Document:

PROMISSORY
        NOTE

      

      

      
        	
                Los
                  Angeles, California 

              	
                April
                  24, 2007

              

      

      

       

      FOR
        VALUE
        RECEIVED, the undersigned, TIX CORPORATION, a Delaware corporation (“Maker”),
        promises to pay to Joe Marsh (“Creditor”), the sum of $2,000,000, together with
        interest on the unpaid principal from April 24, 2007 at the rate of Eight
        Percent (8%) simple interest per annum until maturity, in accordance with
        the
        terms and provisions hereinafter set forth.

      

      1.
        Payment.
        Payment
        of said principal and interest shall be made as follows. The entire principal
        amount shall be due and payable on or before April 1, 2008. Interest only
        payments shall be made monthly. All payments shall be made in lawful money
        of
        the United States at the address of the holder of this Note specified in
        Paragraph 8 hereof or such other place as the holder of this Note may from
        time
        to time designate in writing.

      

      2.
        Acceleration.
        Should
        default be made in the payment of any installment when due hereunder or in
        the
        performance of or observance of any of the covenants or agreements of this
        Note
        or any instrument now or hereafter evidencing or securing the indebtedness
        evidenced hereby, and the same not be cured within 10 days after the holder
        of
        this Note gives written notice of such default to the Maker, the whole sum
        of
        principal remaining unpaid shall become immediately due and
        payable.

      

      3.
        Prepayment.
        The
        undersigned may prepay the unpaid balance of principal together with accrued
        interest under this Note in whole or in part at any time or times, without
        a
        prepayment penalty calculated on the then outstanding balance of
        principal.

      

      4.
        Interest
        on Delinquent Payments.
        Any
        amounts not paid when due hereunder shall bear interest at the rate of eighteen
        percent (18%) per annum.

      

      5.
        Collection
        Costs.
        In the
        event it shall become necessary to employ counsel to collect this obligation,
        the undersigned agrees to pay the holder of this Note reasonable attorneys’ fees
        for the legal services involved.

      

      6.
        Waiver.
        The
        undersigned waives presentment, protest and demand, notice of protest, demand
        and dishonor and nonpayment of this Note and consents that the holder of
        this
        Note may extend the time of payment or otherwise modify the terms of payment
        of
        any part or the whole of the debt extended by this Note, at the request of
        the
        undersigned, and such consent shall not alter or diminish the liability of
        any
        person, including any guarantor hereof. 

      

      7.
        Severability.
        The
        unenforceability or invalidity of any provision or provisions of this Note
        as to
        any persons or circumstances shall not render that provision or those provisions
        unenforceable or invalid as to any other persons or circumstances, and all
        provisions hereof, in all other respects, shall remain valid and
        enforceable.

      

      8.
        Notice.
        Any
        notice, demand or document given or delivered hereunder shall, in the case
        of a
        notice, be in writing and may be personally delivered or given or made by
        United
        States registered or certified mail, return receipt requested, addressed
        as
        follows:

       

      
        Joe
          Marsh:
          ____________________________________________________________________;

      

      

      Tix
        Corporation: 12001 Ventura Place, Suite 340, Studio City, California 91604.
        

      

      Any
        notice, demand or document so given, delivered or made by United States mail
        shall be deemed to have been given or delivered or made on the second business
        day after the same is deposited in the United States mail as registered or
        certified matter, addressed as above provided with postage thereon fully
        prepaid. Any notice, demand or document not given, delivered or made by
        registered or certified mail as aforesaid shall be deemed to be given, delivered
        or made only upon receipt of the same by the one to whom the same is to be
        given, delivered or made.

      

      9.
        Successors
        and Assigns.
        The
        term “undersigned”, as used herein, means Maker and its successors and assigns
        as obligor under the Note, and the term “holder of this Note” as used herein,
        means Creditor and his successors and assigns as holder of this
        Note.

      

      

      
        	 	 	
                TIX
                  CORPORATION

              
	 	 	
                a
                  Delaware Corporation

              
	 	 	 
	 	By 	/s/
                Mitch
                Francis                       
                
	 	 	
                Mitch
                  Francis, its CEO 

              
	 	 	
                MakerExhibit
      10.4

    

    SECOND
      AMENDED AND RESTATED RESEARCH AND LICENSE AGREEMENT

     

    This
      Second Amended and Restated Research and License Agreement is entered into
      as of
      this 26th
      day of
      July, 2007, by and between Brainstorm Cell Therapeutics Inc., a company formed
      under the laws of the State of Delaware, having a place of business at 1350
      Avenue of the Americas New York, NY 10019  (“Licensee”)
      and Ramot at Tel Aviv University Ltd., a company formed under the laws of
      Israel, having a place of business at Tel Aviv University in Ramat-Aviv, Tel
      Aviv 61392, Israel (“Ramot”),
      for the
      purpose of amending and replacing the Research and License Agreement between
      the
      parties dated March 30, 2006 (the "First Amended and Restated Research and
      License Agreement"), which replaced the previous Research and License Agreement
      between the parties dated July 12, 2004 (the “Original Agreement”).
      

     

    WHEREAS,
      Tel Aviv University (“TAU”) owns exclusive rights to certain technology
      developed by Professor Eldad Melamed, Dr. Daniel Offen, Yossef Levy and Dr.
      Pnina Green at the Felsenstein Medical Research Center of Tel Aviv University
      relating to processes for the transformation of bone marrow and cord blood
      stem
      cells into neuron-like and glial-like cells; and

    

    WHEREAS,
      pursuant to agreement between TAU and Ramot, all rights, title and interest
      in
      and to any and all inventions and other results arrived at by scientists of
      TAU
are
      owned
      solely and exclusively by Ramot; and 

    

    WHEREAS,
      pursuant to the Original Agreement, Licensee funds research at TAU through
      Ramot
      for the purpose of furthering research related to processes for the
      transformation of bone marrow and cord blood stem cells into neuron-like and
      glial-like cells; and

    

    WHEREAS,
      pursuant to the Original Agreement, Licensee has obtained a license from Ramot
      with respect to such technology and the results of such research, in order
      to
      develop, obtain regulatory approval for and commercialize products based on
      such
      technology and the results of such funded research; 

    

    WHEREAS,
      the parties wish to amend some of the terms of the Original Agreement and of
      the
      First Amended and Restated Research and License Agreement; and

    

    WHEREAS,
      in order to give effect to such wish, the parties agree to amend and replace
      the
      First Amended and Restated Research and License Agreement with this Agreement,
      such that the terms of this Agreement shall be deemed to apply as of July 12,
      2004 (the “Effective Date”);

    

    NOW,
      THEREFORE,
      the
      parties hereto, intending to be legally bound, hereby agree as
      follows:

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    1. Definitions.
      

    

    Whenever
      used in this Agreement with an initial capital letter, the terms defined in
      this
      Section 1, whether used in the singular or the plural, shall have the meanings
      specified below. 

    

    1.1. “Affiliate”
      shall
      mean, with respect to either party, any person, organization or entity
      controlling, controlled by or under common control with, such party. For
      purposes of this definition only, “control” of another person, organization or
      entity shall mean the possession, directly or indirectly, of the power to direct
      or cause the direction of the activities, management or policies of such person,
      organization or entity, whether through the ownership of voting securities,
      by
      contract or otherwise. Without limiting the foregoing, control shall be presumed
      to exist when a person, organization or entity (i) owns or directly controls
      twenty percent (20%) or more of the outstanding voting stock or other ownership
      interest of the other organization or entity, or (ii) possesses, directly or
      indirectly the power to elect or appoint twenty percent (20%) or more of the
      members of the governing body of the organization or other entity.

    

    1.2 "Additional
      Ingredient"
      shall
      mean a therapeutically active ingredient other than one developed using Ramot
      Technology. Unless recognized as active ingredients by the FDA (or equivalent
      body), drug delivery vehicles, non-therapeutic adjuvants, and excipients are
      hereby deemed not to be “therapeutically active ingredients”, and their presence
      alone shall not be deemed to create a Combined Product for purposes of this
      Agreement.

    

    1.3. “Calendar
      Quarter”
      shall
      mean the respective periods of three (3) consecutive calendar months ending
      on
      March 31, June 30, September 30 or December 31, for so long as this Agreement
      is
      in effect.

     

    1.4 “Combined
      Product”
      shall
      mean a product or service which comprises a Licensed Product and one or more
      Additional Ingredients. To be a Combined Product, a Licensed Product must be
      sold together with Additional Ingredients as a single product and invoiced
      as
      one (1) product. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    1.5 “Development
      Milestones” shall
      mean the development milestones set forth in Exhibit 1.5 hereto.

    

    1.6 “First
      Commercial Sale”
      shall
      mean the first sale of a Licensed Product by Licensee, an Affiliate of Licensee
      or a Sublicensee to an unaffiliated third party after Regulatory Approval has
      been achieved in the country in which such Licensed Product is sold. Sales
      for
      test marketing, sampling and promotional uses, clinical trial purposes or
      compassionate or similar use shall not be considered to constitute a First
      Commercial Sale.

    

    1.7. “FDA”
      shall
      mean the United States Food and Drug Administration.

    

    1.8 “Generic
      Version”
shall
      mean, with respect to a Licensed Product that is sold in a particular
      jurisdiction: any third party product or service that (i) contains or utilizes
      the same therapeutically active ingredient as such Licensed Product, and (ii)
      that is lawfully marketed, sold and/or provided in such country for the same
      indications as such Licensed Product, pursuant to an approved application
      for a license to market a generic or a duplicate version of such Licensed
      Product (e.g.
      an
      Abbreviated New Drug Application in the United States) in the relevant
      jurisdiction.

    

    1.9. “Joint
      Inventions” shall
      mean any and all inventions made jointly by (a) one or more members of the
      TAU
      Team in the performance of the Research and (b) one or more employees or
      consultants of Licensee.

    

    1.10. “Joint
      Patent Rights”
      shall
      mean any and all Patent Rights claiming Joint Inventions.

    

    1.11. “Joint
      Technology”
      shall
      mean Joint Patent Rights and Joint Inventions.

