Document:

Unassociated Document

    

      

      July
        8,
        2005

      

      Mr.
        John
        Krzywicki

      198
        Lincoln Road

      Lincoln,
        MA 01773

      

      Dear
        John:

      

      On
        behalf
        of GigaBeam Corporation (“GigaBeam” or “Company”), I am pleased to offer you the
        position of Vice President of Marketing, Strategy and Business Development
        with
        GigaBeam. The position will commence on a full time basis on August 3, 2005
        and
        in the interim, you have agreed to work on an hourly basis as your time permits
        as I understand that you have certain commitments to complete relating to
        your
        current employer, with your current employer to bear any cost and expenses
        for
        this time. This offer is valid through the end of the day Friday, July
        8th,
        2005.

      

      The
        following is a description of the terms and conditions of your employment.
        

      

      
        
          	 	
                  1.

                	
                  Title
                    & Responsibility: 

                	
                  Vice
                    President of Marketing, Strategy and Business Development. You
                    will have
                    overall responsibility for marketing for the company which includes
                    marketing communications, the strategic direction of the company
                    and
                    development of business opportunities for the company. You will
                    also be
                    expected to provide direct sales support by assisting the sales
                    organization in identifying sales leads and participating in
                    direct sales
                    activities. You will also from time to time be assigned other
                    responsibilities. 

                
	 	 	 	 
	 	
                  2.

                	
                  Reporting
                    to:

                	
                  Louis
                    Slaughter, CEO of GigaBeam.

                
	 	 	 	 
	 	
                  3.

                	
                  Base
                    Salary:

                	
                  At
                    the annualized rate of $195,000 per year, to be paid in accordance
                    with
                    GigaBeam’s normal salary procedures. 

                
	 	 	 	 
	 	
                  4.

                	
                  Bonus:

                	
                  You
                    will be eligible to receive a bonus. The bonus will be recommended
                    by the
                    compensation committee of the Board of Directors and decided
                    by the Board.
                    

                

        

         

         

        
          
            GigaBeam
              Corporation, 470 SpringPark Place, Suite 900, Herndon VA. 20170 Tel:
              571-283-6200 Fax: 571-283-6203

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        
          	
                  Mr.
                    John Krzywicki

                	
                  July
                    8, 2005

                
	 	
                  Page
                    2 of
                    3

                

        

         

        
          	 	
                  5.

                	
                  Salary
                    Reviews:

                	
                  Your
                    salary will be reviewed annually. Your initial review will be
                    in mid 2006;
                    subsequent annual reviews will occur each year. Any increase
                    in
                    compensation will be based on your performance and success in
                    your role as
                    Vice President of Marketing, Strategy and Business
                    Development.

                
	 	 	 	 
	 	
                  6.

                	
                  Equity:

                	
                  Subject
                    to approval by the Board of Directors, you will be granted Nonqualified
                    Stock Options to purchase 65,000 shares of GigaBeam Common Stock
                    pursuant
                    to our 2004 Stock Option Plan, as amended. The options will vest
                    at
                    33-1/3% per year and will terminate ten years after the date
                    of grant. As
                    I indicated, based upon your employment and contribution to the
                    company,
                    and the overall performance of the Company, the Board of Directors
                    has the
                    discretion to allocate additional Stock Options in the
                    future.

                
	 	 	 	 
	 	
                  7.

                	
                  Primary
                    Work Location: 

                	You
                  will be expected to work out of GigaBeam’s
                  Sales and Marketing office in Waltham, Massachusetts. 
	 	 	 	 
	 	
                  8.

                	
                  Relocation
                    Expenses:

                	
                  The
                    Company will not be obliged to pay any relocation
                    expenses.

                
	 	 	 	 
	 	
                  9.

                	
                  Other
                    Benefits:

                	
                  You
                    will be eligible to participate in all benefit programs offered
                    to
                    GigaBeam employees in accordance with the terms of such programs
                    when such
                    programs have been established by the Company. Information on
                    when these
                    programs will be available and details of these benefit programs
                    will be
                    provided to you under separate cover letter. The Company has
                    established a
                    health benefit program with Anthem Blue Cross Blue Shield which
                    provides
                    for the Company to contribute up to 80% (eighty percent) each
                    month for
                    your personal and family health benefit plan. You can find out
                    more
                    information on this plan from Caroline Kahl, Esq. at (571) 283-6226.
                    In
                    addition, you will be eligible for two weeks annual
                    vacation.

                

        

      

       

      In
        accordance with GigaBeam’s standard employment practices, you will be required
        to sign an agreement covering Company Information and Inventions, and Company
        policy statements related to insider trading, code of business conduct,
        corporate communications and other policies as established by the Company
        from
        time to time. 

      

      The
        Company and you commit to six months of employment from July 8th,
        2005
        through January 8, 2006. At the end of this period, your employment will
        be on
        an at-will basis, which means that you or the Company can terminate at anytime
        for any reason or no reason. Should you elect to leave the employment of
        the
        Company, you will exert your best efforts to train and provide for an
        appropriate person to provide support for the role you will be vacating.
        And, as
        we discussed, you agree to provide limited ongoing consulting services after
        you
        leave the company, at terms to be mutually agreed. The letter supercedes
        all
        other agreements and understandings relating to this subject matter.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
         

         

        
          	
                  Mr.
                    John Krzywicki

                	
                  July
                    8, 2005

                
	 	
                  Page 3
                    of
                    3

                

        

         

      

      I
        look
        forward to having you join us, and I am confident that you will be an excellent
        addition to the GigaBeam team. If you have any questions, please contact
        me at
        617-921-5500.

       

      
        	Sincerely,	 	 	 
	 	 	 	 
	GigaBeam Corporation	 	 	 
	 	 	 	 
	By:
                /s/
                Louis Slaughter 	 	 	 
	
                

                Louis
                  Slaughter 

                CEO 

              	 	 	
              
	 	 	 	 
	I understand and agree
                to the
                terms contained in this letter.	 	 	 
	 	 	 	 
	Date: July
                8, 2005	 	 	 
	
                

                 	 	 	 
	Signature: /s/
                John Krzywicki	 	 	 
	
                

              	 	 	 
	Name: John
                Krzywicki*****
      Confidential material redacted and filed separately with the
      Commission.

     

    

      CONFIDENTIAL
        TREATMENT REQUESTED. Confidential portions of this document have been redacted
        and separately filed with the Commission.

