Document:

Exhibit 10.8

 

LICENSE AGREEMENT

 

BETWEEN:

THE UNIVERSITY OF BRITISH COLUMBIA,
a corporation continued under the University Act of British Columbia with offices at #103-6190 Agronomy Road, Vancouver,
British Columbia, V6T 1Z3

(“UBC”)

 

AND:

 

Advanced
inhalation therapies, a corporation incorporated under the laws of Israel, with a registered office at 27th Aavat Zion
St, Tel Aviv

(the “Licensee”)

 

WHEREAS:

 

A.         
UBC has been engaged in research during the course of which it has developed and/or acquired certain technology relating to anonymized
data from an investigator-initiated Phase I clinical trial to investigate the safety of inhaled gaseous nitric oxide in healthy
adults for potential use as a frontline treatment for pulmonary infections the “Nitric Oxide Clinical Trial”,
which research was undertaken by Dr. Yossef Av-Gay and Dr. Chris Miller in the UBC Faculty of Medicine, Division of Infectious
Diseases (the “Investigators”);

 

B.          
It is UBC’s objective to exploit its technology for the public benefit, and to generate further research in a manner consistent
with its status as a non-profit, tax exempt educational institution; and

 

C.         
The Licensee and UBC have agreed to enter into this license agreement (the “Agreement”) on the terms and conditions
set out below.

 

THE PARTIES AGREE AS FOLLOWS:

 

1.0           DEFINITIONS

 

1.1           In
this Agreement:

 

		(a)	“Basic Participant Data” means the information collected by UBC from the
clinical trial participants in the normal course of clinical trial enrolment;

 

		(b)	“Confidential Information” means all information, regardless of its form:

 

		(i)	disclosed by UBC to the Licensee and designated by UBC as confidential, whether orally or in writing,
including without limitation all information and documents related to the Technology (including all derived analyses and conclusions)
and the terms and conditions of this Agreement; or

 

		(ii)	disclosed by the Licensee to UBC and which is clearly identified in writing as “Confidential”,

 

except that “Confidential
Information” does not include information:

 

    	 	 	

     

    

 

		(iii)	possessed by the recipient (the “Recipient”) before receipt from the disclosing
party (the “Discloser”), other than through prior disclosure by the Discloser, as evidenced by the Recipient’s
business records;

 

		(iv)	published or available to the general public otherwise than through a breach of this Agreement;

 

		(v)	obtained by the Recipient from a third party with a valid right to disclose it, provided that the
third party is not under a confidentiality obligation to the Discloser; or

 

		(vi)	independently developed by employees, agents or consultants of the Recipient who had no knowledge
of or access to the Discloser’s information as evidenced by the Recipient’s business records;

 

		(c)	“License Fee” is defined in Article 3.4;

 

		(d)	“Objectionable Material” is defined in Article 7.3;

 

		(e)	“Start Date” means 1st November, 2011;

 

		(f)	“Technology” means the anonymized data from the Nitric Oxide Clinical Trial as
described in Schedule “A” and UBC’s Confidential Information;

 

		(g)	“Term” is defined in Article 13.1; and

 

		(h)	“UBC Trade-marks” means any mark, trade-mark, service mark, logo, insignia, seal,
design, symbol or device used by UBC in any manner at all.

 

2.0         
PROPERTY RIGHTS IN & TO THE TECHNOLOGY AND TO INTELLECTUAL PROPERTY

 

2.1         
The Licensee acknowledges and agrees that UBC owns all right, title and interest in and to the Technology.

 

2.2         
The Licensee will, at the request of UBC, sign all documents as may be required to ensure that ownership of the Technology remains
with UBC.

 

2.3        
The Licensee will own all right, title and interest in any intellectual property or products generated by employees (or other service
providers or consultants) of the Licensee based on its activities under the License from the Start Date (the “Licensee
Inventions”). For greater clarity, the Licensee may apply for patents covering Licensee Inventions in its sole discretion,
and at its sole cost, which will be registered in Licensee’s name as sole proprietary owner off such patents and with no rights
to be granted to UBC on such Licensee Inventions. The Licensee will be free to use and sublicense such Licensee Inventions as in
its sole discretion it sees fit, without further accounting to UBC.

 

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3.0         GRANT OF LICENSE

 

3.1         Subject
to Article 3.3, UBC hereby grants to the Licensee a sole and exclusive worldwide, non-transferable, non-sublicensable license to
(a) use the Technology as part of regulatory submissions that will advance the development of inhaled nitric oxide therapy for
therapeutic uses, and (b) for use in patent applications on the terms and conditions set out in this Agreement.

 

3.2        
UBC further grants to the Licensee a sole and exclusive license, with the right to sublicense to develop, have developed, register,
market, have marketed, produce, have produced, distribute, have distributed, sell, have sold, offer for sale and import any product
based on, but which do not incorporate, the Technology, on the terms and conditions set out in this Agreement (the licenses granted
under Section 3.1 and Section 3.2 above shall, collectively, be referred to as the “License”).

 

3.3        
The Licensee acknowledges and agrees that UBC may use the Technology without charge in any manner at all for research, scholarly
publication, educational and all other non-commercial uses.

 

3.4         
As a condition of UBC granting this License, the Licensee agrees to pay to UBC;

 

		(a)	A license fee of $40,000 (Canadian funds) (the “License Fee”). The License Fee
will not be refunded to the Licensee (in whole or in part) under any circumstances. The License Fee will be paid in three instalments
as follows;

 

		(i)	$15,000 paid concurrently with the execution of this Agreement;

 

		(ii)	$15,000 paid three months after the Start Date; and

 

		(iii)	$10,000 paid six months after the Start Date; and

 

		(b)	The Licensee will enter into a Collaborative Research Agreement with UBC for at least 2 years beginning
no later than one year after the Start Date. The Collaborative Research Agreement will provide a minimum of $75,000 (Canadian funds)
per year in funding for research relating to the use of nitric oxide for therapeutics.

 

4.0          BASIC
PARTICIPANT DATA

 

4.1          The
Licensee acknowledges and agrees that UBC has a public duty to safeguard the sanctity of the Basic Participant Data and ensure
that they are used in a manner as authorized by the participants’ informed consent and so as to serve the advancement of
scientific research.

 

4.2         
For greater clarity, the Technology licensed hereunder shall not include Basic Participant Data but shall only contain certain
anonymized components of such Basic Participant Data together with results and analyses from the Nitric Oxide Clinical Trial.

 

4.3         
The Basic Participant Data, including any backup archives, are and will remain the property of UBC.

 

4.4         
The Licensee will not make any representation to third parties to the effect that it has any proprietary rights in the Basic Participant
Data or otherwise act in any manner inconsistent with UBC’s ownership of and right to control the Basic Participant Data.

 

4.5         
The Licensee will use its best efforts to cooperate with UBC in ensuring that all subject identification and information associated
with the Basic Participant Data is removed.

 

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4.6         
The Licensee will comply with all applicable privacy legislation and will not use the Technology which will in any way cause UBC
to be in breach of the Freedom of Information and Personal Privacy Act and will use its best efforts to cooperate with UBC
in the fulfilment of its duty to comply with such Act, or any other applicable laws.

 

5.0          DISCLAIMER
OF WARRANTY

 

5.1         
UBC makes no representations, conditions or warranties, either express or implied, regarding the Technology. Without limitation,
UBC specifically disclaims any implied warranty, condition or representation that the Technology;

 

		(a)	corresponds with a particular description;

 

		(b)	is of merchantable quality;

 

		(c)	is fit for a particular purpose; or

 

		(d)	is durable for a reasonable period of time.

 

UBC is not liable for any loss, whether
direct, consequential, incidental or special, which the Licensee or other third parties suffer arising from any defect, error or
fault of the Technology, or its failure to perform, even if UBC is aware of the possibility of the defect, error, fault or failure.
The Licensee acknowledges that it has been advised by UBC to undertake its own due diligence regarding the Technology.

 

5.2          Nothing
in this Agreement:

 

		(a)	constitutes a warranty or representation by UBC as to title
to the Technology or that anything made, used, sold or otherwise disposed of under the license granted in this Agreement will
not infringe the patents, copyrights, trade-marks, industrial designs or other intellectual property rights of any third parties,
or any patents, copyrights, trade-marks, industrial design or other intellectual property rights owned, in whole or in part, by
UBC, or licensed by UBC to any third parties;

 

		(b)	constitutes an express or implied warranty or representation
by UBC that the Licensee has, or will have the freedom to operate or practice the Technology; or

 

		(c)	imposes an obligation on UBC to bring, prosecute or defend
actions or suits against third parties for infringement of patents, copyrights, trade-marks, industrial designs or other intellectual
property or contractual rights.