    

    1.12. “Licensed
      Product”
      shall
      mean: (i) any Product (as defined below) that is/was designed, developed,
      produced or manufactured with the Use of or based on or under license to the
      Ramot Technology and/or the Joint Technology, in whole or in part; (ii) any
      Product the making, producing, manufacturing, using, selling, importing or
      exporting of which is covered by a Valid Claim; and (iii) any service that
      makes
      use of any Licensed Product described in clause (i) and/or (ii) of this Section
      1.9. In
      the
      event of a dispute between the parties as to whether a Product is a Licensed
      Product, the
      burden of proof shall be on Licensee to prove that the Product is not a Licensed
      Product, if Ramot shall in good faith first provide the Company with a
      reasonable written opinion of an independent pharmaceutical expert that such
      Product is a Licensed Product.

    

    1.13. “NDA”
      means a
      New Drug Application or Product License Application (or Biologics License
      Application), as appropriate, and all supplements filed pursuant to the
      requirements of the FDA, including all documents, data and other information
      concerning Licensed Products that are necessary for or included in FDA approval
      to market a Licensed Product, or the equivalent application in any other country
      or jurisdiction.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    1.14. “Net
      Sales”
      shall
      mean the gross amount billed or invoiced by or on behalf of Licensee, its
      Affiliates and its Sublicensees on sales of Licensed Products (whether made
      before or after the First Commercial Sale of the Licensed Product), less the
      following: (a) customary or ordinary course of business trade, quantity, patient
      program, prompt payment or cash discounts to the extent actually allowed and
      taken; (b) amounts repaid or credited by reason of rejection, return or
      retroactive price reduction, chargebacks, administrative fees or rebates; (c)
      to
      the extent separately stated on purchase orders, invoices, or other documents
      of
      sale, any taxes or other governmental charges levied on the production, sale,
      transportation, delivery, or use of a Licensed Product which is paid by or
      on
      behalf of Licensee or such Sublicensee, (d) credit or refunds for Products
      which
      are rejected or returned; (e) Out bound transportation expenses and
      transportation insurance premiums to the extend separately stated on the
      invoice; (f) delayed ship order credits; (g) credits for uncollectible amounts
      on previously sold Product, provided that such amounts have been written off
      in
      the books of the Company in accordance with generally accepted accounting
      principles
      as in
      effect in the United States from time to time "(GAAP"),
      and
      provided that such amounts are not subsequently collected;
      (h)
      any
      other
      reduction or specifically identifiable amounts included in the Product's gross
      invoice price that should be credited for reasons substantially equivalent
      to
      those listed above, so long as not prohibited by GAAP.

      

    (i) In
      any
      transfers of Licensed Products between Licensee or a Sublicensee to an Affiliate
      of Licensee or such Sublicensee other than for resale by such Affiliate, Net
      Sales shall be equal to the fair market value of the Licensed Products so
      transferred, assuming an arm’s length transaction made in the ordinary course of
      business, after deducting the amounts referred to in clauses (a) through (h)
      above, to the extent applicable; and 

    

    (ii) In
      the
      event that Licensee or a Sublicensee, or the Affiliate of Licensee or such
      Sublicensee, receives non-monetary consideration for any Licensed Products
      or in
      the case of transactions not at arm’s length with a non-Affiliate of Licensee or
      such Sublicensee, Net Sales shall be calculated based on the fair market value
      of such consideration or transaction, assuming an arm’s length transaction made
      in the ordinary course of business. 

    

    Sales
      of
      Licensed Products by Licensee or a Sublicensee to an Affiliate of Licensee
      or
      such Sublicensee, for resale by such Affiliate, shall not be deemed Net Sales
      and Net Sales shall be determined based on the total amount invoiced or billed
      by such Affiliate on resale to an independent third party
      purchaser.

    

    1.15. “Orphan
      Drug” shall
      mean a Licensed Product that
      is
      protected (a) by “Orphan Drug” status under the U.S. Orphan Drug Act, (b) by a
      Supplementary Protection Certificate, as such term is defined in Council
      Regulation (EU) No. 1768/92, or (c) by a similar status granted under similar
      statutory provisions of another jurisdiction granting exclusive marketing rights
      in such jurisdiction.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    1.16. “Other
      Research”
      shall
      have the meaning set forth in Section 5.1.

    

    1.17.
      “Patent Rights”
      shall
      mean any and all (a) patents, (b) pending patent applications,
      including, without limitation, all provisional applications, continuations,
      continuations-in-part, divisions, reissues, renewals, and all patents granted
      thereon, and (c) all patents-of-addition, reissue patents, reexaminations
      and extensions or restorations by existing or future extension or restoration
      mechanisms, including, without limitation, supplementary protection certificates
      or the equivalent thereof.

    

    1.18. “Principal
      Investigators” shall
      mean Professor Eldad Melamed and Dr. Daniel Offen, or such other principal
      investigator who may replace either or both of them pursuant to Section
      2.

    

    1.19. “Product”
      shall
      mean: (i) any product or service that incorporates differentiation factors
      and
      other materials which is capable of inducing bone marrow or cord blood stem
      cells to differentiate into neuron-like or glial-like cells that can be
      transplanted into patients for the treatment of neurological and ophthalmic
      diseases in humans; or (ii) any neuron-like or glial-like cell generated through
      use of a product described in clause (i) of this Section 1.16.

    

    1.20. “Ramot
      Results”
      shall
      mean (a) any and all inventions, materials, methods, processes, know-how,
      improvements and results made, created, developed, discovered, conceived or
      acquired by, or on behalf of, members of the TAU Team (including, without
      limitation, the Principal Investigators) in the course of the performance of
      the
      Research, except Joint Inventions and/or (b) any and all inventions, materials,
      methods, processes, know-how and results made, created, developed, discovered
      or
      conceived by either of the Principal Investigators, either alone or together
      with one or more third parties, in the performance of services for, the Company,
      except Joint Inventions.

    

    1.21. “Ramot
      Patent Rights” shall
      mean (i) the Patent Rights described in Exhibit 1.21(a) attached hereto, (ii)
      any other Patent Rights owned by Ramot which claim, and only to the extent
      they
      so claim, the invention disclosed in the Patent Rights described in Exhibit
      1.21(a) and (iii) all Patent Rights owned by Ramot, to the extent they claim
      any
      of the Ramot Results. Exhibit 1.18(b) shall set forth and shall be updated
      from
      time to time to include new Ramot Patent Rights.

    

    1.22. “Ramot
      Technology”
      shall
      mean the Ramot Patent Rights, the invention disclosed in Exhibit 1.21(a) and
      the
      Ramot Results.

    

    1.23. “Regulatory
      Agency” shall
      mean the FDA or equivalent agency or government body of another country.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    1.24. “Regulatory
      Approval”
      shall
      mean (i) approval of an NDA by the FDA permitting commercial sale of a Licensed
      Product or (ii) any comparable approval permitting commercial sale of a Licensed
      Product granted by the applicable Regulatory Agency in any other country or
      jurisdiction.

    

    1.25. “Research”
      shall
      mean the research actually conducted by the TAU Team under the terms of this
      Agreement in accordance with the Research Plan.

    

    1.26. “Research
      Plan”
      shall
      mean the research plan attached hereto as Exhibit 1.26, as amended from time
      to
      time in accordance with the provisions of this Agreement, which sets forth
      the
      research to be undertaken by the TAU Team under the direction of the Principal
      Investigators during the Research Period. 

    

    1.27.
      “Research Period” shall
      mean an initial term of three years commencing on the Effective Date, and in
      the
      event the TAU Team meets the milestones set forth in the Research Plan in
      accordance with Section 2.2.1, a total term of six years ending on June 30,
      2010.

    

    1.28.
       “Sublicense
      Receipts” shall
      mean any payments or other consideration that Licensee or an Affiliate receives,
      other than amounts received on account of Net Sales, in consideration of the
      sublicense or other grant of rights with respect to some or all of the rights
      granted to Licensee under Section 5.1, or the grant of an option to obtain
      a
      sublicense or such other rights, including without limitation license fees,
      milestone payments, license maintenance fees and reimbursement for research
      and
      development expenses, but excluding payments specifically committed to cover
      development costs to be actually incurred by Licensee in the development of
      Licensed Products under, and in accordance with detailed budgets and workplans
      included in, sublicense agreements with Sublicensees. In the event that Licensee
      or an Affiliate of Licensee receives non-monetary consideration for any such
      sublicense or other grant of rights or in the case of transactions not at arm’s
      length, Sublicense Receipts shall be calculated based on the fair market value
      of such consideration or transaction, assuming an arm’s length transaction made
      in the ordinary course of business. For the avoidance of doubt, “Sublicense
      Receipts” shall not include payments
      made in consideration for the issuance of equity or debt securities of the
      Licensee at fair market value and not as direct or indirect consideration (in
      whole or in part) for the
      sublicense, or the grant of an option to obtain a sublicense, of some or all
      of
      the rights granted Licensee under Section 5.1.

    

    1.29.
      “Sublicensee”
      shall
      mean any permitted sublicensee of all or part of the rights granted Licensee
      under Section 5.1, as further described in Section 5.2.

    

    1.30.
      “TAU Team”
      shall
      mean the Principal Investigators and those students, scientists and technicians
      working under their direction at the Felsenstein Medical Research Center of
      Tel
      Aviv University on the Research.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    1.31. “Third
      Party License”
      shall
      mean a license from an unaffiliated third party to one or more valid and
      enforceable patents issued in the United States or any other jurisdiction,
      the
      claims of which cover one or more functional components that is essential for
      the efficacy of a Licensed Product.

    

    1.32. “Use”
      shall
      mean the use of the Ramot Technology and/or Joint Technology in any stage of
      the
      research, development, manufacture or production of a Product.

    

    1.33. “Valid
      Claim” shall
      mean a claim of a Ramot Patent Right or Joint Patent Right so long as such
      claim
      shall not have been held invalid in a final non-appealable court judgment or
      patent office decision, in the relevant jurisdiction.

