Document:

Exhibit 10.8

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ORAMED PHARMACEUTICALS
INC. IF PUBLICLY DISCLOSED. OMISSIONS ARE DENOTED IN BRACKETS WITH ASTERISKS THROUGHOUT THIS EXHIBIT.

 

[Translation from
Hebrew]

 

Collaboration Agreement

 

Drawn up and signed on 29 January 2021

 

BETWEEN:

 

	

Elbit systems Land Ltd.	 
	
Of the Yokneam Industrial Park, Yokneam
(Hereinafter “Elbit”)	As the First Party;

 

AND BETWEEN:

 

	

Duke Airborne Systems Ltd. (Registration
        515051282)	 
	
Of 1 Etgar Str. Tirat Carmel 3903212 (Hereinafter “Duke”)	As the Second Party;

 

It has been agreed, stated and stipulated
between the Parties as follows:

 

		1.	Preamble and Appendices

 

		1.1.	The Preamble to this Agreement and its Appendices constitute an integral part thereof and shall
be read as one in conjunction with the other sections hereof.

 

		1.2.	The headings to the clauses of this Agreement do not constitute part of the Agreement and shall
not be used for its interpretation.

 

     

     

    

 

		2.	Definitions

 

In this Agreement, the terms
hereunder shall have the meanings as ascribed alongside them, as follows:

 

		2.1.	“The Product” or “Subsystem” – a stabilization system
(“gimbal”) developed by Duke, which is described in Appendix A to this Agreement, and which is intended for
use and/or integration and/or placement on drones of different types as well as [**], and any improvement, development or future
byproduct thereof;

 

		2.2.	“The System” – a drone on which a subsystem is installed and integrated,
and which may include assemblies and various means, including weapons, munitions, [**], which are stabilized by means of the subsystem;

 

		2.3.	“Defense Uses” – military uses, border defense, internal defense, combating
terrorism, facility and infrastructure defense, search and rescue, policing, para-security activity, as well as any other use that
may be made of the product and/or the system by defense entities and/or para-security entities.

 

		2.4.	“Civilian Uses” – any use other than defense uses;

 

		2.5.	“The Steering Committee” – the Steering Committee as described in Section
4.3 hereunder;

 

		2.6.	“The Project” – a project vis-à-vis [**] (“The Customer”),
as described in Appendix B of this Agreement, [**]:

 

		2.6.1.	[**];

 

		2.6.2.	[**];

 

		2.7.	“Knowledge” – including all knowledge and/or technical and/or commercial
and /or industrial information, orally and/or in writing and/or documented on magnetic media and/or in any other format;

 

		2.8.	“Prior Knowledge of the Product” – any information relating to the product,
which was owned by or held by Duke up to the time of signing this agreement;

 

		2.9.	“Other Prior Knowledge” – any information relating to the system that
is not prior knowledge of the product, which was under the ownership or held by any one of the parties prior to the date on which
it signed this Agreement.

 

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		2.10.	“New knowledge” – any knowledge relating to the system and/or the product,
that will be developed and/or acquired and/or obtained by either one of the parties, as of the time of his signing of this Agreement
and thereafter;

 

		3.	The Core of the Collaboration

 

		3.1.	The Parties shall collaborate for purpose of preparing the product and the system through to the
[**] and thereafter to complete product and system development until maturity and transfer to serial production, and Elbit, with
the assistance of Duke (as specified in Sections 3.8 and 3.9 hereunder), shall act to market, sell, produce and supply the system
to customers in Israel and worldwide, all as specified in this Agreement (hereinafter: “the Collaboration”).

 

		3.2.	Under the auspices of the Collaboration, subject to the terms stated in this Agreement, Elbit will
hold the exclusive right to market, manufacture and sell, whether itself or through others, the product and/or the system for defense
uses and/or for defense and/or para-security customers, and this, among other things, on the foundation of the license granted
to it by Duke in all matters regarding the previous knowledge in the product and for the product, as specified in Section 6 hereunder.

 

		3.3.	Duke will hold the exclusive right, whether on its own or through others, for the marketing, production
and sale of the product and/or versions of the system for civilian applications only

 

		3.4.	For purpose of completing development of the system and its maturity to serial production, Elbit
will make the required resources available, at its discretion, for this purpose [**]:

 

		3.4.1.	[**] Elbit will perform, with the assistance of Duke (as set forth in Sections 3.8 and 3.9 hereunder),
and [**] for the execution of [**] of the Project, and subject to the provisions of Section 3.5 above, everything required for
maturation, development, adjustments and production of prototypes and/or samples of the system for the purpose of [**] and realization
of [**] by the customer as part of the Project [**]. In this regard, for benefit of the Project professional teams, Elbit will
make available areas for experimentation, production resources and any other resources that may be required. With regard to this
phase, Elbit estimates its investment will amount to approximately [**] US dollars. Elbit will act concurrently to promote marketing
of the system in additional countries.

 

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		3.4.2.	Subject to the provisions of section 3.5 hereunder, and insofar as following completion of [**]
Elbit will not decide to realize its right under Section 8.2 hereunder regarding cessation of product and/or system development,
the Parties will progress to the [**], in which Elbit will complete, with the assistance of Duke, (as set forth in Sections 3.7
and 3.9 hereunder), their development of the product and the system, and will perform everything necessary to make the transition
to serial production for the purpose of supplying customers worldwide. With regard to this Section, Elbit estimates its investment
in an amount of approximately [**] US dollars (this amount, together with the investment amount in Section 3.4.1 above, shall hereafter
be called: “Elbit’s investments”). Elbit’s investments shall be calculated in terms of the [**].

 

		3.5.	Elbit’s investments in the various phases will be made in accordance with milestones and
a work program to be defined and prepared by Elbit, and which shall be presented and discussed in the Steering Committee.