 

6.0          INDEMNITY
& LIMITATION OF LIABILITY

 

6.1          The
Licensee indemnifies, holds harmless and defends UBC, its Board of Governors, officers, employees, faculty, students, invitees
and agents against any and all claims (including all associated legal fees and disbursements actually incurred) arising out of
the exercise of any rights under this Agreement, including without limitation against any damages or losses, consequential or otherwise,
arising in any manner at all from or out of the use of the Technology licensed under this Agreement by the Licensee.

 

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6.2          UBC’s
total liability, whether under the express or implied terms of this Agreement, in tort (including negligence) or at common law,
for any loss or damage suffered by the Licensee, whether direct, indirect or special, or any other similar damage that may arise
or does arise from any breaches of this Agreement by UBC, its Board of Governors, officers, employees, faculty, students or agents,
is limited to $10,000.

 

6.3          The
Licensee acknowledges and agrees that UBC will not be liable for consequential or incidental damages arising from any breach or
breaches of this Agreement.

 

6.4           Notwithstanding
the termination or expiration of this Agreement, the rights and obligations in Article 6 will survive and continue to bind the
Licensee and its successors and permitted assigns.

 

7.0          PUBLICATION
& CONFIDENTIALITY

 

7.1          Each
party will keep and use the other party’s Confidential Information in confidence and will not, without the other party’s prior
written consent, disclose the other party’s Confidential Information to any person or entity, except to the party’s directors,
officers, employees, faculty, students and professional advisors who require the Confidential Information to assist such party
in performing its obligations under this Agreement. The Licensee will maintain an appropriate internal program limiting the distribution
of UBC’s Confidential Information to only those officers, employees and professional advisors who require such Confidential Information
in performing the Licensee’s obligations under this Agreement and who have signed appropriate non-disclosure agreements.

 

7.2          Any
party required by judicial or administrative process to disclose the other party’s Confidential Information, will promptly notify
the other party and allow it reasonable time to oppose the process before disclosing the Confidential Information.

 

7.3          UBC
is not restricted from presenting at symposia, national or regional professional meetings, or from publishing in journals or other
publications, accounts of its research relating to the Technology, provided that with respect to the Confidential Information
only, the Licensee is provided with copies of the proposed disclosure at least 60 days before the presentation or publication date
and does not, within 30 days after delivery of the proposed disclosure, give notice to UBC indicating that it objects to the proposed
disclosure. Any objection to a proposed disclosure will specify the portions of the proposed disclosure considered objectionable
(the “Objectionable Material”). On receiving notice from the Licensee that any proposed disclosure contains Objectionable
Material, UBC will delay the proposed disclosure for 4 months from the date UBC delivered the proposed disclosure to the Licensee.
After 4 months from the date UBC delivered the proposed disclosure to the Licensee, UBC is free to present and/or publish the proposed
disclosure whether or not it contains Objectionable Material.

 

7.4          The
Licensee and UBC agree that the terms and conditions of this Agreement are confidential, subject to disclosure requirements by
applicable laws. Notwithstanding anything contained in Article 7, the Licensee and UBC agree that either party may identify the
title of this Agreement, the parties to this Agreement and the names of the inventors of the Technology, and that UBC may
also disclose to the Investigators the amount of all payments made to UBC by the Licensee under this Agreement.

 

7.5          Notwithstanding
the termination or expiration of this Agreement, the rights and obligations in Article 7 survive and continue to bind the parties,
their successors and permitted assigns.

 

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8.0          TRADE-MARKS

 

8.1          The
Licensee will not use the UBC Trade-marks or make reference to UBC or its name in any advertising or publicity, without the prior
written consent of UBC. Without limitation, the Licensee will not issue a press release regarding this Agreement or the Technology
without first obtaining UBC’s written approval. If the Licensee is required by law to act in breach of this Article, the Licensee
will provide UBC with sufficient prior notice to permit UBC to bring an application or other proceeding to contest the requirement.

 

9.0          INSURANCE

 

9.1          One
(1) month before the initiation of a human clinical trial, the Licensee will notify UBC of the terms and amount of the product
liability, clinical trials, public liability, and commercial general liability insurance and such other types of insurance which
it has placed. This insurance will include UBC, its Board of Governors, faculty, officers, employees, students and agents as additional
insureds under such insurance policies.

 

10.0       ASSIGNMENT

 

10.1        Subject
to Article 10.2, the Licensee will not assign, transfer, mortgage, pledge, financially encumber, grant a security interest, permit
a lien to be created, charge or otherwise dispose of any or all of the rights granted to it under this Agreement without the prior
written consent of UBC.

 

10.2        The
Licensee may assign this Agreement as part of a sale, transfer or merger of the Licensee’s entire business (or that part of Licensee’s
business that exercises all rights granted under this Agreement), provided that before any such assignment, the following conditions
must be met:

 

		(a)	the Licensee must give UBC thirty (30) days prior written
notice of the assignment, including the intended assignee’s name and contact information;

 

		(b)	the assignee must have the financial and technical ability
to assume the obligations under this Agreement, and the assignee (and its principals) must be of good and reputable character;

 

		(c)	the assignee must agree in writing with UBC to be bound
by this Agreement; and

 

		(d)	the Licensee will pay all reasonable legal expenses incurred
by UBC regarding any consents and approval required from UBC.

 

10.3        UBC
will have the right to assign its rights, duties and obligations under this Agreement to a company of which it is the sole shareholder,
or a society which it has incorporated or which has purposes which are consistent with the objectives of UBC. If UBC makes such
an assignment, the Licensee will release and discharge UBC from all obligations or covenants, provided that the company or society,
as the case may be, signs a written agreement which provides that the company or society assumes all obligations or covenants from
UBC and that the Licensee retains all rights granted to the Licensee under this Agreement.

 

11.0       GOVERNING
LAW

 

11.1       This
Agreement is governed by, and will be construed in accordance with, the laws of British Columbia and the laws of Canada in force
in that province, without regard to its conflict of law rules. All parties agree that by executing this Agreement they have attorned
to the jurisdiction of the Supreme Court of British Columbia. The parties agree that the British Columbia Supreme Court has exclusive
jurisdiction over this Agreement.

 

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12.0        NOTICES

 

12.1        All
reports and notices or other documents that a party is required or may want to deliver to any other party will be delivered:

 

		(a)	in writing; and

 

		(b)	either by personal delivery or by registered or certified
mail at the address for the receiving party set out in Article 12.2 or as varied by any notice.

 

Any notice personally delivered is deemed
to have been received at the time of delivery. Any notice mailed in accordance with this Article 12.1 is deemed to have been received
at the end of the fifth day after it is posted.

 

12.2        The
address for delivery of notices and instructions for making payments to UBC are set out in the attached Schedule “B”.
The address for delivery of notices to the Licensee is set out below:

 

			ADVANCED INHALATION TECHNOLOGIES

 

			Address: 27th Aavat Zion, Tel Aviv, Israel

Telephone: +97236045662 or +972502323280

Fax: +97236045662

 

13.0       TERM

 

13.1        The
term (the “Term”) of this Agreement starts on the Start Date and ends on:

 

		(a)	the day that is exactly 10 years later; or

 

		(b)	the date on which the Collaborative Research Agreement
terminates or expires,

 

whichever is last to occur, unless terminated
earlier under Article 14.

 

14.0       TERMINATION
OF AGREEMENT

 

14.1       This
Agreement automatically and immediately terminates without notice to the Licensee if any proceeding under the Bankruptcy and
Insolvency Act of Canada, or any other statute of similar purpose, is started by or against the Licensee.

 

14.2       UBC
may, at its option, immediately terminate this Agreement by giving notice to the Licensee if one or more of the following occurs:

 

		(a)	the Licensee becomes insolvent, as evidenced, for example
(without limitation) by the appointment of a receiver, a receiver manager, the issuance of financial statements which according
to GAAP would render the Licensee insolvent, the termination of a majority of the Licensee’s employees, the vacation of the Licensee’s
chief place of business or the Licensee ceasing or threatening to cease carrying on business;

 

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		(b)	any execution or other process of any court becomes enforceable
against the Licensee, or if any similar process is levied on the rights under this Agreement or on any money due to UBC and is
not released or satisfied by the Licensee within 30 days from the process becoming enforceable or being levied;

 

		(c)	if the Licensee or any of its directors or officers have
breached or otherwise failed to comply with any applicable securities laws, regulations or requirements which UBC deems in its
sole discretion to be material;

 

		(d)	any resolution is passed or order made or other steps taken
for the winding up, liquidation or other termination of the existence of the Licensee;

 

		(e)	the Technology becomes subject to any security interest,
lien, charge or encumbrance in favour of any third party claiming through the Licensee;

 

		(f)	if the Licensee breaches any of Articles 3.1, 8.0, 9.0
or 10.0; or

 

14.3        Other
than as set out in Articles 14.1 and 14.2, either party may terminate this Agreement for any breach which is not remedied after
providing the following notice to the party in breach:

 

		(a)	30 days notice in the case of any breach which can reasonably
be remedied within 30 days of the delivery of such notice; or

 

		(b)	if the breach cannot be remedied within 30 days and the
breach is not remedied within such further period as may be reasonably necessary, or within 90 days after receipt of notice, whichever
is sooner.

