Document:

Exhibit 10.2

  

TECHNOLOGY LICENSE AGREEMENT

 

BY AND AMONG

 

KAMADA LTD.

 

AND

 

BAXTER HEALTHCARE S.A.

 

DATED: AUGUST 23, 2010

  

    	 

    	 

    

 

TECHNOLOGY LICENSE AGREEMENT

 

THIS TECHNOLOGY
LICENSE AGREEMENT (this “Agreement”) is made and entered into as of 5:00 PM Eastern Daylight Time, August
23, 2010 (the “Effective Date”), by and among Kamada, Ltd., an Israeli corporation, having a principal place
of business at Science Park, Kiryat Weizmann, 7 Sapir Street, P.O. Box 4081, Ness Ziona 74140, Israel (“Kamada”)
and Baxter Healthcare SA (“Baxter”) a Swiss corporation having a principal place of business at Postfach, 8010,
Zurich, Switzerland.

 

RECITALS

 

WHEREAS, Baxter
is in the business of developing, making, marketing and selling biopharmaceutical products, including A1PI (as defined below);

 

WHEREAS, pursuant
to that certain exclusive manufacturing and distribution agreement by and between the Parties (or their Affiliates) dated as of
the date hereof (the “Distribution Agreement”), Kamada is willing to grant to Baxter the exclusive right to
distribute and sell the Product (as defined in the Distribution Agreement) in the Baxter Territory in the Field (as defined below);

 

WHEREAS, Kamada
owns certain intellectual property, confidential information, and regulatory licenses relating to the production of A1PI biopharmaceutical
products;

 

WHEREAS, Kamada
is willing to license this intellectual property to Baxter and Baxter is willing to accept a license to the intellectual property
on the terms set forth herein; and

 

WHEREAS, Kamada
is willing to assist Baxter in its development of the capability to implement Kamada’s production technology in Baxter’s
facility for the purpose of processing A1PI from human plasma derived Cohn fraction IV-1 for Baxter Products for sale in the Baxter
Territory.

 

NOW, THEREFORE,
in consideration of the foregoing and the covenants and promises contained in this Agreement and in accordance with and subject
to the terms and conditions specified below, the Parties agree as follows:

 

AGREEMENT

 

ARTICLE
1.    DEFINITIONS. In this Agreement, the terms set forth below with initial capital letters
shall have the meanings assigned to them, unless the context shall indicate a contrary intention.

 

		1.1	“Additional Development”
                                                               shall have the meaning set forth in Section ‎8.2.

 

		1.2	“Additional Indication
                                                               Development IP” shall have the meaning set forth in Section
                                                               ‎8.3.

 

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		1.3	“Affiliate”
                                                               shall mean, with respect to either party, those entities controlled
                                                               by, in control of, or under common control with such Party. A corporation
                                                               or non-corporate business entity shall be regarded as in control
                                                               of another corporation or business entity (a) if it owns or directly
                                                               or indirectly controls a majority of the voting stock or other
                                                               ownership interest of the other entity, or (b) in the absence of
                                                               the ownership of a majority of the voting stock or other ownership
                                                               interest of such entity, if it possesses, directly or indirectly,
                                                               the power to direct or cause the direction of the management and
                                                               policies of such corporation or non-corporate business entity,
                                                               as applicable.

 

		1.4	“Affiliated Parties”
                                                               shall mean in respect of any specified Party, all Affiliates, directors,
                                                               officers, employees and Representatives of such Party.

 

		1.5	“A1PI” shall
                                                               mean human alpha-one antitrypsin, also known as alpha-one proteinase
                                                               inhibitor.

 

		1.6	“A1PI IV Product”
                                                               shall mean the Baxter Product under this Agreement and the Product
                                                               under the Distribution Agreement.

 

		1.7	“Baxter Facility”
                                                               shall mean any facility owned by or on behalf Baxter or an Affiliate
                                                               of Baxter that is used to manufacture the Baxter Product.

 

		1.8	“Baxter Indemnified Parties”
                                                               shall have the meaning set forth in Section ‎11.1.

 

		1.9	“Baxter Product”
                                                               shall mean any A1PI concentrate prepared by and/or on behalf of
                                                               Baxter, other than by Kamada and its Affiliates, from human plasma
                                                               IV-1 or IV-1+4 for intravenous administration that is encompassed
                                                               by a claim of the Kamada Licensed Patent Rights, or produced using
                                                               the Kamada Licensed Know-How.

 

		1.10	“Baxter Product IP”
                                                                shall have the meaning set forth in Section ‎4.6.

 

		1.11	“Baxter Product IP Option”
                                                                shall have the meaning set forth in Section ‎4.6.

 

		1.12	“Baxter Territory”
                                                                shall mean collectively the United States of America including
                                                                its territories and possessions, Canada, Australia and New Zealand.

 

		1.13	“Baxter Trademarks”
                                                                shall mean those trademarks developed by Baxter to market, offer
                                                                for sale, sell, and have sold Baxter Products, and trademarks
                                                                associated with Baxter and its affiliates as pharmaceutical manufacturing
                                                                entities.

 

		1.14	“Biological Materials”
                                                                shall mean those biological materials provided by Kamada to Baxter
                                                                as set forth in the Technology Sharing Plan.

 

		1.15	“BLA” shall
                                                                mean a biologics license application filed with the FDA pursuant
                                                                to 21 C.F.R. § 601.2 et seq., (or any foreign equivalent
                                                                filed) with the Regulatory Authorities in a country or territory
                                                                to obtain authorization to market A1PI IV Product in such country
                                                                or territory.

 

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		1.16	“BLA Party”
                                                                shall mean, with respect to each BLA, the Party that owns or holds
                                                                such BLA pursuant to Section ‎7.2‎7.2(a).

 

		1.17	“BLA Supplement”
                                                                shall mean a supplement to a BLA Application filed with the FDA
                                                                pursuant to 21 C.F.R. § 601.2 et seq., (or any foreign equivalent)
                                                                filed with the Regulatory Authorities in a country or territory
                                                                to modify or amend the referenced BLA including, inter alia,
                                                                to add a Baxter Facility to the BLA.

 

		1.18	“CAPA” shall
                                                                have the meaning set forth in Section ‎7.4(a).

 

		1.19	“Claims” shall
                                                                have the meaning set forth in Section ‎11.1.

 

		1.20	“Commercially Reasonable
                                                                Efforts” shall mean the efforts and resources normally
                                                                used by the relevant Party to carry out such activities in a sustained
                                                                manner consistent with the efforts such Party uses for products
                                                                with similar market and profit potential and similar scientific,
                                                                technical, developmental and regulatory risks based on conditions
                                                                then prevailing.

 

		1.21	“Competitor”
                                                                shall mean any third party that operates in the blood plasma derivatives
                                                                and/or plasma fractionation space.

 

		1.22	“Confidential Information”
                                                                shall have the meaning set forth in Section ‎10.1.

 

		1.23	“Control” with
                                                                respect to any intellectual property shall mean the ability to
                                                                grant a license or sublicense as provided for herein without violating
                                                                the terms of any agreement or other arrangement with any Third
                                                                Party and, with respect to Know-How, also means that such intellectual
                                                                property is not known to the other Party prior to disclosure thereto,
                                                                nor freely available from the public domain or any Third Parties.

 

		1.24	“Distribution Agreement”
                                                                shall have the meaning set forth in the second recital hereto.

 

		1.25	“Effective Date”
                                                                shall have the meaning set forth in the preamble to this Agreement.

 

		1.26	“Exchange Rate”
                                                                shall mean with respect to any amount (in respect of which Royalties
                                                                or other amounts are payable under this Agreement), which is invoiced
                                                                or received (as applicable) in a currency other than U.S. Dollars,
                                                                the US Dollar equivalent of such amount converted according to
                                                                the closing rate on the last Friday of the month as published
                                                                by Bloomberg.

 

		1.27	“Extraordinary Reasons”
                                                                shall have the meaning set forth in Section ‎6.13;

 

		1.28	“FDA” shall
                                                                mean the U.S. Food and Drug Administration and any successor agency
                                                                thereto.

 

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		1.29	“Field” shall
                                                                mean the use of an A1PI concentrate produced from human plasma
                                                                for intravenous administration in humans.

 

		1.30	“First Commercial Sale”
                                                                shall mean, with respect to any Baxter Product in any country,
                                                                the first arms-length sale by Baxter, an Affiliate of Baxter or
                                                                a Permitted Development and Commercialization Sublicensee, as
                                                                the case may be, of such Baxter Product to a Third Party in such
                                                                country; provided, however, that neither (a) transfers of Baxter
                                                                Product between Baxter and its Affiliates or among one or more
                                                                Baxter Affiliates nor (b) supply of Baxter Products for clinical
                                                                trial purposes, shall constitute a commercial sale.

 

		1.31	“Improvements”
                                                                shall mean improvements made to the manufacturing process and
                                                                formulations disclosed to Baxter by Kamada for the production
                                                                of A1PI from human plasma derived Cohn fraction IV-1 or IV-1+4,
                                                                as embodied in the Technology Sharing Documentation, whether embodied
                                                                in Patents or Know-How.

 

		1.32	“Indemnified Party”
                                                                shall have the meaning set forth in Section ‎11.3.

 

		1.33	“Indemnifying Party”
                                                                shall have the meaning set forth in Section ‎11.3.

 

		1.34	“Initial Royalty Rate”
                                                                shall have the meaning set forth in Section ‎5.2(a).

 

		1.35	“Kamada Additional Development
                                                                IP” shall have the meaning set forth in Section ‎8.4.

 

		1.36	“Kamada Facility”
                                                                shall mean any facility owned by or on behalf of Kamada that is
                                                                used to manufacture and supply A1PI IV Product.

 

		1.37	“Kamada Indemnified Parties”
                                                                shall have the meaning set forth in Section ‎11.2.

 

		1.38	“Kamada Licensed Know-How”
                                                                shall mean all Know-How Controlled by Kamada that pertains to
                                                                the production of an A1PI from human plasma derived Cohn fraction
                                                                IV-1 for intravenous administration, and all development, clinical,
                                                                and regulatory information associated with an A1PI-plasma-derived
                                                                product for intravenous administration.

 

		1.39	“Kamada Licensed Patent
                                                                Rights” shall mean claim(s) of (a) a Patent that is
                                                                owned or Controlled by Kamada which are necessary or useful for
                                                                Baxter to develop for manufacture, manufacture, and distribute
                                                                an A1PI concentrate prepared from human plasma derived Cohn fraction
                                                                IV-1 for intravenous administration, and that has not (i) expired
                                                                or been canceled, (ii) been declared invalid by an unreversed
                                                                and unappealable decision of a court or other appropriate body
                                                                of competent jurisdiction, (iii) been admitted to be invalid or
                                                                unenforceable through reissue, disclaimer, or otherwise or (iv)
                                                                been abandoned; or, (b) a Patent Application that is owned or
                                                                Controlled by Kamada that is intended to result in a Patent that
                                                                would be in the definition in (a) above. An initial list of Kamada
                                                                Licensed Patent Rights is attached as Exhibit ‎1.39
                                                                to this Agreement.

 

		1.40	“Kamada Territory”
                                                                shall mean all territories not included in the Baxter Territory.

 

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		1.41	“Kamada Trademarks”
                                                                shall mean those trademarks owned by Kamada for A1PI concentrate
                                                                prepared from human plasma for intravenous administration registered
                                                                in the Baxter Territory, expressly including the trademark GLASSIATM.

 

		1.42	“Know-How”
                                                                shall mean all technical, scientific and other know-how, data,
                                                                materials, information, trade secrets, ideas, formulae, inventions,
                                                                discoveries, processes, machines, compositions of matter, improvements,
                                                                protocols, techniques, works of authorship, and results of experimentation
                                                                and testing (whether or not patentable) in written, electronic,
                                                                oral or any other form that is not known to the other Party prior
                                                                to disclosure thereto nor freely available from the public domain
                                                                or from Third Parties.

 

		1.43	“License” or
                                                                “Licenses” shall mean the licenses granted
                                                                by Kamada to Baxter under Section ‎4.1
                                                                and ‎4.2.

 

		1.44	“Litigation Award”
                                                                shall mean the proceeds of any settlement entered into with any
                                                                Third Party, or the award of monetary damages following legal
                                                                action against any Third Party, in each case resulting from the
                                                                enforcement of the Kamada Licensed Patent Rights by Kamada or
                                                                Baxter within the Field and in the Territory.

 

		1.45	“Milestone”
                                                                and “Milestone Payment” shall have the meanings
                                                                set forth in Section ‎5.3.

 

		1.46	“Minimum PV Information”
                                                                shall mean the following data elements: a reporter who is identifiable
                                                                by name, initials and/or address; an identifiable patient/subject
                                                                (i.e., identifiable by patient number, date of birth, age, or
                                                                gender); at least one suspected substance/medicinal product; at
                                                                least one suspected adverse drug event.

 

		1.47	“Minimum Royalty”
                                                                shall have the meaning set forth in Section ‎5.2(b).

 

		1.48	“Net Sales”
                                                                shall mean the gross revenues invoiced by Baxter, its Affiliates
                                                                and Permitted Commercialization Sublicensees (and by agents and
                                                                sub-distributors of Baxter with regards to sales of Product) in
                                                                connection with the sale, lease or other transfer for value of
                                                                a certain product as provided in this Agreement to Unaffiliated
                                                                Third Parties in any country within the Baxter Territory; in all
                                                                cases after deduction of:

 

		(a)	customary trade and quantity discounts
                                                                actually allowed and taken;

 

		(b)	[*****]
                                                                due to [*****] (and
                                                                not to exceed [*****]);

 

		(c)	[*****],
                                                                to the extent separately invoiced and charged and actually incurred
                                                                and paid by [*****] to [*****];

 

		(d)	[*****]
                                                                pursuant to [*****],
                                                                which require [*****] (including
                                                                [*****]); and

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		(e)	[*****],
                                                                to the extent applicable to [*****],
                                                                and included [*****] and
                                                                actually paid, but only to the extent not deducted under (a) through
                                                                (d);

 

provided, that Baxter has advised
Kamada of any exceptional deductions prior to Baxter’s Royalty report under Section ‎5.6
of this Agreement. Notwithstanding the previous sentence, economic responsibility for Baxter Product recalls shall be determined
under Section ‎7.4 of this agreement.

 

		1.49	“Non-BLA Party”
                                                                shall mean, with respect to each BLA, the Party that does not
                                                                hold or own the BLA pursuant to Section ‎7.1.

 

		1.50	“Party” shall
                                                                mean Baxter or Kamada and “Parties” shall mean
                                                                Baxter and Kamada.

 

		1.51	“Paste Supply Agreement”
                                                                shall mean that certain Amended and Restated Fraction IV-1 Paste
                                                                Supply Agreement dated as of the date hereof between Baxter Healthcare
                                                                Corporation and Kamada.

 

		1.52	“Patent(s)”
                                                                means any claim in an issued patent including any extension, substitution,
                                                                registration, confirmation, reissue, supplemental protection certificate,
                                                                re-examination or renewal of such patent, to the extent said patent
                                                                is valid and enforceable (and in each case any foreign counterpart
                                                                thereto).

 

		1.53	“Patent Application(s)”
                                                                shall mean any claim in any present or future application for
                                                                letters patent, including a provisional application, converted
                                                                provisional application, continuation application, a continued
                                                                prosecution application, a continuation-in-part application, a
                                                                divisional application, a re-examination application, and a reissue
                                                                application (and in each case any foreign counterpart thereto).

 

		1.54	“Permitted Commercialization
                                                                Sublicensees” shall mean those persons or entities participating
                                                                in the import, use, sale or offer for sale of Baxter Product(s),
                                                                through a Sublicense from Baxter granted in compliance with the
                                                                terms and conditions of this Agreement.

 

		1.55	“Permitted Manufacturing
                                                                Sublicensees” shall mean those persons or entities participating
                                                                in the production process implementation, pre-clinical or clinical
                                                                development or manufacturing of Baxter Product(s), through a Sublicense
                                                                from Baxter granted in compliance with the terms and conditions
                                                                of this Agreement.

 

		1.56	“Permitted Sublicensees”
                                                                shall mean the Permitted Commercialization Sublicensees and the
                                                                Permitted Manufacturing Sublicensees.

 

		1.57	“Product Royalty Term”
                                                                shall have the meaning set forth in Section ‎5.2(a).

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		1.58	“Regulatory Approval”
                                                                shall mean, in any country in the world, the registrations, authorizations
                                                                and approvals (including, but not limited to approvals of New
                                                                Drug Applications, Biologics License Applications, labeling and
                                                                reimbursement approvals), licenses (including, but not limited
                                                                to, product and/or establishment licenses, manufacturing sites)
                                                                supplements and amendments, pre- and post-approvals, of any national,
                                                                supra-national, regional, state or local regulatory agency, department,
                                                                bureau, commission, council or other Regulatory Authority or governmental
                                                                entity in such country (including the FDA), necessary for the
                                                                development (including the conduct of clinical trials), manufacture,
                                                                distribution, importation, exportation, transport, storage, marketing,
                                                                promotion, offer for sale, use, or sale of a product in such country.

 

		1.59	“Regulatory Authority”
                                                                shall mean any national, supra-national, regional, state or local
                                                                regulatory agency, department, bureau, commission, council or
                                                                other governmental entity in such country (including the FDA)
                                                                responsible for overseeing the development (including the conduct
                                                                of clinical trials), manufacture, distribution, importation, exportation,
                                                                transport, storage, marketing, promotion, offer for sale, use,
                                                                or sale of a Product in such country.

 

		1.60	“Regulatory Documentation”
                                                                shall mean those regulatory documents listed in the Technology
                                                                Sharing Plan.

 

		1.61	“Related Agreements”
                                                                shall mean the Distribution Agreement, the Paste Supply Agreement,
                                                                the Quality Agreement and the Pharmacovigilance Agreement.

 

		1.62	“Remedial Action”
                                                                shall have the meaning set forth in Section‎7.4(a)

 

		1.63	“Representatives”
                                                                shall mean the agents or advisors (including, without limitation,
                                                                attorneys, accountants, consultants, bankers and financial advisors)
                                                                of Baxter or Kamada, as applicable.

 

		1.64	“Royalties”
                                                                shall have the meaning set forth in Section ‎5.2(a).

 

		1.65	“Sublicense”
                                                                shall mean any right granted, license given, or agreement entered
                                                                into by Baxter conveying rights under the License to Unaffiliated
                                                                Third Parties that, in each case, meet the requirements set forth
                                                                in this Agreement to be a Permitted Sublicensee (whether or not
                                                                such grant of rights, license given or agreement entered into
                                                                is described as a sublicense or otherwise).

 

		1.66	“Technology Sharing Documentation”
                                                                shall mean the documentation set forth in the Technology Sharing
                                                                Plan.

 

		1.67	“Technology Sharing Plan”
                                                                shall mean the document setting forth the obligations of the Parties
                                                                with respect to the disclosure of A1PI processing technology and
                                                                provision of personnel support by Kamada to Baxter, attached as
                                                                Exhibit ‎1.67,
                                                                as may be amended by mutual agreement of the Parties in writing
                                                                from time to time.

 

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		1.68	“Technology Sharing Term”
                                                                shall mean, subject to earlier termination pursuant to this Agreement,
                                                                the earlier of: (i) the [*****]
                                                                period of time following the Effective Date; or (ii) lots
                                                                FDA approval of the manufacturing of a Baxter Product.

 

		1.69	“Term” shall
                                                                have the meaning set forth in Section ‎12.1.

 

		1.70	“Third Party”
                                                                shall mean any entity other than Kamada, Baxter, a Permitted Sublicensee
                                                                of Baxter or their respective Affiliates, whether such Third Party
                                                                is a person, company, corporation, limited liability company,
                                                                partnership or other legal entity, or a division or operating
                                                                or business unit of such legal entity.

 

		1.71	“Transaction Documents”
                                                                shall mean, collectively, this Agreement and the Related Agreements.

 

		1.72	“Unaffiliated Third Party”
                                                                shall mean, with respect to Baxter, an entity, which is not an
                                                                Affiliate of Baxter and with respect to a Permitted Sublicensee,
                                                                an entity which is not an Affiliate of such Permitted Sublicensee.

 

		1.73	“US BLA” shall
                                                                have the meaning set forth in Section ‎7.1(a).

 

		1.74	“US BLA Supplement”
                                                                shall have the meaning set forth in Section ‎7.1(b).

 

ARTICLE
2.    TITLE. Subject only to the Licenses, and as between Baxter and Kamada, all right,
title and interest in and to the Kamada Licensed Patent Rights and Kamada Licensed Know-How and all right, title and interest
in and to any drawings, plans, diagrams, specifications, other documents, models, or any other physical matter in any way containing,
representing or embodying any of the foregoing, vest and shall vest in Kamada and, except as otherwise expressly set forth herein,
Baxter shall not have any claim thereto.

 

ARTICLE
3.    PATENTS, PATENT MAINTENANCE AND PATENT INFRINGEMENT, TRADEMARKS.

 

		3.1	Patent Prosecution and Maintenance.

 

		(a)	Generally. Notwithstanding
                                                                anything in this Agreement seemingly to the contrary, (i) the
                                                                rights and obligations of the Parties set forth in Sections
                                                                ‎3.1(a) through ‎(c)
                                                                shall apply only with respect to the Patents and Patent Applications
                                                                within the Kamada Licensed Patent Rights; and (ii) the rights
                                                                and obligations of the Parties set forth in Sections ‎3.1(a)
                                                                through ‎(c)
                                                                shall be effective as of the Effective Date. Kamada shall
                                                                update Exhibit ‎1.39
                                                                from time to time during the Term (but not less frequently
                                                                than annually) to include Patents of joint inventions between
                                                                inventors of Kamada and Baxter, and Patents solely of Kamada inventors,
                                                                in each case that relate to the Field, that arise after the Effective
                                                                Date and during and in connection with the performance of the
                                                                activities of this Agreement; provided, however, that Baxter shall
                                                                be entitled to all of the rights and benefits of any such Patents
                                                                to which it is entitled under this Agreement, notwithstanding
                                                                the delay or failure of Kamada to so update Exhibit ‎1.39.
                                                                Kamada shall be responsible for the maintenance of the Patents
                                                                within the scope of the Kamada Licensed Patent Rights and the
                                                                prosecution of any additional Patent Applications included within
                                                                the scope of the Kamada Licensed Patent Rights. Kamada shall bear
                                                                and pay all costs and fees related to the preparation, filing,
                                                                prosecution, maintenance and the like of all such Patents and
                                                                Patent Applications. Kamada shall consider the interests of Baxter
                                                                in its preparation, filing, prosecution, maintenance and the like
                                                                of all such Patents and Patent Applications.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	8

    	 

    

 

		(b)	Baxter’s Rights upon
                                                                Cessation of Prosecution/Maintenance. In the event that Kamada
                                                                reasonably decides that it will not continue to prosecute a Patent
                                                                Application and/or maintain a Patent within the scope of the Kamada
                                                                Licensed Patent Rights in a jurisdiction, then Kamada shall provide
                                                                written notice to Baxter. If requested by Baxter, the Parties
                                                                will meet to discuss the Kamada position, which discussions will
                                                                include outside patent counsel for either or both Parties at the
                                                                request of either Party. Kamada agrees to reasonably consider
                                                                the position of Baxter with respect to Kamada’s decision
                                                                not to continue prosecution/maintenance. If, following such discussions,
                                                                Kamada declines to change its position with respect to prosecution/maintenance,
                                                                then Baxter, in its discretion, may elect to continue to prosecute
                                                                such Patent Application and/or maintain such Patent in such jurisdiction
                                                                at its own cost and expense. Baxter shall notify Kamada in writing
                                                                of Baxter’s election to file and/or continue to prosecute
                                                                such Patent Application and/or maintain such Patent in any such
                                                                jurisdiction, at Baxter’s expense. In the event of a Baxter
                                                                election pursuant to this Section ‎3.1
                                                                to prosecute/maintain any Patent Application and any Patents
                                                                resulting therefrom, then such Patent Application and any Patents
                                                                resulting therefrom shall be included within the Kamada Licensed
                                                                Patent Rights for all purposes of this Agreement and such Patent
                                                                Application and any Patents resulting there from shall be owned
                                                                by Kamada and added to Exhibit ‎1.39.
                                                                Nothing in this Section ‎3.1‎(b)
                                                                shall relieve Kamada of its obligation to maintain the Kamada
                                                                Licensed Patent Rights once granted, nor allow Kamada to discontinue
                                                                prosecution of Kamada Licensed Patent Rights for the sole reason
                                                                of the cost of prosecution.