 

		3.6.	Elbit will be eligible for Duke’s participation and a return of its investment, by way of
offsetting half (50%) of the royalty amounts that will be made from Elbit to Duke, as set forth in Sections 5.1.3 and 5.1.4 [**],
and this, up to half the amount of Elbit’s investments, but in any case no more than a refund ceiling of 6 million US dollars.

 

		3.7.	Duke’s work capacity through the different phases will be carried out as stated in Sections
3.8 – 3.9 in accordance with Elbit guidance.

 

		3.8.	Furthermore, Duke shall make available to Elbit, subject to the terms of the license as stated
in Section 6.2 hereunder, all the knowledge it owns with regard to the product and the system, including drawings, calculations,
designated tools, testing results, software programs (including source code), specifications, potential supplier details, and such
like, in order that Elbit may conduct its activity in accordance with this Agreement.

 

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		3.9.	For the purpose of promoting the Project and its implementation, and in accordance with the needs
of the Project, Elbit will order development services from Duke, according to defined work packages, which will be integrated into
Elbit's activity in product development and integration into the System, at various stages of the Project. The engagements in service
orders and work that Elbit will issue for accuracy, as stated, will be in the method of time and material at a rate of $ [**] per
hour or according to defined milestones and products, as will be agreed, in each case individually.

 

		4.	Promoting Activity in the Project to Other Customers

 

As part of the collaboration,
the Parties will act to continue promotion of the Project and to also leverage this activity for the purpose of promoting, marketing
and selling the system to other customers, as follows:

 

		4.1.	Elbit, with the support of Duke and with its assistance, will be the [**] in the Project (and also
vis-à-vis other customers), including in any negotiation, current and/or future, with the customer and/or other entities
at [**], and will communicate with them on any contact regarding the product and the system.

 

		4.2.	Insofar as at the end of the [**] of the Project a decision will be taken to equip with the system,
Elbit will submit a proposal to the customer and manage negotiations with them, for the purpose of receiving an order to complete
development of the product and the system and for serial supply of the system. Duke will assist, insofar as it is requested by
Elbit, in all the engineering and technical aspects of preparation of the proposal and its promotion, led by Elbit, vis-à-vis
the customer.

 

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		4.3.	For purposes of managing and coordinating the collaboration between them in all matters relating
to the Project, the Parties will set up a Steering Committee, which will be comprised of and operate as follows:

 

		4.3.1.	Each Party will have two representatives on the Steering Committee, and each Party will inform
the other one of the identity of its representatives on the Steering Committee and on their replacement at its discretion.

 

		4.3.2.	The Steering Committee will convene whenever either of the Parties requires that it convene, but
no less frequently than once each calendar month, in order to discuss progress of the Project, update work plans, solve problems
and remove barriers, and such like.

 

		5.	Additional Royalties and Payments to Duke

 

		5.1.	In return for and against performance of all Duke’s obligations under this Agreement, including
provision of a license to Elbit as stated in Section 6.2 hereunder and the rights granted to Elbit in accordance with the provisions
of the Agreement, Duke will be entitled to receive from Elbit the payments set forth as follows:

 

		5.1.1.	An amount of [**] US dollars will be paid [**] for transfer of the engineering material and support
for transferring the required information to Elbit as stated in Section 3.8 above;

 

		5.1.2.	[**] of the revenues is to be paid to Elbit for the [**] of the Project.

 

		5.1.3.	Royalties at the rate set forth in Appendix C to this Agreement, from the revenues
(with the deduction of [**], at a rate that does not exceed [**]% of revenues) is to be received by Elbit in respect of sales of
the system at the [**] of the Project, insofar as it comes to fruition. It is hereby clarified that for purpose of determining
the relevant royalty levels in Appendix C, the total relevant revenue will be taken into account, without deduction of the [**]
amount, as stated previously.

 

		5.1.4.	Royalties at the rates set forth in Appendix C to this Agreement, from the revenues
(with the deduction of [**], at a rate that does not exceed [**]% of revenues) is to be received by Elbit in respect of sales of
the system to other customers. It is hereby clarified that for purpose of determining the relevant royalty levels in Appendix C,
the total relevant revenue will be taken into account, without deduction of the [**] amount, as stated previously.

 

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		5.2.	It is hereby clarified that the royalty levels set forth in Appendix C to this Agreement,
were set based on the assessment that the cost of serial production of the system will not under any circumstances exceed a sum
of [**] US dollars per unit. Should it transpire that the cost of serial production per unit of the system [**] than it (according
to data that will be accessible and transparent to Duke at its request, in accordance with the formula set forth in Section 5.5
hereunder), the set royalty levels in Appendix C to this Agreement shall be updated accordingly, in such a manner that the
amounts will be [**], as appropriate, by the [**], in practice, and between 107,000 US dollars, multiplied by a coefficient of
[**] [**]. In the event that Elbit sells the product [**], the royalty rates will be adjusted according to the ratio between the
[**], in accordance with the adjustment mechanism in Appendix C.

 

		5.3.	Royalties will be calculated and paid quarterly, in respect of sales of the system (or the product,
as is the case) to the customer and to additional customers in the preceding quarter, and only inasmuch as the royalties in respect
of those sales were received by Elbit during that quarter (royalties in respect of sales whose receipts are received after the
end of the quarter in which the sales were made, will be paid in the quarter following the quarter in which said receipts were
received).

 

		5.4.	In calculating the sales that qualify for such royalties, all payments to be considered as income
are those received by Elbit for [**].

 

		5.5.	Elbit undertakes to present to Duke, [**], a report, in the format and details to be agreed between
the Parties, comprising full detail with regard to [**] as well as all the relevant [**] for the system, the royalty amounts from
which royalties are to be paid and calculation of the royalties due to Duke in respect of sales of systems during the preceding
quarter. At Duke’s request, Elbit will issue it confirmation by [**] of the accuracy of the data in the quarterly report.