 

14.4        If
this Agreement is terminated under Article 14.1 to 14.3, the Licensee will make all outstanding payments to UBC and UBC may proceed
to exercise any or all of the rights and remedies available under this Agreement or otherwise available by law or in equity, successively
or concurrently, at the option of UBC. Within 5 days of the termination date, the Licensee will deliver to UBC all Technology in
its possession or control and will have no further right of any nature at all in the Technology. If the Licensee has not delivered
up the Technology within 5 days from the termination date, UBC may immediately and without notice enter the Licensee’s premises
and take possession of the Technology. The Licensee will pay all charges or expenses incurred by UBC in the enforcement of its
rights or remedies against the Licensee under this Article 14.4, including without limitation UBC’s legal fees and disbursements
on an indemnity basis.

 

14.5        The
Licensee will cease to use the Technology in any manner at all within 5 days from the termination date.

 

14.6        The
Licensee will have the right to terminate this Agreement by providing prior written notice of ninety (90) days to UBC.

 

15.0        MISCELLANEOUS
COVENANTS OF LICENSEE

 

15.1        The
Licensee represents and warrants to UBC that the Licensee is a corporation duly organized, existing and in good standing under
the laws of Israel and has the power, authority and capacity to enter into this Agreement and to carry out the transactions contemplated
by this Agreement, all of which have been duly and validly authorized by all requisite corporate proceedings. UBC is aware that
the Licensee is a start up company and that the Licensee will use commercially reasonable efforts to raise the necessary seed capital
financing for the activities set out herein.

 

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15.2        The
Licensee will comply with all laws, regulations and ordinances, whether Federal, State, Provincial, County, Municipal or otherwise,
with respect to the Technology and this Agreement.

 

15.3        The
Licensee will pay all taxes and any related interest or penalty designated in any manner at all and imposed as a result of the
existence or operation of this Agreement, including without limitation tax which the Licensee is required to withhold or deduct
from payments to UBC. The Licensee will provide to UBC evidence as may be required by Canadian authorities to establish that the
tax has been paid. If UBC is required to collect a tax to be paid by the Licensee, the Licensee will pay the tax to UBC on demand.

 

15.4        The
obligation of the Licensee to make all payments under this Agreement is absolute and unconditional and is not, except as expressly
set out in this Agreement, affected by any circumstance, including without limitation any set-off, compensation, counterclaim,
recoupment, defence or other right which the Licensee may have against UBC, or anyone else for any reason at all.

 

15.5        The
Licensee will pay interest on all amounts due and owing to UBC under this Agreement but not paid by the Licensee on the due date,
at the rate of 12.68% per annum, calculated annually not in advance. The interest accrues on the balance of unpaid amounts from
time to time outstanding, from the date on which portions of the amounts become due and owing until payment in full.

 

15.6        The
Licensee will complete and deliver to UBC on or before January 1 of each year during the Term, starting on January 1, 2012, an
annual report in the form attached as Schedule “C” (or an amended form as reasonably required by UBC from time
to time).

 

16.0        MANAGEMENT
OF CONFLICTS OF INTEREST

 

16.1        The
Licensee acknowledges that it is aware of UBC’s Conflict of Interest Policy #97, Patent and Licensing Policy #88 and Research Policy
#87 (www.universitycounsel.ubc.ca/policies/policies.html), and that UBC may amend these policies or introduce new policies from
time to time.

 

16.2         Subject
to Article 16.3 the Licensee and UBC agree, that:

 

		(a)	the facilities and research programs of the Licensee will
be conducted independently of all UBC facilities, faculty, students or staff, and in particular, independently of and from the
Investigators and the laboratory facilities made available to the Investigators by reason of the Investigators’ employment at
UBC;

 

		(b)	no students, post-doctoral fellows or other UBC staff will
participate or be involved in the Licensee’s research, projects or utilize its facilities; and

 

		(c)	any disclosures of inventions made by the Investigators
to the Licensee will be immediately forwarded by the Licensee to UBC.

 

16.3        The
Licensee and UBC may, from time to time, enter into written agreements to permit activities which would otherwise be prohibited
by Article 16.2.

 

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17.0       GENERAL

 

17.1        Nothing
contained in this Agreement is to be deemed or construed to create between the parties a partnership or joint venture. No party
has the authority to act on behalf of any other party, or to commit any other party in any manner at all or cause any other party’s
name to be used in any way not specifically authorized by this Agreement.

 

17.2        Subject
to the limitations in this Agreement, this Agreement operates for the benefit of and is binding on the parties and their respective
successors and permitted assigns.

 

17.3        No
condoning, excusing or overlooking by any party of any default, breach or non-observance by any other party at any time or times
regarding any terms of this Agreement operates as a waiver of that party’s rights under this Agreement. A waiver of any term, or
right under, this Agreement will be in writing signed by the party entitled to the benefit of that term or right, and is effective
only to the extent set out in the written waiver.

 

17.4        No
exercise of a specific right or remedy by any party precludes it from or prejudices it in exercising another right or pursuing
another remedy or maintaining an action to which it may otherwise be entitled either at law or in equity.

 

17.5        All
terms which require performance by the parties after the expiry or termination of this Agreement, will remain in force despite
this Agreement’s expiry or termination for any reason.

 

17.6        Part
or all of any Article that is indefinite, invalid, illegal or otherwise voidable or unenforceable may be severed and the balance
of this Agreement will continue in full force and effect.

 

17.7        The
Licensee acknowledges that the law firm of Richards Buell Sutton LLP has acted solely for UBC in connection with this Agreement
and that all other parties have been advised to seek independent legal advice.

 

17.8        This
Agreement sets out the entire understanding between the parties and no changes are binding unless signed in writing by the parties
to this Agreement.

 

17.9        Time
is of the essence of this Agreement.

 

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17.10      Unless
the contrary intention appears, the singular includes the plural and vice versa and words importing a gender include other genders.

 

SIGNED BY THE PARTIES
AS AN AGREEMENT on the 1st day of November, 2011 but effective as of the Start Date.

 

	SIGNED FOR AND ON BEHALF of	 
	THE UNIVERSITY OF BRITISH COLUMBIA	 
	by its authorized signatories:	 
	 	 
	/s/ J.P. Heale	 
	Authorized Signatory	 
	 	 
	 	 
	Authorized Signatory	 

 

	SIGNED FOR AND ON BEHALF of 	 
	ADVANCED INHALATION TECHNOLOGIES	 
	by its authorized signatories: 	 
	 	 
	/s/ Amir Avniel	 
	Authorized Signatory	 
	 	 
	Amir Avniel, Director	 
	Please print Name and Title of Signatory	 
	 	 
	 	 
	Authorized Signatory	 
	 	 
	 	 
	Please print Name and Title of Signatory	 

 

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SCHEDULE “A”

 

DESCRIPTION OF “TECHNOLOGY”

 

	UBC File #	Investigators	Description
	10-086	
        Dr. Yossef Av-Gay

        Dr. Chris Miller
	
        CREB approval

        Phase I clinical trial protocol

        Health Canada Report

        Phase I clinical trial anonymized data

 

The data will be strictly anonymized. The link between the data
and any participant identifiers will be irreversibly severed so that no participant can subsequently be identified. Confidentiality
will be maintained because each subject will be identified by an alphanumeric code. The data includes the following fields for
each of the 10 clinical trial participants:

		1.	Individual lD (anonymized random arbitrary ID number)

		2.	Gender

		3.	Age group

		4.	Lung Function Results

		5.	Blood Chemistry and Haematology results

 

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SCHEDULE “B”

 

ADDRESS FOR NOTICES & PAYMENT
INSTRUCTIONS

 

		1.	The address for delivery of notices to UBC is:

 

The Director

University – Industry Liaison Office

University of British Columbia

#103 – 6190 Agronomy Road

Vancouver, British Columbia

V6T 1Z3

Telephone:

Fax:

 

		2.	Payment of all amounts due to UBC under the terms of this
license may be made as follows:

 

		a)	by cheque made payable to “The University of British Columbia” delivered to UBC at the
above address; or

 

		b)	by wire transfer in accordance with the instructions set out below:

 

Note: Please ensure ALL of the information is provided for efficient
receipt of wire payments:

 

	For Canadian $ Deposits via wire (General)	For US $ Deposits via wire:
	Pay Via: 	Pay Via: 
	Pay to: 	Pay to: 
	
        Bank Address:

        HSBC Bank of Canada

        Main Branch

        885 West Georgia Street

        Vancouver, BC, Canada
	
        Bank Address:

        HSBC Bank of Canada

        Main Branch

        885 West Georgia Street

        Vancouver, BC, Canada

	For Account: 	For Account: 
	
        Beneficiary: The University of British Columbia

        Reference: Finance Officer

        Phone:

        Re: Dept ID 352000

        For Royalties use JHJQ

        For Patent Fees use EFGE

        Dept Name: UILO
	
        Beneficiary: The University of British Columbia

        Reference: Finance Officer

        Phone:

        Re: Dept ID 352000

        For Royalties use JHJQ

        For Patent Fees use EFGE

        Dept Name: UILO

	 	
        Cover/Reimbursement:

        Receiving Bank:

        (HSBC Bank USA)

        Beneficiary Bank:

         

 

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SCHEDULE “C”

 

UBC License Agreement Annual Report

 

The information to be completed below will
constitute the annual report required under the UBC License Agreement. Any information or documents provided by the Licensee in
this report will not be interpreted as affecting the express rights and obligations of the Licensee contained in the License Agreement.

