Document:

MORRIA
BIOPHARMACEUTICALS PLC

42-46 High
Street ~ Esher ~ Surrey
~ KT10 9QY

(incorporated in England with registered number 5252842)

 

Saul Yedgar

1 Taib Street

Jerusalem, Israel

 

February 2005

 

Dear Dr. Yedgar

 

Morria Biopharmaceuticals plc (Company)

 

This letter sets out the terms on which
you will act as a non-executive director of the Company. The appointment commences from the date of this letter but your remuneration
under this letter is conditional on completion of the proposed offer by the Company to raise up to £1,900,000 (Completion).

 

		1.	Appointment and termination

 

		1.1	Your appointment as a non-executive director on the board (Board) of the Company is for
an initial term of 24 months commencing on the date of this letter and expiring upon the occurrence of any of the following events
(each one a Termination Date):

 

		1.1.1	either you or the Company terminates the appointment by giving the other three months’
notice in writing to that effect;

 

		1.1.2	you resign or do not offer yourself for re-election by shareholders upon retirement, either for
your own reasons or at the request of the Board;

 

		1.1.3	you are not re-appointed or are deemed not to have been re-appointed as a director of the Company
by the shareholders in general meeting having presented yourself for re-election following upon your retirement at any time in
accordance with the Company’s articles of association;

 

		1.1.4	you are otherwise removed, vacate office or become prohibited from being a company director pursuant
to the law or the Company’s articles of association;

 

		1.1.5	you are convicted of any criminal offence other than a minor motoring offence which does not render
you unable to discharge your duties; or

 

		1.1.6	you are convicted of an offence relating to insider dealing or are in breach of the code on dealings
during close periods in securities dealt on the AIM market of the London Stock Exchange plc as adopted by the Company.

 

    	1

    	 

    

 

		1.2	For the purposes of clause
1.1.6 the expression close periods has the meaning given to it in the AIM Rules for Companies published
by the London Stock Exchange plc as amended or revised from time to time.

 

		1.3	The recommendation of the Board for your re-election by shareholders in general meeting is not
automatic and is in the absolute discretion of the remainder of the Board.

 

		2.	Duties and responsibilities

 

You undertake
that you will as a non-executive director:

 

		2.1	attend meetings of the Board and any Board committees of which you may from time to time be a member
and shareholders’ meetings;

 

		2.2	discharge your general duties as a director pursuant to the Company’s articles of association
and the law;

 

		2.3	make yourself available for consultation on the affairs of the Company and provide such other advice
and assistance as the Board may request from time to time; and

 

		2.4	accept responsibility when required to do so in accordance with the law and the requirements of
the London Stock Exchange plc.

 

		3.	Notice of meetings and information

 

You will
be given appropriate prior notice of the date, time and venue of all meetings of the Board and any Board committees to which you
may be elected, unless circumstances do not permit.

 

		4.	Fees and expenses

 

		4.1	In consideration of you acting as a non-executive director of the Company, you are entitled, with
effect from the date Completion backdated to 1 January 2005, to be paid fees at the rate of £1,000 (one thousand pounds)
per board meeting, subject to any requisite statutory deductions. The fees will be reviewed annually from 31 December 2005
by the Board. Any increase in the fees as a result of such review will take effect from the month following the review date.

 

		4.2	Any expenses that are reasonably incurred by you on Company business will be reimbursed within
14 days of receipt by the Company of a written claim supported by proper vouchers or other documentation in accordance with the
Company’s normal expenses policy.

 

		4.3	You are not entitled to receive any other benefits in respect of your role as director and upon
you ceasing to be a director, you will not be entitled to receive any payment except in your possible role at such time as a consultant
or employee of Company.

 

    	2

    	 

    

 

		5.	Taxation of payments

 

You are responsible
for and will indemnify the Company in respect of the payment of income tax, social security contributions or any other contributions
required by law, including any penalties, charges or interest. If any amount due to the Company under this clause is required to
be paid to the Company net of tax or the Company suffers tax on its receipt, you will, to the extent permitted by law, pay such
additional amount to the Company as is required to leave the Company in no worse position.

