Document:

Translation of Convertible Loan Agreement

 Exhibit 10.27 

CONVERTIBLE LOAN AGREEMENT 

Made and entered into in Ramat Gan on this
17th day of February, 2010 

 

			
	By and Between:	  	Sindolor Medical Ltd.
		  	Private Company No. 513970756
		  	Of 7 Jabotinsky St., Ramat Gan
		
		  	(hereinafter: “Sindolor”)
		
		  	of the first part;
		
	And:	  	Sela Group.com Ltd.
		  	Public Company No. 520044470
		  	Of 14 Baruch Hirsch St., Bnei Brak
		
	And:	  	                             
           
		
		  	                             
           
		  	Of
                                         
       
		
		  	(hereinafter: the “Lender” and/or together the “Lenders”)
		
		  	of the second part;

  

			
	WHEREAS	  	Sindolor is a private company, engaging in the Drug Delivery field, in the technology for the reduction of pain by means of electronically based cooling (component) of the
injection site; and
		
	WHEREAS	  	Sindolor needs to raise capital in order to continue its activities; and
		
	WHEREAS	  	Sindolor has requested the Lender, who is a shareholder in Sindolor, to provide it with a loan, convertible into Sindolor shares, in the amount of NIS 1,000,000 (one million NIS)
(hereinafter: “the Loan”), in order that it may continue its activities until the raising of outside capital; and
		
	WHEREAS	  	The Lender has agreed, subject to the provisions of this Agreement, to provide a loan to Sindolor in the sum of NIS 1,000,000 convertible into Sindolor shares;
and
		
	WHEREAS	  	Subject to the aforesaid, the parties wish to enter into this Agreement, which shall set out their agreements regarding the Loan;

NOW, THEREFORE, IT IS DECLARED, STIPULATED AND AGREED BETWEEN THE PARTIES AS FOLLOWS: 

 

	1.	General  

  

	 	1.1	The preamble to this Agreement, including any Annexes attached hereto, form an integral part hereof. 

	 	1.2	The headings of the sections hereof are intended solely for convenience and shall not be used for interpretation of this Agreement. 

 

	2.	The Transaction 

  

	 	2.1	Subject to fulfillment of the condition precedent, the Lender shall provide Sindolor with a Loan in the amount of NIS 1,000,000 convertible into Sindolor shares
(hereinafter: “Loan Amount”). The Loan Amount shall be transferred to Sindolor in two installments, subject to full compliance of the conditions of this Agreement. 

 

	 	2.1.1	The first installment in the sum of NIS 500,000 shall be transferred to Sindolor on February 3, 2010 (hereinafter: “First Installment”);

  

	 	2.1.2	The second installment in the sum of NIS 500,000 shall be transferred to Sindolor on May 11, 2010. 

 

	 	2.2	The Loan shall be linked to the Consumer Price Index (where, at the date of repayment of the Loan, the ratio will be calculated between the known index on the date of
payment of the Loan and the known index on the date of granting the Loan and the principal balance + interest assessed accordingly) and shall bear annual interest at a rate of 4%. 

 

	 	2.3	The Loan shall be granted to Sindolor by the Lender for a period of one year from the date of making the First Installment, namely, the Loan Amount, linked to the index
together with interest according to this Agreement, shall be repaid to the Lender by January 31, 2011. 

  

	 	2.4	In the event that the Loan is not repaid on its due date, then the Loan shall be convertible into Sindolor shares according to Sindolor’s value, for purposes of
granting the Loan only, fully diluted, of NIS 4,000,000, before the money. 

  

	 	2.5	In the event that, by the date indicated in Section 2.3 above, Sindolor partially repays the Loan, then the Loan shall be convertible pro-rata into Sindolor shares
in accordance with the balance of the Loan that has not been repaid by Sindolor to the Lender (principal + interest) that had accumulated until the date of repayment of the Loan (in other words, if Sindolor repays NIS 500,000 of the Loan Amount on
time, then the conversion of Sindolor shares in favor of the Lender shall be calculated according to the following formula: [balance of the unpaid Loan (principal + interest) less NIS 500,000 that has been repaid by Sindolor). For the avoidance of
doubt, the conversion of Sindolor shares shall be exercised in any event, even in the case of partial payment of the Loan Amount, according to the Company’s value of NIS 4,000,000. 