 

		5.6.	Duke’s eligibility for receiving royalties shall be valid up to the end of 15 (fifteen) years
as of the date when Elbit’s revenues from the sale of the system and/or the product to a customer and to additional customers
reaches an accumulated amount of 50 (fifty) million US dollars. Upon termination of this period, Duke will not be entitled to receive
any further royalties whatsoever from Elbit.

 

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		5.7.	It is agreed that the sale of the system by Elbit at a unit price that is [**] than [**], subject
to updating of this amount in accordance with a change in the cost of serial production as stated in Section 5.2 above, will be
presented in advance by Elbit to Duke and will necessitate receipt of Duke’s approval to this in advance and in writing.
In the event of [**] sale of the product, adjustment of the threshold price will be made, which will require Duke’s approval,
as stated, in accordance with the cost of serial production of the product (i.e., according to the [**] ratio).

 

		6.	Intellectual Property Rights; Licenses

 

		6.1.	It is agreed between the Parties that all the previous knowledge in the product will remain under
Duke ownership and that all other previous knowledge will remain under the ownership of the Party who owned it prior to the signing
of this Agreement.

 

		6.2.	Subject to the provisions of this Agreement, Duke hereby grants Elbit a full and irrevocable license
in all the previous knowledge in the product, for Elbit’s use, whether itself or through others, for purpose of development,
marketing, production and sales of the [**] product or as being integrated into the system or any other platform, its maintenance
and upkeep, for defense uses and/or for defense entities and/or for para-security entities. It is agreed that in the event that
Elbit decides to terminate the Collaboration as set forth in Section 8.2 hereunder, said License will expire, except for the purpose
of completing fulfilment of liabilities previously undertaken by Elbit.

 

		6.3.	New Knowledge and Royalties for Elbit

 

		6.3.1.	Elbit and Duke will be entitled (Elbit in respect of all matters related to defense uses and to
defense and/or para-security entities and Duke in respect of all matters related to civilian uses) to make mutual and unlimited
use of the new knowledge including everything to do with development, marketing, production and such like, and all this, without
derogating from the mutual rights of Duke and Elbit to receive royalties in accordance with this Agreement.

 

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		6.3.2.	With regard to Duke’s right of use of the new knowledge for purpose of sales of the system
and/or the product for civilian uses, Elbit will be entitled to receive royalties from Duke, and this in accordance with the same
mechanism set for calculation and payment of the royalties due to Duke from Elbit in respect of sales of the system and/or the
product for military uses, in accordance with the royalty rates set forth in the Royalty Rates Table for the rest of the world
in Appendix C to this Agreement, while adjusting the royalty levels set forth in the Tables in Appendix C in accordance with the
cost of the system/the product for civilian uses, in accordance with the adjustment mechanism set forth in Section 5.2 above. The
provisions of Section 5.3 through to 5.5 above shall apply, with the appropriate changes, regarding payments of Duke’s royalties
to Elbit.

 

		6.3.3.	Without derogating from the generality of the aforementioned, it is agreed that in the event that
Elbit decides to terminate the collaboration as set forth in Section 8.2 hereunder, Duke will be entitled to receive from Elbit
all the technical material and development output up to that time, at no cost, and will not be charged for payment of royalties
to Elbit as stated in Section 6.3.2 above.

 

		6.4.	Duke hereby declares and undertakes:

 

		6.4.1.	That it developed and is the exclusive owner of the Intellectual Property (IP) rights in the previous
knowledge in the product, that it has submitted patent applications in this matter, as set forth in Appendix A to
this Agreement, and that it will continue to act, at its expense and at its responsibility, for the approvals of these patent applications
and their renewal from time to time. Duke will not withdraw its patent applications, and will not give its agreement, whether in
writing or in any other manner, for limited use of the patent for defense uses and/or to defense entities and/or to para-security
entities, unless it has informed Elbit of this and received its approval thereto, in advance and in writing. It is clarified that
Duke will enforce its right in the patent, subject to its exclusive discretion, and also in the event that it is asked to do so
by Elbit (and in such a case, subject to Duke’s full funding in this matter).

 

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		6.4.2.	Since the product and use thereof do not infringe any IP rights of any third party, whether registered
or unregistered, and without derogating from the generality of the above, none of its employees and / or those acting on its behalf,
present or past, have any rights, by virtue of the law or by virtue of an agreement, in knowledge, and since it undertakes to fully
compensate Elbit for any direct damage (including direct costs included in Elbit’s investments, legal expenses and reasonable
attorney fees) caused to Elbit in consequence of and/or in relation to any claim and/or demand of any third party whatsoever, whose
rationale is that Duke infringed the rights of the said third party and/or that the use of the product and/or the system by Elbit
and/or an activity of Elbit in accordance with this Agreement are involved in a violation of any of their IP rights, and provided
that Duke shall have the full and exclusive authority to manage any proceeding or claim in the matter, and manage any proceeding,
contacts or negotiations to compromise on the matter. Elbit will immediately inform upon learning of the claim, the demand or the
lawsuit in respect of which compensation is being requested, and allow Duke full and exclusive management authority as stated and
will cooperate in a reasonable manner with Duke. It is hereby expressly agreed that the right to compensation set forth in this
Section 6.4.2, is the only remedy available to Elbit in respect of third party claims whose rationale is alleged violation of any
of its IP rights whatsoever, as stated above.

 

		6.4.3.	Whereas, at the request of Elbit, Duke will assist in registration of the License stated in Section
6.2 above and the rights of Elbit in accordance with this Agreement, in every register in which Elbit wishes to register them.

 

		6.4.4.	Whereas in any case in which it develops improvements and/or new versions and/or byproducts of
the system and/or the product, in the framework of the period of this Agreement, it will make them available to Elbit and for its
use, without additional cost, and will also regard the knowledge relating to improvements and/or new versions and/or such byproducts
as if they had been included, to all intents and purposes, in the license given to Elbit as set forth in Section 6.2 above.