    

    2.
       Research
      Project.

    

    2.1 Performance.
      

    

    2.1.1.
      Ramot
      shall cause TAU, under the direction of the Principal Investigators, to use
      reasonable efforts to perform the Research in accordance with the Research
      Plan;
      however, Ramot and TAU make no warranties regarding the completion of the
      Research or the achievement of any particular results.

    

    2.1.2. The
      Research will be directed and supervised by the Principal Investigators, who
      shall have primary responsibility for the performance of the Research. If both
      of the Principal Investigators cease to supervise the Research for any reason,
      Ramot will so notify Licensee, and Ramot shall endeavor to find among the
      scientists at TAU a scientist or scientists acceptable to Licensee to continue
      the supervision of the Research in place of the Principal Investigators. If
      Ramot is unable to find such a scientist acceptable to Licensee, within sixty
      (60) days after such notice to Licensee, Licensee shall have the option to
      terminate the funding of the Research. Licensee shall promptly advise Ramot
      in
      writing if Licensee so elects. Such termination of funding shall terminate
      Ramot’s and TAU’s obligations pursuant to Section 2.1.1 above, but shall not
      terminate this Agreement or any of the other rights or obligations of the
      parties under this Agreement. Nothing contained in this Section 2.1.2, shall
      be
      deemed to impose an obligation on Ramot or TAU to successfully find a
      replacement for the Principal Investigators who is acceptable to
      Licensee.

    

    2.1.3. The
      Principal Investigators shall provide Licensee, within thirty (30) days after
      the end of every six-month period during the Research Period, a written report
      summarizing the Ramot Results obtained during the preceding six-month
      period.

    

    2.2 Funding
      of the Research Project.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    2.2.1. Licensee
      shall fund the Research during the initial term of the Research Period in
      accordance with the schedule set forth in Exhibit
      2.2.1
      hereto.
      In addition, in the event the TAU Team meets the milestones set forth in Section
      (b) of Exhibit
      1.23,
      Licensee shall provide funding for the second phase of the Research in the
      total
      amount of US$1,140,000 during the additional 3-years term of the Research
      Period. The Parties shall meet no later than six months prior to completion
      of
      initial term of the Research to discuss and agree upon the research program,
      milestones, and payment schedule for the second phase of the Research. Any
      and
      all funding provided by the Licensee pursuant to this Section 2.2.1 shall be
      applied by Ramot exclusively in support of the Research, including salaries
      and
      Ramot’s standard rates of overhead in effect at such time, in accordance with
      the procedures established at TAU. 

     

    2.2.2.
      Nothing
      in this Agreement shall be interpreted to prohibit Ramot, TAU
      or the
      Principal Investigators from seeking and receiving funding from non-commercial
      sources,
      including government agencies and foundations, or from commercial entities
      for
      non-commercial purposes, to further support the Research or Other Research
      performed at TAU with the use of the Ramot Technology or the Joint Technology;
      provided that such funding shall not be on terms that give such entity(ies)
      any
      rights, contractual, commercial or otherwise, to any Ramot Technology or Joint
      Technology without the prior written consent of Licensee (subject to any
      non-exclusive license for governmental purposes or other governmental rights
      required as a condition for such non-commercial funding). Ramot shall notify
      Licensee upon the Principal Investigators’ or TAU’s applying for such funding,
      which notice shall include a copy of any notices awarding such
      funding.

    

    2.2.3. Ramot
      shall submit the Licensee: (i) an interim written report on the progress of
      the
      Research in each 6 (six) month period during the Research Period, within 60
      (sixty) days of the end of each such 6 (six) month period, and a written report
      summarizing the results of the Research within 60 (sixty) days of the end of
      the
      first 3 years and the additional three years of Research Period; and (ii)
      reports of any significant findings in the Research promptly upon such findings
      being made. 

     

    3. Title. 

    

    3.1. Ramot
      Technology. All
      rights, title and interest in and to the Ramot Technology, and in and to any
      drawings, plans, diagrams, specifications and other documents containing any
      of
      the Ramot Technology shall be owned solely and exclusively by
      Ramot.

    

    3.2. Joint
      Technology.
      All
      rights, title and interest in and to the Joint Technology are and shall be
      owned
      jointly by Licensee and Ramot.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    3.3. Determination.
      All
      determinations of inventorship under this Agreement shall be made in accordance
      with United States patent law. In case of dispute between Ramot and Licensee
      over inventorship, a mutually acceptable outside patent counsel shall make
      the
      determination of the inventor(s) by applying the standards contained in United
      States patent law.

     

    4. Patent
      Filing, Prosecution and Maintenance.

     

    4.1. Ramot
      Patent Rights.
      Ramot
      shall be responsible for the preparation, filing, prosecution, protection and
      maintenance of all Ramot Patent Rights, using patent counsel reasonably
      acceptable to Licensee. Ramot shall consult with Licensee as to the preparation,
      filing, prosecution, protection and maintenance of the Ramot Patent Rights
      reasonably prior to any deadline or action with the U.S. Patent & Trademark
      Office or any other patent office and shall furnish Licensee with copies of
      all
      relevant documents reasonably in advance of such consultation. 

    

    4.2. Joint
      Patent Rights. 

    

    4.2.1. Consultation.
      Ramot
      and Licensee shall consult each other regarding the preparation, filing and
      prosecution of all patent applications, and the maintenance of all patents,
      included within the Joint Patent Rights, including, without limitation, the
      content, timing and jurisdiction of the filing of such patent applications
      and
      their prosecution, and other details and overall global strategy pertaining
      to
      the procurement and maintenance of the Joint Patent Rights. 

     

    4.2.2. Filing.
      All
      Joint
      Patent Rights shall be filed, prosecuted and maintained by the parties through
      an independent patent firm or firms as shall be mutually agreed upon by Ramot
      and Licensee. Such counsel shall be charged with the duty to act in the best
      interests of each of Ramot and Licensee, taking into account their relative
      status as licensors/licensee under this Agreement and the parties’ intension to
      prepare, file, prosecute, obtain and maintain the Joint Patent Rights in a
      manner that will provide the maximum economic advantage and return to the
      parties. Such counsel shall confer with each of Ramot and Licensee and attempt
      to achieve a consensus in all decisions made relative to the content of
      applications, the prosecution of the Joint Patent Rights and the content of
      communications with the relevant patent agencies, prior to any communications
      with such agencies.

    

    4.3. Expenses.
      Subject
      to Section 4.4 below, Licensee shall reimburse Ramot for all documented
      patent-related expenses incurred by Ramot pursuant to this Section 6 within
      thirty (30) days after Ramot invoices Licensee. In addition, in December 2004,
      Licensee paid Ramot a total amount of $16,908 (sixteen thousand, nine hundred
      and eight US Dollars) as a reimbursement for expenses incurred by Ramot prior
      to
      the execution of the Original Agreement with respect to the filing and
      prosecution of Ramot Patent Rights. 

     

    
      
        
        

      

      
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    4.4.Abandonment.
      Should
      Licensee elect not to reimburse Ramot for the filing, prosecution or maintenance
      of a patent application in any country, on any invention included in the Ramot
      Technology or Joint Technology or to cease reimbursing Ramot for the
      prosecution, protection and/or maintenance of any Ramot Patent Right or Joint
      Patent Rights in any such country (an “Abandoned Country”), Licensee shall
      provide Ramot with prompt written notice of such election. Upon written receipt
      of such notice by Ramot, Licensee shall be released from its obligations to
      reimburse Ramot for the expenses incurred thereafter as to such Abandoned
      Country in conjunction with such Patent Rights. In such event, any license
      with
      respect to such Patent Rights will terminate with respect to such Abandoned
      Country, and Licensee shall have no rights whatsoever to exploit such Patent
      Rights in such Abandoned Country. Ramot shall then be free, without further
      notice or obligation to Licensee, to grant rights in and to such Patent Rights
      with respect to such Abandoned Country to third parties, which rights shall
      not
      include the right to offer, sell or market the resulting Licensed Product(s)
      in,
      or to export such Licensed Product(s) to, any country which is not an Abandoned
      Country

    

    4.5. No
      Warranty. Nothing
      contained herein shall be deemed to be a warranty that: (a) Ramot can or will
      be
      able to obtain patents on patent applications included within the Ramot Patent
      Rights or on patent applications relating to the Ramot Results, or that any
      of
      the Ramot Patent Rights will afford adequate or commercially worthwhile
      protection, (b) the parties can or will be able to obtain patents of patent
      applications relating to Joint Inventions or (c) the manufacture, use or sale
      of
      any element of the Ramot Technology or Joint Technology or any Licensed Product
      will not infringe any patent(s) of any third party.

    

    5.
       License
      Grant.

    

    5.1.
       License.
      Subject
      to the terms and conditions set forth in this Agreement, Ramot hereby grants
      to
      Licensee an exclusive, worldwide, royalty-bearing license under the Ramot
      Technology and Ramot’s interest in the Joint Technology solely to research,
      develop, make, have made, use, offer for sale, sell, have sold, import and
      export Licensed Products, and to otherwise practice and exploit the Ramot
      Technology and Ramot's interest in the Joint Technology solely for the purpose
      of developing and/or commercializing Licensed Products. For purposes of this
      Section 5.1, the term “exclusive” means that Ramot shall not have any right to
      grant such licenses or rights to any third party, subject,
      however,
      to
      Ramot’s right to license TAU, the Principal Investigators and the other members
      of the TAU Team to practice or utilize such rights and licenses to conduct
      the
      Research, and
      subject further,
      to the
      right of employees, researchers and students of Tel Aviv University to use
      the
      Ramot Technology and the Joint Technology for academic research purposes, alone
      or in collaboration with third parties (“Other
      Research”).
      To
      the extent such utilization should require publication or disclosure to persons
      who are not a part of the TAU Team or disclosure to parties who are not
      employees, researchers or students of Tel Aviv University the provisions of
      Section 9.2 shall govern any such publication or disclosure. 

      

    
      
        
        

      

      
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    5.2 Sublicense.
      