 

	Date of Report:	__________________	Person Preparing This Report:	____________________

 

	Name of Licensee:	______________	UBC File Number:	___________________________

 

	Jurisdiction of Corporation:	_________________	Head Office Address:	________________________

 

	Contact Person for Company	_________________________________________________________

 

	Licensed Technology: ____________________________________________________________________

 

	Telephone Number:	__________________	E-mail Address:	____________________________

 

	 	1.	Please provide a brief report on the status of development of the UBC Technology. 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	2.	Has the Licensee filed any patent applications relating to the UBC Technology?  Please provide details, and attach copies of all relevant documents. 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	3.	Is there any other information relating to this License that you think we should be aware of? Please summarize them below or contact us directly. 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	Prepared by 	 	Date	Dd/mm/yy	Phone	 

 

I _____________________ (print name), of
_________________(title) hereby certify the foregoing information as true and correct.

 

	 	 
	Signature 	Date Signed

 

Once completed, please submit
this report to:

 

Managing Director 

University – Industry Liaison
Office

#103 – 6190 Agronomy Road,

Vancouver, BC

V6T 1Z3

 

    	 	 	Page 14 of 14Exhibit
10.9

 

**CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED PURSUANT TO A REQUEST

FOR CONFIDENTIAL
TREATMENT AND HAVE BEEN FILED SEPARATELY WITH

THE SECURITIES
AND EXCHANGE COMMISSION (THE “COMMISSION”).**

 

NON-EXCLUSIVE
PATENT LICENSE AGREEMENT

 

This
NON-EXCLUSIVE PATENT LICENSE AGREEMENT (this “Agreement”) is made as of October 22, 2013 (the “Effective
Date”) by and between Advanced Inhalation Therapies (AIT) Ltd., a company incorporated under the laws of the State of
Israel (“Licensee”), and SensorMedics Corporation, a California corporation (“CareFusion”).

 

BACKGROUND

 

A.           CareFusion
and/or its Affiliates have certain ownership rights to the CareFusion Patents (defined below); and

 

B.           Licensee
wishes to receive a non-exclusive license to the CareFusion Patents on the terms and conditions set forth in this Agreement.

 

In
consideration of the covenants, conditions, and undertakings hereinafter set forth, and intending to be legally bound hereby,
it is agreed by and between the parties as follows:

 

1.           DEFINITIONS.

 

1.1           “Affiliate”
means a corporation, association or other entity that directly or indirectly Controls, is Controlled by, or is under common Control
with, the party in question.

 

1.2           “Agreement”
has the meaning set forth in the Preamble,

 

1.3           “Agreement
Term” has the meaning set forth in Section 11.1.

 

1.4           “CareFusion”
has the meaning set forth in the Preamble.

 

1.5           “CareFusion
Indemnitees” has the meaning set forth in Section 9.2.

 

1.6           “CareFusion
Patents” means the patents listed on the attached Exhibit A, and any continuations, divisionals, supplementary protection
certificates, and renewals thereon, any patents issuing from such patent applications, and any reissues, reexaminations or foreign
equivalents claiming priority to any of the foregoing.

 

1.7           “Commercially
Reasonable Efforts” means the carrying out of obligations or tasks by a party in a sustained manner using good faith
and diligent efforts, which efforts shall be consistent with the exercise of prudent scientific and business judgment in accordance
with the efforts such party (or a similarly situated entity with sufficient resources to advance a program) devotes to products
or research or development projects owned by it of similar scientific and commercial potential.

 

     

     

    

 

1.8          “Confidential
Information” means (i) the terms and conditions of this Agreement, (ii) any proprietary or confidential information
or material, including all trade secrets, in tangible form disclosed hereunder that is marked as “Confidential” or
with some other statement conveying the same meaning at the time it is delivered to the receiving party, or (iii) proprietary
or confidential information or material, including all trade secrets, disclosed orally hereunder; provided, however, that the
above information shall not be deemed Confidential Information, to the extent the receiving party can establish by competent proof
that such information:

 

1.8.1           was
already known to the receiving party, other than under an obligation of confidentiality owed to the disclosing party or as a result
of disclosure by the disclosing party, at the time of disclosure;

 

1.8.2           was
generally available to the public or otherwise part of the public domain at the time of its disclosure hereunder to the receiving
party;

 

1.8.3           becomes
generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or
omission of the receiving party in breach of this Agreement;

 

1.8.4           is
independently developed by the receiving party without reference to any Confidential Information disclosed by the disclosing party;
or

 

1.8.5           is
subsequently disclosed to the receiving party by a person other than the disclosing party without breach of any legal obligation
to the disclosing party.

 

1.9          “Control”
means:

 

1.9.1           as
to an entity, Control means ownership, directly or through one or more other entities, of fifty percent (50%) (or such lesser
percentage equal to a percentage that is equal to or greater than one percent (1%) less than the maximum percentage allowed to
be owned by a foreign entity in a particular jurisdiction) or more of the shares of stock entitled to vote for the election of
directors, in the case of a corporation, of fifty percent (50%) (or such lesser percentage equal to a percentage that is equal
to or greater than one percent (1%) less than the maximum percentage allowed to be owned by a foreign entity in a particular jurisdiction)
or more of the equity interests in the case of any other type of legal entity, the status of a general partner in any partnership;
provided that such entity shall be considered an Affiliate only for the time during which such Control exists; or

 

1.9.2           as
to the prosecution of patent applications, the maintenance of patent rights (including determinations to abandon), and the enforcement
and/or defense of patent rights, Control includes the authority to select legal counsel, solicit other expert advice and assistance,
and to make decisions pertaining to the conduct of patent prosecution, interferences, patent issuance, maintenance, reissue, reexamination,
patent enforcement or defense, as applicable.

 

1.10        “Distributor”
means a third party who purchases Licensed Products from Licensee, directly or indirectly, and takes title to and builds a stock
in Licensed Products in a country or region, and who builds a market and engages in sales of such Licensed Products, as the case
may be, in such region directly for itself and not as a sales agent or representative of ,Licensee, including possibly obtaining
necessary regulatory approvals to market and sell such goods, products or services hi the applicable country or region.

 

     

     

    

  

1.11         “Effective
Date” has the meaning set forth in the preamble.

 

1.12         “Enforcement
Action” means any action reasonably related to the enforcement and protection of the CareFusion Patents in any dispute,
disagreement, complaint or proceeding which could affect the enforcement, validity, scope, ownership or licensing of the CareFusion
Patents in any country or jurisdiction. Enforcement Actions shall include, without limitation, actions directed at third party
infringement, interferences, post-grant oppositions, and inventorship disputes.

 

1.13         “FDA”
means the United States Food and Drug Administration or any replacement or successor authority.

 

1.14         “Field”
means the application of NO Gas for the treatment of diseases or conditions in humans (expressly excluding veterinary applications).

 

1.15         “Indemnitee”
has the meaning set forth in Section 9.3.

 

1.16         “Indemnitor”
has the meaning set forth in Section 9.3.

 

1.17         “Intellectual
Property” means generally any and all right, title and interest in, arising from, or relating to inventions, ideas,
know-how, works of authorship and confidential information, including copyrights, patents and patent applications (together with
all divisionals, continuations, continuations-in-part, reissues, reexaminations, renewals, and extensions of the same), trade
secrets, trade names, trademarks, service marks, any registrations or applications relating to any of the foregoing, and any other
rights of a similar nature or character whether now existing or hereafter created, developed, arising or otherwise coming into
being.

 

1.18         “License”
has the meaning set forth in Section 2.1.

 

1.19         “Licensed
Product” means any product, good or service (i) for which the sale, use or manufacture would, but for the license granted
herein, infringe on a CareFusion Patent, or (ii) that utilizes a device or method of treatment with NO Gas described in the claims
of a CareFusion Patent. For avoidance of doubt, Licensed Product shall include all the goods, components and services comprising
NO Therapy (i.e., the NO Gas).