      

      

      

      RESEARCH
        AND LICENCE AGREEMENT

      

      By
        and
        Between

      

      YEDA
        RESEARCH AND DEVELOPMENT COMPANY LTD,

      a
        company
        duly incorporated and existing under the laws of the State of Israel, of
        P.O.Box
        29, Rehovot, Israel

      (hereinafter
        “Yeda”),

      of
        the
        one part,

      

      and

      

      XENOGRAFT
        TECHNOLOGIES LTD,

      a
        company
        duly registered and existing under the laws of the State of Israel,

      of
        Kiryat
        Weizmann, P.O. Box 370, Rehovot, Israel

      (hereinafter
        “the Corporation”),

      of
        the
        other part,

      

      WHEREAS
         in
        the
        course of research conducted at the Weizmann Institute of Science, Rehovot
        (hereinafter “the Institute”), ***** (hereinafter “*****”) has developed certain
        technology constituting the subject matter of the patent applications listed
        in
        the attachment hereto marked “A” and constituting an integral part hereof
(hereinafter
        collectively “the Existing Applications” and “the Existing
        Technology”); and

      

      WHEREAS
         the
        Corporation is interested in the performance of further research at the
        Institute under the supervision of *****
        in the
        field of the Existing Technology
        as specified in the research program attached hereto, marked
        “B”
        and
        forming an integral part hereof (hereinafter “the Research Program” and “the
        Research”); and

      

      WHEREAS
         certain
        of the Research has already been performed pursuant to the agreement dated
        as of
        September 1, 1992, between Yeda and Yeda Holdings, Inc; (hereinafter “the YH
        Agreement”);

      

      WHEREAS in
        consideration of the Corporation’s undertakings hereunder and the fulfilment
        thereof, Yeda is willing, subject to and in accordance with the terms and
        conditions of this Agreement, to procure the continuance of the performance
        of
        the Research at the Institute under the supervision of *****
        as
        aforesaid; and

      

      WHEREAS
         the
        Corporation is willing, subject to and in accordance with the terms and
        conditions of this Agreement, to finance the continuance of the performance
        of
        the Research; and

      

      WHEREAS pursuant
        to an agreement between the Institute of the first part, Yeda of the second
        part, and the scientists employed by the Institute (including
        *****)
        of the

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

          *****
            Confidential material redacted and filed separately with the
            Commission.

        

      

      third
        part, all right, title and interest in the Existing Technology and in any
        information deriving from the performance of the Research vests and will
        vest in
        Yeda; and

      

      WHEREAS subject
        to and in accordance with the terms and conditions of this Agreement, the
        Corporation wishes to receive, and Yeda is willing to grant the Corporation,
        an
        exclusive worldwide license for the use of the Existing Technology and of
        information deriving from the performance of the Research and Yeda Holdings
        Inc
        has waived all rights under the YH Agreement and has agreed to the grant
        of the
        said licence to the Corporation;

      

      NOW
        THEREFORE IT IS AGREED BY THE PARTIES HERETO AS FOLLOWS;

      

      
        	1.	
                Status
                  of Recitals

              

      

      

      The
        recitals hereto form an integral part of this Agreement.

      

      
        	2.	
                Performance
                  of Research

              

      

      

      
        	(a)	
                In
                  consideration of the sums to be paid by the Corporation pursuant
                  to
                  Paragraph 3 below and subject to the execution of such payments,
                  Yeda
                  undertakes to procure the continuance of performance of the Research
                  at
                  the Institute under the supervision of *****
                  during the period commencing on the effective date of this Agreement
                  and
                  ending on July 31, 1995, (hereinafter “the Research
                  Period”).

              

      

      

      
        	(b)	
                Subject
                  to Paragraphs 3(e)(ii) and 3(b) below, the Research shall be performed
                  in
                  accordance with the Research Program and within the framework of
                  the
                  budget attached thereto (hereinafter “the Research
                  Budget”).

              

      

      

      
        	(c)	
                If
                  ***** shall
                  cease to be available for the supervision of the performance of
                  the
                  Research, Yeda shall use its best efforts to find from among the
                  staff of
                  the Institute a replacement scientist acceptable to the Corporation
                  (such
                  acceptance not to be unreasonably
                  withheld)
                  but no undertaking to find such replacement is given by Yeda. Should
                  no
                  such acceptable replacement scientist be found within 60 (sixty)
                  days of
                  *****
                  becoming unavailable, then the Research Period and the performance
                  of
                  Research hereunder shall cease at the end of a further period of
                  60
                  (sixty) days, but without prejudice to any licence already then
                  granted
                  pursuant to this Agreement end the terms and provisions hereof
                  relating
                  thereto.

              

      

      

      
        	(d)	
                For
                  the avoidance of doubt, it is agreed that nothing in this Agreement
                  constitutes or shall constitute a warranty or representation by
                  Yeda that
                  any results will be achieved by the Research or that the Existing
                  Technology or any results achieved by the Research are or will
                  be
                  commercially exploitable or of any other
                  value.

              

      

      

      
        	3.	
                Funding
                  of the Research

              

      

      

      
        	(a)	
                In
                  consideration of Yeda’s undertaking to procure the performance of the
                  Research, the Corporation undertakes to provide Yeda with funds
                  to be used
                  for financing the Research, as
                  follows:

              

      

      
        	 	
                (i)

              	
                *****
                  United States Dollars) in *****
                  equal instalments payable at the commencement of each quarter year
                  during
                  the period commencing June 1, 1993 and ending February 28, 1994,
                  (funds
                  for the financing of the Research until the data hereof end
                  until May
                  31, 1993 having been provided by Yeda Holdings Inc under the YH
                  Agreement);

              

      

      

      
        
          
          

        

        
          2

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	 	
                (ii)

              	
                Subject
                  to achievement by January 31, 1994 of the milestones specified
                  in the
                  attachment hereto, marked “C” and forming an integral part hereof “C”
                  (hereinafter “the Milestones”), a further *****
                  United States Dollars) in *****
                  equal instalments payable at the commencement of each quarter year
                  during
                  the period commencing on March 1, 1994 and ending on August 31,
                  1995.

              

      

      

      
        	(b)	
                It
                  is understood that it may become necessary, having regard to the
                  results
                  obtained in the course of the performance of the Research and in
                  order to
                  expedite or facilitate progress therein or the achievement of the
                  objects
                  of the Research, to make variations in the Research Program and
                  consequent
                  reallocations of the Budget and it is agreed, upon the written,
                  detailed
                  and reasoned recommendation of *****,
                  that such variations and/or reallocations shall be made,
                  provided:

              

      

      

      
        	
              	(i)	
                that
                  in no event shall the Corporation be obliged, without its prior
                  written
                  consent, to increase the amount of funds which it is obliged to
                  provide to
                  Yeda hereunder or to accelerate the payment thereof;
                  and

              

      

      

      
        	
              	(ii)	
                that
                  reallocation from one major expense category in the Budget to another
                  such
                  category in excess of *****
                  in
                  a quarter year shall require the prior written approval of the
                  Corporation.