    

    5.2.1. Sublicense
      Grant. Licensee
      shall be entitled, without any requirement for Ramot’s prior agreement, to grant
      sublicenses to third parties under the license granted pursuant to Section
      5.1
      on terms and conditions in compliance with and not inconsistent with the terms
      of this Agreement (except that the royalty rates may be higher than those set
      forth in this Agreement). Such sublicenses shall only be made for consideration
      and in bona-fide arm’s length transactions.

    

    5.2.2. Sublicense
      Agreements.
      Sublicenses shall only be granted pursuant to written agreements, which shall
      be
      in compliance and not inconsistent with and shall be subject and subordinate
      to
      the terms and conditions of this Agreement. Such sublicense agreements shall
      contain, among other things, provisions to the following effect:

    

    5.2.2.1.
      All
      provisions necessary to ensure Licensee’s ability to perform its obligations
      under this Agreement, including without limitation its obligations under
      Sections 6.1, 8.5, 8.6 and 13.4.3; 

    

    5.2.2.2.
      In
      the
      event of termination of the license (in whole or in part - e.g. termination
      in a
      particular country) set forth in Section 5.1 above, any existing agreements
      that
      contain a sublicense of the Ramot Technology or Ramot’s interest in Joint
      Inventions shall terminate to the extent of such sublicense; provided,
      however,
      that,
      for each Sublicensee, upon termination of the sublicense agreement with such
      Sublicensee, if the Sublicensee is not then in breach of its sublicense
      agreement with Licensee such that Licensee would have the right to terminate
      such sublicense, Ramot shall be obligated, at the request of such Sublicensee,
      to enter into a new license agreement with such Sublicensee on substantially
      the
      same terms as those contained in such sublicense agreement, provided
      that
      such terms shall be amended, if necessary, to the extent required to ensure
      that
      such Sublicense Agreement does not impose any obligations or liabilities on
      Ramot which are not included in this Agreement;

    

    5.2.2.3.
      The
      Sublicensee shall be entitled to sublicense its rights under such sublicense
      agreement, provided that the provisions of this Section 5.2 shall apply to
      the
      grant of such sublicense; and

    

    5.2.2.4.
      The
      sublicense agreement may not be assigned by Sublicensee without the prior
      written consent of Ramot , except that Sublicensee may assign the sublicense
      agreement to a successor in connection with the merger, consolidation, or sale
      of all or substantially all of its assets or that portion of its business to
      which the sublicense agreement relates; provided that any such assignee agrees
      in writing in a manner reasonably satisfactory to Ramot to be bound by the
      terms
      of such sublicense agreement. The consent and acknowledgement of satisfaction
      contemplated in this Section 5.2.2.4 shall not be unreasonably withheld or
      delayed.

     

    
      
        
        

      

      
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    5.2.3. Delivery
      of Sublicense Agreement. Licensee
      shall furnish Ramot with a fully executed copy of any such sublicense agreement,
      promptly after its execution. 

    

    5.2.4. Breach
      by Sublicensee.
      Any act
      or omission by a Sublicensee, which would have constituted a breach of this
      Agreement had it been an act or omission by Licensee, shall constitute a breach
      of this Agreement. Licensee
      shall indemnify Ramot for, and hold it harmless from, any and all damages or
      losses caused to Ramot as a result of any such breach by a Sublicensee. In
      the
      event of a breach by a Sublicensee, the cure of such breach or the termination
      by Licensee of the sublicense agreement with such Sublicensee within Licensee’s
      cure period, as set forth in Section 13.3.3.1, shall constitute a cure of
      Licensee’s breach under this Agreement for purposes of Section 13.3.3.1.

    

    5.3. No
      Other Grant of Rights.
      Other
      than as specifically set forth in Section 5.2, Licensee and Sublicensees shall
      not be entitled to grant, directly or indirectly, to any person or entity any
      right of whatever nature (a) under, or with respect to, or permitting any use
      or
      exploitation of, any of the Ramot Technology or Joint Technology or (b) to
      develop, manufacture, market or sell Licensed Products. 

    

    6.
       Development
      and Commercialization.

    

    6.1. Diligence.
      

    

    6.1.1. Reasonable
      Efforts. Licensee
      shall use its reasonable efforts, and/or shall cause its Affiliates or
      Sublicensees to use their reasonable efforts: (i)
      to
      develop Licensed Products, (ii) to introduce Licensed Products into the
      commercial market and (iii) to market Licensed Products following such
      introduction into the market. Specifically,
      Licensee and/or its Affiliates and/or Sublicensees shall fulfill the following
      obligations:

    

    6.1.1.1. Licensee,
      by itself or through Affiliates or Sublicensees, undertakes to employ its
      reasonable efforts, including funding consistent with such efforts, to carry
      out
      all efficacy, pharmaceutical, safety, toxicological and clinical tests, trials
      and studies and all other activities necessary in order to obtain Regulatory
      Approval for the production, use and sale of Licensed Products in each country
      in which Licensee, its Affiliates or Sublicensees intend to produce, use, offer
      to sell and sell Licensed Products and in any case, in the United States, the
      European Union and Japan. 

     

    6.1.1.2. During
      the period commencing with the receipt of Regulatory Approval in a given
      jurisdiction, Licensee and its Affiliate shall, and shall ensure that
      Sublicensees shall, use its or their reasonable efforts, including funding
      consistent with such efforts, to promote, market and sell Licensed Products
      in
      such jurisdiction. Licensee and/or its Affiliates and/or Sublicensees activities
      shall include but not be limited to:

     

    
      
        
        

      

      
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    (a)
      Using
      their reasonable efforts to establish and maintain good business relationships
      with hospitals, health care systems, doctors and other medical professionals
      in
      accordance with standard and customary practices;

    

    (b)
      Establishing
      and maintaining a sales force consisting of reasonably qualified personnel
      to
      promote and market the Licensed Products;

    

    (c)
      Advertising the Licensed Products in professional journals and publications
      and
      sponsoring or attending appropriate symposia, trade exhibitions and medical
      education programs; and

    

    (d)
      Formulating
      and using their reasonable efforts to implement annual sales and marketing
      plans
      for the Licensed Products.

    

    6.1.2. Milestones.
      Without
      limiting the foregoing, Licensee,
      by itself or through Affiliates or Sublicensees, shall meet each of the
      Development Milestones.

    

    6.2. The
      Principal Investigators, a Licensee representative and a Ramot representative
      shall meet no less than once every six (6) months during the term commencing
      with the Effective Date and ending upon the First Commercial Sale of a Licensed
      Product, at locations and times to be mutually agreed upon by the parties,
      (i)
      to review the progress being made under the research and development activities
      conducted by Licensee relating to Licensed Products, (ii)
      to
      review
      the progress being made towards fulfilling the Development Milestones and (iii)
      to discuss intended efforts for fulfilling such milestones.

    

    6.3. Within
      sixty (60) days after the end of each calendar year, Licensee shall furnish
      Ramot with a written report on the progress of its, its Affiliate’s and
      Sublicensees’ efforts during the prior year to develop and commercialize
      Licensed Products, including without limitation research and development
      efforts, efforts to obtain Regulatory Approval, marketing efforts, and sales
      figures. The report shall also contain a discussion of intended efforts and
      sales projections for the then current year.

    

    6.4. Failure.
      If
      Licensee breaches any of its obligations pursuant to Section 6.1, unless and
      to
      the extent the failure is due solely to delay necessitated by regulatory
      agencies, Ramot shall notify Licensee in writing of Licensee’ failure and shall
      allow Licensee ninety (90) days to cure or to demonstrate that it has begun
      to
      cure its failure. Licensee’ failure to cure or demonstrate that it has begun to
      cure such delay to Ramot’s reasonable satisfaction within such 90-day period
      shall constitute a material breach of this Agreement and Ramot shall have the
      right to terminate this Agreement forthwith. 

     

    
      
        
        

      

      
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    7.
       Consideration
      for Grant of License

    

    7.1. Upfront
      Payments. The
      Parties confirm that Licensee has delivered to Ramot, in December 2004, an
      upfront license fee payment in the sum of $100,000 (one-hundred thousand US
      Dollars

    

     

    7.2. Warrants.
      In
      addition, pursuant
      to the terms of the Original Agreement,
      effective November 4, 2004, Licensee issued to Ramot and its designees warrants
      to
      purchase an aggregate of 10,606,415 shares of our common stock at a purchase
      price of $.01 per share (29% of the issued and outstanding shares of our capital
      stock on a fully diluted and as converted basis as of November 4, 2004). The
      form of these warrants is attached hereto as Exhibit 7.2.

     

    7.3. Net
      Sales. 

    

    7.3.1. Royalties.
      In
      addition, Licensee shall pay Ramot royalties on Net Sales on a Licensed
      Product-by-Licensed Product and jurisdiction-by-jurisdiction basis as
      follows:

    

    7.3.1.1. So
      long
      as (a) the making, producing, manufacturing, using, marketing, selling,
      importing or exporting of such Licensed Product is covered by a Valid Claim
      or
      (b) the Licensed Product is covered by Orphan Drug status in such jurisdiction:
      an amount equal to 5% (five percent) of all Net Sales; and

    

    7.3.1.2. In
      the
      event that (a) the making, producing, manufacturing, using, marketing, selling,
      importing or exporting of such Licensed Product is not covered by a Valid Claim
      and (b) the Licensed Product is not covered by Orphan Drug status in such
      jurisdiction: an amount equal to 3% (three percent) of all Net Sales until
      the
      expiration of fifteen (15) years from the date of the First Commercial Sale
      of
      such Licensed Product in such jurisdiction.

    7.3.1.3
       Notwithstanding
      the foregoing, if, in a given calendar quarter in a given country, sales of
      Generic Versions of a Licensed Product (or Combined Product) represent ten
      (10%)
      or more of the total combined sales of such Licensed Product (or Combined
      Product) and such Generic Versions in such country, the royalties payable with
      respect to Net Sales of such Licensed Product (or the portion of Net Sales
      attributed to the Licensed Product in such Combined Product pursuant to Section
      7.5) in such country shall be reduced to 2.5% for such calendar
      quarter.

