Document:

Exhibit 10.1

 

 

EXCLUSIVE MANUFACTURING, SUPPLY AND
DISTRIBUTION AGREEMENT

 

This EXCLUSIVE MANUFACTURING,
SUPPLY AND DISTRIBUTION AGREEMENT (this “Agreement”) is made and entered into as of 5:00 PM Eastern
Daylight Time, August 23, 2010 (the “Effective Date”) by and between Kamada Ltd., an Israeli corporation
(collectively with its Affiliates, “Kamada”), whose principal office is at Science Park, Kiryat Weizmann,
7 Sapir Street, P.O. Box 4081, Ness Ziona 74140, Israel, and Baxter Healthcare Corporation (“Baxter”),
a Delaware corporation whose principal office is at One Baxter Parkway, Deerfield, Illinois 60015, USA.

 

RECITALS

 

WHEREAS, Baxter
is in the business of developing, making, marketing and selling biopharmaceutical products, including human alpha-one antitrypsin,
also known as alpha-one protease inhibitor (“A1PI”);

 

WHEREAS, Kamada
owns certain intellectual property, confidential information, and regulatory licenses relating to the production of A1PI biopharmaceutical
products;

 

WHEREAS, Kamada
has developed the Product (as defined below) and desires to grant to Baxter the exclusive right to distribute and sell the Product
in the Baxter Territory in the Field (as each is defined below);

 

WHEREAS, Baxter
is willing to act as Kamada’s exclusive distributor for the Product in the Baxter Territory in the Field; and

 

WHEREAS, Kamada
and Baxter desire to enter into this Agreement to set forth the terms and conditions of such distribution right.

 

NOW, THEREFORE,
in consideration of the foregoing recitals and the mutual representations, warranties, covenants and agreements contained herein,
the Parties hereto agree as follows:

 

ARTICLE
1

DEFINITIONS

 

1.1“Act”
shall mean the United States Food, Drug and Cosmetic Act and the regulations promulgated thereunder, as amended from time to time.

 

1.2“Affiliates”
shall mean, with respect to either Party, those entities controlled by, in control of, or under common control with such Party.
A corporation or non-corporate business entity shall be regarded as in control of another corporation or business entity (a) if
it owns or directly or indirectly controls a majority of the voting stock or other ownership interest of the other entity, or (b)
in the absence of the ownership of a majority of the voting stock or other ownership interest of such entity, if it possesses,
directly or indirectly, the power to direct or cause the direction of the management and policies of such corporation or non-corporate
business entity, as applicable.

 

    	1

    	 

    

 

1.3“A1PI”
shall have the meaning set forth in the preamble.

 

1.4“A1PI
IV Product” shall mean the Product and the Baxter Product (as such term is defined in the License Agreement).

 

1.5
“Affiliated Parties” shall mean, in respect of any specified Party, all Affiliates, directors,
officers, employees and Representatives of such Party.

 

1.6“Approval
Payment” shall have the meaning set forth in Section 5.4(a).

 

1.7“Baxter
Delivery Point” shall have the meaning set forth in Section 4.2(h)(i).

 

1.8“Baxter
Facility” shall mean any facility owned by or on behalf of Baxter or an Affiliate of Baxter that is used to manufacture
A1PI IV Product.

 

1.9“Baxter
Indemnified Parties” shall have the meaning set forth in Section 14.1.

 

1.10
“Baxter Product” shall have the meaning set forth in the License Agreement.

 

1.11“Baxter
Territory” shall mean collectively the United States of America including its territories and possessions, Canada,
Australia and New Zealand.

 

1.12“Best
Efforts” shall mean taking, in good faith, all required steps to achieve a particular result and to ensure that such
result is achieved as expeditiously as possible. Notwithstanding the foregoing, the utilization of ‘Best Efforts’ shall
not require a Party to: (a) take any actions that would, individually or in the aggregate, cause such Party to incur costs, or
suffer any other detriment, materially out of proportion to the benefits to be received by such Party under this agreement; (b)
take any actions that would, individually or in the aggregate, cause a material adverse change in such Party; (c) incur any material
liabilities; (d) dispose of any significant assets; (e) take any action that would violate any law or order to which the Party
is subject; (f) take any action that would imperil such Party’s existence or solvency; or (g) initiate any litigation or
arbitration.

 

1.13“BLA”
or “Biologic License Application” shall mean a biologics license application filed with the FDA pursuant
to 21 C.F.R. § 601.2 et seq., or any foreign equivalent filed with the Regulatory Authorities in a country or territory to
obtain authorization to market A1PI IV Product in such country or territory.

 

1.14“BLA
Party” shall mean, with respect to each BLA, the Party that owns or holds such BLA pursuant to Section 11.1.

 

1.15“BLA
Supplement” shall mean a supplement to a BLA Application filed with the FDA pursuant to 21 C.F.R. § 601.2 et
seq., or any foreign equivalent filed with the Regulatory Authorities in a country or territory to modify or amend the referenced
BLA including, inter alia, to add a Baxter Facility to the BLA.

 

    	2

    	 

    

 

1.16“CAPA”
shall have the meaning set forth in Section 11.3.

 

1.17“cGMP”
shall mean the then-current Good Manufacturing Practices, 21 C.F.R. Parts 210 and 211.

 

1.18“Claims”
shall have the meaning set forth in Section 14.1.

 

1.19“Clinical
Data” shall have the meaning set forth in Section 8.2.

 

1.20“Clinical
Studies” shall have the meaning set forth in Section 8.1(a).

 

1.21“COA”
shall have the meaning set forth in Section 4.2(h).

 

1.22“Commercially
Reasonable Efforts” shall mean the efforts and resources normally used by the relevant Party to carry out such activities
in a sustained manner consistent with the efforts such Party uses for products with similar market and profit potential and similar
scientific, technical, developmental and regulatory risks based on conditions then prevailing.

 

1.23“Competitor”
shall mean any third party that operates in the blood plasma derivatives and/or plasma fractionation space.

 

1.24“Competing
Product” shall mean an A1PI intravenous product produced for use in humans.

 

1.25“Complaint”
shall mean any non-medical customer complaint associated with the Product. For the avoidance of doubt, “Complaint”
shall not include “adverse events,” which shall be addressed under a separate pharmacovigilance agreement between the
Parties.

 

1.26“Confidential
Information” shall have the meaning set forth in Section 13.1.

 

1.27“CPR”
shall mean the International Institute for Conflict Prevention & Resolution.

 

1.28“Delivery
Point” shall have the meaning set forth in Section 4.2(h).

 

1.29“Disclosing
Party” shall have the meaning set forth in Section 13.3.

 

1.30“Effective
Date” shall have the meaning set forth in the preamble to this Agreement.

 

1.31“Enforcement
Notice” shall have the meaning set forth in Section 14.7(b).

 

1.32“Enforcement
Notice Period” shall have the meaning set forth in Section 14.7(b).

 

    	3

    	 

    

 

1.33“Enhancement”
shall mean any improvements to the Product including, but not limited to, line extensions of the Product, packaging of the Product,
labeling of the Product, developments in the Product itself (including any new manufacturing processes or methods) and new applications
of the Product, in each case, in the Field.

 

1.34“European
IV Transaction” shall have the meaning set forth in Section 17.1(a).

 

1.35“Execution
Payment” shall have the meaning set forth in Section 5.4(a).

 

1.36“Failure”
shall have the meaning set forth in Section 4.2(g)(ii).

 

1.37“Failure
Costs” shall have the meaning set forth in Section 4.2(g)(iii).

 

1.38“FDA”
shall mean the U.S. Food and Drug Administration and any successor agency thereto.

 

1.39“Field”
shall mean the use of an A1PI concentrate produced from human plasma for intravenous administration in humans.

 

1.40“Force
Majeure” shall have the meaning set forth in Section 18.4(b).

 

1.41“Forecast”
shall have the meaning set forth in Section 4.2(a).

 

1.42“ICH”
shall mean the International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human
Use.

 

1.43“Indemnified
Party” shall have the meaning set forth in Section 14.3.

 

1.44“Indemnifying
Party” shall have the meaning set forth in Section 14.3.

 

1.45“Inhaled
Product Transaction” shall have the meaning set forth in Section 17.1(a).

 

1.46“Initial
Vials” shall have the meaning set forth in Section 4.2(a).

 

1.47“Inspection
period” shall have the meaning set forth in Section 4.2(i).

 

1.48“Intellectual
Property” shall mean all patents, trademarks, trade names, service marks, trade dress, trade secrets and copyrights,
including, without limitation, any renewal, extension or other rights therefor, and applications, provisionals, divisionals, reexaminations,
continuations in part, divisions, continuations, reissues, additions, substitutions and registrations for any of the foregoing
and all corresponding foreign patents and patent applications of each of the foregoing, technical information, devices, processes,
procedures, discoveries, techniques, formulae, software, designs, drawings, data, trade secrets, methods, protocols, products,
apparatuses and other materials, compositions, mask works, domain names, schematics, manufacturing processes, know-how, moral rights,
software programs or applications, manufacturing and production processes and techniques, research and development information,
drawings, specifications, designs, plans, proposals, technical data, financial and marketing plans, customer and supplier lists
and information, and all other intellectual property or proprietary rights.

 

    	4

    	 

    

 

1.49
“IV” shall mean intravenous or IV therapy, a method of introducing a liquid directly into a vein.

 

1.50“Joint
Steering Committee” or “JSC” shall have the meaning set forth in Section 8.3.

 

1.51“Kamada
Delivery Point” shall have the meaning set forth in Section 4.2(h)(ii). 

 

1.52“Kamada
Facility” shall mean any facility owned by or on behalf of Kamada or an Affiliate of Kamada that is used to manufacture
and supply A1PI IV Product.

 

1.53“Kamada
Indemnified Parties” shall have the meaning set forth in Section 14.2.

 

1.54“Kamada
Intellectual Property” shall mean all Intellectual Property related to or used in connection with or embodied in
the Product including, without limitation, the development, manufacture, processing, packaging, use or sale of the Product, but
shall not include any trademarks or tradenames used in connection with the Product solely outside of the Baxter Territory.

 

1.55“Kamada
Territory” shall mean all territories not included in the Baxter Territory.

 

1.56“Kamada
Trademarks” shall mean those trademarks owned by Kamada for A1PI concentrate prepared from human plasma for intravenous
administration registered in the Baxter Territory, expressly including the trademark GLASSIATM.

 

1.57“Labeling”
shall have the meaning set forth in Section 4.3(a).

 

1.58“Labeling
Quote” shall have the meaning set forth in Section 4.3(b).

 

1.59“License
Agreement” means that certain Technology License Agreement by and between the Parties (or Affiliates thereof) dated
as of even date herewith.

 

1.60“Market
Price” of each stock keeping unit (“SKU”) with respect to a particular year in a particular country shall
mean a price equal to the quotient obtained by dividing (a) the aggregate amount of Net Sales, of such SKU invoiced in such year
in such country by (b) the number of such SKUs listed in invoices included in such calculation of Net Sales.

 

1.61“Minimum
Period” shall have the meaning set forth in Section 6.4(a).

 

1.62“Minimum
Purchase Levels” shall have the meaning set forth in Section 6.4.

 

1.63“Minimum
PV Information” shall mean the following data elements: a reporter who is identifiable by name, initials and/or address;
an identifiable patient/subject (i.e., identifiable by patient number, date of birth, age, or gender); at least one suspected substance/medicinal
product; at least one suspected adverse drug event.

 

1.64“Minimums
Term” shall have the meaning set forth in Section 6.4(a).

 

    	5

    	 

    

 

1.65
“Net Sales” shall have the meaning set forth in the License Agreement; provided that gross revenues invoiced
shall include sales, leases or other transfers of both Baxter Products and Products by Baxter, its Affiliates, Permitted Commercialization
Sublicensees (as such term is defined in the License Agreement), agents and sub-distributors, to Unaffiliated Third Parties (as
such term is defined in the License Agreement) in the applicable country within the Baxter Territory.

 

1.66“Non-BLA
Party” shall mean, with respect to each BLA, the Party that does not hold or own the BLA pursuant to Section 11.1.

 

1.67“Non-Essential
Changes” shall have the meaning set forth in Section 4.3(b).

 

1.68“No-Shop
Period” shall have the meaning set forth in Section 17.1.

 

1.69“Packaging
Allowance” shall have the meaning set forth in Section4.3(b).

 

1.70“Party”
shall mean Baxter or Kamada and “Parties” shall mean Baxter and Kamada.

 

1.71“Paste”
shall mean Baxter’s fraction IV-1 (in the form of centrifuge paste or filter cake).

 

1.72“Paste
Specifications” shall mean the specifications for Paste set forth in the Paste Supply Agreement.

 

1.73
“Paste Supply Agreement” shall mean that certain Amended and Restated Fraction IV-1
Paste Supply Agreement, dated as of the date hereof, by and between Baxter and Kamada.

 

1.74“Prescription
Drug Marketing Act” shall mean the United States Prescription Drug Marketing Act of 1987 (P.L. 100-293, 102 Stat.
95) and its implementing regulations set forth in the U.S. Code of Federal Regulations (21 C.F.R. Part 205 and 21 C.F.R. Part 203).

 

1.75“Product”
shall mean the Alpha 1-Proteinase Inhibitor for intravenous use (all IV dosage forms) produced by Kamada as further described by
the Specifications attached hereto. For the avoidance of doubt, the term ‘Product’ shall include all sizes and shapes
of the Product for uses in the Field, and any Enhancements to the Product.

 

1.76“Product
Trademarks” shall have the meaning set forth in Section 4.3(c)(iii).

 

1.77
“Production Capacity” of 50 mL vials of Product for delivery to Baxter shall mean:

 

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	Calendar Year	 	50 mL vials/month
	2010	 	[*****]
	2011	 	[*****]
	2012	 	[*****]
	2013	 	[*****]
	2014	 	[*****]
	2015	 	[*****]

 

1.78“Quality
Agreement” shall mean that certain Quality Agreement between Kamada and Baxter executed in connection with the Parties’
respective obligations under this Agreement with respect to the Product, which shall include, without limitation, a joint Complaint
management process, storage and shipment conditions and controls, product release and environmental, temperature and humidity conditions
and controls, as well as roles and responsibilities in the change control process, each as applicable.

 

1.79“Receiving
Party” shall have the meaning set forth in Section 13.3. 

 

1.80“Regulatory
Approval” shall mean, in any country in the world, the registrations, authorizations and approvals (including, but
not limited to approvals of New Drug Applications, Biologics License Applications, labeling and reimbursement approvals), licenses
(including, but not limited to, product and/or establishment licenses, manufacturing sites) supplements and amendments, pre- and
post-approvals, of any national, supra-national, regional, state or local regulatory agency, department, bureau, commission, council
or other Regulatory Authority or governmental entity in such country (including the FDA), necessary for the development (including
the conduct of clinical trials), manufacture, distribution, importation, exportation, transport, storage, marketing, promotion,
offer for sale, use, or sale of a Product in such country.

 

1.81“Regulatory
Authority” shall mean any national, supra-national, regional, state or local regulatory agency, department, bureau,
commission, council or other governmental entity in such country (including the FDA) responsible for overseeing the development
(including the conduct of clinical trials), manufacture, distribution, importation, exportation, transport, storage, marketing,
promotion, offer for sale, use, or sale of a Product in such country.

 

1.82“Regulatory
Documentation” shall mean those regulatory documents listed in the Technology Sharing Plan.

 

1.83“Related
Agreements” shall mean the License Agreement the Paste Supply Agreement, the Quality Agreement and the Pharmacovigilance
Agreement.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	7

    	 

    

 

1.84“Remedial
Action” shall have the meaning set forth in Section 11.3.

 

1.85“Representatives”
shall mean the agents or advisors (including, without limitation, attorneys, accountants, consultants, bankers and financial advisors)
of Baxter or Kamada, as applicable.

 

1.86“Restricted
Transaction” shall have the meaning set forth in Section 17.1. 

 

1.87“Sales
Personnel” shall have the meaning set forth in Section 7.2.

 

1.88“Specifications”
shall mean the specifications for the Product, including the design, composition, output, product safety assurance, manufacture,
packaging, and/or quality control of the Product, as set forth on Exhibit 1.88 a preliminary draft of which is attached
hereto and a final version of which (such final version reflecting all changes recommended by the FDA) will be provided by Kamada
following approval by the FDA of the BLA for the Product and prior to the first shipment of the Product under this Agreement and
attached hereto and made a part hereof, as the same may hereafter be modified or updated by mutual agreement in writing. No changes
shall be made to the Specifications without the prior written consent of Baxter, which consent shall not be unreasonably withheld,
conditioned or delayed.

 

1.89“Suspension
Conditions” shall have the meaning set forth in Section 2.1.

 

1.90“Technology
Sharing Plan” shall have the meaning set forth in the License Agreement.

 

1.91“Term”
shall have the meaning set forth in Section 15.1.

 

1.92“Third
Party” shall mean any entity other than Kamada, Baxter, a Permitted Sublicensee (as such term is defined in the License
Agreement) of Baxter or their respective Affiliates, whether such Third Party is a person, company, corporation, limited liability
company, partnership or other legal entity, or a division or operating or business unit of such legal entity.

 

1.93“Third
Party Rights” shall have the meaning ascribed thereto in Section 4.2(g)(ii). 

 

1.94“Transaction
Documents” shall mean, collectively, this Agreement and the Related Agreements.

 

1.95“Transfer
Price” shall have the meaning set forth in Section 5.1(a).

 

1.96“Upfront
Payment” shall have the meaning ascribed thereto in Section 5.4(a).

 

1.97“US
BLA” shall have the meaning set forth in Section 11.1(a).

 

1.98
“US BLA Supplement” shall have the meaning set forth in Section 11.1(b).

 

    	8

    	 

    

 

ARTICLE
2

APPOINTMENT AS EXCLUSIVE DISTRIBUTOR

 

2.1Scope.

 

(a)Effective as of
the Effective Date, Kamada hereby appoints Baxter as its sole and exclusive agent to market, sell, advertise, promote, import,
export and distribute, directly or through its Affiliates and/or sub-distributors, the Product in the Field in the Baxter Territory.
Baxter hereby accepts such appointment.

 

(b)If (i) Baxter
is required by law to permanently discontinue or (ii) Kamada and Baxter (after consideration of other reasonable manners in which
such activities may be continued) jointly determine in writing that Baxter should discontinue the marketing, sale or distribution
of the Product in the Baxter Territory due to changes in then-effective regulatory requirements for the Product (collectively,
the “Suspension Conditions”), then thirty (30) days after such legal requirement arises or the Parties
make such joint determination, and for such time as Baxter is required by law to discontinue or the Parties jointly determine that
Baxter should discontinue the marketing, sale or distribution of the Product in the Baxter Territory, Baxter shall not market,
sell or distribute the Product in the Baxter Territory; provided, however, that Baxter shall be permitted, to the extent permitted
by applicable law, to continue such activities for a reasonable period of time, not to exceed [*****], in order to wind down its
activities. If Baxter discontinues selling any and all Products as provided for in this Section 2.1(b), Baxter shall no
longer be obligated to fulfill any minimum purchase obligation/minimums. If the Suspension Conditions are removed or expire and
this Agreement has not been terminated prior to such time, Baxter shall be required to promptly resume all activities under this
Agreement as if such Suspension Conditions had never existed.

 

2.2Exclusivity.
Kamada represents and warrants to Baxter that Kamada is not a Party to any other effective agreements, written or oral, with any
third party permitting the sale or distribution of the Product in the Field in the Baxter Territory, and Kamada covenants and agrees
that during the term, Kamada will not enter into any such agreement or itself, directly or indirectly, sell or distribute the Product
in the Baxter Territory. Commencing on the Effective Date, for a period of [*****] following the Effective Date (provided that
this Agreement has not otherwise been terminated), Kamada shall not promote, market or sell, directly or indirectly, in the Baxter
Territory any Competing Product.

 

2.3Sub-distributors
and Subagents. Notwithstanding anything to the contrary in ARTICLE 3 below, Baxter may, in its sole discretion and without
the prior written consent of Kamada, appoint sub-distributors and/or subagents (including Baxter Affiliates and Affiliated Parties)
for distribution of the Product in the Baxter Territory; provided, however, that Baxter shall remain responsible for all obligations
hereunder.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	9

    	 

    

 

2.4Resale
Prices. Baxter may sell the Product at such prices, as Baxter in its sole discretion, shall determine. Baxter shall recognize
100% of the income from its sales of Products.

 

ARTICLE
3

LICENSE

 

3.1License.
Subject to the terms of this Agreement, Kamada hereby grants to Baxter and its Affiliates an exclusive, royalty-free right and
license, with the right to grant sublicenses, in the Field in the Baxter Territory under the Kamada Intellectual Property, that
is necessary or useful to enable Baxter to promote, import, export, use (in a manner consistent with the activities contemplated
by this Agreement or any Related Agreement), offer to sell, sell, have sold and distribute the Product in the Field in the Baxter
Territory under and in accordance with this Agreement. Kamada shall not grant any licenses under the Kamada Intellectual Property
to any Third Party to promote, import, export, use, offer to sell, sell, have sold or distribute any Competing Product in the Field
in the Baxter Territory.

 

ARTICLE
4

SUPPLY AND ORDERS FOR PRODUCT

 

4.1Supply of
Product.

 

(a)Generally.
Subject to the terms of this Agreement, Kamada shall manufacture and supply to Baxter (including Baxter’s sub-distributors
and subagents (as applicable)) its requirements of Product, as requested by Baxter from time to time, for marketing, sale, re-sale,
import, export and use in the Field in the Baxter Territory in accordance with the terms of this Agreement. Unless Baxter is unable
to timely supply sufficient quantities of Paste meeting the Paste Specifications or unless otherwise agreed to in writing by Baxter,
all Product delivered to Baxter under this Agreement shall be manufactured solely from Paste supplied by Baxter pursuant to the
Paste Supply Agreement.

 

(b)Paste Supply
Agreement. The Parties acknowledge and agree that Kamada’s obligation to supply Product to Baxter under this Agreement
shall be subject to Baxter supplying sufficient quantities of Paste meeting the Paste Specifications in a timely fashion. Consequently,
Kamada shall not be deemed to be in breach of this Agreement to the extent that Kamada’s failure to comply with its obligations
under this Agreement directly results from: (A) Baxter’s failure to supply sufficient quantities of Paste meeting the Paste
Specifications in a timely fashion (unless Baxter has withheld delivery of Paste as a result of a material breach, by Kamada, of
the terms of the Paste Supply Agreement including, without limitation, payment of any amounts due thereunder) or (B) any material
delay in the fulfillment of Baxter’s obligations under the Paste Supply Agreement, including, but not limited to, as a result
of Kamada’s agreement to grant any extension or waiver of the terms of the Paste Supply Agreement in Baxter’s favor.
Further, all representations, warranties and covenants made by Kamada hereunder, the accuracy or fulfillment of which depends on
Baxter’s supply of sufficient quantities of Paste meeting the Paste Specifications, shall be deemed qualified such that if
sufficient quantities of Paste meeting the Paste Specifications are not supplied by Baxter in a timely fashion (subject again to
Baxter’s ability to withhold shipment of Paste as a result of Kamada’s material breach of the terms of the Paste Supply
Agreement) Kamada shall not be in breach of such representation or warranty or covenant and shall be granted an extension in fulfilling
such covenant for a period equal length to the delay caused by Baxter’s failure to deliver the corresponding Paste. Notwithstanding
the foregoing, Kamada shall be obligated to use Commercially Reasonable Efforts to obtain an alternative supply of paste for the
production of Product.

 

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(c)Any Paste subject
to recall or withdrawal under the Paste Supply Agreement, shall be deemed to utilize Kamada’s Production Capacity, but shall
not be included in the calculation of Baxter’s Minimum Purchase Levels.

 

4.2Purchase
of Product.

 

(a)Initial Vials.
Concurrent with the execution of this Agreement, Baxter shall issue a purchase order to Kamada for shipment of the initial approximately
[*****] vials (the “Initial Vials”) of Product for delivery no later than September 30, 2010; provided,
however that Baxter acknowledges and agrees that the shipment of Initial Vials of Product can only be made following receipt of
the FDA’s approval of their release. Baxter shall pay for such vials at the prices set forth in Section 5.1 and on
the other terms set forth herein.

 

(b)Forecasts.
At the beginning of each calendar month during the Term, Baxter shall provide Kamada in writing a good faith monthly forecast of
Baxter’s expected requirements for delivery of Product (consistent with the Specifications (including then current packaging
requirements)), for each month in the following [*****] period (each, a “Forecast”). Until [*****], the
first [*****] included in each such Forecast shall constitute a binding commitment on Baxter’s behalf to purchase the quantities
of Product set forth in such Forecast. Thereafter, the first [*****] included in each such Forecast shall constitute a binding
commitment on Baxter’s behalf to purchase the quantities of Product set forth in such Forecast. Except as provided in Section
6.4, Baxter shall not be obligated to purchase nor shall it have any liability in respect of the remaining [*****] of any Forecast.
Notwithstanding the foregoing, Baxter’s ability to modify the quantities set forth in the Forecast shall be limited by the
following:

 

(i)     the forecasted
quantities for month [*****] may not vary by more than [*****] from the amount forecasted for [*****] in the immediately preceding
Forecast;

 

(ii)    the forecasted
quantities for months [*****] may not vary by more than [*****] from the amounts forecasted for the corresponding previous month
(months [*****]) in the immediately preceding Forecast;

 

(iii)    the
forecasted quantities for months [*****] may not vary by more than [*****] from the amounts forecasted for the corresponding
previous month (months [*****]) in the immediately preceding Forecast;

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	11

    	 

    

 

(iv)    until [*****],
the forecasted quantities for [*****] through [*****] may not vary by more than [*****] from the amounts forecasted for the corresponding
previous month (months [*****]) in the immediately preceding Forecast; and

 

(v)     after [*****],
the forecasted quantities for [*****] may not vary by more than [*****] from the amounts forecasted for the corresponding previous
month ([*****]) in the immediately preceding Forecast.

 

Example 1: As
the new Forecast is submitted by Baxter, month [*****] in the current monthly Forecast would have been month [*****] in the previous
monthly Forecast. If the previous Forecast for month [*****] (when it was month [*****]) was [*****] vials, the quantity may be
increased to [*****] vials or decreased to [*****] vials.

 

Example 2 (after [*****]):
As the new Forecast is submitted by Baxter, month [*****] in the current monthly Forecast would have been month [*****] in the
previous monthly Forecast. If the previous Forecast for month [*****] (when it was month [*****]) was [*****] vials, the quantity
may be increased to [*****] vials or decreased to [*****] vials. This month (month [*****] is then part of the binding commitment,
and Baxter is obligated to purchase at least this quantity of vials.

 

(c)Orders.
Without derogating from Baxter’s obligations to purchase the quantities of Products set forth in the binding portion of the
Forecast pursuant to Section 4.2(b), from time to time, Baxter shall deliver binding purchase orders in accordance with
the Forecast for Product by written or electronic purchase order (or by any other means agreed to by the Parties) to Kamada. Kamada
shall either: (i) acknowledge and accept or (ii) reject any Baxter purchase order in writing within [*****] of receipt. The minimum
amount ordered per delivery shall be at least [*****] 50 mL vials. All such purchase orders shall be irrevocable. Purchase orders
shall set forth the desired date of delivery with respect to the Product ordered and shall be placed at least [*****] days prior
to such desired date of delivery. All Product ordered by Baxter under this Agreement shall be delivered on or before the delivery
date set forth in the applicable purchase order. Baxter acknowledges that except for the order for the Initial Vials, all orders
for delivery of Products to be provided by Baxter until March 31, 2011 shall be deemed automatically rejected by Kamada (and shall
not be counted toward the Minimum Purchase Levels) unless otherwise agreed by Kamada in writing or unless an agreement in writing
has been reached by the Parties on appropriate delivery dates for additional quantities Paste to address the manufacturing needs
for Product, due to the current shortage of sufficient Paste as of the Effective Date.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	12

    	 

    

 

(d)Deemed Acceptance.
If (i) Kamada does not provide an acknowledgement to Baxter within [*****] of its receipt of a purchase order and (ii) the aggregate
quantities set forth in the purchase orders for delivery in the applicable month do not exceed the quantity set forth in the Forecast
(including the applicable variance set forth in Section 4.2(b)(iv)) for the corresponding month referred to in Section 4.2(b)
(unless Kamada has otherwise affirmatively agreed in writing to meet the excess quantities ordered), Kamada shall be deemed to
have accepted each purchase order from Baxter.

 

(e)Orders in Excess
of Production Capacity. Notwithstanding any other provision of this Agreement to the contrary, to the extent that the aggregate
purchase orders submitted by Baxter in any calendar month exceeds Kamada’s Production Capacity for such month, the excess
portion of such purchase orders shall not be binding or deemed accepted unless Kamada confirms the acceptance of such excess amount
in writing to Baxter.

 

(f)Shelf Life.
Upon delivery to Baxter or its designee in accordance with Section 4.2(h), the expiration date on each unit of Product shall
be: (i) a date that is at least [*****] months after the date of delivery, if delivery is made prior to the [*****] of the Effective
Date; (ii) a date that is at least [*****] months after the date of delivery, if delivery is made after [*****] of the Effective
Date but prior to the December 31, 2011; or (iii) if delivered thereafter, the greater of: (A) [*****] percent ([*****]%) of the
labeled shelf life of such unit of Product and (B) [*****]; provided that subject to Baxter's approval which will not be unreasonably
withheld, Kamada may deliver validation batches of Products which may have shorter shelf life than provided above.

 

(g)Failure to
Supply. 

 

(i)      In the event
of any supply shortage due to the [*****] or other circumstances [*****], Kamada shall [*****] of the Product in other fields and
territories [*****] to the last [*****] of aggregate sales of each such Party (until [*****] of the Effective Date, [*****] shall
be used to determine [*****]’s allocation).

 

(ii)     If
Kamada fails to supply, for whatever reason (excluding events [*****] addressed by Section 4.1(b) above) directly or
through a third party, at least (A) [*****] of the aggregate purchase orders for Product that Kamada would be required to
fill under this Agreement over a period of [*****] or (B) [*****] of the aggregate purchase orders for Product that Kamada
would be required to fill under this Agreement over a period of [*****], and such failure to supply remains uncured (meaning
Kamada has failed to fully deliver all Product ordered pursuant to binding firm purchase orders during the relevant period)
for a period of [*****] or more consecutive days following the initial [*****] or [*****] period set forth above (a
“Failure”), Kamada shall, [*****], use its Best Efforts to, as soon as reasonably practicable,
[*****] that are Kamada’s responsibility. Further, upon the occurrence of a Failure, if any [*****]), Kamada shall also
use its Best Efforts to [*****] to allow Baxter to [*****] for the [*****] to the extent required to permit the [*****]
implementation of the [*****]. In addition, Kamada shall reasonably assist Baxter in the [*****] and shall make all necessary
[*****]. Baxter shall be relieved of its obligation under Section 6.4 for the duration of the Failure. 

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	13

    	 

    

 

(iii)    If, following
a Failure, Baxter in good faith [*****] directly arising from the [*****] in accordance with Section 4.2(g)(ii) above (collectively,
the [*****]), Baxter shall provide Kamada from time to time with a written summary of the [*****] along with such supporting detail
as may reasonably be requested in writing by Kamada. Until such time as [*****] has been [*****] for such [*****] shall be permitted
(but not obligated) to [*****] under the License Agreement an amount equal to the [*****]. Kamada agrees to not unreasonably withhold,
condition or delay its approval of [*****].

 

(h)Shipment.

 

(i)      Until March
31, 2011. Until March 31, 2011, Kamada shall deliver the Product [*****] (Incoterms 2000) to airport location identified by
Baxter in the European Union (the “Baxter Delivery Point”), and title and all risk of loss shall
pass to Baxter [*****]. The Parties agree that the Baxter Delivery Point within Europe will be coordinated between the Parties
in order to assure Kamada's capabilities to comply with its obligations hereunder. [*****] shall arrange for shipping in compliance
with the applicable Product requirements regarding temperature, duration and other environmental factors as required to properly
preserve the Product without materially impacting its shelf life. [*****] shall pay for the cost of the carrier and the insurance
costs for delivery to the Baxter Delivery Point. Further, notwithstanding the use of the [*****] delivery term, [*****] shall be
responsible for all customs handling and duty charges and all other required licenses to import the product into the country where
the Baxter Delivery Point is located. Kamada acknowledges and agrees that Baxter does not and will not be obligated to accept any
product that is not released by the FDA Center for Biologics Evaluation & Research (CBER).

 

(ii)     After March
31, 2011. After March 31, 2011, Kamada shall deliver the Product [*****] (Incoterms 2000) Kamada’s manufacturing facility
in Israel (the “Kamada Delivery Point”), and title and all risk of loss shall pass to Baxter [*****].
[*****] shall arrange for shipping in compliance with the applicable Product requirements regarding temperature, duration and other
environmental factors as required to properly preserve the Product without materially impacting its shelf life. [*****] shall pay
for the cost of the carrier and the insurance costs for delivery to the Kamada Delivery Point.

 

(iii)    All Product
delivered by Kamada shall be suitably marked for delivery to such Baxter location as Baxter may designate. Kamada shall deliver
all Product to the Baxter Delivery Point or the Kamada Delivery Point (as applicable) in accordance with the reasonable instructions
specified in Baxter’s purchase orders. Kamada will deliver a pre-shipment notification to Baxter and Baxter’s designated
broker prior to initiating shipment. A Certificate of Analysis (“COA”), a form of which is attached hereto
as Exhibit 4.2(h), specific to testing of each lot/batch, must accompany each delivery. Kamada shall maintain a copy of
each such COA in compliance with cGMP. Kamada shall provide a duplicate copy of the COA, and a commercial invoice, and an airway
bill with each shipment to Baxter. In addition, Kamada, within [*****] of Baxter’s request, will provide a Certificate of
Origin to support documentation requirements related to the US-Israel Free Trade Agreement. Each shipment of Product shall have
appropriate temperature monitoring devices to ensure compliance with product temperature requirements. [*****] shall be responsible
for applying for batch release with the FDA and shall use Commercially Reasonable Efforts to obtain such release for enabling Kamada
to deliver released product to Baxter.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	14

    	 

    

 

(i)Inspection
and Acceptance. Baxter shall have the right, at its sole discretion, to inspect each and every shipment of the Product. Baxter
shall have [*****] from receipt of each shipment of Product to visually inspect the shipment, the COAs and shipment records (“Inspection
Period”). Baxter may reject a shipment (or portion thereof) of Product if any one or more units contained therein
fail to conform to the Specifications, by providing Kamada written notice of such rejection prior to the end of the Inspection
Period. Baxter shall, upon receipt of written notice from Kamada, destroy or return the shipment of Product to Kamada; provided,
however, if Baxter has not received written instruction from Kamada within [*****] of its initial notice to Kamada, Baxter shall
return the shipment of Product to Kamada. In addition to the foregoing, for any Product for which the non-conformity identified
by Baxter is latent non-conformity that could not reasonably be detected upon visual inspection, Baxter shall have a period of
[*****] from the date of identification of such latent non-conformity to return to Kamada or destroy, as instructed by Kamada,
any such Product . Upon receipt of the nonconforming Product, Kamada will credit Baxter for the cost of returning the units of
Product, and replace such Product as soon as possible, taking into account Kamada’s Production Capacity at no additional
cost to Baxter and pay for all incremental transportation costs.

 

4.3Product
Packaging and Labeling; Advertising and Promotional Labeling.

 

(a)Labeling Design.
As soon as reasonably practicable after Regulatory Approval (and thereafter as soon as reasonably practicable after any anticipated
change of any packaging material), the Parties shall come to a common agreement on the layout of the package insert and other elements
related to the packaging of the Product. Baxter shall be responsible for creating and/or designing the Product packaging, labeling
and instructions for use (collectively, the “Labeling”) for any Product purchased under this Agreement
for sale or distribution within the Baxter Territory; provided, however, that Kamada, as license holder for the Product in the
Territory, shall cooperate with Baxter to the extent reasonably requested by Baxter in the design of such Labeling. Baxter shall
deliver a mock-up of the proposed Labeling to Kamada for its review and comment prior to printing and Baxter shall in good faith
consider any comments received from Kamada.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	15

    	 

    

 

(b)Costs.
Kamada shall be responsible for [*****] related to the sourcing and/or manufacturing of the Labeling to the extent [*****] for the Product packaging, labeling and instructions for use of the Product outside
the Baxter Territory from time to time [*****] (the “Packaging Allowance”). Baxter shall reimburse Kamada
[*****]. If, following completion of the initial Labeling design, Baxter requests changes
to the Labeling that are necessary to comply with regulatory and/or legal requirements or are specifically requested
by any applicable Regulatory Authority, Kamada shall promptly implement such changes to the Labeling and Baxter shall pay for [*****] such changes to the Labeling. If, following completion of the initial Labeling design, Baxter requests changes to the text or appearance
of the Labeling, which changes are not required pursuant to any regulatory or legal requirements or requested by
the applicable Regulatory Authority (“Non-Essential Changes”), then Kamada shall notify Baxter [*****] (collectively
the “Labeling Quote”). If, following receipt of the Labeling Quote, Baxter requests that Kamada proceed
with such Non-Essential Changes, Baxter shall be responsible for all [*****].

 

(c)Trademarks.

 

(i)      Kamada grants
to Baxter a non-exclusive, royalty free license to use Kamada Trademarks for the sole purpose of marketing, offering for sale,
selling, having sold, advertising and promoting Products under this Agreement.

 

(ii)     Kamada shall
be solely responsible for selecting, registering and enforcing Kamada Trademarks and, except as otherwise expressly set forth in
this Agreement, shall have sole and exclusive rights in and ownership of such Kamada Trademarks.

 

(iii)    Baxter shall
be entitled to display Baxter’s name and logo, branding and trade dress, either as trademarks or trade names, on any packaging
material in accordance with the mutually agreed upon layout and design. Baxter shall have the right to develop trademarks for use
in marketing, offering for sale, selling, and having sold, advertising and promoting Products under this Agreement (“Product
Trademarks”). Baxter shall be solely responsible for selecting, registering and enforcing Product Trademarks and
shall have sole and exclusive ownership of them. Upon termination of this Agreement in its entirety or with regard to any country
in the Baxter Territory, Baxter shall promptly assign or cause to be assigned to Kamada all Product Trademarks that Baxter or any
of its Affiliates owns and/or has developed in any country within the Baxter Territory with respect to which this Agreement has
been terminated, unless: (A) Baxter has terminated this Agreement in whole or in part pursuant to Section 15.2(a) or 15.2(b),
(B) Baxter has marketed products that are not Products with such Product Trademark or (C) unless the License Agreement with respect
to such country is in effect. For the avoidance of doubt, if Baxter commercially uses a Product Trademark on one or more products
in addition to the Product, Baxter shall not be obligated to assign such trademark to Kamada.