 

		(c)	Assistance; Baxter Right to
                                                                Comment.

 

(i)          Kamada
shall provide to Baxter a copy of any Patent Application that is within the Kamada Licensed Patent Rights that is being prepared
for filing with any patent office in the Baxter Territory no later than [*****] prior to
filing of said Patent Application. Baxter shall have the right to comment on any Patent Application received from Kamada. Baxter
shall provide any such comments reasonably in advance of the filing date to permit Kamada to consider such comments and complete
the filing in a timely manner. Kamada shall reasonably consider Baxter’s comments in preparing said Patent Application for
filing but will have discretion whether to accept or reject Baxter’s comments.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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(ii)         Kamada
shall provide to Baxter a copy of all substantive paper(s) received from any patent office anywhere in the world related to the
prosecution and maintenance of any Patent Application within the Kamada Licensed Patent Rights in the Baxter Territory. If Kamada
fails to provide a substantive paper(s) in a timely manner, Kamada shall provide to Baxter a reasonable explanation for such failure
and such failure, standing on its own, shall not be considered a material breach. No later than [*****]
prior to filing a substantive response related to any Patent Application within the Kamada Licensed Patent Rights, Kamada
shall provide to Baxter a draft response, and afford Baxter an opportunity to provide any comments Baxter may have. Baxter shall
provide any such comments reasonably in advance of the filing date to permit Kamada to complete the filing in a timely manner.
Kamada shall reasonably consider Baxter’s comments prior to finalizing and submitting the response but will have discretion
whether to accept or reject Baxter’s comments.

 

		3.2	Patent Enforcement. Within
                                                               and outside the Field, Kamada shall have the primary right, but
                                                               not the obligation, to carry out actions against any Third Party
                                                               arising from such Third Party’s actual or anticipated infringement
                                                               of any Patent(s) within the scope of the Kamada Licensed Patent
                                                               Rights or defend against a Third Party’s declaratory judgment
                                                               action alleging the invalidity, unenforceability or non-infringement
                                                               of any Patent(s) within the scope of the Kamada Licensed Patent
                                                               Rights, at Kamada’s expense. If Kamada determines that Baxter
                                                               is an indispensable party to the action, Kamada shall provide written
                                                               notice to Baxter and Baxter hereby consents to participate in such
                                                               action. In such event, Baxter shall have the right to be represented
                                                               in such action using counsel of its own choice, at its own expense.
                                                               If Kamada brings an action within the Baxter Territory for infringement
                                                               by a Third Party within the Field that results in a Litigation
                                                               Award, then the Litigation Award shall be shared by the Parties
                                                               as provided in Section ‎5.4.
                                                               Any recovery against a Third Party by Kamada in an action relating
                                                               to infringement outside the Field and/or outside the Baxter Territory
                                                               shall be retained by Kamada to the extent such recovery addresses
                                                               such infringement outside the Field and/or outside the Baxter Territory.
                                                               Notwithstanding the foregoing, Kamada agrees that it shall not
                                                               enter into any settlement, consent, order, consent judgment or
                                                               other voluntary final disposition of any action it brings under
                                                               this Section ‎3.2
                                                               relating to the Field and in the Baxter Territory without the prior
                                                               written consent of Baxter (which consent shall not be unreasonably
                                                               withheld, conditioned or delayed).

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	10

    	 

    

 

		3.3	Failure of Kamada to Enforce
                                                               Patents.

 

		(a)	If Kamada (i) fails to bring an
                                                                action for infringement within the Baxter Territory and the Field
                                                                by a Third Party of a Patent within the scope of the Kamada Licensed
                                                                Patent Rights within a period of [*****]
                                                                after providing written notice to or receiving written
                                                                notice from Baxter of the possibility of pursuing such an action,
                                                                including the evidence supporting such possible action; (ii) notifies
                                                                Baxter in writing prior to the expiration of such [*****]
                                                                period that Kamada declines to bring an action for infringement
                                                                within the Field and in the Baxter Territory; or, (iii) notifies
                                                                Baxter in writing that it will not defend a declaratory judgment
                                                                action brought by a Third Party alleging the invalidity, unenforceability
                                                                or non-infringement of any Patent(s) within the scope of the Kamada
                                                                Licensed Patent Rights within the Field and the Baxter Territory;
                                                                then, Baxter shall have the right, but not the obligation, to
                                                                bring and control any such action using counsel of its own choice,
                                                                at its own expense on no less than [*****]
                                                                prior written notice to Kamada.

 

		(b)	If Baxter determines that Kamada
                                                                is an indispensable Party to the action, Baxter shall provide
                                                                written notice to Kamada and Kamada shall consent to participate
                                                                in such action. To the extent that Kamada participates in such
                                                                action and Kamada consents to be represented by counsel of Baxter’s
                                                                choosing, Baxter shall pay Kamada’s reasonable expenses
                                                                resultant from such action. In the event that Kamada participates
                                                                in such an action, but does not consent to representation by counsel
                                                                selected by Baxter, Kamada shall have the right to be represented
                                                                in such action using counsel of its own choice at its own expense.
                                                                Baxter shall have no right to bring an action for infringement
                                                                by a Third Party outside the Field or the Baxter Territory of
                                                                any Patent within the scope of the Kamada Licensed Patent Rights.

 

		(c)	If Baxter brings an action for
                                                                infringement or misappropriation by a Third Party under Section
                                                                ‎3.3(a)(i) or (ii), or
                                                                defends a declaratory judgment action brought by a Third Party
                                                                alleging the invalidity, unenforceability or non-infringement
                                                                of any Patent(s) within the scope of the Kamada Licensed Patent
                                                                Rights under Section 3.3(a)(iii) (in either case,
                                                                with or without participation by Kamada), that results in a Litigation
                                                                Award for damages within the Baxter Territory and the Field, then
                                                                the Litigation Award shall be shared by the Parties as provided
                                                                in Section ‎5.4.
                                                                Any Litigation Award, or portion of a Litigation Award, which
                                                                is for damages outside the Field or Baxter Territory shall be,
                                                                as between the Parties, the exclusive property of Kamada.

 

		(d)	Notwithstanding the foregoing,
                                                                Baxter agrees that it shall not enter into any settlement, consent,
                                                                order, consent judgment or other voluntary final disposition of
                                                                any action it brings under this Section ‎3.3
                                                                without the prior written consent of Kamada (which consent
                                                                shall not be unreasonably withheld, conditioned or delayed).

 

		3.4	Patent Defense. If, as the
                                                               result of an action brought by Baxter under Section 3.3,
                                                               a Third Party raises a defense or otherwise alleges the invalidity
                                                               or unenforceability of any of the Patent rights contained within
                                                               the scope of the Kamada Licensed Patent Rights being asserted in
                                                               such action, Baxter shall consult with Kamada regarding the defense
                                                               of the invalidity claim and Baxter shall reasonably consider Kamada’s
                                                               comments in defending such claim. Notwithstanding the foregoing,
                                                               Baxter agrees that it shall not enter into any settlement, consent,
                                                               order, consent judgment or other voluntary final disposition of
                                                               any action referred to under this Section ‎3.4
                                                               without the prior written consent of Kamada (which consent
                                                               shall not be unreasonably withheld, conditioned or delayed).
                                                               

 

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		3.5	Notices Regarding Patent Actions.
                                                               Each Party shall keep the other Party informed and shall promptly
                                                               provide copies to such other Party of all documents regarding all
                                                               such claims, notices, actions or proceedings instituted by or against
                                                               such other Party as contemplated under any of the provisions of
                                                               this ‎ARTICLE
                                                               3.

 

ARTICLE
4.    LICENSES.

 

		4.1	Grant of Licenses.

 

		(a)	(i)          Kamada
                                                                hereby grants to Baxter and its Affiliates a worldwide, royalty-bearing
                                                                license within the Field, with the right to Sublicense (but only
                                                                by Baxter) to Permitted Manufacturing Sublicensees as provided
                                                                in Section ‎4.3
                                                                below, under the Kamada Licensed Patent Rights and Kamada Licensed
                                                                Know-How, to develop, make, have made, import, export, and use
                                                                Baxter Product(s); provided, that such license shall only be exclusive
                                                                within the Baxter Territory, and provided, further, that such
                                                                imports, exports and use do not involve directly or indirectly
                                                                marketing and distribution of Baxter Products outside the Baxter
                                                                Territory. Baxter may Sublicense the license granted under this
                                                                Section ‎4.1(a)(i)
                                                                to Permitted Manufacturing Sublicensees, only for the purposes
                                                                of furthering development and manufacture of Baxter Products by
                                                                Baxter under this Agreement, and no Permitted Research and Manufacturing
                                                                Sublicensee shall be permitted to independently, or through Third
                                                                Parties, develop or manufacture A1PI products under the Sublicense.

(ii) Kamada also grants to Baxter and its Affiliates an exclusive, royalty-bearing license within the Field, with the right to
Sublicense (but only by Baxter) to Permitted Commercialization Sublicensees as provided in Section ‎4.3
below, under the Kamada Licensed Patent Rights and Kamada Licensed Know-How to sell, offer for sale, have sold, and otherwise
distribute and market Baxter Product in the Field in the Baxter Territory. Kamada shall not, prior to termination or expiration
of this Agreement, directly or indirectly sell, have sold, or otherwise distribute, or license the Kamada Licensed Patent Rights
and Kamada Licensed Know-How to any Third Party to sell, offer for sale, have sold, and otherwise distribute and market, any A1PI
product for intravenous administration in the Field in the Baxter Territory. For the avoidance of doubt, Baxter shall have no
right to sell, have sold, offer for sale or otherwise market any product that is encompassed by a claim of the Kamada Licensed
Patent Rights, or produced using the Kamada Licensed Know-How, in the Kamada Territory or outside the Field.

 

		(b)	As of the Effective Date, Kamada
                                                                hereby grants to Baxter an exclusive right within the Field to
                                                                enforce the Kamada Licensed Patent Rights in the Baxter Territory
                                                                pursuant to the terms, and subject to the limitations and rights
                                                                reserved to Kamada as expressly set forth in this Agreement, including,
                                                                without limitation Sections ‎3.2
                                                                through ‎3.5,
                                                                and Section ‎5.4.

 

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		4.2	Duration of Licenses. The
                                                               Licenses granted to Baxter in Section 4.1 shall commence
                                                               on the Effective Date and, unless otherwise agreed by the Parties
                                                               in writing, shall terminate upon the effective termination of this
                                                               Agreement; provided that if, and only if, the termination of this
                                                               Agreement occurs by expiration at the end of the Product Royalty
                                                               Term, then effective upon such termination (i) Kamada hereby grants
                                                               to Baxter a fully paid-up, non-exclusive, royalty-free, perpetual,
                                                               non-cancellable, license, with rights to Sublicense, under the
                                                               Kamada Licensed Patent Rights and the Kamada Licensed Know-How
                                                               to develop, make, have made, import, export, use, sell, offer for
                                                               sale and have sold the Baxter Products in the Field in accordance
                                                               with this Agreement and (ii) Kamada covenants that it shall not
                                                               thereafter attempt to enforce against Baxter, its Affiliates or
                                                               Permitted Sublicensees any of the Kamada Licensed Patent Rights
                                                               in the Field.

 

		4.3	Sublicensing.

 

		(a)	Baxter (but not its Affiliates)
                                                                shall be permitted, pursuant to the Licenses granted to Baxter
                                                                in Section ‎4.1(a)
                                                                 of this Agreement, to grant Sublicenses to Permitted Sublicensees;
                                                                provided, however, that any such sublicensing by Baxter is in
                                                                compliance with the requirements and restrictions of this Section
                                                                ‎4.3. Any Sublicense
                                                                granted by Baxter that is not in compliance with the requirements
                                                                and restrictions of this Section ‎4.3
                                                                shall be null and void.

 

		(b)	Any Sublicense granted to any
                                                                Permitted Commercialization Sublicensee or Permitted Manufacturing
                                                                Sublicensee shall be subject to all of the following requirements:
                                                                (i) any such Sublicense shall be subject to all of the terms and
                                                                conditions of this Agreement; (ii) all Permitted Sublicensees
                                                                shall acknowledge and agree in writing that such Permitted Sublicensee
                                                                will abide by all of the terms and conditions of this Agreement
                                                                and that such Permitted Sublicensee shall be directly liable to
                                                                Kamada, jointly and severally with Baxter, for any breach of this
                                                                Agreement by such Permitted Sublicensee and that the sublicense
                                                                granted to each such Permitted Sublicensee will automatically
                                                                terminate upon termination of this Agreement; (iii) prior to granting
                                                                any such Sublicense, Baxter shall notify Kamada of the identity
                                                                of the proposed Permitted Sublicensee and the scope of the Sublicense
                                                                to be granted. No Permitted Sublicensees shall have the right
                                                                to grant further Sublicenses. Baxter may Sublicense the license
                                                                granted under Section ‎4.1(a)(i)
                                                                to Permitted Manufacturing Sublicensees only for the purposes
                                                                of furthering development and manufacture of Baxter Products by
                                                                Baxter under this agreement, and no Permitted Research and Manufacturing
                                                                Sublicensee shall be permitted to independently, or through Third
                                                                Parties, develop or manufacture A1PI products under the Sublicense.

 

		(c)	Notwithstanding the foregoing,
                                                                Baxter’s grant of any Sublicense shall not relieve Baxter
                                                                from any of its obligations under this Agreement and Baxter shall
                                                                remain liable for any breach of this Agreement by a Permitted
                                                                Sublicensee (and Baxter shall be jointly and severally liable
                                                                for any breach of this Agreement or any Sublicense agreement by
                                                                any Permitted Sublicensee). Further, for the avoidance of doubt,
                                                                Baxter agrees that it shall not grant a Sublicense of any License
                                                                granted in this Agreement for the purpose of permitting such Permitted
                                                                Sublicensee to independently develop or commercialize any Baxter
                                                                Product.

 

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		4.4	Kamada Rights and Limitations.

 

		(a)	Notwithstanding anything to the
                                                                contrary in this Agreement, and without limiting any other retained
                                                                rights, the Licenses granted by Kamada to Baxter under Section
                                                                ‎4.1 shall be subject
                                                                to the rights retained by Kamada and its Affiliates to practice,
                                                                outside of the Field, the Kamada Licensed Patent Rights and Kamada
                                                                Licensed Know-How for any purposes, including the research, development,
                                                                manufacture and commercialization of products, whether itself
                                                                or with or for others. Notwithstanding anything to the contrary
                                                                in this Agreement, Baxter hereby covenants not to develop manufacture
                                                                sell, or have sold, an Alpha 1 – Proteinase Inhibitor inhaled
                                                                product developed or manufactured using the Kamada Licensed Patents
                                                                and/or the Kamada Licensed Know-How, absent a license from Kamada
                                                                expressly authorizing Baxter to do so (which license is not granted
                                                                hereunder). Baxter also covenants not to make or cause to be made
                                                                any regulatory filings with respect to an Alpha 1 – Proteinase
                                                                Inhibitor inhaled product developed or manufactured using the
                                                                Kamada Licensed Patents and/or the Kamada Licensed Know-How, or
                                                                any or intellectual property filings which specifically claim
                                                                an Alpha 1 – Proteinase Inhibitor inhaled product developed
                                                                or manufactured using the Kamada Licensed Patents and/or the Kamada
                                                                Licensed Know-How, without the prior and express written consent
                                                                of Kamada (which consent is not granted hereunder). Baxter shall
                                                                promptly upon the request of Kamada assign to Kamada any and all
                                                                intellectual property and regulatory filings obtained by Baxter
                                                                in violation of this paragraph. Any breach of this paragraph,
                                                                in whole or in part, shall constitute a material breach hereof.
                                                                This Section ‎4.4 shall
                                                                survive after the date on which this Agreement has been terminated
                                                                or expired under Section ‎12.1.

 

		(b)	If Baxter files an application
                                                                for marketing authorization of a product which Kamada believes
                                                                to be in violation of this Agreement, Kamada shall have the right
                                                                to audit Baxter’s production process for that product. Such
                                                                audit shall be upon written request by Kamada, after which the
                                                                parties shall agree on a timetable for the submission of Baxter’s
                                                                production process documentation to Kamada by Baxter, no later
                                                                than [*****] after
                                                                such written notice. The audit shall be conducted under the terms
                                                                of a separate confidentiality agreement between the Parties. After
                                                                Kamada has reviewed the production process documentation, the
                                                                parties shall confer on the results of Kamada’s audit. For
                                                                clarity, it is agreed that the provisions of this paragraph or
                                                                the results of the audit shall not limit Kamada’s rights
                                                                to enforce its rights or the provisions of this Agreement if it
                                                                believes them to have been infringed or breached.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	14

    	 

    

 

		4.5	Cross-License to Improvements.
                                                               Baxter and/or Kamada may make Improvements. Such Improvements,
                                                               and all intellectual property resulting therefrom, shall be the
                                                               property of the Party which makes the Improvement. All Improvements
                                                               made by Kamada by the earlier of (i) the end of the Product Royalty
                                                               Term or (ii) the termination of this Agreement, shall be deemed
                                                               Kamada Licensed Patent Rights or Kamada Licensed Know-How, and
                                                               shall be included in the licenses in this ‎ARTICLE
                                                               4 for no additional consideration. All Improvements made by
                                                               Baxter by the earlier of (i) the end of the Product Royalty Term
                                                               or (ii) the termination of this Agreement, shall be licensed by
                                                               Baxter to Kamada, as a fully paid-up, perpetual, royalty-free license,
                                                               with the right to sublicense, to develop, have developed, import,
                                                               export, use, manufacture, have manufactured, market, have marketed,
                                                               distribute, have distributed, offer for sale or have offered for
                                                               sale, sold, or have sold in the Kamada Territory and in the Baxter
                                                               Territory, A1PI products, but in the Baxter Territory only (i)
                                                               for or to Baxter and its Affiliates; (ii) for A1PI products which
                                                               are not A1PI IV Products or (iii) for any A1PI products following
                                                               the termination of this Agreement, unless this Agreement is terminated
                                                               by Baxter under Sections ‎12.2(b),
                                                               for no additional consideration. The rights acquired by the Parties
                                                               in this Section ‎4.5 shall
                                                               survive termination or expiration of this Agreement.

 

		4.6	Kamada Option to Non-Improvement,
                                                               Non-Additional Indication Development IP. If, during the Product
                                                               Royalty Term, Baxter makes intellectual property in the form of
                                                               Patents or Know-How for Baxter Products which are not Improvements
                                                               or Additional Indication Development IP (as defined in Section
                                                               ‎8.3, below) (“Baxter
                                                               Product IP”), then such Baxter Product IP shall be promptly
                                                               disclosed to Kamada and Kamada shall have an option to license
                                                               such Baxter Product IP from Baxter for the production of A1PI products
                                                               to be marketed, offered for sale, sold, or have sold in the Kamada
                                                               Territory (“Baxter Product IP Option”). Such
                                                               Baxter Product IP Option shall be for a period starting upon disclosure
                                                               of Baxter Product IP to Kamada by Baxter, and ending [*****]
                                                               years from such disclosure to Kamada. If, during the Baxter
                                                               Product IP Option period, Kamada exercises the option by written
                                                               notice to Baxter, the Parties shall enter into licensing negotiations
                                                               in good faith to license the Baxter Product IP to Kamada under
                                                               reasonable terms.

 

		4.7	Trademarks.

 

		(a)	Kamada grants to Baxter a non-exclusive,
                                                                royalty-free license to use Kamada Trademarks for the sole purpose
                                                                of marketing, offering for sale, selling, having sold, advertising
                                                                and promoting Baxter Products under this Agreement. Such license
                                                                shall not be transferable in whole or in part, except as permitted
                                                                in Section ‎4.3.
                                                                Such license shall terminate upon the termination or expiration
                                                                of this Agreement.

 

		(b)	Kamada shall be solely responsible
                                                                for selecting, registering and enforcing Kamada Trademarks and,
                                                                except as otherwise expressly set forth in this Agreement, shall
                                                                have sole and exclusive rights in and ownership of such Kamada
                                                                Trademarks.

 

		(c)	Baxter shall have the right to
                                                                develop Baxter Trademarks for use in marketing, offering for sale,
                                                                selling, and having sold Baxter Products under this Agreement.
                                                                Baxter shall be solely responsible for selecting, registering
                                                                and enforcing Baxter Trademarks and shall have sole and exclusive
                                                                rights in such Baxter Trademarks.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	15

    	 

    

 

		(d)	Upon termination of this Agreement,
                                                                unless Baxter terminates the Agreement pursuant to Section
                                                                ‎12.2(b) or ‎12.2(c),
                                                                Baxter shall promptly assign or cause to be assigned to Kamada
                                                                all Baxter Trademarks that Baxter or any of its Affiliates owns
                                                                and/or has developed in a country within the Baxter Territory
                                                                with respect to such country, unless Baxter has marketed products
                                                                that are not A1PI IV Products with such Baxter Trademark in such
                                                                country or unless the Distribution Agreement with respect to such
                                                                country is in effect. For the avoidance of doubt, if Baxter commercially
                                                                uses the trademark on one or more products in addition to the
                                                                Baxter Product, Baxter shall not be obligated to assign such trademark
                                                                to Kamada.

 

ARTICLE
5.    FINANCIAL CONSIDERATIONS. 

 

		5.1	Generally. The Parties have
                                                               determined that, for their convenience, appropriate consideration
                                                               for Baxter’s use of the Kamada Licensed Patent Rights and
                                                               Kamada Licensed Know-How shall be the Milestone Payments, and a
                                                               royalty paid on the Net Sales of Baxter Product for defined, date
                                                               certain periods, [*****].  