 

		6.	Restriction

 

You undertake
that you will not, and will procure that each person or entity under your control will not, other than in relation to the Company,
do any of the following things:

 

		6.1	disclose to any other person or use any confidential information relating to the Company which
is not in the public domain unless approved by the managing director of the Company;

 

		6.2	until after the second anniversary of a Termination Date directly or indirectly solicit the custom,
in relation to goods or services sold to any person by the Company during the two years before the Termination Date, of that person
in respect of similar goods or services;

 

		6.3	until after the second anniversary of a Termination Date, directly or indirectly solicit or entice
away any employee of the Company;

 

		6.4	give the impression or knowingly permit another person to give the impression that he is connected
with the Company or that he has any authority to act on behalf of the Company;

 

		6.5	be involved, directly or indirectly with any business which uses the name “Morria”
or any colourable or phonetic imitation of it or any name which is so similar as to be capable of suggesting an association with
the Company; or

 

		6.6	assist any other person to do any of the things mentioned in clauses 6.1 to ‎6.5

 

		7.	Confidentiality

 

At all times,
you must keep confidential all information relating to the Company and its subsidiaries which is not public knowledge. Additionally,
you must not disclose or use any such information to any third party unless required to do so by law or with the authority of the
Board, except in the proper discharge of your duties as a non-executive director.

 

    	3

    	 

    

 

 

		8.	Conflicts of interest

 

You must
not without the consent of the Board, enter into any arrangement which might reasonably be expected to result in a conflict of
interest. If you are in any doubt please consult with the Board in advance.

 

		9.	Independent advice

 

The Board
has resolved that any director may, if necessary, in connection with his or her duties, take independent professional advice at
the Company’s expense, subject to having first notified the Board. Any payment by the Company in respect of any such professional
advice is subject to the limitations imposed by the Board from time to time and any restriction under company law.

 

		10.	Liability insurance

 

The Company
has taken out liability insurance to cover directors and other officers of the Company and its subsidiaries. The cover to be provided
will be subject to the terms conditions and exclusions contained in the relevant policy and will cover the issuance of the Prospectus
dated February 2005.

 

		11.	Entire agreement

 

This letter
read in conjunction with the memorandum and articles of association of the Company contains the entire agreement between you and
the Company concerning you acting as a non-executive director of the Company and it supersedes all previous agreements whether
written oral or implied.

 

		12.	Governing law

 

This agreement
is to be governed by and construed in accordance with English law and the parties submit to the jurisdiction of the courts of England
and Wales.

 

Yours faithfully

 

	/s/ Yuval Cohen	 
	for and on behalf of	 
	Morria Biopharmaceuticals plc	 

 

I have read and confirm
my agreement to the terms of this letter for my appointment as a non-executive director of the Company as set out in the above
letter.

 

	/s/ Saul Yedgar	 
	Saul Yedgar	 
	 	 
	Dated: February 21st, 2005	 

 

    	4[MORRIA BIOPHARAAACEUTICALS
PLC]

 

Saul
Yedgar

 

14
March 2007

 

Dear
Mr. Yedgar

 

Your
letter of appointment

 

The
purpose of this letter is to amend clauses 4.1 and 6 of your letter of appointment with the company.

 

I
set out below the proposed changes to your letter of appointment:

 

Clause
4.1 will be amended by adding the following after the first sentence thereof:

 

"From
and after the date hereof, you are entitled to be paid director's fees at the rate of £500 (five hundred pounds) per board/committee
meeting payable in arrears after receipt of a VAT invoice."

 

The
following is to be added as Clause 6.7:

 

"Non-compete

 

From
and after the date hereof, you agree that for the period of six months following the termination of your appointment as a non-executive
director of the Company you will not, without the consent of the Board, take up any role or be involved in or provide technical,
commercial or professional advice to any business or organization either on your own behalf or jointly with or for any other person,
firm or company which is competitive or likely to be competitive with the business of the Company being carried on at the termination
of your appointment and with which you were actively involved during the six months prior to the termination of your appointment.

 

For
the purposes of clause 6.7, you are concerned in a business if:

 

		•	you carry it on as principal or agent; or

 

		•	you are a partner, director, employee, secondee, consultant or agent in, of or to any company,
firm, organization or other entity which carries on the business; or

 

    	 

    	 

    

 

you
have any direct or indirect financial interest (as shareholder or otherwise) in any company, firm, organization or other entity
which carries on the business."

 

If
you agree to these changes, please indicate your acceptance by signing and returning the attached copy of this letter to me by
March 14, 2007. The changes will be deemed to take effect from the commencement of your employment.

 

If
you have any questions, please do not hesitate to contact me.

 

	Yours Sincerely
	/s/ Mark Cohen
	 	 

 

For
and on behalf of Morria Biopharmaceuticals plc

 

I
agree that my Contract shall be varied by the revised terms set out in this letter with effect from the commencement of my employment.

 

	/s/ Saul
    Yedgar	 
	14 March 2007

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