 

(d)Baxter Promotional
Labeling. Baxter shall, with the assistance of Kamada as described herein, develop and use its own sales and promotional literature
in connection with its marketing and distribution of the Product. Baxter shall be responsible for ensuring that the text of all
Product labeling, packaging and promotional literature developed and used solely by Baxter, its Affiliates and sub-distributors
is in compliance in all material respects with the Act and other applicable laws, rules and regulations.

 

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	16

    	 

    

 

(e)Regulatory
Submissions. The BLA-Party shall be responsible for submitting all advertising and promotional labeling to the FDA Division
of Drug Marketing, Advertising, and Communications as well as submission to the FDA of the required annual report, as well as any
similar activity with respect to any Regulatory Authority throughout the Baxter Territory. Notwithstanding the foregoing, Baxter
agrees that, upon the reasonable request of Kamada, it shall act as Kamada’s agent with respect to the submission of such
advertising and promotional labeling. Details relating to the foregoing roles and responsibilities shall be more precisely described
in the Quality Agreement between the Parties. Kamada shall have the right to review, approve, reject or modify any submissions
to the FDA prepared by Baxter as Kamada's agent in the United States.

 

4.4Additional
Quantities. During [*****], the Parties shall meet in good faith and discuss Kamada’s ability to provide up to an additional
[*****] 50 mL vials of Product in the aggregate for the period between [*****] and [*****]. Pricing for such units shall as set
forth in Section 5.1.

 

4.5Post-2015
Forecasting. Baxter shall notify Kamada in writing no later than June 30, 2013 with respect to its expectations for the
continued supply of Product by Kamada for calendar years 2015 and beyond. Notwithstanding anything contained in Section 6.4
to the contrary, Baxter shall be entitled to eliminate any Minimum Purchase Levels for calendar year 2015 no later than June 30,
2013. If Baxter elects to eliminate the Minimum Purchase Levels for calendar year 2015 then, notwithstanding anything to the
contrary in the License Agreement, Baxter shall begin paying the Minimum Royalty effective in calendar year 2015.

 

ARTICLE
5

PRICES AND PAYMENTS

 

5.1Price.

 

(a)The transfer price
(the “Transfer Price”) of each 50 mL vial of Product shipped by Kamada to Baxter each calendar year of
the Term shall, subject to adjustment as per the provisions of Sections 5.1(b) and 5.1(d) below and the other applicable
provisions of this Agreement, and with such Transfer Price taking into consideration the Upfront Payments set forth in Section
5.4(a) be equal to the prices set forth in the following table:

 

[*****]

 

(b)Quantities
Between Price Points. In the event the quantity of vials of Product purchased in a calendar year falls between the numbers
in the column titled “Annual Quantity of 50 mL Vials” the Transfer Price of each 50 mL vial of Product shipped by Kamada
to Baxter in such calendar year in the Term shall be determined according to a linear calculation between each two numbers, such
that the Transfer Price for a hypothetical annual purchase of [*****] vials of Product by Baxter would be [*****].

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	17

    	 

    

 

(c)Base Transfer
Price; Annual True Up. During each calendar year and subject to Section 5.1(d) below, the price to be invoiced by Kamada
for all vials of Product purchased by Baxter at any time during a given calendar year shall be determined based upon the actual
quantities of vials of Product purchased in such applicable calendar year (if any) plus the Product to be purchased by Baxter under
both the binding and non-binding part of the Forecast for the remaining months of such calendar year (the “Base Transfer
Price”) as adjusted from time to time to reflect any increases or decreases (as applicable) in such Forecast. At
the conclusion of each calendar year during the Term, the Parties shall determine, based upon the number of vials of Product actually
purchased by Baxter during such calendar year, the applicable Transfer Price as calculated pursuant to the above table/formula
and Section 5.1(d). If the applicable Transfer Price is [*****], Kamada shall [*****] equal to the difference between the
[*****] multiplied by the [*****]. The [*****] of Product by Baxter or if the Agreement has been terminated [*****]. If the calculated
[*****] than the [*****], Kamada shall [*****] and [*****] of such [*****] in accordance with Section 5.2 below.

 

(d)Annual and
Market Price Adjustments.

 

(i)      Beginning [*****]
and on each January 1 thereafter during the Term, the then-current Transfer Prices (taking into account any prior year adjustments
and Market Price adjustments) shall be increased by [*****] of: (A) [*****] and (B) the percentage increase, if any, in the Producer
Price Index (as published by the U.S. Bureau of Labor Statistics) over the prior year.

 

(ii)     If, during
any calendar year, the Transfer Price identified above is, at any time, less than [*****] of the average Market Price for the Product
for the applicable calendar year, the applicable Transfer Price shall be increased when calculating the final Transfer Price for
Product in the annual true-up at the conclusion of each calendar year during the Term to be equal to [*****] of such average Market
Price.

 

5.2Invoicing;
Payment. Kamada shall submit a detailed invoice to Baxter for each shipment of Product ordered by Baxter under this Agreement.
Each invoice shall be due and payable [*****] days from the date Baxter’s receipt of the invoice. All invoices shall be sent
to Baxter’s address for notice purposes, or such other address as requested by Baxter in writing, without regard to the actual
shipping address for the Product. Each such invoice shall state Baxter’s aggregate and unit purchase price for the Product
in the relevant shipment, plus any freight incident to the purchase or shipment initially paid by Kamada and to be borne by Baxter
hereunder.

 

5.3Taxes.
All amounts due to Kamada hereunder shall not be reduced by [*****], provided, however, that Baxter shall [*****] similar mandatory governmental charges levied by any governmental jurisdiction [*****]. Baxter and
Kamada will cooperate in obtaining any necessary documentation required under applicable tax law, regulation, or intergovernmental
agreement.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	18

    	 

    

 

5.4Upfront
Payment.

 

(a)In consideration
of the undertakings by Kamada pursuant to this Agreement and the appointment of Baxter as the exclusive distributor for the Product
in the Field in the Baxter Territory, Baxter agrees that it shall, within ten (10) days of the execution of this Agreement pay
to Kamada an amount equal to Twenty Million Dollars (USD $20,000,000)) (the “Upfront Payment”) representing
prepayment of a portion of the Transfer Price as set forth in Section 5.1.

 

(b)[*****].

 

(i)      In
the event a Failure occurs within the [*****] from the date of first commercial delivery of Product
from Kamada to Baxter and Baxter has waived its right to accelerate implementation of the Technology Sharing Plan in accordance
with Section 4.2(g), then Baxter shall have the right to terminate this Agreement
with immediate effect by giving Kamada written notice, such termination right to be exercised prior to the earlier to occur of
(A) [*****] days after the expiration of the aforesaid [*****] period, or (B) Kamada’s cure of such Failure. [*****]

 

(ii)     If
Baxter terminates this Agreement pursuant to Section 15.2(c)(ii) within the first [*****]
from the date of first commercial delivery of Product from Kamada to Baxter, then [*****]

 

5.5Currency
of Payments. All payments due under this Agreement shall be made in U.S. Dollars by electronic funds transfer to such bank
account as the receiving Party may designate from time to time.

 

5.6Books,
Records and Audit Rights.

 

(a)Kamada Audit
of Baxter. Baxter and its respective Affiliates (as applicable) shall maintain accurate books and records regarding sales of
the Product in accordance with U.S. generally accepted accounting principles consistently applied by Baxter in sufficient detail
to enable Kamada to monitor compliance by Baxter with the terms of this Agreement. Additionally, in the event of a Failure and
an election by Baxter to manufacture the Product itself, Baxter and its respective Affiliates shall maintain accurate books and
records regarding its actual manufacturing costs. Baxter shall maintain or cause to be maintained such books and records for a
period of [*****] years following the applicable activity. Kamada shall have the right to inspect such books and records for the
purpose of verifying the payments provided for in this Agreement for the preceding [*****] years and, if applicable, the calculation
of actual manufacturing costs as contemplated under Section 4.2(g)(iii), at reasonable intervals (but no more frequently
than once in any [*****] month period) and upon not less than [*****] days prior written notice. Upon receipt of written notice,
Baxter and Kamada shall confer to agree upon an acceptable date for the audit, taking into account normal activities of Baxter’s
finance function (e.g., quarter end and year end activities). Such inspections shall be performed by an independent certified public
accountant selected by Kamada and reasonably acceptable to Baxter. All expenses related to such inspection shall be borne by Kamada;
provided that if any such inspection reveals any underpayment by Baxter to Kamada in respect of any year of the Agreement in an
amount exceeding [*****] of the amount actually paid by Baxter to Kamada in respect of such year then Baxter shall (in addition
to paying Kamada the shortfall), bear the costs of such inspection. Any deficiencies in payment or, if applicable, overcharge for
actual manufacturing costs shall be immediately due and payable by Baxter to Kamada. Any independent certified public accountant
engaged by Kamada to conduct the audit pursuant to this Section 5.6 shall sign a confidentiality agreement acceptable to
Baxter or prior to any such audit and shall only report those findings of the examination to Kamada as are necessary to validate
that payments are tracked, calculated and made or, if applicable, actual manufacturing costs were calculated in accordance with
this Agreement.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	19

    	 

    

 

(b)Baxter Audit
of Kamada. Kamada and its Affiliates shall maintain accurate books and records regarding all financial matters pertaining to
this Agreement including all costs incurred by Kamada for which it seeks reimbursement from Baxter, in accordance with applicable
local standards consistently applied by Kamada in sufficient detail to enable Baxter to monitor compliance by Kamada with the terms
of this Agreement including, but not limited to, Section 4.3. Kamada shall maintain such books and records for a period
of [*****] following the applicable activity. Baxter shall have the right to inspect such books and records for the purpose of
verifying the payments provided for in this Agreement for the [*****], at reasonable intervals (but no more frequently than once
in any [*****] period) and upon not less than sixty [*****] prior written notice. Upon receipt of written notice, Baxter and Kamada
shall confer to agree upon an acceptable date for the audit, taking into account normal activities of Kamada’s finance function
(e.g., quarter end and year end activities.) Such inspections shall be performed by an independent certified public accountant
selected by Baxter and reasonably acceptable to Kamada. All expenses related to such inspection shall be borne by Baxter; provided
that if any such inspection reveals any underpayment by Kamada to Baxter in respect of any year of the Agreement in an amount exceeding
[*****] of the amount actually paid by Kamada to Baxter in respect of such year then Kamada shall (in addition to paying Baxter
the shortfall), bear the costs of such inspection. Any deficiencies in payment by Kamada shall be immediately due and payable by
Kamada to Baxter. Any independent certified public accountant engaged by Baxter to conduct the audit pursuant to this Section
5.6 shall sign a confidentiality agreement acceptable to Kamada prior to any such audit and shall only report those findings
of the examination to Baxter as are necessary to evidence that records were or were not maintained and used in accordance with
this Agreement.

 

5.7Interest.
All amounts not paid when due under this Agreement (excluding any amounts that are disputed and ultimately resolved in favor of
the disputing party) shall bear interest at the rate of [*****], or, if less, the highest rate allowable by applicable
law, from the due date until the date of payment.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	20

    	 

    

 

ARTICLE
6

ADDITIONAL RIGHTS AND OBLIGATIONS OF BAXTER

 

6.1Sales
and Marketing.

 

(a)Baxter shall at
all times during the Term of the Agreement use Commercially Reasonable Efforts to advertise, promote, market, sell and distribute
the Product in the Baxter Territory in the Field, provided that such Commercially Reasonable Efforts shall not require Baxter to
direct any efforts towards conversion from its existing products to the Product.

 

(b)Baxter shall,
at its sole expense, be responsible for the preparation of all sales and marketing materials (excluding Labeling except to the
extent in excess of the Packaging Allowance) for the marketing and sale of the Product. However, Baxter and Kamada will meet no
less than annually to review commercialization-related plans (other than pricing) and materials and Kamada will cooperate with
Baxter in the preparation of Baxter’s sales and marketing materials.

 

(c)Each Party shall
seek the other Party’s input and shall in good faith consider the other Party’s comments on any matters expected by
the other Party to affect the product label, indications or Regulatory Approvals for the Product in the Baxter Territory.

 

6.2Package
Labeling and Other Product Related Materials. Baxter shall, consistent with Section 4.3 [*****] design promotional brochures
and other material suitable for marketing the Product, provided, however that Baxter shall, in a manner as reasonably requested
by Kamada, so long as such request is consistent with any applicable regulatory requirements, identify Kamada as the manufacturer
of the Product. In connection with the foregoing, Kamada shall furnish Baxter with technical and quality related data sheets, as
well as any other supporting materials for the Product.

 

6.3Certain
Restrictions. Except as otherwise permitted by written agreement of the Parties, Baxter shall not, and Baxter shall use Commercially
Reasonable Efforts to ensure that its Affiliates and sub-distributors shall not, directly or indirectly (a) promote, sell or transfer
any Product outside the Baxter Territory or (b) knowingly promote the Product for any use outside of the Field or for any indication
not specifically set forth in a Regulatory Approval for the Product. Kamada acknowledges that, notwithstanding the foregoing covenants
and agreements, Baxter cannot control use of the Product after sale, and Baxter makes no representations or warranties regarding
how a Product may ultimately be used.

 

6.4Minimum
Purchase Levels.

 

(a)During each calendar
year following the Effective Date (each a “Minimum Period”), for a period terminating on December 31,
2015 (the “Minimums Term”), Baxter shall be obligated to purchase minimum volumes (the “Minimum
Purchase Levels”) of the Product as follows:

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	21

    	 

    

 

	
        Minimum Period

        (Calendar Year)
	 	Minimum Purchase Levels 

(50 mL vials)
	2010	 	[*****]
	2011	 	[*****]
	2012	 	[*****]
	2013	 	[*****]
	2014	 	[*****]
	2015	 	[*****]

 

(b)After the Minimums
Term, and during the remaining Term of this Agreement, Baxter shall not be obligated to meet any minimum purchase levels for the
Product.

 

ARTICLE
7

ADDITIONAL RIGHTS AND OBLIGATIONS 

 

7.1Compliance
with Laws; Manufacturing.

 

(a)Kamada shall comply
in all material respects with all applicable laws, rules and regulations applicable to the design, manufacture, labeling, packaging,
storage and handling of the Product in the Baxter Territory, including maintaining qualified manufacturing and quality facilities
and/or procedures. The content of the labeling or any packaging inserts shall remain the responsibility of Baxter as provided in
Sections 4.3, 6.1 and 6.2. Kamada shall ensure that all third party manufacturers of any raw materials for
the Product comply in all material respects with all laws, rules and regulations applicable to the design, manufacture, labeling
and packaging of the Product in the Baxter Territory. Without limiting the generality of the foregoing, Kamada (and all third party
manufacturers of any raw materials for Product) shall implement such quality control systems and procedures as shall be appropriate
to ensure compliance with the requirements of cGMP and ICH that are applicable to Kamada (or any third party manufacturer) as the
manufacturer and supplier of the Product. Kamada shall allow reasonable access to its records, manufacturing facilities, and its
third party manufacturers’ manufacturing facilities and records (if applicable) to allow Baxter and any Regulatory Authority
to conduct full compliance audits or inspections relating to the Product. Further, the Parties shall make Commercially Reasonable
Efforts to, within sixty (60) days following the Effective Date but in any event prior to the sale of any Product by Baxter to
third parties, enter into a Quality Agreement in accordance with applicable cGMP and ICH requirements and regulations, which shall
include, without limitation, a Complaint management process, storage and shipment conditions and controls, product release and
environmental, temperature and humidity conditions and controls, as well as roles and responsibilities in the change control process,
each, as applicable. Kamada and any third party manufacturer engaged by Kamada shall ensure that the Products are manufactured
in strict compliance with the Specifications.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	22

    	 

    

 

(b)Baxter shall comply
in all material respects with all laws, rules and regulations applicable to the labeling, packaging inserts, storage and handling
of the Product in the Territory, including maintaining qualified quality facilities and procedures. Baxter shall ensure that all
Affiliates and sub-distributors shall implement such quality control systems and procedures as shall be appropriate to ensure compliance
with the requirements of cGMP and ICH that are applicable to Baxter (or any Affiliate or sub-distributor) as the distributor of
the Product. Baxter shall allow, and shall procure that its Affiliates and sub-distributors shall allow, reasonable access to their
applicable manufacturing facilities and records to allow Kamada and any Regulatory Authority to conduct full compliance audits
or inspections relating to the storage, sale or distribution of the Product.

 

7.2Training
and Support. Kamada shall, at [*****] expense, provide to Baxter copies of all available technical materials (including clinical
study reports and summaries) and such other materials, information and knowledge that are owned by Kamada and in Kamada’s
control or possession as are necessary to train sales personnel of Baxter, its Affiliates and sub-distributors in the Baxter Territory
(the “Sales Personnel”). Baxter shall be entitled to duplicate, reproduce and distribute such materials
to the extent necessary or useful in conducting training of the Sales Personnel. Baxter shall be responsible, at its sole cost
and expense, for training all Sales Personnel.

 

7.3Samples;
Patient Assistance Program Participation.

 

(a)Upon reasonable
prior written notice and subject to the availability of sufficient quantities of such Products, Kamada shall use Commercially Reasonable
Efforts to supply Baxter with reasonable quantities of Product not fit for commercial sale, free of charge, for Baxter’s
use as demonstration Product. Further, Kamada shall use Commercially Reasonable Efforts to supply Baxter with reasonable quantities
of empty but labeled vials, and other labeling and packaging materials at Kamada’s actual cost therefor. Baxter and its Affiliates
and sub-distributors shall provide all such samples to customers and/or patients in accordance with applicable laws, including,
but not limited to, the United States Prescription Drug Marketing Act.

 

(b)Until the First
Commercial Sale (as defined in the License Agreement) and upon reasonable prior written notice, Kamada shall supply Baxter with
up to an aggregate amount, together with the Product supplied under Section 8.1(b)(iii), [*****] 50 mL vials of Product
during the Term of this Agreement to be provided by Baxter to patients participating in Baxter’s patient assistance program
and Baxter’s physician sampling program. All quantities of Product provided under this Section 7.3(b) shall be at
a price [*****] vial and shall count towards Kamada’s Production Capacity but not towards the Minimum Purchase Levels.

 

7.4Sales
Leads. Kamada shall promptly forward to Baxter all leads for sales of Product in the Field in the Baxter Territory, and Baxter
shall promptly forward to Kamada all leads for sales of Product in the Field in the Kamada Territory.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	23

    	 

    

 

ARTICLE
8

PRODUCT DEVELOPMENT ACTIVITIES 

 

8.1Clinical
Studies.

 

(a)Conduct of
Studies. Baxter shall conduct the post-marketing clinical studies required by Regulatory Authorities for the Product in the
Field in the Baxter Territory which shall follow the clinical study plan which shall be attached hereto as Exhibit 8.1(a)
(collectively, the “Clinical Studies”). Promptly following the execution of this Agreement, the Parties
shall meet in good faith to draft Exhibit 8.1(a) based upon input from both of the Parties and the FDA (as applicable)
and complete such exhibit as promptly as possible. Upon completion of the exhibit, it shall be acknowledged as the final exhibit
in writing by both Parties and at such time shall be attached hereto and incorporated herein by reference. Kamada shall be obligated
to use its Best Efforts to provide the related support required for Regulatory Approval for the continued marketing of the Product
in the Baxter Territory. In connection therewith, the Parties shall at all times during the conduct of the Clinical Studies keep
each other reasonably informed of all activities thereunder, and consult with each other as reasonably requested by the other Party.
The JSC (as hereinafter defined) shall determine each Party’s responsibilities with respect to all Clinical Studies, provided
that Baxter shall be responsible for the conduct of all Clinical Studies. Baxter shall comply with all laws and regulations applicable
to the conduct of such Clinical Studies.

 

(b)Funding of
Studies.

 

(i)      Subject to Section
8.1(b)(iii), Baxter shall be responsible for the costs and expenses of all Clinical Studies required to obtain Regulatory Approval
under Section 8.1(a). Once Baxter has spent an aggregate amount equal to [*****] relating
to such Clinical Studies, Baxter shall have the right [*****] of any subsequent costs
and expenses related to such Clinical Studies [*****]: (A) future royalty payments under the License Agreement, (B) product purchases
and/or (C) Milestone Payments under the License Agreement that may be due to Kamada up to an aggregate [*****]
amount of [*****].
Thereafter, Baxter shall be responsible for all Clinical Study expenses. Notwithstanding the foregoing, no amount shall be [*****]
with respect to any expenses incurred by Baxter prior to [*****], and Baxter shall use good faith
efforts to ensure that any [*****] are made in amounts of similar magnitude with the object being that (given the information
available to the Parties relating to the aggregate costs expected to be incurred for the Clinical Studies) the [*****] is not reached for a period of at least [*****] following the date on which Baxter
begins to incur expenses that are eligible for [*****].

 

(ii)     Kamada agrees
that it shall reasonably cooperate with Baxter if Baxter determines it will seek Regulatory Approval for additional indications
for the Product; provided, however, that the foregoing shall not obligate Kamada to undertake any material expenditures unless
otherwise agreed by the Parties in writing. Kamada shall be responsible for the costs and expenses of all clinical studies initiated
by Kamada that are neither approved by the Joint Steering Committee nor requested by a Regulatory Authority in the Baxter Territory,
and shall own all data derived therefrom.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	24

    	 

    

 

(iii)    Until the
First Commercial Sale (as defined in the License Agreement) and an in connection with the conduct of the Clinical Studies Kamada
shall supply Baxter with up to an aggregate amount, together with the Product supplied under Section 7.3(b), [*****] 50 mL
vials of Product during the Term of this Agreement to be utilized solely in the conduct of such Clinical Studies. All quantities
of Product provided under this Section 8.1(b)(iii) shall be at a price of [*****] vial and shall count towards Kamada’s
Production Capacity but not towards the Minimum Purchase Levels.

 

8.2Ownership
and Use of Clinical Data. Baxter shall be the owner of all data and information generated by and in connection with the Clinical
Studies and Baxter initiated post-marketing studies including data analysis and clinical study reports (collectively, the “Clinical
Data”) for use in the Field in the Baxter Territory. Baxter shall have the right during the Term to use all data
from the Clinical Studies and Baxter initiated post-marketing studies in connection with its performance of its obligations under
this Agreement. Notwithstanding the foregoing, Kamada shall have the right to use all Clinical Data for use in registering, developing
or marketing the Product in the Kamada Territory and, upon termination of this Agreement, except for early termination by Baxter
in accordance with Section 15.2(a) or Section 15.2(b), the Baxter Territory, and Baxter hereby grants to Kamada an
irrevocable, perpetual, royalty-free license to all rights related to such data.

 

8.3Joint
Steering Committee. The Parties will establish a joint steering committee (“Joint Steering Committee”
or “JSC”) to manage the relationship of the parties under the Transaction Documents. The structure, scope
of responsibility and authority of the JSC shall be as set forth in Exhibit 8.3.

 

ARTICLE
9

PRODUCT WARRANTIES

 

9.1Warranty.
Kamada warrants that, as of the time of delivery by Kamada to Baxter of the Product in accordance with this Agreement, all Product
will (a) be free of defects in design, material and workmanship and conform to the Specifications, (b) comply in all material respects
with all applicable safety, health and other laws, rules and regulations applicable to the Product in the Baxter Territory, and
(c) not be adulterated or misbranded as defined in the Act, except in the case of clause (a) through (c) above to the extent arising
from the portion of the content of labels designed by Baxter or from Paste delivered by Baxter to Kamada that fails to conform
to the Paste Specifications or from the product handling or storage practices of Baxter. This warranty shall not apply, and Kamada
shall be under no obligation to repair or replace Products or under any liability to Baxter of any nature, in relation to Products
that are not properly handled or stored by Baxter or are promoted by Baxter for a use other than in accordance with the package
insert.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	25

    	 

    

 

9.2Non-Conforming
Product. In the event that any Product purchased hereunder fails to conform to the warranties set forth in Section 9.1,
Kamada, at its option, will either replace the defective or non-conforming Product at its expense or fully refund the purchase
price plus reasonable shipping, insurance and other transportation charges incurred by Baxter. The foregoing shall not be Baxter’s
sole and exclusive remedy with respect to non-conforming Product and all other remedies at law or in equity shall remain available
to Baxter, subject to Section 14.6.

 

9.3Product
Liability.

 

(a)Kamada shall be
responsible for all claims related to the Product to the extent arising from (i) the gross negligence or willful misconduct of
Kamada in the performance of its obligations hereunder, (ii) a material breach of this Agreement by Kamada, including a breach
of any of the representations or warranties set forth in Section 9.1 and/or Section 10.1, or (iii) a material
breach of any law or regulation (that Kamada is required to comply with by nature of its obligations hereunder) by Kamada.

 

(b)Baxter shall be
responsible for claims related to the Product to the extent arising from: (i) the gross negligence or willful misconduct of Baxter
in the performance of its obligations hereunder, (ii) material breach of this Agreement by Baxter or (iii) material breach of any
law or regulation (that Baxter is required to comply with by nature of its obligations hereunder) by Baxter, including, but not
limited, to material breach of laws or regulations related to the conduct of clinical trials for the Product and the storage and
shipment of Products.

 

9.4Disclaimer
of Warranties. Except for those warranties expressly set forth in Section 2.2, Section 9.1 and ARTICLE
10 of this Agreement, neither Party makes any warranties, written, oral, express or implied, with respect to the Product or
the development and production of the Product. ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE IMPLIED
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT HEREBY ARE DISCLAIMED. NO WARRANTIES OF
KAMADA MAY BE CHANGED BY ANY REPRESENTATIVES OF EITHER PARTY EXCEPT IN A WRITING SIGNED BY BOTH PARTIES.

 

ARTICLE
10

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

10.1Kamada’s
Representations, Warranties and Covenants. Kamada hereby represents and warrants (or covenants, as applicable) to Baxter that
as of the Effective Date and during the Term:

 

(a)Kamada is a corporation
duly organized, validly existing under the laws of Israel, and this Agreement has been duly authorized by all necessary corporate
action.

 

(b)Kamada has all
necessary corporate power and authority to enter into this Agreement and to perform all of its obligations hereunder.

 

    	26

    	 

    

 

(c)This Agreement
has been duly authorized, executed and delivered by Kamada and is the legal, valid and binding obligation of Kamada, enforceable
against Kamada in accordance with its terms.

 

(d)Neither the execution,
delivery and performance by Kamada of this Agreement nor the consummation of the transactions contemplated hereby violate or conflict
with the charter documents of Kamada, any material contract, agreement or instrument to which Kamada is a party or by which it
or its properties are bound, or any judgment, decree, order or award of any court, governmental body or arbitrator by which Kamada
is bound, or any law, rule or regulation applicable to Kamada.

 

(e)As of the Effective
Date, no actions are threatened or pending before any court or governmental agency or other tribunal relating to any of the Products.

 

(f)Kamada is not
under any obligations inconsistent with the provisions of this Agreement.

 

(g)Subject to Section
4.1(b), all Product manufactured by Kamada and sold under this Agreement will have been manufactured, labeled (disregarding
that portion of the Product label designed by Baxter), packaged (disregarding that portion of any Product packaging designed by
Baxter) and delivered to Baxter in accordance with the Specifications and all applicable international, federal, state and local
laws and regulations including, but not limited to, the Act and cGMP.

 

(h)All Product manufactured
by Kamada and sold under this Agreement is guaranteed as of the time of delivery to Baxter, to be not adulterated or misbranded
within the meaning of the Act, and not an article which may not under the provisions of the Act be introduced into interstate commerce.
Additionally, no Product delivered pursuant to this Agreement will, at the time of such delivery, be adulterated or misbranded
within the meaning of the Act, or within the meaning of any applicable law in which the definition of adulteration is substantially
the same as that contained in the Act, as such Act and such laws are constituted and effective at the time of such delivery nor
will such Product be an article which may not, under the provisions of the such Act, except those relating to misbranding, be introduced
into interstate commerce.

 

(i)Each lot of Product
delivered to Baxter will at the time of delivery to Baxter have the applicable shelf life set forth in Section 4.2(f) and
will , subject to Section 4.1(b), be free from defects in materials and workmanship.

 

(j)The manufacturing
facilities and processes utilized for the manufacture of the Products will, at all times during the Term of this Agreement, comply
with all applicable FDA regulations and similar applicable foreign regulations including, without limitation, applicable cGMP.

 

(k)To Kamada’s
knowledge, Kamada and all Product delivered under this Agreement are in material compliance with all applicable environmental,
health, safety and transportation regulations (including, but not limited to, regulations of the U.S. Environmental Protection
Agency, U.S. Occupational Safety and Health Administration, and the U.S. Department of Transportation).

 

    	27

    	 

    

 

(l)To Kamada’s
knowledge, each material item of environmental, health and safety information, including but not limited to, all MSDSs, related
to the Product or Kamada supplied by Kamada under this Agreement shall be complete and accurate in all material respects on the
date on which it is supplied to Baxter.

 

(m) Kamada owns all
of the rights, title and interest in and to the Kamada Intellectual Property that is necessary for Kamada to enter into this Agreement
and perform its obligations hereunder.

 

(n)Kamada has not
received any communication (verbal or otherwise) from any third party alleging that the Product or the manufacturing process used
for the Product infringes any third party Intellectual Property rights.

 

(o)Kamada shall,
throughout the Term of this Agreement and for a period of [*****] thereafter, maintain a system that is capable of tracking all
source materials for the Product and shall, upon request, provide all such data to Baxter and the applicable Regulatory Authorities.
Within sixty (60) days of the Effective Date, the Parties shall enter into a written Quality Agreement for the product.

 

10.2Baxter’s
Representations and Warranties and Covenants. Baxter hereby represents and warrants (or covenants, as applicable) to Kamada
that as of the Effective Date and during the Term:

 

(a)Baxter is duly
organized, validly existing and in good standing under the laws of Delaware and this Agreement has been duly authorized by all
necessary corporate action.

 

(b)Baxter has all
necessary corporate power and authority to enter into this Agreement and to perform all of its obligations hereunder.

 

(c)This Agreement
has been duly authorized, executed and delivered by Baxter and is the legal, valid and binding obligation of Baxter, enforceable
against Baxter in accordance with its terms.

 

(d)Neither the execution,
delivery and performance by Baxter of this Agreement nor the consummation of the transactions contemplated hereby violate or conflict
with the charter documents of Baxter, any material contract, agreement or instrument to which Baxter is a party or by which it
or its properties are bound, or any judgment, decree, order or award of any court, governmental body or arbitrator by which Baxter
is bound, or any law, rule or regulation applicable to Baxter.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	28

    	 

    

 

(e)Baxter is not
under any obligations inconsistent with the provisions of this Agreement.

 

(f)The Product manufactured
and sold under this Agreement, when labeled as directed by Baxter will not at the time of such sale be misbranded within the meaning
of the Act or within the meaning of any applicable law in which the definition of misbranding is substantially the same as that
contained in the Act, as the Act and those laws are constituted and effective at the time of such sale.

 

(g)To Baxter’s
knowledge, Baxter and all storage and distribution of Product under this Agreement are in material compliance with all applicable
environmental, health, safety and transportation regulations (including, but not limited to, regulations of the U.S. Environmental
Protection Agency, U.S. Occupational Safety and Health Administration, and the U.S. Department of Transportation).

 

(h)All labels designed
by Baxter for Products shall comply in all material respects with all applicable laws and regulations.

 

(i)Baxter shall store,
handle and distribute Products in compliance with all applicable laws, guidelines and Specifications.

 

(j)To the extent
permitted by applicable laws, rules and regulations, Baxter shall use Commercially Reasonable Efforts to ensure that during the
Term of this Agreement and for a period ending [*****] following the expiration labeled shelf life of each unit of Product sold
by Baxter under this Agreement, directly or indirectly through its third party agents and/or customers, Baxter is able to identify
the final disposition of each unit of Product. Upon Kamada’s written request identifying a reasonable need for such data,
Baxter shall use Commercially Reasonable Efforts to obtain such data and to provide all such data to Kamada and/or the applicable
Regulatory Authorities.

 

ARTICLE 11

REGULATORY MATTERS

 

11.1Regulatory
Documentation and Regulatory Licenses.

 

(a)United States
BLA. Kamada shall be responsible, [*****] for obtaining and maintaining the BLA for all A1PI IV Products
that are manufactured in the Kamada Facility for sale in the United States, its territories and possessions (the “US
BLA”). Kamada shall own such US BLA; provided, however, that following Practice Runs (as defined in the Technology
Sharing Plan), the Clinical/Regulatory Sub-Committee (CRSC) shall discuss, in good faith, the possible regulatory options for the
A1PI IV Products, including transferring the US BLA to Baxter, sharing the US BLA between Kamada and Baxter, and any other possible
regulatory pathways. The CRSC shall also determine the timelines, procedures [*****] by Kamada or Baxter
to effect such regulatory options chosen by the CRSC.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	29

    	 

    

 

(b)United States
BLA Supplement. Baxter shall be responsible, [*****] for preparing and maintaining the BLA Supplement
for all A1PI IV Product that is manufactured in a Baxter Facility, for sale and distribution in the United States, its territories
and possessions (the “US BLA Supplement”). Kamada shall reasonably cooperate, [*****],
with Baxter in Baxter’s efforts to prepare and/or maintain the US BLA Supplement. In connection therewith, Kamada shall provide
Baxter with copies of such Regulatory Documentation, Regulatory Approvals and other information that may be necessary and/or useful
in Baxter’s efforts pursuant to this Section 11.1(b) to the extent that such information is in Kamada’s possession
or is reasonably accessible by Kamada. Kamada shall be responsible, as BLA holder, for reviewing, filing and holding the BLA Supplement.
During the Term of this Agreement, Kamada shall also timely provide Baxter with copies of updated or amended Regulatory Documentation,
Regulatory Approvals and related information as they are submitted to the respective Regulatory Authorities with respect to the
A1PI IV Products.

 

(c)Other Territories.
Baxter shall have the exclusive right and shall be responsible, [*****], for obtaining and maintaining all
other BLAs for all A1PI IV Product for sale and distribution in any country in the Baxter Territory other than the United States,
its territories and possessions. Baxter shall own all such BLAs; provided that (i) Kamada shall be notified of all submissions
to Regulatory Authorities in such countries if they affect the A1PI IV Products or Kamada’s products and shall receive electronic
copies of such submissions, (ii) if such Regulatory Authorities require additional studies or information, [*****] and (iii) the terms of Section 11.2 below shall apply, mutatis
mutandis, with respect to any communication with any applicable Regulatory Authority.

 

11.2Regulatory
Authority Communications.

 

(a)Generally.
Except as expressly set forth in this Section 11.2 or as otherwise requested in writing, the Non-BLA Party shall not, directly
or indirectly, communicate with the FDA or the Regulatory Authorities of the applicable country regarding any Regulatory Approval
or BLA for the A1PI IV Product in such country.

 

(b)Oral Communication
Initiated by Regulatory Authority. If the FDA or other Regulatory Authority initiates any unscheduled oral communication with
the BLA Party directly regarding the Non-BLA Party’s products, or which could impact the Non-BLA Party’s products,
BLA Party shall have the right to respond to such communication to the extent reasonably necessary or appropriate under the circumstances;
provided, however, that (i) BLA Party shall use reasonable efforts to limit the communications regarding the Non-BLA Party’s
products that are conducted without the participation of Non-BLA Party; (ii) promptly thereafter, the BLA Party shall provide Non-BLA
Party with written notice thereof in reasonably specific detail describing the communications regarding Non-BLA Party’s products;
and (iii) the BLA Party promptly shall provide Non-BLA Party with copies of all minutes and other materials resulting therefrom.

 

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

    	30

    	 

    

 

(c)With respect to
any meetings, telephone conferences, video conferences or other non-written communication with the FDA or other Regulatory Authority
directly regarding Non-BLA Party’s products, or which could impact the Non-BLA Party’s products, not covered under
Sections 11.2(a) or 11.2(b):

 

(i)      BLA Party shall
provide Non-BLA Party with reasonable written notice thereof in reasonably specific detail sufficiently in advance to allow Non-BLA
Party the opportunity to have one representative actively participate therein;

 

(ii)     upon the request
of Non-BLA Party, BLA Party shall provide Non-BLA Party with advance details regarding the subject matter thereof;

 

(iii)    Non-BLA Party
shall have the right to be present at, and to the extent relating to the Non-BLA Party’s products participate in, any such
meetings, telephone conferences, video conferences or other non-written communication; and

 

(iv)    BLA Party promptly
shall provide Non-BLA Party with copies of all minutes and other materials resulting therefrom.

 

(d)Pricing and
Reimbursement Approvals. Baxter shall be responsible for obtaining, and undertakes to obtain using its Commercially Reasonable
Efforts, and maintaining all regulatory, administrative, and third party payor-related activities relating to pricing and reimbursement
approvals for the A1PI IV Product in the Baxter Territory (and any country therein). For the avoidance of doubt, the foregoing
shall not require Baxter to seek pricing and/or reimbursement approvals other than in connection with the exercise of Baxter’s
rights and obligations under Section 11.1(c). Baxter shall use its Commercially Reasonable Efforts to obtain any such approvals
for the United States promptly after the Execution Date. Baxter shall have the right to consult with Kamada on the planning and
development of all documentation with respect thereto and Kamada shall use Commercially Reasonable Efforts to cooperate with Baxter’s
efforts in this regard. Baxter shall provide to Kamada for review and approval copies of any proposed submission at least [*****]
business days prior to such submission. All such approvals shall be obtained in the name of Baxter. Upon termination, but not expiration
under Section ‎15.1, of this Agreement, unless Baxter terminates the Agreement pursuant to Section ‎15.2(a),
15.2(b) or 15.2(c), Baxter shall promptly assign or cause to be assigned to Kamada all rights and data associated
with all regulatory, administrative, and third party payor-related activities relating to pricing and reimbursement approvals that
Baxter or any of its Affiliates owns and/or has developed in a country within the Baxter Territory with respect to such country.

 

11.3Remedial
Actions.

 

(a)Each Party will
notify the other immediately, and promptly confirm such notice in writing, if it obtains information indicating that an A1PI IV
Product may be subject to any recall, corrective action or other regulatory action (other than a corrective and preventive action
(“CAPA”) under the Act,) worldwide, taken either by virtue of applicable federal, state, foreign or other
law or regulation or good business judgment (a “Remedial Action”).

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	31

    	 

    

 

(b)The Parties will
assist each other in gathering and evaluating such information as is necessary to determine the necessity of conducting Remedial
Action; provided that Baxter shall have sole responsibility for collecting information from its customers, including customer complaints.
The BLA Party shall determine whether to commence any Remedial Action with respect to the A1PI IV Product. Each Party will maintain
adequate records to permit the Parties to trace the manufacture of the applicable A1PI IV Product and the distribution and use
of such product. In the event the BLA Party determines that any Remedial Action with respect to the A1PI IV Product should be commenced,
or Remedial Action is required by any governmental authority having jurisdiction over the matter, the BLA Party shall use Commercially
Reasonable Efforts to conduct such Remedial Action. The other Party shall use Commercially Reasonable Efforts to cooperate with
such Party in implementing any such Remedial Action to the extent such cooperation is necessary to effect the Remedial Action.
The BLA Party shall have sole responsibility for handling any CAPAs in a reasonable manner; provided that Baxter shall be responsible
for handling and shall bear all costs and expenses related to field corrections to the extent caused by the acts or omissions of
Baxter. The other Party shall cooperate with the BLA Party to the extent reasonably requested by the BLA Party in handling
any CAPA. Any costs and expenses incurred by either Party in connection with a Remedial Action shall be borne by the Party whose
acts or omissions caused or resulted in the necessity for such Remedial Action, and such Party shall reimburse or credit the other
Party for any such costs or expenses within [*****] of receiving written notice from the other Party that the cost or expense has
been incurred.