 

		5.2	Royalties.

 

		(a)	Royalty Rates and Term.
                                                                Baxter shall pay Kamada royalties on Net Sales of Baxter Products
                                                                as provided in this Section ‎5.2
                                                                (collectively “Royalties”). Baxter shall
                                                                pay Kamada Royalties of [*****]
                                                                of Net Sales of the Baxter Product (the “Initial
                                                                Royalty Rate”) until the [*****]
                                                                year anniversary of the Effective Date. Beginning after
                                                                the [*****] year anniversary
                                                                of the Effective Date, Baxter shall pay Kamada Royalties of [*****]
                                                                of Net Sales of the Baxter Product until the [*****]
                                                                anniversary of the Effective Date. The period from the
                                                                Effective Date until the [*****]
                                                                 anniversary of the Effective Date is the “Product
                                                                Royalty Term.”

 

		(b)	Minimum Annual Royalties.
                                                                Beginning upon the earlier of (i) the year of the First Commercial
                                                                Sale or (ii) as specified in Section 4.5 of the Distribution Agreement,
                                                                the minimum annual Royalty payable by Baxter to Kamada in each
                                                                calendar year during the Product Royalty Term (the “Minimum
                                                                Royalty”) shall be
                                                                Five Million Dollars ($5,000,000); provided that: the Minimum Royalty for the year
                                                                of the First Commercial Sale shall be prorated to the portion
                                                                of the year after the First Commercial Sale.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	16

    	 

    

 

		(c)	Royalty Stacking. To the
                                                                extent Baxter reasonably determines, following consultations with
                                                                Kamada that it is obligated to or that it is commercially reasonable
                                                                to obtain a license for any intellectual property from a Unaffiliated
                                                                Third Party in order to commercialize a Baxter Product in the
                                                                Field in the Baxter Territory, subject to Kamada’s prior
                                                                written consent, which shall not be unreasonably withheld or delayed,
                                                                Baxter may reduce the Royalty applicable to such Baxter Product
                                                                by an amount up to [*****]
                                                                of the royalty payable to such third party; provided, however,
                                                                that in no case shall such reduction (or the aggregate reduction
                                                                if multiple third party licenses are required) exceed [*****]
                                                                of the Initial Royalty Rate and, provided further, that
                                                                the Royalty applicable to any Baxter Product shall not be reduced
                                                                by any such royalties payable to such Unaffiliated Third Party
                                                                to the extent that such royalties are for intellectual property
                                                                connected with human plasma IV-1+4 or related to the production
                                                                of Baxter Product with human plasma IV 1+4.

 

		(d)	Diligence – Commercial
                                                                Launch. Baxter shall use Commercially Reasonable Efforts to
                                                                (i) have, by [*****], a production
                                                                line dedicated to the production of the Baxter Product and (ii)
                                                                launch the Baxter Product in the United States of America, no
                                                                later than [*****].

 

		5.3	Milestones. In consideration
                                                               of the undertakings by Kamada pursuant to this Agreement, and the
                                                               grant of the License by Kamada to Baxter hereunder, Baxter agrees
                                                               that it shall, within [*****]
                                                               after Kamada’s written notice of the achievement of
                                                               the applicable milestone set forth below (each a “Milestone”),
                                                               pay to Kamada the applicable non-refundable, non-creditable milestone
                                                               amount (each, a “Milestone Payment”) set forth
                                                               below adjacent to such activity. Milestone Payments are not guaranteed
                                                               payments, and Baxter shall not be obligated to make a Milestone
                                                               Payment unless all conditions precedent to such Milestone Payment
                                                               have been fully satisfied.

 

	Milestone	 	Milestone Payment (USD)
	Handover of [*****].

	 	$5,000,000

	[*****]	 	$5,000,000
	[*****]	 	[*****]

 

		5.4	Litigation Awards. The Parties
                                                               shall equally share any Litigation Award after each Party has been
                                                               fully reimbursed for all out-of-pocket fees and expenses incurred
                                                               in connection with the legal action.

 

		5.5	Payment of Royalties and Litigation
                                                               Awards.

 

		(a)	Royalties payable to Kamada pursuant
                                                                to this Agreement shall be paid to Kamada in U.S. Dollars, on
                                                                a [*****]
                                                                basis no later than [*****]
                                                                after the end of each such [*****],
                                                                commencing with the first [*****]
                                                                in which any Net Sales of Baxter Products are made. No
                                                                later than [*****]
                                                                after the end of any calendar year following the First
                                                                Commercial Sale, if the Minimum Royalties due for such year exceed
                                                                the Royalties paid for such year, such excess amount shall be
                                                                paid to Kamada. The recipient of any Litigation Award proceeds
                                                                shall pay the amount due to the other Party in accordance with
                                                                the allocation described in Section ‎5.4
                                                                within [*****]
                                                                business days of receipt thereof. All amounts not paid
                                                                when due under this Agreement shall bear interest at the rate
                                                                of [*****],
                                                                compounded [*****]
                                                                or, if less, the highest rate allowable by applicable law,
                                                                from the due date until the date of payment.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	17

    	 

    

 

		(b)	With respect to Net Sales of Baxter
                                                                Products invoiced in a currency other than U.S. Dollars, the Net
                                                                Sales of Baxter Products and corresponding Royalties payable shall
                                                                be expressed in the report provided pursuant to Section ‎5.6
                                                                in the domestic currency of the party making the sale as well
                                                                as in the U.S. Dollar equivalent of the Net Sales of Baxter Products
                                                                and corresponding Royalties payable and the Exchange Rate used
                                                                in determining the amount of U.S. Dollars.

 

		5.6	Reporting. Baxter shall
                                                               submit to Kamada no later than [*****]
                                                               after the end of each [*****],
                                                               commencing with the first [*****]
                                                               in which any Net Sales of Baxter Products are made, a report
                                                               setting out all amounts owing to Kamada in respect of such previous
                                                               calendar quarter to which the report refers, including: (a) the
                                                               aggregate Net Sales of Baxter Products made by Baxter, its Affiliates
                                                               and Permitted Commercialization Sublicensees, including a breakdown
                                                               of Net Sales of Baxter Products by country, currency of sales,
                                                               number and type of Baxter Products sold; (b) deductions applicable,
                                                               as provided in the definition of Net Sales; and (c) any other matter
                                                               necessary to enable the determination of the amounts payable hereunder.
                                                               Baxter will ensure that all calculations and reports to be provided
                                                               to Kamada are prepared in accordance with applicable generally
                                                               accepted accounting principles consistently applied by Baxter,
                                                               and consistent with the financial statements and public reporting
                                                               of Baxter.

 

		5.7	Audit. At Kamada’s
                                                               expense, and no more than [*****]
                                                               each [*****],
                                                               Kamada shall be entitled to appoint a Third Party representative
                                                               to inspect, during normal business hours and upon no less than
                                                               [*****]
                                                               advance written notice, Baxter’s and Baxter’s
                                                               Affiliates’ and Permitted Commercialization Sublicensees’
                                                               books of account, records and other documentation to the extent
                                                               necessary for the verification of the amounts due to Kamada under
                                                               this Agreement. Upon receipt of written notice, Baxter and Kamada
                                                               shall confer to agree upon an acceptable date for the audit, taking
                                                               into account normal activities of Baxter’s finance function
                                                               (e.g., quarter end and year end activities). In the event that
                                                               any such inspection reveals any underpayment by Baxter to Kamada
                                                               in respect of any year of the Agreement in an amount exceeding
                                                               [*****]
                                                               of the amount actually paid by Baxter to Kamada in respect
                                                               of such year then Baxter shall (in addition to paying Kamada the
                                                               shortfall), bear the costs of such inspection.

 

		5.8	Taxes.  All amounts
                                                                 due to Baxter or Kamada hereunder [*****];
provided, however,
                                                                 that the Parties shall cooperate to minimize any tax liability,
                                                                 provided, however, that the payor shall deduct any applicable
                                                                 withholding taxes or similar mandatory government charges levied
                                                                 by any governmental jurisdiction from the amount due to the payee
                                                                 hereunder.  Baxter and Kamada will cooperate in obtaining
                                                                 any necessary documentation required under applicable tax law,
                                                                 regulation, or intergovernmental agreement.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	18

    	 

    

 

ARTICLE
6.    TECHNOLOGY SHARING.

 

		6.1	Notwithstanding the use of the
                                                               term ‘Technology Sharing’ and notwithstanding anything
                                                               contained in this Agreement or any of the Related Agreements to
                                                               the contrary, nothing in any of the Transaction Documents is intended
                                                               to or is to be interpreted as an obligation of Kamada to transfer
                                                               legal title to any of the intellectual property assets licensed
                                                               by Kamada under this Agreement to Baxter. Further, for the
                                                               avoidance of doubt, the term ‘Technology Sharing Plan’
                                                               (and its related defined terms) is intended to refer to the process
                                                               by which Kamada will disclose to Baxter and will train Baxter with
                                                               respect to the skills, knowledge, technologies and methods of manufacturing
                                                               that Kamada possesses (or will develop during the Term) to ensure
                                                               that Baxter is able to exploit such skills, knowledge, technologies
                                                               and methods in the Baxter Territory as more specifically detailed
                                                               in Exhibit 1.67 to this Agreement.

 

		6.2	Kamada expressly undertakes, under
                                                               the provisions set forth below and as further set forth in the
                                                               Technology Sharing Plan (Exhibit ‎1.67)
                                                               the following:

 

		(a)	by [*****],
                                                                for no additional consideration, to complete a speedy and efficient
                                                                disclosure to Baxter of all Technology Sharing Documentation,
                                                                including, without limitation, Regulatory Documentation, all documentation
                                                                related to yield improvement for A1PI, and all other information,
                                                                materials and documentation reasonably necessary for or directly
                                                                related to Baxter’s exercise of the rights licensed herein
                                                                as listed in Exhibit ‎1.39,
                                                                as well as all copies of documents reasonably requested by Baxter,
                                                                provided that such documents are in Kamada’s possession
                                                                and that such access shall comply with all state and federal statute
                                                                requirements;

 

		(b)	until the end of the Technology
                                                                Sharing Term, to provide Baxter and relevant health authorities
                                                                with such access to Kamada’s offices and laboratory and
                                                                production facilities in Israel as is reasonable to advance the
                                                                sharing of Kamada’s technology under the Technology Sharing
                                                                Plan, upon prior coordination with Kamada of at least [*****]
                                                                and during normal business hours, provided that such visits may
                                                                not unduly burden Kamada’s normal work activities, and to
                                                                provide consultation and advice reasonably requested by Baxter
                                                                or any said authority during any such visit, all for no additional
                                                                consideration;

 

		(c)	for [*****], to provide Baxter
                                                                and Baxter’s third party contract partners with all other
                                                                consultation and advice necessary or evidently beneficial for
                                                                effecting said disclosure, including training and consultation
                                                                performed at such locations as determined in the Technology Sharing
                                                                Plan, with Kamada providing up to an aggregate amount of [*****]
                                                                for no additional consideration to fulfill its obligations under
                                                                the Technology Sharing Plan. For clarity, the [*****] shall include
                                                                all time spent by Kamada personnel or its outside advisors in
                                                                fulfilling its obligations under the Technology Sharing Plan unless
                                                                otherwise specifically indicated under the Technology Sharing
                                                                Plan.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		(d)	until the end of the Technology
                                                                Sharing Term, to supply Baxter, for no additional consideration,
                                                                with quantities of the Biologic Material as listed in Exhibit
                                                                ‎1.39 necessary or
                                                                beneficial for Baxter to start development of the manufacturing
                                                                of Baxter Products and to establish production of the Baxter Products
                                                                at its own facilities provided that such biological material is
                                                                in Kamada's possession and that Baxter bears all costs associated
                                                                with shipping the Biologic Material; and,

 

		(e)	until the end of the Technology
                                                                Sharing Term, ensure that, throughout the disclosure process it
                                                                shall have adequate numbers of persons qualified to provide the
                                                                foregoing assistance and services to Baxter.

 

		6.3	Notwithstanding the dates and timelines
                                                               set forth in this Agreement and in Exhibit ‎1.67,
                                                               the Parties acknowledge and agree that the timelines and dates
                                                               shall be accelerated pursuant to the Distribution Agreement in
                                                               the event of a Failure (as such term is defined therein). The Parties
                                                               further agree that time is of the essence as regards all said actions,
                                                               and in particular the disclosure of Kamada Licensed Know-How, technology,
                                                               Biological Material, Technology Sharing Documentation and other
                                                               information and materials to Baxter.

 

		6.4	Kamada shall use its Commercially
                                                               Reasonable Efforts to complete the timely disclosure to Baxter
                                                               of all Technology Sharing Documentation, Kamada Licensed Know-How,
                                                               Biological Material, Regulatory Documentation, and other documentation
                                                               and materials as set forth in Sections ‎6.2(a)
                                                               and ‎6.2(d),
                                                               except that if any delay in such disclosure is the result of a
                                                               delay by Baxter, Kamada’s obligation to disclose shall be
                                                               delayed by such period of time reasonably resulting from Baxter’s
                                                               delay, but no less than the period of Baxter’s delay.

 

		6.5	If Baxter requires additional Kamada
                                                               resource time or requires consultancy and advice after using the
                                                               [*****] personnel hours, which
                                                               are for no additional consideration, or after [*****]
                                                               from the Effective Date, the Parties may mutually agree
                                                               on reasonable support. Whenever support including support provided
                                                               under Section ‎6.2(c)
                                                               requires Kamada personnel to travel to Baxter’s facilities
                                                               or any other facility determined by Baxter, Baxter shall bear all
                                                               reasonable travel expenses (including accommodation) and a per
                                                               diem [*****]
                                                               per day for meals. For additional support beyond the [*****]
                                                               personnel hours under Section ‎6.2(c)
                                                               Baxter shall pay the hourly fees of the Kamada employees traveling
                                                               to Baxter as follows: for [*****] per hour, for [*****] per hour,
                                                               for [*****] per hour and [*****] (e.g., [*****] per hour. The hourly
                                                               fees of other Kamada employees which are not described above, traveling
                                                               to Baxter shall be determined on a case-by-case basis. Following
                                                               a Baxter request for additional support Kamada will provide the
                                                               estimated cost including hourly rates. During such support, Kamada
                                                               will periodically provide Baxter with a detailed report of the
                                                               hours worked by such Kamada employees, the employees utilized,
                                                               and the employee rates which are to be charged to Baxter. Baxter
                                                               shall pay all fees and expenses due to Kamada under this Section
                                                               ‎6.5 within [*****]
                                                               days of its receipt of an invoice related thereto.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		6.6	Neither Party shall be obliged
                                                               to disclose any information to the other if it is prevented from
                                                               doing so by an obligation to another person, provided, however,
                                                               that the Parties agree to make all reasonable efforts to obtain
                                                               consent to disclose such information. If that obligation is not
                                                               absolute but is conditional upon the observance of conditions there
                                                               shall be no obligation to make such disclosure except against an
                                                               undertaking to observe such conditions.

 

		6.7	If Baxter finds information and
                                                               data provided by Kamada incorrect or incomplete, Baxter may request
                                                               that Kamada provide additional information necessary to correct
                                                               or supplement previous information, and Kamada shall provide such
                                                               information and data without undue delay, provided that such information
                                                               is within Kamada’s possession.

 

		6.8	Kamada shall not at any time after
                                                               the Effective Date destroy any relevant documents related to the
                                                               A1PI technology, and in particular Kamada will not destroy or dispose
                                                               of any documents related to the clinical investigation of the A1PI
                                                               and A1PI containing products without notice to Baxter. If Kamada
                                                               desires to dispose of any such document, Kamada shall inform Baxter
                                                               of such desire to dispose of such documents, and shall, at Baxter’s
                                                               option, disclose any such document to Baxter without undue delay.

 

		6.9	Further, Kamada shall in particular
                                                               inform Baxter of any additional information, documentation or materials
                                                               in Kamada’s possession or control that reasonably could assist
                                                               Baxter in the development or production of the A1PI manufactured
                                                               by Kamada, or any bulk A1PI product, of which Kamada is aware.
                                                               In particular Kamada shall, until the end of the Technology Sharing
                                                               Term and as a part of its quality assurance system, send Baxter
                                                               all updated versions of all documents and/or other material, which
                                                               have already been disclosed to Baxter, in a timely manner, provided
                                                               that Kamada shall promptly forward material updates to material
                                                               documents.

 

		6.10	Kamada shall retain original documents
                                                                to the extent and for the time period legally required, and Kamada
                                                                shall have the right to retain copies of any original documents
                                                                disclosed to Baxter for its records. Kamada shall further retain
                                                                all original documentation from any A1PI clinical studies and
                                                                trials in its possession while the regulatory license(s) for Baxter
                                                                Products are maintained, including without limitation master files
                                                                for such studies and trials, and will arrange with Baxter for
                                                                the shipment of said originals to Baxter if Kamada at any time
                                                                desires to dispose of said documents. If Kamada wishes to transfer
                                                                any such documentation to any third party, it shall first obtain
                                                                an undertaking from that party allowing Baxter access to such
                                                                documentation or copies thereof under the terms of this Agreement.

 

		6.11	Kamada shall in all aspects of
                                                                the technology disclosure to Baxter of its A1PI production processes
                                                                use its Best Efforts to execute all of its obligations to provide
                                                                Technology Sharing Documentation and to support the technology
                                                                disclosure to Baxter under the Technology Sharing Plan.

 

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		6.12	In conjunction and coordination
                                                                with the efforts of Kamada described in this Section, Baxter shall
                                                                develop the capability to use Kamada Licensed Patents and Kamada
                                                                Licensed Know-How at a facility owned by Baxter (or its Affiliate)
                                                                for the purpose of processing A1PI from human plasma in accordance
                                                                with the terms of this License.

 

		6.13	Incomplete technology sharing
                                                                by Kamada shall be a material breach of its obligations under
                                                                this Agreement, subject to the remedies set forth in Exhibit
                                                                14.8. For the purposes of this agreement, an incomplete technology
                                                                sharing shall mean:

 

		a)	Kamada’s failure, other than
                                                              through serious illness of key personnel, accident, good faith error,
                                                              or other reasonably extenuating circumstance, to attend within a
                                                              [*****] period at least [*****]
                                                              regularly scheduled meetings or [*****] regularly scheduled teleconferences
                                                              of the Technology Sharing Sub-Committee; provided that Kamada did
                                                              not propose an alternative date for such meeting or teleconference
                                                              within [*****] of its failure to attend with such date being within
                                                              [*****] of the original date of the meeting or teleconference and
                                                              Kamada attended the meeting or teleconference on such proposed date;

 

		b)	Kamada’s failure, other than
                                                              through serious illness of key personnel, accident, good faith error
                                                              or other reasonably extenuating circumstance, to attend [*****]
                                                              meetings or [*****] teleconferences duly called, by Baxter for Extraordinary
                                                              Reasons with reasonable notice under the circumstances which shall
                                                              be provided [*****], for a meeting, or [*****], in the case of a
                                                              teleconference, in advance, along with a written notice detailing
                                                              the Extraordinary Reasons (as defined below); provided that Kamada
                                                              did not propose an alternative date for such meeting or teleconference
                                                              within [*****] of its failure to attend, with such date being within
                                                              [*****] of the original date of the meeting or teleconference and
                                                              Kamada attended the meeting or teleconference on such proposed date;

 

		c)	Kamada’s failure to provide
                                                              Baxter with [*****], however, to (1) reasonable delays occurring
                                                              in the natural course of business, with delays of [*****] or less
                                                              being deemed reasonable delays and (2) delays resulting from delays
                                                              by Baxter; in such case Kamada’s obligations shall be delayed
                                                              by such period of time reasonably resulting from Baxter’s
                                                              delay, but no less than the period of Baxter’s delay;

 

		d)	Kamada’s failure to provide
                                                              Baxter with any [*****] without which Baxter’s interests under
                                                              the Agreement, or Baxter’s exercise of the rights, title and/or
                                                              interests granted by Kamada under the Agreement, would be materially
                                                              prejudiced within [*****] of Baxter’s request specifically
                                                              listing the [*****], provided that such [*****] was in the possession
                                                              of Kamada and known to be in the possession of Kamada by Kamada
                                                              personnel. Any such allegation of such failure to provide shall
                                                              be provided as written notice to Baxter, and Kamada shall have [*****]
                                                              days to respond to this allegation, before this failure shall be
                                                              deemed a material breach.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	22

    	 

    

 

It is hereby clarified that
Kamada shall not be deemed to have failed to attend any meeting or teleconference, if Kamada, notwithstanding any other provisions
of notice in this Agreement, notified to Baxter via any method, at least [*****] in advance, that it would not be able to attend
and shall have proposed an alternative date for such meeting or teleconference within [*****] of the original date of the meeting
or teleconference, with such date being within [*****] days of the original date and Kamada attended the meeting or teleconference
on such proposed date.

 

“Extraordinary Reasons”
shall mean Baxter’s reasonable determination that it lacks a specific item of information which prevents it from continuing
its regularly scheduled progress of assimilating the information transferred to it in accordance with the Technology Sharing Plan.

 

Kamada shall not be in material
breach of its obligations under this Agreement if:

 

		a)	Any failure by Kamada to fulfil
                                                               any of its obligations under the detailed Technology Sharing Plan
                                                               is reasonably due to the failure of Baxter to fulfil any of its
                                                               obligations under the detailed Technology Sharing Plan;

 

		b)	Any substitution of any material,
                                                               reagent, equipment, process or procedure by Baxter for those used
                                                               by Kamada results in different yields, quality, or other manufacturing
                                                               and product parameters from those obtained by Kamada in Kamada
                                                               facilities when the A1PI technology is used by Baxter in Baxter’s
                                                               facilities, provided that Kamada has used its Commercially Reasonable
                                                               Efforts in assisting Baxter with the technology sharing in accordance
                                                               with the Technology Sharing Plan.

 

		6.14	Incomplete technology sharing
                                                                by Baxter shall be a material breach of its obligations under
                                                                this Agreement, subject to the remedies set forth in Exhibit
                                                                14.8. For the purposes of this agreement, an incomplete technology
                                                                sharing shall mean:

 

		a)	Baxter’s failure, other than
                                                              through serious illness of key personnel, accident, good faith error
                                                              or other reasonably extenuating circumstance, to attend within a
                                                              [*****] period at least [*****]
                                                              regularly scheduled meetings or [*****] regularly scheduled teleconferences
                                                              of the Steering Committee; provided that Baxter did not propose
                                                              an alternative date for such meeting or teleconference within [*****]
                                                              hours of its failure to attend with such date being within [*****]
                                                              days of the original date of the meeting or teleconference and Baxter
                                                              attended the meeting or teleconference on such proposed date;

 

		b)	Baxter’s failure, other than
                                                              through serious illness of key personnel, accident, good faith error
                                                              or other reasonably extenuating circumstance, to attend [*****]
                                                              meetings or [*****] teleconferences duly called, with reasonable
                                                              notice under the circumstances, by Kamada for extraordinary and
                                                              urgent reasons; provided that Baxter did not propose an alternative
                                                              date for such meeting or teleconference within [*****] hours of
                                                              its failure to attend with such date being within [*****] days of
                                                              the original date of the meeting or teleconference and Baxter attended
                                                              the meeting or teleconference on such proposed date;

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	23

    	 

    

 

It is hereby clarified that
Baxter shall not be deemed to have failed to attend any meeting or teleconference, if Baxter, notwithstanding any other provisions
of notice in this Agreement, notified to Kamada via any method, at least [*****]in advance,
that it would not be able to attend and shall have proposed an alternative date for such meeting or teleconference within [*****]
of the original date of the meeting or teleconference, with such date being within [*****]
of the original date and Baxter attended the meeting or teleconference on such proposed date

 

ARTICLE
7.    REGULATORY MATTERS. 