 

1.20         “Licensee”
has the meaning set forth in the Preamble,

 

1.21         “Licensee
Indemnitees” has the meaning set forth in Section 9.1.

 

1.22         “Major
Market Countries” means the United States, Japan, England, Germany, France, Italy and Spain.

 

     

     

    

  

1.23         “NDA”
means a new drug application, or abbreviated application, pursuant to Section 505 of the Federal Food, Drug, and Cosmetic Act,
21 U.S.C. § 355, or any other equivalent application for FDA open-label marketing approval of a drug.

 

1.24         “NDA
Approval” means approval of an NDA by the FDA.

 

1.25         “Net
Sales” means the gross consideration received from the sale or transfer of a Licensed Product by Licensee, and its Affiliates
and Sublicensees, on a worldwide basis, after deduction of the following expenses, provided and to the extent such expenses are
actually incurred and documented and do not exceed reasonable and customary amounts in the market in which such sale occurred:
(a) discounts and allowances to customers; (b) rebates paid to Distributors; (c) taxes; (d) freight; and (e) refunds and returns.
Net Sales includes all consideration received in respect of any sale of an applicable product, good or service, whether such consideration
is in cash, payment in kind, exchange or another form. For avoidance of doubt, Net Sales shall include any consideration based
on all goods, components, and services comprising NO Therapy, including without limitation the NO Gas, NO Gas Delivery Device(s)
and NO Gas Container. If, for example and without limiting the foregoing, Licensee receives payments based on sales by a Third
Party of NO Gas for use with an NO Delivery Device or NO Gas Container, such payments shall be Net Sales.

 

1.26         “NO
Gas” means nitric oxide gas.

 

1.27         “NO
Gas Container” means a storage vessel for NO Gas.

 

1.28         “NO
Gas Delivery Device(s)” means devices used for the delivery of NO Gas that contain Intellectual Property Licensed by
CareFusion to Licensee.

 

1.29         “NO
Therapy” means the use of NO Gas using a Licensed Product for a particular application within the Field.

 

1.30         “Patent
Term” means the period commencing on the Effective Date and continuing until expiration of the last to expire CareFusion
Patent.

 

1.31         “Prime
Rate” means the base lending rate on corporate loans from commercial banks, as published from time to time in The Wall
Street Journal,

 

1.32         “Royalty”
has the meaning set forth in Section 4.3.1.

 

1.33         “Royalty
Term” means, with respect to each Licensed Product, the period of time beginning on the first sale of a Licensed Product
in a country following receipt of regulatory approval for the marketing and sale of such Licensed Product in such country and
continuing on a country-by-country and product-by-product basis until the later of (1) the expiration of the Patent Term, or (ii)
ten (10) years from the date of such sale of such Licensed Product in such country (other than any sale or transfer between Licensee
and its Affiliates or Sublicensees).

 

1.34         “sale,”
“sell,” or “sold” means the transfer, lease, conveyance, or distribution for consideration
(which consideration includes cash, payment in kind, or other forms of value) of a good or a service to a third party, or the
distribution to a third party (e.g., a supplier or Distributor) for sale by such third party of the applicable good or service
to the marketplace, including hospitals or physicians.

 

     

     

    

  

1.35        “Sublicensees”
has the meaning set forth in Section 2.2.

 

1.36        “Sublicense
Revenue” means all cash payments, the fair market cash value of any equity consideration (less any amounts paid for
such equity consideration), and forgivable loans (to the extent actually forgiven) received by Licensee or its Affiliates in consideration
for and directly attributable to the grant of a sublicense under the CareFusion Patents, including any upfront payments, license
maintenance fees, milestone payments or the like. Sublicense Revenue will not include: (a) bona fide, non-forgivable loans (and
forgivable loans unless and until forgiven); or (b) running royalties based upon sales of a Licensed Product. Any payments received
by Licensee from a Sublicensee for equity in Licensee shall be deemed to be Sublicense Revenue to the extent that the Sublicensee’s
payments for such equity exceeds the fair market value of such equity on the date that the obligation to make such payments are
received by Licensee arises.

 

2.           LICENSE
GRANTS TO LICENSEE.

 

2.1          Non-Exclusive
Patent License to Licensee. Subject to the terms and conditions of this Agreement, CareFusion hereby grants to Licensee, and
Licensee accepts, a non-exclusive, non-sublicensable (except in accordance with Section 2.2) license, under CareFusion’s
interest in the CareFusion Patents, to develop, make, have made, use, have used, sell, offer for sale, have sold, and import Licensed
Products throughout the world solely within the Field (the “License”).

 

2.2          Sublicenses.

 

2.2.1           Licensee
is entitled to sublicense its rights under the License to a third party (each, a “Sublicensee”) solely to have
Licensed Products developed or acquired by Licensee made, sold or distributed for or on behalf of licensee or its Affiliates,
and further subject to the terms of this Section 2.2, unless otherwise expressly agreed in writing by CareFusion. Any such sublicense
shall be on terms and conditions in compliance with and not inconsistent with the terms of this Agreement. No sublicense shall
relieve Licensee of any of its obligations hereunder, and Licensee shall take all steps that may be reasonably necessary to enforce
compliance by Sublicensees. Sublicensees shall not be permitted to further sublicense to any other entity(ies). In the event of
a termination of this Agreement, each sublicense shall automatically terminate,

 

2.2.2           Licensee
shall grant sublicenses only pursuant to written agreements, which will be subject to and subordinate to the terms and conditions
of this Agreement. Licensee shall furnish CareFusion with a fully executed copy of any sublicense agreement, promptly after its
execution.

 

2.2.3           Any
act or omission by a Sublicensee that would have constituted a breach of this Agreement had it been an act or omission by Licensee
shall constitute a breach of this Agreement by Licensee.

 

     

     

    

  

2.3         Reservation
of Rights. CareFusion retains all rights to use, title and ownership under the CareFusion Patents except as expressly licensed
under this Section 2. All rights not expressly granted herein are reserved by CareFusion, and no other licenses to the CareFusion
Patents or any other intellectual property are granted herein, by implication, estoppel or otherwise.

 

3.           AFFIRMATIVE
OBLIGATIONS OF THE PARTIES,

 

3.1         Licensee
Responsibilities. In connection with the license granted under this Agreement and Licensee’s responsibility to develop,
market and sell Licensed Products, Licensee agrees (and shall cause its permitted Sublicensees to agree, as applicable to their
sublicensed activities) to:

 

3.1.1           Determine
regulatory pathways for NO Therapies to commercial markets within the Field;

 

3.1.2           Use
Commercially Reasonable Efforts to obtain NDA Approval for NO Therapies within the Field;

 

3.1.3           Use
Commercially Reasonable Efforts to obtain marketing clearance of at least one NO Therapy application for the Field and achieve
the milestones set forth on Exhibit B within the timeframes therein;

 

3.1.4           Commercially
Reasonable Efforts to fund and manage sales, marketing, distribution, advertising, and end-user service of, and sell, Licensed
Products within the Field.

 

3.2         Diligence
Reporting. Within sixty (60) days after the end of each calendar year (other than the calendar year ending December 31, 2013),
Licensee shall furnish CareFusion with a written report summarizing its, its Affiliates’ and its Sublicensees’ efforts
during the prior year to develop and commercialize Licensed Products. Each report must contain a sufficient level of detail for
CareFusion to assess whether Licensee is in compliance with its obligations under Section 3.1 and a discussion of intended efforts
for the then-current year. Licensee represents and warrants that each of such reports shall be accurate.

 

4.           PAYMENTS.

 

4.1         Upfront
Fees. Licensee shall pay to CareFusion one hundred fifty thousand dollars ($150,000) as follows: (a) fifty thousand dollars
($50,000) within three (3) days of the Effective Date; (b) fifty thousand dollars ($50,000) within three (3) months of the Effective
Date; and (c) fifty thousand dollars ($50,000) within six (6) months of the Effective Date. Such payments shall be nonrefundable
and non-creditable.

 

4.2         Annual
Fee. During the Royalty Term, Licensee shall, on an annual basis, make a nonrefundable payment to CareFusion of fifty thousand
dollars ($50,000), with the first such payment due on the first anniversary of the Effective Date. Each such annual fee payment
under this Section 4.2 shall be creditable against any Royalty payments that become due during the twelve (12)-month period following
the date of such payment.

 

     

     

    

  

4.3         Net
Sales and Royalties.

 

4.3.1           Royalties.
During the Royalty Term, Licensee shall pay to CareFusion a royalty equal to five percent (5%) of Net Sales (“Royalty”)
by Licensee, by its Affiliates, and any of its Sublicensees (but excluding sales by third party Distributors, or sales to Licensee
by contract manufacturers who manufacture NO Gas Containers or NO Gas Delivery Devices solely for the benefit of Licensee).