 

11.4Pharmacovigilance
and Adverse Event Reporting.

 

(a)Responsibility.

 

(i)      United States.
As long as Kamada is the BLA Party, Kamada shall be responsible, directly or through a third party and at its sole cost and expense,
for undertaking all pharmacovigilance and adverse event reporting activities within the United States relating to the A1PI IV Product.
Notwithstanding the foregoing, if Baxter receives any telephonic or written or other correspondence relating to an adverse event
for an A1PI IV Product in the United States or elsewhere in the Baxter Territory, Baxter shall use Commercially Reasonable Efforts
to obtain the Minimum PV Information and shall promptly forward such Minimum PV Information to Kamada. Kamada shall fulfill all
regulatory requirements relating to the safety of the A1PI IV Product, including, but not limited to, collecting and assessing
adverse events, reporting safety information (individual case safety reports and aggregate reports), literature searches, risk
management activities, if warranted, responding to regulatory inquiries and conducting pharmacovigilance for the A1PI IV Product.

 

(ii)     Other Countries.
With respect to all other countries in the Baxter Territory, Baxter shall be responsible, at its sole cost and expense, for all
pharmacovigilance and adverse event reporting activities for A1PI IV Product in such countries; provided, however, that Kamada
shall reasonably assist Baxter by providing relevant documentation for such A1PI IV Product.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	32

    	 

    

 

(iii)    Upon either
Party determining that an adverse event report will be filed in a country for which it is responsible for filing adverse event
reports, then the Parties will agree upon an overall strategy for dealing with all Regulatory Authorities in, or, if deemed relevant
by a Party, outside of, the Baxter Territory following such filing.

 

(b)Pharmacovigilance
Agreement. The Parties shall enter into a separate pharmacovigilance agreement. Such pharmacovigilance agreement should be
executed no later than ninety (90) days from the Effective Date and shall thereafter be attached to this Agreement as Exhibit
11.4(b) and shall then be considered as incorporated into this Agreement by reference. The pharmacovigilance system shall be
operational no later than the first sale of an A1PI IV Product in the Baxter Territory by Baxter or its sub-distributors and Affiliates
(as applicable).

 

(c)Adverse Event
Reporting. The Parties shall report to each other all information necessary to make timely reports as required by any Regulatory
Authority or other authorized authority in the Baxter Territory and Kamada Territory regarding the A1PI IV Product. Further, the
Parties shall use Commercially Reasonable Efforts to, within ninety (90) days following the Effective Date but in any event prior
to the First Commercial Sale, enter into a written agreement regarding adverse event reporting system and procedures acceptable
to the Parties. The system shall be operational no later than the first sale of an A1PI IV Product in the Baxter Territory by Baxter
or its sub-distributors and Affiliates (as applicable).

 

(d)Notification
of Complaints. Upon any Party receiving or becoming aware of any complaint involving the possible failure of the A1PI IV Product,
in any location in the world, to meet any requirement of applicable law or regulation, and any serious or unexpected side effect,
injury, toxicity or sensitivity reaction or any unexpected incidents associated with the distribution of the A1PI IV Product, whether
or not determined to be attributable to the A1PI IV Product (i) such Party shall notify the other Party about such complaint and
provide initial information about such complaint to the other Party within [*****] and shall provide all information about such
complaint within [*****], (ii) promptly provide to the other Party copies of any complaints, and provide at the time of submission
copies of any submissions to any Regulatory Authority regarding such complaints and (iii) with respect to adverse events, comply
with the provisions of Section ‎11.4(c) above. Baxter shall have responsibility for investigating such complaint in
the Baxter Territory, with cooperation and assistance from Kamada in the Baxter Territory, and shall immediately inform Kamada
of any information discovered in the course of the investigation that could show that the complaint is justified and that it resulted
from Kamada’s actions or omissions.

 

(e)Notification
of Threatened Action. Each Party shall immediately notify the other Party of any information it receives regarding any threatened
or pending action, inspection or communication by or from any party, including, without limitation, a Regulatory Authority which
may affect the safety or efficacy claims of the A1PI IV Product or the continued marketing of the A1PI IV Product. Upon receipt
of such information, the Parties shall consult with each other in an effort to arrive at a mutually acceptable procedure for taking
appropriate action.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	33

    	 

    

 

11.5Audits.

 

(a)Baxter Access.
Kamada will give Baxter reasonable access to its records and manufacturing facilities to allow Baxter to conduct full compliance
audits relating to Kamada’s role and obligations as the U.S. BLA holder for the A1PI IV Product, at Baxter’s expense,
as reasonably deemed necessary by Baxter, but no more frequently than once in any [*****] period unless any such audits reveal
a material failure to comply with its obligations under this Agreement or failure to comply with any law, rule or regulation related
to the manufacturing, handling, storage or transport of the A1PI IV Product in which case there shall be no limitation of the frequency
of such compliance audits until such material compliance problems have been corrected at which time the frequency shall be restored
to once in any [*****] period. The audit shall be conducted by Baxter personnel and any of its designated third party Representatives
each of whom shall, in connection with their participation in such audit, agree to execute a confidentiality agreement in favor
of Kamada. The audit may include, without limitation, records relating to manufacturing compliance with the specifications, compliance
with quality control and inspection reports procedures, compliance with cGMP, Title 21 Parts 210 and 211 or other applicable regulations.
Such audits will be conducted during Kamada’s normal business hours, after [*****] written notice to Kamada by Baxter, and
at times mutually agreeable to the Parties. Kamada will make its regulatory compliance and quality assurance personnel (and such
personnel of any sub-contractors, if applicable) reasonably available to Baxter in connection with such audits. If Baxter recommends
any corrective actions to Kamada in connection with such audits, Kamada shall take any corrective action reasonably recommended
by Baxter within [*****] of receipt of any corrective action recommendations, if possible, or will inform Baxter in writing of
the reasons why Kamada believes such corrective action is not required or necessary, or cannot be completed within such [*****]
period and if such reasons are not accepted by Baxter, such dispute shall be resolved through the dispute resolution process in
this Agreement. Baxter shall be given access to audit any corrective action.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	34

    	 

    

 

(b)Kamada Access.
Baxter will give Kamada reasonable access to its records and facilities (and will obtain sufficient rights to give Kamada reasonable
access to the records and facilities of its Permitted Sublicensees and Affiliates), to allow Kamada to conduct full compliance
audits relating to the A1PI IV Product (including with respect to its manufacture, quality systems, complaint handling, maintenance
of adequate documentation, etc.), at Kamada’s expense, as reasonably deemed necessary by Kamada, but no more frequently than
once in any [*****] period unless any such audits reveals a material failure to comply with this Agreement or failure by Baxter
(or its sub-distributors and Affiliates, if applicable) to comply with any applicable law relating to its obligations under this
Agreement with respect to the A1PI IV Product in which case there shall be no limitation of the frequency of such compliance audits
with respect to the entity for which the material failure was identified, until such material failures have been corrected at which
time the frequency shall be restored to once in any [*****] period. The audit shall be conducted by Kamada personnel and any of
its designated third party Representatives each of whom shall, in connection with their participation in such audit, agree to execute
a confidentiality agreement in favor of Baxter. In furtherance of this right, Baxter agrees that it shall specifically obtain from
any and all third-party or Affiliate distributors of the A1PI IV Product a right of Kamada to conduct audits of such party’s
records and facilities as set forth herein. The audit may include, without limitation, records relating to compliance with quality
control, manufacturing, and inspection reports procedures, compliance with cGMP, Title 21 Parts 210 and 211 or other applicable
regulations. Such audits will be conducted during Baxter’s normal business hours, after [*****] prior written notice to Baxter
by Kamada, and at times mutually agreeable to the Parties. Baxter will make its regulatory compliance and quality assurance personnel
(and such personnel of any sub-distributors, if applicable) reasonably available to Kamada in connection with such audits. If Kamada
recommends any corrective actions to Baxter in connection with such audits, Baxter shall take any corrective action reasonably
recommended by Kamada within [*****] of receipt of any corrective action recommendations, if related to the BLA or BLA Supplement,
or, if such corrective action is not related to the BLA or BLA Supplement (i) will take such corrective action within [*****] of
receipt of any corrective action recommendations, if possible, or (ii) will inform Kamada in writing of the reasons why Baxter
believes such corrective action is not required or necessary, or cannot be completed within such [*****] period and if such reasons
are not accepted by Kamada, such dispute shall be resolved through the dispute resolution process in this Agreement. Kamada shall
be given access to audit any corrective action. In the event that Baxter is not manufacturing or distributing the A1PI IV Product
and is using third parties to manufacture or distribute the A1PI IV Product, Baxter shall obtain all rights necessary from such
third parties to enable Kamada to exercise all of its rights under this Agreement at such third party manufactures’ facilities.

 

11.6Regulatory
Inspections. Each Party will promptly notify the other Party and provide copies of any notice of observations or warnings,
requests for Remedial Action, CAPAs or other adverse findings issued by the FDA, ISO or other federal, state, or local regulatory
agency following an inspection of its facilities at which the A1PI IV Product for use or sale within the Baxter Territory is manufactured,
which relates to the manufacture, assembly, or packaging of the A1PI IV Product, and shall further provide the other Party with
information about the progress and outcome of any actions taken in response to any such notices, warnings, requests or findings.
Kamada shall, at its discretion, have the right to attend any Baxter meetings with the FDA, ISO or any other federal, state or
local regulatory agency that relate to the A1PI IV Product in the Baxter Territory.

 

ARTICLE
12

INTELLECTUAL PROPERTY

 

12.1Ownership
of Intellectual Property. Kamada will retain all ownership and control of the Kamada Intellectual Property, and will maintain
all rights in the Kamada Intellectual Property that are or may be useful for the marketing of the Product. Kamada agrees, during
the Term, to maintain and prosecute within the Baxter Territory all such patents, trade secrets, know-how and proprietary material
related to the Product within the Kamada Intellectual Property.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	35

    	 

    

 

ARTICLE
13

CONFIDENTIAL INFORMATION

 

13.1Confidentiality.
Each Party acknowledges that, in the course of performing its duties and obligations under this Agreement, certain information
that is confidential or proprietary to such Party including the Kamada Intellectual Property (“Confidential Information”)
will be furnished by the other Party or such other Party’s Representatives. Each Party agrees that any Confidential Information
furnished by the other Party or such other Party’s Representatives will not be used by it or its Representatives except in
connection with, and for the purposes of, the manufacturing, promotion, marketing, distribution and sale of Product and for any
other purpose permitted under this Agreement and, except as provided herein, will not be disclosed by it or its Representatives
without the prior written consent of the other Party. Notwithstanding the foregoing, Confidential Information furnished by a Party
may be disclosed by a receiving Party to such receiving Party’s professional advisors or such receiving Party’s bona
fide potential purchasers, acquirers, investors, bankers and lenders, and the professional advisors of the foregoing; provided
that such persons need to know the disclosed information and agree to be bound by the receiving Party’s obligation of confidentiality
with respect to such information. The Parties further agree that all Confidential Information disclosed in written, electronic
or other tangible form (such as a physical prototype, physical sample, photograph or video tape) shall be clearly marked “CONFIDENTIAL”
(or sent in a communication clearly marked “CONFIDENTIAL”) or, if furnished in oral form or by visual observation,
shall be stated to be confidential by the Party disclosing such information at the time of such disclosure and reduced to a writing
by the Party disclosing such information which is furnished to the other Party or such other Party’s Representatives within
[*****] after such disclosure.

 

13.2Exceptions.
The confidentiality obligations of each Party under Section 13.1 do not extend to any Confidential Information furnished
by the other Party or such other Party’s Representatives that (a) is or becomes generally available to the public other than
as a result of a disclosure by the recipient Party or its Representatives, (b) is or becomes generally available to the public
as a result of a disclosure specifically permitted under Section 13.3, (c) was available to the recipient Party or its Representatives
on a non-confidential basis prior to its disclosure thereto by the other Party or such other Party’s Representatives as can
be proved by documentary evidence, (d) can be demonstrated by documentary evidence by the recipient Party that it was independently
developed by the recipient Party without reference to any Confidential Information of the other Party, or (e) becomes available
to such Party or its Representatives on a non-confidential basis from a source other than the other Party or such other Party’s
Representatives as can be proved by documentary evidence; provided, however, that such source is not bound by a confidentiality
agreement with the other Party or such other Party’s Representatives.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	36

    	 

    

 

13.3Legally
Required Disclosures. If the Party receiving any Confidential Information or any of its Representatives (the “Receiving
Party”) is required by law, rule or regulation or by order of a court of law, administrative agency, or other governmental
body (including the United States Securities and Exchange Commission or the Israeli Securities Authority) to disclose any of the
Confidential Information, the Receiving Party will (a) promptly provide the other Party (the “Disclosing Party”)
with reasonable advance written notice if at all possible to enable the Disclosing Party the opportunity to seek a protective order
or to otherwise prevent or limit such legally required disclosure, (b) use Commercially Reasonable Efforts to cooperate with the
Disclosing Party to obtain such protection, and (c) disclose only the legally required portion of the Confidential Information.
Any such legally required disclosure will not relieve the Receiving Party from its obligations under this Agreement to otherwise
limit the disclosure and use of such information as Confidential Information.

 

13.4Terms
of Agreement. The terms of this Agreement, and the transactions contemplated hereby shall be deemed to be Confidential Information
subject to the provisions of Section 13.1.

 

13.5Compelled
Disclosure. In the event that either Party or its Representatives are requested or become legally compelled (by oral questions,
interrogatories, requests for information or document subpoena, civil investigative demand or similar process) to disclose any
Confidential Information furnished by the other Party or such other Party’s Representatives or the fact that such Confidential
Information has been made available to it, such Party agrees that it or its Representatives, as the case may be, will provide the
other Party with prompt written notice of such request(s) so that the other Party may seek a protective order or other appropriate
remedy and/or waive compliance with the provisions of this Agreement. In the event that such protective order or other remedy will
not be obtained, or that the other Party waives compliance with the provisions of this Agreement, such Party agrees that it will
furnish only that portion of such Confidential Information that is legally compelled and will exercise Commercially Reasonable
Efforts to obtain reliable assurance that confidential treatment will be accorded to that portion of such Confidential Information
and other information being disclosed.

 

13.6Return
of Confidential Information. Upon termination of this Agreement and upon the request of the Disclosing Party, the Receiving
Party will return to the Disclosing Party all Confidential Information (including copies) provided by the Disclosing Party under
this Agreement, and will destroy all summaries, extracts and the like prepared by the Receiving Party that incorporate the Disclosing
Party’s Confidential Information; provided, however, that the Receiving Party may retain one complete copy of the Confidential
Information, for the purpose of determining its obligations under this Agreement, such copy to be retained by the Legal Department
of the recipient.

 

13.7Restriction
on Trading in Securities of Kamada. Baxter acknowledges that information provided to it or to be provided to it under this
Agreement includes confidential and non-public information that may be considered “inside information” under Israeli
securities law. Baxter shall comply with the provisions of Israeli securities laws regarding the use of any such “inside
information.”

 

    	37

    	 

    

 

13.8Survival.
The obligations of the Parties under this ARTICLE 13 shall survive for [*****] after the termination or expiration of this
Agreement, except for trade secrets regarding which the confidentiality obligations of the Parties under this Article 10
shall survive indefinitely and information which has been identified as Know-How by a Party and entered into the Know-How Registry
(as such terms are defined in the License Agreement), in which case, the obligations shall survive until the identified Know-How
becomes public information not due to a breach of this Agreement by a Party bound by confidentiality obligations in regard to such
Know-How.

 

ARTICLE
14

INDEMNIFICATION; INSURANCE REQUIREMENTS; PATENT INFRINGEMENT 

 

14.1Kamada
Indemnity. Kamada agrees to indemnify, defend and hold Baxter and its Affiliated Parties (collectively, the “Baxter
Indemnified Parties”) harmless from and against all losses, liabilities, damages, costs and expenses (including reasonable
attorney’s fees and costs of investigation and litigation regardless of outcome) resulting from all claims, demands, actions
and other proceedings by or on behalf of any Third Party (including any governmental authority) (collectively, “Claims”)
to the extent arising from:

 

(a)any material breach
by Kamada of any of its representations, warranties, covenants or material obligations under this Agreement;

 

(b)the negligence,
gross negligence, recklessness or willful misconduct of Kamada, its Affiliates or agents in the performance of Kamada’s obligations
hereunder;

 

(c)the failure of
Kamada, its Affiliates or agents to comply with applicable laws, rules or regulations in the manufacture of the Product.

 

(d)the [*****] Product
to [*****] at the time of delivery to Baxter under this Agreement; 

 

(e)[*****]

 

(f)[*****]

 

provided that Kamada shall not be obligated
pursuant to this Section 14.1 to the extent Baxter is required to indemnify Kamada under Section 14.2 hereof.

 

14.2Baxter
Indemnity. Baxter agrees to indemnify, defend and hold Kamada (and the Affiliated Parties of any of the foregoing) (collectively,
the “Kamada Indemnified Parties”) harmless from and against all losses, liabilities, damages, costs and
expenses (including reasonable attorney’s fees and costs of investigation and litigation regardless of outcome) resulting
from all Claims to the extent arising from:

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	38

    	 

    

 

(a)any material breach
by Baxter of any of its representations, warranties, covenants or material obligations under this Agreement;

 

(b)the negligence,
gross negligence, recklessness or willful misconduct of Baxter, its Affiliates or agents in the performance of Baxter’s obligations
hereunder;

 

(c)the failure of
Baxter, its Affiliates or agents to comply with applicable laws, rules or regulations in the conduct of the Clinical Trials or
the testing, storage, handling, transportation, disposal, marketing, labeling (to the extent created by Baxter), use, promotion,
commercialization (including any recalls, field corrections or market withdrawals to the extent such result primarily from the
actions or omissions of Baxter), sale or other distribution of the Product;

 

(d)any [*****] by [*****], except to the
extent such claim is solely related to [*****], or [*****];

 

provided that Baxter shall not be obligated
pursuant to this Section 14.2 to the extent Kamada is required to indemnify Baxter under Section 14.1 hereof.

 

14.3Claims
for Indemnification. Whenever any indemnification claim arises under this Agreement, the Party seeking indemnification (the
“Indemnified Party”) shall promptly notify the other Party (the “Indemnifying Party”)
of the claim and, when known, the facts constituting the basis of such claim; provided, however, that failure to give such notice
shall not relieve the Indemnifying Party of its obligation hereunder unless and to the extent that such failure substantially prejudices
the Indemnifying Party.

 

14.4Third-Party
Claims. In the event of a third party claim giving rise to indemnification hereunder, the Indemnifying Party may, upon prior
written notice to the Indemnified Party, assume the defense of such claim with counsel reasonably satisfactory to the Indemnified
Party, and shall thereafter be liable for all expenses incurred in connection with such defense, including attorneys’ fees
and expenses; provided, however, that if the Indemnifying Party assumes the defense of any such claim, the Indemnified Party may
participate in such defense at its own expense and with counsel of its choice; provided further, however, that if there are one
or more legal defenses available to the Indemnified Party that conflict with those available to the Indemnifying Party or there
exists any other conflict of interest, the Indemnifying Party shall have the right to assume the defense of such claim but the
Indemnified Party shall have the right to employ separate counsel at the expense of the Indemnifying Party and to participate in
the defense thereof. If the Indemnifying Party elects to control the defense of such claim, it shall do so diligently and shall
have the right to settle any claim for monetary damages, provided such settlement includes a complete and absolute release of the
Indemnified Party and shall not admit any fault or liability on the part of the Indemnified Party. Notwithstanding anything to
the contrary, the Indemnifying Party may not settle any claims for fines, penalties or the like or in any way adverse to the Indemnified
Party without the prior written consent of the Indemnified Party, which shall not unreasonably be withheld, conditioned or delayed.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	39

    	 

    

 

14.5Insurance
Requirements. Each Party will, at its own cost and expense, obtain and maintain in full force and effect, during the Term,
General Liability insurance including Completed Operations, and Product Liability, including Standard US’ Form Contractual
Liability, with limits of liability of not less than [*****] dollars [*****] per event and in aggregate per annum, and naming the
other Party as an additional insured. Any independent insurance carriers must be rated at least A by A.M. Best Company. If the
insurance policy is written on a claims-made basis, then the coverage must be kept in place for at least [*****] years after the
termination of this Agreement. Any and all policy deductibles shall be assumed by the Party obtaining such insurance policy. Policies
held by a Party shall be considered primary and bear no relationship to any policies held by the other Party. Each Party will furnish
the other Party with a certificate of insurance within thirty (30) days of the Effective Date of this Agreement evidencing that
such insurance is in effect and that a minimum of thirty (30) days notice must be given to the other Party prior to any cancellation
or material changes to the policy. Baxter has the right to self-insure.

 

14.6LIMITATION
ON LIABILITY. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY INCLUDING THE INDEMNIFICATION PROVISIONS UNDER THIS
ARTICLE 14, EXCEPT FOR DAMAGES ARISING FROM A PARTY’S WILLFUL INFRINGEMENT OF THE OTHER PARTY’S INTELLECTUAL
PROPERTY RIGHTS, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY, FOR ANY LOST PROFITS OR ANY INDIRECT, SPECIAL, CONSEQUENTIAL,
PUNITIVE, EXEMPLARY, COLLATERAL OR INCIDENTAL DAMAGES, HOWEVER CAUSED AND BASED ON ANY THEORY OF LIABILITY, ARISING OUT OF THIS
AGREEMENT (INCLUDING LOSS OF USE, DATA, OR BUSINESS), AND WHETHER OR NOT THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES. THIS LIMITATION SHALL APPLY NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY PROVIDED FOR HEREIN.
THE PARTIES AGREE, HOWEVER, NONE OF THE FOREGOING LIMITATIONS OF THIS SECTION 14.6 APPLY TO ANY AMOUNTS PAID OR PAYABLE
DUE TO ANY THIRD-PARTY RELATED CLAIM, DEMAND, PROCEEDING, SUIT OR ACTION FOR WHICH A PARTY IS OBLIGATED TO INDEMNIFY THE OTHER
PARTY PURSUANT TO SECTION 14.1 OR 14.2, AND ANY SUCH AMOUNTS WILL BE CONSIDERED COMPENSATORY OR DIRECT DAMAGES AND
NOT INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY, COLLATERAL OR INCIDENTAL DAMAGES.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	40

    	 

    

 

14.7Third-Party
Infringement; Failure of Kamada to Enforce Patents.

 

(a)Each Party shall
promptly notify the other Party in writing of any infringement or violation by any third party of any Kamada Intellectual Property
rights related to the Product of which it becomes aware. In the case of any infringement or violation by any third party in the
Baxter Territory of any Kamada Intellectual Property rights related to the Product, Kamada shall have the right but not the obligation,
at its sole expense, to exercise its rights (including, without limitation, common law and statutory rights) to cause such third
party to cease such infringement and to otherwise enforce such rights. If Kamada determines that Baxter is an indispensable party
to the action, Kamada shall provide written notice to Baxter and Baxter hereby consents to participate in such action. In such
event, Baxter shall have the right to be represented in such action using counsel of its own choice, at its own expense. Notwithstanding
the foregoing, Kamada agrees that it shall not enter into any settlement, consent, order, consent judgment or other voluntary final
disposition of any action it brings under this Section 14.7 relating to the Field and the Baxter Territory without the prior
written consent of Baxter (which consent shall not be unreasonably withheld, conditioned or delayed).

 

(b)If Kamada (i)
fails to bring an action for infringement within the Field and within the Baxter Territory by a Third Party of a Patent within
the scope of the Kamada Intellectual Property Rights within a period of [*****] after providing written notice to or receiving
written notice from Baxter of the possibility of pursuing such an action, including the evidence supporting such possible action;
(ii) notifies Baxter in writing prior to the expiration of such [*****] period that Kamada declines to bring an action for infringement
within the Field; or, (iii) notifies Baxter in writing that it will not defend a declaratory judgment action brought by a Third
Party alleging the invalidity, unenforceability or non-infringement of any Kamada patent(s) within the Field and the Baxter Territory;
then, Baxter shall have the right, but not the obligation, to bring and control any such action using counsel of its own choice,
at its own expense on no less than [*****] prior written notice (the “Enforcement Notice”) to Kamada
(the “Enforcement Notice Period”).

 

(c)If Baxter determines
that Kamada is an indispensable party to the action, Baxter shall provide written notice to Kamada and Kamada shall consent to
participate in such action. To the extent that Kamada participates in such action and Kamada consents to be represented by counsel
of Baxter’s choosing, Baxter shall pay Kamada’s reasonable expenses resulting from such action. In the event that Kamada
participates in such an action, but does not consent to representation by counsel selected by Baxter, Kamada shall have the right
to be represented in such action using counsel of its own choice at its own expense. Baxter shall have no right to bring an action
for infringement by a Third Party outside the Field or outside the Baxter Territory of any patent within the scope of the Kamada
Intellectual Property rights.

 

(d)Notwithstanding
the foregoing, Baxter agrees that it shall not enter into any settlement, consent, order, consent judgment or other voluntary final
disposition of any action it brings under this Section 14.7(d) without the prior written consent of Kamada (which consent
shall not be unreasonably withheld, conditioned or delayed).

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	41

    	 

    

 

14.8Infringement
Defense. In the event either Party receives notice of any claim that the manufacture, use or sale of the Product infringes
the rights of a third party, it shall give prompt notice to the other Party and shall discuss in good faith alternative strategies
for addressing the matter and cooperate with each other to terminate such infringement without litigation. After such discussion,
Kamada shall have the right and obligation, at its sole cost and expense, to defend against such claim. Baxter shall provide, at
Kamada’s sole expense, such assistance and cooperation to Kamada as may be reasonably necessary to defend any such action,
and Kamada shall have the right to settle such action for monetary damages, provided such settlement includes a complete and absolute
release of Baxter. Notwithstanding anything to the contrary, Kamada may not settle any claims for fines, penalties or the like
or in any way adverse to Baxter without the prior written consent of Baxter, which shall not unreasonably be withheld or delayed.

 

14.9Cooperation
as to Indemnified Liability. Each Party hereto shall reasonably cooperate with other Party with respect to access to witnesses,
books, records, or other documentation within such Party’s control, if deemed reasonably necessary or appropriate by any
Party in the defense of any claim, which may give rise to indemnification hereunder.

 

ARTICLE
15

TERM AND TERMINATION

 

15.1Term.
This Agreement shall take effect as of the Effective Date and shall continue in full force and effect, subject to Section 15.2
until thirtieth (30th) anniversary of the Effective Date unless otherwise terminated pursuant to Section 15.2
below (the “Term”).

 

15.2Termination.
Notwithstanding anything to the contrary contained in this Agreement:

 

(a)Either Party may
terminate this Agreement, in whole or solely with respect to one or more countries in the Baxter Territory, by giving notice in
writing to the other Party if the other Party is in material breach of this Agreement and shall have failed to cure such breach
within (i) [*****] for a monetary breach or (ii) [*****] days for a non-monetary breach after receipt of a written notice from
the non-breaching Party specifying the breach in detail from the non-breaching Party, unless such non-monetary breach cannot be
cured within such [*****], in which case the breaching Party shall have undertaken a good faith effort to cure such breach within
such [*****] period and diligently prosecuted such cure to prompt completion.

 

(b)Either Party may
terminate this Agreement, in whole or solely with respect to one or more countries in the Baxter Territory, by giving notice in
writing to the other Party in the event of the granting of a winding-up order in respect of the other Party, or upon an order being
granted against the other Party for the appointment of a receiver over all or substantially all of such other Party’s assets,
or if such other Party passes a resolution for its voluntary winding-up, or if a temporary or permanent liquidator or receiver
over all or substantially all of such other Party’s assets is appointed in respect of such other Party, or if a temporary
or permanent attachment order is granted on all of such other Party’s assets, or a substantial portion thereof and is not
cancelled within [*****], or if such other Party shall seek protection under any laws or regulations, the effect of which is to
suspend or impair the rights of any or all of its creditors, or to impose a moratorium on such creditors, or if anything analogous
to any of the foregoing in this Section 15.2(b) under the laws of any jurisdiction occurs in respect of such other Party;
provided that in the case that any such order or act is initiated by any Third Party, the right of termination shall apply only
if such order or act as aforesaid is not cancelled within [*****] of the grant of such order or the performance of such act.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	42

    	 

    

 

(c)Baxter
may terminate this Agreement, in whole or solely with respect to one or more countries in the Baxter Territory, upon
[*****] days written notice to the Kamada in the event that:

 

(i)      [*****]
have passed since a court or other legal body of competent jurisdiction determines in a final, non-appealable judgment or binding
ruling that the continued sale and/or use the Product materially infringes a third party’s Intellectual Property rights;

 

(ii)     the Regulatory
Approval in one or more countries has been withdrawn or the application for Regulatory Approval in such country or countries has
been rejected and such decision has not been reversed within [*****] days of its issuance, in each case by the applicable Regulatory
Authority, and in each case provided that such withdrawal or rejection was not primarily caused by the breach by Baxter or any
of its Affiliates of its obligations hereunder; provided that Baxter’s termination right under this Section 15.2(c)(ii)
shall be limited to the affected geography.

 

(d)Kamada may terminate
this Agreement, in whole or solely with respect to one or more countries in the Baxter Territory, upon
[*****] written notice to Baxter in the event that:

 

(i)      if the Regulatory
Approval in one or more countries has been withdrawn or the application for Regulatory Approval in such country or countries has
been rejected and such decision has not been reversed within [*****] of its issuance, in each case by the applicable Regulatory
Authority, if such withdrawal or rejection was not caused primarily by the breach by Baxter or any of its Affiliates of its obligations
hereunder and provided, further, that Kamada’s termination right under this Section 15.2(d)(i) shall be limited to
the affected geography.

 

(ii)     Baxter fails
to purchase at least [*****] 50 mL vials of Product over any period of [*****] consecutive months [*****] and during the Term of
this Agreement.

 

(e)Kamada may terminate
this Agreement, in whole or solely with respect to one or more countries in the Baxter Territory, upon written notice to Baxter
(effective immediately), if Baxter infringes Kamada’s intellectual property, including any use of the Kamada Intellectual
Property outside of the Field.

 

15.3Rights
and Obligations on Termination. Upon any termination or expiration of this Agreement with respect to all countries within the
Baxter Territory, (a) each Party shall promptly deliver to the other Party or destroy all Confidential Information of the other
Party, including materials, samples and documents of the other Party subject to either Party retaining a copy of the other Party’s
Confidential Information solely for any purpose contemplated by this Agreement or as require by law and (b) Baxter shall cease
marketing, promoting or otherwise using the Product immediately after the resale of any inventory as permitted in Section15.4(d).

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	43

    	 

    

 

15.4Effect
of Termination. Except as otherwise provided in this Agreement:

 

(a)Termination or
expiration of this Agreement shall not release either Party from the obligation to make payment of all amounts due and payable
as of the applicable expiration or termination date. For the avoidance of doubt, except in the event that Kamada terminates this
Agreement in accordance with Sections 15.2(a), 15.2(b) and 15.2(d). Baxter shall have no continuing obligations
with respect to Minimum Purchase Levels.

 

(b)The terminating
Party shall have the right, at its option, to cancel any or all purchase orders that provide for delivery after the effective date
of termination.

 

(c)If Kamada terminates
this Agreement pursuant to Sections 15.2(a), 15.2(b) and 15.2(d) Baxter shall reimburse Kamada at its actual cost therefor
for any in-process materials and Product specific labels and inserts not otherwise useable or saleable by Kamada after exercise,
by Kamada, of Commercially Reasonable Efforts to mitigate any such loss.

 

(d)At Kamada’s
election (i) Baxter shall be permitted to resell any inventory of the Product on hand or en route or which has been ordered from
Kamada at the time of termination and the license granted pursuant to Section 3.1 shall continue for [*****] days or until
all such units of Product have been sold, if earlier, or (ii) Kamada shall be permitted to purchase Baxter’s inventory on
hand at the Transfer Price paid by Baxter plus all shipping and other costs reasonably incurred by Baxter in handling and storing
such Product.

 

(e)Baxter’s
and Kamada’s respective indemnification obligations and their other respective obligations pursuant to Sections 5.4
and 5.7, and ARTICLE 9, Section 11.3, Section 11.4, ARTICLE 12, ARTICLE 13, ARTICLE
14 (provided however, that the obligations under Section 14.5 shall be for the time period set forth therin), and
ARTICLE 18 shall survive termination of this Agreement.

 

(f)Except as specifically
set forth in this ARTICLE 15, or any other provision in this Agreement upon termination of this Agreement for any reason,
neither Party shall have any further obligations pursuant to this Agreement.

 

ARTICLE
16

NOTICES

 

16.1Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by cable, telegram, facsimile or telex, or by registered or
certified mail (postage prepaid, return receipt requested), to the other Party at the following address (or at such other address
for which such Party gives notice hereunder):

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	44

    	 

    

 

	If to Baxter:	Baxter Healthcare Corporation

One Baxter Parkway

Deerfield, Illinois 60015

Attention: President BioScience

Telephone: (847) 948-3400

Facsimile: (847) 948-3400
	 	 
	 	with a copy to:
	 	 
	 	Baxter Healthcare Corporation

One Baxter Parkway

Deerfield, Illinois 60015

Attention: General Counsel

Telephone: (847) 948-3225

Facsimile: (847) 948-2450
	 	 
	If to Kamada:	Kamada Ltd. 

Science Park

Kiryat Weizmann

7 Sapir St. P.O Box 4081

Ness Ziona 74140, Israel

Attention: Chief Executive Officer

Telephone: +972 8 9406472

Facsimile: +972 8 9406473

 

ARTICLE
17

EXCLUSIVITY; NO-SHOP

 

17.1Exclusivity
Regarding Intravenous and Inhaled Product.

 

(a)During the No-Shop
Period (as defined in Section 17.1(c) below), Kamada agrees to suspend any discussions or negotiations presently being conducted,
and agrees not to undertake, solicit or otherwise encourage any new discussions or negotiations, with any third party with respect
to: (i) any [*****] or (ii) any [*****] related to either (X) the [*****] and (Y) the [*****], with respect to [*****] in which
[*****] (each, a [*****] and, together with any [*****], a “Restricted Transaction”).

 

(b)Further, without
the prior written consent of Baxter, during the No-Shop Period, Kamada will not: (i) [*****], any [*****] with respect to, or the
making of, any Restricted Transaction or (ii) [*****] any [*****], or [*****] with any [*****] relating to any restricted Transaction.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	45

    	 

    

 

(c)Notwithstanding
the foregoing, Kamada shall have the right to continue pursuing its research and development goals concerning [*****] and [*****]
at its sole discretion during the No-Shop Period. Kamada’s obligations under this Section 17.1 commence on the Effective
Date and expire on December 31, 2010; provided that, if Baxter has completed its due diligence process and the Parties are still
negotiating at such date the terms of a binding agreement for a Restricted Transaction, the expiration date shall be March 31,
2011 (the “No-Shop Period”).

 

(d)Until the expiration
of the No-Shop Period, Baxter and Kamada shall negotiate in good faith the terms of a collaboration with respect to [*****] and
[*****] in [*****] in which [*****], with the goal being the execution of one or more definitive distribution agreement(s) for
[*****] and/or [*****] in such [*****] by December 31, 2010. For the avoidance of doubt, any failure of the Parties to reach any
or all of such agreements shall not give rise to a right to terminate this Agreement. In connection therewith, Baxter shall be
permitted to conduct further detailed due diligence as appropriate in view of the progress in the negotiations, and as deemed relevant
to the proposed transaction for the [*****] and/or [*****] in such [*****] in Baxter’s and Kamada’s discretion, including,
but not limited to: (i) pre-clinical and clinical trials, (ii) process development and manufacturing performance and (iii) intellectual
property such due diligence process to end no later than November 15, 2010. Kamada shall use its Best Efforts to facilitate such
due diligence review by Baxter and provide Baxter with full access to Kamada’s books, records, facilities and employees.

 

ARTICLE
18

MISCELLANEOUS

 

18.1Relationship
of Parties. The relationship of the Parties established by this Agreement is solely that of independent contractors, and nothing
shall be deemed to create or imply any employer/employee, principal/agent, partner/partner or co-venturer relationship, or that
the Parties are participants in a common undertaking. Neither Party shall have the right to direct or control the activities of
the other Party or incur or assume or create any obligation, representation, warranty or guarantee, express or implied, on behalf
of the other Party or bind such other Party to any obligation for any purpose whatsoever.

 

18.2Entire
Agreement. This Agreement, including the exhibits and schedules attached hereto and incorporated as an integral part of this
Agreement, and the Related Agreements constitute the entire agreement of the Parties with respect to the subject matter hereof,
and supersede all previous proposals, oral or written, and all negotiations, conversations or discussions heretofore had between
the Parties related to this Agreement.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	46

    	 

    

 

18.3No
Waiver; Amendment. No waiver of any term or condition of this Agreement shall be valid or binding on any Party unless agreed
to in writing by the Party to be charged. The failure of either Party to enforce at any time any of the provisions of the Agreement,
or the failure to require at any time performance by the other Party of any of the provisions of this Agreement, shall in no way
be construed to be a present or future waiver of such provisions, nor in any way affect the ability of either Party to enforce
each and every such provision thereafter. This Agreement may not be amended or modified except by the written agreement of the
Parties. All purchase orders are subject to the terms and conditions of this Agreement, and any attempt by such purchase order
to alter or modify the terms and conditions of this Agreement shall be void.

 

18.4Assignment.

 

(a)Except
as provided in below, neither Party may assign or otherwise transfer its rights and obligations under this Agreement without the
prior written consent of the other Party. Any attempted assignment or transfer in violation of this provision shall be null and
void. Unless prohibited by law, either Party may assign or otherwise transfer (whether by operation of law, change of control or
otherwise) its rights and obligations under this Agreement, without the prior written consent of the other Party, (A) to an Affiliate,
provided that the assigning Party remains responsible for the performance of this Agreement by such Affiliate or (B) in connection
with a sale of all or substantially all of the assets or equity of the business entity, division or unit, as applicable, that,
in the case of Kamada, manufactures or sells, or, in the case of Baxter, markets, distributes or sells the Product, provided that
in the case of such an asset sale such assignee agrees to be bound by the terms of this Agreement. Prior to or promptly after any
assignment not requiring consent of the other Party, the assigning Party shall give the other Party notice of the assignment. Notwithstanding
the foregoing, if Kamada proposes to assign or otherwise transfer this Agreement or any of its rights or obligations under this
Agreement to a Competitor, Kamada and Baxter agree to work together in good faith prior such assignment to amend this Agreement
to limit, to Baxter’s reasonable satisfaction, Baxter’s obligation to disclose to such Competitor any Confidential
Information or other sensitive or proprietary information.