 

		6.4.5.	Whereas, Duke will give Elbit a product portfolio and a production portfolio of the product and
of the system, which will be updated by Elbit, with the assistance of Duke, as stated in Section 3.9 above, at each phase of the
Collaboration according to this Agreement.

 

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		7.	Compliance with the Provisions of any Law and any Permits

 

Each Party hereby undertakes
that in the execution of this Agreement and of any contract entered into with a third party as part of its activity under this
Agreement, it will comply with the provisions of any law (including the Defense Export Control Law, 5766-2007), including in all
matters regarding the receipt of permits and licenses from State of Israel authorities.

 

		8.	Validity of the Agreement

 

		8.1.	This Agreement will take effect upon its signature by the Parties.

 

		8.2.	The period of Collaboration under this Agreement is not limited in time, and neither Party will
have the right to notify of its termination as long as the Second Party is interested in continuing to act in the framework of
the Collaboration.

 

Notwithstanding the above, at
its sole discretion, Elbit will be entitled to terminate this Agreement after completion of the [**], and as long as no equipping
agreement has been signed in the project and also in later phases, in the event that the agreement with the customer in the project
is cancelled or suspended by it for a period that extends beyond [**] or if any other circumstances occurred that prevent continuation
of execution of the project.

 

		8.3.	Also, notwithstanding the aforesaid in Section 8.2 above, each Party shall have the right to cancel
the Agreement in the event that one of the following occurs:

 

		8.3.1.	The other Party committed a fundamental breach of the Agreement and this breach was not remedied
within 7 days of the day on which the Party in breach was requested in writing to amend it;

 

		8.3.2.	The other Party committed a non-fundamental breach of the Agreement and this breach was not remedied
within 30 days of the day on which the Party in breach was requested in writing to amend it;

 

		8.3.3.	The other Party became insolvent, had a liquidator appointed, whether temporary or permanent, a
receiver, special administrator or the like, and the said order or appointment was not removed or cancelled within 45 days;

 

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		8.4.	In any case of cancellation of the Agreement arising from its breach, the Party responsible for
the breach may not continue to market and/or to sell the product, expect for purpose of completing obligations that it must keep,
based on a valid order it received prior to the date of cancellation of the Agreement or given to it after the date of cancellation
of the Agreement based on a proposal it had submitted prior to the date of cancellation of the Agreement and which cannot be cancelled,
but no later than the end of the validity of the proposal.

 

		9.	Prohibition on the Transfer of Rights and Obligations and Prohibition of Competition

 

		9.1.	Neither Party shall be entitled to assign and/or endorse this Agreement or any part of it and/or
its right and/or its obligations under this Agreement, in whole or in part, directly or indirectly, to any third party whatsoever
without the agreement of the Second Party in advance and in writing, with the exception of assigning and/or endorsing as stated
to an affiliated company. Nothing stated in the aforesaid derogates from the right of Elbit to act in the framework of this Agreement
with the assistance of and/or through third parties, including by granting sub-permissions of its rights according to the license
granted to it as stated in Section 6.2 above, and on condition that nothing therein derogates from the responsibility of Elbit
to make the payments to which Duke is entitled under this Agreement.

 

		9.2.	Each Party undertakes not to compete, on its own and/or through its subsidiary companies and/or
affiliated companies and/or any third party, and will not allow a third party to make use of the system and/or the product and/or
prior knowledge and/or new knowledge, for purposes of competition, whether directly or indirectly, in any activity designated to
the Second Party under this Agreement. This commitment will also apply personally to Duke’s controlling shareholders, Board
of Directors, and managers, who will indorse this by their signature on Appendix D to this Agreement.

 

		9.3.	For avoidance of doubt, there is nothing in the provisions of this Agreement to restrict Elbit
from developing, marketing, selling and producing any product and/or system and/or other solution, that does not contain the product,
for any use whatsoever, except for the aforesaid product or system, which are used for shooting bullets from light weapons that
is assembled and stabilized on drones.

 

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		10.	Guarantee; Setoff

 

		10.1.	Except for representations made expressly under this Agreement, Duke does not give any representation,
in relation to the product and/or the system, or any part thereof and particularly in respect of their quality, performance, tradability
and/or suitability for any purpose.

 

		10.2.	Duke’s total overall warranty in respect of any claims, damages, costs and losses arising
from this Agreement, or in connection with the use of or inability to use the product, will not exceed, under any circumstances
whatsoever, the total of all the payments actually made directly by Elbit to Duke under this Agreement, in combination with the
total Elbit investment. The limitation of the aforesaid liability will not apply to or limit the obligation of Duke to compensate
Elbit in a case where Duke is required to compensate Elbit as stated in Section 6.4.2 above, and in this case only.

 

		10.3.	Elbit will be entitled to offset by law, and provided that it will not be able to offset more than
[**]% of each payment Elbit is meant to pay to Duke.

 

		11.	Confidentiality

 

The Parties agree that the provisions
of the Confidentiality Agreement between them dated [**] will be considered part of this Agreement, by way of reference, for all
intents and purposes.

 

		12.	General

 

		12.1.	Each Party shall bear its own costs in connection with the execution of this Agreement, unless
and to the extent that it is agreed otherwise in this Agreement in relation to any expense. To all amounts specified in this Agreement,
VAT will be added in accordance with law. Each one of the Parties to this Agreement shall bear the taxes imposed on it by law in
respect of the transaction that is the subject matter of this Agreement and its execution.

 

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		12.2.	This Agreement fully and exclusively reflects what has been agreed between the Parties and it annuls
any previous agreement, orally or in writing, proposal, undertaking, understanding or notice in the context of the subject matter
of this Agreement, made between the Parties, if and to the extent made.

 

		12.3.	Any changes in the provisions of this Agreement shall have no validity unless they are made in
writing and signed by both Parties.