 

		7.1	Regulatory Documentation and
                                                               Regulatory Licenses.

 

		(a)	United States BLA. Kamada
                                                                shall be responsible, at its sole cost and expense for obtaining
                                                                and maintaining the BLA for all A1PI IV Product that is manufactured
                                                                in the Kamada Facility for sale in the United States, its territories
                                                                and possessions (the “US BLA”). Kamada shall
                                                                own such US BLA; provided, however, that following Practice Runs
                                                                (as defined in the Technology Sharing Plan), the Clinical/Regulatory
                                                                Sub-Committee (CRSC) shall discuss, in good faith, the possible
                                                                regulatory options for the Baxter Product, including transferring
                                                                the US BLA to Baxter, sharing the BLA between Kamada and Baxter,
                                                                and any other possible regulatory pathways. The CRSC shall also
                                                                determine the timelines, procedures and costs (if any) to be paid
                                                                by Kamada or Baxter to effect such regulatory options chosen by
                                                                the CRSC.

 

		(b)	United States BLA Supplement.
                                                                Baxter shall be responsible, at its sole cost and expense for
                                                                preparing and maintaining the BLA Supplement for all A1PI IV Product
                                                                that is manufactured in a Baxter Facility, for sale and distribution
                                                                in the United States, its territories and possessions (the “US
                                                                BLA Supplement”). Kamada shall reasonably cooperate,
                                                                at its sole cost and expense, with Baxter in Baxter’s efforts
                                                                to prepare and/or maintain the US BLA Supplement. In connection
                                                                therewith, Kamada shall provide Baxter with copies of such Regulatory
                                                                Documentation, Regulatory Approvals and other information that
                                                                may be necessary and/or useful in Baxter’s efforts pursuant
                                                                to this Section ‎7.1(b)
                                                                to the extent that such information is in Kamada’s possession
                                                                or is reasonably accessible by Kamada. Kamada shall be responsible,
                                                                as BLA holder, for reviewing, filing and holding the BLA Supplement.
                                                                During the Term of this Agreement, Kamada shall also timely provide
                                                                Baxter with copies of updated or amended Regulatory Documentation,
                                                                Regulatory Approvals and related information as they are submitted
                                                                to the respective Regulatory Authorities with respect to the Baxter
                                                                Product.

 

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		(c)	Other Territories. Baxter,
                                                                shall have the exclusive right and shall be responsible, at its
                                                                sole cost and expense for obtaining and maintaining all other
                                                                BLAs for all A1PI IV Product for sale and distribution in any
                                                                country in the Baxter Territory other than the United States,
                                                                its territories and possessions. Baxter shall own all such BLAs;
                                                                provided that (i) Kamada shall be notified of all submissions
                                                                to Regulatory Authorities in such countries if they affect the
                                                                A1PI IV Products or Kamada’s products and shall receive
                                                                electronic copies of such submissions, (ii) if such Regulatory
                                                                Authorities require additional studies or information, the expense
                                                                of such studies or providing such information shall be borne by
                                                                Baxter and (iii) the terms of Section ‎‎7.2
                                                                below shall apply, mutatis mutandis, with respect to any communication
                                                                with any applicable Regulatory Authority.

 

		7.2	Regulatory Authority Communications.

 

		(a)	Generally. Except as expressly
                                                                set forth in this Section ‎7.2
                                                                or as otherwise requested in writing, the Non-BLA Party shall
                                                                not, directly or indirectly, communicate with the FDA or the Regulatory
                                                                Authorities of the applicable country regarding any Regulatory
                                                                Approval or BLA for the A1PI IV Product in such country.

 

		(b)	Oral Communication Initiated
                                                                by Regulatory Authority. If the FDA or other Regulatory Authority
                                                                initiates any unscheduled oral communication with the BLA Party
                                                                directly regarding the Non-BLA Party’s products, or which
                                                                could impact the Non-BLA Party’s products, BLA Party shall
                                                                have the right to respond to such communication to the extent
                                                                reasonably necessary or appropriate under the circumstances; provided,
                                                                however, that (i) BLA Party shall use reasonable efforts
                                                                to limit the communications regarding the Non-BLA Party’s
                                                                products that are conducted without the participation of Non-BLA
                                                                Party; (ii) promptly thereafter, the BLA Party shall provide
                                                                the Non-BLA Party with written notice thereof in reasonably specific
                                                                detail describing the communications regarding Non-BLA Party’s
                                                                products; and (iii) BLA Party promptly shall provide Non-BLA
                                                                Party’s with copies of all minutes and other materials resulting
                                                                therefrom.

 

		(c)	With respect to any meetings,
                                                                telephone conferences, video conferences or other non-written
                                                                communication with the FDA or other Regulatory Authority directly
                                                                regarding Non-BLA Party’s products, or which could impact
                                                                the Non-BLA Party’s products,
                                                                not covered under Section ‎7.2(a)
                                                                or ‎7.2(b):

 

		(i)	BLA Party shall
                                                                                   provide Non-BLA Party with reasonable written
                                                                                   notice thereof in reasonably specific detail
                                                                                   sufficiently in advance to allow Non-BLA Party
                                                                                   the opportunity to have one representative
                                                                                   actively participate therein;

 

		(ii)	upon the request
                                                                                    of Non-BLA Party, BLA Party shall provide
                                                                                    Non-BLA Party with advance details regarding
                                                                                    the subject matter thereof;

 

		(iii)	Non-BLA Party
                                                                                     shall have the right to be present at, and
                                                                                     to the extent relating to the Non-BLA Party’s
                                                                                     products participate in, any such meetings,
                                                                                     telephone conferences, video conferences
                                                                                     or other non-written communication; and

 

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		(iv)	BLA Party
                                                                                    promptly shall provide Non-BLA Party with
                                                                                    copies of all minutes and other materials
                                                                                    resulting therefrom.

 

		7.3	Pricing and Reimbursement Approvals.
                                                               Baxter shall be responsible for obtaining, and undertakes to obtain
                                                               using its Commercially Reasonable Efforts, and maintaining all
                                                               regulatory, administrative, and third party payor-related activities
                                                               relating to pricing and reimbursement approvals for the A1PI IV
                                                               Product in the Baxter Territory (and any country therein). For
                                                               the avoidance of doubt, the foregoing shall not require Baxter
                                                               to seek pricing and/or reimbursement approvals other than in connection
                                                               with the exercise of Baxter’s rights and obligations under
                                                               Section 7.1(c). Baxter shall use its Commercially Reasonable
                                                               Efforts to obtain any such approvals for the United States promptly
                                                               after the Execution Date. Baxter shall have the right to consult
                                                               with Kamada on the planning and development of all documentation
                                                               with respect thereto and Kamada shall use Commercially reasonable
                                                               Efforts to cooperate with Baxter’s efforts in this regard.
                                                               Baxter shall provide to Kamada for review and approval copies of
                                                               any proposed submission at least [*****]
                                                               business days prior to such submission. All such approvals
                                                               shall be obtained in the name of Baxter. Upon termination, but
                                                               not expiration under Section ‎12.1,
                                                               of this Agreement, unless Baxter terminates the Agreement pursuant
                                                               to Section ‎12.2(b)
                                                               or ‎12.2(c),
                                                               Baxter shall promptly assign or cause to be assigned to Kamada
                                                               all rights and data associated with all regulatory, administrative,
                                                               and third party payor-related activities relating to pricing and
                                                               reimbursement approvals that Baxter or any of its Affiliates owns
                                                               and/or has developed in a country within the Baxter Territory with
                                                               respect to such country.

 

		7.4	Remedial Actions.

 

		(a)	Each Party will notify the other
                                                                immediately, and promptly confirm such notice in writing, if it
                                                                obtains information indicating that an A1PI IV Product may be
                                                                subject to any recall, corrective action or other regulatory action
                                                                (other than a corrective and preventive action (“CAPA”)
                                                                under the Act,) worldwide, taken either by virtue of applicable
                                                                federal, state, foreign or other law or regulation or good business
                                                                judgment (a “Remedial Action”).

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	26

    	 

    

 

		(b)	The Parties will assist each other
                                                                in gathering and evaluating such information as is necessary to
                                                                determine the necessity of conducting Remedial Action; provided
                                                                that Baxter shall have sole responsibility for collecting information
                                                                from its customers, including customer complaints. The BLA Party
                                                                shall determine whether to commence any Remedial Action with respect
                                                                to the A1PI IV Product. Each Party will maintain adequate records
                                                                to permit the Parties to trace the manufacture of the applicable
                                                                A1PI IV Product and the distribution and use of the such product.
                                                                In the event the BLA Party determines that any Remedial Action
                                                                with respect to the A1PI IV Product should be commenced, or Remedial
                                                                Action is required by any governmental authority having jurisdiction
                                                                over the matter, the BLA Party shall use Commercially Reasonable
                                                                Efforts to conduct such Remedial Action. The other Party shall
                                                                use Commercially Reasonable Efforts to cooperate with such Party
                                                                in implementing any such Remedial Action to the extent such cooperation
                                                                is necessary to effect the Remedial Action. The BLA Party shall
                                                                have sole responsibility for handling any CAPAs in a reasonable
                                                                manner; provided that Baxter shall be responsible for handling
                                                                and shall bear all costs and expenses related to field corrections
                                                                to the extent caused by the acts or omissions of Baxter. The other
                                                                Party shall cooperate with the BLA Party to the extent reasonably
                                                                requested by the BLA Party in handling any CAPA. Any costs and
                                                                expenses incurred by either Party in connection with a Remedial
                                                                Action shall be borne by the Party whose acts or omissions caused
                                                                or resulted in the necessity for such Remedial Action, and such
                                                                Party shall reimburse or credit the other Party for any such costs
                                                                or expenses within [*****] of
                                                                receiving written notice from the other Party that the costs or
                                                                expense has been incurred.

 

		7.5	Pharmacovigilance and Adverse
                                                               Event Reporting

 

		(a)	Responsibility.

 

		(i)	United States.
                                                                                   As long as Kamada is the BLA Party (regarding
                                                                                   the US BLA) Kamada shall be responsible, directly
                                                                                   or through a third party and at [*****], for
                                                                                   undertaking all pharmacovigilance and adverse
                                                                                   event reporting activities within the United
                                                                                   States relating to the A1PI IV Product. Notwithstanding
                                                                                   the foregoing, if Baxter receives any telephonic
                                                                                   or written or other correspondence relating
                                                                                   to an adverse event for an A1PI IV Product
                                                                                   in the United States or elsewhere in the Baxter
                                                                                   Territory, Baxter shall use Commercially Reasonable
                                                                                   Efforts to obtain the Minimum PV Information
                                                                                   and shall promptly forward such Minimum PV
                                                                                   Information to Kamada. Kamada shall fulfill
                                                                                   all regulatory requirements relating to the
                                                                                   safety of the A1PI IV Product, including, but
                                                                                   not limited to, collecting and assessing adverse
                                                                                   events, reporting safety information (individual
                                                                                   case safety reports and aggregate reports),
                                                                                   literature searches, risk management activities,
                                                                                   if warranted, responding to regulatory inquiries
                                                                                   and conducting pharmacovigilance for the A1PI
                                                                                   IV Product.

 

		(ii)	Other Countries.
                                                                                    With respect to all other countries in the
                                                                                    Baxter Territory, Baxter shall be responsible,
                                                                                    at its sole cost and expense, for all pharmacovigilance
                                                                                    and adverse event reporting activities for
                                                                                    A1PI IV Product in such countries; provided,
                                                                                    however, that Kamada shall reasonably assist
                                                                                    Baxter by providing relevant documentation
                                                                                    for such A1PI IV Product.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	27

    	 

    

 

		(iii)	Upon either
                                                                                     Party determining that an adverse event report
                                                                                     will be filed in a country for which it is
                                                                                     responsible for filing adverse event reports,
                                                                                     then the Parties will agree upon an overall
                                                                                     strategy for dealing with all Regulatory
                                                                                     Authorities in, or, if deemed relevant by
                                                                                     a Party, outside of, the Baxter Territory
                                                                                     following such filing.

 

		(b)	Pharmacovigilance Agreement.
                                                                The Parties shall enter into a separate pharmacovigilance agreement.
                                                                Such pharmacovigilance agreement should be executed no later than
                                                                [*****] from the Effective Date and shall thereafter be attached
                                                                to this Agreement as Exhibit ‎7.5(b)
                                                                and shall then be considered as incorporated into this Agreement
                                                                by reference. The pharmacovigilance system shall be operational
                                                                no later than the first sale of an A1PI IV Product in the Baxter
                                                                Territory by Baxter or its Permitted Commercialization Sublicensees.

 

		(c)	Adverse Event Reporting.
                                                                The Parties shall report to each other all information necessary
                                                                to make timely reports as required by any Regulatory Authority
                                                                or other authorized authority in the Baxter Territory and Kamada
                                                                Territory regarding the A1PI IV Product. Further, the Parties
                                                                shall use Commercially Reasonable Efforts to, within [*****]
                                                                following the Effective Date but in any event prior to
                                                                the First Commercial Sale, enter into a written agreement regarding
                                                                adverse event reporting system and procedures acceptable to the
                                                                Parties. The system shall be operational no later than the first
                                                                sale of an A1PI IV Product in the Baxter Territory by Baxter or
                                                                its Permitted Commercialization Sublicensees.

 

		(d)	Notification of Complaints.
                                                                Upon any Party receiving or becoming aware of any complaint involving
                                                                the possible failure of the A1PI IV Product, in any location in
                                                                the world, to meet any requirement of applicable law or regulation,
                                                                and any serious or unexpected side effect, injury, toxicity or
                                                                sensitivity reaction or any unexpected incidents associated with
                                                                the distribution of the A1PI IV Product, whether or not determined
                                                                to be attributable to the A1PI IV Product, (i) such Party shall
                                                                notify the other Party about such complaint and provide initial
                                                                information about such complaint to the other Party within [*****]
                                                                and shall provide all information about such complaint within
                                                                [*****], (ii) promptly provide to the other Party copies of any
                                                                complaints, and provide at the time of submission copies of any
                                                                submissions to any Regulatory Authority regarding such complaints,
                                                                and (iii) with respect to adverse events, comply with the provisions
                                                                of Section ‎7.5‎(c)
                                                                above. Baxter shall have responsibility for investigating
                                                                such complaint in the Baxter Territory, with cooperation and assistance
                                                                from Kamada in the Baxter Territory, and shall immediately inform
                                                                Kamada of any information discovered in the course of the investigation
                                                                that could show that the complaint is justified and that it resulted
                                                                from Kamada’s actions or omissions.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		(e)	Notification of Threatened
                                                                Action. Each Party shall immediately notify the other Party
                                                                of any information it receives regarding any threatened or pending
                                                                action, inspection or communication by or from any party, including,
                                                                without limitation, a Regulatory Authority which may affect the
                                                                safety or efficacy claims of the A1PI IV Product or the continued
                                                                marketing of the A1PI IV Product. Upon receipt of such information,
                                                                the Parties shall consult with each other in an effort to arrive
                                                                at a mutually acceptable procedure for taking appropriate action.

 

		7.6	Audits.

 

		(a)	Baxter Access. Kamada will
                                                                give Baxter reasonable access to its records and manufacturing
                                                                facilities to allow Baxter to conduct full compliance audits relating
                                                                to Kamada’s role and obligations as the U.S. BLA holder
                                                                for the Baxter Product, at Baxter’s expense, as reasonably
                                                                deemed necessary by Baxter, but no more frequently than once in
                                                                any [*****] period unless any such audits reveal a material failure
                                                                to comply with its obligations under this Agreement or failure
                                                                to comply with any law, rule or regulation related to the manufacturing,
                                                                handling, storage or transport of the Baxter Product, in which
                                                                case there shall be no limitation of the frequency of such compliance
                                                                audits until such material compliance problems have been corrected,
                                                                at which time the frequency shall be restored to once in any [*****]
                                                                period. The audit shall be conducted by Baxter personnel
                                                                and any of its designated third party Representatives each of
                                                                whom shall, in connection with their participation in such audit,
                                                                agree to execute a confidentiality agreement in favor of Kamada.
                                                                The audit may include, without limitation, records relating to
                                                                manufacturing compliance with the Specifications, compliance with
                                                                quality control and inspection reports procedures, compliance
                                                                with cGMP, Title 21 Parts 210 and 211 or other applicable regulations.
                                                                Such audits will be conducted during Kamada’s normal business
                                                                hours, after [*****] prior written notice to Kamada by Baxter,
                                                                and at times mutually agreeable to the Parties. Kamada will make
                                                                its regulatory compliance and quality assurance personnel (and
                                                                such personnel of any sub-contractors, if applicable) reasonably
                                                                available to Baxter in connection with such audits. If Baxter
                                                                recommends any corrective actions to Kamada in connection with
                                                                such audits, Kamada shall take any corrective action reasonably
                                                                recommended by Baxter within [*****] of receipt of any corrective
                                                                action recommendations, if possible, or will inform Baxter in
                                                                writing of the reasons why Kamada believes such corrective action
                                                                is not required or necessary, or cannot be completed within such
                                                                [*****] period, and, if such reasons are not accepted by Baxter,
                                                                such dispute shall be resolved through the dispute resolution
                                                                process in this Agreement. Baxter shall be given access to audit
                                                                any corrective action.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	29

    	 

    

 

		(b)	Kamada Access. Baxter will
                                                                give Kamada reasonable access to its records and facilities (and
                                                                will obtain sufficient rights to give Kamada reasonable access
                                                                to the records and facilities of its Permitted Sublicensees and
                                                                Affiliates), to allow Kamada to conduct full compliance audits
                                                                relating to the A1PI IV Product (including with respect to its
                                                                manufacture, quality systems, complaint handling, maintenance
                                                                of adequate documentation, etc.), at Kamada’s expense, as
                                                                reasonably deemed necessary by Kamada, but no more frequently
                                                                than once in any [*****] period unless any such audits reveals
                                                                a material failure by Baxter (or its sub-distributors and Affiliates,
                                                                if applicable) to comply with this Agreement or failure to comply
                                                                with any applicable law relating to its obligations under this
                                                                Agreement with respect to the A1PI IV Product [*****] with respect
                                                                to the entity for which the material failure was identified, until
                                                                such material failures have been corrected at which time the frequency
                                                                shall be restored to [*****]. The audit shall be conducted by
                                                                Kamada personnel and any of its designated third party Representatives
                                                                each of whom shall, in connection with their participation in
                                                                such audit, agree to execute a confidentiality agreement in favor
                                                                of Baxter. In furtherance of this right, Baxter agrees that it
                                                                shall specifically obtain from any and all third-party or Affiliate
                                                                distributors of the A1PI IV Product a right of Kamada to conduct
                                                                audits of such party’s records and facilities as set forth
                                                                herein. The audit may include, without limitation, records relating
                                                                to compliance with quality control, manufacturing, and inspection
                                                                reports procedures, compliance with cGMP, Title 21 Parts 210 and
                                                                211 or other applicable regulations. Such audits will be conducted
                                                                during Baxter’s normal business hours, after [*****] prior
                                                                written notice to Baxter by Kamada, and at times mutually agreeable
                                                                to the Parties. Baxter will make its regulatory compliance and
                                                                quality assurance personnel (and such personnel of Baxter’s
                                                                Affiliates or any sub-distributors, if applicable) reasonably
                                                                available to Kamada in connection with such audits. If Kamada
                                                                recommends any corrective actions to Baxter in connection with
                                                                such audits, Baxter shall take any corrective action reasonably
                                                                recommended by Kamada within [*****]
                                                                of receipt of any corrective action recommendations, if
                                                                related to the BLA or BLA Supplement, or, if such corrective action
                                                                is not related to the BLA or BLA Supplement (i) will take such
                                                                corrective action within [*****] of receipt of any corrective
                                                                action recommendations, if possible, or (ii) will inform Kamada
                                                                in writing of the reasons why Baxter believes such corrective
                                                                action is not required or necessary, or cannot be completed within
                                                                such [*****] period
                                                                and if such reasons are not accepted by Kamada, such dispute
                                                                shall be resolved through the dispute resolution process in this
                                                                Agreement. Kamada shall be given access to audit any corrective
                                                                action. In the event that Baxter is not manufacturing or distributing
                                                                the A1PI IV Product and is using third parties to manufacture
                                                                or distribute the A1PI IV Product, Baxter shall obtain all rights
                                                                necessary from such third parties to enable Kamada to exercise
                                                                all of its rights under this Agreement at such third party manufactures’
                                                                facilities.

 

		7.7	Regulatory Inspections.
                                                               Each Party will promptly notify the other Party and provide copies
                                                               of any notice of observations or warnings, requests for Remedial
                                                               Action, CAPAs or other adverse findings issued by the FDA, ISO
                                                               or other federal, state, or local regulatory agency following an
                                                               inspection of its facilities at which the A1PI IV Product for use
                                                               or sale within the Baxter Territory is manufactured, which relates
                                                               to the manufacture, assembly, or packaging of the A1PI IV Product,
                                                               and shall further provide the other Party with information about
                                                               the progress and outcome of any actions taken in response to any
                                                               such notices, warnings, requests or findings. Kamada shall, at
                                                               its discretion, have the right to attend any Baxter meetings with
                                                               the FDA, ISO or any other federal, state or local regulatory agency
                                                               that relate to the A1PI IV Product in the Baxter Territory.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		7.8	Baxter shall, throughout the Term
                                                               of this Agreement and for a period of [*****] thereafter, maintain
                                                               a system that is capable of tracking all source materials for the
                                                               Baxter Product and shall, upon request, provide all such data to
                                                               Kamada and the applicable Regulatory Authorities.

 

ARTICLE
8.    CLINICAL AND PRE-CLINICAL DEVELOPMENT.

 

		8.1	Comparability Development.
                                                               The Parties anticipate that a series of pre-clinical and/or clinical
                                                               studies will be needed to establish the comparability of Baxter
                                                               Product with the A1PI product manufactured by Kamada at Kamada’s
                                                               facility (“Comparability Studies”).Baxter and
                                                               Kamada shall jointly design all Comparability Studies.. The Parties
                                                               shall decide, on a study-by-study basis, who shall perform the
                                                               Comparability Studies based on the Parties’ expertise, technical
                                                               resources, and other relevant factors. Baxter shall bear all expenses
                                                               related to Comparability Studies performed by either Party. Baxter
                                                               shall own all data and results from the Comparability Studies,
                                                               however, Kamada shall have the right to use such data for all regulatory
                                                               filing and reporting purposes at all times during and after the
                                                               term of this Agreement.

 

		8.2	Additional Development.
                                                               From time to time during the Term of this Agreement, Kamada and/or
                                                               Baxter may engage in Pre-Clinical or Clinical research regarding
                                                               the Baxter Product and Kamada’s A1PI products produced by
                                                               the licensed technology for intravenous administration which are
                                                               not required by the FDA for the continued marketing of Kamada’s
                                                               A1PI products or Baxter Product as of the Effective date (“Additional
                                                               Development.”) Such Additional Development may be done
                                                               in order to support added indications for Baxter Product or Kamada’s
                                                               intravenous administration A1PI product, or for other reasons.
                                                               Both Baxter and Kamada shall have the right to conduct Additional
                                                               Development.