 

4.3.2           Acknowledgment
Regarding Sublicensees. CareFusion acknowledges that it is not entitled to receive any additional Royalties from Licensee
with respect to Net Sales by a Sublicensee, other than the Royalty set forth in Section 4.3.1.

 

4.4         Sublicense
Revenue. In the event Licensee or an Affiliate of Licensee sublicenses under Section 2.2, Licensee shall pay CareFusion **THE
CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE
COMMISSION.** of any Sublicense Revenues resulting from sublicense agreements executed by Licensee.

 

5.           PAYMENTS;
BOOKS AND RECORDS.

 

5.1         Royalty
Reports and Payments. After the first sale of any Licensed Product, Licensee shall deliver written reports to CareFusion for
each calendar quarter within forty-five (45) days after the end of such quarter, stating in each such report, separately for Licensee,
its Affiliates and applicable Sublicensees, the number and description of each Licensed Product, by country, the gross revenues
in respect thereof, the calculations and itemizations of all permitted deductions to arrive at Net Sales, and the calculation
of Royalties due thereon. Concurrent with the delivery of the report required pursuant to this Section 5.1, Licensee shall pay
to CareFusion all Royalties that have accrued hereunder as of the close of the prior calendar quarter that is covered by such
report.

 

5.2         Payment
Method. All payments due under this Agreement shall be made by check or by bank wire transfer in immediately available funds
to a bank account designated by CareFusion. All payments hereunder shall be made in U.S. dollars. If the due date of any payment
is a Saturday, Sunday or national holiday, such payment may be paid on the following business day.

 

5.3         Late
Payment Penalties. Interest shall accrue on any late payment owed to CareFusion hereunder not made on the date such payment
is due, including late payments or underpayments of Royalties at an interest rate equal to the lesser of **THE CONFIDENTIAL PORTION
HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION.** or the
highest rate permissible by law, with such interest accruing from the date the payment was originally due, and any late payment
pursuant to this Section shall be credited first to interest and then to any outstanding fees. This Section shall in no way limit
any other rights and remedies available to CareFusion, whether arising under this Agreement or at law or in equity.

 

     

     

    

  

5.4           Currency
Conversions. If any currency conversion shall be required in connection with the calculation of royalties hereunder, such
conversion shall be made using the selling exchange late for conversion of the foreign currency into U.S. Dollars, quoted for
current transactions reported in The Wall Street Journal for the second to last business day of the month prior to the month in
which CareFusion received such payment.

 

5.5           Records;
Inspection. Licensee shall keep, and shall cause its Affiliates and Sublicensees to keep, complete, true and accurate books
of account and records for the purpose of determining the royalty amounts payable under this Agreement. Such books and records
shall be kept at Licensee’s, or at the applicable Affiliate’s or Sublicensee’s, principal place of business,
for at least five (5) years following the end of the quarterly period to which they pertain. Licensee agrees that the books and
records of Licensee, and its Affiliates and Sublicensees, shall be open for inspection by CareFusion during such five (5)-year
period by, at CareFusion’s option, either CareFusion or a public accounting firm for whom the party to be inspected has
no reasonable objection, for the purpose of verifying Royalty statements or any other payment obligations hereunder. Such inspections
may be made no more than once each calendar year, at reasonable times and on reasonable notice. Inspections conducted under this
Section 5.5 shall be at CareFusion’s expense; provided, however, if a variation or error producing an increase exceeding
**THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY
WITH THE COMMISSION.** of the amount owed for any period covered by the inspection is established in the course of any
such inspection, then all reasonable costs relating to the inspection for such period and any unpaid amounts that are discovered
shall be paid promptly by Licensee to CareFusion, together with interest thereon from the date such payments were originally due
at the lesser of **THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN
FILED SEPARATELY WITH THE COMMISSION.** or the highest rate permissible by law, and any payment pursuant to this Section 5.5 shall
be credited first to interest and then to any outstanding principal amount.

 

5.6           Tax
Matters. All royalty amounts and other payments required to be paid pursuant to this Agreement shall be paid without deduction
therefrom for withholding for or on account of any sales tax, use tax, value-added tax or other tax or governmental charge, Any
amounts required under the applicable laws to be withheld by Licensee will be the sole responsibility of Licensee and all amounts
owing from Licensee to CareFusion for license fees and royalties shall be grossed up to account for any withholding taxes.

 

6.           INTELLECTUAL
PROPERTY.

 

6.1           Patent
Prosecution & Maintenance. Patent prosecution and maintenance of the CareFusion Patents shall he Controlled by CareFusion.
Licensee shall be responsible for all costs and fees in respect thereof; provided, however, that in the event CareFusion has other
third party licensees of any CareFusion Patents, Licensee shall only be responsible for a prorated portion of the costs and fees
for each such CareFusion Patent based on the total number of licensees of CareFusion for such CareFusion Patent. Licensee shall
pay to CareFusion such amounts within thirty (30) days of invoice therefor.

 

     

     

    

  

6.2         Infringement
Defense. If a third party alleges that the making, using, selling, importing, or exporting of a Licensed Product infringes
such third party’s patents, Licensee shall notify CareFusion of the allegations and, if requested by CareFusion, consult
and confer with CareFusion regarding the defense thereof. Licensee agrees that it shall not, without CareFusion’s express
prior written consent in each instance, settle or compromise any action (or pursue any defense or other theory) in a manner that
would invalidate, modify, or limit the scope of any CareFusion Patent or any claim thereunder, or that would require any specific
performance outside the Field. In addition, at CareFusion’s request, Licensee agrees not to oppose any decision by CareFusion
(and shall cooperate reasonably in support of such decision) to retain counsel for CareFusion, at CareFusion’s sole expense,
and enter an appearance in such action in defense or enforcement of the CareFusion Patents.

 

6.3         Enforcement
of Patent Rights. CareFusion shall Control any and all Enforcement Actions, including the decision whether to undertake such
Enforcement Action.

 

6.4         Marking.
Licensee shall, and shall cause its Affiliates and Sublicensees to, mark all Licensed Products sold in such a manner as to conform
with the patent laws and practice of the country to which such products are shipped or in which such products are sold for purposes
of ensuring maximum enforceability of CareFusion Patents in such country.

 

7.           REPRESENTATIONS
AND WARRANTIES; DISCLAIMERS.

 

7.1          Representations
and Warranties.

 

7.1.1           By
CareFusion. CareFusion warrants and represents to Licensee that it has the corporate authority to enter into this Agreement.

 

7.1.2           By
Licensee. Licensee warrants and represents to CareFusion that (i) it has the corporate authority to enter into this Agreement,
and (ii) as of the Effective Date and to the actual present knowledge (but without having undertaken any investigation) of Licensee,
there are no existing or threatened actions, suits or claims pending against it with respect to its right to enter into and perform
its obligations under this Agreement.

 

7.2         Disclaimer
of Warranties. Except as expressly provided in Section 7.1.1, the CareFusion Patents (and related Confidential Information
disclosed hereunder) are licensed or provided to Licensee “AS IS” and CareFusion expressly disclaims any further representations
and warranties, including any express or implied warranties of merchantability, non-infringement, or fitness for a particular
purpose, or any warranty that any patent or patent application licensed hereunder shall be valid or enforceable. Licensee acknowledges
that it is not relying on any representations, warranties or covenants other than those set forth in Section 7.1.1, and these
disclaimers represent a reasonable allocation of risk between the parties in respect of the consideration paid hereunder, and
are intended to apply even if the Licensed Products, or this Agreement fails of its essential purpose. Licensee also acknowledges
that CareFusion does not represent or warrant as to the scope of any CareFusion Patents, that the exploitation of CareFusion Patents
will be successful, or that any exploitation of CareFusion Patents will not infringe upon any other intellectual property owned
or controlled by CareFusion.

 

     

     

    

  

8.           CONFIDENTIALITY.

 

8.1           Confidential
Information. Except as expressly provided in this Agreement, the parties agree that, for the Agreement Term and thereafter,
the receiving party shall keep completely confidential and shall not publish or otherwise disclose (except for disclosures permitted
under Section 8.2) and shall not use for any purpose except for the purposes contemplated by this Agreement any Confidential Information
furnished to it by the disclosing party hereto pursuant to this Agreement. Without, limitation upon any provision of this Agreement,
each of the parties shall be responsible for the observance by its employees of the confidentiality obligations set forth in this
Section 8 and this Agreement, generally.