 

		12.4.	The Parties shall act as independent contractors in all matters relating to execution of this Agreement.
Nothing in this Agreement shall be interpreted as if it creates a venture, partnership or employer-employee relationship between
the Parties to this Agreement, their employees or anyone representing them, and neither Party shall have the right, the power or
the authority to create a debt or liability, whether express or implied, in the name of the other Party.

 

		12.5.	The Parties shall not be liable for non-fulfillment of conditions in the Agreement which were caused
due to circumstances of force majeure, including war (whether declared or not), acts of war or acts of government.

 

		12.6.	A Party’s avoidance of exercising any right of its rights under this Agreement shall not
constitute and shall not be construed as a waiver or forfeiture of these rights.

 

		12.7.	Notices under this Agreement shall be in writing and shall be delivered by hand or by registered
mail to the addresses of the Parties in the Preamble to this Agreement or by electronic mail with the attachment of proof of receipt
of the notice. A notice is considered to have been given to its addressee within 72 hours of the time of postage by registered
mail at a post office in Israel, or within 24 hours of being delivered by hand or by electronic mail and against signed confirmation
of hand delivery or electronic receipt confirmation.

 

		12.8.	This Agreement was drawn up in accordance with the laws of the State of Israel and shall be interpreted
in accordance with them. The Courts in Tel Aviv-Yafo shall have sole authority in respect of the subject matter of this Agreement
and/or arising from it.

 

		12.9.	Resolution of disputes: Any dispute arising from this Agreement on which the Parties are unable
to reach agreement within 30 days, shall be transferred to the CEOs of the Parties for their decision. Where the CEOs have not
reached a decision on the dispute within a further 30 days, the Parties shall appoint [**] as an agreed arbitrator to resolve the
dispute. Should he will not be free to serve as arbitrator, the Parties shall appoint [**] as agreed arbitrator. If he is also
not available to serve as arbitrator, the arbitrator shall be determined by [**]. The arbitrator will be obliged to give the reasons
for his decision and it will be final and bind the Parties.

 

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IN WITNESS WHEREOF, THE PARTIES HAVE
HEREUNTO SET THEIR HANDS:

 

	/S/ Yariv Alroy 	 	/S/ Yehuda Vered      
	 	 	 
	/S/ Erez Nachtomy	 	/S/ Gal Raviv
	 	 	 
	Duke Airborne Systems Ltd.	 	Elbit Systems Land Ltd
	 	 	 
	By: 	Yariv Alroy, Erez Nachtomy                                      	 	By: 	Yehuda Vered,  Gal Raviv                                           
	 	 	 
	Position: ____________________________________	 	Position:  _____________________________________

 

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Appendix A

 

[**]

 

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Appendix B

 

[**]

 

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Appendix C

 

[**]

 

Royalty Rates for Sales in
the Project ([**])

 

Royalty Rates for Sales to
Customers in the Rest of the World

 

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Appendix D

 

I the undersigned, ____________________,
ID No. / Company No. ___________________, hereby undertake not to compete, individually and/or through subsidiary companies and/or
my affiliated companies and/or any third party, and not to authorize a third party to use the system and/or the product and/or
prior knowledge and/or new knowledge, as they are defined in this Agreement to which this document is an Appendix (Hereinafter:
the “Agreement”), for purpose of competition, whether directly or indirectly, in activity that is designated
to Elbit under this Agreement.

 

	Signature:  	____________________               	 
	 	 	 
	Name:	____________________	 
	 	 	 
	Position:	____________________	 
	 	 	 
	Date:	____________________	 

 

 

- 19 -Exhibit 10.9

 

SERVICES AGREEMENT

 

This Services Agreement (the “Agreement”)
is dated March 25, 2021 by and between UAS Drone Corp. (NV registered company) of 1 Etgar St, Tirat Carmel Israel (the “Company”)
and Mr. Yossi Balucka of Ha’Sadot Road, Talmei Elazar, Israel (the “Consultant”).

 

RECITALS:

 

		WHEREAS	the Company wishes to obtain CEO’s consulting services
from the Consultant, as of the Commencement Date pursuant with the terms and conditions of this Agreement, and the Consultant wishes
to provide the Company with CEO’s consulting services as of the Commencement Date pursuant to such terms and conditions;
and

 

		WHEREAS	the parties have decided to formalize, in writing, the terms of their contractual relationship
as detailed below.

 

NOW,
THEREFORE, the parties hereto hereby agree as follows:

 

		1.	The Company hereby engages the Consultant as an independent consultant and the Consultant hereby
agrees to serve as a consultant to the Company and provide CEO’s consulting services (and/or any related company according
to Company’s request) (the “Services” or the “Consulting Services”).

 

The Consultant
shall serve as an CEO and President of the Company and its wholly owned subsidiaries Duke Robotic Inc. and Duke Airborne Systems
Ltd. including all functions and/or positions and/or services to be provided to the Company, its subsidiaries, and affiliates of
the Company at the discretion of the Board of Director of the Company, and he shall report to the Company’s Board of Directors
(the “BOD”).

 

		2.	The Consultant will give the full benefit of his knowledge, expertise, qualifications and skills
to promoting the business and affairs of the Company and further undertakes to comply with the policies and working arrangements
of the Company as established from time to time. The Consultant shall not use any of the Company’s equipment or Company’s
information for any purpose except fulfilling his undertakings and obligations under this Agreement. 

 

		3.	The Services’ hours shall be as required by the Company, equivalent to a full-time position.

 

Notwithstanding
the above, not providing Consulting Services for 21 absence business days per year, for inter alia vacation days and sick leave,
will not constitute breach of this Agreement. Such absence of the Consultant shall be made after prior coordination (with the exception
of a medical emergency); between Consultant and the Company. For the avoidance of any doubt, the absence days that were not used
in a specific year through the consulting term according to this Agreement shall not be transferred or accumulated towards the
next year and will not be redeemed at the end of the consulting period.