 

(b)All
terms and conditions of this Agreement shall be binding on and inure to the benefit of the successors and permitted assigns of
the Parties.

 

18.5Force
Majeure. Except for each Party’s confidentiality and indemnity obligations, any delay in the performance of any of the
duties or obligations of either Party hereto (except the payment of money), to the extent caused by an event outside the affected
Party’s reasonable control, shall not be considered a breach of this Agreement, and unless provided to the contrary herein,
the time required for performance shall be extended for a period equal to the period of such delay. Such events (hereinafter referred
to as “Force Majeure” events) shall include without limitation, acts of God; acts of public enemies;
war, terrorism, insurrections; riots; injunctions; embargoes; labor disputes affecting third parties providing services to a Party
under this Agreement (including strikes, lockouts, job actions, or boycotts); fires; explosions; floods; shortages of material
or energy; acts or orders of any government or agency thereof or other unforeseeable causes beyond the reasonable control and without
the fault or negligence of the Party so affected. The Party so affected shall give prompt written notice to the other Party of
such cause and a good faith estimate of the continuing effect of the Force Majeure condition and duration of the affected Party’s
nonperformance, and shall take whatever reasonable steps are appropriate to relieve the effect of such causes as rapidly as possible.

 

    	47

    	 

    

 

18.6Governing
Law. The validity, interpretation, and enforcement of this Agreement and all matters arising directly and indirectly from this
Agreement shall be governed by the internal laws of the State of New York, without regard to any conflicts or choice of law rules.

 

18.7Dispute
Resolution. Except with respect to claims for equitable relief, which the Parties agree may be pursued in any court of competent
jurisdiction, any dispute, controversy, claim or other matter in question between the Parties arising out of or relating to this
Agreement, including all issues of fact and law, shall be settled by binding arbitration in accordance with the Alternative Dispute
Resolution provisions set forth in Exhibit 18.7.

 

18.8Remedies.
The exercise of any remedies hereunder shall be cumulative and in addition to and not in limitation of any other remedies available
to such Party at law or in equity.

 

18.9Further
Assurances. Each Party agrees to cooperate fully with the other and execute such instruments, documents and agreements and
take such further actions to carry out the intents and purposes of this Agreement.

 

18.10Counterparts;
Facsimile. This Agreement may be executed in more than one counterpart, each of which constitutes an original and all of which
together shall constitute one enforceable agreement. For purposes of this Agreement and any other document required to be delivered
pursuant to this Agreement, facsimiles or electronic reproductions of signatures shall be deemed to be original signatures. In
addition, if any of the Parties sign facsimile copies of this Agreement, such copies shall be deemed originals.

 

18.11Construction;
Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. Any article, section, recital, exhibit, schedule and party references are to this
Agreement unless otherwise stated. No Party, nor its counsel, shall be deemed the drafter of this Agreement for purposes of construing
the provisions of this Agreement, and all provisions of this Agreement shall be construed in accordance with their fair meaning,
and not strictly for or against any Party. Except where the context otherwise requires, where used, the singular shall include
the plural, the plural the singular, the use of any gender shall be applicable to all genders and the word “or” is
used in the inclusive sense (and/or). The term “includes” and “including” as used herein means including,
but not limited to. Unless otherwise noted, “days” shall refer to calendar days and not business days. Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the License Agreement or, if not defined therein,
the Paste Supply Agreement.

 

    	48

    	 

    

 

18.12Press
Releases and Announcements; Use of Names. Neither Party may issue any press release or make any public announcement concerning
the transactions contemplated by this Agreement without the prior consent of the other Party (which consent shall not be unreasonably
withheld, conditioned or delayed). Notwithstanding the foregoing, if a press release or other public announcement with respect
to the subject matter herein is required by applicable law or any listing agreement with a securities exchange or quotation system,
the Party required to make such announcement may do so provided that such Party has provided reasonable notice and a copy of such
announcement to the other Party as promptly as practicable in advance of such announcement and, to the extent practicable, take
the views of the other Party in respect of such announcement into account prior to making such announcement. Notwithstanding the
foregoing, Baxter or Kamada shall not be prevented from mentioning the name of the other Party, or from disclosing any information
if, and to the extent that, such mention or disclosure is to competent authorities for the purposes of obtaining Regulatory Approval
or permission for the exercise of its obligations under the this Agreement. A press release and immediate report regarding this
Agreement to be published by Kamada and approved by the Parties is attached as Exhibit 18.12.

 

18.13Severability.
Each Party hereby agrees that it does not intend, by its execution hereof, to violate any public policy, statutory or common laws,
rules, regulations, treaty or decision of any government agency or executive body thereof of any country or community or association
of countries. Should one or more provisions of this Agreement be or become invalid, the Parties hereto shall substitute, by mutual
consent, valid provisions for such invalid provisions which valid provisions in their economic and other effects are sufficiently
similar to the invalid provisions that it can be reasonably assumed that the Parties would have entered into this Agreement with
such valid provisions. In case such valid provisions cannot be agreed upon, the invalidity of one or several provisions of this
Agreement shall not affect the validity of this Agreement as a whole or the validity of any portions hereof, unless the invalid
provisions are of such essential importance to this Agreement that it is to be reasonably assumed that the Parties would not have
entered into this Agreement without the invalid provisions.

 

18.14Non-Solicitation.
Each Party agrees that it shall not, during the Term and for one year afterwards, directly or indirectly, solicit the services,
as employee, consultant or otherwise, any employee of the other Party; provided, however, that nothing in this Section 18.14 shall
prohibit a Party or any Affiliate of such Party from: (a) hiring any employee that has responded to a general advertisement or
solicitation made to the general public or the industry in general or (b) soliciting the services, as employee, consultant or otherwise,
or hiring any such employee after the date that is [*****] after
the date on which such employee leaves the employ of such other Party. In the event of a violation of this non-solicitation obligation,
the violating Party shall pay to the other Party a penalty in the amount of the [*****]
salaries (including bonuses) of the respective employee/personnel; provided, however, that the foregoing shall not prevent the
non-violating party from seeking other equitable relief (including, but not limited to, an injunction) to stop the solicitation
or other violation and such other damages as determined in accordance with the terms of this Agreement. The provisions of this
Section 18.14 shall survive termination of this Agreement.

 

[Signature Page Follows]

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	49

    	 

    

 

[Signature Page to Exclusive Manufacturing,
Supply and Distribution Agreement]

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed on the date first above written.

 

	
        BAXTER HEALTHCARE

        CORPORATION
	 	KAMADA LTD.	 
	 	 	 	 
	By:	/s/ Joy A. Amundson	 	By:	/s/ David Tsur	 
	Name:  Joy A. Amundson	 	Name:  David Tsur	 
	Title:  CVP,  President - Bioscience	 	Title:  Chief Executive Officer	 
	 	 	 	 
	 	 	By:	/s/ Eyal Leibovitz	 
	 	 	Name: Eyal Leibovitz	 
	 	 	Title:  Chief Financial Officer	 
	 	 	 	 	 	 

 

    	 

    	 

    

 

Exhibit 1.88

 

Specifications

 

[To be attached.]

 

This Exhibit 1.88 has been redacted in
its entirety.*

 

 

* Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Exhibit 4.2(h)

 

Sample Certificate of Analysis

 

[To be attached.]

 

This exhibit has been redacted in its
entirety.*

 

 

* Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Exhibit 8.1(a)

 

Clinical Study Plan

 

[To be attached.]

 

    	 

    	 

    

 

Exhibit 8.3

 

Joint Steering Committee

 

		1.1	Joint Steering Committee; Sub-Committees.

 

		a)	Structure. To facilitate communication between the Parties with respect to the License Agreement,
this Agreement and the implementation of and the Technology Sharing Plan during the Term of this Agreement, the Parties shall appoint
a Joint Steering Committee consisting of two (2) representatives nominated by Baxter and two (2) representatives nominated by Kamada.
The JSC shall appoint a chairperson from among its members, which shall initially be a Representative from Kamada, and then rotate
annually between the parties. The chairperson shall be responsible for calling meetings of the JSC and for leading the meetings.
The initial representatives shall be set forth in writing within thirty (30) days after the Effective Date. Each Party may replace
its representatives by providing written notice to the other Party. Employees and other representatives of each Party that are
not members of the Joint Steering Committee may attend meetings of the Joint Steering Committee and any Sub-Committees (as defined
below) as required to further the activities contemplated by this Agreement.

 

		b)	Time and Location of Meetings. The Joint Steering Committee (and all Sub-Committees thereof)
shall meet at such times and places, in person or by telephone conferencing, web-conferencing, video conferencing or other electronic
communication, as it shall determine to carry out its responsibilities; provided, however, that the initial meeting of the Joint
Steering Committee shall be held in person at such location as mutually agreed upon by the parties no later than thirty (30) days
after the Effective Date. Thereafter, the JSC shall meet in person at least two (2) times each calendar year and shall hold regular
teleconferences between meetings not less frequently than once each calendar quarter. The location of the in-person meetings shall
alternate between the two companies’ sites. If a representative of a party is unable to attend a meeting, such party may
designate an alternate to attend such meeting in place of the absent representative.

 

		c)	Minutes. The JSC and all sub-committees thereof shall designate for each meeting one person
who shall be responsible for drafting and issuing minutes of the meeting reflecting all material items discussed and any agreements
of the JSC, which minutes shall be distributed to all JSC members for review and approval. Such minutes shall provide a description
in reasonable detail of the discussions held at the meeting and a list of any actions, decisions or determinations approved by
the JSC. Minutes of each JSC meeting shall be approved or disapproved, and revised as necessary, within thirty (30) days of each
such meeting. Final minutes of each meeting shall be distributed to the members of the JSC by the chairperson

 

    	 

    	 

    

 

		d)	Sub-Committees. Certain sub-committees (each a “Sub-Committee”), including
but not limited to a Manufacturing Sub-Committee, a Clinical/Regulatory Sub-Committee a Pharmacovigilance/Safety Sub-Committee,
a Technology Transfer Sub-Committee and a Marketing and Sales Sub-Committee will be established by the JSC as necessary, with equal
representation from Baxter and Kamada to address specific issues in greater detail (e.g., clinical/regulatory efforts). Unless
otherwise agreed, Baxter and Kamada will have equal membership and voting power on all Sub-Committees.

 

		e)	Scope of Authority; Responsibilities.

 

		(i)	The Joint Steering Committee shall, subject to the restrictions set forth in this Agreement, have
the authority to make decisions relating to the ongoing management of the relationships between the parties with respect to the
Distribution Agreement and License Agreement and the implementation and modification technology transfer pursuant to the Technology
Sharing Plan. The Joint Steering Committee shall have such other responsibilities as set forth herein and as the Parties may agree
in writing from time to time.

 

		(ii)	For the avoidance of doubt, the Joint Steering Committee shall have no authority to: (A) amend
any of the terms of this Agreement (other than the Technology Transfer Plan); (B) waive any rights that either Party may otherwise
have pursuant to this Agreement or otherwise or (C) allocate the ownership of any Intellectual Property rights or the Parties’
rights to apply for Patent(s). Notwithstanding the foregoing, the JSC may make recommendations to the parties for amendment of
this Agreement.

 

		f)	Decisions. Except as expressly set forth below with respect to certain of decisions of certain
of the Sub-Committees, the decisions of the Joint Steering Committee must be unanimous with representatives of Baxter having one
collective vote and representatives of Kamada having one collective vote. If a dispute arises regarding matters within the scope
of responsibilities of the Joint Steering Committee, and the Joint Steering Committee fails to reach a unanimous decision on its
resolution within thirty (30) days of when the dispute was first presented to the Joint Steering Committee, then the matter shall
be elevated through each Party’s respective senior management representatives for resolution. If the matter remains unresolved
fifteen (15) days after referral to such senior management representatives, it shall be resolved pursuant to the Alternative Dispute
Resolution procedures as set forth in this Agreement.

 

		1.2	Sub-Committees.

 

		a)	Generally. At its initial meeting, the JSC shall establish and appoint members to the Sub-Committees
set forth in this Section 1.2. Each such Sub-Committee shall hold its first meeting in person within thirty (30) days of
its formation at such location designated by the JSC.

 

    	 

    	 

    

 

		b)	Manufacturing Sub-Committee. The manufacturing sub-committee (the “MSC”)
shall be responsible for, among other things, management of all manufacturing activities related to the Product and the Baxter
Product. The MSC shall not have any responsibility regarding the manufacturing in the Kamada facility. Baxter and Kamada shall
have equal representation and equal voting on the MSC; provided, however, to the extent there is a deadlock Baxter shall have the
deciding vote to the extent not inconsistent with the BLA.

 

		c)	Regulatory Sub-Committee. The clinical/regulatory sub-committee (the “RSC”)
shall be responsible for, among other things, management of all regulatory activities related to the A1PI IV Product. Baxter and
Kamada shall have equal representation and equal voting on the RSC; provided, however, to the extent there is a deadlock, the BLA
Party shall have the deciding vote.

 

		d)	Clinical Sub-Committee. The clinical/regulatory sub-committee (the “CSC”)
shall be responsible for, among other things, management of all clinical activities related to the A1PI IV Product. Baxter and
Kamada shall have equal representation and equal voting on the CSC; provided, however, to the extent there is a deadlock, Baxter
shall have the deciding vote.

 

		e)	Pharmacovigilance/Safety Sub-Committee. The pharmacovigilance/safety sub-committee (the
“PSSC”) which shall have authority for any matters related to adverse events or issues relating to product quality
for the Product and the Baxter Product and shall be an independent safety/quality monitoring sub-team with no representation by
any of the commercial/marketing members from Baxter or Kamada. After the initial meeting required pursuant to this Section 1.2,
the PSSC shall meet as required. Baxter and Kamada shall have equal representation and equal voting on the PSC; provided, however,
to the extent there is a deadlock on a matter the BLA Party shall have the deciding vote.

 

		f)	Technology Transfer Sub-Committee. The Technology Transfer sub-committee (the “TTSC”)
shall be responsible for, among other things, management and execution of the Technology Sharing Plan. After the initial meeting
required pursuant to this Section 1.2, the TTSC shall meet as required to address any matters related thereto. Baxter and
Kamada shall have equal representation and equal voting on the TTSC; provided, however, to the extent there is a deadlock on a
matter the matter shall be elevated through the JSC for resolution.

 

		g)	Marketing and Sales Subcommittee. The Marketing and Sales sub-committee (the “MSSC”)
shall be responsible for, among other things, marketing and sales of the Product. After the initial meeting required pursuant to
this Section 1.2, the MSSC shall meet as required to address any matters related thereto. Baxter and Kamada shall have equal
representation and equal voting on the MSSC; provided, however, to the extent there is a deadlock on a matter, Baxter shall have
the deciding vote.

 

    	 

    	 

    

 

Exhibit 11.4(b)

 

Pharmacovigilance Agreement

 

[To be attached.]

 

    	 

    	 

    

 

Exhibit 18.7

Alternative Dispute Resolution

 

		(a)	The Parties shall attempt to resolve any and all disputes, claims or controversies arising out
of or relating to this Agreement promptly by negotiation between executives who have authority to settle the controversy. If such
disputes, claims or controversies are not resolved through such negotiation, then they shall be submitted to the International
Institute for Conflict Prevention and Resolution (the “CPR”) for mediation, and if the matter is not resolved through
mediation, for final and binding arbitration pursuant to the arbitration clause set forth below. Either Party may initiate arbitration
with respect to the matters submitted to negotiation by filing a written demand for arbitration at any time following the initial
negotiation session.

 

		(b)	To the extent not resolved by mediation, any dispute, claim or controversy arising out of or relating
to this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the
scope or applicability of this agreement to arbitrate, shall be determined by arbitration conducted in the English language. The
arbitration shall take place in New York, New York. The arbitration shall be administered by CPR pursuant to its Arbitration Rules
and Procedures. References herein to any arbitration rules or procedures mean such rules or procedures as amended from time to
time, including any successor rules or procedures, and references herein to the CPR include any successor thereto. The arbitration
shall be before three (3) arbitrators. Each Party shall designate one arbitrator in accordance with the “screened”
appointment procedure provided in Rule 5.4 of the CPR Rules. The two Party-appointed arbitrators will select the third, who will
serve as the panel’s chair or president. All three (3) arbitrators shall have experience in the area under dispute. This
arbitration provision, and the arbitration itself, shall be governed by the laws of the State of New York, and the Federal Arbitration
Act, 9 U.S.C. §§ 1-16.

 

		(c)	Consistent with the expedited nature of arbitration, each Party will, upon the written request
of the other Party, promptly provide the other with copies of documents on which the producing Party may rely in support of or
in opposition to any claim or defense. At the request of a Party, the arbitrators shall have the discretion to order examination
by deposition of witnesses to the extent the arbitrator deems such additional discovery relevant and appropriate. Depositions shall
be limited to a maximum of five per Party and shall be held within 45 days of the grant of a request. Additional depositions may
be scheduled only with the permission of the arbitrators, and for good cause shown. Each deposition shall be limited to a maximum
of one day’s duration. All objections are reserved for the arbitration hearing except for objections based on privilege and
proprietary or confidential information. The Parties shall not utilize any other discovery mechanisms, including international
processes and U.S. federal statutes, to obtain additional evidence for use in the arbitration. Any dispute regarding discovery,
or the relevance or scope thereof, shall be determined by the arbitrators, which determination shall be conclusive. All discovery
shall be completed within 60 days following the appointment of the arbitrators. All costs and/or fees relating to the retrieval,
review and production of electronic discovery shall be paid by the Party requesting such discovery.

 

    	 

    	 

    

 

		(d)	The panel of arbitrators shall have no power to award non-monetary or equitable relief of any sort.
The arbitrators will have no authority to award punitive or other damages not measured by the prevailing Party’s actual damages,
except as may be required by statute. Each Party expressly waives and foregoes any right to consequential, punitive, special, exemplary
or similar damages or lost profits. The arbitrators shall have no power or authority, under the CPR Rules for Non-Administered
Arbitration or otherwise, to relieve the Parties from their agreement hereunder to arbitrate or otherwise to amend or disregard
any provision of this Agreement. Subject to the provisions set forth in subsection (e) below, the award of the arbitrators shall
be final, binding and the sole and exclusive remedy to the Parties. Either Party may seek to confirm and enforce any final award
entered in arbitration, in any court of competent jurisdiction. The cost of the arbitration, including the fees of the arbitrators,
shall be borne by the Party the arbitrator determines has not prevailed in the arbitration.

 

		(e)	If an arbitral award does not contain an award of money damages in excess of [*****],
then the arbitral award shall not be appealable and shall only be subject to such challenges as would otherwise be permissible
under the Federal Arbitration Act, 9 U.S.C. §§ 1-16. In the event that the arbitration results in an arbitral award,
which imposes a monetary award in excess of [*****], such award may
be appealed to a tribunal of appellate arbitrators via the CPR Arbitration Appeal Procedure, whose determination shall be final.

 

		(f)	Except as may be required by law, neither a Party nor an arbitrator may disclose the existence,
content, or results of any arbitration hereunder without the prior written consent of both Parties.

 

 

[*****] Confidential portions of this document
have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Exhibit 18.12

Draft Press Release and Immediate Report

 

[To be attached.]Exhibit 10.2

 

 

 

TECHNOLOGY LICENSE AGREEMENT

 

BY AND AMONG

 

KAMADA LTD.

 

AND

 

BAXTER HEALTHCARE S.A.

 

DATED: AUGUST 23, 2010

  

    	 

    	 

    

 

TECHNOLOGY LICENSE AGREEMENT

 

THIS TECHNOLOGY
LICENSE AGREEMENT (this “Agreement”) is made and entered into as of 5:00 PM Eastern Daylight Time, August
23, 2010 (the “Effective Date”), by and among Kamada, Ltd., an Israeli corporation, having a principal place
of business at Science Park, Kiryat Weizmann, 7 Sapir Street, P.O. Box 4081, Ness Ziona 74140, Israel (“Kamada”)
and Baxter Healthcare SA (“Baxter”) a Swiss corporation having a principal place of business at Postfach, 8010,
Zurich, Switzerland.

 

RECITALS

 

WHEREAS, Baxter
is in the business of developing, making, marketing and selling biopharmaceutical products, including A1PI (as defined below);

 

WHEREAS, pursuant
to that certain exclusive manufacturing and distribution agreement by and between the Parties (or their Affiliates) dated as of
the date hereof (the “Distribution Agreement”), Kamada is willing to grant to Baxter the exclusive right to
distribute and sell the Product (as defined in the Distribution Agreement) in the Baxter Territory in the Field (as defined below);

 

WHEREAS, Kamada
owns certain intellectual property, confidential information, and regulatory licenses relating to the production of A1PI biopharmaceutical
products;

 

WHEREAS, Kamada
is willing to license this intellectual property to Baxter and Baxter is willing to accept a license to the intellectual property
on the terms set forth herein; and

 

WHEREAS, Kamada
is willing to assist Baxter in its development of the capability to implement Kamada’s production technology in Baxter’s
facility for the purpose of processing A1PI from human plasma derived Cohn fraction IV-1 for Baxter Products for sale in the Baxter
Territory.

 

NOW, THEREFORE,
in consideration of the foregoing and the covenants and promises contained in this Agreement and in accordance with and subject
to the terms and conditions specified below, the Parties agree as follows:

 

AGREEMENT

 

ARTICLE
1.    DEFINITIONS. In this Agreement, the terms set forth below with initial capital letters
shall have the meanings assigned to them, unless the context shall indicate a contrary intention.

 

		1.1	“Additional Development”
                                                               shall have the meaning set forth in Section ‎8.2.

 

		1.2	“Additional Indication
                                                               Development IP” shall have the meaning set forth in Section
                                                               ‎8.3.

 

    	1

    	 

    

 

		1.3	“Affiliate”
                                                               shall mean, with respect to either party, those entities controlled
                                                               by, in control of, or under common control with such Party. A corporation
                                                               or non-corporate business entity shall be regarded as in control
                                                               of another corporation or business entity (a) if it owns or directly
                                                               or indirectly controls a majority of the voting stock or other
                                                               ownership interest of the other entity, or (b) in the absence of
                                                               the ownership of a majority of the voting stock or other ownership
                                                               interest of such entity, if it possesses, directly or indirectly,
                                                               the power to direct or cause the direction of the management and
                                                               policies of such corporation or non-corporate business entity,
                                                               as applicable.

 

		1.4	“Affiliated Parties”
                                                               shall mean in respect of any specified Party, all Affiliates, directors,
                                                               officers, employees and Representatives of such Party.

 

		1.5	“A1PI” shall
                                                               mean human alpha-one antitrypsin, also known as alpha-one proteinase
                                                               inhibitor.

 

		1.6	“A1PI IV Product”
                                                               shall mean the Baxter Product under this Agreement and the Product
                                                               under the Distribution Agreement.

 

		1.7	“Baxter Facility”
                                                               shall mean any facility owned by or on behalf Baxter or an Affiliate
                                                               of Baxter that is used to manufacture the Baxter Product.

 

		1.8	“Baxter Indemnified Parties”
                                                               shall have the meaning set forth in Section ‎11.1.

 

		1.9	“Baxter Product”
                                                               shall mean any A1PI concentrate prepared by and/or on behalf of
                                                               Baxter, other than by Kamada and its Affiliates, from human plasma
                                                               IV-1 or IV-1+4 for intravenous administration that is encompassed
                                                               by a claim of the Kamada Licensed Patent Rights, or produced using
                                                               the Kamada Licensed Know-How.

 

		1.10	“Baxter Product IP”
                                                                shall have the meaning set forth in Section ‎4.6.

 

		1.11	“Baxter Product IP Option”
                                                                shall have the meaning set forth in Section ‎4.6.

 

		1.12	“Baxter Territory”
                                                                shall mean collectively the United States of America including
                                                                its territories and possessions, Canada, Australia and New Zealand.

 

		1.13	“Baxter Trademarks”
                                                                shall mean those trademarks developed by Baxter to market, offer
                                                                for sale, sell, and have sold Baxter Products, and trademarks
                                                                associated with Baxter and its affiliates as pharmaceutical manufacturing
                                                                entities.

 

		1.14	“Biological Materials”
                                                                shall mean those biological materials provided by Kamada to Baxter
                                                                as set forth in the Technology Sharing Plan.

 

		1.15	“BLA” shall
                                                                mean a biologics license application filed with the FDA pursuant
                                                                to 21 C.F.R. § 601.2 et seq., (or any foreign equivalent
                                                                filed) with the Regulatory Authorities in a country or territory
                                                                to obtain authorization to market A1PI IV Product in such country
                                                                or territory.

 

    	2

    	 

    

 

		1.16	“BLA Party”
                                                                shall mean, with respect to each BLA, the Party that owns or holds
                                                                such BLA pursuant to Section ‎7.2‎7.2(a).

 

		1.17	“BLA Supplement”
                                                                shall mean a supplement to a BLA Application filed with the FDA
                                                                pursuant to 21 C.F.R. § 601.2 et seq., (or any foreign equivalent)
                                                                filed with the Regulatory Authorities in a country or territory
                                                                to modify or amend the referenced BLA including, inter alia,
                                                                to add a Baxter Facility to the BLA.

 

		1.18	“CAPA” shall
                                                                have the meaning set forth in Section ‎7.4(a).

 

		1.19	“Claims” shall
                                                                have the meaning set forth in Section ‎11.1.

 

		1.20	“Commercially Reasonable
                                                                Efforts” shall mean the efforts and resources normally
                                                                used by the relevant Party to carry out such activities in a sustained
                                                                manner consistent with the efforts such Party uses for products
                                                                with similar market and profit potential and similar scientific,
                                                                technical, developmental and regulatory risks based on conditions
                                                                then prevailing.

 

		1.21	“Competitor”
                                                                shall mean any third party that operates in the blood plasma derivatives
                                                                and/or plasma fractionation space.

 

		1.22	“Confidential Information”
                                                                shall have the meaning set forth in Section ‎10.1.

 

		1.23	“Control” with
                                                                respect to any intellectual property shall mean the ability to
                                                                grant a license or sublicense as provided for herein without violating
                                                                the terms of any agreement or other arrangement with any Third
                                                                Party and, with respect to Know-How, also means that such intellectual
                                                                property is not known to the other Party prior to disclosure thereto,
                                                                nor freely available from the public domain or any Third Parties.

 

		1.24	“Distribution Agreement”
                                                                shall have the meaning set forth in the second recital hereto.

 

		1.25	“Effective Date”
                                                                shall have the meaning set forth in the preamble to this Agreement.

 

		1.26	“Exchange Rate”
                                                                shall mean with respect to any amount (in respect of which Royalties
                                                                or other amounts are payable under this Agreement), which is invoiced
                                                                or received (as applicable) in a currency other than U.S. Dollars,
                                                                the US Dollar equivalent of such amount converted according to
                                                                the closing rate on the last Friday of the month as published
                                                                by Bloomberg.

 

		1.27	“Extraordinary Reasons”
                                                                shall have the meaning set forth in Section ‎6.13;

 

		1.28	“FDA” shall
                                                                mean the U.S. Food and Drug Administration and any successor agency
                                                                thereto.

 

    	3

    	 

    

 

		1.29	“Field” shall
                                                                mean the use of an A1PI concentrate produced from human plasma
                                                                for intravenous administration in humans.

 

		1.30	“First Commercial Sale”
                                                                shall mean, with respect to any Baxter Product in any country,
                                                                the first arms-length sale by Baxter, an Affiliate of Baxter or
                                                                a Permitted Development and Commercialization Sublicensee, as
                                                                the case may be, of such Baxter Product to a Third Party in such
                                                                country; provided, however, that neither (a) transfers of Baxter
                                                                Product between Baxter and its Affiliates or among one or more
                                                                Baxter Affiliates nor (b) supply of Baxter Products for clinical
                                                                trial purposes, shall constitute a commercial sale.

 

		1.31	“Improvements”
                                                                shall mean improvements made to the manufacturing process and
                                                                formulations disclosed to Baxter by Kamada for the production
                                                                of A1PI from human plasma derived Cohn fraction IV-1 or IV-1+4,
                                                                as embodied in the Technology Sharing Documentation, whether embodied
                                                                in Patents or Know-How.

 

		1.32	“Indemnified Party”
                                                                shall have the meaning set forth in Section ‎11.3.

 

		1.33	“Indemnifying Party”
                                                                shall have the meaning set forth in Section ‎11.3.

 

		1.34	“Initial Royalty Rate”
                                                                shall have the meaning set forth in Section ‎5.2(a).

 

		1.35	“Kamada Additional Development
                                                                IP” shall have the meaning set forth in Section ‎8.4.

 

		1.36	“Kamada Facility”
                                                                shall mean any facility owned by or on behalf of Kamada that is
                                                                used to manufacture and supply A1PI IV Product.

 

		1.37	“Kamada Indemnified Parties”
                                                                shall have the meaning set forth in Section ‎11.2.

 

		1.38	“Kamada Licensed Know-How”
                                                                shall mean all Know-How Controlled by Kamada that pertains to
                                                                the production of an A1PI from human plasma derived Cohn fraction
                                                                IV-1 for intravenous administration, and all development, clinical,
                                                                and regulatory information associated with an A1PI-plasma-derived
                                                                product for intravenous administration.

 

		1.39	“Kamada Licensed Patent
                                                                Rights” shall mean claim(s) of (a) a Patent that is
                                                                owned or Controlled by Kamada which are necessary or useful for
                                                                Baxter to develop for manufacture, manufacture, and distribute
                                                                an A1PI concentrate prepared from human plasma derived Cohn fraction
                                                                IV-1 for intravenous administration, and that has not (i) expired
                                                                or been canceled, (ii) been declared invalid by an unreversed
                                                                and unappealable decision of a court or other appropriate body
                                                                of competent jurisdiction, (iii) been admitted to be invalid or
                                                                unenforceable through reissue, disclaimer, or otherwise or (iv)
                                                                been abandoned; or, (b) a Patent Application that is owned or
                                                                Controlled by Kamada that is intended to result in a Patent that
                                                                would be in the definition in (a) above. An initial list of Kamada
                                                                Licensed Patent Rights is attached as Exhibit ‎1.39
                                                                to this Agreement.

 

		1.40	“Kamada Territory”
                                                                shall mean all territories not included in the Baxter Territory.

 

    	4

    	 

    

 

		1.41	“Kamada Trademarks”
                                                                shall mean those trademarks owned by Kamada for A1PI concentrate
                                                                prepared from human plasma for intravenous administration registered
                                                                in the Baxter Territory, expressly including the trademark GLASSIATM.

 

		1.42	“Know-How”
                                                                shall mean all technical, scientific and other know-how, data,
                                                                materials, information, trade secrets, ideas, formulae, inventions,
                                                                discoveries, processes, machines, compositions of matter, improvements,
                                                                protocols, techniques, works of authorship, and results of experimentation
                                                                and testing (whether or not patentable) in written, electronic,
                                                                oral or any other form that is not known to the other Party prior
                                                                to disclosure thereto nor freely available from the public domain
                                                                or from Third Parties.

 

		1.43	“License” or
                                                                “Licenses” shall mean the licenses granted
                                                                by Kamada to Baxter under Section ‎4.1
                                                                and ‎4.2.

 

		1.44	“Litigation Award”
                                                                shall mean the proceeds of any settlement entered into with any
                                                                Third Party, or the award of monetary damages following legal
                                                                action against any Third Party, in each case resulting from the
                                                                enforcement of the Kamada Licensed Patent Rights by Kamada or
                                                                Baxter within the Field and in the Territory.

 

		1.45	“Milestone”
                                                                and “Milestone Payment” shall have the meanings
                                                                set forth in Section ‎5.3.

 

		1.46	“Minimum PV Information”
                                                                shall mean the following data elements: a reporter who is identifiable
                                                                by name, initials and/or address; an identifiable patient/subject
                                                                (i.e., identifiable by patient number, date of birth, age, or
                                                                gender); at least one suspected substance/medicinal product; at
                                                                least one suspected adverse drug event.

 

		1.47	“Minimum Royalty”
                                                                shall have the meaning set forth in Section ‎5.2(b).

 

		1.48	“Net Sales”
                                                                shall mean the gross revenues invoiced by Baxter, its Affiliates
                                                                and Permitted Commercialization Sublicensees (and by agents and
                                                                sub-distributors of Baxter with regards to sales of Product) in
                                                                connection with the sale, lease or other transfer for value of
                                                                a certain product as provided in this Agreement to Unaffiliated
                                                                Third Parties in any country within the Baxter Territory; in all
                                                                cases after deduction of:

 

		(a)	customary trade and quantity discounts
                                                                actually allowed and taken;

 

		(b)	[*****]
                                                                due to [*****] (and
                                                                not to exceed [*****]);

 

		(c)	[*****],
                                                                to the extent separately invoiced and charged and actually incurred
                                                                and paid by [*****] to [*****];

 

		(d)	[*****]
                                                                pursuant to [*****],
                                                                which require [*****] (including
                                                                [*****]); and

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	5

    	 

    

 

		(e)	[*****],
                                                                to the extent applicable to [*****],
                                                                and included [*****] and
                                                                actually paid, but only to the extent not deducted under (a) through
                                                                (d);

 

provided, that Baxter has advised
Kamada of any exceptional deductions prior to Baxter’s Royalty report under Section ‎5.6
of this Agreement. Notwithstanding the previous sentence, economic responsibility for Baxter Product recalls shall be determined
under Section ‎7.4 of this agreement.

 

		1.49	“Non-BLA Party”
                                                                shall mean, with respect to each BLA, the Party that does not
                                                                hold or own the BLA pursuant to Section ‎7.1.

 

		1.50	“Party” shall
                                                                mean Baxter or Kamada and “Parties” shall mean
                                                                Baxter and Kamada.

 

		1.51	“Paste Supply Agreement”
                                                                shall mean that certain Amended and Restated Fraction IV-1 Paste
                                                                Supply Agreement dated as of the date hereof between Baxter Healthcare
                                                                Corporation and Kamada.

 

		1.52	“Patent(s)”
                                                                means any claim in an issued patent including any extension, substitution,
                                                                registration, confirmation, reissue, supplemental protection certificate,
                                                                re-examination or renewal of such patent, to the extent said patent
                                                                is valid and enforceable (and in each case any foreign counterpart
                                                                thereto).

 

		1.53	“Patent Application(s)”
                                                                shall mean any claim in any present or future application for
                                                                letters patent, including a provisional application, converted
                                                                provisional application, continuation application, a continued
                                                                prosecution application, a continuation-in-part application, a
                                                                divisional application, a re-examination application, and a reissue
                                                                application (and in each case any foreign counterpart thereto).

 

		1.54	“Permitted Commercialization
                                                                Sublicensees” shall mean those persons or entities participating
                                                                in the import, use, sale or offer for sale of Baxter Product(s),
                                                                through a Sublicense from Baxter granted in compliance with the
                                                                terms and conditions of this Agreement.

 

		1.55	“Permitted Manufacturing
                                                                Sublicensees” shall mean those persons or entities participating
                                                                in the production process implementation, pre-clinical or clinical
                                                                development or manufacturing of Baxter Product(s), through a Sublicense
                                                                from Baxter granted in compliance with the terms and conditions
                                                                of this Agreement.

 

		1.56	“Permitted Sublicensees”
                                                                shall mean the Permitted Commercialization Sublicensees and the
                                                                Permitted Manufacturing Sublicensees.

 

		1.57	“Product Royalty Term”
                                                                shall have the meaning set forth in Section ‎5.2(a).

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	6

    	 

    

 

		1.58	“Regulatory Approval”
                                                                shall mean, in any country in the world, the registrations, authorizations
                                                                and approvals (including, but not limited to approvals of New
                                                                Drug Applications, Biologics License Applications, labeling and
                                                                reimbursement approvals), licenses (including, but not limited
                                                                to, product and/or establishment licenses, manufacturing sites)
                                                                supplements and amendments, pre- and post-approvals, of any national,
                                                                supra-national, regional, state or local regulatory agency, department,
                                                                bureau, commission, council or other Regulatory Authority or governmental
                                                                entity in such country (including the FDA), necessary for the
                                                                development (including the conduct of clinical trials), manufacture,
                                                                distribution, importation, exportation, transport, storage, marketing,
                                                                promotion, offer for sale, use, or sale of a product in such country.

 

		1.59	“Regulatory Authority”
                                                                shall mean any national, supra-national, regional, state or local
                                                                regulatory agency, department, bureau, commission, council or
                                                                other governmental entity in such country (including the FDA)
                                                                responsible for overseeing the development (including the conduct
                                                                of clinical trials), manufacture, distribution, importation, exportation,
                                                                transport, storage, marketing, promotion, offer for sale, use,
                                                                or sale of a Product in such country.

 

		1.60	“Regulatory Documentation”
                                                                shall mean those regulatory documents listed in the Technology
                                                                Sharing Plan.

 

		1.61	“Related Agreements”
                                                                shall mean the Distribution Agreement, the Paste Supply Agreement,
                                                                the Quality Agreement and the Pharmacovigilance Agreement.

 

		1.62	“Remedial Action”
                                                                shall have the meaning set forth in Section‎7.4(a)

 

		1.63	“Representatives”
                                                                shall mean the agents or advisors (including, without limitation,
                                                                attorneys, accountants, consultants, bankers and financial advisors)
                                                                of Baxter or Kamada, as applicable.

 

		1.64	“Royalties”
                                                                shall have the meaning set forth in Section ‎5.2(a).

 

		1.65	“Sublicense”
                                                                shall mean any right granted, license given, or agreement entered
                                                                into by Baxter conveying rights under the License to Unaffiliated
                                                                Third Parties that, in each case, meet the requirements set forth
                                                                in this Agreement to be a Permitted Sublicensee (whether or not
                                                                such grant of rights, license given or agreement entered into
                                                                is described as a sublicense or otherwise).

 

		1.66	“Technology Sharing Documentation”
                                                                shall mean the documentation set forth in the Technology Sharing
                                                                Plan.

 

		1.67	“Technology Sharing Plan”
                                                                shall mean the document setting forth the obligations of the Parties
                                                                with respect to the disclosure of A1PI processing technology and
                                                                provision of personnel support by Kamada to Baxter, attached as
                                                                Exhibit ‎1.67,
                                                                as may be amended by mutual agreement of the Parties in writing
                                                                from time to time.

 

    	7

    	 

    

 

		1.68	“Technology Sharing Term”
                                                                shall mean, subject to earlier termination pursuant to this Agreement,
                                                                the earlier of: (i) the [*****]
                                                                period of time following the Effective Date; or (ii) lots
                                                                FDA approval of the manufacturing of a Baxter Product.

 

		1.69	“Term” shall
                                                                have the meaning set forth in Section ‎12.1.