 

	 	2.6	Without derogating from and irrespective of the rights of Sindolor’s shareholders by virtue of the Articles of Association of the Company, it is agreed that each
of the minority shareholders of Sindolor shall have a right, in addition to their right to join as a party to this Loan Agreement, against the Lender and against Sindolor, that shall remain in effect until the end of the Loan period, as stated in
Section 2.3 above. 

  

	 	2.7	According to such right, any of the shareholders may pay Sindolor a sum of up to the rate of their proportionate share of the Loan money (according to their rate of
holdings in Sindolor prior to granting the Loan), from the Loan money that Sindolor has not repaid, together with linkage and interest as detailed in this Agreement, against which they shall be entitled to receive in their names the Sindolor shares
that shall be converted for such portion that they had repaid, all as detailed in Section 2.8 below. 

  

 2 

	 	2.8	Realization of the right stated in Section 2.7 above, is conditioned upon the person who is entitled to exercise the right submitting to Sindolor written notice of
his intention to exercise such right, if the conversion of the Loan into shares is realized. The notice is to reach Sindolor by no later than September 15, 2010, otherwise such right shall expire. 

 

	 	2.9	In the event that a written notice is provided as stated in Section 2.8 above, then Sindolor shall update the notice provider in writing regarding the following
details: 

  

	 	•	 	 Whether a conversion is taking place and, if so, what the unpaid amount is and the manner of its calculation. 

 

	 	•	 	 The aggregate number of shares that shall be allocated by virtue of the conversion and the manner of its calculation. 

 

	 	•	 	 The monetary consideration that he is to transfer to Sindolor and the manner of its calculation. 

 

	 	•	 	 The number of shares that shall be allocated in his name if he pays the consideration. 

 

	 	•	 	 The account to which he is to deposit the consideration amount within seven days from the date of receiving the notice (but in any event, by no later
than ten days from the date of its delivery by registered mail) (hereinafter: “Compensation Date”). 

It should be noted that Sindolor shall send its notices as stated in this section according to the address indicated in the
Shareholder’s notice to Sindolor. 
 It is emphasized that if the required consideration amount is not deposited by the
Compensation Date – then the right shall be revoked. 
  

	 	2.10	In addition, it is emphasized that any amount transferred by any of the shareholders to Sindolor in accordance with the provisions of Sections 2.6 and 2.7 above, shall
be returned to the Lender within four business days from the date of receipt of the funds from the shareholder, together with linkage and interest as provided in this Agreement. 

 

	 	2.11	It is emphasized that, in the event that on the date of repayment of the Loan, Sindolor shall have sufficient monetary means, after deduction of current liabilities, to
repay the Loan fully or partially, then the Loan shall be repaid by Sindolor (also in the event that such repayment shall prejudice the ability of Sindolor to implement its business plan). For the avoidance of doubt, if part of the Loan is repaid,
then the unpaid portion of the Loan (principal + interest) shall be convertible according to Section 2.5 above. 

  

	 	2.12	The Lender shall have the right to assign the Loan, including all of its rights and duties, to a company under its control. 

 

	3.	Conditions precedent 

The coming into effect of this Agreement is conditional upon receipt of the approval of the Board of Directors of the Lender. 

 

	4.	Taxes  

 Each party
shall bear and pay all of the taxes applicable to it by law with respect to the transaction, subject of this Agreement. 
  

 3 

	5.	Governing Law and Jurisdiction 

  

	 	5.1	The laws of the State of Israel shall apply to this Agreement and to any matter pertaining and/or related to it and/or deriving therefrom. 

 

	 	5.2	The competent court of Tel Aviv-Jaffa shall have the sole and exclusive jurisdiction to deliberate the Agreement and any matter pertaining and/or related to the
Agreement and/or deriving therefrom. 