              

      

      

      
        	(c)	
                Should
                  any of the Milestones not have been achieved by January 31, 1994,
                  the
                  Corporation shall have the right to terminate this Agreement by
                  service of
                  written notice an Yeda, by no later than February 28, 1994. Upon
                  service
                  of such notice, the Licence granted hereunder shall terminate and
                  the
                  Corporation shall be released of any obligations to make any payment
                  pursuant to Para 3(a)(ii) above. If such notice shall not have
                  been served
                  by February 28, 1994, then the Agreement shall continue in full
                  force and
                  effect and the performance of the Research shall continue in accordance
                  with the Research Program, with any modifications thereto that
                  may be
                  recommended by ***** and accepted by the
                  Corporation.

              

      

      

      
        	(d)	
                The
                  parties agree that in the event of a dispute between them as to
                  whether
                  the Milestones shall have been achieved, the matter shall be resolved
                  by
                  majority vote of the Founding Members of the Scientific Advisory
                  Board to
                  be established by the parties and which shall advise in connection
                  with
                  the scientific aspects of the performance of this Agreement. Unless
                  otherwise agreed by the parties, the Founding Members of the Scientific
                  Advisory Board shall be *****. If any of the Founding Members of
                  the
                  Scientific Advisory Board should resign or not be available for
                  any
                  reason, the surviving Founding Members shall be competent to resolve
                  the
                  said dispute by majority vote. The Founding Members of the Scientific
                  Advisory Hoard shall be requested to make their determination by
                  no later
                  than February 15, 1994. If the votes of the Founding Members participating
                  in such determination are tied, the Milestones shall be deemed
                  not to have
                  been achieved. 

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

      

       

      Nothing
        herein shall prevent the parties from adding additional members to the
        Scientific Advisory Board after prior consultation between them, but the
        resolution of the said dispute shall be according to the vote of the Founding
        Members only as aforesaid.

      

      
        	4.	
                Reporting
                  by Yeda

              

      

      

      
        	
                (a)

              	
                Yeda
                  will submit to the Corporation a detailed written report on the
                  progress
                  of the Research in each 6 month period during the Research Period,
                  within
                  30 days of the end of each such 6 month period, and written report
                  summarising the results of the Research within 60 days of the end
                  of the
                  Research Period. In addition, Yeda will submit to the Corporation
                  an
                  interim written report on the progress of the Research in the first
                  half
                  of each such 6 month period, such report to contain a general outline
                  of
                  progress in the Research made in that first half and to be provided
                  within
                  30 days of the end of such first half. Further, prompt written
                  reports
                  will be submitted by Yeda on significant breakthroughs in
                  the Research and the authorized scientific representatives of the
                  Corporation shall be given the opportunity, from time to time,
                  and at
                  mutually convenient times, to discuss the progress of the Research
                  with
                  *****.

              

      

      

      
        	
                (b)

              	
                Further,
                  Yeda shall submit to the corporation, with respect to each 3 (three)
                  month
                  period of the Research Period, a financial report setting forth
                  the monies
                  received and expended in connection with the Research during such
                  3
                  (three) month period. Each report as aforesaid shall be submitted
                  to the
                  Corporation not later than 45 (forty-five) days after the end of
                  the
                  period covered by such report. Charges in respect of indirect Research
                  expenditures shall be made at the rate of *****%
                  of direct expenses incurred. Within 90 days of the end of each
                  year during
                  the Research Period or within 90 days of the Corporation’s written
                  request, whichever is the later, Yeda shall provide the Corporation
                  with a
                  written report from the CPA acting as Yeda's outside auditor, certifying
                  the Research expenditures incurred in the said
                  year.

              

      

      

      
        	
                (c)

              	
                Reports
                  already made under the YH Agreement shall be deemed to have been
                  made
                  hereunder and the Corporation acknowledges receipt
                  thereof.

              

      

      

      
        	5.	
                Title

              

      

      

      
        	
                (a)

              	
                Subject
                  to the licence granted to the Corporation in terms hereof, it is
                  hereby
                  agreed that all right, title and interest, in and to the Existing
                  Technology and any products, inventions, materials, methods, processes,
                  techniques, knowhow, data, information and other results which
                  are
                  discovered or which accrue in the course of, or which arise or
                  stem from
                  the performance of the Research (hereinafter “the Program Technology”) as
                  well as in and to any drawings, plans, diagrams, specifications
                  and other
                  documents in any way embodying the Existing Technology or the Program
                  Technology (the Existing Technology, the Program Technology and
                  all said
                  drawings, plans, diagrams, specifications and other documents being
                  referred to hereinafter collectively as “the Technology”), shall vest in
                  Yeda exclusively. At the request of Yeda from time to time, the
                  Corporation shall take and shall procure the taking of all acts
                  necessary
                  to give formal effect to the aforegoing provisions of this Paragraph
                  5.

              

      

      

      
        
          
          

        

        
          4

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
                (b)

              	
                With
                  45 (forty-five) days of receipt of any report from Yeda under paragraph
                  4(a) above, the Corporation shall be entitled to advise Yeda by
                  notice in
                  writing that the Corporation has no interest in obtaining e licence
                  from
                  Yeda to all or any of the Technology contained in the said report,
                  whereupon such specified Technology (hereinafter “the Excluded
                  Technology”) shall not be included in the licence granted hereunder, the
                  Corporation shall maintain the Excluded Technology in strict confidence
                  and shall not thereafter make any use thereof, and Yeda shall be
                  entirely
                  free to deal with the Excluded Technology as it deems fit by way
                  of grant
                  of license to a third party or otherwise howsoever. In this Agreement
                  below, the term “the Licensed Technology” shall mean all the Technology
                  disclosed in the Existing Applications and in the reports submitted
                  by
                  Yeda pursuant to Paragraph 4(a) above, except the Excluded
                  Technology.

              

      

      

      
        	6.	
                Patents

              

      

      

      
        	
                (a)

              	
                At
                  the initiative of either party, the parties shall consult with
                  one another
                  regarding the filing of patent applications in respect of any portion
                  of
                  the Licensed Technology including, but without limitation, the
                  timing of
                  the filing of such applications and the contents thereof. Following
                  such
                  consultations, Yeda shall, at the Corporation’s written request, file and
                  prosecute applications as aforesaid. The Corporation confirms that
                  it will
                  seek patent protection for all patentable Licensed Technology in
                  at least
                  the countries listed in Appendix D. The applications filed under
                  the YH
                  Agreement are included in Attachment A and shall be deemed applications
                  filed by Yeda at the request of the Corporation pursuant to this
                  subparagraph (a).