 

		1.70	“Third Party”
                                                                shall mean any entity other than Kamada, Baxter, a Permitted Sublicensee
                                                                of Baxter or their respective Affiliates, whether such Third Party
                                                                is a person, company, corporation, limited liability company,
                                                                partnership or other legal entity, or a division or operating
                                                                or business unit of such legal entity.

 

		1.71	“Transaction Documents”
                                                                shall mean, collectively, this Agreement and the Related Agreements.

 

		1.72	“Unaffiliated Third Party”
                                                                shall mean, with respect to Baxter, an entity, which is not an
                                                                Affiliate of Baxter and with respect to a Permitted Sublicensee,
                                                                an entity which is not an Affiliate of such Permitted Sublicensee.

 

		1.73	“US BLA” shall
                                                                have the meaning set forth in Section ‎7.1(a).

 

		1.74	“US BLA Supplement”
                                                                shall have the meaning set forth in Section ‎7.1(b).

 

ARTICLE
2.    TITLE. Subject only to the Licenses, and as between Baxter and Kamada, all right,
title and interest in and to the Kamada Licensed Patent Rights and Kamada Licensed Know-How and all right, title and interest
in and to any drawings, plans, diagrams, specifications, other documents, models, or any other physical matter in any way containing,
representing or embodying any of the foregoing, vest and shall vest in Kamada and, except as otherwise expressly set forth herein,
Baxter shall not have any claim thereto.

 

ARTICLE
3.    PATENTS, PATENT MAINTENANCE AND PATENT INFRINGEMENT, TRADEMARKS.

 

		3.1	Patent Prosecution and Maintenance.

 

		(a)	Generally. Notwithstanding
                                                                anything in this Agreement seemingly to the contrary, (i) the
                                                                rights and obligations of the Parties set forth in Sections
                                                                ‎3.1(a) through ‎(c)
                                                                shall apply only with respect to the Patents and Patent Applications
                                                                within the Kamada Licensed Patent Rights; and (ii) the rights
                                                                and obligations of the Parties set forth in Sections ‎3.1(a)
                                                                through ‎(c)
                                                                shall be effective as of the Effective Date. Kamada shall
                                                                update Exhibit ‎1.39
                                                                from time to time during the Term (but not less frequently
                                                                than annually) to include Patents of joint inventions between
                                                                inventors of Kamada and Baxter, and Patents solely of Kamada inventors,
                                                                in each case that relate to the Field, that arise after the Effective
                                                                Date and during and in connection with the performance of the
                                                                activities of this Agreement; provided, however, that Baxter shall
                                                                be entitled to all of the rights and benefits of any such Patents
                                                                to which it is entitled under this Agreement, notwithstanding
                                                                the delay or failure of Kamada to so update Exhibit ‎1.39.
                                                                Kamada shall be responsible for the maintenance of the Patents
                                                                within the scope of the Kamada Licensed Patent Rights and the
                                                                prosecution of any additional Patent Applications included within
                                                                the scope of the Kamada Licensed Patent Rights. Kamada shall bear
                                                                and pay all costs and fees related to the preparation, filing,
                                                                prosecution, maintenance and the like of all such Patents and
                                                                Patent Applications. Kamada shall consider the interests of Baxter
                                                                in its preparation, filing, prosecution, maintenance and the like
                                                                of all such Patents and Patent Applications.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	8

    	 

    

 

		(b)	Baxter’s Rights upon
                                                                Cessation of Prosecution/Maintenance. In the event that Kamada
                                                                reasonably decides that it will not continue to prosecute a Patent
                                                                Application and/or maintain a Patent within the scope of the Kamada
                                                                Licensed Patent Rights in a jurisdiction, then Kamada shall provide
                                                                written notice to Baxter. If requested by Baxter, the Parties
                                                                will meet to discuss the Kamada position, which discussions will
                                                                include outside patent counsel for either or both Parties at the
                                                                request of either Party. Kamada agrees to reasonably consider
                                                                the position of Baxter with respect to Kamada’s decision
                                                                not to continue prosecution/maintenance. If, following such discussions,
                                                                Kamada declines to change its position with respect to prosecution/maintenance,
                                                                then Baxter, in its discretion, may elect to continue to prosecute
                                                                such Patent Application and/or maintain such Patent in such jurisdiction
                                                                at its own cost and expense. Baxter shall notify Kamada in writing
                                                                of Baxter’s election to file and/or continue to prosecute
                                                                such Patent Application and/or maintain such Patent in any such
                                                                jurisdiction, at Baxter’s expense. In the event of a Baxter
                                                                election pursuant to this Section ‎3.1
                                                                to prosecute/maintain any Patent Application and any Patents
                                                                resulting therefrom, then such Patent Application and any Patents
                                                                resulting therefrom shall be included within the Kamada Licensed
                                                                Patent Rights for all purposes of this Agreement and such Patent
                                                                Application and any Patents resulting there from shall be owned
                                                                by Kamada and added to Exhibit ‎1.39.
                                                                Nothing in this Section ‎3.1‎(b)
                                                                shall relieve Kamada of its obligation to maintain the Kamada
                                                                Licensed Patent Rights once granted, nor allow Kamada to discontinue
                                                                prosecution of Kamada Licensed Patent Rights for the sole reason
                                                                of the cost of prosecution.

 

		(c)	Assistance; Baxter Right to
                                                                Comment.

 

(i)          Kamada
shall provide to Baxter a copy of any Patent Application that is within the Kamada Licensed Patent Rights that is being prepared
for filing with any patent office in the Baxter Territory no later than [*****] prior to
filing of said Patent Application. Baxter shall have the right to comment on any Patent Application received from Kamada. Baxter
shall provide any such comments reasonably in advance of the filing date to permit Kamada to consider such comments and complete
the filing in a timely manner. Kamada shall reasonably consider Baxter’s comments in preparing said Patent Application for
filing but will have discretion whether to accept or reject Baxter’s comments.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	9

    	 

    

 

(ii)         Kamada
shall provide to Baxter a copy of all substantive paper(s) received from any patent office anywhere in the world related to the
prosecution and maintenance of any Patent Application within the Kamada Licensed Patent Rights in the Baxter Territory. If Kamada
fails to provide a substantive paper(s) in a timely manner, Kamada shall provide to Baxter a reasonable explanation for such failure
and such failure, standing on its own, shall not be considered a material breach. No later than [*****]
prior to filing a substantive response related to any Patent Application within the Kamada Licensed Patent Rights, Kamada
shall provide to Baxter a draft response, and afford Baxter an opportunity to provide any comments Baxter may have. Baxter shall
provide any such comments reasonably in advance of the filing date to permit Kamada to complete the filing in a timely manner.
Kamada shall reasonably consider Baxter’s comments prior to finalizing and submitting the response but will have discretion
whether to accept or reject Baxter’s comments.

 

		3.2	Patent Enforcement. Within
                                                               and outside the Field, Kamada shall have the primary right, but
                                                               not the obligation, to carry out actions against any Third Party
                                                               arising from such Third Party’s actual or anticipated infringement
                                                               of any Patent(s) within the scope of the Kamada Licensed Patent
                                                               Rights or defend against a Third Party’s declaratory judgment
                                                               action alleging the invalidity, unenforceability or non-infringement
                                                               of any Patent(s) within the scope of the Kamada Licensed Patent
                                                               Rights, at Kamada’s expense. If Kamada determines that Baxter
                                                               is an indispensable party to the action, Kamada shall provide written
                                                               notice to Baxter and Baxter hereby consents to participate in such
                                                               action. In such event, Baxter shall have the right to be represented
                                                               in such action using counsel of its own choice, at its own expense.
                                                               If Kamada brings an action within the Baxter Territory for infringement
                                                               by a Third Party within the Field that results in a Litigation
                                                               Award, then the Litigation Award shall be shared by the Parties
                                                               as provided in Section ‎5.4.
                                                               Any recovery against a Third Party by Kamada in an action relating
                                                               to infringement outside the Field and/or outside the Baxter Territory
                                                               shall be retained by Kamada to the extent such recovery addresses
                                                               such infringement outside the Field and/or outside the Baxter Territory.
                                                               Notwithstanding the foregoing, Kamada agrees that it shall not
                                                               enter into any settlement, consent, order, consent judgment or
                                                               other voluntary final disposition of any action it brings under
                                                               this Section ‎3.2
                                                               relating to the Field and in the Baxter Territory without the prior
                                                               written consent of Baxter (which consent shall not be unreasonably
                                                               withheld, conditioned or delayed).

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	10

    	 

    

 

		3.3	Failure of Kamada to Enforce
                                                               Patents.

 

		(a)	If Kamada (i) fails to bring an
                                                                action for infringement within the Baxter Territory and the Field
                                                                by a Third Party of a Patent within the scope of the Kamada Licensed
                                                                Patent Rights within a period of [*****]
                                                                after providing written notice to or receiving written
                                                                notice from Baxter of the possibility of pursuing such an action,
                                                                including the evidence supporting such possible action; (ii) notifies
                                                                Baxter in writing prior to the expiration of such [*****]
                                                                period that Kamada declines to bring an action for infringement
                                                                within the Field and in the Baxter Territory; or, (iii) notifies
                                                                Baxter in writing that it will not defend a declaratory judgment
                                                                action brought by a Third Party alleging the invalidity, unenforceability
                                                                or non-infringement of any Patent(s) within the scope of the Kamada
                                                                Licensed Patent Rights within the Field and the Baxter Territory;
                                                                then, Baxter shall have the right, but not the obligation, to
                                                                bring and control any such action using counsel of its own choice,
                                                                at its own expense on no less than [*****]
                                                                prior written notice to Kamada.

 

		(b)	If Baxter determines that Kamada
                                                                is an indispensable Party to the action, Baxter shall provide
                                                                written notice to Kamada and Kamada shall consent to participate
                                                                in such action. To the extent that Kamada participates in such
                                                                action and Kamada consents to be represented by counsel of Baxter’s
                                                                choosing, Baxter shall pay Kamada’s reasonable expenses
                                                                resultant from such action. In the event that Kamada participates
                                                                in such an action, but does not consent to representation by counsel
                                                                selected by Baxter, Kamada shall have the right to be represented
                                                                in such action using counsel of its own choice at its own expense.
                                                                Baxter shall have no right to bring an action for infringement
                                                                by a Third Party outside the Field or the Baxter Territory of
                                                                any Patent within the scope of the Kamada Licensed Patent Rights.

 

		(c)	If Baxter brings an action for
                                                                infringement or misappropriation by a Third Party under Section
                                                                ‎3.3(a)(i) or (ii), or
                                                                defends a declaratory judgment action brought by a Third Party
                                                                alleging the invalidity, unenforceability or non-infringement
                                                                of any Patent(s) within the scope of the Kamada Licensed Patent
                                                                Rights under Section 3.3(a)(iii) (in either case,
                                                                with or without participation by Kamada), that results in a Litigation
                                                                Award for damages within the Baxter Territory and the Field, then
                                                                the Litigation Award shall be shared by the Parties as provided
                                                                in Section ‎5.4.
                                                                Any Litigation Award, or portion of a Litigation Award, which
                                                                is for damages outside the Field or Baxter Territory shall be,
                                                                as between the Parties, the exclusive property of Kamada.

 

		(d)	Notwithstanding the foregoing,
                                                                Baxter agrees that it shall not enter into any settlement, consent,
                                                                order, consent judgment or other voluntary final disposition of
                                                                any action it brings under this Section ‎3.3
                                                                without the prior written consent of Kamada (which consent
                                                                shall not be unreasonably withheld, conditioned or delayed).

 

		3.4	Patent Defense. If, as the
                                                               result of an action brought by Baxter under Section 3.3,
                                                               a Third Party raises a defense or otherwise alleges the invalidity
                                                               or unenforceability of any of the Patent rights contained within
                                                               the scope of the Kamada Licensed Patent Rights being asserted in
                                                               such action, Baxter shall consult with Kamada regarding the defense
                                                               of the invalidity claim and Baxter shall reasonably consider Kamada’s
                                                               comments in defending such claim. Notwithstanding the foregoing,
                                                               Baxter agrees that it shall not enter into any settlement, consent,
                                                               order, consent judgment or other voluntary final disposition of
                                                               any action referred to under this Section ‎3.4
                                                               without the prior written consent of Kamada (which consent
                                                               shall not be unreasonably withheld, conditioned or delayed).
                                                               

 

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		3.5	Notices Regarding Patent Actions.
                                                               Each Party shall keep the other Party informed and shall promptly
                                                               provide copies to such other Party of all documents regarding all
                                                               such claims, notices, actions or proceedings instituted by or against
                                                               such other Party as contemplated under any of the provisions of
                                                               this ‎ARTICLE
                                                               3.

 

ARTICLE
4.    LICENSES.

 

		4.1	Grant of Licenses.

 

		(a)	(i)          Kamada
                                                                hereby grants to Baxter and its Affiliates a worldwide, royalty-bearing
                                                                license within the Field, with the right to Sublicense (but only
                                                                by Baxter) to Permitted Manufacturing Sublicensees as provided
                                                                in Section ‎4.3
                                                                below, under the Kamada Licensed Patent Rights and Kamada Licensed
                                                                Know-How, to develop, make, have made, import, export, and use
                                                                Baxter Product(s); provided, that such license shall only be exclusive
                                                                within the Baxter Territory, and provided, further, that such
                                                                imports, exports and use do not involve directly or indirectly
                                                                marketing and distribution of Baxter Products outside the Baxter
                                                                Territory. Baxter may Sublicense the license granted under this
                                                                Section ‎4.1(a)(i)
                                                                to Permitted Manufacturing Sublicensees, only for the purposes
                                                                of furthering development and manufacture of Baxter Products by
                                                                Baxter under this Agreement, and no Permitted Research and Manufacturing
                                                                Sublicensee shall be permitted to independently, or through Third
                                                                Parties, develop or manufacture A1PI products under the Sublicense.

(ii) Kamada also grants to Baxter and its Affiliates an exclusive, royalty-bearing license within the Field, with the right to
Sublicense (but only by Baxter) to Permitted Commercialization Sublicensees as provided in Section ‎4.3
below, under the Kamada Licensed Patent Rights and Kamada Licensed Know-How to sell, offer for sale, have sold, and otherwise
distribute and market Baxter Product in the Field in the Baxter Territory. Kamada shall not, prior to termination or expiration
of this Agreement, directly or indirectly sell, have sold, or otherwise distribute, or license the Kamada Licensed Patent Rights
and Kamada Licensed Know-How to any Third Party to sell, offer for sale, have sold, and otherwise distribute and market, any A1PI
product for intravenous administration in the Field in the Baxter Territory. For the avoidance of doubt, Baxter shall have no
right to sell, have sold, offer for sale or otherwise market any product that is encompassed by a claim of the Kamada Licensed
Patent Rights, or produced using the Kamada Licensed Know-How, in the Kamada Territory or outside the Field.

 

		(b)	As of the Effective Date, Kamada
                                                                hereby grants to Baxter an exclusive right within the Field to
                                                                enforce the Kamada Licensed Patent Rights in the Baxter Territory
                                                                pursuant to the terms, and subject to the limitations and rights
                                                                reserved to Kamada as expressly set forth in this Agreement, including,
                                                                without limitation Sections ‎3.2
                                                                through ‎3.5,
                                                                and Section ‎5.4.

 

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		4.2	Duration of Licenses. The
                                                               Licenses granted to Baxter in Section 4.1 shall commence
                                                               on the Effective Date and, unless otherwise agreed by the Parties
                                                               in writing, shall terminate upon the effective termination of this
                                                               Agreement; provided that if, and only if, the termination of this
                                                               Agreement occurs by expiration at the end of the Product Royalty
                                                               Term, then effective upon such termination (i) Kamada hereby grants
                                                               to Baxter a fully paid-up, non-exclusive, royalty-free, perpetual,
                                                               non-cancellable, license, with rights to Sublicense, under the
                                                               Kamada Licensed Patent Rights and the Kamada Licensed Know-How
                                                               to develop, make, have made, import, export, use, sell, offer for
                                                               sale and have sold the Baxter Products in the Field in accordance
                                                               with this Agreement and (ii) Kamada covenants that it shall not
                                                               thereafter attempt to enforce against Baxter, its Affiliates or
                                                               Permitted Sublicensees any of the Kamada Licensed Patent Rights
                                                               in the Field.

 

		4.3	Sublicensing.

 

		(a)	Baxter (but not its Affiliates)
                                                                shall be permitted, pursuant to the Licenses granted to Baxter
                                                                in Section ‎4.1(a)
                                                                 of this Agreement, to grant Sublicenses to Permitted Sublicensees;
                                                                provided, however, that any such sublicensing by Baxter is in
                                                                compliance with the requirements and restrictions of this Section
                                                                ‎4.3. Any Sublicense
                                                                granted by Baxter that is not in compliance with the requirements
                                                                and restrictions of this Section ‎4.3
                                                                shall be null and void.

 

		(b)	Any Sublicense granted to any
                                                                Permitted Commercialization Sublicensee or Permitted Manufacturing
                                                                Sublicensee shall be subject to all of the following requirements:
                                                                (i) any such Sublicense shall be subject to all of the terms and
                                                                conditions of this Agreement; (ii) all Permitted Sublicensees
                                                                shall acknowledge and agree in writing that such Permitted Sublicensee
                                                                will abide by all of the terms and conditions of this Agreement
                                                                and that such Permitted Sublicensee shall be directly liable to
                                                                Kamada, jointly and severally with Baxter, for any breach of this
                                                                Agreement by such Permitted Sublicensee and that the sublicense
                                                                granted to each such Permitted Sublicensee will automatically
                                                                terminate upon termination of this Agreement; (iii) prior to granting
                                                                any such Sublicense, Baxter shall notify Kamada of the identity
                                                                of the proposed Permitted Sublicensee and the scope of the Sublicense
                                                                to be granted. No Permitted Sublicensees shall have the right
                                                                to grant further Sublicenses. Baxter may Sublicense the license
                                                                granted under Section ‎4.1(a)(i)
                                                                to Permitted Manufacturing Sublicensees only for the purposes
                                                                of furthering development and manufacture of Baxter Products by
                                                                Baxter under this agreement, and no Permitted Research and Manufacturing
                                                                Sublicensee shall be permitted to independently, or through Third
                                                                Parties, develop or manufacture A1PI products under the Sublicense.

 

		(c)	Notwithstanding the foregoing,
                                                                Baxter’s grant of any Sublicense shall not relieve Baxter
                                                                from any of its obligations under this Agreement and Baxter shall
                                                                remain liable for any breach of this Agreement by a Permitted
                                                                Sublicensee (and Baxter shall be jointly and severally liable
                                                                for any breach of this Agreement or any Sublicense agreement by
                                                                any Permitted Sublicensee). Further, for the avoidance of doubt,
                                                                Baxter agrees that it shall not grant a Sublicense of any License
                                                                granted in this Agreement for the purpose of permitting such Permitted
                                                                Sublicensee to independently develop or commercialize any Baxter
                                                                Product.

 

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		4.4	Kamada Rights and Limitations.

 

		(a)	Notwithstanding anything to the
                                                                contrary in this Agreement, and without limiting any other retained
                                                                rights, the Licenses granted by Kamada to Baxter under Section
                                                                ‎4.1 shall be subject
                                                                to the rights retained by Kamada and its Affiliates to practice,
                                                                outside of the Field, the Kamada Licensed Patent Rights and Kamada
                                                                Licensed Know-How for any purposes, including the research, development,
                                                                manufacture and commercialization of products, whether itself
                                                                or with or for others. Notwithstanding anything to the contrary
                                                                in this Agreement, Baxter hereby covenants not to develop manufacture
                                                                sell, or have sold, an Alpha 1 – Proteinase Inhibitor inhaled
                                                                product developed or manufactured using the Kamada Licensed Patents
                                                                and/or the Kamada Licensed Know-How, absent a license from Kamada
                                                                expressly authorizing Baxter to do so (which license is not granted
                                                                hereunder). Baxter also covenants not to make or cause to be made
                                                                any regulatory filings with respect to an Alpha 1 – Proteinase
                                                                Inhibitor inhaled product developed or manufactured using the
                                                                Kamada Licensed Patents and/or the Kamada Licensed Know-How, or
                                                                any or intellectual property filings which specifically claim
                                                                an Alpha 1 – Proteinase Inhibitor inhaled product developed
                                                                or manufactured using the Kamada Licensed Patents and/or the Kamada
                                                                Licensed Know-How, without the prior and express written consent
                                                                of Kamada (which consent is not granted hereunder). Baxter shall
                                                                promptly upon the request of Kamada assign to Kamada any and all
                                                                intellectual property and regulatory filings obtained by Baxter
                                                                in violation of this paragraph. Any breach of this paragraph,
                                                                in whole or in part, shall constitute a material breach hereof.
                                                                This Section ‎4.4 shall
                                                                survive after the date on which this Agreement has been terminated
                                                                or expired under Section ‎12.1.

 

		(b)	If Baxter files an application
                                                                for marketing authorization of a product which Kamada believes
                                                                to be in violation of this Agreement, Kamada shall have the right
                                                                to audit Baxter’s production process for that product. Such
                                                                audit shall be upon written request by Kamada, after which the
                                                                parties shall agree on a timetable for the submission of Baxter’s
                                                                production process documentation to Kamada by Baxter, no later
                                                                than [*****] after
                                                                such written notice. The audit shall be conducted under the terms
                                                                of a separate confidentiality agreement between the Parties. After
                                                                Kamada has reviewed the production process documentation, the
                                                                parties shall confer on the results of Kamada’s audit. For
                                                                clarity, it is agreed that the provisions of this paragraph or
                                                                the results of the audit shall not limit Kamada’s rights
                                                                to enforce its rights or the provisions of this Agreement if it
                                                                believes them to have been infringed or breached.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		4.5	Cross-License to Improvements.
                                                               Baxter and/or Kamada may make Improvements. Such Improvements,
                                                               and all intellectual property resulting therefrom, shall be the
                                                               property of the Party which makes the Improvement. All Improvements
                                                               made by Kamada by the earlier of (i) the end of the Product Royalty
                                                               Term or (ii) the termination of this Agreement, shall be deemed
                                                               Kamada Licensed Patent Rights or Kamada Licensed Know-How, and
                                                               shall be included in the licenses in this ‎ARTICLE
                                                               4 for no additional consideration. All Improvements made by
                                                               Baxter by the earlier of (i) the end of the Product Royalty Term
                                                               or (ii) the termination of this Agreement, shall be licensed by
                                                               Baxter to Kamada, as a fully paid-up, perpetual, royalty-free license,
                                                               with the right to sublicense, to develop, have developed, import,
                                                               export, use, manufacture, have manufactured, market, have marketed,
                                                               distribute, have distributed, offer for sale or have offered for
                                                               sale, sold, or have sold in the Kamada Territory and in the Baxter
                                                               Territory, A1PI products, but in the Baxter Territory only (i)
                                                               for or to Baxter and its Affiliates; (ii) for A1PI products which
                                                               are not A1PI IV Products or (iii) for any A1PI products following
                                                               the termination of this Agreement, unless this Agreement is terminated
                                                               by Baxter under Sections ‎12.2(b),
                                                               for no additional consideration. The rights acquired by the Parties
                                                               in this Section ‎4.5 shall
                                                               survive termination or expiration of this Agreement.

 

		4.6	Kamada Option to Non-Improvement,
                                                               Non-Additional Indication Development IP. If, during the Product
                                                               Royalty Term, Baxter makes intellectual property in the form of
                                                               Patents or Know-How for Baxter Products which are not Improvements
                                                               or Additional Indication Development IP (as defined in Section
                                                               ‎8.3, below) (“Baxter
                                                               Product IP”), then such Baxter Product IP shall be promptly
                                                               disclosed to Kamada and Kamada shall have an option to license
                                                               such Baxter Product IP from Baxter for the production of A1PI products
                                                               to be marketed, offered for sale, sold, or have sold in the Kamada
                                                               Territory (“Baxter Product IP Option”). Such
                                                               Baxter Product IP Option shall be for a period starting upon disclosure
                                                               of Baxter Product IP to Kamada by Baxter, and ending [*****]
                                                               years from such disclosure to Kamada. If, during the Baxter
                                                               Product IP Option period, Kamada exercises the option by written
                                                               notice to Baxter, the Parties shall enter into licensing negotiations
                                                               in good faith to license the Baxter Product IP to Kamada under
                                                               reasonable terms.

 

		4.7	Trademarks.

 

		(a)	Kamada grants to Baxter a non-exclusive,
                                                                royalty-free license to use Kamada Trademarks for the sole purpose
                                                                of marketing, offering for sale, selling, having sold, advertising
                                                                and promoting Baxter Products under this Agreement. Such license
                                                                shall not be transferable in whole or in part, except as permitted
                                                                in Section ‎4.3.
                                                                Such license shall terminate upon the termination or expiration
                                                                of this Agreement.

 

		(b)	Kamada shall be solely responsible
                                                                for selecting, registering and enforcing Kamada Trademarks and,
                                                                except as otherwise expressly set forth in this Agreement, shall
                                                                have sole and exclusive rights in and ownership of such Kamada
                                                                Trademarks.

 

		(c)	Baxter shall have the right to
                                                                develop Baxter Trademarks for use in marketing, offering for sale,
                                                                selling, and having sold Baxter Products under this Agreement.
                                                                Baxter shall be solely responsible for selecting, registering
                                                                and enforcing Baxter Trademarks and shall have sole and exclusive
                                                                rights in such Baxter Trademarks.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		(d)	Upon termination of this Agreement,
                                                                unless Baxter terminates the Agreement pursuant to Section
                                                                ‎12.2(b) or ‎12.2(c),
                                                                Baxter shall promptly assign or cause to be assigned to Kamada
                                                                all Baxter Trademarks that Baxter or any of its Affiliates owns
                                                                and/or has developed in a country within the Baxter Territory
                                                                with respect to such country, unless Baxter has marketed products
                                                                that are not A1PI IV Products with such Baxter Trademark in such
                                                                country or unless the Distribution Agreement with respect to such
                                                                country is in effect. For the avoidance of doubt, if Baxter commercially
                                                                uses the trademark on one or more products in addition to the
                                                                Baxter Product, Baxter shall not be obligated to assign such trademark
                                                                to Kamada.

 

ARTICLE
5.    FINANCIAL CONSIDERATIONS. 

 

		5.1	Generally. The Parties have
                                                               determined that, for their convenience, appropriate consideration
                                                               for Baxter’s use of the Kamada Licensed Patent Rights and
                                                               Kamada Licensed Know-How shall be the Milestone Payments, and a
                                                               royalty paid on the Net Sales of Baxter Product for defined, date
                                                               certain periods, [*****].  

 

		5.2	Royalties.

 

		(a)	Royalty Rates and Term.
                                                                Baxter shall pay Kamada royalties on Net Sales of Baxter Products
                                                                as provided in this Section ‎5.2
                                                                (collectively “Royalties”). Baxter shall
                                                                pay Kamada Royalties of [*****]
                                                                of Net Sales of the Baxter Product (the “Initial
                                                                Royalty Rate”) until the [*****]
                                                                year anniversary of the Effective Date. Beginning after
                                                                the [*****] year anniversary
                                                                of the Effective Date, Baxter shall pay Kamada Royalties of [*****]
                                                                of Net Sales of the Baxter Product until the [*****]
                                                                anniversary of the Effective Date. The period from the
                                                                Effective Date until the [*****]
                                                                 anniversary of the Effective Date is the “Product
                                                                Royalty Term.”

 

		(b)	Minimum Annual Royalties.
                                                                Beginning upon the earlier of (i) the year of the First Commercial
                                                                Sale or (ii) as specified in Section 4.5 of the Distribution Agreement,
                                                                the minimum annual Royalty payable by Baxter to Kamada in each
                                                                calendar year during the Product Royalty Term (the “Minimum
                                                                Royalty”) shall be
                                                                Five Million Dollars ($5,000,000); provided that: the Minimum Royalty for the year
                                                                of the First Commercial Sale shall be prorated to the portion
                                                                of the year after the First Commercial Sale.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	16

    	 

    

 

		(c)	Royalty Stacking. To the
                                                                extent Baxter reasonably determines, following consultations with
                                                                Kamada that it is obligated to or that it is commercially reasonable
                                                                to obtain a license for any intellectual property from a Unaffiliated
                                                                Third Party in order to commercialize a Baxter Product in the
                                                                Field in the Baxter Territory, subject to Kamada’s prior
                                                                written consent, which shall not be unreasonably withheld or delayed,
                                                                Baxter may reduce the Royalty applicable to such Baxter Product
                                                                by an amount up to [*****]
                                                                of the royalty payable to such third party; provided, however,
                                                                that in no case shall such reduction (or the aggregate reduction
                                                                if multiple third party licenses are required) exceed [*****]
                                                                of the Initial Royalty Rate and, provided further, that
                                                                the Royalty applicable to any Baxter Product shall not be reduced
                                                                by any such royalties payable to such Unaffiliated Third Party
                                                                to the extent that such royalties are for intellectual property
                                                                connected with human plasma IV-1+4 or related to the production
                                                                of Baxter Product with human plasma IV 1+4.

 

		(d)	Diligence – Commercial
                                                                Launch. Baxter shall use Commercially Reasonable Efforts to
                                                                (i) have, by [*****], a production
                                                                line dedicated to the production of the Baxter Product and (ii)
                                                                launch the Baxter Product in the United States of America, no
                                                                later than [*****].

 

		5.3	Milestones. In consideration
                                                               of the undertakings by Kamada pursuant to this Agreement, and the
                                                               grant of the License by Kamada to Baxter hereunder, Baxter agrees
                                                               that it shall, within [*****]
                                                               after Kamada’s written notice of the achievement of
                                                               the applicable milestone set forth below (each a “Milestone”),
                                                               pay to Kamada the applicable non-refundable, non-creditable milestone
                                                               amount (each, a “Milestone Payment”) set forth
                                                               below adjacent to such activity. Milestone Payments are not guaranteed
                                                               payments, and Baxter shall not be obligated to make a Milestone
                                                               Payment unless all conditions precedent to such Milestone Payment
                                                               have been fully satisfied.

 

	Milestone	 	Milestone Payment (USD)
	[*****]	 	[*****]

 

		5.4	Litigation Awards. The Parties
                                                               shall equally share any Litigation Award after each Party has been
                                                               fully reimbursed for all out-of-pocket fees and expenses incurred
                                                               in connection with the legal action.

 

		5.5	Payment of Royalties and Litigation
                                                               Awards.

 

		(a)	Royalties payable to Kamada pursuant
                                                                to this Agreement shall be paid to Kamada in U.S. Dollars, on
                                                                a [*****]
                                                                basis no later than [*****]
                                                                after the end of each such [*****],
                                                                commencing with the first [*****]
                                                                in which any Net Sales of Baxter Products are made. No
                                                                later than [*****]
                                                                after the end of any calendar year following the First
                                                                Commercial Sale, if the Minimum Royalties due for such year exceed
                                                                the Royalties paid for such year, such excess amount shall be
                                                                paid to Kamada. The recipient of any Litigation Award proceeds
                                                                shall pay the amount due to the other Party in accordance with
                                                                the allocation described in Section ‎5.4
                                                                within [*****]
                                                                business days of receipt thereof. All amounts not paid
                                                                when due under this Agreement shall bear interest at the rate
                                                                of [*****],
                                                                compounded [*****]
                                                                or, if less, the highest rate allowable by applicable law,
                                                                from the due date until the date of payment.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	17

    	 

    

 

		(b)	With respect to Net Sales of Baxter
                                                                Products invoiced in a currency other than U.S. Dollars, the Net
                                                                Sales of Baxter Products and corresponding Royalties payable shall
                                                                be expressed in the report provided pursuant to Section ‎5.6
                                                                in the domestic currency of the party making the sale as well
                                                                as in the U.S. Dollar equivalent of the Net Sales of Baxter Products
                                                                and corresponding Royalties payable and the Exchange Rate used
                                                                in determining the amount of U.S. Dollars.

 

		5.6	Reporting. Baxter shall
                                                               submit to Kamada no later than [*****]
                                                               after the end of each [*****],
                                                               commencing with the first [*****]
                                                               in which any Net Sales of Baxter Products are made, a report
                                                               setting out all amounts owing to Kamada in respect of such previous
                                                               calendar quarter to which the report refers, including: (a) the
                                                               aggregate Net Sales of Baxter Products made by Baxter, its Affiliates
                                                               and Permitted Commercialization Sublicensees, including a breakdown
                                                               of Net Sales of Baxter Products by country, currency of sales,
                                                               number and type of Baxter Products sold; (b) deductions applicable,
                                                               as provided in the definition of Net Sales; and (c) any other matter
                                                               necessary to enable the determination of the amounts payable hereunder.
                                                               Baxter will ensure that all calculations and reports to be provided
                                                               to Kamada are prepared in accordance with applicable generally
                                                               accepted accounting principles consistently applied by Baxter,
                                                               and consistent with the financial statements and public reporting
                                                               of Baxter.

 

		5.7	Audit. At Kamada’s
                                                               expense, and no more than [*****]
                                                               each [*****],
                                                               Kamada shall be entitled to appoint a Third Party representative
                                                               to inspect, during normal business hours and upon no less than
                                                               [*****]
                                                               advance written notice, Baxter’s and Baxter’s
                                                               Affiliates’ and Permitted Commercialization Sublicensees’
                                                               books of account, records and other documentation to the extent
                                                               necessary for the verification of the amounts due to Kamada under
                                                               this Agreement. Upon receipt of written notice, Baxter and Kamada
                                                               shall confer to agree upon an acceptable date for the audit, taking
                                                               into account normal activities of Baxter’s finance function
                                                               (e.g., quarter end and year end activities). In the event that
                                                               any such inspection reveals any underpayment by Baxter to Kamada
                                                               in respect of any year of the Agreement in an amount exceeding
                                                               [*****]
                                                               of the amount actually paid by Baxter to Kamada in respect
                                                               of such year then Baxter shall (in addition to paying Kamada the
                                                               shortfall), bear the costs of such inspection.

 

		5.8	Taxes.  All amounts
                                                                 due to Baxter or Kamada hereunder [*****];
provided, however,
                                                                 that the Parties shall cooperate to minimize any tax liability,
                                                                 provided, however, that the payor shall deduct any applicable
                                                                 withholding taxes or similar mandatory government charges levied
                                                                 by any governmental jurisdiction from the amount due to the payee
                                                                 hereunder.  Baxter and Kamada will cooperate in obtaining
                                                                 any necessary documentation required under applicable tax law,
                                                                 regulation, or intergovernmental agreement.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	18

    	 

    

 

ARTICLE
6.    TECHNOLOGY SHARING.

 

		6.1	Notwithstanding the use of the
                                                               term ‘Technology Sharing’ and notwithstanding anything
                                                               contained in this Agreement or any of the Related Agreements to
                                                               the contrary, nothing in any of the Transaction Documents is intended
                                                               to or is to be interpreted as an obligation of Kamada to transfer
                                                               legal title to any of the intellectual property assets licensed
                                                               by Kamada under this Agreement to Baxter. Further, for the
                                                               avoidance of doubt, the term ‘Technology Sharing Plan’
                                                               (and its related defined terms) is intended to refer to the process
                                                               by which Kamada will disclose to Baxter and will train Baxter with
                                                               respect to the skills, knowledge, technologies and methods of manufacturing
                                                               that Kamada possesses (or will develop during the Term) to ensure
                                                               that Baxter is able to exploit such skills, knowledge, technologies
                                                               and methods in the Baxter Territory as more specifically detailed
                                                               in Exhibit 1.67 to this Agreement.

 

		6.2	Kamada expressly undertakes, under
                                                               the provisions set forth below and as further set forth in the
                                                               Technology Sharing Plan (Exhibit ‎1.67)
                                                               the following:

 

		(a)	by [*****],
                                                                for no additional consideration, to complete a speedy and efficient
                                                                disclosure to Baxter of all Technology Sharing Documentation,
                                                                including, without limitation, Regulatory Documentation, all documentation
                                                                related to yield improvement for A1PI, and all other information,
                                                                materials and documentation reasonably necessary for or directly
                                                                related to Baxter’s exercise of the rights licensed herein
                                                                as listed in Exhibit ‎1.39,
                                                                as well as all copies of documents reasonably requested by Baxter,
                                                                provided that such documents are in Kamada’s possession
                                                                and that such access shall comply with all state and federal statute
                                                                requirements;

 

		(b)	until the end of the Technology
                                                                Sharing Term, to provide Baxter and relevant health authorities
                                                                with such access to Kamada’s offices and laboratory and
                                                                production facilities in Israel as is reasonable to advance the
                                                                sharing of Kamada’s technology under the Technology Sharing
                                                                Plan, upon prior coordination with Kamada of at least [*****]
                                                                and during normal business hours, provided that such visits may
                                                                not unduly burden Kamada’s normal work activities, and to
                                                                provide consultation and advice reasonably requested by Baxter
                                                                or any said authority during any such visit, all for no additional
                                                                consideration;

 

		(c)	for [*****], to provide Baxter
                                                                and Baxter’s third party contract partners with all other
                                                                consultation and advice necessary or evidently beneficial for
                                                                effecting said disclosure, including training and consultation
                                                                performed at such locations as determined in the Technology Sharing
                                                                Plan, with Kamada providing up to an aggregate amount of [*****]
                                                                for no additional consideration to fulfill its obligations under
                                                                the Technology Sharing Plan. For clarity, the [*****] shall include
                                                                all time spent by Kamada personnel or its outside advisors in
                                                                fulfilling its obligations under the Technology Sharing Plan unless
                                                                otherwise specifically indicated under the Technology Sharing
                                                                Plan.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	19

    	 

    

 

		(d)	until the end of the Technology
                                                                Sharing Term, to supply Baxter, for no additional consideration,
                                                                with quantities of the Biologic Material as listed in Exhibit
                                                                ‎1.39 necessary or
                                                                beneficial for Baxter to start development of the manufacturing
                                                                of Baxter Products and to establish production of the Baxter Products
                                                                at its own facilities provided that such biological material is
                                                                in Kamada's possession and that Baxter bears all costs associated
                                                                with shipping the Biologic Material; and,

 

		(e)	until the end of the Technology
                                                                Sharing Term, ensure that, throughout the disclosure process it
                                                                shall have adequate numbers of persons qualified to provide the
                                                                foregoing assistance and services to Baxter.

 

		6.3	Notwithstanding the dates and timelines
                                                               set forth in this Agreement and in Exhibit ‎1.67,
                                                               the Parties acknowledge and agree that the timelines and dates
                                                               shall be accelerated pursuant to the Distribution Agreement in
                                                               the event of a Failure (as such term is defined therein). The Parties
                                                               further agree that time is of the essence as regards all said actions,
                                                               and in particular the disclosure of Kamada Licensed Know-How, technology,
                                                               Biological Material, Technology Sharing Documentation and other
                                                               information and materials to Baxter.