  

	6.	Miscellaneous  

  

	 	6.1	In any case where a party does not exercise any right granted to it according to this Agreement or according to any law, this shall not be deemed as a waiver by it of
such right and it shall be entitled to subsequently exercise such right. The breaching party shall not have a claim of delay or waiver. 

  

	 	6.2	The terms of this Agreement fully comprise all of the stipulations and agreements between the parties and they supersede any engagement, agreement, representation and
undertaking that preceded the signing of this Agreement, whether made in writing or orally. 

  

	 	6.3	Following signature of this Agreement, drafts and other documents exchanged between the parties prior to signing this Agreement will be deemed as if they had never been
made, and will not in any way be used as evidence or support for purposes of interpretation and/or a claim and/or otherwise. 

  

	 	6.4	Any modification, amendment and/or addition shall be of no effect and shall be deemed as if never made, unless made in writing and signed by all of the parties
together. 

  

	 	6.5	The parties shall take all of the additional steps including the signing of additional documents required for the implementation and performance of this Agreement
according to its letter and its spirit. 

  

	 	6.6	The parties’ addresses for the purpose of this Agreement are as specified in the preamble to this Agreement or any other address in Israel of any of the parties,
as notified in writing to all of the other parties. 

  

	 	6.7	Any notice of any of the parties regarding this Agreement shall be sent to the addressee by personal delivery or by registered mail to its address, as aforesaid, and
shall be deemed as delivered to the addressee on the date of its delivery by personal delivery, or upon the expiration of 3 days after its mailing by registered mail as aforesaid, or on the first business day after its transmission via facsimile
with a proper transmission confirmation, as the case may be. 

 In witness whereof the parties have hereunto set
their hands, today February 17, 2010: 
  

									
		 	
            (-)           
 
	  		  	            (-)            
	  	
		 	Sela	  		  	Sindolor	  	

  

 4Translation of Approvals of Budget

 Exhibit 10.28 

Summary Translation of Budget Approvals for 2002 through 2004 

Office of Chief Scientist – Technological Entrepreneurship Centers under Incubator Conditions 

The Technion Entrepreneurship Incubator Ltd. 

File Number: 28035 

Date: March 12 2003 

Previous File Number: 
 Key
Company: Not yet determined 
 Subject: Innovative Insulin Pump 

Performance Period from September 1, 2002 to August 31, 2003 
  

			
	Cost of Employees	  	
	Total	  	341,550
		
	Materials and consumable tools	  	
	Total	  	  20,000
		
	Equipment	  	
	Total	  	  43,000
		
	Subcontractors	  	
	Total	  	137,640
		
	Miscellaneous	  	
	Total	  	118,310
		
	Marketing	  	
	Total	  	  58,000

 Total Budget 718,500 

Total Grant (85%) 610,725 
 Supplemental
financing 107,775 
 Signatures: Signatures: The Technion Entrepreneurship Incubator Ltd. 

Date: 1.5.02 

 Summary Translation of Budget Approvals for 2002 through 2004 

Office of Chief Scientist – Technological Entrepreneurship Centers under Incubator Conditions 

The Technion Entrepreneurship Incubator Ltd. 

Second Year 
 File
Number: 33049 
 Date: May 11 2003 

Previous File Number: 28035 
 Key
Company: Nili-Med Ltd. 
 Subject: Innovative Insulin Pump 

Performance Period from 1.9.2003 to 31.8.2004 
  

			
	Cost of Employees	  	
	Total	  	382,500
		
	Mechanical and Electronic Components	  	
	Total	  	  15,000
		
	Equipment	  	
	Total	  	  10,000
		
	Subcontractors	  	
	Total	  	133,000
		
	Miscellaneous	  	
	Total	  	111,000
		
	Marketing	  	
	Total	  	  67,000

 Total Budget 718,500 

Total Grant (85%) 610,725 
 Supplemental
financing 107,775 
 Signatures: [Not visible] 

 FOUNDERS AGREEMENT 

Made and entered in Nesher on this 31 day of March 2002 

Between 
 Mr. Avraham Shekalim, I.D.
016314312 
 24 Hashoshanim St. Ramat Itzhak Nesher, Israel 

and 
 Mr. Zvi Rubinsrein, I.D. 030121529

 10 Hashita St. Timrat, Israel 
 and

 Mr. Yinon.Dror, I.D. 051788297 

28 Arava St. Karmiel 21601, Israel 

			
	(collectively hereinafter the “Entrepreneurs”)	  	of the first part

 and 

Technion Entrepreneurial Incubator Co. Ltd. 