 

8.2           Permitted
Disclosures. Except as otherwise limited by this Agreement, each party hereto may disclose the other party’s Confidential
Information: (a) as for the terms and conditions of this Agreement, to its advisors, financial investors (including prospective
investors) and other similarly situated third parties on a need to know basis, if such permitted recipients agree in writing to
be bound by the terms of this Section 8, or (b) to the extent such disclosure is reasonably necessary in connection with (i) filing
or prosecuting patent applications, prosecuting or defending litigation, complying with applicable governmental regulations or
otherwise submitting information to tax or other governmental authorities, or (ii) making a permitted sublicense or otherwise
exercising its rights hereunder, provided that if a party is required to make any such disclosure of another party’s Confidential
Information, other than pursuant to a confidentiality agreement, it shall give reasonable advance notice to the latter party of
such disclosure and, save to the extent inappropriate in the case of patent applications, shall cooperate with the original disclosing
party in any effort by the original disclosing party to secure a protective order blocking the disclosure of, or otherwise affording
confidential treatment to, such Confidential Information.

 

9.           INDEMNIFICATION
& INSURANCE.

 

9.1           Indemnification
of Licensee. CareFusion shall indemnify and hold Licensee and its directors, officers, employees, agents, consultants and
counsel, and the successors and permitted assigns of the foregoing (the “Licensee Indemnitees”) harmless from
and against any and all liabilities, damages, losses, costs or expenses (including reasonable attorneys’ and professional
fees and other expenses of litigation and arbitration) resulting from a claim, suit or proceeding brought by a third party against
a Licensee Indemnitee, arising from or occurring as a result of a breach of CareFusion’s representations and warranties
set forth in Section 7.1.1.

 

9.2           Indemnification
of CareFusion. Licensee shall indemnify and hold CareFusion and its respective directors, officers, employees, agents, consultants,
and counsel, and the successors and permitted assigns of the foregoing (the “CareFusion Indemnitees”) harmless
from and against any and all liabilities, damages, losses,, costs or expenses (including reasonable attorneys’ and professional
fees and other expenses of litigation and arbitration) resulting from a claim, suit or proceeding brought by a third party against
a CareFusion Indemnitee, arising from or occurring as a result of (i) any practice by Licensee of the licenses granted herein,
(ii) the development, manufacture, use, importation, marketing, sale and commercialization by Licensee, its Affiliates or any
Sublicensee of any Licensed Product, or any other good, product, or service provided by Licensee or its Affiliates, whether covered
by the CareFusion Patents or otherwise (including manufacturer’s defect or product liability claims), except, in each case,
to the extent caused by the willful misconduct of CareFusion, or (iii) a breach by Licensee of its representations and warranties
set forth in Section 7.1.2.

 

     

     

    

  

9.3         Procedure.
A party (the “Indemnitee”) that intends to claim indemnification under this Section 9 shall promptly notify
the other party (the “Indemnitor”) of any loss, claim, damage, liability or action in respect of which the
Indemnitee intends to claim such indemnification, and the Indemnitor shall have the right to participate in, and, to the extent
the Indemnitor so desires, to assume sole Control of the defense thereof with counsel mutually satisfactory to the parties, including
the right to settle the action on behalf of the Indemnitee on any terms the Indemnitor deems desirable in the exercise of its
sole discretion, except that the Indemnitor shall not, without the Indemnitee’s prior written consent, settle any such claim
if such settlement contains a stipulation to or admission or acknowledgment of any liability or wrongdoing on the part of the
Indemnitee or imposes any obligation on the Indemnitee other than a monetary obligation, and only to the extent the Indemnitor
assumes directly, and in full, such obligation and is able to fulfill such obligation. The failure to deliver written notice to
the Indemnitor within a reasonable time after the commencement of any such action shall not affect or limit Indemnitor’s
duty to defend such action but shall relieve Indemnitor of liability to the Indemnitee solely to the extent the Indemnitor is
materially prejudiced by the delay. At the Indemnitor’s request and expense, the Indemnitee shall cooperate fully with the
Indemnitor and its legal representatives in the investigation and defense of any action, claim or liability covered by this indemnification
and provide full information with respect thereto. Subject to the Indemnitee’s fulfillment of its obligations under this
Section 9.3, the Indemnitor shall pay any damages, costs or other amounts awarded against the Indemnitee (or payable by the Indemnitee
pursuant to a settlement agreement entered into by the Indemnitor) in connection with such claim.

 

9.4         Insurance.

 

9.4.1           Coverage.
Licensee will procure and maintain during the Agreement Term comprehensive liability insurance, including commercial liability,
product liability and workers’ compensation, having coverage not less than one million dollars ($1,000,000) per occurrence
(or higher if consistent with industry standards) and three million dollars ($3,000,000) in the aggregate, with a reputable and
financially secure insurance carrier. This insurance will be written to cover claims incurred, discovered, manifested, or made
during or after the expiration or termination of this Agreement.

 

9.4.2           Certificate.
Within forty-five (45) days of mutual execution of this Agreement, Licensee will provide CareFusion with a Certificate of Insurance
evidencing primary coverage and requiring thirty (30) days prior written notice of cancellation or material change to CareFusion.
Licensee will advise CareFusion, in writing, that it maintains excess liability coverage over primary insurance for at least the
minimum limits set forth above.

 

9.4.3           Continued
Coverage. If Licensee’s insurance is written on a claims-made basis, as opposed to an occurrence basis, Licensee will
purchase the coverage necessary to ensure continued and uninterrupted coverage of all claims, including those made ‘after
the policy expires or is terminated.

 

     

     

    

 

10.          LIMITATION
OF LIABILITY.

 

Except
in respect of a breach of Section 8, or obligations arising under Section 9, in no event shall either party be liable under this
Agreement to the other party for any incidental, consequential, indirect or exemplary damages, including damages from loss of
profits or opportunities, even if advised of the possibility of such damages. Notwithstanding any fault, negligence, strict liability
or other theory of liability of either party or of its officers, directors, employees or agents under or in connection with this
Agreement, in no event shall the amount of damages payable by one party to the other party exceed the total amount paid by Licensee
to CareFusion in the two year period immediately preceding the action, event or circumstance giving rise to liability hereunder,
except with respect to a breach of Section 2, a breach of a payment obligation arising under Section 4 or Section 5.5, or obligations
arising under Sections 8 or 9, for all of which no such limitation on the amount of damages is imposed.

 

11.          TERM
AND TERMINATION.

 

11.1         Agreement
Term. Subject to the remainder of this Section 11, the term of this Agreement shall commence on the Effective Date and shall
continue until the expiration of the last to expire Royalty Term for all countries and Licensed Products (the “Agreement
Term”).

 

11.2         Termination
for Cause. Either party may, upon written notice to the other party, terminate this Agreement in its entirety or, at the option
of the party providing notice of termination, may terminate any license granted hereunder, if the other party has breached this
Agreement and failed to cure such breach within sixty (60) days after receiving written notice thereof from the party seeking
to terminate. For avoidance of doubt, termination pursuant to this Section 11.2 shall be effective if the party seeking to terminate
provides notice of breach and states that this Agreement or applicable license shall terminate immediately and without further
notice thereof, unless the party in breach cures such breach within the sixty (60) day cure period.

 

11.3         Termination
for Insolvency. If voluntary or involuntary proceedings by or against a party are instituted in bankruptcy under any insolvency
law, or a receiver or custodian is appointed for such party, or proceedings are instituted by or against such party for corporate
reorganization or the dissolution of such party, which proceedings, if involuntary, shall not have been dismissed within sixty
(60) days after the date of filing, or if such party makes an assignment for the benefit of creditors, or substantially all of
the assets of such party are seized or attached and not released within sixty (60) days thereafter, the other party may immediately
terminate this Agreement upon notice to the other party, and all licenses granted to such party hereunder effective upon notice
of such termination.

 

11.4         Termination
if Licensee Challenges CareFusion Patents. If Licensee or any of licensee Affiliates, directly or indirectly, (i) initiates
or requests an interference or opposition proceeding with respect to any CareFusion Patent, or (ii) makes, files or maintains
any claim, demand, lawsuit or cause of action to challenge the validity or enforceability of any CareFusion Patent, CareFusion
shall have the right to terminate this Agreement immediately upon written notice to Licensee.

 

     

     

    

  

11.5         Termination
for Failure to Meet Diligence Milestones. If Licensee fails to reach any milestone set forth on Exhibit B within the
timeframe set forth therein, CareFusion may terminate this Agreement upon thirty (30) days prior written notice.

 

11.6         Accrued
Obligations. Termination of this Agreement or any license granted hereunder for any reason shall not release any party hereto
from any obligation which, at the time of such termination, has already accrued to the other party or which is attributable to
a period prior to such termination or the performance of which was due prior to such termination, nor shall it preclude either
party from pursuing any rights and remedies it may have hereunder and at law and in equity which accrued or are based upon any
event occurring prior to or continuing after such termination.