              

      

      

      
        	(b)	(i)	
                All
                  patent applications to be filed by Yeda in terms of sub-paragraph
                  (a)
                  above, shall be filed in the name of Yeda or should the law so
                  require, in
                  the name of the inventor and then assigned to Yeda. The Corporation
                  shall
                  bear all costs and fees incurred by Yeda in the preparation, filing,
                  prosecution, maintenance and the like of all patent applications
                  filed in
                  accordance with the provisions of sub-paragraph (a) above and in
                  the
                  maintenance of all patents issuing therefrom. In addition, the
                  Corporation
                  agrees to reimburse Yeda for all costs and fees incurred by Yeda
                  until the
                  date hereof (to the extent not already reimbursed by then) in connection
                  with the filing and prosecution of the Existing Applications listed
                  in
                  Attachment “A” hereto up to a maximum of *****
                  and to bear all costs incurred by Yeda after the date hereof in
                  the
                  further prosecution, maintenance and the like of the Existing Applications
                  and in the maintenance of all
                  patents
                  issuing therefrom. Yeda hereby acknowledges receipt of *****
                  under the YH Agreement in reimbursement of patent costs and fees
                  incurred
                  by Yeda in connection with the filing and prosecution of the Existing
                  Applications.

              

      

      

      
        
          
          

        

        
          5

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
              	
                (ii)

              	
                At
                  the request of the Corporation, Yeda shall take such action as
                  shall be
                  available to protect or to sue for infringement of any patent which
                  shall
                  have issued from any of the patent applications referred to in
                  or filed
                  pursuant to subparagraph
                  (b)(i) above and Yeda may also take such action at its own initiative
                  and
                  without the Corporation’s request. However, before initiating any such
                  action, Yeda shall advise the Corporation in writing of its intention
                  to
                  do so and the Corporation shall have the right *****
                  of
                  receipt of such notice, to elect by notice in writing to Yeda that
                  such
                  action be treated as being taken at the Corporation’s request and/or to
                  become a party in such action. In any action taken at the Corporation’s
                  request (or so treated), counsel representing Yeda (and the Corporation.
                  should the Corporation wish to become a party to the action) shall
                  be
                  selected by the Corporation, with Yeda's written approval (not
                  to be
                  unreasonably withheld) and Yeda
                  confirms that the firm of *****
                  is
                  acceptable to it for action in the USA. All costs involved in any
                  action
                  taken at the Corporation's request (or so treated or in which the
                  Corporation has elected to become a party), (including, inter alia,
                  legal
                  casts and other sums awarded to the counter-party in such action)
                  shall be
                  borne by the Corporation exclusively. Any recovery in any such
                  action
                  financed by the Corporation shall first be applied to cover costs
                  and
                  thereafter divided *****
                  to
                  the Corporation and ***** to
                  Yeda. All costs involved
                  in
                  any such action taken by Yeda without the Corporation’s request (or not
                  being an action so treated or not being an action in which the
                  Corporation
                  has elected to become a party as aforesaid), including any costs
                  or other
                  sums awarded to the counter party, shall be borne by Yeda exclusively,
                  the
                  conduct
                  and discontinuance of such action shall be matters entirely within
                  Yeda’s
                  discretion and any recovery in any such action shall be retained
                  by Yeda
                  in full. The Corporation shall cooperate with Yeda in pursuing
                  any actions
                  undertaken under this sub-paragraph
                  (b)(ii).

              

      

      

      
        	
                (c)

              	
                For
                  the removal of doubt, it is agreed - without derogating from the
                  provisions of subparagraph (a) above, that the provisions of the
                  said
                  subparagraph shall not prevent Yeda from filing patent applications
                  with
                  respect to any portion of the Licensed Technology (in addition
                  to those
                  filed by it at the Corporation’s written request pursuant to the said
                  subparagraph), it being agreed:

              

      

      

      
        	
              	(aa)	
                that
                  at least *****
                  days before filing any such patent application. Yeda shall send
                  the
                  Corporation written notice of its intention to do
                  so;

              

      

      

      
        	
              	(bb)	
                that
                  within *****
                  days of receipt of such written notice, the Corporation shall be
                  entitled
                  to advise Yeda in writing that it wishes such patent application
                  to be
                  filed and treated in all respects as an application filed at the
                  Corporation's request, pursuant to subparagraph (a)
                  above;

              

      

      

      
        	
              	(cc)	
                that
                  should the Corporation not send such notice as aforesaid,
                  then:

              

      

      

      
        	 	
                (1)

              	
                the
                  subject-matter of such application shall thereupon be deemed Excluded
                  Technology;

              

      

      
        	 	
                (2)

              	
                all
                  costs and fees incurred in connection with the preparation, filing,
                  maintenance, prosecution, protection and the like of such patent
                  applications and patents issuing therefrom shall be borne by Yeda
                  exclusively; and

              

      

      

      
        	 	
                (3)

              	
                the
                  Corporation shall not be entitled to cause Yeda to take any action
                  whatsoever for the protection of or for infringement of patents
                  issuing on
                  such patent applications, the taking of any such action shall be
                  entirely
                  within Yeda’s discretion, the costs of any such action, as well as any
                  costs and other sums awarded to any counter-party in such action,
                  shall be
                  paid by Yeda exclusively and any recovery in any such action shall
                  be
                  retained by Yeda.

              

      

      

      
        
          
          

        

        
          6

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
                (d)

              	
                The
                  Corporation agrees to pay any amount due to Yeda pursuant to sub-paragraph
                  (b) above within 30 (thirty) days of Yeda's first written request
                  supported by invoice or other appropriate
                  document.

              

      

      

      
        	
                (e)

              	
                Nothing
                  herein contained shall be deemed to be a warranty by Yeda that
                  the
                  Existing Applications or any of them or any patent applications
                  relating
                  to the Licensed Technology or any portion thereof will be granted,
                  or that
                  any patents obtained on any of the said patent applications, if
                  obtained,
                  are or will be valid or will afford proper
                  protection.

              

      

      

      
        	7.	
                Licensing

              

      

      

      
        	
                (a)

              	
                Subject
                  to the terms and conditions hereinafter set forth, Yeda hereby
                  grants the
                  Corporation and the Corporation accepts, an exclusive worldwide
                  licence
                  (“the Licence”) (i) under the Licensed Patents (as hereinafter defined)
                  (if any), and (ii) the Licensed Technology,
                  to
                  make, use, practise and sell the products and services covered
                  in whole or
                  in part by the claims of the Existing Applications and or of the
                  other
                  patent applications filed by Yeda at the request of the Corporation
                  or
                  treated as such as hereinbefore provided (whether or not patents
                  including
                  such claims issue on all or any of such applications) and/or the
                  making,
                  use and practice of which is covered in whole or in part by the
                  claims of
                  the said applications (whether or not patents including such claims
                  issue
                  on all of any of such applications) (the said products being referred
                  to
                  hereinafter as “the Products” and the said services being referred to
                  hereinafter as “the Services”). The Licence includes the right to grant
                  sublicences, subject to the provisions of subparagraph (c)
                  below,

              

      

      

      
        	
                (b)

              	
                (i)

              	
                In
                  this Agreement the term “Licensed Patents” shall mean the patents issuing
                  on the Existing Applications or on patent applications filed by
                  Yeda in
                  accordance with the Corporation’s written request pursuant to Paragraph
                  6(a) above or treated as such pursuant to Paragraph 6(c)
                  above.