Science Park Technion-Nesher, P.O.Box 212, Nesher 36601, Israel 

			
	(hereinafter: “TEIC”)	  	of the second part

  

			
	WHEREAS	  	The Entrepreneurs have approached TEIC with a proposal to form a Company for the development, manufacturing and marketing of Novel Insulin Pump; and,
		
	WHEREAS	  	The Entrepreneurs declare and warrant that they have full, clear and unencumbered title to the technology, patents, patent applications (other than the Patent as described
below), and know-how described in the questionnaire attached hereto as Exhibit A (hereinafter: the “Know-How”), and the Entrepreneurs declare and warrant that the information included in Exhibit A is
true, correct, comprehensive and is not misleading; and,
		
	WHEREAS	  	The parties wish to cooperate in accordance with the Technology Incubator Program (hereinafter: “TIP”) of the office of The Chief Scientist of the Ministry of
Industry and Trade (hereinafter: the “OCS”) for the development, manufacturing and marketing of products based on the Know-How including but not limited to the exploitation of the patents and/or patent applications listed in
Exhibit B (hereinafter: the “Patents”); and,
		
	WHEREAS	  	The parties wish to establish a Company to be named Yael Medical Ltd. or any similar name as approved by the Companies Registrar (hereinafter: the “Company”) for
development of the Know-How, the manufacturing and marketing of products based thereon and/or on any other intellectual property to be developed by the Company (hereinafter: the “Future Know-How”); and,
		
	WHEREAS	  	In accordance with the rules of the OCS the parties are entitled to own part of the shares of the Company; and,
		
	WHEREAS	  	The Company will continue to invest in the development of the Know-How and create Future Know-How; and,

 

			
	

			
	WHEREAS	  	The Entrepreneurs agree to assign all of their rights and interests in the Know-How to the Company in accordance with the provisions set forth in this Agreement including the
Patents; and,
		
	WHEREAS	  	The parties have agreed that the Know-How and Future Know-How, whether patentable or not, the Patents and all intellectual property shall be in the full ownership of the Company
and that no interest or title thereto shall remain with them;

 NOW THEREFORE THE PARTIES HAVE AGREED AS FOLLOWS:

  

	1.	The preamble and appendices of this Agreement constitute an integral and inseparable part thereof. 

 

					
	2.	  	a.	  	The share capital of the Company shall consist of 3,500,000 ordinary shares (par value 0.01 N.I.S), 70,000 shares of which shall initially be issued as
follows:

  

			
	 Name
	  	No. of ordinary shares
	 Mr. Avraham Shkalim
	  	30,000
	 Mr. Zvi Rubinsrein
	  	15,000
	 Mr. Yinon Dror
	  	5,000
	 Technion Entrepreneurial Incubator Co. Ltd,
	  	20,000
		  	 
	 Total
	  	70,000

  

					
		  	b.	  	By signing this Agreement each of the parties agrees to execute the memorandum and articles of association of the Company and to subscribe for their shares as set forth in section 2
(a) above.
			
		  	c.	  	The parties agree to cause the Company to issue within 24 month of the date of this agreement, 10,000 shares to certain employees of the Company, other than the Entrepreneurs (the
“Employees Shares”). The number of shares to be allocated to each such employee shall be decide by the board of directors of the Company.
			
	3.	  	a.	  	The Entrepreneurs hereby irrevocably assign to the Company all of their rights, interests and title to the Know-How (including the Patents) and agrees to sign all documents and to
take all steps required to accomplish this assignment and the assignment of the Patents. Following the signing of this Agreement no rights to the Know-How and Patents shall remain in the ownership of the Entrepreneurs.
			
		  	b.	  	The parties agree and declare that they will hold confidential any and all information relating to the Know-How, Future Know-How, the Patents and the Company’s proprietary
information, and will not make any use of the confidential information except on behalf of the Company and upon the Company’s specific request.
			