 

		6.4	Kamada shall use its Commercially
                                                               Reasonable Efforts to complete the timely disclosure to Baxter
                                                               of all Technology Sharing Documentation, Kamada Licensed Know-How,
                                                               Biological Material, Regulatory Documentation, and other documentation
                                                               and materials as set forth in Sections ‎6.2(a)
                                                               and ‎6.2(d),
                                                               except that if any delay in such disclosure is the result of a
                                                               delay by Baxter, Kamada’s obligation to disclose shall be
                                                               delayed by such period of time reasonably resulting from Baxter’s
                                                               delay, but no less than the period of Baxter’s delay.

 

		6.5	If Baxter requires additional Kamada
                                                               resource time or requires consultancy and advice after using the
                                                               [*****] personnel hours, which
                                                               are for no additional consideration, or after [*****]
                                                               from the Effective Date, the Parties may mutually agree
                                                               on reasonable support. Whenever support including support provided
                                                               under Section ‎6.2(c)
                                                               requires Kamada personnel to travel to Baxter’s facilities
                                                               or any other facility determined by Baxter, Baxter shall bear all
                                                               reasonable travel expenses (including accommodation) and a per
                                                               diem [*****]
                                                               per day for meals. For additional support beyond the [*****]
                                                               personnel hours under Section ‎6.2(c)
                                                               Baxter shall pay the hourly fees of the Kamada employees traveling
                                                               to Baxter as follows: for [*****] per hour, for [*****] per hour,
                                                               for [*****] per hour and [*****] (e.g., [*****] per hour. The hourly
                                                               fees of other Kamada employees which are not described above, traveling
                                                               to Baxter shall be determined on a case-by-case basis. Following
                                                               a Baxter request for additional support Kamada will provide the
                                                               estimated cost including hourly rates. During such support, Kamada
                                                               will periodically provide Baxter with a detailed report of the
                                                               hours worked by such Kamada employees, the employees utilized,
                                                               and the employee rates which are to be charged to Baxter. Baxter
                                                               shall pay all fees and expenses due to Kamada under this Section
                                                               ‎6.5 within [*****]
                                                               days of its receipt of an invoice related thereto.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	20

    	 

    

 

		6.6	Neither Party shall be obliged
                                                               to disclose any information to the other if it is prevented from
                                                               doing so by an obligation to another person, provided, however,
                                                               that the Parties agree to make all reasonable efforts to obtain
                                                               consent to disclose such information. If that obligation is not
                                                               absolute but is conditional upon the observance of conditions there
                                                               shall be no obligation to make such disclosure except against an
                                                               undertaking to observe such conditions.

 

		6.7	If Baxter finds information and
                                                               data provided by Kamada incorrect or incomplete, Baxter may request
                                                               that Kamada provide additional information necessary to correct
                                                               or supplement previous information, and Kamada shall provide such
                                                               information and data without undue delay, provided that such information
                                                               is within Kamada’s possession.

 

		6.8	Kamada shall not at any time after
                                                               the Effective Date destroy any relevant documents related to the
                                                               A1PI technology, and in particular Kamada will not destroy or dispose
                                                               of any documents related to the clinical investigation of the A1PI
                                                               and A1PI containing products without notice to Baxter. If Kamada
                                                               desires to dispose of any such document, Kamada shall inform Baxter
                                                               of such desire to dispose of such documents, and shall, at Baxter’s
                                                               option, disclose any such document to Baxter without undue delay.

 

		6.9	Further, Kamada shall in particular
                                                               inform Baxter of any additional information, documentation or materials
                                                               in Kamada’s possession or control that reasonably could assist
                                                               Baxter in the development or production of the A1PI manufactured
                                                               by Kamada, or any bulk A1PI product, of which Kamada is aware.
                                                               In particular Kamada shall, until the end of the Technology Sharing
                                                               Term and as a part of its quality assurance system, send Baxter
                                                               all updated versions of all documents and/or other material, which
                                                               have already been disclosed to Baxter, in a timely manner, provided
                                                               that Kamada shall promptly forward material updates to material
                                                               documents.

 

		6.10	Kamada shall retain original documents
                                                                to the extent and for the time period legally required, and Kamada
                                                                shall have the right to retain copies of any original documents
                                                                disclosed to Baxter for its records. Kamada shall further retain
                                                                all original documentation from any A1PI clinical studies and
                                                                trials in its possession while the regulatory license(s) for Baxter
                                                                Products are maintained, including without limitation master files
                                                                for such studies and trials, and will arrange with Baxter for
                                                                the shipment of said originals to Baxter if Kamada at any time
                                                                desires to dispose of said documents. If Kamada wishes to transfer
                                                                any such documentation to any third party, it shall first obtain
                                                                an undertaking from that party allowing Baxter access to such
                                                                documentation or copies thereof under the terms of this Agreement.

 

		6.11	Kamada shall in all aspects of
                                                                the technology disclosure to Baxter of its A1PI production processes
                                                                use its Best Efforts to execute all of its obligations to provide
                                                                Technology Sharing Documentation and to support the technology
                                                                disclosure to Baxter under the Technology Sharing Plan.

 

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		6.12	In conjunction and coordination
                                                                with the efforts of Kamada described in this Section, Baxter shall
                                                                develop the capability to use Kamada Licensed Patents and Kamada
                                                                Licensed Know-How at a facility owned by Baxter (or its Affiliate)
                                                                for the purpose of processing A1PI from human plasma in accordance
                                                                with the terms of this License.

 

		6.13	Incomplete technology sharing
                                                                by Kamada shall be a material breach of its obligations under
                                                                this Agreement, subject to the remedies set forth in Exhibit
                                                                14.8. For the purposes of this agreement, an incomplete technology
                                                                sharing shall mean:

 

		a)	Kamada’s failure, other than
                                                              through serious illness of key personnel, accident, good faith error,
                                                              or other reasonably extenuating circumstance, to attend within a
                                                              [*****] period at least [*****]
                                                              regularly scheduled meetings or [*****] regularly scheduled teleconferences
                                                              of the Technology Sharing Sub-Committee; provided that Kamada did
                                                              not propose an alternative date for such meeting or teleconference
                                                              within [*****] of its failure to attend with such date being within
                                                              [*****] of the original date of the meeting or teleconference and
                                                              Kamada attended the meeting or teleconference on such proposed date;

 

		b)	Kamada’s failure, other than
                                                              through serious illness of key personnel, accident, good faith error
                                                              or other reasonably extenuating circumstance, to attend [*****]
                                                              meetings or [*****] teleconferences duly called, by Baxter for Extraordinary
                                                              Reasons with reasonable notice under the circumstances which shall
                                                              be provided [*****], for a meeting, or [*****], in the case of a
                                                              teleconference, in advance, along with a written notice detailing
                                                              the Extraordinary Reasons (as defined below); provided that Kamada
                                                              did not propose an alternative date for such meeting or teleconference
                                                              within [*****] of its failure to attend, with such date being within
                                                              [*****] of the original date of the meeting or teleconference and
                                                              Kamada attended the meeting or teleconference on such proposed date;

 

		c)	Kamada’s failure to provide
                                                              Baxter with [*****], however, to (1) reasonable delays occurring
                                                              in the natural course of business, with delays of [*****] or less
                                                              being deemed reasonable delays and (2) delays resulting from delays
                                                              by Baxter; in such case Kamada’s obligations shall be delayed
                                                              by such period of time reasonably resulting from Baxter’s
                                                              delay, but no less than the period of Baxter’s delay;

 

		d)	Kamada’s failure to provide
                                                              Baxter with any [*****] without which Baxter’s interests under
                                                              the Agreement, or Baxter’s exercise of the rights, title and/or
                                                              interests granted by Kamada under the Agreement, would be materially
                                                              prejudiced within [*****] of Baxter’s request specifically
                                                              listing the [*****], provided that such [*****] was in the possession
                                                              of Kamada and known to be in the possession of Kamada by Kamada
                                                              personnel. Any such allegation of such failure to provide shall
                                                              be provided as written notice to Baxter, and Kamada shall have [*****]
                                                              days to respond to this allegation, before this failure shall be
                                                              deemed a material breach.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	22

    	 

    

 

It is hereby clarified that
Kamada shall not be deemed to have failed to attend any meeting or teleconference, if Kamada, notwithstanding any other provisions
of notice in this Agreement, notified to Baxter via any method, at least [*****] in advance, that it would not be able to attend
and shall have proposed an alternative date for such meeting or teleconference within [*****] of the original date of the meeting
or teleconference, with such date being within [*****] days of the original date and Kamada attended the meeting or teleconference
on such proposed date.

 

“Extraordinary Reasons”
shall mean Baxter’s reasonable determination that it lacks a specific item of information which prevents it from continuing
its regularly scheduled progress of assimilating the information transferred to it in accordance with the Technology Sharing Plan.

 

Kamada shall not be in material
breach of its obligations under this Agreement if:

 

		a)	Any failure by Kamada to fulfil
                                                               any of its obligations under the detailed Technology Sharing Plan
                                                               is reasonably due to the failure of Baxter to fulfil any of its
                                                               obligations under the detailed Technology Sharing Plan;

 

		b)	Any substitution of any material,
                                                               reagent, equipment, process or procedure by Baxter for those used
                                                               by Kamada results in different yields, quality, or other manufacturing
                                                               and product parameters from those obtained by Kamada in Kamada
                                                               facilities when the A1PI technology is used by Baxter in Baxter’s
                                                               facilities, provided that Kamada has used its Commercially Reasonable
                                                               Efforts in assisting Baxter with the technology sharing in accordance
                                                               with the Technology Sharing Plan.

 

		6.14	Incomplete technology sharing
                                                                by Baxter shall be a material breach of its obligations under
                                                                this Agreement, subject to the remedies set forth in Exhibit
                                                                14.8. For the purposes of this agreement, an incomplete technology
                                                                sharing shall mean:

 

		a)	Baxter’s failure, other than
                                                              through serious illness of key personnel, accident, good faith error
                                                              or other reasonably extenuating circumstance, to attend within a
                                                              [*****] period at least [*****]
                                                              regularly scheduled meetings or [*****] regularly scheduled teleconferences
                                                              of the Steering Committee; provided that Baxter did not propose
                                                              an alternative date for such meeting or teleconference within [*****]
                                                              hours of its failure to attend with such date being within [*****]
                                                              days of the original date of the meeting or teleconference and Baxter
                                                              attended the meeting or teleconference on such proposed date;

 

		b)	Baxter’s failure, other than
                                                              through serious illness of key personnel, accident, good faith error
                                                              or other reasonably extenuating circumstance, to attend [*****]
                                                              meetings or [*****] teleconferences duly called, with reasonable
                                                              notice under the circumstances, by Kamada for extraordinary and
                                                              urgent reasons; provided that Baxter did not propose an alternative
                                                              date for such meeting or teleconference within [*****] hours of
                                                              its failure to attend with such date being within [*****] days of
                                                              the original date of the meeting or teleconference and Baxter attended
                                                              the meeting or teleconference on such proposed date;

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	23

    	 

    

 

It is hereby clarified that
Baxter shall not be deemed to have failed to attend any meeting or teleconference, if Baxter, notwithstanding any other provisions
of notice in this Agreement, notified to Kamada via any method, at least [*****]in advance,
that it would not be able to attend and shall have proposed an alternative date for such meeting or teleconference within [*****]
of the original date of the meeting or teleconference, with such date being within [*****]
of the original date and Baxter attended the meeting or teleconference on such proposed date

 

ARTICLE
7.    REGULATORY MATTERS. 

 

		7.1	Regulatory Documentation and
                                                               Regulatory Licenses.

 

		(a)	United States BLA. Kamada
                                                                shall be responsible, at its sole cost and expense for obtaining
                                                                and maintaining the BLA for all A1PI IV Product that is manufactured
                                                                in the Kamada Facility for sale in the United States, its territories
                                                                and possessions (the “US BLA”). Kamada shall
                                                                own such US BLA; provided, however, that following Practice Runs
                                                                (as defined in the Technology Sharing Plan), the Clinical/Regulatory
                                                                Sub-Committee (CRSC) shall discuss, in good faith, the possible
                                                                regulatory options for the Baxter Product, including transferring
                                                                the US BLA to Baxter, sharing the BLA between Kamada and Baxter,
                                                                and any other possible regulatory pathways. The CRSC shall also
                                                                determine the timelines, procedures and costs (if any) to be paid
                                                                by Kamada or Baxter to effect such regulatory options chosen by
                                                                the CRSC.

 

		(b)	United States BLA Supplement.
                                                                Baxter shall be responsible, at its sole cost and expense for
                                                                preparing and maintaining the BLA Supplement for all A1PI IV Product
                                                                that is manufactured in a Baxter Facility, for sale and distribution
                                                                in the United States, its territories and possessions (the “US
                                                                BLA Supplement”). Kamada shall reasonably cooperate,
                                                                at its sole cost and expense, with Baxter in Baxter’s efforts
                                                                to prepare and/or maintain the US BLA Supplement. In connection
                                                                therewith, Kamada shall provide Baxter with copies of such Regulatory
                                                                Documentation, Regulatory Approvals and other information that
                                                                may be necessary and/or useful in Baxter’s efforts pursuant
                                                                to this Section ‎7.1(b)
                                                                to the extent that such information is in Kamada’s possession
                                                                or is reasonably accessible by Kamada. Kamada shall be responsible,
                                                                as BLA holder, for reviewing, filing and holding the BLA Supplement.
                                                                During the Term of this Agreement, Kamada shall also timely provide
                                                                Baxter with copies of updated or amended Regulatory Documentation,
                                                                Regulatory Approvals and related information as they are submitted
                                                                to the respective Regulatory Authorities with respect to the Baxter
                                                                Product.

 

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		(c)	Other Territories. Baxter,
                                                                shall have the exclusive right and shall be responsible, at its
                                                                sole cost and expense for obtaining and maintaining all other
                                                                BLAs for all A1PI IV Product for sale and distribution in any
                                                                country in the Baxter Territory other than the United States,
                                                                its territories and possessions. Baxter shall own all such BLAs;
                                                                provided that (i) Kamada shall be notified of all submissions
                                                                to Regulatory Authorities in such countries if they affect the
                                                                A1PI IV Products or Kamada’s products and shall receive
                                                                electronic copies of such submissions, (ii) if such Regulatory
                                                                Authorities require additional studies or information, the expense
                                                                of such studies or providing such information shall be borne by
                                                                Baxter and (iii) the terms of Section ‎‎7.2
                                                                below shall apply, mutatis mutandis, with respect to any communication
                                                                with any applicable Regulatory Authority.

 

		7.2	Regulatory Authority Communications.

 

		(a)	Generally. Except as expressly
                                                                set forth in this Section ‎7.2
                                                                or as otherwise requested in writing, the Non-BLA Party shall
                                                                not, directly or indirectly, communicate with the FDA or the Regulatory
                                                                Authorities of the applicable country regarding any Regulatory
                                                                Approval or BLA for the A1PI IV Product in such country.

 

		(b)	Oral Communication Initiated
                                                                by Regulatory Authority. If the FDA or other Regulatory Authority
                                                                initiates any unscheduled oral communication with the BLA Party
                                                                directly regarding the Non-BLA Party’s products, or which
                                                                could impact the Non-BLA Party’s products, BLA Party shall
                                                                have the right to respond to such communication to the extent
                                                                reasonably necessary or appropriate under the circumstances; provided,
                                                                however, that (i) BLA Party shall use reasonable efforts
                                                                to limit the communications regarding the Non-BLA Party’s
                                                                products that are conducted without the participation of Non-BLA
                                                                Party; (ii) promptly thereafter, the BLA Party shall provide
                                                                the Non-BLA Party with written notice thereof in reasonably specific
                                                                detail describing the communications regarding Non-BLA Party’s
                                                                products; and (iii) BLA Party promptly shall provide Non-BLA
                                                                Party’s with copies of all minutes and other materials resulting
                                                                therefrom.

 

		(c)	With respect to any meetings,
                                                                telephone conferences, video conferences or other non-written
                                                                communication with the FDA or other Regulatory Authority directly
                                                                regarding Non-BLA Party’s products, or which could impact
                                                                the Non-BLA Party’s products,
                                                                not covered under Section ‎7.2(a)
                                                                or ‎7.2(b):

 

		(i)	BLA Party shall
                                                                                   provide Non-BLA Party with reasonable written
                                                                                   notice thereof in reasonably specific detail
                                                                                   sufficiently in advance to allow Non-BLA Party
                                                                                   the opportunity to have one representative
                                                                                   actively participate therein;

 

		(ii)	upon the request
                                                                                    of Non-BLA Party, BLA Party shall provide
                                                                                    Non-BLA Party with advance details regarding
                                                                                    the subject matter thereof;

 

		(iii)	Non-BLA Party
                                                                                     shall have the right to be present at, and
                                                                                     to the extent relating to the Non-BLA Party’s
                                                                                     products participate in, any such meetings,
                                                                                     telephone conferences, video conferences
                                                                                     or other non-written communication; and

 

    	25

    	 

    

 

		(iv)	BLA Party
                                                                                    promptly shall provide Non-BLA Party with
                                                                                    copies of all minutes and other materials
                                                                                    resulting therefrom.

 

		7.3	Pricing and Reimbursement Approvals.
                                                               Baxter shall be responsible for obtaining, and undertakes to obtain
                                                               using its Commercially Reasonable Efforts, and maintaining all
                                                               regulatory, administrative, and third party payor-related activities
                                                               relating to pricing and reimbursement approvals for the A1PI IV
                                                               Product in the Baxter Territory (and any country therein). For
                                                               the avoidance of doubt, the foregoing shall not require Baxter
                                                               to seek pricing and/or reimbursement approvals other than in connection
                                                               with the exercise of Baxter’s rights and obligations under
                                                               Section 7.1(c). Baxter shall use its Commercially Reasonable
                                                               Efforts to obtain any such approvals for the United States promptly
                                                               after the Execution Date. Baxter shall have the right to consult
                                                               with Kamada on the planning and development of all documentation
                                                               with respect thereto and Kamada shall use Commercially reasonable
                                                               Efforts to cooperate with Baxter’s efforts in this regard.
                                                               Baxter shall provide to Kamada for review and approval copies of
                                                               any proposed submission at least [*****]
                                                               business days prior to such submission. All such approvals
                                                               shall be obtained in the name of Baxter. Upon termination, but
                                                               not expiration under Section ‎12.1,
                                                               of this Agreement, unless Baxter terminates the Agreement pursuant
                                                               to Section ‎12.2(b)
                                                               or ‎12.2(c),
                                                               Baxter shall promptly assign or cause to be assigned to Kamada
                                                               all rights and data associated with all regulatory, administrative,
                                                               and third party payor-related activities relating to pricing and
                                                               reimbursement approvals that Baxter or any of its Affiliates owns
                                                               and/or has developed in a country within the Baxter Territory with
                                                               respect to such country.

 

		7.4	Remedial Actions.

 

		(a)	Each Party will notify the other
                                                                immediately, and promptly confirm such notice in writing, if it
                                                                obtains information indicating that an A1PI IV Product may be
                                                                subject to any recall, corrective action or other regulatory action
                                                                (other than a corrective and preventive action (“CAPA”)
                                                                under the Act,) worldwide, taken either by virtue of applicable
                                                                federal, state, foreign or other law or regulation or good business
                                                                judgment (a “Remedial Action”).

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	26

    	 

    

 

		(b)	The Parties will assist each other
                                                                in gathering and evaluating such information as is necessary to
                                                                determine the necessity of conducting Remedial Action; provided
                                                                that Baxter shall have sole responsibility for collecting information
                                                                from its customers, including customer complaints. The BLA Party
                                                                shall determine whether to commence any Remedial Action with respect
                                                                to the A1PI IV Product. Each Party will maintain adequate records
                                                                to permit the Parties to trace the manufacture of the applicable
                                                                A1PI IV Product and the distribution and use of the such product.
                                                                In the event the BLA Party determines that any Remedial Action
                                                                with respect to the A1PI IV Product should be commenced, or Remedial
                                                                Action is required by any governmental authority having jurisdiction
                                                                over the matter, the BLA Party shall use Commercially Reasonable
                                                                Efforts to conduct such Remedial Action. The other Party shall
                                                                use Commercially Reasonable Efforts to cooperate with such Party
                                                                in implementing any such Remedial Action to the extent such cooperation
                                                                is necessary to effect the Remedial Action. The BLA Party shall
                                                                have sole responsibility for handling any CAPAs in a reasonable
                                                                manner; provided that Baxter shall be responsible for handling
                                                                and shall bear all costs and expenses related to field corrections
                                                                to the extent caused by the acts or omissions of Baxter. The other
                                                                Party shall cooperate with the BLA Party to the extent reasonably
                                                                requested by the BLA Party in handling any CAPA. Any costs and
                                                                expenses incurred by either Party in connection with a Remedial
                                                                Action shall be borne by the Party whose acts or omissions caused
                                                                or resulted in the necessity for such Remedial Action, and such
                                                                Party shall reimburse or credit the other Party for any such costs
                                                                or expenses within [*****] of
                                                                receiving written notice from the other Party that the costs or
                                                                expense has been incurred.

 

		7.5	Pharmacovigilance and Adverse
                                                               Event Reporting

 

		(a)	Responsibility.

 

		(i)	United States.
                                                                                   As long as Kamada is the BLA Party (regarding
                                                                                   the US BLA) Kamada shall be responsible, directly
                                                                                   or through a third party and at [*****], for
                                                                                   undertaking all pharmacovigilance and adverse
                                                                                   event reporting activities within the United
                                                                                   States relating to the A1PI IV Product. Notwithstanding
                                                                                   the foregoing, if Baxter receives any telephonic
                                                                                   or written or other correspondence relating
                                                                                   to an adverse event for an A1PI IV Product
                                                                                   in the United States or elsewhere in the Baxter
                                                                                   Territory, Baxter shall use Commercially Reasonable
                                                                                   Efforts to obtain the Minimum PV Information
                                                                                   and shall promptly forward such Minimum PV
                                                                                   Information to Kamada. Kamada shall fulfill
                                                                                   all regulatory requirements relating to the
                                                                                   safety of the A1PI IV Product, including, but
                                                                                   not limited to, collecting and assessing adverse
                                                                                   events, reporting safety information (individual
                                                                                   case safety reports and aggregate reports),
                                                                                   literature searches, risk management activities,
                                                                                   if warranted, responding to regulatory inquiries
                                                                                   and conducting pharmacovigilance for the A1PI
                                                                                   IV Product.

 

		(ii)	Other Countries.
                                                                                    With respect to all other countries in the
                                                                                    Baxter Territory, Baxter shall be responsible,
                                                                                    at its sole cost and expense, for all pharmacovigilance
                                                                                    and adverse event reporting activities for
                                                                                    A1PI IV Product in such countries; provided,
                                                                                    however, that Kamada shall reasonably assist
                                                                                    Baxter by providing relevant documentation
                                                                                    for such A1PI IV Product.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	27

    	 

    

 

		(iii)	Upon either
                                                                                     Party determining that an adverse event report
                                                                                     will be filed in a country for which it is
                                                                                     responsible for filing adverse event reports,
                                                                                     then the Parties will agree upon an overall
                                                                                     strategy for dealing with all Regulatory
                                                                                     Authorities in, or, if deemed relevant by
                                                                                     a Party, outside of, the Baxter Territory
                                                                                     following such filing.

 

		(b)	Pharmacovigilance Agreement.
                                                                The Parties shall enter into a separate pharmacovigilance agreement.
                                                                Such pharmacovigilance agreement should be executed no later than
                                                                [*****] from the Effective Date and shall thereafter be attached
                                                                to this Agreement as Exhibit ‎7.5(b)
                                                                and shall then be considered as incorporated into this Agreement
                                                                by reference. The pharmacovigilance system shall be operational
                                                                no later than the first sale of an A1PI IV Product in the Baxter
                                                                Territory by Baxter or its Permitted Commercialization Sublicensees.

 

		(c)	Adverse Event Reporting.
                                                                The Parties shall report to each other all information necessary
                                                                to make timely reports as required by any Regulatory Authority
                                                                or other authorized authority in the Baxter Territory and Kamada
                                                                Territory regarding the A1PI IV Product. Further, the Parties
                                                                shall use Commercially Reasonable Efforts to, within [*****]
                                                                following the Effective Date but in any event prior to
                                                                the First Commercial Sale, enter into a written agreement regarding
                                                                adverse event reporting system and procedures acceptable to the
                                                                Parties. The system shall be operational no later than the first
                                                                sale of an A1PI IV Product in the Baxter Territory by Baxter or
                                                                its Permitted Commercialization Sublicensees.

 

		(d)	Notification of Complaints.
                                                                Upon any Party receiving or becoming aware of any complaint involving
                                                                the possible failure of the A1PI IV Product, in any location in
                                                                the world, to meet any requirement of applicable law or regulation,
                                                                and any serious or unexpected side effect, injury, toxicity or
                                                                sensitivity reaction or any unexpected incidents associated with
                                                                the distribution of the A1PI IV Product, whether or not determined
                                                                to be attributable to the A1PI IV Product, (i) such Party shall
                                                                notify the other Party about such complaint and provide initial
                                                                information about such complaint to the other Party within [*****]
                                                                and shall provide all information about such complaint within
                                                                [*****], (ii) promptly provide to the other Party copies of any
                                                                complaints, and provide at the time of submission copies of any
                                                                submissions to any Regulatory Authority regarding such complaints,
                                                                and (iii) with respect to adverse events, comply with the provisions
                                                                of Section ‎7.5‎(c)
                                                                above. Baxter shall have responsibility for investigating
                                                                such complaint in the Baxter Territory, with cooperation and assistance
                                                                from Kamada in the Baxter Territory, and shall immediately inform
                                                                Kamada of any information discovered in the course of the investigation
                                                                that could show that the complaint is justified and that it resulted
                                                                from Kamada’s actions or omissions.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	28

    	 

    

 

		(e)	Notification of Threatened
                                                                Action. Each Party shall immediately notify the other Party
                                                                of any information it receives regarding any threatened or pending
                                                                action, inspection or communication by or from any party, including,
                                                                without limitation, a Regulatory Authority which may affect the
                                                                safety or efficacy claims of the A1PI IV Product or the continued
                                                                marketing of the A1PI IV Product. Upon receipt of such information,
                                                                the Parties shall consult with each other in an effort to arrive
                                                                at a mutually acceptable procedure for taking appropriate action.

 

		7.6	Audits.

 

		(a)	Baxter Access. Kamada will
                                                                give Baxter reasonable access to its records and manufacturing
                                                                facilities to allow Baxter to conduct full compliance audits relating
                                                                to Kamada’s role and obligations as the U.S. BLA holder
                                                                for the Baxter Product, at Baxter’s expense, as reasonably
                                                                deemed necessary by Baxter, but no more frequently than once in
                                                                any [*****] period unless any such audits reveal a material failure
                                                                to comply with its obligations under this Agreement or failure
                                                                to comply with any law, rule or regulation related to the manufacturing,
                                                                handling, storage or transport of the Baxter Product, in which
                                                                case there shall be no limitation of the frequency of such compliance
                                                                audits until such material compliance problems have been corrected,
                                                                at which time the frequency shall be restored to once in any [*****]
                                                                period. The audit shall be conducted by Baxter personnel
                                                                and any of its designated third party Representatives each of
                                                                whom shall, in connection with their participation in such audit,
                                                                agree to execute a confidentiality agreement in favor of Kamada.
                                                                The audit may include, without limitation, records relating to
                                                                manufacturing compliance with the Specifications, compliance with
                                                                quality control and inspection reports procedures, compliance
                                                                with cGMP, Title 21 Parts 210 and 211 or other applicable regulations.
                                                                Such audits will be conducted during Kamada’s normal business
                                                                hours, after [*****] prior written notice to Kamada by Baxter,
                                                                and at times mutually agreeable to the Parties. Kamada will make
                                                                its regulatory compliance and quality assurance personnel (and
                                                                such personnel of any sub-contractors, if applicable) reasonably
                                                                available to Baxter in connection with such audits. If Baxter
                                                                recommends any corrective actions to Kamada in connection with
                                                                such audits, Kamada shall take any corrective action reasonably
                                                                recommended by Baxter within [*****] of receipt of any corrective
                                                                action recommendations, if possible, or will inform Baxter in
                                                                writing of the reasons why Kamada believes such corrective action
                                                                is not required or necessary, or cannot be completed within such
                                                                [*****] period, and, if such reasons are not accepted by Baxter,
                                                                such dispute shall be resolved through the dispute resolution
                                                                process in this Agreement. Baxter shall be given access to audit
                                                                any corrective action.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		(b)	Kamada Access. Baxter will
                                                                give Kamada reasonable access to its records and facilities (and
                                                                will obtain sufficient rights to give Kamada reasonable access
                                                                to the records and facilities of its Permitted Sublicensees and
                                                                Affiliates), to allow Kamada to conduct full compliance audits
                                                                relating to the A1PI IV Product (including with respect to its
                                                                manufacture, quality systems, complaint handling, maintenance
                                                                of adequate documentation, etc.), at Kamada’s expense, as
                                                                reasonably deemed necessary by Kamada, but no more frequently
                                                                than once in any [*****] period unless any such audits reveals
                                                                a material failure by Baxter (or its sub-distributors and Affiliates,
                                                                if applicable) to comply with this Agreement or failure to comply
                                                                with any applicable law relating to its obligations under this
                                                                Agreement with respect to the A1PI IV Product [*****] with respect
                                                                to the entity for which the material failure was identified, until
                                                                such material failures have been corrected at which time the frequency
                                                                shall be restored to [*****]. The audit shall be conducted by
                                                                Kamada personnel and any of its designated third party Representatives
                                                                each of whom shall, in connection with their participation in
                                                                such audit, agree to execute a confidentiality agreement in favor
                                                                of Baxter. In furtherance of this right, Baxter agrees that it
                                                                shall specifically obtain from any and all third-party or Affiliate
                                                                distributors of the A1PI IV Product a right of Kamada to conduct
                                                                audits of such party’s records and facilities as set forth
                                                                herein. The audit may include, without limitation, records relating
                                                                to compliance with quality control, manufacturing, and inspection
                                                                reports procedures, compliance with cGMP, Title 21 Parts 210 and
                                                                211 or other applicable regulations. Such audits will be conducted
                                                                during Baxter’s normal business hours, after [*****] prior
                                                                written notice to Baxter by Kamada, and at times mutually agreeable
                                                                to the Parties. Baxter will make its regulatory compliance and
                                                                quality assurance personnel (and such personnel of Baxter’s
                                                                Affiliates or any sub-distributors, if applicable) reasonably
                                                                available to Kamada in connection with such audits. If Kamada
                                                                recommends any corrective actions to Baxter in connection with
                                                                such audits, Baxter shall take any corrective action reasonably
                                                                recommended by Kamada within [*****]
                                                                of receipt of any corrective action recommendations, if
                                                                related to the BLA or BLA Supplement, or, if such corrective action
                                                                is not related to the BLA or BLA Supplement (i) will take such
                                                                corrective action within [*****] of receipt of any corrective
                                                                action recommendations, if possible, or (ii) will inform Kamada
                                                                in writing of the reasons why Baxter believes such corrective
                                                                action is not required or necessary, or cannot be completed within
                                                                such [*****] period
                                                                and if such reasons are not accepted by Kamada, such dispute
                                                                shall be resolved through the dispute resolution process in this
                                                                Agreement. Kamada shall be given access to audit any corrective
                                                                action. In the event that Baxter is not manufacturing or distributing
                                                                the A1PI IV Product and is using third parties to manufacture
                                                                or distribute the A1PI IV Product, Baxter shall obtain all rights
                                                                necessary from such third parties to enable Kamada to exercise
                                                                all of its rights under this Agreement at such third party manufactures’
                                                                facilities.

 

		7.7	Regulatory Inspections.
                                                               Each Party will promptly notify the other Party and provide copies
                                                               of any notice of observations or warnings, requests for Remedial
                                                               Action, CAPAs or other adverse findings issued by the FDA, ISO
                                                               or other federal, state, or local regulatory agency following an
                                                               inspection of its facilities at which the A1PI IV Product for use
                                                               or sale within the Baxter Territory is manufactured, which relates
                                                               to the manufacture, assembly, or packaging of the A1PI IV Product,
                                                               and shall further provide the other Party with information about
                                                               the progress and outcome of any actions taken in response to any
                                                               such notices, warnings, requests or findings. Kamada shall, at
                                                               its discretion, have the right to attend any Baxter meetings with
                                                               the FDA, ISO or any other federal, state or local regulatory agency
                                                               that relate to the A1PI IV Product in the Baxter Territory.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		7.8	Baxter shall, throughout the Term
                                                               of this Agreement and for a period of [*****] thereafter, maintain
                                                               a system that is capable of tracking all source materials for the
                                                               Baxter Product and shall, upon request, provide all such data to
                                                               Kamada and the applicable Regulatory Authorities.

 

ARTICLE
8.    CLINICAL AND PRE-CLINICAL DEVELOPMENT.

 

		8.1	Comparability Development.
                                                               The Parties anticipate that a series of pre-clinical and/or clinical
                                                               studies will be needed to establish the comparability of Baxter
                                                               Product with the A1PI product manufactured by Kamada at Kamada’s
                                                               facility (“Comparability Studies”).Baxter and
                                                               Kamada shall jointly design all Comparability Studies.. The Parties
                                                               shall decide, on a study-by-study basis, who shall perform the
                                                               Comparability Studies based on the Parties’ expertise, technical
                                                               resources, and other relevant factors. Baxter shall bear all expenses
                                                               related to Comparability Studies performed by either Party. Baxter
                                                               shall own all data and results from the Comparability Studies,
                                                               however, Kamada shall have the right to use such data for all regulatory
                                                               filing and reporting purposes at all times during and after the
                                                               term of this Agreement.

 

		8.2	Additional Development.
                                                               From time to time during the Term of this Agreement, Kamada and/or
                                                               Baxter may engage in Pre-Clinical or Clinical research regarding
                                                               the Baxter Product and Kamada’s A1PI products produced by
                                                               the licensed technology for intravenous administration which are
                                                               not required by the FDA for the continued marketing of Kamada’s
                                                               A1PI products or Baxter Product as of the Effective date (“Additional
                                                               Development.”) Such Additional Development may be done
                                                               in order to support added indications for Baxter Product or Kamada’s
                                                               intravenous administration A1PI product, or for other reasons.
                                                               Both Baxter and Kamada shall have the right to conduct Additional
                                                               Development.

 

		8.3	Baxter Additional Indication
                                                               Development IP. Baxter shall own all data, Know-How, and Patents
                                                               generated from the Additional Development conducted by Baxter in
                                                               support of new indications for Baxter Product (“Baxter
                                                               Additional Indication Development IP.”) Kamada shall
                                                               have the option to license such Baxter Additional Indication Development
                                                               IP, including all data and results, for marketing Kamada’s
                                                               A1PI products in the Kamada Territory. The purchase price for such
                                                               use shall be a [*****], taking
                                                               into account [*****]. Baxter shall promptly disclose to Kamada
                                                               any Baxter Additional Indication Development IP that is developed
                                                               during the Term.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		8.4	Kamada Additional Development
                                                               IP. Kamada shall own all data, Know-How, and patents generated
                                                               from the Additional Development conducted by Kamada “Kamada
                                                               Additional Development IP.” All Kamada Additional Development
                                                               IP made by Kamada during the Product Royalty Term shall be deemed
                                                               Kamada Licensed Patent Rights or Kamada Licensed Know-How, and
                                                               shall be included in the licenses in ‎ARTICLE
                                                               4 for no additional consideration. Kamada shall promptly disclose
                                                               to Baxter any Kamada Additional Indication Development IP that
                                                               is developed during the Term.

 

ARTICLE
9.    REPRESENTATIONS AND WARRANTIES.

 

		9.1	Representations and Warranties.
                                                               Each Party represents and warrants to the other that:

 

		(a)	it is a corporation duly organized,
                                                                validly existing and in good standing (to the extent such concept
                                                                exists under the laws of the jurisdiction of such Party's incorporation)
                                                                under the laws of country in which it incorporated and this Agreement
                                                                has been duly authorized by all necessary corporate action;

 

		(b)	it has all necessary corporate
                                                                power and authority to enter into this Agreement and to perform
                                                                all of its obligations hereunder;

 

		(c)	this Agreement has been duly authorized,
                                                                executed and delivered by it and is the legal, valid and binding
                                                                obligation of such Party, enforceable against such Party in accordance
                                                                with its terms; and

 

		(d)	neither the execution, delivery
                                                                and performance by it of this Agreement nor the consummation of
                                                                the transactions contemplated hereby violate or conflict with
                                                                its charter documents, any material contract, agreement or instrument
                                                                to which it is a party or by which it or its properties are bound,
                                                                or any judgment, decree, order or award of any court, governmental
                                                                body or arbitrator by which it is bound, or any law, rule or regulation
                                                                applicable to it.

 

		9.2	Baxter’s Representations
                                                                 and Warranties and Covenants. Baxter hereby represents and warrants
                                                                 (or covenants, as applicable) to Kamada that as of the Effective
                                                                 Date and during the Term

 

		(a)	Baxter will comply in all material
                                                                respects with all applicable safety, health and other laws, rules
                                                                and regulations applicable to the Product in the Baxter Territory.
                                                                All Baxter Products manufactured by Baxter will be manufactured,
                                                                labeled, packaged and sold in accordance with all applicable international,
                                                                U.S. federal, state and local laws and regulations and all E.U.
                                                                and E.U. Member State laws and regulations, including, but not
                                                                limited to, the Act and cGMP in all material respects.

 

		(b)	Baxter shall use Commercially
                                                                Reasonable Efforts to ensure that all third party manufacturers
                                                                of any raw materials for the Baxter Product comply in all material
                                                                respects with all laws, rules and regulations applicable to the
                                                                design, manufacture, labeling and packaging of the Baxter Product
                                                                in the Baxter Territory.

 

		(c)	The manufacturing facilities and
                                                                processes utilized for the manufacture of the Baxter Products
                                                                will, at all times during the Term of this Agreement, comply with
                                                                all applicable international, U.S. federal, state and local laws
                                                                and regulations and all other applicable laws and regulations
                                                                of other countries, including, but not limited to, the Act and
                                                                cGMP in all material respects.

 

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		(d)	Baxter and its Affiliates and
                                                                sub-distributors (and all third party manufacturers of any raw
                                                                materials for Baxter Product) shall implement such quality control
                                                                systems and procedures as shall be appropriate to ensure compliance
                                                                with the requirements of cGMP and ICH and applicable foreign laws
                                                                and regulations that are applicable to Baxter and its Affiliates
                                                                and sub-distributors (or any third party manufacturer) as the
                                                                manufacturer or supplier or distributor, as applicable, of the
                                                                Baxter Product.

 

		(e)	Baxter is, and will be, as applicable,
                                                                in material compliance with all applicable environmental, health,
                                                                safety and transportation regulations (including, but not limited
                                                                to, regulations of the U.S. Environmental Protection Agency, U.S.
                                                                Occupational Safety and Health Administration, and the U.S. Department
                                                                of Transportation).