              

      

      

      
        	
              	(ii)	
                The
                  Licence shall remain in force (if not previously terminated according
                  to
                  the provisions of this Agreement) with respect to any of the Products
                  or
                  Services in any country as follows:

              

      

      

      
        	
              	(aa)	
                in
                  a country where a Licensed Patent or Patents issues including claims
                  covering, in whole or in part, such Product or Service, *****;

              

      

      

      
        	
              	(bb)	
                in
                  any other country, *****.
                  The Corporation shall notify Yeda in writing immediately upon the
                  entering
                  into of each such first commercial transaction, specifying its
                  date.

              

      

      

      
        
          
          

        

        
          7

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
                (c)

              	
                Yeda
                  recognizes that the Corporation contemplates the grant of a sublicence
                  or
                  sublicences as part of its plan for commercialization under the
                  Licence,
                  but the Corporation agrees that no sub-licence under the Licence
                  may be
                  granted by the Corporation without Yeda’s prior written consent,
                  *****,
                  it
                  being
                  agreed that Yeda’s consent may not be sought unless the proposed
                  sublicence is for monetary consideration exclusively
                  in a bona fide arms-length commercial transaction, is made by written
                  agreement, the provisions of which are consistent with the terms
                  of the
                  Licence and contain, inter alia, the following terms and
                  conditions:

              

      

      

      
        	 	
                (i)

              	
                on
                  the termination of the Licence for any reason, the sublicence shall
                  expire
                  automatically;

              

      

      

      
        	 	
                (ii)

              	
                the
                  party receiving the sublicence (hereinafter “the Sublicensee”) shall be
                  bound by provisions substantially similar to those in Paragraph
                  10 below
                  binding the Corporation (the obligations of the Sublicensee so
                  arising
                  being addressed also to Yeda
                  directly);

              

      

      

      
        	 	
                (iii)

              	
                all
                  terms necessary to enable performance by the Corporation of its
                  obligations under Paragraphs 7(d)(iii) and 9(b)
                  hereof;

              

      

      

      
        	 	
                (iv)

              	
                that
                  any act or omission by the Sublicensee which would have constituted
                  a
                  breach of this Agreement by the Corporation had it been the act
                  or
                  omission of the Corporation, shall constitute a breach of this
                  Agreement
                  by the Corporation;

              

      

      

      
        	 	
                (v)

              	
                that
                  the sublicence shall not be assignable or further
                  sublicenseable;

              

      

      

      
        	 	
                (vi)

              	
                that
                  a copy of the agreement granting the sublicence shall be made available
                  to
                  Yeda at least *****
                  prior to its execution.

              

      

      

      Notwithstanding
        the aforegoing, should Yeda refuse its consent to a sub-licence and the
        Corporation should contend that such refusal is unreasonable, the dispute
        between the parties shall be resolved by the Expert (as such expression is
        defined below) at the request of the Corporation made no later than *****
        days
        after receipt by the Corporation of Yeda’s said refusal. The Expert shall act as
        an expert and not as arbitrator and shall conduct the hearing of the dispute
        as
        he deems fit. His decision shall be binding on the parties. The Expert may
        order
        that the Expert's costs be borne by one of the parties or shared by them
        in such
        proportion as the Expert shall direct, and the parties shall comply with
        such
        order. The Expert shall be *****,
        or if
        he shall be unable or unwilling to act or continue to act in such capacity,
        the
        President for the time being of the Hebrew University of Jerusalem or, if
        he
        should be unable or unwilling to act or continue to act in such capacity,
        then
        the person nominated by him to act as the Expert.

      

      
        	(d)	(i)	
                 In
                  this Agreement, the term “Net Sales” shall mean the *****:

              

      

      

      
        	
              	(aa)	
                *****

              

      

      

      
        	
              	(bb)	
                *****.

              

      

      

      
        
          
          

        

        
          8

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
              	
                (ii)

              	
                In
                  consideration for the Licence, the Corporation shall pay Yeda a
                  royalty of
                  *****
                  of
                  all Net Sales received by the Corporation *****
                  of
                  all amounts received by the Corporation for or from the grant of
                  sublicences and/or pursuant thereto (hereinafter “Sublicensing Receipts”),
                  provided that on any Sublicensing Receipts received by the Corporation
                  which are calculated on the basis of proceeds received by a Sublicensee
                  from sales of Products or provision of Services by it, the royalty
                  payable
                  to Yeda by the Corporation shall be *****
                  of
                  such Sublicensing Receipts as aforesaid or the amount being *****
                  of
                  the Net Sales of the Sublicensee form the sales of Products or
                  provision
                  of Services generating such Sublicensing Receipts, which is the
                  higher.

              

      

      

      
        	               
                (iii)	(aa) 	
                Amounts
                  payable to Yeda in terms of this Paragraph 7(d) shall be paid to
                  Yeda on a
                  quarterly basis and no later than *****
                  days after the end of each calendar quarter, commencing with the
                  first
                  calendar quarter in which any Net Sales or Sublicensing Receipts
                  are
                  received.

              

      

      

      
        	
              	(bb)	
                All
                  amounts payable to Yeda hereunder in respect of Net Sales or Sublicensing
                  Consideration which are received by the Corporation or its Sublicencee
                  in
                  a currency other than Israeli currency shall be paid to Yeda in
                  the same
                  foreign currency to the extent permitted by law, and to the extent
                  not, by
                  payment of the equivalent amount of Israeli currency calculated
                  at the
                  representative rate of exchange last published by the Bank of Israel
                  at
                  the time of payment to Yeda. Amounts due to Yeda in respect of
                  Net Sales
                  or Sublicensing Consideration which are received by the Corporation
                  or its
                  Sublicencee in Israeli currency shall be linked to the Consumer
                  Price
                  Index published by the Israel Government’s Central Bureau of Statistics
                  from the date payment is reached by the Corporation or its Sublicencee
                  until it is due to Yeda (and thereafter subject to interest payments
                  as
                  provided in Paragraph 13(b)(v) below)
                  .