    

    7.3.2. Third-Party
      Royalties.
      In the
      event that Licensee is required to make royalty payments, at fair market terms
      after arms’ length negotiations, pursuant to the terms of a Third Party License
      that Licensee is legally required to obtain in order to make use of and/or
      to
      sell Licensed Products in a particular jurisdiction (including Licensed Products
      that are included in a Combined Product, but not including any other ingredient
      of such Combined Product), Licensee may offset such third-party payments against
      the royalty payments that are due to Ramot pursuant to Section 7.3.1.1 (but
      not
      pursuant to Section 7.3.1.2 or 7.3.1.3) with respect to sales in such
      jurisdiction; provided
      that,
      

     

    
      
        
        

      

      
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    (a) royalty
      payments under Section 7.3.1.1 to Ramot may not be reduced pursuant to this
      Section 7.3.2 unless all other parties who are entitled to receive royalties
      on
      Net Sales of Licensed Products pursuant to agreements or licenses (including
      Third Party Licenses) made or obtained by Licensee prior to the grant of the
      Third Party License in question are subject to a proportionate reduction of
      their royalties; and 

    

    (b) in
      no
      event, shall the royalty payments to Ramot under Section 7.3.1.1 with respect
      to
      such Licensed Product be reduced to less than an amount equal to 3% of Net
      Sales
      with respect to such Licensed Product in such jurisdiction as a result of
      reductions pursuant to this Section 7.3.2. 

    

    7.4.  Sublicense
      Receipts. In
      addition, Licensee shall pay Ramot an amount equal to a percentage of all
      Sublicense Receipts as follows: 

    

    (a)
      25%
      of Sublicense Receipts, with respect to Sublicenses granted prior to completion
      of Phase II Clinical Studies, and

    

    (b)
      20%
      of Sublicense Receipts, with respect to Sublicenses granted following completion
      of Phase II Clinical Studies.

     

    7.5 Combined
      Products. For
      purposes of determining royalty payments on sales of Combined Products, “Net
      Sales” shall be determined by multiplying the actual Net Sales of such Combined
      Product during the applicable royalty reporting period and in the applicable
      jurisdiction, by the fraction A/(A+B) where: “A” is the average sale price of
      the Licensed Product contained in the Combined Product when sold separately
      by
      Licensee or its Affiliate; and “B” is the average price of the Additional
      Ingredients included in the Combined Product when sold separately by its
      supplier, in each case during the applicable royalty reporting period or if
      sales of both the Licensed Product and/or other Additional Ingredients did
      not
      occur in such period, then in the most recent royalty reporting period in which
      sales of both occurred. In the event that such average sale price cannot be
      determined for both the Licensed Product and all other Additional Ingredients
      included in the Combined Product, Net Sales for the purpose of determining
      royalty payments shall be calculated by multiplying the Net Sales of the
      Combined Products by the fraction of C/(C+D) where “C” is the fair market value
      of the Licensed Product and “D” is the fair market value of all other Additional
      Ingredients included in the Combined Product. In such event, the parties shall
      negotiate in good faith to arrive at a determination of the respective fair
      market values of the Licensed Product and all other Additional Ingredients
      included in the Combined Product, provided that the portion of Net Sales
      attributed to the Licensed Product in such event shall not be less than 50%
      of
      the relevant Net Sales.

     

    
      
        
        

      

      
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    8.
       Reports;
      Payments; Records.

    

    8.1.
       First
      Commercial Sale.
      Licensee
      shall inform Ramot in writing of the date of First Commercial Sale with respect
      to each Licensed Product in each country as soon as practicable after the making
      of each such First Commercial Sale and shall describe such Licensed
      Product.

     

    8.2.
       Reports
      and Payments. 

    

    8.2.1 Reports.
      Within
      sixty (60) days after the conclusion of each Calendar Quarter commencing with
      the first Calendar Quarter in which Licensee or a Sublicensee first receives
      Net
      Sales or Licensee or an Affiliate receives Sublicense Receipts, Licensee shall
      deliver to Ramot a report containing the following information:

    

    (a)  the
      number of units of Licensed Products sold by Licensee, its Affiliates and
      Sublicensees to independent third parties in each country for the applicable
      Calendar Quarter;

    

    (b) the
      gross
      amount billed for each unit of a Licensed Product sold by Licensee, its
      Affiliates and Sublicensees during the applicable Calendar Quarter in each
      country;

    

    (c) a
      calculation of Net Sales for the applicable Calendar Quarter in each country,
      including a listing of applicable deductions;

    

    (d) the
      total
      amount payable to Ramot in U.S. dollars on Net Sales for the applicable Calendar
      Quarter, together with the exchange rates used for conversion.

    

    If
      no
      amounts are due to Ramot for any Calendar Quarter, the report shall so state.
      

    

    8.2.2. Payment
      for Net Sales.
      Within
      60 days of end of each Calendar Quarter, Licensee shall remit to Ramot all
      amounts due with respect to Net Sales for the applicable Calendar Quarter,
      subject to credit for amounts paid to Ramot previously that were excessive
      under
      the definition of Net Sales herein. 

    

    8.2.3 Payment
      for Sublicense Receipts. In
      addition to the reports delivered pursuant to Section 8.2.1, Licensee shall
      notify Ramot in writing within fifteen (15) days of the receipt of any
      Sublicense Receipts. Licensee shall remit to Ramot all amounts due with respect
      to such Sublicense Receipts within thirty (30) of the receipt of such Sublicense
      Receipts by Licensee.

    

    8.3.
       Payments
      in U.S. Dollars.
      All
      payments due under this Agreement shall be payable in United States dollars.
      Conversion of foreign currency to U.S. dollars shall be made at the conversion
      rate existing in the United States (as reported in the Wall
      Street Journal)
      on the
      last working day of the applicable Calendar Quarter. Such payments shall be
      without deduction of exchange, collection, or other charges.

     

    
      
        
        

      

      
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    8.4.
       Payments
      in Other Currencies.
      If by
      law, regulation, or fiscal policy of a particular country, conversion into
      United States dollars or transfer of funds of a convertible currency to the
      United States is restricted or forbidden, Licensee shall give Ramot prompt
      written notice of such restriction, which notice shall satisfy the payment
      deadlines described in Section 8.2. Licensee shall pay any amounts due Ramot
      through whatever lawful methods Ramot reasonably designates; provided, however,
      that if Ramot fails to designate such payment method within thirty (30) days
      after Ramot is notified of the restriction, Licensee may deposit such payment
      in
      local currency to the credit of Ramot in a recognized banking institution
      selected by Licensee and identified by written notice to Ramot, and such deposit
      shall fulfill all obligations of Licensee to Ramot with respect to such
      payment.

    

    8.5.
       Records.
      Licensee
      shall maintain, and shall cause its Affiliates and Sublicensees to maintain,
      complete and accurate records of Licensed Products that are made, used or sold
      under this Agreement, any amounts payable to Ramot in relation to such Licensed
      Products and all Sublicense Receipts received by Licensee and its Affiliates,
      which records shall contain sufficient information to permit Ramot to confirm
      the accuracy of any reports or notifications delivered to Ramot under Section
      8.2. The relevant party shall retain such records relating to a given Calendar
      Quarter for at least three (3) years after the conclusion of that Calendar
      Quarter, during which time Ramot shall have the right, at its expense, to cause
      an independent, certified public accountant to inspect such records during
      normal business hours for the sole purpose of verifying any reports and payments
      delivered under this Agreement. Such accountant shall not disclose to Ramot
      any
      information other than information relating to the accuracy of reports and
      payments delivered under this Agreement. The parties shall reconcile any
      underpayment or overpayment within thirty (30) days after the accountant
      delivers the results of the audit. In the event that any audit performed under
      this Section 8.5 reveals an underpayment in excess of five percent (5%) in
      any
      calendar year, the audited party shall bear the full cost of such audit. Ramot
      may exercise its rights under this Section 8.5 only once every year per audited
      party and only with reasonable prior notice to the audited party. Licensee
      shall
      cause its Affiliates and Sublicensees to fully comply with the terms of this
      Section 8.5. 

    

    8.6.
       Audited
      Report. Licensee
      shall furnish Ramot, and shall cause its Affiliates and Sublicensees to furnish
      Ramot, within one hundred twenty (120) days after the end of each calendar
      year,
      commencing at the end of the calendar year of the First Commercial Sale, with
      a
      report, certified by an independent certified public accountant, relating to
      royalties and other payments due to Ramot pursuant to this Agreement in respect
      to the previous calendar year and containing the same details as those specified
      in Section 8.2 above in respect to the previous calendar year.

     

    
      
        
        

      

      
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    8.7. Late
      Payments.
      Any
      payments by Licensee that are not paid on or before the date such payments
      are
      due under this Agreement shall bear monthly interest at a simple annual
      interest, equal to three percent (3%) above the 30 day London Interbank Offer
      Rate (LIBOR) as determined for each month on the last business day of that
      month, assessed from the day payment was initially due until
      the
      date of payment. 

    

    8.8. Payment
      Method. Each
      payment due to Ramot under this Agreement shall be paid in U.S. currency by
      wire
      transfer of funds to Ramot’s account in accordance with written instructions
      provided by Ramot.

     

    8.9.
       VAT;
      Withholding and Similar Taxes.
      All
      amounts to be paid to Ramot pursuant to this Agreement are exclusive of Value
      Added Tax but inclusive of all other taxes or withholding amounts. Licensee
      shall add value added tax, as required by law, to all such amounts. If
      applicable laws require that taxes be withheld from any amounts due to Ramot
      under this Agreement, Licensee shall (a) deduct these taxes from the remittable
      amount, (b) pay the taxes to the proper taxing authority, and (c) promptly
      deliver to Ramot a statement including the amount of tax withheld and
      justification therefore, and such other information as may be necessary for
      tax
      credit purposes. 