 

     

     

    

 

		4.	The Consultant shall not receive any payment and/or benefit from any third party, directly or indirectly
in connection with his engagement with the Company. In the event Consultant breaches this Section, without derogating from any
of the Company’s rights by law or contract, such benefit or payment shall become the sole property of the Company and the
Company may set off such amount from any sums.

 

		5.	Term.

 

		5.1	The contractual relationship pursuant to this Agreement will commence on the date of the Agreement
(“Commencement Date”). Either party may terminate this Agreement upon the delivery of a 60 days’ prior
written notice for any reason whatsoever (“Prior Written Notice”).

 

		5.2	Notwithstanding the foregoing, the Company may, at any time following the Commencement Date, terminate
this Agreement immediately by the provision of a written notice (and without the Prior Written Notice referred to above), in which
case the termination of this Agreement shall be the effective date of such notice of immediate termination, in any of the following
circumstances (“Cause”): any act that under applicable law in Israel would negate the entitlement of an employee,
under an employer-employee relationship to severance pay, commission of a felonious crime connected with his engagement, willful
malfeasance, illegal, dishonest or negligent conduct which constitutes a breach of the Consultant’s covenants and obligations
under this Agreement or under any applicable legal principle, or which involves funds or other assets of the Company; any conduct
which is likely to have a material adverse effect on the goodwill or business of the Company; a breach of his obligations regarding
confidentiality, non-competition, non-solicitation and intellectual property, as described in this Agreement and the law.

 

		5.3	Consultant undertakes that immediately upon the termination of his engagement with the Company
(for any reason) or at such other time as directed by the Company, he shall act as follows:

 

		5.3.1	Deliver and/or return to the Company all the documents or other letters, notes, reports and other
papers in his possession and relating to his engagement with the Company and the fulfillment of his duties, as well as any equipment
and other property belonging to the Company that was placed at his disposal. He shall have no rights to lien with respect to said
Company’s information, documents and any such equipment and other property belonging to the Company that were placed at his
disposal; and

 

		5.3.2	Following coordination with the Company’s IT persons, he shall delete any information relating
to the Company or its business from his personal computer, if any; and

 

		5.3.3	He shall coordinate the termination of his engagement with the Board, and
he shall transfer in an orderly fashion and in accordance with Company procedures and in accordance with the timetable determined
by the Board, all documents and information and all matters with which he dealt, to whomever the Company instructs, all in a manner
satisfactory to the Company.

 

    2

     

    

 

		5.4	The Consultant undertakes to fulfill the responsibilities described in this Agreement and assist
the Company, its affiliates, subsidiaries, and related corporations (collectively, “Affiliates”) and to make
himself available to it, even after the termination of his consulting relations with the Company, for any reason, in any matter
which the Company may reasonably request his assistance, including for the purpose of providing any information relating to his
services or actions taken by him and including in the framework of disputes (including legal or quasi-legal proceedings). If the
Company requires the Consultant’s services after the termination of the consulting relations with him, for any reason, it
shall reimburse the Consultant for his expenses in connection with performing the provisions of this Section.

 

		5.5	The Consultant acknowledges and agrees that personal information related to him/her and his terms
of engagement at the Company, as shall be received and held by the Company will be held and managed by the Company, and that the
Company shall be entitled to transfer such information to third parties, in the US, Israel or elsewhere. The information will be
collected, retained, used, and transferred for legitimate business purposes and to the reasonable and necessary scope only, including:
human resources management, business management and customer relations, assessment of potential transactions and relating to such
transactions, compliance with law and other requests and requirements from government authorities and audit, compliance checks
and internal investigations.

 

		6.	Compensation and Benefits.

 

		6.1	Monthly Fee. For the Services rendered in accordance with this Agreement, the Company
shall pay the Consultant the sum of NIS 30,000 (thirty thousand) + VAT as monthly fee (the “Monthly Fee”), against
the receipt of tax invoices duly issued by the Consultant to the Company (the “Invoice”).

 

		6.2	Option Grant. In consideration of the Consultant’s continued service to the
Company, the Company shall grant the Consultant the option to purchase 450,000 (four hundred and fifty thousand) of the Company’s
common stock at an exercise price of par value $0.0001 per share (“Shares”) according to the following terms
and conditions:

 

		6.2.1	The options will be for a period of 5 years and will be exercisable according
to the following vesting schedule: (i) 225,000 (two hundred and twenty five thousand) options will vest for 12 month; (ii) Another
112,500 (one hundred and twelve thousand and five hundred) options will vest for 24 months, and (iii) The remaining 112,500 (one
hundred and twelve thousand and five hundred) options will vest for 36 months.

 

		6.2.2	The grant will be subject to and in accordance to the terms and conditions
of the Option Plan to be set up and approved by the Company at the discretion of the board of Directors.

 

		6.3	Bonus. The Consultant shall be entitled to a yearly performance
based bonus opportunity of up to 6 (six) Monthly Fee, subject to discretion of the Company and approval of the Board of Directors.
Such Bonus if paid shall be against the receipt of tax invoices duly issued by the Consultant to Company.

 

    3

     

    

 

		6.4	Reimbursement of Expenses. Consultant shall be entitled to be reimbursed for his
actual reasonable business expenses incurred in the performance of the Services (including reasonable hosting expenses) and documented
with appropriate receipts will be submitted at cost in accordance with the Company policy as may be amended from time to time,
and it is hereby agreed that expenses relating to business travels (including flights and hotels) should be reimbursed subject
to prior written approval of the Company for such specific expenses.

 

		6.5	It is hereby agreed and accepted by the Consultant that other than the Consideration as described
in this Section ‎6 above, including without limitation the
Monthly Fees, the Consultant will not be entitled to any other consideration for his Services rendered hereunder.