              

      

      

      
        	
              	(cc)	
                The
                  Corporation shall, within a period of *****
                  days from the end of each calendar quarter commencing with the
                  first
                  calendar quarter in which any Net Sales or Sublicensing Receipts
                  are
                  received, submit to Yeda a full and detailed report, setting out
                  all
                  amounts owing to Yeda in respect of the quarter to which the report
                  refers, and with full details (1) of payments received by the Corporation
                  and Sublicensees constituting Net Sales or Sublicensing Receipts
                  including, without derogating from the generality of the aforegoing,
                  a
                  breakdown of Net Sales according to country and identity of buyer,
                  a
                  breakdown of Sublicensing Receipts according to country and identity
                  of
                  Sublicencee, currency of the payments and date of receipt thereof;
                  and (2)
                  of any other matter necessary to enable the determination of the
                  amounts
                  payable hereunder.

              

      

      

      
        	
              	(dd)	
                The
                  Corporation shall keep and shall cause Sublicensees to keep complete
                  and
                  correct books of account and records consistent with sound business
                  and
                  accounting principles and practices and in such form and in such
                  details
                  as to enable the determination of the amounts due to Yeda in terms
                  hereof.
                  The Corporation shall supply Yeda at the end of each year, commencing
                  with
                  the first year in which any amount is payable under this Paragraph
                  7(d), a
                  report certified by a Chartered Public Accountant in respect of
                  the
                  amounts due to Yeda pursuant to this Paragraph 7(d) in respect
                  of the year
                  covered by the said report, it being understood that insofar as
                  such
                  amounts relate to Net Sales of Sublicences, the
                  said Chartered Public Accountant shall be entitled to rely in his
                  report
                  on certificates issued by other Chartered Public Accountants relating
                  to
                  such Net Sales, such certificates to be attached to the said
                  report.

              

      

      

      
        
          
          

        

        
          9

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
              	(ee)	
                Yeda
                  or its authorised representatives shall have the right at reasonable
                  times
                  up to *****
                  per year during normal business hours to inspect the Corporation’s and
                  Sublicensees’ books of accounts, records and other documentation to the
                  extent relevant or necessary in or for the ascertaining or verification
                  of
                  the amounts due to Yeda under this Paragraph
                  7(d).

              

      

      

      
        	8.	
                Development
                  and Commercialization

              

      

      

      
        	
                (a)

              	
                It
                  is understood and agreed that subject to termination of this Agreement
                  and
                  the Licence thereunder pursuant to Paragraph 3(d) above or to the
                  other
                  provisions of this Agreement, should the Corporation wish to have
                  further
                  research (beyond that to be performed at the Institute and to be
                  funded
                  pursuant to Paragraph 3 above) conducted outside the Corporation's
                  own
                  facilities with respect to all or any part of the Licenced Technology
                  then
                  such additional research shall be performed at the Institute, (to
                  the
                  extent that Yeda confirms the availability of the necessary facilities)
                  under the supervision of *****,
                  should he declare himself available, willing and able to perform
                  such
                  further research, provided that the cost of performing such research
                  at
                  the Institute (including the
                  cost of acquisition of any necessary equipment), shall not be
                  substantially more than such cost at a reputable institution which
                  has
                  declared itself willing to undertake the performance of such further
                  research.

              

      

      

      
        	
                (b)

              	
                The
                  Corporation undertakes to act diligently and to make reasonable
                  efforts to
                  expedite the commencement of commercial sale of the Products and
                  commercial provision of the Services and without derogating from
                  the
                  generality of the aforegoing, the performance of necessary research,
                  toxicological tests, pharmacological and efficacy tests, pre-clinical
                  tests, clinical trials, the steps required for obtaining regulatory
                  approvals from the US Food and Drug Administration and other regulatory
                  authorities and the development of procedures and facilities for
                  large-scale commercial production of the Products and provision
                  of the
                  Services. The Corporation further undertakes to continue to act
                  diligently
                  in the exercise of the Licence and to take all reasonable steps
                  to
                  maximize such exercise throughout the period of the
                  Licence.

              

      

      

      
        
          	(c)	(i)	
                   Should
                    Yeda be of the opinion that the Corporation is in breach of its
                    obligations pursuant to Paragraph 8(b) above with respect to
                    the research,
                    development and commercialization activities relating to any
                    Product or
                    Service, it may so advise the Corporation and notify the Corporation
                    that
                    unless certain steps are taken by the Corporation within a certain
                    time as
                    specified in the said notice,
                    the Licence shall lapse. Should the Corporation not refer the
                    matter to
                    arbitration pursuant to subparagraph (ii) below nor take the
                    said
                    specified steps within the said specified time, the Licence and
                    this
                    Agreement shall thereupon
                    terminate.

                

        

      

      

      
        
           

        

        
          10

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
              	
                (ii)

              	
                Should
                  the Corporation not accept the terms of Yeda’s said notice, it shall be
                  entitled, within 30 days of receipt of Yeda’s said notice, to advise Yeda
                  that it does not accept the terms of the said notice and to refer
                  the
                  dispute for resolution by arbitration pursuant to Paragraph 14
                  below.

              

      

      

      
        	9.	
                Reports
                  by Corporation

              

      

      

      The
        Corporation will provide Yoda with full written reports on the progress and
        results of research, tests and trials conducted and all other actions taken
        by
        the Corporation pursuant to paragraph 8(c) above, such reports to be made
        on a
*****
        basis,
        within *****
        of the
        end of each *****
        period
        during the term of the Agreement. Further, written reports on significant
        developments in such activities shall be made by the Corporation to Yeda
        promptly.

      

      
        	10.	
                Confidentiality

              

      

      

      
        	
                (a)

              	
                The
                  corporation shall use its reasonable best efforts to maintain the
                  Technology in confidence, except and to the extent that it is in
                  the
                  public domain at the date of the signing hereof or becomes pert
                  of the
                  public domain thereafter other than through a violation by the
                  Corporation
                  of this undertaking of confidentiality and except that the Corporation
                  shall be released from its obligation of confidentiality with regard
                  to
                  that portion of the Technology expressly released therefrom by
                  Yeda by
                  notice in writing. 

              

      

      

      Notwithstanding
        the foregoing, the Corporation may disclose to its personnel and to other
        third
        parties (including permitted Sublicencees) such confidential information
        as
        shall be necessary for the exercise by it of its rights hereunder or in the
        fulfilment of its obligations hereunder, provided that it shall bind such
        personnel and other third parties with a similar undertaking of confidentiality
        in writing. It is agreed, for the removal of doubt, that the aforegoing
        obligation of confidentiality shall not prevent the Corporation from disclosing
        the general net of the research and development activities engaged in pursuant
        to this Agreement.