 

		8.3	Baxter Additional Indication
                                                               Development IP. Baxter shall own all data, Know-How, and Patents
                                                               generated from the Additional Development conducted by Baxter in
                                                               support of new indications for Baxter Product (“Baxter
                                                               Additional Indication Development IP.”) Kamada shall
                                                               have the option to license such Baxter Additional Indication Development
                                                               IP, including all data and results, for marketing Kamada’s
                                                               A1PI products in the Kamada Territory. The purchase price for such
                                                               use shall be a [*****], taking
                                                               into account [*****]. Baxter shall promptly disclose to Kamada
                                                               any Baxter Additional Indication Development IP that is developed
                                                               during the Term.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

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		8.4	Kamada Additional Development
                                                               IP. Kamada shall own all data, Know-How, and patents generated
                                                               from the Additional Development conducted by Kamada “Kamada
                                                               Additional Development IP.” All Kamada Additional Development
                                                               IP made by Kamada during the Product Royalty Term shall be deemed
                                                               Kamada Licensed Patent Rights or Kamada Licensed Know-How, and
                                                               shall be included in the licenses in ‎ARTICLE
                                                               4 for no additional consideration. Kamada shall promptly disclose
                                                               to Baxter any Kamada Additional Indication Development IP that
                                                               is developed during the Term.

 

ARTICLE
9.    REPRESENTATIONS AND WARRANTIES.

 

		9.1	Representations and Warranties.
                                                               Each Party represents and warrants to the other that:

 

		(a)	it is a corporation duly organized,
                                                                validly existing and in good standing (to the extent such concept
                                                                exists under the laws of the jurisdiction of such Party's incorporation)
                                                                under the laws of country in which it incorporated and this Agreement
                                                                has been duly authorized by all necessary corporate action;

 

		(b)	it has all necessary corporate
                                                                power and authority to enter into this Agreement and to perform
                                                                all of its obligations hereunder;

 

		(c)	this Agreement has been duly authorized,
                                                                executed and delivered by it and is the legal, valid and binding
                                                                obligation of such Party, enforceable against such Party in accordance
                                                                with its terms; and

 

		(d)	neither the execution, delivery
                                                                and performance by it of this Agreement nor the consummation of
                                                                the transactions contemplated hereby violate or conflict with
                                                                its charter documents, any material contract, agreement or instrument
                                                                to which it is a party or by which it or its properties are bound,
                                                                or any judgment, decree, order or award of any court, governmental
                                                                body or arbitrator by which it is bound, or any law, rule or regulation
                                                                applicable to it.

 

		9.2	Baxter’s Representations
                                                                 and Warranties and Covenants. Baxter hereby represents and warrants
                                                                 (or covenants, as applicable) to Kamada that as of the Effective
                                                                 Date and during the Term

 

		(a)	Baxter will comply in all material
                                                                respects with all applicable safety, health and other laws, rules
                                                                and regulations applicable to the Product in the Baxter Territory.
                                                                All Baxter Products manufactured by Baxter will be manufactured,
                                                                labeled, packaged and sold in accordance with all applicable international,
                                                                U.S. federal, state and local laws and regulations and all E.U.
                                                                and E.U. Member State laws and regulations, including, but not
                                                                limited to, the Act and cGMP in all material respects.

 

		(b)	Baxter shall use Commercially
                                                                Reasonable Efforts to ensure that all third party manufacturers
                                                                of any raw materials for the Baxter Product comply in all material
                                                                respects with all laws, rules and regulations applicable to the
                                                                design, manufacture, labeling and packaging of the Baxter Product
                                                                in the Baxter Territory.

 

		(c)	The manufacturing facilities and
                                                                processes utilized for the manufacture of the Baxter Products
                                                                will, at all times during the Term of this Agreement, comply with
                                                                all applicable international, U.S. federal, state and local laws
                                                                and regulations and all other applicable laws and regulations
                                                                of other countries, including, but not limited to, the Act and
                                                                cGMP in all material respects.

 

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		(d)	Baxter and its Affiliates and
                                                                sub-distributors (and all third party manufacturers of any raw
                                                                materials for Baxter Product) shall implement such quality control
                                                                systems and procedures as shall be appropriate to ensure compliance
                                                                with the requirements of cGMP and ICH and applicable foreign laws
                                                                and regulations that are applicable to Baxter and its Affiliates
                                                                and sub-distributors (or any third party manufacturer) as the
                                                                manufacturer or supplier or distributor, as applicable, of the
                                                                Baxter Product.

 

		(e)	Baxter is, and will be, as applicable,
                                                                in material compliance with all applicable environmental, health,
                                                                safety and transportation regulations (including, but not limited
                                                                to, regulations of the U.S. Environmental Protection Agency, U.S.
                                                                Occupational Safety and Health Administration, and the U.S. Department
                                                                of Transportation).

 

		9.3	Kamada Warranty:
                                                               Kamada represents and warrants that it is the owner of all right,
                                                               title, and interest in the Kamada Licensed Patent Rights, Kamada
                                                               Licensed Know-How, and Kamada Trademarks, or has the right to grant
                                                               sublicenses with respect thereto under licenses to Kamada for the
                                                               same. Kamada represents and warrants that to its knowledge it has
                                                               the right to grant the Licenses provided herein.

 

		9.4	Compliance with Laws. Each
                                                               Party will comply with all applicable laws in performing its obligations
                                                               and exercising its rights hereunder.

 

ARTICLE
10.         CONFIDENTIALITY AND DISCLOSURE OF KNOW-HOW.

 

		10.1	Confidentiality.
                                                                                    Each Party acknowledges that, in the course
                                                                                    of performing its duties and obligations under
                                                                                    this Agreement, certain information that is
                                                                                    confidential or proprietary to such Party
                                                                                    including the Kamada Licensed Patent Rights
                                                                                    and Kamada Licensed Know-How (“Confidential
                                                                                    Information”) will be furnished
                                                                                    by the other Party or such other Party’s
                                                                                    Representatives. Each Party agrees that any
                                                                                    Confidential Information furnished by the
                                                                                    other Party or such other Party’s Representatives
                                                                                    will not be used by it or its Representatives
                                                                                    except in connection with, and for the purposes
                                                                                    of, the development, manufacturing, promotion,
                                                                                    marketing, distribution and sale of Baxter
                                                                                    Product and for any other purpose permitted
                                                                                    under this Agreement and, except as provided
                                                                                    herein, will not be disclosed by it or its
                                                                                    Representatives without the prior written
                                                                                    consent of the other Party. Notwithstanding
                                                                                    the foregoing, Confidential Information furnished
                                                                                    by a Party may be disclosed by a receiving
                                                                                    Party to such receiving Party’s professional
                                                                                    advisors or such receiving Party’s bona
                                                                                    fide potential purchasers, acquirers, investors,
                                                                                    bankers and lenders, and the professional
                                                                                    advisors of the foregoing; provided that such
                                                                                    persons need to know the disclosed information
                                                                                    and agree to be bound by the receiving Party’s
                                                                                    obligation of confidentiality with respect
                                                                                    to such information. The Parties further agree
                                                                                    that all Confidential Information, including
                                                                                    but not limited to the Kamada Licensed Know-How,
                                                                                    whether disclosed in written, electronic or
                                                                                    other tangible form (such as a physical prototype,
                                                                                    physical sample, photograph or video tape)
                                                                                    shall be clearly marked “CONFIDENTIAL”
                                                                                    (or sent in a communication clearly marked
                                                                                    “CONFIDENTIAL”) or, if furnished
                                                                                    in oral form or by visual observation, shall
                                                                                    be stated to be confidential by the Party
                                                                                    disclosing such information at the time of
                                                                                    such disclosure and reduced to a writing by
                                                                                    the Party disclosing such information which
                                                                                    is furnished to the other Party or such other
                                                                                    Party’s Representatives within [*****]
                                                                                    after such disclosure.

 

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		10.2	Exceptions.
                                                                                    The confidentiality obligations of each Party
                                                                                    under Section ‎10.1
                                                                                    do not extend to any Confidential Information
                                                                                    furnished by the other Party or such other
                                                                                    Party’s Representatives that (a) is
                                                                                    or becomes generally available to the public
                                                                                    other than as a result of a disclosure by
                                                                                    the recipient Party or its Representatives,
                                                                                    (b) is or becomes generally available to the
                                                                                    public as a result of a disclosure specifically
                                                                                    permitted under Section ‎10.3,
                                                                                    (c) was available to the recipient Party or
                                                                                    its Representatives on a non-confidential
                                                                                    basis prior to its disclosure thereto by the
                                                                                    other Party or such other Party’s Representatives
                                                                                    as can be proved by documentary evidence,
                                                                                    (d) can be demonstrated by documentary evidence
                                                                                    by the recipient Party that it was independently
                                                                                    developed by the recipient Party without reference
                                                                                    to any Confidential Information of the other
                                                                                    Party, or (e) becomes available to such Party
                                                                                    or its Representatives on a non-confidential
                                                                                    basis from a source other than the other Party
                                                                                    or such other Party’s Representatives
                                                                                    as can be proved by documentary evidence;
                                                                                    provided, however, that such source is not
                                                                                    bound by a confidentiality agreement with
                                                                                    the other Party or such other Party’s
                                                                                    Representatives.

 

		10.3	Legally
                                                                                    Required Disclosures.

 

			If the Party receiving
                                                                                any Confidential Information or any of its Representatives
                                                                                (the “Receiving Party”) is
                                                                                required by law, rule or regulation or by order
                                                                                of a court of law, administrative agency, or other
                                                                                governmental body (including the United States
                                                                                Securities and Exchange Commission or the Israeli
                                                                                Securities Authority) to disclose any of the Confidential
                                                                                Information, the Receiving Party will (a) promptly
                                                                                provide the other Party (the “Disclosing
                                                                                Party”) with reasonable advance written
                                                                                notice if at all possible to enable the Disclosing
                                                                                Party the opportunity to seek a protective order
                                                                                or to otherwise prevent or limit such legally
                                                                                required disclosure, (b) use Commercially Reasonable
                                                                                Efforts to cooperate with the Disclosing Party
                                                                                to obtain such protection, and (c) disclose only
                                                                                the legally required portion of the Confidential
                                                                                Information. Any such legally required disclosure
                                                                                will not relieve the Receiving Party from its
                                                                                obligations under this Agreement to otherwise
                                                                                limit the disclosure and use of such information
                                                                                as Confidential Information.

 

		10.4	Terms of
                                                                                    Agreement. The terms of this Agreement,
                                                                                    and the transactions contemplated hereby shall
                                                                                    be deemed to be Confidential Information subject
                                                                                    to the provisions of Section ‎10.1.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	34

    	 

    

 

		10.5	Compelled
                                                                                    Disclosure. In the event that either Party
                                                                                    or its Representatives are requested or become
                                                                                    legally compelled (by oral questions, interrogatories,
                                                                                    requests for information or document subpoena,
                                                                                    civil investigative demand or similar process)
                                                                                    to disclose any Confidential Information furnished
                                                                                    by the other Party or such other Party’s
                                                                                    Representatives or the fact that such Confidential
                                                                                    Information has been made available to it,
                                                                                    such Party agrees that it or its Representatives,
                                                                                    as the case may be, will provide the other
                                                                                    Party with prompt written notice of such request(s)
                                                                                    so that the other Party may seek a protective
                                                                                    order or other appropriate remedy and/or waive
                                                                                    compliance with the provisions of this Agreement.
                                                                                    In the event that such protective order or
                                                                                    other remedy will not be obtained, or that
                                                                                    the other Party waives compliance with the
                                                                                    provisions of this Agreement, such Party agrees
                                                                                    that it will furnish only that portion of
                                                                                    such Confidential Information that is legally
                                                                                    compelled and will exercise Commercially Reasonable
                                                                                    Efforts to obtain reliable assurance that
                                                                                    confidential treatment will be accorded to
                                                                                    that portion of such Confidential Information
                                                                                    and other information being disclosed

 

		10.6	Return
                                                                                    of Confidential Information. Upon termination
                                                                                    of this Agreement and upon the request of
                                                                                    the Disclosing Party, the Receiving Party
                                                                                    will return to the Disclosing Party all Confidential
                                                                                    Information (including copies) provided by
                                                                                    the Disclosing Party under this Agreement,
                                                                                    and will destroy all summaries, extracts and
                                                                                    the like prepared by the Receiving Party that
                                                                                    incorporate the Disclosing Party’s Confidential
                                                                                    Information; provided, however, that the Receiving
                                                                                    Party may retain one complete copy of the
                                                                                    Confidential Information, and copies of Confidential
                                                                                    Information which are Know-How in the Know-How
                                                                                    Registry, for the purpose of determining its
                                                                                    obligations under this Agreement, such copy
                                                                                    to be retained by the Legal Department of
                                                                                    the recipient.

 

		10.7	Restriction
                                                                                    on Trading in Securities of Kamada. Baxter
                                                                                    acknowledges that information provided to
                                                                                    it or to be provided to it under this Agreement
                                                                                    includes confidential and non-public information
                                                                                    that may be considered “inside information”
                                                                                    under Israeli securities law. Baxter shall
                                                                                    comply with the provisions of Israeli securities
                                                                                    laws regarding the use of any such “inside
                                                                                    information.”

 

		10.8	Survival.
                                                                                    The obligations of the Parties under this
                                                                                    Article 10 shall survive for [*****]
                                                                                    after the termination or expiration
                                                                                    of this Agreement, except for trade secrets
                                                                                    regarding which the confidentiality obligations
                                                                                    of the Parties under this Article 10
                                                                                    shall survive indefinitely and information
                                                                                    which has been identified as Know-How by a
                                                                                    Party and entered into the Know-How Registry,
                                                                                    in which case the obligations shall survive
                                                                                    until the identified Know-How becomes public
                                                                                    information not due to a breach of this Agreement
                                                                                    by a Party bound by confidentiality obligations
                                                                                    in regard to such Know-How.

 

		10.9	Disclosure
                                                                                    of Know-How. As part of the initial disclosure
                                                                                    of Technology Sharing Documentation from Kamada
                                                                                    to Baxter, and potential disclosure of Know-How
                                                                                    related to Improvements under Section ‎4.5,
                                                                                    Know-How will be disclosed between the Parties.
                                                                                    In order to keep accurate records of what
                                                                                    a Party considers to be its Know-How, and
                                                                                    for the Parties to monitor their obligations
                                                                                    with respect to such Know-How, the Parties
                                                                                    shall establish a Know-How Registry accessible
                                                                                    to both Parties. Each Party shall designate
                                                                                    a Know-How Registry manager, whose responsibility
                                                                                    it will be to check the Know-How Registry
                                                                                    for accuracy, and to enter that Party’s
                                                                                    Know-How into the Know-How Registry. Upon
                                                                                    entry of a document into the Know-How Registry,
                                                                                    the Know-How Registry manager for the entering
                                                                                    Party shall notify the Know-How Registry manager
                                                                                    for the other (“reviewing”) Party.
                                                                                    The reviewing Party’s Know-How Registry
                                                                                    manager shall have [*****] to review the proposed
                                                                                    Know-How, and either accept or reject the
                                                                                    document as the Know-How of the entering Party;
                                                                                    however, in the case of Technology Sharing
                                                                                    Documentation, the reviewing Party’s
                                                                                    Know-How Registry manager shall have [*****]
                                                                                    for review, due to the large amount of documents
                                                                                    in the Technology Transfer Documentation.
                                                                                    If the reviewing Party has not rejected the
                                                                                    document as Know-How within the reviewing
                                                                                    period, such document shall be deemed Know-How
                                                                                    of the entering Party. If the reviewing Party
                                                                                    rejects the document as the Know-How of the
                                                                                    entering Party, the reviewing Party shall
                                                                                    provide detailed, substantial reasons for
                                                                                    that rejection in a written communication
                                                                                    to the entering Party (e.g., an SOP for pH
                                                                                    or sodium concentration determination follows
                                                                                    procedures published in the European Pharmacopeia.)
                                                                                    The Parties shall discuss in a timely manner
                                                                                    the reasons for rejection, and resolve whether
                                                                                    the contested Know-How document shall be entered
                                                                                    into the Know-How Registry.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	35

    	 

    

 

ARTICLE
11.         INDEMNIFICATION.

 

		11.1	Kamada
                                                                                    Indemnity. Kamada agrees to indemnify,
                                                                                    defend and hold Baxter and its Affiliated
                                                                                    Parties (collectively, the “Baxter
                                                                                    Indemnified Parties”) harmless from
                                                                                    and against all losses, liabilities, damages,
                                                                                    costs and expenses (including reasonable attorney’s
                                                                                    fees and costs of investigation and litigation
                                                                                    regardless of outcome) resulting from all
                                                                                    claims, demands, actions and other proceedings
                                                                                    by or on behalf of any Third Party (including
                                                                                    any governmental authority) (collectively,
                                                                                    “Claims”) to the extent
                                                                                    arising from:

 

		(a)	any material breach by Kamada
                                                                of any of its representations, warranties, covenants or material
                                                                obligations under this Agreement;

 

		(b)	the negligence, gross negligence,
                                                                recklessness or willful misconduct of Kamada, its Affiliates or
                                                                agents in the performance of Kamada’s obligations hereunder;

 

		(c)	claims that (i) the manufacture, distribution, marketing or sale of the Baxter Product, made according to the process as shared
by Kamada under this Agreement, and embodied in the Kamada Licensed Patent Rights or the Kamada Licensed Know-How, violates, infringes
upon or misappropriates the intellectual property rights of any Third Party; and

 

		(d)	claims resulting from the use by an individual or entity other than Baxter or its Affiliated Parties or Permitted Sublicensees
of any of (i) the Kamada Intellectual Property or (ii) the Kamada Licensed Patent Rights and/or the Kamada Licensed Know-How (as
such terms are defined in the License Agreement) outside of the Baxter Territory;

 

provided that Kamada shall not
be obligated pursuant to this Section ‎11.1 to the extent Baxter is required to
indemnify Kamada pursuant to Section ‎11.2 hereof.

 

		11.2	           Baxter
                                                                                    Indemnity. Baxter agrees to indemnify,
                                                                                    defend and hold Kamada harmless from and against
                                                                                    all losses, liabilities, damages, costs and
                                                                                    expenses (including reasonable attorney’s
                                                                                    fees and costs of investigation and litigation
                                                                                    regardless of outcome) resulting from all
                                                                                    Claims to the extent arising from:

 

    	36

    	 

    

 

		(a)	any material breach by Baxter
                                                                of any of its representations, warranties, covenants or material
                                                                obligations under this Agreement;

 

		(b)	the negligence, gross negligence,
                                                                recklessness or willful misconduct of Baxter, its Affiliates,
                                                                agents or Permitted Sublicensees in the performance of Baxter’s
                                                                obligations hereunder; and

 

		(c)	the development (including without
                                                                limitation the conduct of clinical trials in humans), manufacturing,
                                                                testing, storage, handling, transportation, disposal, commercialization
                                                                (including any recalls, field corrections or market withdrawals
                                                                resulting from Baxter’s or its Affiliates, agents or Permitted
                                                                Sublicensees actions or omissions), marketing, distribution, promotion,
                                                                sale or use of a Baxter Product by Baxter or its Affiliates, agents
                                                                or Permitted Sublicensees; and

 

		(d)	any product liability claims,
                                                                lawsuits, action or proceedings, whether in a judicial, governmental,
                                                                or other forum, arising from, connected with or relating to any
                                                                Baxter Product to the extent not wholly attributable to the process
                                                                shared by Kamada under this Agreement, as embodied in Kamada Licensed
                                                                Patent Rights or the Kamada Licensed Know-How;

 

		(e)	any Baxter Product being adulterated
                                                                or misbranded within the meaning of the Act, or within the meaning
                                                                of any applicable law in which the definition of adulteration
                                                                is substantially the same as that contained in the Act, as such
                                                                Act and such laws are constituted and effective when such Baxter
                                                                Product is sold or such Baxter Product being an article which
                                                                may not, under the provisions of the such Act, except those relating
                                                                to misbranding, be introduced into interstate commerce;

 

		(f)	the failure of any Baxter Product
                                                                to be free from defects in materials and workmanship;

 

		(g)	the failure of Baxter, its Affiliates,
                                                                agents or Permitted Sublicensees to comply, or any Baxter Product
                                                                to be in compliance with, with applicable laws, rules or regulations
                                                                in the manufacturing, storage, marketing, promotion, sale, handling,
                                                                transportation or distribution of the Baxter Product; or

 

		(h)	any infringement of a third party’s intellectual property rights other than as a result of the manufacture
of the Baxter Product by the process shared by Kamada under this Agreement, as embodied by the Kamada Licensed Patent Rights or
the Kamada Licensed Know-How;

 

provided that Baxter shall not
be obligated pursuant to this Section ‎11.2 to the extent Kamada is required to
indemnify Baxter pursuant to Section ‎11.1 hereof.

 

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		11.3	Claims
                                                                                    for Indemnification. Whenever any indemnification
                                                                                    claim arises under this Agreement, the Party
                                                                                    seeking indemnification (the “Indemnified
                                                                                    Party”) shall promptly notify the
                                                                                    other Party (the “Indemnifying Party”)
                                                                                    of the claim and, when known, the facts constituting
                                                                                    the basis of such claim; provided, however,
                                                                                    that failure to give such notice shall not
                                                                                    relieve the Indemnifying Party of its obligation
                                                                                    hereunder unless and to the extent that such
                                                                                    failure substantially prejudices the Indemnifying
                                                                                    Party.

 

		11.4	Third-Party
                                                                                    Claims. In the event of a third party
                                                                                    claim giving rise to indemnification hereunder,
                                                                                    the Indemnifying Party may, upon prior written
                                                                                    notice to the Indemnified Party, assume the
                                                                                    defense of such claim with counsel reasonably
                                                                                    satisfactory to the Indemnified Party, and
                                                                                    shall thereafter be liable for all expenses
                                                                                    incurred in connection with such defense,
                                                                                    including attorneys’ fees and expenses;
                                                                                    provided, however, that if the Indemnifying
                                                                                    Party assumes the defense of any such claim,
                                                                                    the Indemnified Party may participate in such
                                                                                    defense at its own expense and with counsel
                                                                                    of its choice; provided further, however,
                                                                                    that if there are one or more legal defenses
                                                                                    available to the Indemnified Party that conflict
                                                                                    with those available to the Indemnifying Party
                                                                                    or there exists any other conflict of interest,
                                                                                    the Indemnifying Party shall have the right
                                                                                    to assume the defense of such claim but the
                                                                                    Indemnified Party shall have the right to
                                                                                    employ separate counsel at the expense of
                                                                                    the Indemnifying Party and to participate
                                                                                    in the defense thereof. If the Indemnifying
                                                                                    Party elects to control the defense of such
                                                                                    claim, it shall do so diligently and shall
                                                                                    have the right to settle any claim for monetary
                                                                                    damages, provided such settlement includes
                                                                                    a complete and absolute release of the Indemnified
                                                                                    Party and shall not admit any fault or liability
                                                                                    on the part of the Indemnified Party. Notwithstanding
                                                                                    anything to the contrary, the Indemnifying
                                                                                    Party may not settle any claims for fines,
                                                                                    penalties or the like or in any way adverse
                                                                                    to the Indemnified Party without the prior
                                                                                    written consent of the Indemnified Party,
                                                                                    which shall not unreasonably be withheld,
                                                                                    conditioned or delayed.