 

		6.6	The Consultant shall bear any and all taxes in connection with any payments made to him pursuant
to this Agreement. In the event that pursuant to any law or regulation, tax is required to be withheld at source from any payment
made to the Consultant, the Company shall withhold said tax at the rate set forth in the certification issued by the appropriate
taxing authority and provided to Company by the Consultant, or in the absence of such certification, at the rate determined by
said law or regulation.

 

		7.	No Conflict of Interest. Without derogating from the provisions of Section ‎2 above,
Consultant agrees, during the entire term of the Agreement, not to enter into any contract or understanding or accept an obligation,
directly inconsistent or incompatible with Consultant’s obligations under this Agreement or the scope of the Consulting Services.
Consultant warrants that there is no other existing contract or duty on Consultant’s part inconsistent with this Agreement,
unless a copy of such contract or a description of such duty was given to the Company prior to the Commencement Date. Consultant
further warrants and represents that, prior to the execution of this Agreement, he obtained all necessary approvals for entering
this Agreement, if relevant, and entering this Agreement is not inconsistent or incompatible with any of Consultant’s prior
obligations. Consultant further agrees not to disclose to Company or induce Company to use any confidential information that belongs
to anyone other than Company or Consultant. Consultant undertakes to notify the Company immediately and without delay regarding
any matter or subject in respect of which he has a personal interest and/or which might create a conflict of interest with his
position in the Company.

 

		8.	Non-Disclosure, Non-Competition, Intellectual Property and IP Assignment.

 

		8.1	Confidentiality

 

		8.1.1	The Consultant undertakes to maintain the Confidential Information (as defined below) of the Company
during the term of his engagement with the Company and after the termination of such, for any reason.

 

		8.1.2	Without derogating from the generality of the foregoing, the Consultant hereby agrees that he/she
shall not, directly or indirectly, disclose or transfer to any person or entity, at any time, either during or subsequent to his/her
engagement with the Company, any trade secrets or other confidential information, whether patentable or not, of the Company, including
but not limited to, any (i) processes, formulas, trade secrets, innovations, inventions, discoveries, improvements, research or
development and test results, survey, specifications, data and know-how; (ii) marketing plans, business plans, strategies, forecasts,
unpublished financial information, budgets, projections, product plans and pricing; (iii) personnel information, including organizational
structure, salary, and qualifications of employees; (iv) customer and supplier information, including identities, product sales
and purchase history or forecasts and agreements; and (v) any other information which is not known to the public (collectively,
“Confidential Information”), of which the Consultant is or becomes informed or aware during his/her engagement
period with the Company, whether or not developed by the Consultant.

 

    4

     

    

 

		8.1.3	The Consultant undertakes not to directly or indirectly give or transfer, directly or indirectly,
to any person or entity, any material, raw material, product, part of a product, model, document or other information storage media,
or any photocopied, printed or duplicated object containing any or all of the Confidential Information.

 

		8.1.4	The Consultant acknowledges that the Company may receive from third parties confidential or proprietary
information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality
of such information and to use it only for certain limited purposes. During the term of the Consultant’s relationship with
the Company, and anytime thereafter, the Consultant undertakes to hold Third Party Information in the strictest confidence and
will not disclose to anyone (other than Company personnel who need to know such information in connection with their work for the
Company) or use, except solely for the purpose of and in connection with his/her work for the Company, Third Party Information
unless expressly authorized by the Company in writing.

 

		8.1.5	During the Consultant’s relationship with the Company the Consultant shall not improperly
use or disclose any confidential information or trade secrets, if any, of any former employer or any other person to whom the Consultant
has an obligation of confidentiality, and the Consultant did not and will not bring onto the premises of the Company any unpublished
documents or any property belonging to any former employer or any other person to whom he/she has an obligation of confidentiality
unless consented to in writing by that former employer or person.

 

		8.2	Non-Competition/ Non-Solicitation

 

		8.2.1	The Consultant undertakes that during the period of his engagement with the Company and for a period
of twelve (12) months from the termination of his engagement with the Company therewith, for any reason, he shall not, anywhere
in the world, do business, as an consultant, independent contractor, employee or otherwise, and shall not directly or indirectly
participate in or accept any position, proposal or job offer that may directly or indirectly compete with or harm the Company,
or in the field in which the Company engages, is engaged or is about to be engaged (the “Competitive Occupation”).

 

		8.2.2	The Consultant undertakes that during the period of his engagement with the Company and for a period
of twelve (12) months after the termination thereof, for any reason, he shall not, solicit or induce any employee, consultant,
service provider, agent, distributor, customer or supplier of the Company to terminate, reduce or modify the scope of such person’s
engagement with the Company.

 

		8.2.3	The foregoing shall apply irrespective of whether the Competitive Occupation is carried out by
the Consultant alone or in cooperation with others and shall apply to the participation of the Consultant in a Competitive Occupation,
whether as a controlling shareholder or as an interested party.

 

    5

     

    

 

		8.3	Intellectual Property, Copyright and Patents

 

		8.3.1	The Consultant hereby acknowledges and agrees that the Company owns and shall own any and all Intellectual
Property Rights created, made or discovered by the Consultant or employee (whether solely or jointly with others) during the term
of engagement (even before the Company’s incorporation); and in connection with the Company, its products, technology and/or
know how (“Company IPR”). Intellectual Property Rights means all worldwide (a) patents, patent applications and patent
rights; (b) rights associated with works of authorship, including copyrights, copyrights applications, copyrights restrictions,
mask work rights, mask work applications and mask work registrations; (c) rights relating to the protection of trade secrets and
confidential information; (d) moral rights; (e) rights analogous to those set forth herein and any other proprietary rights relating
to intangible property including ideas; and (f) divisions, continuations, renewals, reissues and extensions of the foregoing (as
applicable) now existing or hereafter filed, issued, or acquired.