     

    9. Confidential
      Information

    

    9.1 Confidentiality.

     

     

    9.1.1. Confidential
      Information.
      Licensee agrees that, without the prior written consent of Ramot, in each case,
      during the term of this Agreement, and for five (5) years thereafter, it will
      keep confidential, and not disclose or use Confidential Information (as defined
      below) other than for the purposes of this Agreement, without the express
      written consent of Ramot. Licensee shall treat such Confidential Information
      with the same degree of confidentiality as it keeps its own confidential
      information, but in all events no less than a reasonable degree of
      confidentiality. Licensee may disclose the Confidential Information only to
      employees and consultants of Licensee or of its Affiliates or Sublicensees
      (or
      their Affiliates) who have a “need to know” such information in order to enable
      Licensee to exercise or exploit its rights and fulfill its obligations under
      this Agreement and are legally bound by agreements which impose confidentiality
      and non-use obligations comparable to those set forth in this
      Agreement. For
      purposes of this Agreement, "Confidential Information" means any proprietary
      scientific, technical, trade or business information relating to the subject
      matter of this Agreement designated as confidential or which otherwise should
      reasonably be construed under the circumstances as being confidential disclosed
      by or on behalf of Ramot, TAU, or any of their employees, researchers or
      students (including members of the TAU Team) to Licensee, whether in oral,
      written, graphic or machine-readable form, except to the extent (A) such
      information: (i) was known to Licensee at the time it was disclosed, other
      than
      by previous disclosure by or on behalf of Ramot, TAU or any of their employees,
      researchers or students, as evidenced by Licensees’ written records at the time
      of disclosure; (ii) is at the time of disclosure or later becomes publicly
      known
      under circumstances involving no breach of this Agreement; (iii) is lawfully
      and
      in good faith made available to Licensee by a third party who is not subject
      to
      obligations of confidentiality to Ramot or TAU with respect to such information;
      (iv) is independently developed by Licensee without the use of or reference
      to
      the Confidential Information, as demonstrated by documentary evidence; and
      (B)
      disclosure of such information is reasonably necessary in (i)
      filing
      or prosecuting patents and patent applications; (ii)
      conducting
      research, development and/or commercialization activities and regulatory filings
      for products or services; (iii)
      prosecuting or defending litigation; (iv) complying
      with applicable law, including court orders or governmental
      regulations;
      and (v)
      disclosure to third parties in connection with due diligence or similar
      investigations by such third parties or potential investment.

    

    
      
        
        

      

      
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    9.1.2. Disclosure
      of Agreement.
      Each
      party may disclose the terms of this Agreement to the extent required,
      in the reasonable opinion of such party’s legal counsel, to comply with
      applicable laws. 

     

    9.1.3. Publicity.
      Except
      as
      expressly permitted under Section 9.1.2, no party will make any public
      announcement regarding this Agreement without the prior written approval of
      the
      other party. Publication of the fact of this Agreement and its subject matter
      shall be deemed to be approved.

     

    9.2. Academic
      Publications and Third Party Collaboration. Ramot
      shall have the right to allow the Principal Investigators and other members
      of
      the TAU Team to publish the results of the Research, if any, in scientific
      publications, to present such results at scientific symposia, or to transfer
      such results to third parties for the purpose of conducting Other Research
      in
      collaboration with TAU, provided that the following procedure is
      followed:

     

    9.2.1. Ramot
      shall cause the members of the TAU Team to comply with standard academic
      practice regarding authorship of scientific publications and recognition of
      contribution of other parties in any publications relating to the
      Research.

     

    9.2.2 The
      results of the Research shall only be transferred to a third party for the
      purpose of conducting Other Research after such third party has executed a
      material transfer agreement on terms approved in advance by the Company, which
      shall contain appropriate protections for the rights of the Company
      hereunder;

     

    9.2.3. No
      later
      than thirty (30) days prior to submission for publication of any scientific
      articles, abstracts or papers concerning the results of the Research, the
      presentation of such results at any scientific symposia, or the transfer of
      such
      results to third parties for the purpose of Other Research, Ramot shall send
      to
      Licensee a written copy of the material to be so submitted, presented, or
      transferred and shall allow Licensee to review such submission to determine
      whether the material to be publication or presentation contains subject matter
      for which patent protection should be sought prior to publication, presentation
      or transfer for the preservation of Ramot Patent Rights.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    9.2.4. Licensee
      shall provide its written comments with respect to such publication or
      presentation within thirty (30) days following its receipt of such written
      material.

     

    9.2.5. If
      Licensee, in its written comments, identifies material for which patent
      protection should be sought, then Ramot shall cause the publication,
      presentation or transfer of such material to be delayed for a further period
      of
      up to ninety (90) days from the receipt of such written comments to enable
      Ramot
      to make the necessary patent filings in accordance with Section 4. 

     

    9.2.6. After
      compliance with the foregoing procedures with respect to an academic, scientific
      or medical publication and/or public presentation, members
      of the TAU Team shall not have to resubmit any such information published
      according to this Section 9.2 for re-approval should such same information
      be
      republished or publicly disclosed in another form. 

     

    10.
       Enforcement
      of Patent Rights. 

     

    10.1. Notice.
      In the
      event either party becomes aware of any possible or actual infringement or
      unauthorized possession, knowledge or use of any Ramot Patent Rights
      (collectively, an “Infringement”), that party shall promptly notify the other
      party and provide it with details regarding such Infringement

     

    10.2. Suit
      by Licensee. Licensee
      shall have the right, but not the obligation, to take action in the prosecution,
      prevention, or termination of any Infringement of Ramot Patent Rights. Should
      Licensee elect to bring suit against an infringer and Ramot is joined as party
      plaintiff in any such suit, Ramot shall have the right to approve the counsel
      selected by Licensee to represent Licensee, such approval not to be unreasonably
      withheld. The expenses of such suit or suits that Licensee elects to bring,
      including any expenses of Ramot incurred in conjunction with the prosecution
      of
      such suits or the settlement thereof, shall be paid for entirely by Licensee
      and
      Licensee shall hold Ramot free, clear and harmless from and against any and
      all
      costs of such litigation, including attorney’s fees. Licensee shall not
      compromise or settle such litigation without the prior written consent of Ramot,
      which consent shall not be unreasonably withheld or delayed. In the event
      Licensee exercises its right to sue pursuant to this Section 10.2, it shall
      first reimburse itself out of any sums recovered in such suit or in settlement
      thereof for all costs and expenses of every kind and character, including
      reasonable attorney’s fees, necessarily involved in the prosecution of any such
      suit. If, after such reimbursement, any funds shall remain from said recovery,
      then Ramot shall receive an amount equal to one-third of such funds and the
      remaining two-thirds of such funds shall be retained by Licensee, provided
      that
      with
      respect to amounts awarded for loss of sales, Ramot shall only be entitled
      (after such amounts shall first have been applied to cover out-of-pocket
      expenses of both parties) to 5% from the awarded lost Net Sales or the lost
      Net
      Sales grossed up from the loss of profit awarded by the court.

     

    
      
        
        

      

      
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    10.3. Suit
      by Ramot. If
      Licensee does not take action in the prosecution, prevention, or termination
      of
      any Infringement pursuant to Section 10.2 above, and has not commenced
      negotiations with the infringer for the discontinuance of said Infringement,
      within ninety (90) days after receipt of notice to Licensee by Ramot of the
      existence of an Infringement, Ramot may elect to do so. Should Ramot elect
      to
      bring suit against an infringer and Licensee is joined as party plaintiff in
      any
      such suit, Licensee shall have the right to approve the counsel selected by
      Ramot to represent Ramot, such approval not to be unreasonably withheld. The
      expenses of such suit or suits that Ramot elects to bring, including any
      expenses of Licensee incurred in conjunction with the prosecution of such suits
      or the settlement thereof, shall be paid for entirely by Ramot and Ramot shall
      hold Licensee free, clear and harmless from and against any and all costs of
      such litigation, including attorney’s fees. Ramot shall not compromise or settle
      such litigation without the prior written consent of Licensee, which consent
      shall not be unreasonably withheld or delayed. In the event Ramot exercises
      its
      right to sue pursuant to this Section 10.3, it shall first reimburse itself
      out
      of any sums recovered in such suit or in settlement thereof for all costs and
      expenses of every kind and character, including reasonable attorney’s fees,
      necessarily involved in the prosecution of any such suit. If, after such
      reimbursement, any funds shall remain from said recovery, then Licensee shall
      receive an amount equal to one-third of such funds and the remaining two-thirds
      of such funds shall be retained by Ramot.

     

    10.4. Own
      Counsel. Each
      party shall always have the right to be represented by counsel of its own
      selection and at its own expense in any suit instituted under this Section
      10 by
      the other party for Infringement. 

     

    10.5. Cooperation.
      Each
      party agrees to cooperate fully in any action under this Section 10 which is
      controlled by the other party, provided that the controlling party reimburses
      the cooperating party promptly for any costs and expenses incurred by the
      cooperating party in connection with providing such assistance. 

     

    10.6. Standing.
      If
      a
      party lacks standing and the other party has standing to bring any such suit,
      action or proceeding, then such other party shall do so at the request of and
      at
      the expense of the requesting party. If either party determines that it is
      necessary or desirable for another party to join any such suit, action or
      proceeding, the other party shall execute all papers and perform such other
      acts
      as may be reasonably required in the circumstances.

     

    11. Warranties;
      Limitation of Liability.

    

    11.1. Compliance
      with Law.
      Licensee
      warrants that it will comply with, and shall ensure that its Affiliates and
      Sublicensees comply with, all local, state, federal, and international laws
      and
      regulations relating to the development, manufacture, use, and sale of Licensed
      Products.

     

    
      
        
        

      

      
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    11.2. Representations
      by Ramot. Ramot
      represents that: (a) it is the owner of the Ramot Patent Rights set forth in
      Exhibit 1.18(a) free and clear of all liens and encumbrances; (b) it has the
      right to grant the licenses granted pursuant to this Agreement; (c) it
      has
      not granted any rights in or to Ramot Technology which are inconsistent with
      the
      rights granted to Licensee under this Agreement
      to any
      other party.