 

		11.5	Insurance
                                                                                    Requirements. Each Party will, at its
                                                                                    own cost and expense, obtain and maintain
                                                                                    in full force and effect, during the Term,
                                                                                    General Liability insurance including Completed
                                                                                    Operations, and Product Liability, including
                                                                                    Standard US’ Form Contractual Liability,
                                                                                    with limits of liability of not less than
                                                                                    [*****] per
                                                                                    event and in aggregate per annum, and naming
                                                                                    the other Party as an additional insured.
                                                                                    Any independent insurance carriers must be
                                                                                    rated at least A by A.M. Best Company. If
                                                                                    the insurance policy is written on a claims-made
                                                                                    basis, then the coverage must be kept in place
                                                                                    for at least [*****] the termination of this
                                                                                    Agreement. Any and all policy deductibles
                                                                                    shall be assumed by the Party obtaining such
                                                                                    insurance policy. Policies held by a Party
                                                                                    shall be considered primary and bear no relationship
                                                                                    to any policies held by the other Party. Each
                                                                                    Party will furnish the other Party with a
                                                                                    certificate of insurance within [*****] of
                                                                                    the Effective Date of this Agreement evidencing
                                                                                    that such insurance is in effect and that
                                                                                    a minimum of [*****] notice must be given
                                                                                    to the other Party prior to any cancellation
                                                                                    or material changes to the policy. Baxter
                                                                                    has the right to self-insure.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	38

    	 

    

 

		11.6	LIMITATION
                                                                                    ON LIABILITY. NOTWITHSTANDING ANYTHING
                                                                                    IN THIS AGREEMENT TO THE CONTRARY INCLUDING
                                                                                    THE INDEMNIFICATION PROVISIONS UNDER THIS
                                                                                    ‎ARTICLE
                                                                                    11, EXCEPT FOR DAMAGES ARISING FROM A PARTY’S
                                                                                    WILLFUL INFRINGEMENT OF THE OTHER PARTY’S
                                                                                    INTELLECTUAL PROPERTY RIGHTS, NEITHER PARTY
                                                                                    SHALL BE LIABLE TO THE OTHER PARTY FOR ANY
                                                                                    LOST PROFITS OR ANY INDIRECT, SPECIAL, CONSEQUENTIAL,
                                                                                    PUNITIVE, EXEMPLARY, COLLATERAL OR INCIDENTAL
                                                                                    DAMAGES, HOWEVER CAUSED AND BASED ON ANY THEORY
                                                                                    OF LIABILITY, ARISING OUT OF THIS AGREEMENT
                                                                                    (INCLUDING LOSS OF USE, DATA, OR BUSINESS),
                                                                                    AND WHETHER OR NOT THE OTHER PARTY HAS BEEN
                                                                                    ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
                                                                                    THIS LIMITATION SHALL APPLY NOTWITHSTANDING
                                                                                    ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED
                                                                                    REMEDY PROVIDED FOR HEREIN. THE PARTIES AGREE,
                                                                                    HOWEVER, NONE OF THE FOREGOING LIMITATIONS
                                                                                    OF THIS SECTION ‎11.6
                                                                                    APPLY TO ANY AMOUNTS PAID OR PAYABLE DUE
                                                                                    TO ANY THIRD-PARTY RELATED CLAIM, DEMAND,
                                                                                    PROCEEDING, SUIT OR ACTION FOR WHICH A PARTY
                                                                                    IS OBLIGATED TO INDEMNIFY THE OTHER PARTY
                                                                                    PURSUANT TO SECTION ‎11.1
                                                                                    or ‎11.2,
                                                                                    AND ANY SUCH AMOUNTS WILL BE CONSIDERED
                                                                                    COMPENSATORY OR DIRECT DAMAGES AND NOT INDIRECT,
                                                                                    SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY,
                                                                                    COLLATERAL OR INCIDENTAL DAMAGES.

 

		11.7	Cooperation
                                                                                    as to Indemnified Liability. Each Party
                                                                                    hereto shall reasonably cooperate with other
                                                                                    Party with respect to access to witnesses,
                                                                                    books, records, or other documentation within
                                                                                    such Party’s control, if deemed reasonably
                                                                                    necessary or appropriate by any Party in the
                                                                                    defense of any claim, which may give rise
                                                                                    to indemnification hereunder.

 

ARTICLE
12.        

TERM AND TERMINATION.

 

		12.1	Term of
                                                                                    the Agreement. This Agreement shall become
                                                                                    effective on the Effective Date and, unless
                                                                                    otherwise agreed to in writing or unless otherwise
                                                                                    terminated earlier pursuant to the provisions
                                                                                    of this Agreement, this Agreement shall expire
                                                                                    upon the expiration of all of Baxter’s
                                                                                    obligations to pay Royalties to Kamada pursuant
                                                                                    to this Agreement (the “Term”);
                                                                                    provided, however, that expiration of the
                                                                                    Agreement under this Section ‎12.1
                                                                                    at the end of the Royalty Period shall
                                                                                    not limit Baxter’s rights under Section
                                                                                    ‎4.2.

 

		12.2	Termination.
                                                                                    Notwithstanding anything to the contrary contained
                                                                                    in this Agreement:

 

		(a)	Kamada may terminate this Agreement
                                                                by providing written notice to Baxter (effective immediately),
                                                                if Baxter (i) files any opposition, interference or like notice
                                                                or initiates any like proceeding in any country, and/or otherwise
                                                                contests in any way, in any forum in any country, the validity
                                                                or enforceability of any of the Kamada Licensed Patent Rights;
                                                                or (ii) infringes Kamada’s intellectual property, including
                                                                any use of the Kamada Licensed Patents and/or Kamada Licensed
                                                                Know-How outside of the Field.

 

		(b)	Either Kamada or Baxter may terminate
                                                                this Agreement and the Licenses granted hereunder in their entirety
                                                                or on a Baxter Product-by-Baxter Product basis or on a country-by-country
                                                                basis with respect to one or more countries in the Baxter Territory
                                                                by providing written notice to the other Party:

 

    	39

    	 

    

 

(i)          if
the other Party is in material breach of this Agreement and shall have failed to cure such breach within (A) [*****]
for a monetary breach or (B) [*****] for a non-monetary breach after receipt of a written notice from the non-breaching
Party specifying the breach in detail from the non-breaching Party, unless such non-monetary breach cannot be cured within such
[*****], in which case the breaching Party shall have undertaken a good faith effort to cure such breach within such [*****] period
and diligently prosecuted such cure to prompt completion: provided, however, that for any payment or report with a [*****] due
date, receipt of the payment or report by Kamada by [*****] after the due date shall not be considered a breach; or

 

(ii)         upon
or after the granting of a winding-up order in respect of the other Party, or upon an order being granted against the other Party
for the appointment of a receiver over all or substantially all of such other Party’s assets, or if such other Party passes
a resolution for its voluntary winding-up, or if a temporary or permanent liquidator or receiver is appointed for all or substantially
all of such other Party’s assets or in respect of such other Party, or if a temporary or permanent attachment order is granted
on all of such other Party’s assets, or a substantial portion thereof, and is not cancelled within [*****],
or if such other Party shall seek protection under any laws or regulations, the effect of which is to suspend or impair the rights
of any or all of its creditors, or to impose a moratorium on such creditors, or if anything analogous to any of the foregoing
in this Section ‎12.2(b)(ii) under the laws of any jurisdiction occurs in
respect of such other Party; provided that in the case that any such order or act is initiated by any Third Party, the right of
termination shall apply only if such order or act as aforesaid is not cancelled within [*****] of the grant of such order or the
performance of such act.

 

		(c)	At any time during the term of
                                                                this agreement prior to the First Commercial Sale, Baxter may
                                                                terminate this Agreement due to Kamada’s material breach
                                                                of Section ‎6.4,
                                                                provided that such material breach does not arise due to factors
                                                                beyond Kamada’s control.

 

		(d)	Baxter may terminate this Agreement
                                                                in its entirety or on a Baxter Product-by-Baxter Product basis
                                                                or on a country-by-country basis with respect to one or more countries
                                                                in the Baxter Territory without any resulting liability arising
                                                                from Baxter’s exercise of such termination right:

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	40

    	 

    

 

(i)          Upon
ninety (90) days notice in the event that ninety (90) days have passed since a court or other legal body of competent jurisdiction
determines in a final, non-appealable judgment or binding ruling that the continued sale and use the Baxter Product manufactured
according to the process shared by Kamada under this Agreement, as embodied in the Kamada Licensed Patent Rights or the Kamada
Licensed Know-How, in the Field materially infringes a third party’s intellectual property and Kamada has not (A) obtained
and sub-licensed to Baxter the right to sell and use the Baxter Product manufactured according to the process shared by Kamada
under this Agreement, as embodied in Kamada Licensed Patent Rights or the Kamada Licensed Know-How, in the Field or (B) provided
and licensed to Baxter an alternative process by which the Baxter Product in the Field can be produced without infringing any
third party’s intellectual property and whose implementation will not require material expenditures; or

 

(ii)         Following
the First Commercial Sale in the United States, [*****] prior written notice, Baxter may terminate this Agreement in its entirety
without any resulting liability if: (A) the Sold Volume (as defined below) in the Baxter Territory during any calendar year is
less than [*****] of the Sold Volume for the [*****] (except if such change in the Sold Volume is mainly a result of the introduction
of a Kamada A1PI Inhaled Product in the Baxter Territory), and (B) Baxter provides such termination notice within [*****] after
the publication of the applicable Sold Volume Report. “Sold Volume” means the volume of A1PI product administered
intravenously, sold, by the Parties or any Third Party, in the Baxter Territory according to MRB annual report (the “Sold
Volume Report”); or

 

(iii)        
Upon [*****] notice in the event that the US BLA or US BLA Supplement was withdrawn, or the
application for the US BLA Supplement rejected, as a result of Kamada’s not taking the actions required under this Agreement
as a BLA Party and such decision was not reversed within [*****] by the applicable Regulatory Authority, and Kamada has not taken
diligent efforts to reinstate the US BLA or US BLA Supplement, and in each case provided that such withdrawal or rejection was
not primarily resulted from the actions or omissions of Baxter or any of its Affiliates.

 

		(e)	Kamada may terminate this Agreement
                                                                in its entirety or on a Baxter Product-by-Baxter Product basis
                                                                or on a country-by-country basis with respect to one or more countries
                                                                in the Baxter Territory without any resulting liability arising
                                                                from Kamada’s exercise of such termination right upon [*****]
                                                                written notice to Baxter in the event that:

 

(i)          Any
Regulatory Approval for any Baxter Product in any country within the Baxter Territory has been withdrawn or an application for
Regulatory Approval for any Baxter Product in any country within the Baxter Territory has been rejected and such decision has
not been reversed within [*****] of its issuance, in each case by the applicable Regulatory Authority, unless such withdrawal
or rejection primarily resulted from the actions or omissions of Kamada or any of its Affiliates; provided, however, that the
termination shall right shall only be exercisable in the country of such Regulatory Approval; or

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	41

    	 

    

 

(ii)         A
court or other legal body of competent jurisdiction determines in a final, non-appealable judgment or binding ruling that any
Baxter Product materially infringes a third party’s intellectual property other than as a result of the manufacture of the
Baxter Product by the process shared by Kamada under this agreement, as embodied by the Kamada Licensed Patent Rights or the Kamada
Licensed Know-How, of any third party’s intellectual property; provided that this right to terminate shall apply only to
the countries in the Baxter Territory whose court or other legal body of competent jurisdiction issued such judgment or binding
ruling or such countries in the Baxter Territory which such judgment or binding ruling applies.

 

(iii)        The
First Commercial Sale in the United States has not occurred prior to June 15, 2017, and Baxter has not used Commercially Reasonable
efforts to sell by that date.

 

		12.3	Effect
                                                                                    of Termination.

 

		(a)	Generally.

 

(i)          Upon
termination (but not expiration under Section ‎12.1) of this Agreement for whatever
reason, all rights in and to the Kamada Licensed Patent Rights and Kamada Licensed Know-How, including without limitation, all
licenses granted by Kamada to Baxter pursuant to this Agreement, shall revert to Kamada and Baxter shall not be entitled to make
any further use thereof and Baxter shall deliver to Kamada all drawings, plans, diagrams, specifications, other documentation,
models or any other physical matter in Baxter’s possession in any way containing, representing or embodying the Kamada Licensed
Patent Rights and Kamada Licensed Know-How (save for the copies which Baxter may retain subject to and in accordance with the
provisions of ‎ARTICLE 10 above).

 

(ii)         Termination
or expiration of this Agreement shall not release either Party from the obligation to make payment of all amounts due and payable
as of the applicable expiration or termination date.

 

		12.4	Survival.
                                                                                    The rights and obligations set forth in this
                                                                                    Agreement shall extend beyond the expiration
                                                                                    or termination of this Agreement to the extent
                                                                                    that the survival of such rights or obligations
                                                                                    are necessary to permit their complete fulfillment
                                                                                    or discharge. Without limiting in any way
                                                                                    the generality of the foregoing, the following
                                                                                    provisions of this Agreement, and the other
                                                                                    provisions that
                                                                                    by their terms expressly survive termination,
                                                                                    shall survive termination or expiration of
                                                                                    this Agreement: Section ‎4.4,
                                                                                    Section ‎4.5,
                                                                                    Section ‎4.6,
                                                                                    Section ‎4.7(d),
                                                                                    Section ‎7.3,
                                                                                    ‎ARTICLE
                                                                                    10, ‎ARTICLE
                                                                                    11, Section ‎14.14.
                                                                                    Section ‎7.6(b)
                                                                                    shall survive for a period of one year after
                                                                                    the termination of this Agreement.

 

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ARTICLE
13.         NOTICES. Wherever notice is required or permitted hereunder,
it shall be by personal delivery, first class mail, overnight delivery service, or sent by facsimile transmission, with electronic
confirmation, properly directed to the Party at its address and contact information listed below. Said address and contact information
may be changed from time to time by similar written notice.

 

If to Baxter:

 

Baxter Healthcare Corporation

One Baxter Parkway

Deerfield, Illinois 60015

Attention: General Counsel

Telephone: 847.948.3225

Facsimile: 847.948.2450

 

Baxter Healthcare SA

CH-8304 Wallisellen

Zurich, Switzerland

Attention: President

Telephone: 41 1 878 6199

Facsimile: 41 1 878 6352

 

With copies to:

 

Baxter Healthcare Corporation

One Baxter Parkway

Deerfield, Illinois 60015

Attention: President BioScience

Telephone: 847.940.6255

Facsimile: 847.940.6271

 

Baxter Healthcare SA

CH-8304 Wallisellen

Zurich, Switzerland

Attention: Legal Counsel

Telephone: 41 1 878 6199

Facsimile: 41 1 878 6352

 

If to Kamada:

 

Kamada Ltd.

Science Park

Kiryat Weizmann

7 Sapir St. P.O Box 4081

Ness Ziona 74140, Israel

Attn: David Tsur

Telephone: +972 8 9406472

Facsimile: +972 8 9406473

 

    	43

    	 

    

 

ARTICLE
14.         MISCELLANEOUS.

 

		14.1	Relationship
                                                                                    of Parties. The relationship of the Parties
                                                                                    established by this Agreement is solely that
                                                                                    of independent contractors, and nothing shall
                                                                                    be deemed to create or imply any employer/employee,
                                                                                    principal/agent, partner/partner or co-venturer
                                                                                    relationship, or that the Parties are participants
                                                                                    in a common undertaking. Neither Party shall
                                                                                    have the right to direct or control the activities
                                                                                    of the other Party or incur or assume or create
                                                                                    any obligation, representation, warranty or
                                                                                    guarantee, express or implied, on behalf of
                                                                                    the other Party or bind such other Party to
                                                                                    any obligation for any purpose whatsoever.

 

		14.2	Entire
                                                                                    Agreement. This Agreement, including the
                                                                                    exhibits and schedules attached hereto and
                                                                                    incorporated as an integral part of this Agreement,
                                                                                    and the Related Agreements, constitute the
                                                                                    entire agreement of the Parties with respect
                                                                                    to the subject matter hereof, and supersede
                                                                                    all previous proposals, oral or written, and
                                                                                    all negotiations, conversations or discussions
                                                                                    heretofore had between the Parties related
                                                                                    to this Agreement.

 

		14.3	No Waiver;
                                                                                    Amendment. No waiver of any term or condition
                                                                                    of this Agreement shall be valid or binding
                                                                                    on any Party unless agreed to in writing by
                                                                                    the Party to be charged. The failure of either
                                                                                    Party to enforce at any time any of the provisions
                                                                                    of the Agreement, or the failure to require
                                                                                    at any time performance by the other Party
                                                                                    of any of the provisions of this Agreement,
                                                                                    shall in no way be construed to be a present
                                                                                    or future waiver of such provisions, nor in
                                                                                    any way affect the ability of either Party
                                                                                    to enforce each and every such provision thereafter.
                                                                                    This Agreement may not be amended or modified
                                                                                    except by the written agreement of the Parties.

 

		14.4	Assignment.

 

		(a)	Except as provided in subsection
                                                                (b), neither Party may assign or otherwise transfer its rights
                                                                and obligations under this Agreement without the prior written
                                                                consent of the other Party. Any attempted assignment or transfer
                                                                in violation of this provision shall be null and void.

 

		(b)	Unless prohibited by law, either
                                                                Party may assign or otherwise transfer (whether by operation of
                                                                law, change of control or otherwise) its rights and obligations
                                                                under this Agreement, without the prior written consent of the
                                                                other Party, (A) to an Affiliate, provided that the assigning
                                                                Party remains responsible for the performance of this Agreement
                                                                by such Affiliate or (B) in connection with a sale of all or substantially
                                                                all of the assets or equity of the business entity, division or
                                                                unit, as applicable, that conducts the Party’s activities
                                                                under this Agreement, provided that in the case of such an asset
                                                                sale such assignee agrees to be bound by the terms of this Agreement.
                                                                Prior to or promptly after any assignment not requiring consent
                                                                of the other Party, the assigning Party shall give the other Party
                                                                notice of the assignment. Notwithstanding the foregoing, if Kamada
                                                                proposes to assign or otherwise transfer this Agreement or any
                                                                of its rights or obligations under this Agreement to a Competitor,
                                                                Kamada and Baxter agree to work together in good faith prior such
                                                                assignment to amend this Agreement to limit, to Baxter’s
                                                                reasonable satisfaction, Baxter’s obligation to disclose
                                                                to such Competitor any Confidential Information or other sensitive
                                                                or proprietary information.

 

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		(c)	All terms and conditions of this
                                                                Agreement shall be binding on and inure to the benefit of the
                                                                successors and permitted assigns of the Parties.

 

		14.5	Force Majeure.
                                                                                    Except for each Party’s confidentiality
                                                                                    and indemnity obligations, any delay in the
                                                                                    performance of any of the duties or obligations
                                                                                    of either Party hereto (except the payment
                                                                                    of money), to the extent caused by an event
                                                                                    outside the affected Party’s reasonable
                                                                                    control, shall not be considered a breach
                                                                                    of this Agreement, and unless provided to
                                                                                    the contrary herein, the time required for
                                                                                    performance shall be extended for a period
                                                                                    equal to the period of such delay. Such events
                                                                                    (hereinafter referred to as “Force
                                                                                    Majeure” events) shall include without
                                                                                    limitation, acts of God; acts of public enemies;
                                                                                    war, terrorism, insurrections; riots; injunctions;
                                                                                    embargoes; labor disputes affecting third
                                                                                    parties providing services to a Party under
                                                                                    this Agreement (including strikes, lockouts,
                                                                                    job actions, or boycotts); fires; explosions;
                                                                                    floods; shortages of material or energy; acts
                                                                                    or orders of any government or agency thereof
                                                                                    or other unforeseeable causes beyond the reasonable
                                                                                    control and without the fault or negligence
                                                                                    of the Party so affected. The Party so affected
                                                                                    shall give prompt written notice to the other
                                                                                    Party of such cause and a good faith estimate
                                                                                    of the continuing effect of the Force Majeure
                                                                                    condition and duration of the affected Party’s
                                                                                    nonperformance, and shall take whatever reasonable
                                                                                    steps are appropriate to relieve the effect
                                                                                    of such causes as rapidly as possible.

 

		14.6	Governing
                                                                                    Law. The validity, interpretation, and
                                                                                    enforcement of this Agreement and all matters
                                                                                    arising directly and indirectly from this
                                                                                    Agreement shall be governed by the internal
                                                                                    laws of the State of New York, without regard
                                                                                    to any conflicts or choice of law rules.

 

		14.7	Dispute
                                                                                    Resolution. Except with respect to claims
                                                                                    for equitable relief, which the Parties agree
                                                                                    may be pursued in any court of competent jurisdiction,
                                                                                    any dispute, controversy, claim or other matter
                                                                                    in question between the Parties arising out
                                                                                    of or relating to this Agreement, including
                                                                                    all issues of fact and law, shall be settled
                                                                                    by binding arbitration in accordance with
                                                                                    the Alternative Dispute Resolution provisions
                                                                                    set forth in Exhibit ‎14.7.

 

		14.8	Remedies.
                                                                                    The exercise of any remedies hereunder shall
                                                                                    be cumulative and in addition to and not in
                                                                                    limitation of any other remedies available
                                                                                    to such Party at law or in equity.

 

		14.9	Further
                                                                                    Assurances. Each Party agrees to cooperate
                                                                                    fully with the other and execute such instruments,
                                                                                    documents and agreements and take such further
                                                                                    actions to carry out the intents and purposes
                                                                                    of this Agreement.

 

    	45

    	 

    

 

		14.10	            Counterparts;
                                                                 Facsimile. This Agreement may be executed in more than one
                                                                 counterpart, each of which constitutes an original and all of
                                                                 which together shall constitute one enforceable agreement. For
                                                                 purposes of this Agreement and any other document required to
                                                                 be delivered pursuant to this Agreement, facsimiles or electronic
                                                                 reproductions of signatures shall be deemed to be original signatures.
                                                                 In addition, if any of the Parties sign facsimile copies of this
                                                                 Agreement, such copies shall be deemed originals.

 

		14.11	            Construction;
                                                                 Interpretation. The headings contained in this Agreement
                                                                 are for reference purposes only and shall not affect in any way
                                                                 the meaning or interpretation of this Agreement. Any article,
                                                                 section, recital, exhibit, schedule and party references are
                                                                 to this Agreement unless otherwise stated. No Party, nor its
                                                                 counsel, shall be deemed the drafter of this Agreement for purposes
                                                                 of construing the provisions of this Agreement, and all provisions
                                                                 of this Agreement shall be construed in accordance with their
                                                                 fair meaning, and not strictly for or against any Party. Except
                                                                 where the context otherwise requires, where used, the singular
                                                                 shall include the plural, the plural the singular, the use of
                                                                 any gender shall be applicable to all genders and the word “or”
                                                                 is used in the inclusive sense (and/or). The term “includes”
                                                                 and “including” as used herein means including, but
                                                                 not limited to. Unless otherwise noted, “days” shall
                                                                 refer to calendar days and not business days. Capitalized terms
                                                                 used but not defined herein shall have the meanings ascribed
                                                                 to them in the Distribution Agreement or, if not defined therein,
                                                                 the Paste Supply Agreement.