	4.	  	a.	  	The parties agree to act in good faith for the development of the Know-How.
			
		  	b.	  	The Entrepreneurs agree to use their best efforts to continue and to devote their time, ability, knowledge and experience to the development and advancement of the Know-How and in
order to create for the Company Future Know-How, to enable the Company to commercialize it and/or produce and market products based thereon.

  

 

 

 2 

					
		  	c.	  	So as to remove all doubts, the Entrepreneurs agree that any of the Know-How which may be developed by the Entrepreneurs prior to the formal formation of the Company and/or at the
facilities of TEIC and/or on their behalf and/or on behalf of the Company, shall become the exclusive property of the Company immediately upon its formal registration.
			
	5.	  	a.	  	Subject to the fulfillment of the Company’s obligations and in consideration of conforming to the approved program, TEIC undertakes to continue to forward to the Company all of
the funds which it shall receive for the benefit of the Company from the OCS.
			
		  	b.	  	TEIC undertakes to place at the Company’s disposal work space and management attention, as per the provisions of the TIP and OCS, so long as the OCS will continue its funding
of the Company within the framework of the TIP.
			
		  	c.	  	Upon the cessation of OCS funding the Company undertakes to vacate the work area provided by TEIC and return to TEIC any and all materials equipment and/or facilities belonging to
TEIC.
			
	6.	  	a.	  	The Company undertakes to pay to TEIC on behalf of OCS, royalties in an amount equal to 3% (or any other rate determined by the OCS) of its sales of its products and/or from sale of
Know-How and/or from sale of any rights thereto, up to the aggregate amount equaling the funding provided by the OCS plus U.S. dollar linking differences. Said royalties will be paid every three months (in dollar values) according to the
Company’s accountant-approved statement of sales.
			
		  	b.	  	In the event that the Company will assign all or part of its technology and/or will grant a license thereto to a third party, the Company shall be responsible for obtaining such
third party’s agreement to pay to TEIC the royalties as described above.
			
		  	c.	  	TEIC undertakes to transfer the royalties it receives from the Company to the OCS.
			
		  	d.	  	TEIC shall be furnished with the Company’s financial statements until the obligation to pay royalties as per section 6 (a) above has ceased due to full repayment of OCS
funding or until TEIC ceases to be a shareholder, whichever comes later.
			
		  	e.	  	Nothing contained in these sections shall be construed so as to permit the Company to transfer rights or grant sublicenses in contradiction to the TIP and OCS rules as defined
below.
		
	7.	  	The Entrepreneurs hereby declare and agree that they are fully aware of and fully understand the provisions of the Law for Encouragement of Research and Development in
industry 1984 (the “Law”), the TIP and OCS rules and particularly with the provisions specified below:
			
		  	a.	  	The Company will pay to the state of Israel (OCS) royalties on the sale of products by the Company owned until full repayment of the total funding received from the OCS (linked to
the US dollar) as per the provisions of Section 6 above.
			
		  	b.	  	Production or products developed by the Company with OCS funding shall be carried out only in Israel unless the OCS grants a prior written approval to the
contrary.

  

 

 

 3 

					
		  	c.	  	Know-How developed by the Company with OCS funding shall not be transferred to any other party in any manner or form (direct or indirect) without prior written OCS
approval.
			
		  	d.	  	The transfer or issuance of 25% (or more) of the shares of the Company and the transfer or issuance of shares (in any amount) to a non-Israeli person or entity requires the approval
of the OCS.
			
		  	e.	  	So as to remove all doubts, the parties agree that the provisions of this Agreement and all other agreements between the parties shall be subject to and superseded by any provision
contained in the Law, and/or in regulations and instructions given by the OCS from time to time in regard to HP’s and to entities like TEIC and the Company (the “Rules”).
			
		  	f.	  	The Entrepreneurs understand and agree that they will cause the Company to always comply with the Rules and further agree that TEIC shall have the undisputed legal standing to bring
an action for the enforcement of the obligations set forth in this section as if the obligations toward OCS and/or the State of Israel were made for the benefit of TEIC.
			