 

11.7         Effect
of Termination. Upon any termination of this Agreement or any license granted hereunder, the terminated party promptly shall
cease any use, including for evaluation, research or commercial exploitation, under such license and shall, upon request of the
terminating party, promptly destroy all materials derived therefrom (i.e., the use, manufacture, sale or import or export of which
is covered by a claim under the terminated license) and all other Confidential Information received from the terminating party
related to the terminated license. Upon any termination of this Agreement, all sublicenses under the Licenses shall automatically
terminate. The terminated party shall certify in writing its compliance with a request to destroy any materials. Termination of
this Agreement shalt not limit any of the parties’ rights under this Agreement at law, or in equity. In the event of termination
of this Agreement during the Royalty Term for any Licensed Product in any country, and without granting or implying any rights
to Licensee or limiting any rights or remedies of CareFusion, the payment obligations under Section 4 shall survive with respect
to such Licensed Product and country for the remainder of the Royalty Term.

 

11.8         Survival.
Sections 1, 2.3, 4, 5, 7.2, 8, 9, 10, 11.6, 11.7, 11.8 and 12 survive the expiration or termination of this Agreement.

 

12.          MISCELLANEOUS.

 

12.1         Governing
Law and Venue. This Agreement and any dispute arising from the performance or breach hereof shall be governed by and construed
in accordance with the internal laws of the State of California without regard to its rules governing conflicts of law. The sole
jurisdiction and venue for actions related to the subject matter of this Agreement shall be the federal and state courts located
in San Diego County, California. Both parties hereby consent to the jurisdiction of such courts and agree that process may be
served in the manner provided herein for giving notices or otherwise as allowed by California state or United States federal law.

 

12.2         Waiver.
Neither party may waive or release any of its rights or interests in this Agreement except in a writing signed by both parties.
The failure of either party to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement
shall not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition.

 

     

     

    

  

12.3         Amendment.
This Agreement may be modified or amended only pursuant to a writing executed by both parties.

 

12.4         Publicity.
Licensee shall not use CareFusion’s, or any of its affiliates’, names, or refer to it or any of them directly or indirectly
in any papers, articles, advertisements, marketing materials, sales presentations or press releases, without the prior written
approval of CareFusion.

 

12.5         Assignment.
Except as otherwise provided herein, this Agreement and the licenses granted herein shall not be assignable or transferable by
Licensee, including to any Affiliate of Licensee, without the prior written consent of CareFusion, which shall not be unreasonably
withheld, conditioned or delayed. Licensee is entitled to assign this Agreement and the License, in whole but not in part, and
CareFusion hereby consents to such assignment, upon a merger, consolidation or reorganization of Licensee, or upon a sale or other
transfer of more than fifty percent (50%) of the voting securities of Licensee (or such lesser number as is sufficient to transfer
the authority to elect a majority of the board of directors of Licensee). Any assignment of this Agreement by Licensee shall be
null and void unless the assignee agrees in advance in writing to be bound by the terms of this Agreement as if it were an original
signatory hereto. For purposes of this Agreement, any change in Control of Licensee shall be deemed an assignment, and accordingly,
the agreement must be assigned to the “assignee” thereof. CareFusion may assign this Agreement, and any of the Intellectual
Property licensed to Licensee in this Agreement, to any person or entity at its discretion. The terms and conditions of this Agreement
shall be binding on and inure to the benefit of the permitted successors and assigns of the parties.

 

12.6         Notices.
All notices, requests and other communications hereunder shall be in writing and shall be personally delivered or sent by international
express delivery service, registered or certified mail, return receipt requested, postage prepaid, in each case to the respective
address specified below, or such other address as may be specified in writing to the other parties hereto:

 

	 	Licensee:	Advanced Inhalation Therapies
        (AIT) Ltd.

        2 Derech Meir Weisgal

        Rehovot, 7632605 Israel

        Attn: Chief Operations
        Officer

	 	 	 
	 	CareFusion:	SensorMedics Corporation

        22745 Savi Ranch Parkway

        Yorba Linda, CA 92887

        Attn: General Manager

	 	 	 
	 	with a copy to:	CareFusion Corporation

        3750 Torrey View Court

        San Diego, CA 91230

        Attn: General Counsel

 

Except for
a notice of a change of address, which shall be effective only upon receipt thereof, all such notices, requests, demands, waivers
and communications properly addressed shall be effective: (i) if sent by U.S. mail, three (3) business days after deposit in the
U.S. mail or air mail, postage prepaid; (ii) if sent by Federal Express or other overnight delivery service, one (1) business
day after delivery to such service; (iii) if sent by personal courier, upon receipt; and (iv) if sent by facsimile (if the
receiving machine confirms receipt through answerback and the sending machine prints a paper copy of the answerback message),
or email (if the receiving device confirms both receipt and that the recipient has opened the email, and the sending device receives
a confirmation of such delivery and opening of the email) upon receipt.

 

     

     

    

  

12.7         Force
Majeure. Neither party shall be liable to the other for failure or delay in the performance of any of its obligations under
this Agreement (other than obligations to pay money) for the time and to the extent such failure or delay is caused by earthquake,
riot, civil commotion, war, hostilities between nations, governmental law, order or regulation, embargo, action by the government
or any agency thereof, act of God, act of terrorism, storm, fire, accident, labor dispute or strike, sabotage, explosion or other
similar or different contingencies, in each case, beyond the commercially reasonable control of such party. The party affected
by Force Majeure shall provide the other party with full particulars thereof as soon as it becomes aware of the same (including
its best estimate of the likely extent and duration of the interference with its activities), and shall use commercially reasonable
endeavors to overcome the difficulties created thereby and to resume performance of its obligations as soon as practicable, If
the performance of any obligation under this Agreement is delayed owing to a force majeure for any continuous period of more than
six (6) months, the parties hereto shall consult with respect to an equitable solution, including the possible termination of
this Agreement.

 

12.8         Independent
Contractors. Nothing contained in this Agreement is intended implicitly, or is to be construed, to constitute Licensee or
CareFusion as partners or joint venturers in the legal sense. No party hereto shall have any express or implied right or authority
to assume or create any obligations on behalf of or in the name of any other party or to bind any other party to any contract,
agreement or undertaking with any third party.

 

12.9         Advice
of Counsel. Licensee and CareFusion have each consulted counsel of their choice regarding this Agreement, and each acknowledges
and agrees that this Agreement shall not be deemed to have been drafted by one party or another and shall be construed accordingly.

 

12.10         Other
Obligations. Except as expressly provided in this Agreement or as separately agreed upon in writing between Licensee and CareFusion,
each party shall bear its own costs incurred in connection with the implementation of the obligations under this Agreement.

 

12.11         Severability.
If any provisions of this Agreement are determined to be invalid or unenforceable by an arbitrator or court of competent jurisdiction,
the remainder of this Agreement shall remain in full force and effect without said provision. The parties shall in good faith
negotiate a substitute clause for any provision declared invalid or unenforceable, which shall most nearly approximate the intent
of the parties in entering this Agreement; provided, if the parties are unable to agree on such a substitute clause and the deletion
of the provision held invalid or unenforceable would produce material adverse financial consequences for one party, such party
shall have the right to terminate this Agreement with one hundred eighty (180) days prior notice.

 

     

     

    

  

12.12         Further
Assurances. At any time or from time to time on and after the date of this Agreement, either party shall at the request of
the other party (i) deliver to the requesting party such records, data or other documents consistent with the provisions of this
Agreement, (ii) execute, and deliver or cause to be delivered, all such consents, documents or further instruments of assignment,
transfer or license, and (iii) take or cause to be taken all such actions, as the requesting party may reasonably deem necessary
or desirable in order for the requesting party to obtain the full benefits of this Agreement and the transactions contemplated
hereby.

 

12.13         Approvals.
Licensee shall be responsible, at its expense, for obtaining any approvals from the governmental entities which may be required
under applicable law for the commercial exploitation of NO Therapy.

 

12.14         Entire
Agreement. This Agreement together with the Exhibits hereto constitutes the entire agreement with respect to the subject matter
hereof, and supersedes all prior or contemporaneous understandings or agreements, whether written or oral, between Licensee and
CareFusion with respect to such subject matter.

 

12.15         Headings.
The headings to the Sections hereof are not a part of this Agreement, but are included for convenience of reference only and shall
not affect its meaning or interpretation.

 

12.16         Construction.
Whenever examples are used in this Agreement with the words “including,” “for example,” “e.g.,”
“such as,” “etc.” or any derivation of such words, such examples are intended to be illustrative and not
limiting.

 

12.17         Counterparts.
This Agreement may be executed in two counterparts and by facsimile, each of which shall be deemed an original and which together
shall constitute one instrument.

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed by their authorized representatives effective as of
the Effective Date.

 

	SENSORMEDICS CORPORATION	 	ADVANCED INHALATION THERAPIES (AIT) LTD.
	 	 	 	 	 
	By:	/s/ Kevin Ketzel	 	By:	/s/ Racheli Vizman
	 	 	 	 	 
	Name:	Kevin Ketzel	 	Name:	Racheli Vizman
	 	 	 	 	 
	Its:	General Manager	 	Its:	COO

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