
agree that all rights, title and interest in any inventions or improvements, as between the Parties, related to the Processes,
for these Products will be Oasmia Intellectual Property, owned by Oasmia, independently of who is the initiator of the invention,
improvement or change.

 

17.3 Disclaimer

 

Except as otherwise expressly provided
herein, nothing contained in this Agreement shall be construed or interpreted, either expressly or by implication, or otherwise,
as: (i) a grant, transfer or other conveyance by either Party to the other of any right, title, license or other interest of any
kind in any of its inventions or other Intellectual Property, (ii) creating an obligation of either Party to make any such grant,
transfer or other conveyance or (iii) requiring either Party to participate with the other Party in any cooperative development
program or project of any kind or to continue with any such program or project.

 

17.4 Warranty on Intellectual
Property Rights

 

Oasmia warrants that:

		(i)	it is the sole owner or licensee of the Process and the Products Intellectual Property rights.

		(ii)	Syntagon is entitled to use Oasmia Intellectual Property rights for the purpose of performing the
services under this Agreement.

 

Syntagon warrants that Oasmia is entitled
to use Intellectual Property rights and services under this Agreement.

 

		18.	CONFIDENTIAL INFORMATION, NONDISCLOSURE AND PUBLICITY

 

18.1 Confidential Information

 

Under the terms of this agreement the Parties
will provide the other Party with information including, but not limited to, their know-how, business activities, facilities, equipment,
the Process and the Products and their impurity profile and methods (collectively “Confidential Information”).

 

The Parties agrees to treat the Confidential
Information as strictly confidential at all times and shall not disclose the Confidential Information, or any other data about
the Process and the Products, to any third party, without the written consent of the other Party. The Parties shall procure that
all their employees using the Confidential Information shall be bound by the conditions of confidentiality set forth in this Agreement.

  

    	10 (14)

    	 

    

 

This provision shall not apply to any part
of Confidential Information which the receiving Party disclosing is able to clearly demonstrate that:

 

		-	was lawfully in the receiving Party’s
possession and/or known by the receiving Party, as evidenced by its written records, prior to the disclosure by disclosing Party;

 

		-	at the date of receipt by the receiving
Party, was already in the public domain or has subsequently come into the public domain not as a result of a breach of this Agreement
by the receiving Party;

 

		-	was subsequently disclosed to the receiving
Party by a third party not receiving the same from any source directly or indirectly connected to disclosing Party;

 

		-	is independently developed by an employee
or agent of the receiving Party without knowledge of the disclosing Party’s Information as evidenced by receiving Party’s
written records.

 

No provision of this Agreement shall be
construed so as to preclude disclosure of Confidential Information as may be reasonably necessary to secure from any governmental
agency necessary approvals or licenses or to obtain patents with respect to the Product.

 

18.2 Prior Confidentiality Agreement

 

This Agreement, incorporates the Confidentiality
Agreement signed by Oasmia and Syntagon on the 2012-01-17 and is made a part hereof. All terms and conditions set forth in the
Confidentiality Agreement shall continue to govern any disclosure made under the Confidentiality Agreement and shall govern any
disclosure made as of the Effective Date of this Agreement. The Confidentiality Agreement shall expire as stated in section 18.6.

 

18.3 Litigation and Governmental Disclosure

 

Each Party may disclose Confidential Information
hereunder to the extent such disclosure is reasonably necessary for prosecuting or defending litigation, complying with applicable
governmental regulations, provided that if a Party is required by law or regulation to make any such disclosure of the other Party’s
Confidential Information it will, except where impractical for necessary disclosures, for example in the event of a medical emergency,
give reasonable advance notice to the other Party of such disclosure requirement and will use good faith efforts to assist such
other Party to secure a protective order or confidential treatment of such Confidential Information required to be disclosed.

 

18.4 Limitation of Disclosure

 

The Parties agree that, except as otherwise
may be required by applicable laws, regulations, rules or orders, including without limitation the rules and regulations, and except
as may be authorized in Section 18 and unless otherwise agreed in the Agreement, no information concerning this Agreement and the
transactions contemplated herein shall be made public by either Party without the prior written consent of the other.

 

18.5 Publicity

 

The Parties agree that the public announcement
of the execution of this Agreement shall only be by one or more press releases mutually agreed to by the Parties. The failure of
a Party to return a draft of a press release with its proposed amendments or modifications to such press release to the other Party
within three (3) business days of such Party’s receipt of such press release shall be deemed as such Party’s approval
of such press release as received by such Party.

 

18.6 Duration of Confidentiality

 

All obligations of confidentiality and
non-use imposed upon the Parties under this Agreement shall expire ten (10) years after the date of termination.