 

		14.12	            Press
                                                                 Releases and Announcements; Use of Names. Neither Party may
                                                                 issue any press release or make any public announcement concerning
                                                                 the transactions contemplated by this Agreement without the prior
                                                                 consent of the other Party (which consent shall not be unreasonably
                                                                 withheld, conditioned or delayed). Notwithstanding the foregoing,
                                                                 if a press release or other public announcement with respect
                                                                 to the subject matter herein is required by applicable law or
                                                                 any listing agreement with a securities exchange or quotation
                                                                 system, the Party required to make such announcement may do so
                                                                 provided that such Party has provided reasonable notice and a
                                                                 copy of such announcement to the other Party as promptly as practicable
                                                                 in advance of such announcement and, to the extent practicable,
                                                                 take the views of the other Party in respect of such announcement
                                                                 into account prior to making such announcement. Notwithstanding
                                                                 the foregoing, Baxter or Kamada shall not be prevented from mentioning
                                                                 the name of the other Party, or from disclosing any information
                                                                 if, and to the extent that, such mention or disclosure is to
                                                                 competent authorities for the purposes of obtaining Regulatory
                                                                 Approval or permission for the exercise of the License.

 

		14.13	            Severability.
                                                                 Each Party hereby agrees that it does not intend, by its execution
                                                                 hereof, to violate any public policy, statutory or common laws,
                                                                 rules, regulations, treaty or decision of any government agency
                                                                 or executive body thereof of any country or community or association
                                                                 of countries. Should one or more provisions of this Agreement
                                                                 be or become invalid, the Parties hereto shall substitute, by
                                                                 mutual consent, valid provisions for such invalid provisions
                                                                 which valid provisions in their economic and other effects are
                                                                 sufficiently similar to the invalid provisions that it can be
                                                                 reasonably assumed that the Parties would have entered into this
                                                                 Agreement with such valid provisions. In case such valid provisions
                                                                 cannot be agreed upon, the invalidity of one or several provisions
                                                                 of this Agreement shall not affect the validity of this Agreement
                                                                 as a whole or the validity of any portions hereof, unless the
                                                                 invalid provisions are of such essential importance to this Agreement
                                                                 that it is to be reasonably assumed that the Parties would not
                                                                 have entered into this Agreement without the invalid provisions.

 

    	46

    	 

    

 

		14.14	            Non-Solicitation.
                                                                 Each Party agrees that it shall not, during the Term and for
                                                                 one year afterwards, directly or indirectly, solicit the services,
                                                                 as employee, consultant or otherwise, any employee of the other
                                                                 Party; provided, however, that nothing in this Section ‎14.14
                                                                 shall prohibit a Party or any Affiliate of such Party from:
                                                                 (a) hiring any employee that has responded to a general advertisement
                                                                 or solicitation made to the general public or the industry in
                                                                 general or (b) soliciting the services, as employee, consultant
                                                                 or otherwise, or hiring any such employee after the date that
                                                                 is [*****] after the date
                                                                 on which such employee leaves the employ of such other Party.
                                                                 In the event of a violation of this non-solicitation obligation,
                                                                 the violating Party shall pay to the other Party a penalty in
                                                                 the amount of the [*****]
                                                                 last annual salaries (including bonuses) of the respective employee/personnel;
                                                                 provided, however, that the foregoing shall not prevent the non-violating
                                                                 party from seeking other equitable relief (including, but not
                                                                 limited to, an injunction) to stop the solicitation or other
                                                                 violation and such other damages as determined in accordance
                                                                 with the terms of this Agreement. The provisions of this Section
                                                                 ‎14.14 shall survive
                                                                 termination of this Agreement.

 

[Signature Page Follows]

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	47

    	 

    

 

[Signature Page to Technology License
Agreement]

 

IN WITNESS WHEREOF, the Parties
hereto have caused their authorized representatives to execute this Agreement by signing below: 

 

	KAMADA LTD.	 	BAXTER HEALTHCARE S.A.

 

	By: 	/s/ David Tsur	 	By:	/s/ Mwanajuma Pietrina Lugogo
	Name: David Tsur	Name: 	Mwanajuma Pietrina Lugogo
	Title: Chief Executive Officer	Title: 	/s/ Corporate Counsel

 

	By:	/s/ Eyal Leibovitz 	 	By:	/s/ Ignacio Martinez de Lecea
	Name: Eyal Leibovitz	Name:	Ignacio Martinez de Lecea
	Title:  Chief Financial Officer	Title: 	Sr. Counsel ECEMEA

 

    	 

    	 

    

 

Exhibit ‎1.39

 

Kamada Licensed Patents

 

This exhibit has been redacted in tis entirety.*

    	 

    	 

    

 

Exhibit 1.67

 

Technology Transfer Plan

 

1.         Background.

 

		1.1	The disclosure of and provision of
                                                             technical support for alpha-one antitrypsin (“A1PI”)
                                                             production related technology from Kamada to Baxter for the purpose
                                                             of the Technology License Agreement dated August 23, 2010 (the “Agreement”)
                                                             to which this Technology Sharing Plan is attached to as Exhibit 1.67
                                                             (this “Exhibit”), shall occur in accordance with
                                                             the Agreement and this Technology Sharing Plan (the “Plan”),
                                                             including without limitation procedures, timelines, and the allocated
                                                             resources set forth herein. Each modification to the Plan agreed
                                                             in writing by the authorized representatives of the Parties shall
                                                             amend, in whole or in part as the case may be, this Plan as Exhibit
                                                             1.67 to the Agreement. The Parties shall agree to reasonable
                                                             and necessary changes to the Plan on a case-by-case based upon all
                                                             relevant facts and circumstances then existing.

 

		1.2	The
                                                                                                                           Parties
                                                                                                                           agree
                                                                                                                           that
                                                                                                                           time
                                                                                                                           is
                                                                                                                           of
                                                                                                                           the
                                                                                                                           essence
                                                                                                                           in
                                                                                                                           undertaking
                                                                                                                           their
                                                                                                                           obligations
                                                                                                                           herein
                                                                                                                           and
                                                                                                                           that
                                                                                                                           they
                                                                                                                           shall
                                                                                                                           use
                                                                                                                           diligent
                                                                                                                           efforts
                                                                                                                           with
                                                                                                                           respect
                                                                                                                           to
                                                                                                                           the
                                                                                                                           disclosure
                                                                                                                           of
                                                                                                                           technology
                                                                                                                           and
                                                                                                                           attempt
                                                                                                                           to
                                                                                                                           establish
                                                                                                                           the
                                                                                                                           technology
                                                                                                                           at
                                                                                                                           a Baxter
                                                                                                                           Facility
                                                                                                                           (or
                                                                                                                           complex
                                                                                                                           of
                                                                                                                           Baxter
                                                                                                                           Facilities
                                                                                                                           at
                                                                                                                           one
                                                                                                                           general
                                                                                                                           geographic
                                                                                                                           location.)
                                                                                                                           However,
                                                                                                                           if
                                                                                                                           either
                                                                                                                           Party
                                                                                                                           demonstrates
                                                                                                                           that,
                                                                                                                           despite
                                                                                                                           its
                                                                                                                           having
                                                                                                                           exerted
                                                                                                                           good
                                                                                                                           faith
                                                                                                                           and
                                                                                                                           diligent
                                                                                                                           efforts
                                                                                                                           to
                                                                                                                           do
                                                                                                                           so,
                                                                                                                           it
                                                                                                                           is
                                                                                                                           not
                                                                                                                           able
                                                                                                                           to
                                                                                                                           meet
                                                                                                                           a deadline
                                                                                                                           set
                                                                                                                           forth
                                                                                                                           in
                                                                                                                           the
                                                                                                                           Plan,
                                                                                                                           and
                                                                                                                           informs
                                                                                                                           the
                                                                                                                           other
                                                                                                                           Party
                                                                                                                           in
                                                                                                                           writing
                                                                                                                           of
                                                                                                                           its
                                                                                                                           inability
                                                                                                                           to
                                                                                                                           meet
                                                                                                                           this
                                                                                                                           deadline
                                                                                                                           no
                                                                                                                           later
                                                                                                                           than
                                                                                                                           [*****]
                                                                                                                           of
                                                                                                                           such
                                                                                                                           anticipated
                                                                                                                           failure
                                                                                                                           to
                                                                                                                           meet
                                                                                                                           such
                                                                                                                           deadline,
                                                                                                                           then
                                                                                                                           the
                                                                                                                           Party
                                                                                                                           not
                                                                                                                           meeting
                                                                                                                           the
                                                                                                                           deadline
                                                                                                                           shall
                                                                                                                           have
                                                                                                                           a maximum
                                                                                                                           of
                                                                                                                           thirty
                                                                                                                           (30)
                                                                                                                           days
                                                                                                                           to
                                                                                                                           deliver
                                                                                                                           on
                                                                                                                           such
                                                                                                                           deadline
                                                                                                                           any
                                                                                                                           Biologic
                                                                                                                           Materials
                                                                                                                           and
                                                                                                                           documentation
                                                                                                                           or
                                                                                                                           other
                                                                                                                           information,
                                                                                                                           or
                                                                                                                           to
                                                                                                                           perform
                                                                                                                           any
                                                                                                                           other
                                                                                                                           obligation
                                                                                                                           due
                                                                                                                           by
                                                                                                                           that
                                                                                                                           deadline
                                                                                                                           without
                                                                                                                           material
                                                                                                                           breach
                                                                                                                           of
                                                                                                                           the
                                                                                                                           Agreement,
                                                                                                                           provided
                                                                                                                           that
                                                                                                                           the
                                                                                                                           Parties
                                                                                                                           do
                                                                                                                           not
                                                                                                                           agree
                                                                                                                           to
                                                                                                                           extend
                                                                                                                           such
                                                                                                                           deadline.
                                                                                                                           

 

		1.3	All terms used in this Plan shall
                                                             have the same meanings ascribed to them in the Agreement, unless
                                                             otherwise explicitly said herein.

 

2.
Scope of Technology Sharing and Submission Strategy 

 

		2.1	Planned Baxter process including
                                                             planned changes: 

 

[*****]

 

		2.2	Comparability protocol design

The
Comparability Protocol will be jointly developed by Baxter and Kamada and shall include:

 

[*****]

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

3. Structure.

 

		3.1	Organization. The Parties
                                                             shall establish a technology disclosure and technical support organisation,
                                                             including the Technology Sharing Sub-Committee of the Joint Steering
                                                             Committee established under the Distribution Agreement, consisting
                                                             of:

 

		a)	Project Management.

 

Each Party
shall, at all times during Technology Sharing Term will maintain a project manager (a “Project Manager”) who
is responsible for coordinating and supervising such Party’s obligations under the Plan.

 

Baxter’s
Project Manager as of the Effective Date is: [*****]

___________________

 

Kamada’s
Project Manager as of the Effective Date is: [*****]

 

or such
other qualified person as either Party may hereafter by written notice identify to other Party.

 

		b)	Technology
                                                                                 Sharing Sub-Committee.

 

The role
of the Technology Sharing Sub-Committee shall be coordinating, supervising and facilitating the Parties’ joint performance
of the tasks set forth in this Exhibit. The Technology Sharing Sub-Committee shall consist of the Project Managers and
one (1) or more additional representatives (an equal number from each Party) (each a “Technology Sharing Sub-Committee
Representative”). Each Party shall, at all times until the end of the Technology Sharing Term, maintain such representative(s).

 

Baxter’s
Technology Sharing Sub-Committee Representative(s), as of the Effective Date, are:

		·	           

		·	          

 

Kamada’s
Technology Sharing Sub-Committee representative(s), as of the Effective Date, are:

		·	          

		·	          

 

or such
other qualified person(s) as either Party may add hereafter by written notice provide to other Party.

 

		c)	Designated
                                                                                 Functional Support Persons.

 

Each Party
shall, within 2 months from the Effective Date of the Agreement, designate for each function set forth in the table below, a functional
support person (a “Designated Functional Support Person”), and ensure that this Designated Functional Support
Person has expertise in such person’s designated field, and has the authority within such Party’s respective organizations
to send and receive documents and/or materials in that specific field. The Designated Functional Support Persons as of the Effective
Date shall be as follows:

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

	Field	 	For
    Baxter	 	For
    Kamada
	Regulatory	 	 	 	 
	Clinical 	 	 	 	 
	Quality Assurance	 	 	 	 
	Quality Control
    	 	 	 	 
	Analytical Methods
    Validation	 	 	 	 
	Manufacturing	 	 	 	 
	Process Development	 	 	 	 
	Tech Services	 	 	 	 
	Manufacturing
    Equipment – Engineering and Validation	 	 	 	 
	Process Validation	 	 	 	 

 

Each Party
may, by providing written notice to the other Party, designate another qualified person to replace the above personnel.

 

		3.2	Meetings.

 

The Parties
shall use reasonable efforts to participate in all relevant meetings and discussions with respect to the activities contemplated
by this Plan.

 

		a)	Technology
                                                                                 Sharing Sub-Committee Meetings.

 

The Technology
Sharing Sub-Committee shall conduct face-to-face, video-conference or telephonic meetings, at least monthly for the first eight
(8) months following the Effective Date and at least quarterly thereafter, unless otherwise agreed by the Technology Sharing Sub-Committee
Representative until the end of the Technology Sharing Term, in order to discuss and evaluate the Plan progress and any issues
with respect thereto. The Parties shall meet upon short notice if extraordinary and urgent matters so require.

 

To the
extent reasonably necessary, additional personnel or representatives of each Party may participate in the Technology Sharing Sub-Committee,
without any voting rights.

 

The Agenda
for said meetings shall be:

 

		A.	approval of minutes from previous meeting;

		B.	status/progress of performance on action items from previous
meeting;

		C.	status/progress of overall Plan;

		D.	action items for next meeting;

		E.	other issues.

 

    	 

    	 

    

 

		b)	Telephone
                                                                                 Conferences.

 

If a Party,
upon not less than seven (7) days written notice, requests so, the Technology Sharing Sub-Committee shall meet for a telephone
conference within reasonable business hours, however taking any differences in time zones into consideration. The Parties may
hold telephone conferences upon shorter notice if extraordinary and urgent matter so require.

 

		c)	Meeting Minutes.

 

Minutes shall be taken for
all meetings (face-to face as well as telephone conferences) and maintained by the Project Managers as well as distributed to
the team.

 

4.          Timeline.

 

The timetables
set out below in Section 4.2 of this Exhibit have been approved by both Kamada and Baxter and constitutes both Parties’
best estimates (as of the Effective Date of the Agreement) of the time, documents, materials, etc. needed for a full disclosure
of materials, know-how and documentation related to the A1PI production technology, and technical support of such technology,
from Kamada to Baxter. The Parties expressly agree that they will revise this list as often as needed, including without limitation
for the purposes of adding information reasonably requested by Baxter in accordance with the Agreement, and supplemental information
that Kamada must supply under the Agreement as it becomes aware of such information.

 

In addition,
the Parties have set forth in Section 8 a non-binding timetable of specific delivery dates for the deliverables of this
Exhibit. The Project Managers shall confer on a regular basis to revise this timetable in order to keep both Parties informed
of the anticipated completion dates of all deliverables therein.

 

		4.1	Changes to the
                                                                               Timetable.

 

The Parties
agree to use best efforts in order to agree as often as needed to changes and updates to the timetable necessary in order to enable
a swift and effective disclosure of and provision of technical support for all A1PI production related technology from Kamada
to Baxter and in order to enable Baxter to exercise its licenses granted under this Agreement.

 

		4.2	Timetable.

 

Copies
of Technology Sharing Documentation and/or materials shall be provided to Baxter by the end of [*****].

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

5.          Technology
Sharing Documentation and Materials.

 

Note: The specific materials and
documents set forth in this Section 5 of this Exhibit, constitute both Parties best estimates as of the Effective
Date of the Agreement as to what is required to complete a full disclosure of A1PI production technology from Kamada to Baxter.
The Parties acknowledge and agree that this listing of documents and materials is not meant to be complete and final and that
Baxter may request further relevant documentation, material and support and that Kamada will provide such documentation, material
and support, provided that these are in Kamada's possession or can be obtained by Kamada using reasonable efforts, until the end
of the Technology Sharing Term.

 

		5.1	Biologic Material.

 

Biologic Materials shall be provided to
Baxter in commercially useful quantities for their intended purposes, unless otherwise noted.

Initial samples shall be provided by Kamada
at Baxter’s request as indicated below for the purpose of assisting Baxter in planning efforts for the technology disclosure
and to support the attempt to establish Kamada’s A1PI production technology in a Baxter Facility. Further samples of the
materials indicated below shall be provided, as needed, according to the mutually agreed upon detailed Technology License Agreement,
e.g. for process and qualtity assurance testing validation.

Biologic Material includes, without limitation,
the following:

 

[*****]

 

In addition to
the Biological Material itself, the origin has to be specified (e.g. supplier, source material, etc.).

 

		5.2	Manufacturing
                                                                               and Quality Documentation.

 

Know-How in paper
and/or electronic format (Kamada agreeing that it will whenever reasonably possible provide Know-How in an electronic format requested
by Baxter) includes without limitation the following items as they apply to the manufacturing of A1PI IV Product (50 mL, 2%) from
Cohn fraction IV-1, either centrifuge paste or containing filter aid, as presently performed by Kamada:

 

		§	Process
                                                                                                             Development Report
                                                                                                             including detailed
                                                                                                             process description;

		§	Process
                                                                                                             risk assessment (information
                                                                                                             about critical steps,
                                                                                                             materials and parameters
                                                                                                             according to Kamada
                                                                                                             experience; considering
                                                                                                             the planned changes
                                                                                                             as outlined in Section
                                                                                                             2.1);

		§	Comparability
                                                                                                             protocol (for scope
                                                                                                             refer to Section
                                                                                                             2.2);

		§	Raw
                                                                                                             materials and auxiliary
                                                                                                             materials (e.g. chromatographic
                                                                                                             resins, filters,
                                                                                                             etc.):

1.          Specifications
and sample certificates;

2.          SOP‘s
for raw material analysis;

3.          Raw
material stability validation (protocols and reports);

4.          Documentation
and contact information on suppliers, vendors, etc.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

		§	Batch
                                                                                                             records:

1.      Empty
template in English (master batch record);

2.      Batch
records filled in and reviewed (preferably translated into English);

		§	Equipment
                                                                                                             list including design
                                                                                                             details;

		§	List
                                                                                                             of required utilities
                                                                                                             and their demand
                                                                                                             (incl. WFI); 

		§	Production
                                                                                                             yield including step
                                                                                                             yield and ranges;

		§	Production
                                                                                                             cycle time: theoretical
                                                                                                             and actual range;

		§	Chromatographic
                                                                                                             resin lifecycle studies;

		§	Validation
                                                                                                             master plans;

		§	Equipment
                                                                                                             validation protocols
                                                                                                             and reports;

		§	Process
                                                                                                             validation protocols
                                                                                                             and reports;

		§	Summary
                                                                                                             of process improvements/changes
                                                                                                             and deviations since
                                                                                                             completion of process
                                                                                                             validation;

		§	Analytical
                                                                                                             development reports;
                                                                                                             

		§	Analytical
                                                                                                             method SOPs; 

		§	Analytical
                                                                                                             method validation
                                                                                                             protocols and reports;
                                                                                                             

		§	Product
                                                                                                             specification and
                                                                                                             justification of
                                                                                                             limits; 

		§	Stability
                                                                                                             protocols and stability
                                                                                                             data of production
                                                                                                             at Kamada Facility;

 

		5.3	Regulatory Documentation.

 

Regulatory Documentation
either in paper and preferable electronic format, related to the manufacturing of the A1PI IV Product, includes without limitation,
the following:

 

Regulatory documents that:

1.     are
not in Baxter’s possession; and

2.     are
typically needed for a technical support for the establishment of a process for an existing, licensed product at a new facility,
provided that these are in Kamada's possession or can be obtained by Kamada using reasonable efforts, until the end of the Technology
Sharing Term.

 

		·	CMC
                                                                                                           Section of the BLA,
                                                                                                           including all amendments
                                                                                                           thereto, except for
                                                                                                           chapter 3.2.A.1,"Facilities
                                                                                                           and Equipment",
                                                                                                           which is specific for
                                                                                                           Kamada Facility plant.

 

		·	CMC
                                                                                                           Section of pending
                                                                                                           BLA supplements, including
                                                                                                           all amendments;

 

		·	Copies
                                                                                                           of correspondence and/or
                                                                                                           meeting minutes with
                                                                                                           FDA regarding the manufacture
                                                                                                           and the identity, strength,
                                                                                                           quality, purity or
                                                                                                           potency of the Product
                                                                                                           as it may relate the
                                                                                                           safety or effectiveness
                                                                                                           of the Product;

 

		·	BLA
                                                                                                           Approval Letter including
                                                                                                           all post-marketing
                                                                                                           commitments;

 

    	 

    	 

    

 

		·	Form
                                                                                                           483 of FDA audit in
                                                                                                           February 2010 [*****].

 

6.          Kamada
Assistance and Resources.

 

In order
to enable Baxter to exercise its licenses granted under the Agreement, Kamada shall, from the effective date and until the end
of the Technology Disclosure Term, allocate the resources set out in this Section 6 of this Exhibit.

 

		6.1	Prior to the
                                                                               Effective Date.

 

All
assistance, consultancy, documentation, samples, other information etc. provided by Kamada to Baxter prior to the Effective Date
shall be [*****].

 

		6.2	Identification
                                                                               of Materials and Documents.

 

Kamada
shall, at all times until the end of the Technology Sharing Term, [*****] grant Baxter access to and make physically available
for Baxter, upon reasonable notice, all original materials or certified copy thereof and documents relevant for a full disclosure
of A1PI production related technology from Kamada to Baxter.

 

The time
used by Kamada personnel at face-to-face meetings or teleconferences or meetings by other means, shall not be deducted from the
amount of time to be used by Kamada for no additional consideration as set forth in Section 6.7 of this Exhibit, unless
such meeting is requested by Baxter or follow up meetings for any issue initially raised by Baxter. Scheduled Technology Sharing
Sub-Committee meetings shall be considered to be at Baxter’s request.

 

If Baxter,
with at least [*****] notice, requests so, Kamada shall make the relevant Designated Functional Support Person as set out in Section
2.1 c) of this Exhibit available for a teleconference within reasonable business hours, however taking any differences
in time zones into consideration.

 

		6.3	Diligence.

 

Kamada
shall, at all times, until the end of the Technology Sharing Term, use diligent efforts in informing Baxter of documents or other
material not disclosed or provided to Baxter, that might be necessary for Baxter to exploit the rights granted in this Exhibit.

 

In particular
Kamada shall, until the end of the Technology Sharing Term and as a part of its quality assurance system, send Baxter all updated
versions of documents and/or other material, which have already been disclosed to Baxter at the time of the update. If the updated
document is originally in Hebrew, a translation of the revision history will be shared with Baxter in order for Baxter to evaluate
the need for a translation of the updated document.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

As a
courtesy to the other Party, any Party receiving a request from the other Party for information, documentation, or materials shall
promptly respond to the requesting Party with an acknowledgement of receipt of the request, and an anticipated time frame for
the response to the request.