 

		8.3.2	The Consultant acknowledges and agrees that all Company IPR belong to, and shall be the sole property
of, the Company and shall be Company IPR of the Company upon creation thereof. The Consultant hereby irrevocably assigns to the
Company and/or its designee, all right, title and interest the Consultant may have or may acquire in and to Company IPR upon its
creation. The Consultant acknowledges and agrees that no rights relating to any Company IPR are reserved to Consultant. The Consultant
will assist the Company to obtain, and from time to time enforce, any Company IPR worldwide, including without limitation, executing,
verifying and delivering such documents and performing such other acts as the Company may reasonably request for use in applying
for, obtaining, perfecting, evidencing, sustaining and enforcing such Company IPR. Such obligation shall remain in effect beyond
the termination of the Consultant’s relationship with the Company, all for no additional consideration provided that Consultant
shall not be required to bear any expenses as a result of such assignment. In the event the Company is unable for any reason, after
reasonable effort, to secure Consultant’s signature on any document required, Consultant hereby irrevocably designate and
appoint the Company and its duly authorized officers and agents as its agent and attorney in fact to act for and in its behalf
to further the above purposes.

 

		8.3.3	The Consultant irrevocably confirms that the consideration explicitly set forth in the engagement
with the Company agreement between the Consultant and the Company is inclusive of any and all rights for compensation that may
arise in connection with the Company IPR under applicable law (including without limitation compensation in respect of Service
Inventions as set forth under the Israeli Patent Law, 1967) and the Consultant waives, releases and forever discharges any claims
and/or demands whatsoever, whether in law, in equity or otherwise, in relation to the Company IPR including without limitation
any moral rights and/or right to claim royalties or any other additional consideration from the Company with regard to the assigned
Company IPR, including without limitation, in respect of Section 134 of the Patent Law 5727-1967 and/or other applicable laws.

 

		8.3.4	The Consultant represents and warrants that upon execution hereof he has not created and does not
have any right, title or interest in and to any Intellectual Property Rights related and/or similar to Company’s business,
products or Intellectual Property Rights (“Prior Inventions”). The Consultant undertakes not to incorporate any Prior
Inventions or third parties Intellectual Property Rights (including of a former employer) in any Company IPR.

 

    6

     

    

 

		8.3.5	The Consultant undertakes to immediately inform in writing and deliver to the Company, written
notice of any Company IPR conceived/ invented by him and/or personal of the Company and/or its successors who are subordinate to
him, immediately upon the discovery thereof.

 

		8.3.6	The Consultant’s obligations pursuant to this Section ‎3 shall survive the termination
of his engagement with the Company with the Company and/or its successors and assigns with respect to inventions conceived by him
during the term of his engagement with the Company or as a result of his engagement with the Company with the Company

 

		8.4	Consultant acknowledges that: (i) the term Company in this section 8 apply also to Affiliates (as
defined in this Agreement); and (ii) that with regard to restricted period of time and geographical area specified in section 8
are reasonable, in view of his position and the nature of the business in which the Company is engaged, the Consultant’s
knowledge of the Company’s business and the compensation he receives.

 

Notwithstanding
anything contained herein to the contrary, if the period of time or the geographical area specified herein should be determined
to be unreasonable in any judicial proceeding, then the period of time and area of the restriction shall be reduced so that this
Agreement may be enforced in such area and during such period of time as shall be determined to be reasonable by such judicial
proceeding. The Consultant acknowledges that the compensation and benefits granted to him by the Company under his engagement with
the Company were determined, inter alia, in consideration for his obligations and undertaking according to this section 8.

 

		9.	Independent Consultant Relationship.

 

		9.1	The Consultant acknowledges and confirms that the terms of this structure
of the relationship between the parties as an independent contractor were explained to him and that he has fully understood the
distinction between this structure and the employee-employer structure; and that the structure of relationship of this Agreement
is due to his explicit request and nothing in this Agreement should be construed to create a partnership, joint venture, or employee-employer
relationship between the Company and the Consultant.

 

		9.2	The Consultant will be the sole responsible for all payments of all applicable
taxes with respect to the Consultant’s performance of the Services and receipt of fees under this Agreement. The Consultant
acknowledges that as an independent contractor to the Company, the Company will not withhold or make payments for National Insurance
Institute or any other social security and/or health insurance. Notwithstanding the aforesaid, the Company shall deduct at source
any and all taxes to the extent required according to applicable law.

 

		9.3	Notwithstanding anything to the contrary contained herein, the Company shall
provide the Consultant with coverage under the Company’s directors and officers insurance.

 

    7

     

    

 

		10	General Provisions

 

		10.1	Severability. In case any one or more of the provisions
contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed
as if such invalid, illegal or unenforceable provision had never been contained herein. If moreover, any one or more of the provisions
contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity
or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable
law as it shall then appear.

 

		10.2	Governing Law. This Agreement shall be governed
by and construed in accordance with the internal laws (and not the laws of conflicts) of the State of Israel. Consultant hereby
expressly consents to the exclusive jurisdiction of the courts located in Tel Aviv, Israel, and all disputes or claims arising
out of or related to this Agreement shall be exclusively resolved by the competent courts located in Tel Aviv, Israel.

 

		10.3	No Assignment. This Agreement may not be assigned
by the Consultant without Company’s prior and written consent, and any such attempted assignment shall be void and of no
effect.

 

		10.4	Waiver. No waiver by any party to this agreement
of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by any party of this agreement
of any right under this Agreement shall be construed as a waiver of any other right.

 

		10.5	Entire Agreement. This Agreement, including its
Exhibit and Appendix, is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof
and supersedes and merges all prior discussions between us. No modification of or amendment to this Agreement, nor any waiver
of any rights under this Agreement, will be effective unless in writing and signed by the party to be charged.

 

[Signature page to
follow]

 

    8

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement on the date first written above.

 

	/s/ Yariv Alroy	 	/s/ Yossi Balucka
	UAS Drone Corp.	 	Yossi Balucka
	By:	Yariv Alroy	 	
	Title:  	Chairman

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