 

    	11 (14)

    	 

    

 

		19.	Insurance

 

During the Term of this Agreement, Oasmia
and Syntagon shall each maintain general business liability insurance coverage, sufficient to cover their respective responsibilities
and liabilities in this Agreement. Upon request by one Party, the other Party shall furnish to the requesting Party a certificate
of insurance signed by an authorized representative of the Party's insurance underwriter evidencing the insurance coverage required
by this Agreement.

 

		20.	Force Majeure

 

Neither Party shall be in default for any
failure to fulfil any of its obligations under this Agreement caused by Force Majeure, as notified to the other Party promptly
upon occurrence, during the whole duration of such Force Majeure provided that such Party use reasonable efforts to fulfil its
performance by other means.

 

For the purpose of this Agreement, Force
Majeure is defined as follows: causes beyond the best endeavours of either Party to avoid and beyond the control of the affected
Party without its fault or negligence, including without limitation, acts of God, strikes, lock-out, destruction or disruption
of production facilities by fire or storm, failure of public utilities or of carriers.

 

If such Force Majeure prevents either Party
from fulfilling its obligations under this Agreement for more than ninety (90) days, then the other Party shall have the right
to terminate this Agreement forthwith.

 

		21.	Assignment

 

Neither Party shall assign this Agreement
or any part hereof or any interest herein to any third party (or use any subcontractor) without the prior written approval of the
other Party. No assignment shall relieve any Party of responsibility for the performance of its obligations hereunder.

 

		22.	Applicable Law/Jurisdiction

 

This Agreement shall be governed by and
construed in all respects by and in accordance with Swedish law.

 

In the event of any dispute arising out
of or in connection with the execution or interpretation of this Agreement, both Parties shall endeavour for a period of sixty
(60) days to settle such dispute amicably between them.

 

It is expressly agreed between the Parties
that if no settlement can be found between them within a reasonable period of time, and in any case no later than sixty (60) days
following the receipt by one Party of the written claim of the other Party, such dispute shall be finally settled by arbitration
in accordance with the Arbitration Rules of the Stockholm Chambers of Commerce (S.C.C.) in force on the date when the Notice of
Arbitration is submitted in accordance with these Rules.

 

There shall be three arbitrators. The seat
of the arbitration shall be in Stockholm and the proceedings shall be conducted in Swedish language.

 

    	12 (14)

    	 

    

 

		23.	Final Provisions

 

		23.1	This Agreement, including the prior Confidentiality Agreement, and its Appendices contains the
entire agreement between the Parties concerning the subject matter hereof.

 

		23.2	No supplement, modification or waiver of any provision of this Agreement shall be valid unless
in writing signed by both Parties hereto.

 

		23.3	In case of one or more of the provisions contained hereto is invalid, illegal or unenforceable
in any respect, the validity of the remaining provisions hereto shall not be affected or impaired thereby, except to the extent
necessary to avoid an unjust or inequitable result.

 

		24.	Notices

 

All original notices hereunder shall be
delivered by mail and copies by fax or e-mail, to the following address of the respective Parties:

 

	To Oasmia:	Oasmia Pharmaceutical AB
	 	Vallongatan 1
	 	752 28, Uppsala, Sweden
	 	Attn. Hans Sundin
	 	Phone: +46 (0) 18 50 54 40
	 	Fax: +46 (0) 18 51 08 73

 

	To Syntagon:	Syntagon AB
	 	P.O. Box 2073
	 	SE 151 02 Södertälje
	 	Attn. Michael Lofthagen
	 	Phone : +46(0)8 554 422 50
	 	Fax : +46(0) 8 550 879 35

 

		25.	List of Appendixes attached to this Agreement

 

The following appendixes are attached to
this Agreement and form an integral part thereof:

 

- Appendix 1:
Supply specifications of the Products (all trans-XMeNa and 13 cis-XMeNa)

 

- Appendix 2:
Technical specifications of the Starting Materials, and other materials involved in the Processing or storage of the Products.

 

- Appendix 3:
Description of the Process

 

- Appendix 4:
Quality Agreement

 

- Appendix 5:
Description and specification of Preparative HPLC sold phase material

 

    	13 (14)

    	 

    

 

In witness whereof, the Parties have
executed this Agreement by their duly authorized representative.

 

Made in two originals, one for each
Party.

 

	For Oasmia Pharmaceutical AB	For Syntagon AB
	 	 
	By (duly authorized):	By (duly authorized):
	 	 
	Name: Hans Sundin	Name: Michael Lofthagen
	Title: Executive Vice President	Title: CEO
	Date:	Date: 

 

    	14 (14)

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