    

    11.3. No
      Warranty.

    

    11.3.1. Nothing
      in
      this Agreement (including, without limitation, any exhibits or attachments
      hereto) shall be construed as a warranty on the part of Ramot that any results
      or inventions will be achieved in the Research or that the Ramot Technology,
      Joint Technology and/or any other results or inventions achieved in the Research
      are or will be commercially exploitable, and furthermore, Ramot makes no
      warranties whatsoever as to the commercial or scientific value of the Ramot
      Technology, Joint Technology and/or as to any results which may be achieved
      in
      the Research and/or that any patent will issue from any pending patent
      applications in the Ramot Patent Rights. Ramot makes no representation that
      use
      of the Ramot Technology or Joint Technology will not infringe the patent or
      proprietary rights of any third party.

    

    11.3.2. Except
      as
      otherwise expressly provided in this Agreement, no party makes any warranty
      with
      respect to any technology, patents, goods, services, rights or other subject
      matter of this Agreement and hereby disclaims warranties of merchantability,
      fitness for a particular purpose and noninfringement with respect to any and
      all
      of the foregoing. 

     

    11.4. Limitation
      of Liability. Notwithstanding
      anything else in this Agreement or otherwise, Ramot shall not be liable to
      Licensee with respect to any subject matter of this Agreement under any
      contract, negligence, strict liability or other legal or equitable theory for
      (i) any indirect, incidental, consequential or punitive damages or lost profits
      or (ii) cost of procurement of substitute goods, technology or
      services.

    

    12.
       Indemnification.

    

    12.1 Indemnity.
      Licensee
      shall indemnify, defend, and hold harmless Ramot, TAU, the Principal
      Investigators, the other members of the TAU Team, their Affiliates and their
      respective governors, directors, officers, employees, and agents and their
      respective successors, heirs and assigns (the “Ramot Indemnitees”), against any
      liability, damage, loss, or expense (including reasonable attorneys fees and
      expenses of litigation) incurred by or imposed upon any of the Ramot Indemnitees
      in connection with any claims, suits, actions, demands or judgments (“Claims”)
      arising out of any theory of liability (including without limitation actions
      in
      the form of tort, warranty, or strict liability and regardless of whether such
      action has any factual basis) concerning the use of any Ramot Technology or
      Joint Technology by Licensee, or any of its Affiliates or Sublicensees, or
      concerning any product, process, or service that is made, used, or sold pursuant
      to any right or license granted by Ramot to Licensee under this Agreement
      (except in cases where such claims, suits, actions, demands or judgments result
      from a willful material breach of this Agreement, gross negligence or willful
      misconduct on the part of any of the Ramot Indemnitees). The foregoing indemnity
      shall be the exclusive remedy of the Ramot Indemnitees with respect to liability
      arising from any such Claims. 

     

    
      
        
        

      

      
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    12.2 Procedures.
      If any
      Ramot Indemnitee receives notice of any Claim, such Ramot Indemnitee shall,
      as
      promptly as is reasonably possible, give Licensee notice of such Claim;
      provided, however, that failure to give such notice promptly shall only relieve
      Licensee of any indemnification obligation it may have hereunder to the extent
      such failure diminishes the ability of Licensee to respond to or to defend
      the
      Ramot Indemnitee against such Claim. Ramot and Licensee shall consult and
      cooperate with each other regarding the response to and the defense of any
      such
      Claim and Licensee shall, upon its acknowledgment in writing of its obligation
      to indemnify the Ramot Indemnitee, be entitled to and shall assume the defense
      or represent the interests of the Ramot Indemnitee in respect of such Claim,
      that shall include the right to select and direct legal counsel and other
      consultants to appear in proceedings on behalf of the Ramot Indemnitee and
      to
      propose, accept or reject offers of settlement, all at its sole cost; provided,
      however, that no such settlement shall be made without the written consent
      of
      the Ramot Indemnitee, such consent not to be unreasonably withheld. Nothing
      herein shall prevent the Ramot Indemnitee from retaining its own counsel and
      participating in its own defense at its own cost and expense.

    

    12.3
       Insurance.
      Commencing with the commencement of clinical trials in humans with respect
      to
      the first Licensed Product, Licensee shall maintain insurance that is reasonably
      adequate to insure its liability pursuant to clause 12.1 above. Such
      insurance shall be in reasonable amounts (but in any event not less than five
      million US dollars (US$5,000,000) for injuries to any one person arising out
      of
      a single occurrence and ten million US dollars (US$10,000,000) for injuries
      to
      all persons arising out of a single occurrence) and on reasonable terms in
      the
      circumstances, having regard, in particular, to the nature of the Licensed
      Products, and shall be subscribed for from a reputable insurance company.
      Licensee shall provide Ramot, upon request, with written evidence of such
      insurance. Licensee shall continue to maintain such insurance after the
      expiration or termination of this Agreement during any period in which Licensee
      or any Affiliate or Sublicensee continues to make, use, or sell a Licensed
      Product, and thereafter for a period of seven (7) years.

    

    13. Term
      and Termination.

    

    13.1.  Term.
      The
      term
      of this Agreement shall commence on the Effective Date and, unless earlier
      terminated as provided in this Section 13, shall continue in full force and
      effect on a Licensed Product-by-Licensed Product and
      jurisdiction-by-jurisdiction basis until the expiration of all payment
      obligations pursuant to Section 7 for such Licensed Product.

     

    
      
        
        

      

      
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    13.2. Effect
      of Expiration. Following
      the expiration pursuant to Section 13.1 of this Agreement on a Licensed
      Product-by-Licensed Product and jurisdiction-by-jurisdiction basis (and provided
      the Agreement has not been earlier terminated pursuant to Section 13.3, in
      which
      case Section 13.4 shall apply): (a) Licensee shall have a fully-paid up,
      nonexclusive license (with the right to grant sublicenses) under the Ramot
      Technology solely to develop, make and have made, use, offer to sell, sell,
      have
      sold, import, export, otherwise transfer physical possession of or otherwise
      transfer title to such Licensed Product in such country; (b) Ramot shall be
      free
      to use the Ramot Technology to develop, make and have made, use, offer to sell,
      sell, have sold, import, export, otherwise transfer physical possession of
      or
      otherwise transfer title to such Licensed Product in such country and to grant
      others licenses under the Ramot Technology to do the same; and (c) each of
      the
      parties shall have a fully-paid up, non-exclusive, worldwide license (with
      the
      right to grant sublicenses) under the other party’s interest in the Joint
      Technology for any and all purposes. 

     

    13.3. Termination.

     

    13.3.1 Termination
      Without Cause.
      Licensee
      may terminate this Agreement upon sixty (60) days prior written notice to Ramot,
      provided
      however,
      that,
      subject to Section 2.1.2, Licensee may not terminate its obligation to fund
      the
      Research under Section 2.2.1. 

     

    13.3.2. Termination
      for Default. 

     

    13.3.2.1
      In
      the
      event that either party commits a material breach of its obligations under
      this
      Agreement and fails to cure that breach within thirty (30) days after receiving
      written notice thereof, the other party may terminate this Agreement immediately
      upon written notice to the party in breach. Notwithstanding the foregoing,
      in
      the event of a breach pursuant to Section 5.2.4 (i.e. a breach by a Sublicensee)
      that is not susceptible of cure by Licensee within the thirty (30) day period
      set forth above and License uses diligent good faith efforts to cure such
      breach, the thirty (30) day cure period shall be extended by an additional
      period of thirty (30) days. 

     

    13.3.3.2
      In
      the
      event of an uncured material breach by Ramot as described in the foregoing
      paragraph, Licensee may elect not to terminate this Agreement but, instead,
      to
      sue Ramot for damages arising from such breach, provided
      however,
      that in
      no event will Licensee seek damages against Ramot in any such action which
      exceed amounts actually paid to Ramot under this Agreement. 

    

    13.3.3. Bankruptcy.
      Either
      party may terminate this Agreement upon notice to the other if the other party
      becomes insolvent, is adjudged bankrupt, applies for judicial or extra-judicial
      settlement with its creditors, makes an assignment for the benefit of its
      creditors, voluntarily files for bankruptcy or has a receiver or trustee (or
      the
      like) in bankruptcy appointed by reason of its insolvency, or in the event
      an
      involuntary bankruptcy action is filed against the other party and not dismissed
      within ninety (90) days, or if the other party becomes the subject of
      liquidation or dissolution proceedings or otherwise discontinues
      business. 

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    13.4. Effect
      of Termination. 

    

    13.4.1. Termination
      of Rights. Upon
      termination by Licensee pursuant to Sections 13.3.1, 13.3.2 or 13.3.3 hereof
      or
      by Ramot pursuant to Sections 6.4, 13.3.2 or 13.3.3 hereof: (a) the rights
      and
      licenses granted to Licensee under Section 5 shall terminate; (b) all rights
      in
      and to the Ramot Technology shall revert to Ramot and Licensee, its Affiliates
      and Sublicensees shall not be entitled to make any further use whatsoever of
      the
      Ramot Technology nor shall Licensee, its Affiliates or Sublicensees develop,
      make, have made, use, offer to sell, sell, have sold, import, export, otherwise
      transfer physical possession of or otherwise transfer title to Licensed
      Products; and (c) any existing agreements that contain a sublicense of the
      Ramot
      Technology shall terminate to the extent of such sublicense; provided,
      however,
      that,
      for each Sublicensee, upon termination of the sublicense agreement with such
      Sublicensee, Ramot shall be obligated, at the request of such Sublicensee,
      to
      enter into a new license agreement with such Sublicensee on substantially the
      same terms as those contained in such sublicense agreement, provided
      that
      such terms shall be amended, if necessary, to the extent required to ensure
      that
      such Sublicense Agreement does not impose any obligations or liabilities on
      Ramot which are not included in this Agreement. 

    

    13.4.2. Accruing
      Obligations. Termination
      of this Agreement shall not relieve the parties of obligations occurring prior
      to such termination, including obligations to pay amounts accruing hereunder
      up
      to the date of termination.