		  		  	Upon request of OCS, the Company shall be obliged to return to OCS any money spent by the Company in deviation from OCS approved budget.
			
		  	g.	  	It is further agreed that the operation of the Company shall be subject to the obtaining of the OCS approved budget. In the event, said OCS approval shall not be granted within 120
days from the date of this Agreement, this Agreement shall be automatically terminated.
		
	8.	  	The Entrepreneurs agree not to compete and/or to assist others to compete with the Company, whether directly or indirectly, for so long as they are shareholders or
employees of the Company or members of the board and for three years thereafter.
		
	9.	  	So as to remove all doubt, the parties shall not be held liable for any damage caused as a result of the products provided by the Company and/or acts or omission of the
Company and that the Company alone shall be responsible for any such damage.
		
	10.	  	The Entrepreneurs declare and warrant that they are the sole and true owners of the Know-How and Patents which are the subject matter of this Agreement and to the best
of their knowledge no other party claims or has any grounds to claim any interest in said Know-How and/or Patents.
			
	11.	  	a.	  	The shareholders shall appoint the members of the board of directors.
			
		  	b.	  	So long as the Entrepreneurs are shareholders of the Company, they shall have the joint right to appoint two Directors.
			
		  	c.	  	So long as TEIC is a shareholder of the Company, TEIC shall have the independent right to appoint one Director.
		
	12.	  	For a period of two years from the formation of the Company any transfer of shares by the Entrepreneurs shall be subject to TEIC’s advance written
approval.

  

 

 

 4 

					
	13.	  	a.	  	This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement between the parties whether written or verbal.
			
		  	b.	  	The parties agree that any dispute arising between them with regard to this agreement, its performance or interpretation, will be referred to a single agreed arbitrator who will act
in accordance with the provisions of the Arbitration Law. If the parties can not agree on an arbitrator within 14 days of the first request for arbitration then the chairman of the Tel Aviv Institute for Arbitration shall appoint the arbitrator. The
arbitrator will not be bound by rules of evidence or procedure and will give the reasons for his judgment. This Section shall constitute an arbitration agreement between the parties. The arbitrator decision shall be final and enforceable in any
court.
			
		  	c.	  	No variation or amendment of this Agreement shall bind either party unless made in writing and agreed to in writing by duly authorized officers of both
parties.

 IN WITNESS WHEREOF THE PARTIES HAVE SIGNED 

 

 

  

 5 

 Exhibit A 

QUESTIONNAIRE 
  

							
	1.	  	a.	  	 INVENTOR(S):

				
		  		  	Surname: 	  	Shekalim
				
		  		  	First name (s):	  	Avraham
				
		  		  	I.D. number:	  	016314312
				
		  		  	Nationality:	  	Israel
				
		  		  	Home address:	  	24 Hashoshanim St.
				
		  		  		  	Nesher, Israel
			
		  	b.	  	 The following person assisted or guided the inventor and the following organizations has connection to the
invention:
  
 The sole inventor is Mr. Avraham Shekalim and the first
stage of developing was supported by Eureka Technologies Ltd. owned by Mr. Zvi Rubinstein.

		
	2.	  	TITLE OF INNOVATION
		
		  	Innovative portable Insulin delivery device.
		
	3.	  	BRIEF DESCRIPTION: Give a brief but thorough description of your invention and the innovation. Attach supporting information that may help to explain the idea,
such as a full description, plans, sketches, photographs, drawings, flow sheets, performance data and graphs.
		
		  	

 A portable insulin delivery device that supplies insulin in pre pressurized chamber, passes the
insulin through a pressure dropping labyrinth to a flow control valve, The valve is activated by a piezoelectric actuator. This allow for precise insulin delivery. An electronic package provides for programming of basal rates and bolus. A pressure
sensor relays data concerning normal operation and pressure changes that indicate problems. The processor, keypad, display, power source, fluid flow control actuator are housed in base unit. A removable cartridge unit houses the pre pressurized
fluid reservoir, flow path labyrinth, and flow control valve. 
  

