Document:

MORRIA BIOPHARMACEUTICALS
PLC

 

Gilead Raday

 

14
March 2007

 

Dear
Mr. Raday

 

Your
letter of appointment

 

The
purpose of this letter is to amend clauses 4.1 and 6 of your letter of appointment with the company.

 

I
set out below the proposed changes to your letter of appointment:

 

Clause
4.1 will be deleted and replaced by the following:

 

"You
are entitled to be paid director's fees at the rate of £500 (five hundred pounds) per board/committee meeting payable in
arrears after receipt of a VAT invoice."

 

The
following changes will be made to Clause 6:

 

The
phrase "second anniversary" will be replaced by "six months" each time such term is used.

 

If
you have any questions, please do not hesitate to contact me.

 

Yours
sincerely

 

	/s/ Mark Cohen	 

 

For
and on behalf of Morria Biopharmaceuticals plc

 

I
agree that my Contract shall be varied by the revised terms set out in this letter with effect from the commencement of my employment.

 

	/s/ G. Raday	 
	14 March 2007Morria
        Biopharmaceuticals Plc

        53
        Davies street

        Mayfair

        London W1K5JH

        Tel: +44 (0)207152 6341

        Fax: +44 (0) 207 152 6342

        Email: info@morria.com

 

Date:
February 18,2005

 

To:
Mark Cohen

114
Conforti Avenue

West
Orange, New Jersey 07052

USA

 

Morria
Biopharmaceuticals plc (Company) Dear Mr. Cohen

 

This
letter sets out the terms on which you will act as a Chairman non-executive director of the Company. The appointment commences
from the date of this letter but your remuneration under this letter is conditional on completion of the proposed offer by the
Company to raise up to £1,900,000 (Completion).

 

		1.	Appointment and termination

 

		1.1	Your appointment as a non-executive director on the board
(Board) and Chairman of the Board is for an initial term of 24 months commencing on the date of this letter and expiring
upon the occurrence of any of the following events (each one a Termination Date):

 

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

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

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

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

 

    	 

    	 

    

 

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

 

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

 

		1.2	For the purposes of clause Error! Reference source not found, the expression close periods
has the meaning given to it in the AIM Rules for Companies published by the London Stock Exchange plc as amended or revised from
time to time.

 

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

 

		2.	Duties and responsibilities

 

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

 

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

 

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

 

		2.3	discharge your general duties as a Chairman pursuant to the Company's articles of association and
the law;

 

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

 

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

 

		3.	Notice of meetings and information

 

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

 

		4.	Fees and expenses

 

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

 

		4.2	Any expenses that are reasonably incurred by you on Company business
will be reimbursed within 14 days of receipt by the Company of a written claim supported by proper vouchers or other documentation
in accordance with the Company's normal expenses policy.

 

		4.3	You are not entitled to receive any other benefits and upon you
ceasing to be a director, you will not be entitled to receive any payment except, where relevant, accrued fees for past legal services.
Nothing herein will prevent you and/or Pearl Cohen Zedek Latzer from providing paid legal services to the Company for which you
are entitled to receive payment.

 

    	 

    	 

    

 

		5.	Taxation of payments

 

You
are responsible for and will indemnify the Company in respect of the payment of income tax due to clause 4.1, including any penalties,
charges or interest. If any amount due to the Company under this clause is required to be paid to the Company net of tax or the
Company suffers tax on its receipt, you will, to the extent permitted by law, pay such additional amount to the Company as is required
to leave the Company in no worse position.

 

		6.	Restriction

 

You
undertake that you will not, and will procure that each person or entity under your control will not, other than in relation to
the Company, do any of the following things:

 

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

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

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

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

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

		6.6	assist any other person to do any of the things mentioned in clauses 6.1 to Error! Reference
source not found.

 

    	 

    	 

    

 

		7.	Confidentiality

 

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

 

		8.	Conflicts of interest

 

You
must not without the consent of the Board, enter into any arrangement which might reasonably be expected to result in a conflict
of interest. If you are in any doubt please consult with the Board in advance. The Company agrees that that you are permitted to
provide legal services to any party as part of your work with Pearl Cohen Zedek Latzer. The Company understands that as a partner
in Pearl Cohen Zedek Latzer, you will represent other clients. The Company also understands that you may represent the Company's
subsidiaries in the US in corporate/commercial and in US patent prosecution.

 

		9.	Independent advice

 

The
Board has resolved that any director may, if necessary, in connection with his or her duties, take independent professional advice
at the Company's expense, subject to having first notified the Board. Any payment by the Company in respect of any such professional
advice is subject to the limitations imposed by the Board from time to time and any restriction under company law.

 

		10.	Liability insurance

 

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

 

		11.	Entire agreement

 

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

 

		12.	Governing law

 

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

 

    	 

    	 

    

 

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

 

On
copy

 

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

 

	/s/ Mark Cohen
	Mark Cohen
	Dated: February 18, 2005

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