      

      
        	
                (b)

              	
                In
                  addition to and without derogating from the aforegoing, the Corporation
                  undertakes not to make mention and not to allow Subliceneees to
                  make
                  mention of the names of Yeda or the Institute or *****
                  in
                  any advertising, sales literature, promotional material, other
                  publications, private placement memoranda, public offering registration
                  statements and the like, unless the prior written approval of Yeda
                  thereto
                  has been obtained (such approval not to be unreasonably withheld).
                  Once an
                  approval has been granted by Yeda to a certain form of words for
                  use in a
                  particular context. then the same form of words can be used again
                  by the
                  Corporation or by Sublicencees in the same context, without further
                  approval from Yeda.

              

      

      

      
        
           

        

        
          11

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
                (c)

              	
                For
                  the removal of doubt, nothing in subparagraphs (a) or (b) above
                  contained
                  shall be deemed to prevent the Corporation from mentioning the
                  names of
                  Yeda and/or the Institute or *****
                  or
                  to prevent the Corporation from disclosing any information where
                  such
                  mention or disclosure
                  is to competent authorities for the purposes of obtaining approval
                  or
                  permission for the exercise of the License or is in the fulfilment
                  of any
                  legal duty owed to any competent authority. For the purpose of
                  this
                  paragraph, such mention in a private placement.
                  memoranda or a public offering registration statement shall not
                  be deemed
                  fulfilment of a legal duty to a competent
                  authority.

              

      

      

      
        	
                (d)

              	
                Yeda
                  shall use its reasonable best efforts to maintain the Licenced
                  Technology
                  in confidence except and to the extent that it is in the public
                  domain at
                  the date of signing hereof or becomes part of the public domain
                  thereafter
                  other than through a violation by Yeda of this undertaking of
                  confidentiality, and it being expressly agreed that Yeda shall
                  have the
                  tight to allow *****
                  (and, with *****
                  consent, *****
                  students) publish articles relating to the Licenced Technology
                  in
                  scientific publications, provided that at least 60 days before
                  the
                  intended date of such publication, the text thereof shall be submitted
                  to
                  the Corporation in order to enable it to request the filing of
                  patent
                  application relating to the subject- matter of the article before
                  the
                  publication takes place and Yeda shall procure that such filing
                  shall take
                  place within 30 days of the Corporation's written request pursuant
                  to
                  Paragraph 6(a) above.

              

      

      

      
        	(e)	
                No
                  termination of this Agreement, for whatever reason, shall release
                  the
                  Corporation from any of its obligations under this Paragraph 10
                  and such
                  obligations shall survive termination as
                  aforesaid.

              

      

      

      
        	11.	
                No
                  Assignment

              

      

      

      Except
        as
        expressly provided herein, the Corporation may not assign all or any of its
        tights or obligations under this Agreement or arising therefrom without the
        prior written consent of Yeda.

      

      
        	12.	
                Indemnification

              

      

       

      The
        Corporation shall indemnify and hold harmless *****
        and the
        officers and employees of them from and against an loss, damage, liability
        and
        expense (including attorney fees and legal costs) arising out of or resulting
        from the exercise of the License, including the grant or exercise of
        Sublicences. This obligation shall survive the termination of this
        Agreement for
        any
        reason.

      

      
        	13.	
                Terms
                  and Terminated

              

      

      

      
        	(a)	
                Unless
                  previously terminated in accordance with the provisions hereof,
                  this
                  Agreement terminates upon expiry of the License specified in Paragraph
                  7(b) above.

              

      

      

      
        	(b)	
                Without
                  derogating from the parties’ rights hereunder or under another agreement
                  or by law to any other or additional remedy or
                  relief:

              

      

      

      
        
           

        

        
          12

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	 	
                (i)

              	
                Yeda
                  may terminate this Agreement by serving a written notice to that
                  effect on
                  the Corporation if the aggregate payment made under Paragraph 7(d)
                  above
                  in the *****
                  or
                  any subsequent year of the term of the Licence shall be less than
                  US
                  *****
                  United States Dollars) *****.

              

      

      

      
        	
              	(ii)	
                Either
                  Yeda or the Corporation may terminate this Agreement and the Licence
                  hereunder by serving a written notice to that effect on the other,
                  upon or
                  after the winding up or insolvency of the other, or upon or after
                  the
                  commitment of a material breach hereof by the other (which breach
                  cannot
                  be cured or, if curable, has not been cured by the party in breach
                  within
                  45 (forty-five) days after receipt of a written notice for the
                  other party
                  in respect of such breach); and in such event this Agreement and
                  the
                  Licence hereunder shall be terminated forthwith upon receipt of
                  notice as
                  aforesaid. For the purposes of this Paragraph 13(b)(ii), “material breach”
                  shall not include the breaches governed by subparagraph (i) above,
                  but
                  shall include - without limitation - default in any payment payable
                  hereunder to Yeda, except that if the aggregate of amounts owing
                  by the
                  Corporation to Yeda at any time and in arrears shall not exceed
                  *****
                  United States Dollars) and the Corporation shall have advised Yeda
                  in good
                  faith that it disputes its liability to pay the said amount setting
                  out
                  the reasons for such view and having initiated 
                  arbitration proceedings pursuant to Paragraph 14 below
                  with respect to such dispute, then the existence of such debt shall
                  not
                  entitle Yeda to terminate this Agreement unless and until the arbitrator
                  has confirmed that all or any of the said amount is due to Yeda
                  and the
                  Corporation has failed, within 15 days of the arbitrator's award,
                  to
                  pay the amount due together with any interest and casts awarded
                  by the
                  arbitrator.

              

      

      

      
        	 	
                (iii)

              	
                The
                  Corporation shall be entitled at any time after completion of the
                  financing by the Corporation of the Research Program pursuant to
                  the
                  provision of this Agreement, to terminate this Agreement and the
                  Licence
                  hereunder, by service of written notice to that effect on Yeda,
                  such
                  notice to be served at least 6 (six) months in advance of the desired
                  date
                  of termination.

              

      

      

      
        	 	
                (iv)

              	
                Yeda
                  may terminate this Agreement by service of written notice on the
                  Corporation, if:

              

      

      

      
        	
              	(aa)	
                the
                  total of equity funds invested in the Corporation by March 1994
                  shall be
                  less than *****:
                  or 

              

      

      

      
        	
              	(bb)	
                *****;
                  or

              

      

      

      
        	
              	(cc)	
                the
                  total of equity funds invested in the Corporation by March 1995
                  shall be
                  less than *****.

              

      

      

      
        	                
                (v)	(aa)	
                Except
                  as otherwise expressly provided herein, payments of amounts due
                  hereunder
                  which are expressed in US Dollars shall be made by payment of the
                  equivalent amount in Israeli currency calculated at the representative
                  rate lest published by the Bank of Israel at the time of
                  payment.