 

		9.3	Kamada Warranty:
                                                               Kamada represents and warrants that it is the owner of all right,
                                                               title, and interest in the Kamada Licensed Patent Rights, Kamada
                                                               Licensed Know-How, and Kamada Trademarks, or has the right to grant
                                                               sublicenses with respect thereto under licenses to Kamada for the
                                                               same. Kamada represents and warrants that to its knowledge it has
                                                               the right to grant the Licenses provided herein.

 

		9.4	Compliance with Laws. Each
                                                               Party will comply with all applicable laws in performing its obligations
                                                               and exercising its rights hereunder.

 

ARTICLE
10.         CONFIDENTIALITY AND DISCLOSURE OF KNOW-HOW.

 

		10.1	Confidentiality.
                                                                                    Each Party acknowledges that, in the course
                                                                                    of performing its duties and obligations under
                                                                                    this Agreement, certain information that is
                                                                                    confidential or proprietary to such Party
                                                                                    including the Kamada Licensed Patent Rights
                                                                                    and Kamada Licensed Know-How (“Confidential
                                                                                    Information”) will be furnished
                                                                                    by the other Party or such other Party’s
                                                                                    Representatives. Each Party agrees that any
                                                                                    Confidential Information furnished by the
                                                                                    other Party or such other Party’s Representatives
                                                                                    will not be used by it or its Representatives
                                                                                    except in connection with, and for the purposes
                                                                                    of, the development, manufacturing, promotion,
                                                                                    marketing, distribution and sale of Baxter
                                                                                    Product and for any other purpose permitted
                                                                                    under this Agreement and, except as provided
                                                                                    herein, will not be disclosed by it or its
                                                                                    Representatives without the prior written
                                                                                    consent of the other Party. Notwithstanding
                                                                                    the foregoing, Confidential Information furnished
                                                                                    by a Party may be disclosed by a receiving
                                                                                    Party to such receiving Party’s professional
                                                                                    advisors or such receiving Party’s bona
                                                                                    fide potential purchasers, acquirers, investors,
                                                                                    bankers and lenders, and the professional
                                                                                    advisors of the foregoing; provided that such
                                                                                    persons need to know the disclosed information
                                                                                    and agree to be bound by the receiving Party’s
                                                                                    obligation of confidentiality with respect
                                                                                    to such information. The Parties further agree
                                                                                    that all Confidential Information, including
                                                                                    but not limited to the Kamada Licensed Know-How,
                                                                                    whether disclosed in written, electronic or
                                                                                    other tangible form (such as a physical prototype,
                                                                                    physical sample, photograph or video tape)
                                                                                    shall be clearly marked “CONFIDENTIAL”
                                                                                    (or sent in a communication clearly marked
                                                                                    “CONFIDENTIAL”) or, if furnished
                                                                                    in oral form or by visual observation, shall
                                                                                    be stated to be confidential by the Party
                                                                                    disclosing such information at the time of
                                                                                    such disclosure and reduced to a writing by
                                                                                    the Party disclosing such information which
                                                                                    is furnished to the other Party or such other
                                                                                    Party’s Representatives within [*****]
                                                                                    after such disclosure.

 

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		10.2	Exceptions.
                                                                                    The confidentiality obligations of each Party
                                                                                    under Section ‎10.1
                                                                                    do not extend to any Confidential Information
                                                                                    furnished by the other Party or such other
                                                                                    Party’s Representatives that (a) is
                                                                                    or becomes generally available to the public
                                                                                    other than as a result of a disclosure by
                                                                                    the recipient Party or its Representatives,
                                                                                    (b) is or becomes generally available to the
                                                                                    public as a result of a disclosure specifically
                                                                                    permitted under Section ‎10.3,
                                                                                    (c) was available to the recipient Party or
                                                                                    its Representatives on a non-confidential
                                                                                    basis prior to its disclosure thereto by the
                                                                                    other Party or such other Party’s Representatives
                                                                                    as can be proved by documentary evidence,
                                                                                    (d) can be demonstrated by documentary evidence
                                                                                    by the recipient Party that it was independently
                                                                                    developed by the recipient Party without reference
                                                                                    to any Confidential Information of the other
                                                                                    Party, or (e) becomes available to such Party
                                                                                    or its Representatives on a non-confidential
                                                                                    basis from a source other than the other Party
                                                                                    or such other Party’s Representatives
                                                                                    as can be proved by documentary evidence;
                                                                                    provided, however, that such source is not
                                                                                    bound by a confidentiality agreement with
                                                                                    the other Party or such other Party’s
                                                                                    Representatives.

 

		10.3	Legally
                                                                                    Required Disclosures.

 

			If the Party receiving
                                                                                any Confidential Information or any of its Representatives
                                                                                (the “Receiving Party”) is
                                                                                required by law, rule or regulation or by order
                                                                                of a court of law, administrative agency, or other
                                                                                governmental body (including the United States
                                                                                Securities and Exchange Commission or the Israeli
                                                                                Securities Authority) to disclose any of the Confidential
                                                                                Information, the Receiving Party will (a) promptly
                                                                                provide the other Party (the “Disclosing
                                                                                Party”) with reasonable advance written
                                                                                notice if at all possible to enable the Disclosing
                                                                                Party the opportunity to seek a protective order
                                                                                or to otherwise prevent or limit such legally
                                                                                required disclosure, (b) use Commercially Reasonable
                                                                                Efforts to cooperate with the Disclosing Party
                                                                                to obtain such protection, and (c) disclose only
                                                                                the legally required portion of the Confidential
                                                                                Information. Any such legally required disclosure
                                                                                will not relieve the Receiving Party from its
                                                                                obligations under this Agreement to otherwise
                                                                                limit the disclosure and use of such information
                                                                                as Confidential Information.

 

		10.4	Terms of
                                                                                    Agreement. The terms of this Agreement,
                                                                                    and the transactions contemplated hereby shall
                                                                                    be deemed to be Confidential Information subject
                                                                                    to the provisions of Section ‎10.1.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		10.5	Compelled
                                                                                    Disclosure. In the event that either Party
                                                                                    or its Representatives are requested or become
                                                                                    legally compelled (by oral questions, interrogatories,
                                                                                    requests for information or document subpoena,
                                                                                    civil investigative demand or similar process)
                                                                                    to disclose any Confidential Information furnished
                                                                                    by the other Party or such other Party’s
                                                                                    Representatives or the fact that such Confidential
                                                                                    Information has been made available to it,
                                                                                    such Party agrees that it or its Representatives,
                                                                                    as the case may be, will provide the other
                                                                                    Party with prompt written notice of such request(s)
                                                                                    so that the other Party may seek a protective
                                                                                    order or other appropriate remedy and/or waive
                                                                                    compliance with the provisions of this Agreement.
                                                                                    In the event that such protective order or
                                                                                    other remedy will not be obtained, or that
                                                                                    the other Party waives compliance with the
                                                                                    provisions of this Agreement, such Party agrees
                                                                                    that it will furnish only that portion of
                                                                                    such Confidential Information that is legally
                                                                                    compelled and will exercise Commercially Reasonable
                                                                                    Efforts to obtain reliable assurance that
                                                                                    confidential treatment will be accorded to
                                                                                    that portion of such Confidential Information
                                                                                    and other information being disclosed

 

		10.6	Return
                                                                                    of Confidential Information. Upon termination
                                                                                    of this Agreement and upon the request of
                                                                                    the Disclosing Party, the Receiving Party
                                                                                    will return to the Disclosing Party all Confidential
                                                                                    Information (including copies) provided by
                                                                                    the Disclosing Party under this Agreement,
                                                                                    and will destroy all summaries, extracts and
                                                                                    the like prepared by the Receiving Party that
                                                                                    incorporate the Disclosing Party’s Confidential
                                                                                    Information; provided, however, that the Receiving
                                                                                    Party may retain one complete copy of the
                                                                                    Confidential Information, and copies of Confidential
                                                                                    Information which are Know-How in the Know-How
                                                                                    Registry, for the purpose of determining its
                                                                                    obligations under this Agreement, such copy
                                                                                    to be retained by the Legal Department of
                                                                                    the recipient.

 

		10.7	Restriction
                                                                                    on Trading in Securities of Kamada. Baxter
                                                                                    acknowledges that information provided to
                                                                                    it or to be provided to it under this Agreement
                                                                                    includes confidential and non-public information
                                                                                    that may be considered “inside information”
                                                                                    under Israeli securities law. Baxter shall
                                                                                    comply with the provisions of Israeli securities
                                                                                    laws regarding the use of any such “inside
                                                                                    information.”

 

		10.8	Survival.
                                                                                    The obligations of the Parties under this
                                                                                    Article 10 shall survive for [*****]
                                                                                    after the termination or expiration
                                                                                    of this Agreement, except for trade secrets
                                                                                    regarding which the confidentiality obligations
                                                                                    of the Parties under this Article 10
                                                                                    shall survive indefinitely and information
                                                                                    which has been identified as Know-How by a
                                                                                    Party and entered into the Know-How Registry,
                                                                                    in which case the obligations shall survive
                                                                                    until the identified Know-How becomes public
                                                                                    information not due to a breach of this Agreement
                                                                                    by a Party bound by confidentiality obligations
                                                                                    in regard to such Know-How.

 

		10.9	Disclosure
                                                                                    of Know-How. As part of the initial disclosure
                                                                                    of Technology Sharing Documentation from Kamada
                                                                                    to Baxter, and potential disclosure of Know-How
                                                                                    related to Improvements under Section ‎4.5,
                                                                                    Know-How will be disclosed between the Parties.
                                                                                    In order to keep accurate records of what
                                                                                    a Party considers to be its Know-How, and
                                                                                    for the Parties to monitor their obligations
                                                                                    with respect to such Know-How, the Parties
                                                                                    shall establish a Know-How Registry accessible
                                                                                    to both Parties. Each Party shall designate
                                                                                    a Know-How Registry manager, whose responsibility
                                                                                    it will be to check the Know-How Registry
                                                                                    for accuracy, and to enter that Party’s
                                                                                    Know-How into the Know-How Registry. Upon
                                                                                    entry of a document into the Know-How Registry,
                                                                                    the Know-How Registry manager for the entering
                                                                                    Party shall notify the Know-How Registry manager
                                                                                    for the other (“reviewing”) Party.
                                                                                    The reviewing Party’s Know-How Registry
                                                                                    manager shall have [*****] to review the proposed
                                                                                    Know-How, and either accept or reject the
                                                                                    document as the Know-How of the entering Party;
                                                                                    however, in the case of Technology Sharing
                                                                                    Documentation, the reviewing Party’s
                                                                                    Know-How Registry manager shall have [*****]
                                                                                    for review, due to the large amount of documents
                                                                                    in the Technology Transfer Documentation.
                                                                                    If the reviewing Party has not rejected the
                                                                                    document as Know-How within the reviewing
                                                                                    period, such document shall be deemed Know-How
                                                                                    of the entering Party. If the reviewing Party
                                                                                    rejects the document as the Know-How of the
                                                                                    entering Party, the reviewing Party shall
                                                                                    provide detailed, substantial reasons for
                                                                                    that rejection in a written communication
                                                                                    to the entering Party (e.g., an SOP for pH
                                                                                    or sodium concentration determination follows
                                                                                    procedures published in the European Pharmacopeia.)
                                                                                    The Parties shall discuss in a timely manner
                                                                                    the reasons for rejection, and resolve whether
                                                                                    the contested Know-How document shall be entered
                                                                                    into the Know-How Registry.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	35

    	 

    

 

ARTICLE
11.         INDEMNIFICATION.

 

		11.1	Kamada
                                                                                    Indemnity. Kamada agrees to indemnify,
                                                                                    defend and hold Baxter and its Affiliated
                                                                                    Parties (collectively, the “Baxter
                                                                                    Indemnified Parties”) harmless from
                                                                                    and against all losses, liabilities, damages,
                                                                                    costs and expenses (including reasonable attorney’s
                                                                                    fees and costs of investigation and litigation
                                                                                    regardless of outcome) resulting from all
                                                                                    claims, demands, actions and other proceedings
                                                                                    by or on behalf of any Third Party (including
                                                                                    any governmental authority) (collectively,
                                                                                    “Claims”) to the extent
                                                                                    arising from:

 

		(a)	any material breach by Kamada
                                                                of any of its representations, warranties, covenants or material
                                                                obligations under this Agreement;

 

		(b)	the negligence, gross negligence,
                                                                recklessness or willful misconduct of Kamada, its Affiliates or
                                                                agents in the performance of Kamada’s obligations hereunder;

 

		(c)	claims that (i) the manufacture,
                                                                distribution, marketing or sale of the Baxter Product, made according
                                                                to the [*****] under this
                                                                Agreement, and embodied in the [*****] or the [*****] any [*****];
                                                                and

 

		(d)	claims resulting from the [*****]
                                                                of any of (i) [*****] (as such terms are defined in the License
                                                                Agreement) [*****];

 

provided that Kamada shall not
be obligated pursuant to this Section ‎11.1 to the extent Baxter is required to
indemnify Kamada pursuant to Section ‎11.2 hereof.

 

		11.2	           Baxter
                                                                                    Indemnity. Baxter agrees to indemnify,
                                                                                    defend and hold Kamada harmless from and against
                                                                                    all losses, liabilities, damages, costs and
                                                                                    expenses (including reasonable attorney’s
                                                                                    fees and costs of investigation and litigation
                                                                                    regardless of outcome) resulting from all
                                                                                    Claims to the extent arising from:

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	36

    	 

    

 

		(a)	any material breach by Baxter
                                                                of any of its representations, warranties, covenants or material
                                                                obligations under this Agreement;

 

		(b)	the negligence, gross negligence,
                                                                recklessness or willful misconduct of Baxter, its Affiliates,
                                                                agents or Permitted Sublicensees in the performance of Baxter’s
                                                                obligations hereunder; and

 

		(c)	the development (including without
                                                                limitation the conduct of clinical trials in humans), manufacturing,
                                                                testing, storage, handling, transportation, disposal, commercialization
                                                                (including any recalls, field corrections or market withdrawals
                                                                resulting from Baxter’s or its Affiliates, agents or Permitted
                                                                Sublicensees actions or omissions), marketing, distribution, promotion,
                                                                sale or use of a Baxter Product by Baxter or its Affiliates, agents
                                                                or Permitted Sublicensees; and

 

		(d)	any product liability claims,
                                                                lawsuits, action or proceedings, whether in a judicial, governmental,
                                                                or other forum, arising from, connected with or relating to any
                                                                Baxter Product to the extent not wholly attributable to the process
                                                                shared by Kamada under this Agreement, as embodied in Kamada Licensed
                                                                Patent Rights or the Kamada Licensed Know-How;

 

		(e)	any Baxter Product being adulterated
                                                                or misbranded within the meaning of the Act, or within the meaning
                                                                of any applicable law in which the definition of adulteration
                                                                is substantially the same as that contained in the Act, as such
                                                                Act and such laws are constituted and effective when such Baxter
                                                                Product is sold or such Baxter Product being an article which
                                                                may not, under the provisions of the such Act, except those relating
                                                                to misbranding, be introduced into interstate commerce;

 

		(f)	the failure of any Baxter Product
                                                                to be free from defects in materials and workmanship;

 

		(g)	the failure of Baxter, its Affiliates,
                                                                agents or Permitted Sublicensees to comply, or any Baxter Product
                                                                to be in compliance with, with applicable laws, rules or regulations
                                                                in the manufacturing, storage, marketing, promotion, sale, handling,
                                                                transportation or distribution of the Baxter Product; or

 

		(h)	any [*****]
                                                                other than as a result of [*****] by the [*****] under
                                                                this Agreement, as embodied by the [*****];

 

provided that Baxter shall not
be obligated pursuant to this Section ‎11.2 to the extent Kamada is required to
indemnify Baxter pursuant to Section ‎11.1 hereof.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	37

    	 

    

 

		11.3	Claims
                                                                                    for Indemnification. Whenever any indemnification
                                                                                    claim arises under this Agreement, the Party
                                                                                    seeking indemnification (the “Indemnified
                                                                                    Party”) shall promptly notify the
                                                                                    other Party (the “Indemnifying Party”)
                                                                                    of the claim and, when known, the facts constituting
                                                                                    the basis of such claim; provided, however,
                                                                                    that failure to give such notice shall not
                                                                                    relieve the Indemnifying Party of its obligation
                                                                                    hereunder unless and to the extent that such
                                                                                    failure substantially prejudices the Indemnifying
                                                                                    Party.

 

		11.4	Third-Party
                                                                                    Claims. In the event of a third party
                                                                                    claim giving rise to indemnification hereunder,
                                                                                    the Indemnifying Party may, upon prior written
                                                                                    notice to the Indemnified Party, assume the
                                                                                    defense of such claim with counsel reasonably
                                                                                    satisfactory to the Indemnified Party, and
                                                                                    shall thereafter be liable for all expenses
                                                                                    incurred in connection with such defense,
                                                                                    including attorneys’ fees and expenses;
                                                                                    provided, however, that if the Indemnifying
                                                                                    Party assumes the defense of any such claim,
                                                                                    the Indemnified Party may participate in such
                                                                                    defense at its own expense and with counsel
                                                                                    of its choice; provided further, however,
                                                                                    that if there are one or more legal defenses
                                                                                    available to the Indemnified Party that conflict
                                                                                    with those available to the Indemnifying Party
                                                                                    or there exists any other conflict of interest,
                                                                                    the Indemnifying Party shall have the right
                                                                                    to assume the defense of such claim but the
                                                                                    Indemnified Party shall have the right to
                                                                                    employ separate counsel at the expense of
                                                                                    the Indemnifying Party and to participate
                                                                                    in the defense thereof. If the Indemnifying
                                                                                    Party elects to control the defense of such
                                                                                    claim, it shall do so diligently and shall
                                                                                    have the right to settle any claim for monetary
                                                                                    damages, provided such settlement includes
                                                                                    a complete and absolute release of the Indemnified
                                                                                    Party and shall not admit any fault or liability
                                                                                    on the part of the Indemnified Party. Notwithstanding
                                                                                    anything to the contrary, the Indemnifying
                                                                                    Party may not settle any claims for fines,
                                                                                    penalties or the like or in any way adverse
                                                                                    to the Indemnified Party without the prior
                                                                                    written consent of the Indemnified Party,
                                                                                    which shall not unreasonably be withheld,
                                                                                    conditioned or delayed.

 

		11.5	Insurance
                                                                                    Requirements. Each Party will, at its
                                                                                    own cost and expense, obtain and maintain
                                                                                    in full force and effect, during the Term,
                                                                                    General Liability insurance including Completed
                                                                                    Operations, and Product Liability, including
                                                                                    Standard US’ Form Contractual Liability,
                                                                                    with limits of liability of not less than
                                                                                    [*****] per
                                                                                    event and in aggregate per annum, and naming
                                                                                    the other Party as an additional insured.
                                                                                    Any independent insurance carriers must be
                                                                                    rated at least A by A.M. Best Company. If
                                                                                    the insurance policy is written on a claims-made
                                                                                    basis, then the coverage must be kept in place
                                                                                    for at least [*****] the termination of this
                                                                                    Agreement. Any and all policy deductibles
                                                                                    shall be assumed by the Party obtaining such
                                                                                    insurance policy. Policies held by a Party
                                                                                    shall be considered primary and bear no relationship
                                                                                    to any policies held by the other Party. Each
                                                                                    Party will furnish the other Party with a
                                                                                    certificate of insurance within [*****] of
                                                                                    the Effective Date of this Agreement evidencing
                                                                                    that such insurance is in effect and that
                                                                                    a minimum of [*****] notice must be given
                                                                                    to the other Party prior to any cancellation
                                                                                    or material changes to the policy. Baxter
                                                                                    has the right to self-insure.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	38

    	 

    

 

		11.6	LIMITATION
                                                                                    ON LIABILITY. NOTWITHSTANDING ANYTHING
                                                                                    IN THIS AGREEMENT TO THE CONTRARY INCLUDING
                                                                                    THE INDEMNIFICATION PROVISIONS UNDER THIS
                                                                                    ‎ARTICLE
                                                                                    11, EXCEPT FOR DAMAGES ARISING FROM A PARTY’S
                                                                                    WILLFUL INFRINGEMENT OF THE OTHER PARTY’S
                                                                                    INTELLECTUAL PROPERTY RIGHTS, NEITHER PARTY
                                                                                    SHALL BE LIABLE TO THE OTHER PARTY FOR ANY
                                                                                    LOST PROFITS OR ANY INDIRECT, SPECIAL, CONSEQUENTIAL,
                                                                                    PUNITIVE, EXEMPLARY, COLLATERAL OR INCIDENTAL
                                                                                    DAMAGES, HOWEVER CAUSED AND BASED ON ANY THEORY
                                                                                    OF LIABILITY, ARISING OUT OF THIS AGREEMENT
                                                                                    (INCLUDING LOSS OF USE, DATA, OR BUSINESS),
                                                                                    AND WHETHER OR NOT THE OTHER PARTY HAS BEEN
                                                                                    ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
                                                                                    THIS LIMITATION SHALL APPLY NOTWITHSTANDING
                                                                                    ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED
                                                                                    REMEDY PROVIDED FOR HEREIN. THE PARTIES AGREE,
                                                                                    HOWEVER, NONE OF THE FOREGOING LIMITATIONS
                                                                                    OF THIS SECTION ‎11.6
                                                                                    APPLY TO ANY AMOUNTS PAID OR PAYABLE DUE
                                                                                    TO ANY THIRD-PARTY RELATED CLAIM, DEMAND,
                                                                                    PROCEEDING, SUIT OR ACTION FOR WHICH A PARTY
                                                                                    IS OBLIGATED TO INDEMNIFY THE OTHER PARTY
                                                                                    PURSUANT TO SECTION ‎11.1
                                                                                    or ‎11.2,
                                                                                    AND ANY SUCH AMOUNTS WILL BE CONSIDERED
                                                                                    COMPENSATORY OR DIRECT DAMAGES AND NOT INDIRECT,
                                                                                    SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY,
                                                                                    COLLATERAL OR INCIDENTAL DAMAGES.

 

		11.7	Cooperation
                                                                                    as to Indemnified Liability. Each Party
                                                                                    hereto shall reasonably cooperate with other
                                                                                    Party with respect to access to witnesses,
                                                                                    books, records, or other documentation within
                                                                                    such Party’s control, if deemed reasonably
                                                                                    necessary or appropriate by any Party in the
                                                                                    defense of any claim, which may give rise
                                                                                    to indemnification hereunder.

 

ARTICLE
12.        

TERM AND TERMINATION.

 

		12.1	Term of
                                                                                    the Agreement. This Agreement shall become
                                                                                    effective on the Effective Date and, unless
                                                                                    otherwise agreed to in writing or unless otherwise
                                                                                    terminated earlier pursuant to the provisions
                                                                                    of this Agreement, this Agreement shall expire
                                                                                    upon the expiration of all of Baxter’s
                                                                                    obligations to pay Royalties to Kamada pursuant
                                                                                    to this Agreement (the “Term”);
                                                                                    provided, however, that expiration of the
                                                                                    Agreement under this Section ‎12.1
                                                                                    at the end of the Royalty Period shall
                                                                                    not limit Baxter’s rights under Section
                                                                                    ‎4.2.

 

		12.2	Termination.
                                                                                    Notwithstanding anything to the contrary contained
                                                                                    in this Agreement:

 

		(a)	Kamada may terminate this Agreement
                                                                by providing written notice to Baxter (effective immediately),
                                                                if Baxter (i) files any opposition, interference or like notice
                                                                or initiates any like proceeding in any country, and/or otherwise
                                                                contests in any way, in any forum in any country, the validity
                                                                or enforceability of any of the Kamada Licensed Patent Rights;
                                                                or (ii) infringes Kamada’s intellectual property, including
                                                                any use of the Kamada Licensed Patents and/or Kamada Licensed
                                                                Know-How outside of the Field.

 

		(b)	Either Kamada or Baxter may terminate
                                                                this Agreement and the Licenses granted hereunder in their entirety
                                                                or on a Baxter Product-by-Baxter Product basis or on a country-by-country
                                                                basis with respect to one or more countries in the Baxter Territory
                                                                by providing written notice to the other Party:

 

    	39

    	 

    

 

(i)          if
the other Party is in material breach of this Agreement and shall have failed to cure such breach within (A) [*****]
for a monetary breach or (B) [*****] for a non-monetary breach after receipt of a written notice from the non-breaching
Party specifying the breach in detail from the non-breaching Party, unless such non-monetary breach cannot be cured within such
[*****], in which case the breaching Party shall have undertaken a good faith effort to cure such breach within such [*****] period
and diligently prosecuted such cure to prompt completion: provided, however, that for any payment or report with a [*****] due
date, receipt of the payment or report by Kamada by [*****] after the due date shall not be considered a breach; or

 

(ii)         upon
or after the granting of a winding-up order in respect of the other Party, or upon an order being granted against the other Party
for the appointment of a receiver over all or substantially all of such other Party’s assets, or if such other Party passes
a resolution for its voluntary winding-up, or if a temporary or permanent liquidator or receiver is appointed for all or substantially
all of such other Party’s assets or in respect of such other Party, or if a temporary or permanent attachment order is granted
on all of such other Party’s assets, or a substantial portion thereof, and is not cancelled within [*****],
or if such other Party shall seek protection under any laws or regulations, the effect of which is to suspend or impair the rights
of any or all of its creditors, or to impose a moratorium on such creditors, or if anything analogous to any of the foregoing
in this Section ‎12.2(b)(ii) under the laws of any jurisdiction occurs in
respect of such other Party; provided that in the case that any such order or act is initiated by any Third Party, the right of
termination shall apply only if such order or act as aforesaid is not cancelled within [*****] of the grant of such order or the
performance of such act.

 

		(c)	At any time during the term of
                                                                this agreement prior to the First Commercial Sale, Baxter may
                                                                terminate this Agreement due to Kamada’s material breach
                                                                of Section ‎6.4,
                                                                provided that such material breach does not arise due to factors
                                                                beyond Kamada’s control.

 

		(d)	Baxter may terminate this Agreement
                                                                in its entirety or on a Baxter Product-by-Baxter Product basis
                                                                or on a country-by-country basis with respect to one or more countries
                                                                in the Baxter Territory without any resulting liability arising
                                                                from Baxter’s exercise of such termination right:

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	40

    	 

    

 

(i)          Upon
ninety (90) days notice in the event that ninety (90) days have passed since a court or other legal body of competent jurisdiction
determines in a final, non-appealable judgment or binding ruling that the continued sale and use the Baxter Product manufactured
according to the process shared by Kamada under this Agreement, as embodied in the Kamada Licensed Patent Rights or the Kamada
Licensed Know-How, in the Field materially infringes a third party’s intellectual property and Kamada has not (A) obtained
and sub-licensed to Baxter the right to sell and use the Baxter Product manufactured according to the process shared by Kamada
under this Agreement, as embodied in Kamada Licensed Patent Rights or the Kamada Licensed Know-How, in the Field or (B) provided
and licensed to Baxter an alternative process by which the Baxter Product in the Field can be produced without infringing any
third party’s intellectual property and whose implementation will not require material expenditures; or

 

(ii)         Following
the First Commercial Sale in the United States, [*****] prior written notice, Baxter may terminate this Agreement in its entirety
without any resulting liability if: (A) the Sold Volume (as defined below) in the Baxter Territory during any calendar year is
less than [*****] of the Sold Volume for the [*****] (except if such change in the Sold Volume is mainly a result of the introduction
of a Kamada A1PI Inhaled Product in the Baxter Territory), and (B) Baxter provides such termination notice within [*****] after
the publication of the applicable Sold Volume Report. “Sold Volume” means the volume of A1PI product administered
intravenously, sold, by the Parties or any Third Party, in the Baxter Territory according to MRB annual report (the “Sold
Volume Report”); or

 

(iii)        
Upon [*****] notice in the event that the US BLA or US BLA Supplement was withdrawn, or the
application for the US BLA Supplement rejected, as a result of Kamada’s not taking the actions required under this Agreement
as a BLA Party and such decision was not reversed within [*****] by the applicable Regulatory Authority, and Kamada has not taken
diligent efforts to reinstate the US BLA or US BLA Supplement, and in each case provided that such withdrawal or rejection was
not primarily resulted from the actions or omissions of Baxter or any of its Affiliates.

 

		(e)	Kamada may terminate this Agreement
                                                                in its entirety or on a Baxter Product-by-Baxter Product basis
                                                                or on a country-by-country basis with respect to one or more countries
                                                                in the Baxter Territory without any resulting liability arising
                                                                from Kamada’s exercise of such termination right upon [*****]
                                                                written notice to Baxter in the event that:

 

(i)          Any
Regulatory Approval for any Baxter Product in any country within the Baxter Territory has been withdrawn or an application for
Regulatory Approval for any Baxter Product in any country within the Baxter Territory has been rejected and such decision has
not been reversed within [*****] of its issuance, in each case by the applicable Regulatory Authority, unless such withdrawal
or rejection primarily resulted from the actions or omissions of Kamada or any of its Affiliates; provided, however, that the
termination shall right shall only be exercisable in the country of such Regulatory Approval; or

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	41

    	 

    

 

(ii)         A
court or other legal body of competent jurisdiction determines in a final, non-appealable judgment or binding ruling that any
Baxter Product materially infringes a third party’s intellectual property other than as a result of the manufacture of the
Baxter Product by the process shared by Kamada under this agreement, as embodied by the Kamada Licensed Patent Rights or the Kamada
Licensed Know-How, of any third party’s intellectual property; provided that this right to terminate shall apply only to
the countries in the Baxter Territory whose court or other legal body of competent jurisdiction issued such judgment or binding
ruling or such countries in the Baxter Territory which such judgment or binding ruling applies.

 

(iii)        The
First Commercial Sale in the United States has not occurred prior to June 15, 2017, and Baxter has not used Commercially Reasonable
efforts to sell by that date.

 

		12.3	Effect
                                                                                    of Termination.

 

		(a)	Generally.

 

(i)          Upon
termination (but not expiration under Section ‎12.1) of this Agreement for whatever
reason, all rights in and to the Kamada Licensed Patent Rights and Kamada Licensed Know-How, including without limitation, all
licenses granted by Kamada to Baxter pursuant to this Agreement, shall revert to Kamada and Baxter shall not be entitled to make
any further use thereof and Baxter shall deliver to Kamada all drawings, plans, diagrams, specifications, other documentation,
models or any other physical matter in Baxter’s possession in any way containing, representing or embodying the Kamada Licensed
Patent Rights and Kamada Licensed Know-How (save for the copies which Baxter may retain subject to and in accordance with the
provisions of ‎ARTICLE 10 above).

 

(ii)         Termination
or expiration of this Agreement shall not release either Party from the obligation to make payment of all amounts due and payable
as of the applicable expiration or termination date.

 

		12.4	Survival.
                                                                                    The rights and obligations set forth in this
                                                                                    Agreement shall extend beyond the expiration
                                                                                    or termination of this Agreement to the extent
                                                                                    that the survival of such rights or obligations
                                                                                    are necessary to permit their complete fulfillment
                                                                                    or discharge. Without limiting in any way
                                                                                    the generality of the foregoing, the following
                                                                                    provisions of this Agreement, and the other
                                                                                    provisions that
                                                                                    by their terms expressly survive termination,
                                                                                    shall survive termination or expiration of
                                                                                    this Agreement: Section ‎4.4,
                                                                                    Section ‎4.5,
                                                                                    Section ‎4.6,
                                                                                    Section ‎4.7(d),
                                                                                    Section ‎7.3,
                                                                                    ‎ARTICLE
                                                                                    10, ‎ARTICLE
                                                                                    11, Section ‎14.14.
                                                                                    Section ‎7.6(b)
                                                                                    shall survive for a period of one year after
                                                                                    the termination of this Agreement.

 

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ARTICLE
13.         NOTICES. Wherever notice is required or permitted hereunder,
it shall be by personal delivery, first class mail, overnight delivery service, or sent by facsimile transmission, with electronic
confirmation, properly directed to the Party at its address and contact information listed below. Said address and contact information
may be changed from time to time by similar written notice.

 

If to Baxter:

 

Baxter Healthcare Corporation

One Baxter Parkway

Deerfield, Illinois 60015

Attention: General Counsel

Telephone: 847.948.3225

Facsimile: 847.948.2450

 

Baxter Healthcare SA

CH-8304 Wallisellen

Zurich, Switzerland

Attention: President

Telephone: 41 1 878 6199

Facsimile: 41 1 878 6352

 

With copies to:

 

Baxter Healthcare Corporation

One Baxter Parkway

Deerfield, Illinois 60015

Attention: President BioScience

Telephone: 847.940.6255

Facsimile: 847.940.6271

 

Baxter Healthcare SA

CH-8304 Wallisellen

Zurich, Switzerland

Attention: Legal Counsel

Telephone: 41 1 878 6199

Facsimile: 41 1 878 6352

 

If to Kamada:

 

Kamada Ltd.

Science Park

Kiryat Weizmann

7 Sapir St. P.O Box 4081

Ness Ziona 74140, Israel

Attn: David Tsur

Telephone: +972 8 9406472

Facsimile: +972 8 9406473

 

    	43

    	 

    

 

ARTICLE
14.         MISCELLANEOUS.

 

		14.1	Relationship
                                                                                    of Parties. The relationship of the Parties
                                                                                    established by this Agreement is solely that
                                                                                    of independent contractors, and nothing shall
                                                                                    be deemed to create or imply any employer/employee,
                                                                                    principal/agent, partner/partner or co-venturer
                                                                                    relationship, or that the Parties are participants
                                                                                    in a common undertaking. Neither Party shall
                                                                                    have the right to direct or control the activities
                                                                                    of the other Party or incur or assume or create
                                                                                    any obligation, representation, warranty or
                                                                                    guarantee, express or implied, on behalf of
                                                                                    the other Party or bind such other Party to
                                                                                    any obligation for any purpose whatsoever.

 

		14.2	Entire
                                                                                    Agreement. This Agreement, including the
                                                                                    exhibits and schedules attached hereto and
                                                                                    incorporated as an integral part of this Agreement,
                                                                                    and the Related Agreements, constitute the
                                                                                    entire agreement of the Parties with respect
                                                                                    to the subject matter hereof, and supersede
                                                                                    all previous proposals, oral or written, and
                                                                                    all negotiations, conversations or discussions
                                                                                    heretofore had between the Parties related
                                                                                    to this Agreement.

 

		14.3	No Waiver;
                                                                                    Amendment. No waiver of any term or condition
                                                                                    of this Agreement shall be valid or binding
                                                                                    on any Party unless agreed to in writing by
                                                                                    the Party to be charged. The failure of either
                                                                                    Party to enforce at any time any of the provisions
                                                                                    of the Agreement, or the failure to require
                                                                                    at any time performance by the other Party
                                                                                    of any of the provisions of this Agreement,
                                                                                    shall in no way be construed to be a present
                                                                                    or future waiver of such provisions, nor in
                                                                                    any way affect the ability of either Party
                                                                                    to enforce each and every such provision thereafter.
                                                                                    This Agreement may not be amended or modified
                                                                                    except by the written agreement of the Parties.

 

		14.4	Assignment.

 

		(a)	Except as provided in subsection
                                                                (b), neither Party may assign or otherwise transfer its rights
                                                                and obligations under this Agreement without the prior written
                                                                consent of the other Party. Any attempted assignment or transfer
                                                                in violation of this provision shall be null and void.

 

		(b)	Unless prohibited by law, either
                                                                Party may assign or otherwise transfer (whether by operation of
                                                                law, change of control or otherwise) its rights and obligations
                                                                under this Agreement, without the prior written consent of the
                                                                other Party, (A) to an Affiliate, provided that the assigning
                                                                Party remains responsible for the performance of this Agreement
                                                                by such Affiliate or (B) in connection with a sale of all or substantially
                                                                all of the assets or equity of the business entity, division or
                                                                unit, as applicable, that conducts the Party’s activities
                                                                under this Agreement, provided that in the case of such an asset
                                                                sale such assignee agrees to be bound by the terms of this Agreement.
                                                                Prior to or promptly after any assignment not requiring consent
                                                                of the other Party, the assigning Party shall give the other Party
                                                                notice of the assignment. Notwithstanding the foregoing, if Kamada
                                                                proposes to assign or otherwise transfer this Agreement or any
                                                                of its rights or obligations under this Agreement to a Competitor,
                                                                Kamada and Baxter agree to work together in good faith prior such
                                                                assignment to amend this Agreement to limit, to Baxter’s
                                                                reasonable satisfaction, Baxter’s obligation to disclose
                                                                to such Competitor any Confidential Information or other sensitive
                                                                or proprietary information.

 

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		(c)	All terms and conditions of this
                                                                Agreement shall be binding on and inure to the benefit of the
                                                                successors and permitted assigns of the Parties.

 

		14.5	Force Majeure.
                                                                                    Except for each Party’s confidentiality
                                                                                    and indemnity obligations, any delay in the
                                                                                    performance of any of the duties or obligations
                                                                                    of either Party hereto (except the payment
                                                                                    of money), to the extent caused by an event
                                                                                    outside the affected Party’s reasonable
                                                                                    control, shall not be considered a breach
                                                                                    of this Agreement, and unless provided to
                                                                                    the contrary herein, the time required for
                                                                                    performance shall be extended for a period
                                                                                    equal to the period of such delay. Such events
                                                                                    (hereinafter referred to as “Force
                                                                                    Majeure” events) shall include without
                                                                                    limitation, acts of God; acts of public enemies;
                                                                                    war, terrorism, insurrections; riots; injunctions;
                                                                                    embargoes; labor disputes affecting third
                                                                                    parties providing services to a Party under
                                                                                    this Agreement (including strikes, lockouts,
                                                                                    job actions, or boycotts); fires; explosions;
                                                                                    floods; shortages of material or energy; acts
                                                                                    or orders of any government or agency thereof
                                                                                    or other unforeseeable causes beyond the reasonable
                                                                                    control and without the fault or negligence
                                                                                    of the Party so affected. The Party so affected
                                                                                    shall give prompt written notice to the other
                                                                                    Party of such cause and a good faith estimate
                                                                                    of the continuing effect of the Force Majeure
                                                                                    condition and duration of the affected Party’s
                                                                                    nonperformance, and shall take whatever reasonable
                                                                                    steps are appropriate to relieve the effect
                                                                                    of such causes as rapidly as possible.

 

		14.6	Governing
                                                                                    Law. The validity, interpretation, and
                                                                                    enforcement of this Agreement and all matters
                                                                                    arising directly and indirectly from this
                                                                                    Agreement shall be governed by the internal
                                                                                    laws of the State of New York, without regard
                                                                                    to any conflicts or choice of law rules.

 

		14.7	Dispute
                                                                                    Resolution. Except with respect to claims
                                                                                    for equitable relief, which the Parties agree
                                                                                    may be pursued in any court of competent jurisdiction,
                                                                                    any dispute, controversy, claim or other matter
                                                                                    in question between the Parties arising out
                                                                                    of or relating to this Agreement, including
                                                                                    all issues of fact and law, shall be settled
                                                                                    by binding arbitration in accordance with
                                                                                    the Alternative Dispute Resolution provisions
                                                                                    set forth in Exhibit ‎14.7.