    

    13.4.3. Transfer
      of Regulatory Filings and Know How. 

    

    13.4.3.1. In
      the
      event that Ramot terminates this Agreement pursuant to Section 6.4, 13.3.2
      or
      13.3.3, Licensee shall promptly deliver and assign to Ramot (a) all documents
      and other materials filed by or on behalf of Licensee and its Affiliates with
      Regulatory Agencies in furtherance of applications for Regulatory Approval
      in
      the relevant country with respect to Licensed Products and (b) all intellectual
      property, inventions, conceptions, compositions, materials, methods, processes,
      data, information, records, results, studies and analyses, discovered or
      acquired by, or on behalf of Licensee and its Affiliates which relate directly
      to actual or potential Products, including without limitation Licensee’s
      interest in Joint Technology. Ramot and TAU shall be entitled to freely use
      and
      to grant others the right to use all such materials, documents and know-how
      delivered pursuant to this 13.4.3.1 without any obligations to
      Licensee.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    13.4.3.2. In
      the
      event Licensee terminates this Agreement pursuant to Section 13.3.1, Licensee
      shall promptly deliver and assign to Ramot (a) all documents and other materials
      filed by or on behalf of Licensee and its Affiliates with Regulatory Agencies
      in
      furtherance of applications for Regulatory Approval in the relevant country
      with
      respect to Products and (b) all intellectual property, inventions, conceptions,
      compositions, materials, methods, processes, data, information, records,
      results, studies and analyses, discovered or acquired by, or on behalf of
      Licensee and its Affiliates which relate directly to actual or potential
      Licensed Products, including without limitation Licensee’s interest in Joint
      Technology. Ramot and TAU shall be entitled to freely use and to grant others
      the right to use all such materials, documents and know-how delivered pursuant
      to this 13.4.3.1 (the “Assigned IP”); provided that in the event Ramot grants a
      third party a license under or with respect to any of the Assigned IP, Ramot
      shall pay Licensee royalties in the amount of thirty (30%) of all Net Ramot
      Receipts (as defined below) actually received by Ramot in consideration for
      the
      license of such Assigned IP. All such royalties shall be paid by Ramot on a
      quarterly basis, within thirty days of the end of the calendar quarter in which
      the consideration was received. Ramot shall report to Licensee and pay the
      said
      amounts to Licensee in accordance with the procedures set forth in this
      Agreement with respect to Licensee’s payment and reporting obligations to Ramot
      as described in section 8 above, mutatis
      mutandis.
      For
      purposes of this Section 13.4.3.2, the following words shall have the following
      meanings: 

     

    (a)
“Net
      Ramot Receipts” shall mean Ramot Receipts less Ramot Expenses.

     

    (b)
      “Ramot Receipts” shall mean all amounts in cash and other consideration actually
      received by Ramot from the sale, transfer, assignment, lease, grant of licenses
      under or with respect to, or the assignment of rights in, any or all of the
      Assigned IP; provided that “Ramot Receipts” does not include payments
      specifically committed to cover future costs to be actually incurred by Ramot
      (including customary overhead, not exceeding 30%) in accordance with detailed
      budgets and research workplans included in, sponsored research or research
      and
      license agreements relating to the Assigned IP.

     

    (c) “Ramot
      Expenses” shall mean all out-of-pocket expenses and professional fees, including
      legal fees, patent agent fees and fees paid to other experts, incurred by Ramot
      in connection with: (a) the filing, prosecution, maintenance or enforcement
      of
      any patent application or patent covering or included in the Assigned IP; or
      (b)
      the preparation, negotiation, execution and/or enforcement of any agreement
      relating to the sale, lease, license or assignment of any or all of or under
      the
      Assigned IP.

     

    13.5. Survival.
      The
      parties’ respective rights, obligations and duties under Sections 8.5, 9, 11,
      12, 13, 14.2 and 14.4, as well as any rights, obligations and duties which
      by
      their nature extend beyond the expiration or termination of this Agreement,
      shall survive any expiration or termination of this Agreement.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

    14. Miscellaneous.

    

    14.1. Entire
      Agreement. This
      Agreement is the sole agreement with respect to the subject matter hereof and
      except as expressly set forth herein, supersedes all other agreements and
      understandings between the parties with respect to the same, including the
      Original Agreement and the First Amended and Restated Research and License
      Agreement.

    

    14.2. Publicity
      Restrictions.
      Subject
      to Section 9.1.2, Licensee and its Affiliates and Sublicensees shall not use
      the
      name of Ramot, TAU, either Principal Investigator or any of their trustees,
      officers, faculty, researchers, students, employees, or agents, or any
      adaptation of such names, in any promotional material or other public
      announcement or disclosure relating to the subject matter of this Agreement
      without the prior written consent of Ramot. If Ramot does not consent to such
      use it shall notify Licensee within one Israeli business day of a request for
      approval and provide its required changes to the proposed material. If such
      notice is not provided within the designated time period, Ramot will be deemed
      to have given its approval. 

    

    14.3. Notices.
      Unless
      otherwise specifically provided, all notices required or permitted by this
      Agreement shall be in writing and may be delivered personally, or may be sent
      by
      facsimile or certified mail, return receipt requested, to the following
      addresses, unless the parties are subsequently notified of any change of address
      in accordance with this Section 14.3:

    

    
      	
              If
                to Licensee:

            	
              Brainstorm
                Cell Therapeutics, Inc.

              1350
                Avenue of the Americas 

              New
                York, 

              NY
                10019

              USA

            
	 	 
	 	
              With
                a copy to:

               

              Tulchinsky,
                Stern & Co, Law Offices

              Abba
                Hillel 14

              Beit
                Oz

              Ramat
                Gan 52506

            

    

     

    
      
        
        

      

      
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              If
                to Ramot:

            	
              Ramot
                at Tel Aviv University Ltd. 

              P.O.
                Box 39296

              Tel
                Aviv 61392

              Israel

              Attn:
                CEO

              Fax:
                972-3-640-5064

            

    

    

    Any
      notice shall be deemed to have been received as follows: (i) by personal
      delivery, upon receipt; (ii) by facsimile, one business day after transmission
      or dispatch; (iii) by airmail, seven (7) business days after delivery to the
      postal authorities by the party serving notice. If notice is sent by facsimile,
      a confirming copy of the same shall be sent by mail to the same
      address.

    

    14.4. Governing
      Law and Jurisdiction. This
      Agreement shall be governed by and construed in accordance with the laws of
      Israel, without regard to the application of principles of conflicts of law,
      except for matters of patent law, which, other than for matters of inventorship
      on patents, shall be governed by the patent laws of the relevant country of
      the
      patent. The parties hereby consent to personal jurisdiction in Israel and agree
      that the competent court in Tel Aviv, Israel shall have sole jurisdiction over
      any and all matters arising from this Agreement, except that Ramot may bring
      suit against the Licensee in any other jurisdiction outside Israel in which
      the
      Licensee has assets or a place of business. 

     

    14.5. Binding
      Effect. This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their respective legal representatives, successors and permitted
      assigns.

     

    14.6. Headings.
      Section
      and subsection headings are inserted for convenience of reference only and
      do
      not form a part of this Agreement.

     

    14.7. Counterparts.
      This
      Agreement may be executed simultaneously in two or more counterparts, each
      of
      which shall be deemed an original.

     

    14.8. Amendment;
      Waiver. This
      Agreement may be amended, modified, superseded or canceled, and any of the
      terms
      may be waived, only by a written instrument executed by each party or, in the
      case of waiver, by the party waiving compliance. The delay or failure of any
      party at any time or times to require performance of any provisions hereof
      shall
      in no manner affect the rights at a later time to enforce the same. No waiver
      by
      either party of any condition or of the breach of any term contained in this
      Agreement, whether by conduct, or otherwise, in any one or more instances,
      shall
      be deemed to be, or considered as, a further or continuing waiver of any such
      condition or of the breach of such term or any other term of this
      Agreement.

     

    14.9. No
      Agency or Partnership.  Nothing
      contained in this Agreement shall give any party the right to bind another,
      or
      be deemed to constitute either parties as agents for each other or as partners
      with each other or any third party.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    14.10. Assignment
      and Successors. This
      Agreement may not be assigned by either party without the consent of the other,
      which consent shall not be unreasonably withheld. 

     

    14.11. Force
      Majeure. Neither
      party will be responsible for delays resulting from causes beyond the reasonable
      control of such party, including without limitation fire, explosion, flood,
      war,
      strike, or riot, provided that the nonperforming party uses commercially
      reasonable efforts to avoid or remove such causes of nonperformance and
      continues performance under this Agreement with reasonable dispatch whenever
      such causes are removed. 

     

    14.12. Interpretation.
      The
      parties hereto acknowledge and agree that: (i) each Party and its counsel
      reviewed and negotiated the terms and provisions of this Agreement and have
      contributed to its revision; (ii) the rule of construction to the effect that
      any ambiguities are resolved against the drafting party shall not be employed
      in
      the interpretation of this Agreement; and (iii) the terms and provisions of
      this
      Agreement shall be construed fairly as to both parties hereto and not in favor
      of or against either party, regardless of which party was generally responsible
      for the preparation of this Agreement.

     

    14.13. Severability.
      If
      any
      provision of this Agreement is or becomes invalid or is ruled invalid by any
      court of competent jurisdiction or is deemed unenforceable, it is the intention
      of the parties that the remainder of this Agreement shall not be
      affected.

    

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties have caused this Agreement to be executed by their duly authorized
      representatives as of the date first written above.

    

    

    
      	
              Ramot
                at Tel Aviv University Ltd.

               

              By: /s/
                Yehuda
                Niv                                       
                

               

              Name:
                Yehuda Niv

               

              Title:
                CEO

            	
              Brainstorm
                Cell Therapeutics, Inc. 

               

              By:
                /s/ Dudy
                Stolick                                            
                

               

              Name:
                Dudy Stolick

               

              Title:
                CFO

            

    

     

    By:
      /s/ Ze'ev Weinfeld, Ph.D.

          
Executive
      Vice
      President

          
Business
      Development

     

    We,
      the
      undersigned, hereby confirm that we have read the Agreement, that its contents
      are acceptable to us and that we will act in accordance with its
      terms.

    
      

      
        	
                ____________________________

                Professor
                  Eldad Melamed

              	
                ________________________

                Dr.
                  Daniel Offen

              

      

       

      
        
          
          

        

        
          30

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