              

      

      

      
        
           

        

        
          13

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
              	
                (bb)

              	
                Where
                  Yeda is liable to pay VAT on any amount payable to it hereunder
                  the payer
                  shall pay Yeda the amount of the VAT due together with the payment
                  in
                  respect of which it is due, against VAT invoice from
                  Yeda.

              

      

      

      
        	
              	(vi)	
                Any
                  amount payable hereunder by one of the parties to the other, which
                  has not
                  been paid by its due date of payment, shall bear interest from
                  its due
                  date of payment until the date of actual payment, as
                  follows:

              

      

      

      
        	
              	(aa)	
                if
                  it is payable in foreign currency (i.e. not Israeli currency),
                  at the rate
                  charged by Bank Leumi Le Israel B.M on loans to Israeli residents
                  in that
                  currency over the period of the arrears;
                  or,

              

      

      

      
        	
              	(bb)	
                if
                  it is payable in Israel currency, at the highest rate of interest
                  charged
                  by Bank Leumi Le Israel B.M on unapproved overdrafts in Israel
                  currency
                  over the period of the arears.

              

      

      

      
        	
                (c)

              	
                Upon
                  the termination of this Agreement for whatever reason, *****.

              

      

      

      
        	
                (d)

              	
                The
                  termination of this Agreement for any reason shall not relieve
                  the parties
                  of any obligations to make payments thereunder which shall have
                  accrued
                  prior to such termination.

              

      

      

      
        	
                (e)

              	
                (i)

              	
                Upon
                  termination of this Agreement and the Licence thereunder pursuant
                  to
                  subparagraph (b) above, all rights in the Licensed Technology vested
                  in
                  the Corporation shall revert to Yeda, and the Corporation shall
                  not
                  thereafter be entitled to make any use of the Licensed
                  Technology.

              

      

      

      
        	
              	(ii)	
                Upon
                  termination of this Agreement by Yeda pursuant to subparagraphs
                  (b)(1),
                  (ii) or (iv) above or by the Corporation pursuant to subparagraph
                  (iii)
                  above or upon termination pursuant to Paragraphs 3(c) or 8(c)(ii)
                  above,
                  all rights, title and interest in any technology deriving from
                  research
                  and development activities performed by the Corporation in connection
                  with
                  the Licenced Technology shall vest in Yeda and the Corporation
                  shall take
                  all steps necessary to procure and perfect such
                  vesting.

              

      

      

      
        	
                14.
                  

              	
                Governing
                  Law and Forum

              

      

      

      This
        Agreement shall be governed by the laws of Israel and any disputes arising
        in
        connection therewith (except those to be resolved by the Expert as hereinbefore
        provided) shall be resolved by arbitration by a single arbitrator in Israel
        in
        accordance with the Israel Arbitration Law as amended from time to time,
        such
        arbitrator to be agreed by the parties, or failing agreement within 15 days
        of a
        candidate first being proposed, to be appointed by the President of the Israel
        Bar Association at the request of either party. The arbitrator shall resolve
        the
        dispute in accordance with the substantive law and shall give the reasons
        for
        his award, but he shall not be bound by the rules of court procedure or the
        rules of evidence. The arbitrator shall be entitled, inter alia, to grant
        interim and/or

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

          *****
            Confidential material redacted and filed separately with the
            Commission.

        

      

      interlocutory
        relief. The arbitrator shall be requested to issue his award with all due
        speed
        and i£ possible within 120 days of appointment of the arbitrator and the parties
        shall cooperate in expediting the arbitration. Any award of the arbitrator
        shall
        be enforceable in any competent court.

      

      
        	15.	
                Entire
                  Agreement

              

      

      

      This
        Agreement constitutes the entire Agreement between the parties. Any addition
        or
        amendment thereto shall not be effective unless in writing signed by the
        authorised signatories of both parties.

      

      
        	16.	
                Notices

              

      

      

      
        	
                (a)

              	
                Notices
                  to be given hereunder shall be given if available by telex or telecopier
                  or, if neither of these is available, as required by Paragraph
                  16(b). If
                  notice is sent by telex or telecopier, it shall be deemed to have
                  been
                  served 24 hours after transmission. All notices given by telex
                  or
                  telecopier shall be confirmed by letter despatched in the manner
                  appearing
                  in Paragraph 16(b) within 24 hours of
                  transmission.

              

      

      

      
        	
                (b)

              	
                Any
                  other notices to be given hereunder shall be served on a party
                  by prepaid
                  express registered letter (or nearest equivalent) to its address
                  given
                  herein or such other address as many from time to time be notified
                  for
                  this purpose and any notice so served shall he deemed to have been
                  served
                  7 (seven) days after the time at which it was posted and in proving
                  such
                  service it shall be sufficient to prove that the notice was properly
                  addressed and posted,

              

      

      

      IN
        WITNESS WHEREOF the parties hereto have set their signatures as of the
        7th
        day of
        April, 1993.

      

      
        	
                For
                  YEDA RESEARCH AND DEVELOPMENT COMPANY LTD.

              	
                For
                  XENOGRAFT TECHNOLOGIES LTD.

              
	
                 

                 

                By:
                  _______________________________

              	
                 

                 

                By:
                  _______________________________

              
	
                 

                 

                Title:
                  ______________________________

              	
                 

                 

                Title:
                  ______________________________

              

      

      
 

      
        
          
          

        

        
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      APPENDIX
        A

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      Note
        that
        confidential treatment has been requested and one (1) page of material from
        this
        Appendix A has been omitted and filed separately with the
        Commission.

      
 

      
        
          
          

        

        
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            Commission.

        

      

      APPENDIX
        B

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        	1.	
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        	1.1.	
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        	1.l.a(*)	
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        	l.l.b	
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        	1.3.a(*)	
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        	2.1.(*)	
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      Note
        that
        confidential treatment has been requested and two pages of material from
        this
        Appendix B have been omitted and filed separately with the
        Commission.

      
        
          
          

        

        
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            Commission.

        

      

      ATTACHMENT
        “C”

      

      

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      1. *****

      

      2. *****

      

      3. *****

      

      Note
        that
        confidential treatment has been requested and one (1) page of material from
        this
        Attachment C has been omitted and filed separately with the
        Commission.

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

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            Commission.

        

      

      ATTACHMENT
        “D”

      

      

      

      
        	 	
                1.

              	
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                2.

              	
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                3.

              	
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                4.

              	
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                8.

              	
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                9.

              	
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                10.

              	
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                11.

              	
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      Note
        that
        confidential treatment has been requested and one (1) page of material from
        this
        Attachment D has been omitted and filed separately with the
        Commission.

       

       

      
        
           

        

        
          20

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