 

		14.8	Remedies.
                                                                                    The exercise of any remedies hereunder shall
                                                                                    be cumulative and in addition to and not in
                                                                                    limitation of any other remedies available
                                                                                    to such Party at law or in equity.

 

		14.9	Further
                                                                                    Assurances. Each Party agrees to cooperate
                                                                                    fully with the other and execute such instruments,
                                                                                    documents and agreements and take such further
                                                                                    actions to carry out the intents and purposes
                                                                                    of this Agreement.

 

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		14.10	            Counterparts;
                                                                 Facsimile. This Agreement may be executed in more than one
                                                                 counterpart, each of which constitutes an original and all of
                                                                 which together shall constitute one enforceable agreement. For
                                                                 purposes of this Agreement and any other document required to
                                                                 be delivered pursuant to this Agreement, facsimiles or electronic
                                                                 reproductions of signatures shall be deemed to be original signatures.
                                                                 In addition, if any of the Parties sign facsimile copies of this
                                                                 Agreement, such copies shall be deemed originals.

 

		14.11	            Construction;
                                                                 Interpretation. The headings contained in this Agreement
                                                                 are for reference purposes only and shall not affect in any way
                                                                 the meaning or interpretation of this Agreement. Any article,
                                                                 section, recital, exhibit, schedule and party references are
                                                                 to this Agreement unless otherwise stated. No Party, nor its
                                                                 counsel, shall be deemed the drafter of this Agreement for purposes
                                                                 of construing the provisions of this Agreement, and all provisions
                                                                 of this Agreement shall be construed in accordance with their
                                                                 fair meaning, and not strictly for or against any Party. Except
                                                                 where the context otherwise requires, where used, the singular
                                                                 shall include the plural, the plural the singular, the use of
                                                                 any gender shall be applicable to all genders and the word “or”
                                                                 is used in the inclusive sense (and/or). The term “includes”
                                                                 and “including” as used herein means including, but
                                                                 not limited to. Unless otherwise noted, “days” shall
                                                                 refer to calendar days and not business days. Capitalized terms
                                                                 used but not defined herein shall have the meanings ascribed
                                                                 to them in the Distribution Agreement or, if not defined therein,
                                                                 the Paste Supply Agreement.

 

		14.12	            Press
                                                                 Releases and Announcements; Use of Names. Neither Party may
                                                                 issue any press release or make any public announcement concerning
                                                                 the transactions contemplated by this Agreement without the prior
                                                                 consent of the other Party (which consent shall not be unreasonably
                                                                 withheld, conditioned or delayed). Notwithstanding the foregoing,
                                                                 if a press release or other public announcement with respect
                                                                 to the subject matter herein is required by applicable law or
                                                                 any listing agreement with a securities exchange or quotation
                                                                 system, the Party required to make such announcement may do so
                                                                 provided that such Party has provided reasonable notice and a
                                                                 copy of such announcement to the other Party as promptly as practicable
                                                                 in advance of such announcement and, to the extent practicable,
                                                                 take the views of the other Party in respect of such announcement
                                                                 into account prior to making such announcement. Notwithstanding
                                                                 the foregoing, Baxter or Kamada shall not be prevented from mentioning
                                                                 the name of the other Party, or from disclosing any information
                                                                 if, and to the extent that, such mention or disclosure is to
                                                                 competent authorities for the purposes of obtaining Regulatory
                                                                 Approval or permission for the exercise of the License.

 

		14.13	            Severability.
                                                                 Each Party hereby agrees that it does not intend, by its execution
                                                                 hereof, to violate any public policy, statutory or common laws,
                                                                 rules, regulations, treaty or decision of any government agency
                                                                 or executive body thereof of any country or community or association
                                                                 of countries. Should one or more provisions of this Agreement
                                                                 be or become invalid, the Parties hereto shall substitute, by
                                                                 mutual consent, valid provisions for such invalid provisions
                                                                 which valid provisions in their economic and other effects are
                                                                 sufficiently similar to the invalid provisions that it can be
                                                                 reasonably assumed that the Parties would have entered into this
                                                                 Agreement with such valid provisions. In case such valid provisions
                                                                 cannot be agreed upon, the invalidity of one or several provisions
                                                                 of this Agreement shall not affect the validity of this Agreement
                                                                 as a whole or the validity of any portions hereof, unless the
                                                                 invalid provisions are of such essential importance to this Agreement
                                                                 that it is to be reasonably assumed that the Parties would not
                                                                 have entered into this Agreement without the invalid provisions.

 

    	46

    	 

    

 

		14.14	            Non-Solicitation.
                                                                 Each Party agrees that it shall not, during the Term and for
                                                                 one year afterwards, directly or indirectly, solicit the services,
                                                                 as employee, consultant or otherwise, any employee of the other
                                                                 Party; provided, however, that nothing in this Section ‎14.14
                                                                 shall prohibit a Party or any Affiliate of such Party from:
                                                                 (a) hiring any employee that has responded to a general advertisement
                                                                 or solicitation made to the general public or the industry in
                                                                 general or (b) soliciting the services, as employee, consultant
                                                                 or otherwise, or hiring any such employee after the date that
                                                                 is [*****] after the date
                                                                 on which such employee leaves the employ of such other Party.
                                                                 In the event of a violation of this non-solicitation obligation,
                                                                 the violating Party shall pay to the other Party a penalty in
                                                                 the amount of the [*****]
                                                                 last annual salaries (including bonuses) of the respective employee/personnel;
                                                                 provided, however, that the foregoing shall not prevent the non-violating
                                                                 party from seeking other equitable relief (including, but not
                                                                 limited to, an injunction) to stop the solicitation or other
                                                                 violation and such other damages as determined in accordance
                                                                 with the terms of this Agreement. The provisions of this Section
                                                                 ‎14.14 shall survive
                                                                 termination of this Agreement.

 

[Signature Page Follows]

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	47

    	 

    

 

[Signature Page to Technology License
Agreement]

 

IN WITNESS WHEREOF, the Parties
hereto have caused their authorized representatives to execute this Agreement by signing below: 

 

	KAMADA LTD.	 	BAXTER HEALTHCARE S.A.

 

	By: 	/s/ David Tsur	 	By:	/s/ Mwanajuma Pietrina Lugogo
	Name: David Tsur	Name: 	Mwanajuma Pietrina Lugogo
	Title: Chief Executive Officer	Title: 	/s/ Corporate Counsel

 

	By:	/s/ Eyal Leibovitz 	 	By:	/s/ Ignacio Martinez de Lecea
	Name: Eyal Leibovitz	Name:	Ignacio Martinez de Lecea
	Title:  Chief Financial Officer	Title: 	Sr. Counsel ECEMEA

 

    	 

    	 

    

 

Exhibit ‎1.39

 

Kamada Licensed Patents

 

This exhibit has been redacted in tis entirety.*

    	 

    	 

    

 

Exhibit 1.67

 

Technology Transfer Plan

 

1.         Background.

 

		1.1	The disclosure of and provision of
                                                             technical support for alpha-one antitrypsin (“A1PI”)
                                                             production related technology from Kamada to Baxter for the purpose
                                                             of the Technology License Agreement dated August 23, 2010 (the “Agreement”)
                                                             to which this Technology Sharing Plan is attached to as Exhibit 1.67
                                                             (this “Exhibit”), shall occur in accordance with
                                                             the Agreement and this Technology Sharing Plan (the “Plan”),
                                                             including without limitation procedures, timelines, and the allocated
                                                             resources set forth herein. Each modification to the Plan agreed
                                                             in writing by the authorized representatives of the Parties shall
                                                             amend, in whole or in part as the case may be, this Plan as Exhibit
                                                             1.67 to the Agreement. The Parties shall agree to reasonable
                                                             and necessary changes to the Plan on a case-by-case based upon all
                                                             relevant facts and circumstances then existing.

 

		1.2	The
                                                                                                                           Parties
                                                                                                                           agree
                                                                                                                           that
                                                                                                                           time
                                                                                                                           is
                                                                                                                           of
                                                                                                                           the
                                                                                                                           essence
                                                                                                                           in
                                                                                                                           undertaking
                                                                                                                           their
                                                                                                                           obligations
                                                                                                                           herein
                                                                                                                           and
                                                                                                                           that
                                                                                                                           they
                                                                                                                           shall
                                                                                                                           use
                                                                                                                           diligent
                                                                                                                           efforts
                                                                                                                           with
                                                                                                                           respect
                                                                                                                           to
                                                                                                                           the
                                                                                                                           disclosure
                                                                                                                           of
                                                                                                                           technology
                                                                                                                           and
                                                                                                                           attempt
                                                                                                                           to
                                                                                                                           establish
                                                                                                                           the
                                                                                                                           technology
                                                                                                                           at
                                                                                                                           a Baxter
                                                                                                                           Facility
                                                                                                                           (or
                                                                                                                           complex
                                                                                                                           of
                                                                                                                           Baxter
                                                                                                                           Facilities
                                                                                                                           at
                                                                                                                           one
                                                                                                                           general
                                                                                                                           geographic
                                                                                                                           location.)
                                                                                                                           However,
                                                                                                                           if
                                                                                                                           either
                                                                                                                           Party
                                                                                                                           demonstrates
                                                                                                                           that,
                                                                                                                           despite
                                                                                                                           its
                                                                                                                           having
                                                                                                                           exerted
                                                                                                                           good
                                                                                                                           faith
                                                                                                                           and
                                                                                                                           diligent
                                                                                                                           efforts
                                                                                                                           to
                                                                                                                           do
                                                                                                                           so,
                                                                                                                           it
                                                                                                                           is
                                                                                                                           not
                                                                                                                           able
                                                                                                                           to
                                                                                                                           meet
                                                                                                                           a deadline
                                                                                                                           set
                                                                                                                           forth
                                                                                                                           in
                                                                                                                           the
                                                                                                                           Plan,
                                                                                                                           and
                                                                                                                           informs
                                                                                                                           the
                                                                                                                           other
                                                                                                                           Party
                                                                                                                           in
                                                                                                                           writing
                                                                                                                           of
                                                                                                                           its
                                                                                                                           inability
                                                                                                                           to
                                                                                                                           meet
                                                                                                                           this
                                                                                                                           deadline
                                                                                                                           no
                                                                                                                           later
                                                                                                                           than
                                                                                                                           [*****]
                                                                                                                           of
                                                                                                                           such
                                                                                                                           anticipated
                                                                                                                           failure
                                                                                                                           to
                                                                                                                           meet
                                                                                                                           such
                                                                                                                           deadline,
                                                                                                                           then
                                                                                                                           the
                                                                                                                           Party
                                                                                                                           not
                                                                                                                           meeting
                                                                                                                           the
                                                                                                                           deadline
                                                                                                                           shall
                                                                                                                           have
                                                                                                                           a maximum
                                                                                                                           of
                                                                                                                           thirty
                                                                                                                           (30)
                                                                                                                           days
                                                                                                                           to
                                                                                                                           deliver
                                                                                                                           on
                                                                                                                           such
                                                                                                                           deadline
                                                                                                                           any
                                                                                                                           Biologic
                                                                                                                           Materials
                                                                                                                           and
                                                                                                                           documentation
                                                                                                                           or
                                                                                                                           other
                                                                                                                           information,
                                                                                                                           or
                                                                                                                           to
                                                                                                                           perform
                                                                                                                           any
                                                                                                                           other
                                                                                                                           obligation
                                                                                                                           due
                                                                                                                           by
                                                                                                                           that
                                                                                                                           deadline
                                                                                                                           without
                                                                                                                           material
                                                                                                                           breach
                                                                                                                           of
                                                                                                                           the
                                                                                                                           Agreement,
                                                                                                                           provided
                                                                                                                           that
                                                                                                                           the
                                                                                                                           Parties
                                                                                                                           do
                                                                                                                           not
                                                                                                                           agree
                                                                                                                           to
                                                                                                                           extend
                                                                                                                           such
                                                                                                                           deadline.
                                                                                                                           

 

		1.3	All terms used in this Plan shall
                                                             have the same meanings ascribed to them in the Agreement, unless
                                                             otherwise explicitly said herein.

 

2.
Scope of Technology Sharing and Submission Strategy 

 

		2.1	Planned Baxter process including
                                                             planned changes: 

 

[*****]

 

		2.2	Comparability protocol design

The
Comparability Protocol will be jointly developed by Baxter and Kamada and shall include:

 

[*****]

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

3. Structure.

 

		3.1	Organization. The Parties
                                                             shall establish a technology disclosure and technical support organisation,
                                                             including the Technology Sharing Sub-Committee of the Joint Steering
                                                             Committee established under the Distribution Agreement, consisting
                                                             of:

 

		a)	Project Management.

 

Each Party
shall, at all times during Technology Sharing Term will maintain a project manager (a “Project Manager”) who
is responsible for coordinating and supervising such Party’s obligations under the Plan.

 

Baxter’s
Project Manager as of the Effective Date is: [*****]

___________________

 

Kamada’s
Project Manager as of the Effective Date is: [*****]

 

or such
other qualified person as either Party may hereafter by written notice identify to other Party.

 

		b)	Technology
                                                                                 Sharing Sub-Committee.

 

The role
of the Technology Sharing Sub-Committee shall be coordinating, supervising and facilitating the Parties’ joint performance
of the tasks set forth in this Exhibit. The Technology Sharing Sub-Committee shall consist of the Project Managers and
one (1) or more additional representatives (an equal number from each Party) (each a “Technology Sharing Sub-Committee
Representative”). Each Party shall, at all times until the end of the Technology Sharing Term, maintain such representative(s).

 

Baxter’s
Technology Sharing Sub-Committee Representative(s), as of the Effective Date, are:

		·	           

		·	          

 

Kamada’s
Technology Sharing Sub-Committee representative(s), as of the Effective Date, are:

		·	          

		·	          

 

or such
other qualified person(s) as either Party may add hereafter by written notice provide to other Party.

 

		c)	Designated
                                                                                 Functional Support Persons.

 

Each Party
shall, within 2 months from the Effective Date of the Agreement, designate for each function set forth in the table below, a functional
support person (a “Designated Functional Support Person”), and ensure that this Designated Functional Support
Person has expertise in such person’s designated field, and has the authority within such Party’s respective organizations
to send and receive documents and/or materials in that specific field. The Designated Functional Support Persons as of the Effective
Date shall be as follows:

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

	Field	 	For
    Baxter	 	For
    Kamada
	Regulatory	 	 	 	 
	Clinical 	 	 	 	 
	Quality Assurance	 	 	 	 
	Quality Control
    	 	 	 	 
	Analytical Methods
    Validation	 	 	 	 
	Manufacturing	 	 	 	 
	Process Development	 	 	 	 
	Tech Services	 	 	 	 
	Manufacturing
    Equipment – Engineering and Validation	 	 	 	 
	Process Validation	 	 	 	 

 

Each Party
may, by providing written notice to the other Party, designate another qualified person to replace the above personnel.

 

		3.2	Meetings.

 

The Parties
shall use reasonable efforts to participate in all relevant meetings and discussions with respect to the activities contemplated
by this Plan.

 

		a)	Technology
                                                                                 Sharing Sub-Committee Meetings.

 

The Technology
Sharing Sub-Committee shall conduct face-to-face, video-conference or telephonic meetings, at least monthly for the first eight
(8) months following the Effective Date and at least quarterly thereafter, unless otherwise agreed by the Technology Sharing Sub-Committee
Representative until the end of the Technology Sharing Term, in order to discuss and evaluate the Plan progress and any issues
with respect thereto. The Parties shall meet upon short notice if extraordinary and urgent matters so require.

 

To the
extent reasonably necessary, additional personnel or representatives of each Party may participate in the Technology Sharing Sub-Committee,
without any voting rights.

 

The Agenda
for said meetings shall be:

 

		A.	approval of minutes from previous meeting;

		B.	status/progress of performance on action items from previous
meeting;

		C.	status/progress of overall Plan;

		D.	action items for next meeting;

		E.	other issues.

 

    	 

    	 

    

 

		b)	Telephone
                                                                                 Conferences.

 

If a Party,
upon not less than seven (7) days written notice, requests so, the Technology Sharing Sub-Committee shall meet for a telephone
conference within reasonable business hours, however taking any differences in time zones into consideration. The Parties may
hold telephone conferences upon shorter notice if extraordinary and urgent matter so require.

 

		c)	Meeting Minutes.

 

Minutes shall be taken for
all meetings (face-to face as well as telephone conferences) and maintained by the Project Managers as well as distributed to
the team.

 

4.          Timeline.

 

The timetables
set out below in Section 4.2 of this Exhibit have been approved by both Kamada and Baxter and constitutes both Parties’
best estimates (as of the Effective Date of the Agreement) of the time, documents, materials, etc. needed for a full disclosure
of materials, know-how and documentation related to the A1PI production technology, and technical support of such technology,
from Kamada to Baxter. The Parties expressly agree that they will revise this list as often as needed, including without limitation
for the purposes of adding information reasonably requested by Baxter in accordance with the Agreement, and supplemental information
that Kamada must supply under the Agreement as it becomes aware of such information.

 

In addition,
the Parties have set forth in Section 8 a non-binding timetable of specific delivery dates for the deliverables of this
Exhibit. The Project Managers shall confer on a regular basis to revise this timetable in order to keep both Parties informed
of the anticipated completion dates of all deliverables therein.

 

		4.1	Changes to the
                                                                               Timetable.

 

The Parties
agree to use best efforts in order to agree as often as needed to changes and updates to the timetable necessary in order to enable
a swift and effective disclosure of and provision of technical support for all A1PI production related technology from Kamada
to Baxter and in order to enable Baxter to exercise its licenses granted under this Agreement.

 

		4.2	Timetable.

 

Copies
of Technology Sharing Documentation and/or materials shall be provided to Baxter by the end of [*****].

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

5.          Technology
Sharing Documentation and Materials.

 

Note: The specific materials and
documents set forth in this Section 5 of this Exhibit, constitute both Parties best estimates as of the Effective
Date of the Agreement as to what is required to complete a full disclosure of A1PI production technology from Kamada to Baxter.
The Parties acknowledge and agree that this listing of documents and materials is not meant to be complete and final and that
Baxter may request further relevant documentation, material and support and that Kamada will provide such documentation, material
and support, provided that these are in Kamada's possession or can be obtained by Kamada using reasonable efforts, until the end
of the Technology Sharing Term.

 

		5.1	Biologic Material.

 

Biologic Materials shall be provided to
Baxter in commercially useful quantities for their intended purposes, unless otherwise noted.

Initial samples shall be provided by Kamada
at Baxter’s request as indicated below for the purpose of assisting Baxter in planning efforts for the technology disclosure
and to support the attempt to establish Kamada’s A1PI production technology in a Baxter Facility. Further samples of the
materials indicated below shall be provided, as needed, according to the mutually agreed upon detailed Technology License Agreement,
e.g. for process and qualtity assurance testing validation.

Biologic Material includes, without limitation,
the following:

 

[*****]

 

In addition to
the Biological Material itself, the origin has to be specified (e.g. supplier, source material, etc.).

 

		5.2	Manufacturing
                                                                               and Quality Documentation.

 

Know-How in paper
and/or electronic format (Kamada agreeing that it will whenever reasonably possible provide Know-How in an electronic format requested
by Baxter) includes without limitation the following items as they apply to the manufacturing of A1PI IV Product (50 mL, 2%) from
Cohn fraction IV-1, either centrifuge paste or containing filter aid, as presently performed by Kamada:

 

		§	Process
                                                                                                             Development Report
                                                                                                             including detailed
                                                                                                             process description;

		§	Process
                                                                                                             risk assessment (information
                                                                                                             about critical steps,
                                                                                                             materials and parameters
                                                                                                             according to Kamada
                                                                                                             experience; considering
                                                                                                             the planned changes
                                                                                                             as outlined in Section
                                                                                                             2.1);

		§	Comparability
                                                                                                             protocol (for scope
                                                                                                             refer to Section
                                                                                                             2.2);

		§	Raw
                                                                                                             materials and auxiliary
                                                                                                             materials (e.g. chromatographic
                                                                                                             resins, filters,
                                                                                                             etc.):

1.          Specifications
and sample certificates;

2.          SOP‘s
for raw material analysis;

3.          Raw
material stability validation (protocols and reports);

4.          Documentation
and contact information on suppliers, vendors, etc.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

		§	Batch
                                                                                                             records:

1.      Empty
template in English (master batch record);

2.      Batch
records filled in and reviewed (preferably translated into English);

		§	Equipment
                                                                                                             list including design
                                                                                                             details;

		§	List
                                                                                                             of required utilities
                                                                                                             and their demand
                                                                                                             (incl. WFI); 

		§	Production
                                                                                                             yield including step
                                                                                                             yield and ranges;

		§	Production
                                                                                                             cycle time: theoretical
                                                                                                             and actual range;

		§	Chromatographic
                                                                                                             resin lifecycle studies;

		§	Validation
                                                                                                             master plans;

		§	Equipment
                                                                                                             validation protocols
                                                                                                             and reports;

		§	Process
                                                                                                             validation protocols
                                                                                                             and reports;

		§	Summary
                                                                                                             of process improvements/changes
                                                                                                             and deviations since
                                                                                                             completion of process
                                                                                                             validation;

		§	Analytical
                                                                                                             development reports;
                                                                                                             

		§	Analytical
                                                                                                             method SOPs; 

		§	Analytical
                                                                                                             method validation
                                                                                                             protocols and reports;
                                                                                                             

		§	Product
                                                                                                             specification and
                                                                                                             justification of
                                                                                                             limits; 

		§	Stability
                                                                                                             protocols and stability
                                                                                                             data of production
                                                                                                             at Kamada Facility;

 

		5.3	Regulatory Documentation.

 

Regulatory Documentation
either in paper and preferable electronic format, related to the manufacturing of the A1PI IV Product, includes without limitation,
the following:

 

Regulatory documents that:

1.     are
not in Baxter’s possession; and

2.     are
typically needed for a technical support for the establishment of a process for an existing, licensed product at a new facility,
provided that these are in Kamada's possession or can be obtained by Kamada using reasonable efforts, until the end of the Technology
Sharing Term.

 

		·	CMC
                                                                                                           Section of the BLA,
                                                                                                           including all amendments
                                                                                                           thereto, except for
                                                                                                           chapter 3.2.A.1,"Facilities
                                                                                                           and Equipment",
                                                                                                           which is specific for
                                                                                                           Kamada Facility plant.

 

		·	CMC
                                                                                                           Section of pending
                                                                                                           BLA supplements, including
                                                                                                           all amendments;

 

		·	Copies
                                                                                                           of correspondence and/or
                                                                                                           meeting minutes with
                                                                                                           FDA regarding the manufacture
                                                                                                           and the identity, strength,
                                                                                                           quality, purity or
                                                                                                           potency of the Product
                                                                                                           as it may relate the
                                                                                                           safety or effectiveness
                                                                                                           of the Product;

 

		·	BLA
                                                                                                           Approval Letter including
                                                                                                           all post-marketing
                                                                                                           commitments;

 

    	 

    	 

    

 

		·	Form
                                                                                                           483 of FDA audit in
                                                                                                           February 2010 [*****].

 

6.          Kamada
Assistance and Resources.

 

In order
to enable Baxter to exercise its licenses granted under the Agreement, Kamada shall, from the effective date and until the end
of the Technology Disclosure Term, allocate the resources set out in this Section 6 of this Exhibit.

 

		6.1	Prior to the
                                                                               Effective Date.

 

All
assistance, consultancy, documentation, samples, other information etc. provided by Kamada to Baxter prior to the Effective Date
shall be [*****].

 

		6.2	Identification
                                                                               of Materials and Documents.

 

Kamada
shall, at all times until the end of the Technology Sharing Term, [*****] grant Baxter access to and make physically available
for Baxter, upon reasonable notice, all original materials or certified copy thereof and documents relevant for a full disclosure
of A1PI production related technology from Kamada to Baxter.

 

The time
used by Kamada personnel at face-to-face meetings or teleconferences or meetings by other means, shall not be deducted from the
amount of time to be used by Kamada for no additional consideration as set forth in Section 6.7 of this Exhibit, unless
such meeting is requested by Baxter or follow up meetings for any issue initially raised by Baxter. Scheduled Technology Sharing
Sub-Committee meetings shall be considered to be at Baxter’s request.

 

If Baxter,
with at least [*****] notice, requests so, Kamada shall make the relevant Designated Functional Support Person as set out in Section
2.1 c) of this Exhibit available for a teleconference within reasonable business hours, however taking any differences
in time zones into consideration.

 

		6.3	Diligence.

 

Kamada
shall, at all times, until the end of the Technology Sharing Term, use diligent efforts in informing Baxter of documents or other
material not disclosed or provided to Baxter, that might be necessary for Baxter to exploit the rights granted in this Exhibit.

 

In particular
Kamada shall, until the end of the Technology Sharing Term and as a part of its quality assurance system, send Baxter all updated
versions of documents and/or other material, which have already been disclosed to Baxter at the time of the update. If the updated
document is originally in Hebrew, a translation of the revision history will be shared with Baxter in order for Baxter to evaluate
the need for a translation of the updated document.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

As a
courtesy to the other Party, any Party receiving a request from the other Party for information, documentation, or materials shall
promptly respond to the requesting Party with an acknowledgement of receipt of the request, and an anticipated time frame for
the response to the request.

 

The
Technology Sharing process will be considered to be completed, for the purposes of determining the timing for the payment of the
third milestone under the Agreement, when the report for the full scale runs with actual Fraction IV-1 Paste at a Baxter Facility,
indicative of the performance of the manufacturing line that are not necessarily GMP and are not intended for sale,
“Practice Runs” is approved by the Parties.

 

However,
Kamada’s obligations to provide updated Technology Sharing Documentation, Biological Materials, and personnel support as
described under this Plan will continue until the end of the Technology Sharing Term.

 

		6.4	Copying of documents

 

If
documents are not available in electronic form for delivery to Baxter, Kamada shall, for the purpose of this Agreement and for
no additional consideration, provide Baxter with up to [*****] photocopies
or electronic scans of a reasonable quality. Additional photocopies or electronic scans under this Exhibit shall be delivered
to Baxter at Baxter’s sole cost and expense, provided that Kamada shall, at Baxter’s request, arrange for such copying
at a reasonable cost. The Parties shall equally bear all costs related to any external Data Management Site, if the Parties would
jointly agree to retain such services in order to effect the delivery of documents to Baxter.

 

		6.5	Audit of Kamada
                                                                               Facilities and Activities.

 

Baxter
may, upon written notice to Kamada and for no additional consideration, audit and observe all A1PI production related Kamada facilities
and activities in order to gain experience and Know-How in regard to, without limitation, all production phases, quality control
and quality assurance. Such audits shall be arranged with Kamada prior to the arrival of Baxter, and shall be scheduled no later
than [*****] days after such requested date in the written notice, provided, however, that such audits shall occur during periods
in which A1PI is being produced or otherwise handled in the A1PI related Kamada Facility. Not withstanding any deadline or milestone
or other date in the timeline attached to the Plan, this right is not limited in scope or time, provided that it shall terminate
on the end of the Technology Sharing Term.

 

When
an audit is requested by Baxter, Kamada shall give Baxter notice of any and all production of A1PI at the Kamada Facility at least
[*****] days prior to the start of said production, in order for Baxter to plan and schedule an audit during the production.

 

		6.6	Training of
                                                                               Baxter Personnel.

 

Kamada
shall, upon Baxter’s request, train Baxter personnel by Kamada’s staff during actual production runs and/or testing,
scheduled in accordance with Kamada’s annual work plan on site (Kamada plant), in all A1PI related methods, activities and/or
procedures including joint execution of lab- and pilot scale studies. Said training shall be considered as personal meeting hours
in accordance with Section 6.7 of this Exhibit. However the Parties shall, prior to such training, agree to how
many hours shall be considered personal meeting hours and how many hours shall be considered passive observation, all in accordance
with Section 6.7 of this Exhibit.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Kamada
shall, upon Baxter’s request, assist and train Baxter personnel on site at one general geographic location specified by
Baxter in all A1PI related methods, activities and/or procedures. Kamada’s duty to make relevant Kamada personnel available
for said training is limited to the following points in time for the activities specified below, according to the timetable set
forth in Section 8:

 

QC Assay
validation Support/Training at Baxter Facility by Kamada

 

Mfg Support/Training of Engineering
Runs at Baxter Facility by Kamada–

 

Production
oversight of Conformance Runs

 

Kamada’s
obligation for personnel assistance and training involving the foregoing three tasks is limited to a maximum of [*****]
for each task. If Baxter, for any reason, is not ready for Kamada’s
performance of the activities by the estimated times below (or as amended by the Parties), Kamada may, at its discretion, make
available to Baxter the necessary and competent personnel within each technical area. All training of Baxter Personnel at Baxter
Facility shall be considered as personal meeting hours in accordance with Section 6.7 of this Exhibit.

 

		6.7	Support Activities.

 

Kamada
shall, upon Baxter’s request, support the following activities,

 

		·	Risk
                                                                                                             assessment for validation
                                                                                                             at Baxter Facilities
                                                                                                             specified by Baxter;

		·	Lab-
                                                                                                             or pilot scale studies
                                                                                                             as needed for scaling
                                                                                                             up of the manufacturing
                                                                                                             of the Baxter Product
                                                                                                             (according to terms
                                                                                                             to be agreed to between
                                                                                                             the Parties;)

		·	Review
                                                                                                             of engineering requirements
                                                                                                             for equipment;

 

		6.8	Personal Meetings.

 

Kamada
grants Baxter or personnel designated by Baxter the right to have personal meetings with Kamada employees working with the development,
production and quality control and assurance of any A1PI related technology. Further said employees shall disclose all information,
documents, materials, etc. (within that employee’s field of work) relevant to the manufacture of A1PI by Kamada to Baxter
as set forth herein, and Kamada shall grant each such employee the authorizations necessary to make any such disclosure, subject
to all applicable laws, regulations and non-disclosure obligations of which Kamada and/or its employees are subject to.

 

Kamada
shall use best efforts to make available to Baxter all relevant personnel for personal meetings as requested by Baxter, whether
at Kamada Facility or elsewhere.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Meetings,
including without limitation Technology Transfer Sub-Committee meetings, held at Kamada Facility, and teleconferences, shall be
for no additional consideration for the first [*****] of Kamada employee time, within [*****] years from the Effective Data of
the Agreement.

 

Baxter
shall pay for meetings at Kamada Facility in excess of said limits. Such payment shall solely include the hourly fees of the relevant
employees or equivalent employees. For such meetings in excess of said limits, Baxter shall pay the
hourly fees of the Kamada employees as follows [*****].
The hourly fees of other Kamada employees which are not described in the preceding sentence shall be determined on a case-by-case
basis. Prior to the incursion of such cost on behalf of Baxter,
Baxter shall be provided with a list of hourly fees of any relevant employees of Kamada who shall be used for any such activities
for which Baxter may be charged.

 

Meetings
not held at a Kamada Facility, including without limitation Technology Transfer Sub-Committee meetings, shall be paid for by Baxter.
Such payment shall solely include: a) all reasonable travel expenses (including accommodation,) and
a per diem of [*****] for meals and b) the hourly fees of the relevant employees or equivalent
employees in excess of the first [*****] hours of Kamada employee time, or after four years from the Effective Date of the Agreement.
For such meetings in excess of said limits, Baxter shall pay the hourly fees described above. Prior
to the incursion of such costs on behalf of Baxter, Baxter shall be provided with a list of hourly fees of any relevant employees
of Kamada who shall be used for any such activities for which Baxter may be charged.

 

Kamada shall, prior any meeting
to be paid for by Baxter, provide Baxter with a non-binding estimate of the cost of said meeting.

 

Support,
and allocation of costs between the Parties, for activities related to the preparation, and filing of regulatory documentation
(e.g., the BLA supplement,) and maintenance of any Regulatory Approvals, shall be governed by the provisions of Article 7
of the Agreement, separate from the Technology Sharing activities under this Plan.

 

For the
sake of clarity and subject to Section 6.4 of this Exhibit, time and resources spent by Kamada low level administrative
personnel or third party administrative personnel designated by Kamada for the purposes of this Exhibit, or uses of Kamada personnel
apart from (1) personal meetings or services provided by Kamada personnel at Baxter Facilities, or (2) laboratory or pilot scale
studies performed by Kamada upon request of Baxter as per Section 6.6 of this Exhibit, or (3) as otherwise provided above, shall
[*****].

 

		6.9	Third Party
                                                                               Personnel.

 

Kamada
shall, for the purposes of this Agreement, consider third party personnel explicitly designated by Baxter as Baxter personnel,
provided that Baxter can reasonably show that such third party personnel is bound to confidentiality to the same extent as Baxter
personnel.

 

		6.10	Post Term Engagement.

 

Following the Technology
Sharing Term, until the end of a three (3) year period following the Technology Sharing Term, Kamada agrees to engage Baxter in
a Consulting Agreement under customary conditions, based on the financial arrangement prescribed under Section 6.7 above, for
the provision of consulting services reasonably required by Baxter which are excluded from the scope of the Technology Sharing
Plan.

 

 

[*****] Confidential portions
of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

7.          Delivery
Terms.

 

All
materials to be shipped from Kamada to Baxter Facility, shall be delivered by air, to a Baxter Facility or other destination as
identified by Baxter (the “Baxter Delivery Point”), and title and all risk of loss shall pass
to Baxter upon [*****]. Kamada shall arrange for shipping in compliance
with the applicable materials’ requirements regarding temperature, duration and other environmental factors as required
to properly preserve the materials without materially impacting its shelf life. Baxter shall pay for the cost of [*****]. Further,
Kamada shall notify Baxter in writing, [*****] in advance of any shipment of Biological Materials. This notice shall include the
following information: Date of shipment, Carrier, destination (as specified by Baxter, if not Baxter Facility), expected arrival
date and time, and a detailed list of the content, in order for Baxter to be prepared for the receipt of said shipment.

 

All documents
and copies thereof shall be shipped from Kamada to a Baxter Facility via a reputable air carrier. Baxter shall pay for [*****].
Kamada shall use means of transportation that are appropriate for valuable and confidential documents. The Parties shall use reasonable
efforts in order to facilitate electronic provision of documents to the extent possible. Kamada shall notify Baxter [*****] days
in advance of any physical shipment of documents.

 

8. Detailed Timeline for Technology
Sharing.

 

The Parties hereby set forth a detailed,
non-binding timeline for the Technology Sharing and related non-Technology Sharing regulatory activities, including disclosure
of documentation, information, and materials, and the included milestones, specified below. This timeline is subject to change,
based on agreement by the Project Managers.

 

[*****]

 

 

[*****] Confidential portions
of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Exhibit ‎7.5(b)

 

Pharmacovigilence Agreement

 

    	 

    	 

    

 

Exhibit ‎14.7

 

Alternative Dispute Resolution

 

(a)          The
Parties shall attempt to resolve any and all disputes, claims or controversies arising out of or relating to this Agreement promptly
by negotiation between executives who have authority to settle the controversy. If such disputes, claims or controversies are
not resolved through such negotiation, then they shall be submitted to the International Institute for Conflict Prevention and
Resolution (the “CPR”) for mediation, and if the matter is not resolved through mediation, for final and binding arbitration
pursuant to the arbitration clause set forth below. Either Party may initiate arbitration with respect to the matters submitted
to negotiation by filing a written demand for arbitration at any time following the initial negotiation session.

 

(b)          To
the extent not resolved by mediation, any dispute, claim or controversy arising out of or relating to this Agreement or the breach,
termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this
agreement to arbitrate, shall be determined by arbitration conducted in the English language. The arbitration shall take place
in New York, New York. The arbitration shall be administered by CPR pursuant to its Arbitration Rules and Procedures. References
herein to any arbitration rules or procedures mean such rules or procedures as amended from time to time, including any successor
rules or procedures, and references herein to the CPR include any successor thereto. The arbitration shall be before three (3)
arbitrators. Each Party shall designate one arbitrator in accordance with the “screened” appointment procedure provided
in Rule 5.4 of the CPR Rules. The two Party-appointed arbitrators will select the third, who will serve as the panel’s chair
or president. All three (3) arbitrators shall have experience in the area under dispute. This arbitration provision, and the arbitration
itself, shall be governed by the laws of the State of New York, and the Federal Arbitration Act, 9 U.S.C. §§ 1-16.

 

(c)          Consistent
with the expedited nature of arbitration, each Party will, upon the written request of the other Party, promptly provide the other
with copies of documents on which the producing Party may rely in support of or in opposition to any claim or defense. At the
request of a Party, the arbitrators shall have the discretion to order examination by deposition of witnesses to the extent the
arbitrator deems such additional discovery relevant and appropriate. Depositions shall be limited to a maximum of five per Party
and shall be held within 45 days of the grant of a request. Additional depositions may be scheduled only with the permission of
the arbitrators, and for good cause shown. Each deposition shall be limited to a maximum of one day’s duration. All objections
are reserved for the arbitration hearing except for objections based on privilege and proprietary or confidential information.
The Parties shall not utilize any other discovery mechanisms, including international processes and U.S. federal statutes, to
obtain additional evidence for use in the arbitration. Any dispute regarding discovery, or the relevance or scope thereof, shall
be determined by the arbitrators, which determination shall be conclusive. All discovery shall be completed within 60 days following
the appointment of the arbitrators. All costs and/or fees relating to the retrieval, review and production of electronic discovery
shall be paid by the Party requesting such discovery.

 

    	 

    	 

    

 

(d)          The
panel of arbitrators shall have no power to award non-monetary or equitable relief of any sort. The arbitrators will have no authority
to award punitive or other damages not measured by the prevailing Party’s actual damages, except as may be required by statute.
Each Party expressly waives and foregoes any right to consequential, punitive, special, exemplary or similar damages or lost profits.
The arbitrators shall have no power or authority, under the CPR Rules for Non-Administered Arbitration or otherwise, to relieve
the Parties from their agreement hereunder to arbitrate or otherwise to amend or disregard any provision of this Agreement. Subject
to the provisions set forth in subsection (e) below, the award of the arbitrators shall be final, binding and the sole and exclusive
remedy to the Parties. Either Party may seek to confirm and enforce any final award entered in arbitration, in any court of competent
jurisdiction. The cost of the arbitration, including the fees of the arbitrators, shall be borne by the Party the arbitrator determines
has not prevailed in the arbitration.

 

(e)          If
an arbitral award does not contain an award of money damages in excess of [*****], then the
arbitral award shall not be appealable and shall only be subject to such challenges as would otherwise be permissible under the
Federal Arbitration Act, 9 U.S.C. §§ 1-16. In the event that the arbitration results in an arbitral award, which imposes
a monetary award in excess [*****], such award may be appealed to a tribunal of appellate arbitrators via the CPR Arbitration
Appeal Procedure, whose determination shall be final.

 

(f)          Except
as may be required by law, neither a Party nor an arbitrator may disclose the existence, content, or results of any arbitration
hereunder without the prior written consent of both Parties.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

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