 

 

 6 

							
	4.	  	Are you aware of any patents, publications or other materials which are relevant to your innovation? If you are, specifically include this information with this
questionnaire.
		
		  	 1.      Compact pump drive system-patent no. US
6,248,093 B1
  

2.      Medical infusion pump-patent no. 5,637,095

 

3.      Implantable medication infusion pump-patent no. 5,527,307

 

4.      Medication infusion system-patent no. 5,097,122

 

5.      Porttable hend held power-patent no. 5,269,762

 

6.      Infusion pump-patent no. 5,505,709

 

7.      Implantable drug infusion regulator-patent no. 4,299,220

 

8.      Magnetic flow controller 5,996,964

 

9.      Magnetic valve-patent no. 6,095,189

 

		
	5.	  	USES AND APPLICATIONS:
		
		  	 A.          What are the
immediate uses for the innovation? 
  
 For
diabetic type A patients.

		
		  	 B.          Describe briefly
additional future applications you foresee.
  
 1.
Implantable Insulin Pump
  
 2. Artificial
Pancreas

		
	6.	  	DEVELOPMENT STATUS:
		
		  	 A.          DOCUMENTATION AVAILABLE.

		
		  	  ̈ The idea only
-        Yes
  

 ̈ Rough sketche -      Yes

 
  ̈ Finished
working drawings -        No
  

 ̈ Report (s) of tests
-                       No
  

 ̈ Patent or patent application -       Yes

  
  ̈
Other (Describe):                     

		
		  	 B.              PROTOTYPE
STATUS                     ̈No prototype.

		
		  	 C.         ̈
 DESIGN CHANGES; what designs change have you thought about?

		
		  	     None.

		
		  	 D.          What parts of your
innovation require additional development? 
  

Need to develop a prototype.

  

 

 

 7 

							
	7.	  	Was the research leading to the innovation funded? If so, please give:
			
		  	A.	  	Name of sponsor Eureka Technologies Ltd.
			
		  	B.	  	Amount: $30,000.
			
	8.	  	A.	  	 Have you published any papers or filed any patent applications anywhere in the world? 

 
 Patent application was filed.

			
		  	B.	  	Do you intend to publish a paper in the near future? If so, when? No.
			
		  	C.	  	Do you agree to withhold publication for as long as is necessary for the protection of your invention? Yes.
			
		  	D.	  	 If there has been no publication, who, other than the inventor (s) and person (s) named in (1.), knows about the
innovation?
  
 Certain Employees at Eureka Technologies know about the
innovation.

		
	9.	  	Did you take any initiatives to promote your invention? If so, please give details:
			
		  	1.	  	Patent search.
			
		  	2.	  	Initial market and production costs analysis.
		
	10.	  	 List your employment in the last twenty years.

 
 1981-1990          Poper Eng and
Technologies
  

1990-NOW        Eureka Group

		
	11.	  	Are you aware of any person or entity developing and/or making a similar product? (yes/no) If yes, give details:
		
		  	No.
		
	12.	  	Does any person or entity have or may have any grounds to claim rights of any kind to the invention? (yes/no). If yes, give details:
		
		  	No.
		
	13.	  	Did any person or entity ever claim any rights to the Invention (yes/no)? No.

 

 

 

 8 

							
	14.	  	Did you make the innovation or any part thereof within your employment with any employer? (yes/no). If yes, please give details: Eureka Group.
		
	15.	  	Did you or anybody else sell and/or offer to sell any product identical or similar to your innovation? No.
		
	16.	  	Write the following wording in your own handwriting:
		
		  	I hereby represent and warrant that I am aware of the fact that certain persons or entities may make a monetary investment in:
		
		  	YAEL MEDICAL LTD
		
		  	based on the accuracy, comprehensiveness and correctness of the above information given by me.
		
		  	 I hereby represent and warrant that I am aware of the fact that certain persons or entities may make a monetary investment
in:
  
 YAEL MEDICAL LTD

 
 based on the accuracy, comprehensiveness and correctness of the above information
given by me.

 

 

 Exhibit B 

PATENT(S) 
 US
Patent application number 09/9991708, filing date Nov. 26, 2001. 
  

 

 

 9

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