 

The
Technology Sharing process will be considered to be completed, for the purposes of determining the timing for the payment of the
third milestone under the Agreement, when the report for the full scale runs with actual Fraction IV-1 Paste at a Baxter Facility,
indicative of the performance of the manufacturing line that are not necessarily GMP and are not intended for sale,
“Practice Runs” is approved by the Parties.

 

However,
Kamada’s obligations to provide updated Technology Sharing Documentation, Biological Materials, and personnel support as
described under this Plan will continue until the end of the Technology Sharing Term.

 

		6.4	Copying of documents

 

If
documents are not available in electronic form for delivery to Baxter, Kamada shall, for the purpose of this Agreement and for
no additional consideration, provide Baxter with up to [*****] photocopies
or electronic scans of a reasonable quality. Additional photocopies or electronic scans under this Exhibit shall be delivered
to Baxter at Baxter’s sole cost and expense, provided that Kamada shall, at Baxter’s request, arrange for such copying
at a reasonable cost. The Parties shall equally bear all costs related to any external Data Management Site, if the Parties would
jointly agree to retain such services in order to effect the delivery of documents to Baxter.

 

		6.5	Audit of Kamada
                                                                               Facilities and Activities.

 

Baxter
may, upon written notice to Kamada and for no additional consideration, audit and observe all A1PI production related Kamada facilities
and activities in order to gain experience and Know-How in regard to, without limitation, all production phases, quality control
and quality assurance. Such audits shall be arranged with Kamada prior to the arrival of Baxter, and shall be scheduled no later
than [*****] days after such requested date in the written notice, provided, however, that such audits shall occur during periods
in which A1PI is being produced or otherwise handled in the A1PI related Kamada Facility. Not withstanding any deadline or milestone
or other date in the timeline attached to the Plan, this right is not limited in scope or time, provided that it shall terminate
on the end of the Technology Sharing Term.

 

When
an audit is requested by Baxter, Kamada shall give Baxter notice of any and all production of A1PI at the Kamada Facility at least
[*****] days prior to the start of said production, in order for Baxter to plan and schedule an audit during the production.

 

		6.6	Training of
                                                                               Baxter Personnel.

 

Kamada
shall, upon Baxter’s request, train Baxter personnel by Kamada’s staff during actual production runs and/or testing,
scheduled in accordance with Kamada’s annual work plan on site (Kamada plant), in all A1PI related methods, activities and/or
procedures including joint execution of lab- and pilot scale studies. Said training shall be considered as personal meeting hours
in accordance with Section 6.7 of this Exhibit. However the Parties shall, prior to such training, agree to how
many hours shall be considered personal meeting hours and how many hours shall be considered passive observation, all in accordance
with Section 6.7 of this Exhibit.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Kamada
shall, upon Baxter’s request, assist and train Baxter personnel on site at one general geographic location specified by
Baxter in all A1PI related methods, activities and/or procedures. Kamada’s duty to make relevant Kamada personnel available
for said training is limited to the following points in time for the activities specified below, according to the timetable set
forth in Section 8:

 

QC Assay
validation Support/Training at Baxter Facility by Kamada

 

Mfg Support/Training of Engineering
Runs at Baxter Facility by Kamada–

 

Production
oversight of Conformance Runs

 

Kamada’s
obligation for personnel assistance and training involving the foregoing three tasks is limited to a maximum of [*****]
for each task. If Baxter, for any reason, is not ready for Kamada’s
performance of the activities by the estimated times below (or as amended by the Parties), Kamada may, at its discretion, make
available to Baxter the necessary and competent personnel within each technical area. All training of Baxter Personnel at Baxter
Facility shall be considered as personal meeting hours in accordance with Section 6.7 of this Exhibit.

 

		6.7	Support Activities.

 

Kamada
shall, upon Baxter’s request, support the following activities,

 

		·	Risk
                                                                                                             assessment for validation
                                                                                                             at Baxter Facilities
                                                                                                             specified by Baxter;

		·	Lab-
                                                                                                             or pilot scale studies
                                                                                                             as needed for scaling
                                                                                                             up of the manufacturing
                                                                                                             of the Baxter Product
                                                                                                             (according to terms
                                                                                                             to be agreed to between
                                                                                                             the Parties;)

		·	Review
                                                                                                             of engineering requirements
                                                                                                             for equipment;

 

		6.8	Personal Meetings.

 

Kamada
grants Baxter or personnel designated by Baxter the right to have personal meetings with Kamada employees working with the development,
production and quality control and assurance of any A1PI related technology. Further said employees shall disclose all information,
documents, materials, etc. (within that employee’s field of work) relevant to the manufacture of A1PI by Kamada to Baxter
as set forth herein, and Kamada shall grant each such employee the authorizations necessary to make any such disclosure, subject
to all applicable laws, regulations and non-disclosure obligations of which Kamada and/or its employees are subject to.

 

Kamada
shall use best efforts to make available to Baxter all relevant personnel for personal meetings as requested by Baxter, whether
at Kamada Facility or elsewhere.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Meetings,
including without limitation Technology Transfer Sub-Committee meetings, held at Kamada Facility, and teleconferences, shall be
for no additional consideration for the first [*****] of Kamada employee time, within [*****] years from the Effective Data of
the Agreement.

 

Baxter
shall pay for meetings at Kamada Facility in excess of said limits. Such payment shall solely include the hourly fees of the relevant
employees or equivalent employees. For such meetings in excess of said limits, Baxter shall pay the
hourly fees of the Kamada employees as follows [*****].
The hourly fees of other Kamada employees which are not described in the preceding sentence shall be determined on a case-by-case
basis. Prior to the incursion of such cost on behalf of Baxter,
Baxter shall be provided with a list of hourly fees of any relevant employees of Kamada who shall be used for any such activities
for which Baxter may be charged.

 

Meetings
not held at a Kamada Facility, including without limitation Technology Transfer Sub-Committee meetings, shall be paid for by Baxter.
Such payment shall solely include: a) all reasonable travel expenses (including accommodation,) and
a per diem of [*****] for meals and b) the hourly fees of the relevant employees or equivalent
employees in excess of the first [*****] hours of Kamada employee time, or after four years from the Effective Date of the Agreement.
For such meetings in excess of said limits, Baxter shall pay the hourly fees described above. Prior
to the incursion of such costs on behalf of Baxter, Baxter shall be provided with a list of hourly fees of any relevant employees
of Kamada who shall be used for any such activities for which Baxter may be charged.

 

Kamada shall, prior any meeting
to be paid for by Baxter, provide Baxter with a non-binding estimate of the cost of said meeting.

 

Support,
and allocation of costs between the Parties, for activities related to the preparation, and filing of regulatory documentation
(e.g., the BLA supplement,) and maintenance of any Regulatory Approvals, shall be governed by the provisions of Article 7
of the Agreement, separate from the Technology Sharing activities under this Plan.

 

For the
sake of clarity and subject to Section 6.4 of this Exhibit, time and resources spent by Kamada low level administrative
personnel or third party administrative personnel designated by Kamada for the purposes of this Exhibit, or uses of Kamada personnel
apart from (1) personal meetings or services provided by Kamada personnel at Baxter Facilities, or (2) laboratory or pilot scale
studies performed by Kamada upon request of Baxter as per Section 6.6 of this Exhibit, or (3) as otherwise provided above, shall
[*****].

 

		6.9	Third Party
                                                                               Personnel.

 

Kamada
shall, for the purposes of this Agreement, consider third party personnel explicitly designated by Baxter as Baxter personnel,
provided that Baxter can reasonably show that such third party personnel is bound to confidentiality to the same extent as Baxter
personnel.

 

		6.10	Post Term Engagement.

 

Following the Technology
Sharing Term, until the end of a three (3) year period following the Technology Sharing Term, Kamada agrees to engage Baxter in
a Consulting Agreement under customary conditions, based on the financial arrangement prescribed under Section 6.7 above, for
the provision of consulting services reasonably required by Baxter which are excluded from the scope of the Technology Sharing
Plan.

 

 

[*****] Confidential portions
of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

7.          Delivery
Terms.

 

All
materials to be shipped from Kamada to Baxter Facility, shall be delivered by air, to a Baxter Facility or other destination as
identified by Baxter (the “Baxter Delivery Point”), and title and all risk of loss shall pass
to Baxter upon [*****]. Kamada shall arrange for shipping in compliance
with the applicable materials’ requirements regarding temperature, duration and other environmental factors as required
to properly preserve the materials without materially impacting its shelf life. Baxter shall pay for the cost of [*****]. Further,
Kamada shall notify Baxter in writing, [*****] in advance of any shipment of Biological Materials. This notice shall include the
following information: Date of shipment, Carrier, destination (as specified by Baxter, if not Baxter Facility), expected arrival
date and time, and a detailed list of the content, in order for Baxter to be prepared for the receipt of said shipment.

 

All documents
and copies thereof shall be shipped from Kamada to a Baxter Facility via a reputable air carrier. Baxter shall pay for [*****].
Kamada shall use means of transportation that are appropriate for valuable and confidential documents. The Parties shall use reasonable
efforts in order to facilitate electronic provision of documents to the extent possible. Kamada shall notify Baxter [*****] days
in advance of any physical shipment of documents.

 

8. Detailed Timeline for Technology
Sharing.

 

The Parties hereby set forth a detailed,
non-binding timeline for the Technology Sharing and related non-Technology Sharing regulatory activities, including disclosure
of documentation, information, and materials, and the included milestones, specified below. This timeline is subject to change,
based on agreement by the Project Managers.

 

[*****]

 

 

[*****] Confidential portions
of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Exhibit ‎7.5(b)

 

Pharmacovigilence Agreement

 

    	 

    	 

    

 

Exhibit ‎14.7

 

Alternative Dispute Resolution

 

(a)          The
Parties shall attempt to resolve any and all disputes, claims or controversies arising out of or relating to this Agreement promptly
by negotiation between executives who have authority to settle the controversy. If such disputes, claims or controversies are
not resolved through such negotiation, then they shall be submitted to the International Institute for Conflict Prevention and
Resolution (the “CPR”) for mediation, and if the matter is not resolved through mediation, for final and binding arbitration
pursuant to the arbitration clause set forth below. Either Party may initiate arbitration with respect to the matters submitted
to negotiation by filing a written demand for arbitration at any time following the initial negotiation session.

 

(b)          To
the extent not resolved by mediation, any dispute, claim or controversy arising out of or relating to this Agreement or the breach,
termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this
agreement to arbitrate, shall be determined by arbitration conducted in the English language. The arbitration shall take place
in New York, New York. The arbitration shall be administered by CPR pursuant to its Arbitration Rules and Procedures. References
herein to any arbitration rules or procedures mean such rules or procedures as amended from time to time, including any successor
rules or procedures, and references herein to the CPR include any successor thereto. The arbitration shall be before three (3)
arbitrators. Each Party shall designate one arbitrator in accordance with the “screened” appointment procedure provided
in Rule 5.4 of the CPR Rules. The two Party-appointed arbitrators will select the third, who will serve as the panel’s chair
or president. All three (3) arbitrators shall have experience in the area under dispute. This arbitration provision, and the arbitration
itself, shall be governed by the laws of the State of New York, and the Federal Arbitration Act, 9 U.S.C. §§ 1-16.

 

(c)          Consistent
with the expedited nature of arbitration, each Party will, upon the written request of the other Party, promptly provide the other
with copies of documents on which the producing Party may rely in support of or in opposition to any claim or defense. At the
request of a Party, the arbitrators shall have the discretion to order examination by deposition of witnesses to the extent the
arbitrator deems such additional discovery relevant and appropriate. Depositions shall be limited to a maximum of five per Party
and shall be held within 45 days of the grant of a request. Additional depositions may be scheduled only with the permission of
the arbitrators, and for good cause shown. Each deposition shall be limited to a maximum of one day’s duration. All objections
are reserved for the arbitration hearing except for objections based on privilege and proprietary or confidential information.
The Parties shall not utilize any other discovery mechanisms, including international processes and U.S. federal statutes, to
obtain additional evidence for use in the arbitration. Any dispute regarding discovery, or the relevance or scope thereof, shall
be determined by the arbitrators, which determination shall be conclusive. All discovery shall be completed within 60 days following
the appointment of the arbitrators. All costs and/or fees relating to the retrieval, review and production of electronic discovery
shall be paid by the Party requesting such discovery.

 

    	 

    	 

    

 

(d)          The
panel of arbitrators shall have no power to award non-monetary or equitable relief of any sort. The arbitrators will have no authority
to award punitive or other damages not measured by the prevailing Party’s actual damages, except as may be required by statute.
Each Party expressly waives and foregoes any right to consequential, punitive, special, exemplary or similar damages or lost profits.
The arbitrators shall have no power or authority, under the CPR Rules for Non-Administered Arbitration or otherwise, to relieve
the Parties from their agreement hereunder to arbitrate or otherwise to amend or disregard any provision of this Agreement. Subject
to the provisions set forth in subsection (e) below, the award of the arbitrators shall be final, binding and the sole and exclusive
remedy to the Parties. Either Party may seek to confirm and enforce any final award entered in arbitration, in any court of competent
jurisdiction. The cost of the arbitration, including the fees of the arbitrators, shall be borne by the Party the arbitrator determines
has not prevailed in the arbitration.

 

(e)          If
an arbitral award does not contain an award of money damages in excess of [*****], then the
arbitral award shall not be appealable and shall only be subject to such challenges as would otherwise be permissible under the
Federal Arbitration Act, 9 U.S.C. §§ 1-16. In the event that the arbitration results in an arbitral award, which imposes
a monetary award in excess [*****], such award may be appealed to a tribunal of appellate arbitrators via the CPR Arbitration
Appeal Procedure, whose determination shall be final.

 

(f)          Except
as may be required by law, neither a Party nor an arbitrator may disclose the existence, content, or results of any arbitration
hereunder without the prior written consent of both Parties.

 

 

[*****] Confidential portions of this document have
been redacted and filed separately with the Securities and Exchange Commission.Exhibit 10.6

 

 

EXCLUSIVE DISTRIBUTION AGREEMENT

 

This EXCLUSIVE DISTRIBUTION
AGREEMENT (this “Agreement”) is made and entered into as of August 2, 2012 (the “Effective
Date”) by and between Kamada Ltd., an Israeli corporation (collectively with its Affiliates, “Kamada”),
whose principal office is at Science Park, Kiryat Weizmann, 7 Sapir Street, Ness Ziona 74140, Israel, and Chiesi Farmaceutici S.p.A
(“Chiesi”), an Italian corporation whose registered office is at Via Palermo 26/A, 43122 Parma, Italy.

 

RECITALS

 

WHEREAS, Kamada
is in the business of developing, manufacturing, marketing, and selling biopharmaceutical products, including AAT (as defined below),
and owns certain Intellectual Property (as defined below), Confidential Information (as defined below), and Regulatory Approvals
(as defined below) relating to AAT biopharmaceutical products;

 

WHEREAS, Kamada
has developed and manufactures the Product (as defined below) and desires to grant to Chiesi the exclusive right to Commercialize
the Product in the Territory (as each is defined below);

 

WHEREAS, Kamada
and PARI (as defined below) have collaborated to develop the Device (as defined below) and are parties to a Commercialization Agreement
(as defined below) and other agreements for the commercialization and supply of the Device and Device Accessories (as defined below)
related thereto;

 

WHEREAS, Chiesi
is in the business of developing, marketing, and selling, inter alia, respiratory pharmaceuticals;

 

WHEREAS, Chiesi
has the knowledge, facilities, and means to Commercialize the Product in the Territory and is willing to act as Kamada’s
exclusive distributor for the Product in the Territory; and

 

WHEREAS, Kamada
and Chiesi desire to enter into this Agreement to set forth the terms and conditions of such Commercialization right.

 

NOW, THEREFORE,
in consideration of the foregoing recitals and the mutual representations, warranties, covenants and agreements contained herein,
the Parties hereto agree as follows:

 

ARTICLE
1

DEFINITIONS

 

1.1           
“AAT” shall mean human alpha-1 antitrypsin.

 

1.2           “Actual
Damages” shall have the meaning set forth in Section14.3(b).

 

    	1

    	 

    

 

1.3           “Additional
Annual True Up” shall have the meaning set forth in Section 5.1(c). 

 

1.4           “Additional
Clinical Studies” shall have the meaning set forth in Section 3.2(a).

 

1.5           “Additional
Countries” shall have the meaning set forth in Section 3.1(d).

 

1.6           “Additional
Indications Product” shall have the meaning set forth in Section 2.1 (f).

 

1.7           “Additional
Market Price” of each 4 mL vial of Product with respect to a particular year shall mean a price equal to [*****]
obtained by [*****]: (A) (i) [*****] during the [*****] in which [*****] exceed [*****]; (ii) [*****] during the [*****] in which
[*****] exceed [*****]; (iii) [*****] during the [*****] in which [*****] exceed [*****]; and (iv) [*****] during [*****] in which
the [*****], by (B) the [*****]of [*****] of Product listed in [*****] during such calendar year.

 

1.8           “Affiliates”
shall mean, with respect to either Party, those persons, corporations or other entities Controlled by, in Control of, or under
common Control with such Party.

 

1.9           “Affiliated
Parties” shall mean, in respect of any specified Party, all Affiliates, directors, officers, employees and Representatives
of such Party.

 

1.10         “Applicable
Laws and Guidelines” shall mean all applicable provisions of constitutions, statutes, laws, rules, treaties, regulations,
orders, decrees and guidelines of all applicable governmental authorities or agencies in a territory, jurisdiction or region, including
without limitation (i) all applicable federal, state and local laws, regulations and guidelines of the Territory or any applicable
portion thereof and (ii) all regulations or guidelines of the European Commission, the EMA or other applicable Regulatory Authority,
including GCP and GMPs.

 

1.11         
 “Base Transfer Price” shall have the meaning set forth in Section 5.1(b).

 

1.12         “Best
Reasonable Efforts” shall mean taking, in good faith, all required steps to achieve a particular result and to ensure
that such result is achieved as expeditiously as possible. Notwithstanding the foregoing, unless specifically described under this
Agreement the utilization of ‘Best Reasonable Efforts’ shall not require a Party to: (a) take any actions that would,
individually or in the aggregate, cause such Party to incur costs or liabilities, or suffer any other detriment, materially out
of proportion to the benefits to be received by such Party under this Agreement; (b) take any actions that would, individually
or in the aggregate, cause a material adverse change in such Party; (c) dispose of any significant assets; (d) take any action
that would violate any Applicable Laws and Guidelines to which the Party is subject; or (e) take any action that would imperil
such Party’s existence or solvency; or (f) initiate any litigation or arbitration.

 

1.13         “Business
Day” shall mean a day on which customer services are provided by the two largest commercial banks in England.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	2

    	 

    

 

1.14         “CAPA”
shall have the meaning set forth in Section 10.1(a).

 

1.15         “Chiesi
Indemnified Parties” shall have the meaning set forth in Section 13.1.

 

1.16         “Claims”
shall have the meaning set forth in Section 13.1.

 

1.17         “Clinical
Data” shall have the meaning set forth in Section 3.3.

 

1.18         “Clinical
Studies” shall mean any human clinical study of a pharmaceutical product.

 

1.19         “COA”
shall have the meaning set forth in Section 4.2(f).

 

1.20         “Commercialization”
shall mean all activities, whether initiated or conducted prior to or following receipt of EU Centralized Approval, Regulatory
Approval and, if necessary, Reimbursement Approval for the Product in any jurisdiction in the Territory, undertaken relating to
the launch or sale of the Product, including (a) establishment of a screening program that will identify potential patients to
be treated by the Product, (b) import, export, distribution, offer for sale, sale, promotion and marketing, medical affairs, managed
markets, conferences, and support of patient organizations, (c) obtaining and maintenance of Reimbursement Approval for the Product,
and (d) other similar activities directly relating to the Product in the Field anywhere in the Territory, whether such activities
are addressed in this Agreement or not. When used as a verb, “Commercialize” means to engage in
Commercialization activities.

 

1.21         “Commercialization
Agreement” shall mean that certain Commercialization Agreement by and among Kamada and PARI, dated February 21, 2008.

 

1.22         “Commercialization
Period” shall have the meaning set forth in Section 2.1(d).

 

1.23         “Commercially
Reasonable Efforts” shall mean the efforts and resources which are reasonable and customary in the industry in which
the Parties operate, required in order to carry out such activities in a sustained manner. Without derogating from the above, such
efforts shall not be less than the efforts such Party uses for products with similar market and profit potential and similar scientific,
technical, developmental and regulatory risks based on conditions then prevailing.

 

1.24         “Competing
Product” shall mean any plasma derived AAT product which is used to treat Alpha-1 Antitrypsin Deficiency in humans.

 

1.25         “Competitor”
shall mean any entity that develops, manufactures, or otherwise commercializes Competing Products.

 

1.26         “Confidential
Information” shall have the meaning set forth in Section 12.1.

 

    	3

    	 

    

 

1.27         “Controlled”
or “Controls” means: (i) when used in reference to Confidential Information, Patents or other Intellectual
Property rights, the legal authority or right of a Party (or any of its Affiliates) to grant a license or sublicense of such Intellectual
Property rights to the other Party, or to otherwise disclose such Confidential Information to such other Party, without breaching
the terms of any agreement with a Third Party, or misappropriating such Confidential Information of a Third Party, (ii) when used
in any other reference, a corporation or non-corporate business entity that (a) owns or directly or indirectly controls more than
fifty percent (50%) of the outstanding voting stock or other ownership interest of the other corporation or entity, or (b) in the
absence of the ownership of the above majority of the outstanding voting stock or other ownership interest of such corporation
or entity, possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such
corporation or non-corporate business entity, as applicable.

 

1.28         “Cover(ed)”
means, with respect to any Patent and the subject matter at issue, that, but for a license granted under
a Valid Claim of such Patent, the manufacture, use, sale, offer for sale or importation of the subject matter at issue would infringe
such Valid Claim, or, in the case of a Patent that is a patent application, would infringe a Valid Claim in such patent application
if it were to issue as a patent.

 

1.29         “Delivery
Point” shall have the meaning set forth in Section 4.2(f).

 

1.30         
“Device” shall mean PARI's eflow controller device that is customized for continuance use with the Product,
including any Device Accessories which are sold together with the eflow controller device.

 

1.31         “Device
Accessories” shall mean accessories made available by PARI, for use with the Device including, but not limited to,
nebulizer handsets, replacement aerosol heads, membranes, cleaning devices, and any other accessories needed on a country by country
basis (e.g. Durgol solution for a country that has hard water).

 

1.32         
“Disclosing Party” shall have the meaning set forth in Section 12.3.

 

1.33         “Effective
Date” shall have the meaning set forth in the preamble to this Agreement.

 

1.34         “EMA”
shall mean the European Medicine Agency and any successor agency thereto.

 

1.35         “EU
Centralized Approval” shall mean a centralized marketing authorization valid in all EU Member States and European
Economic Area-European Free Trade Association states (i.e. Iceland, Liechtenstein and Norway) obtained from the European
Commission.

 

1.36         “EU
Member States” shall mean the member states of the European Union as of the Effective Date, i.e. Austria,
Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia,
Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

 

1.37         “Enhancement”
shall mean any improvements to the Product such as future formulations, dosages, dosage forms, delivery modes and line extensions
of the Product, packaging of the Product, labeling of the Product, and developments in the Product itself.

 

    	4

    	 

    

 

1.38         “Field”
shall mean the treatment by inhalation of Alpha-1 Antitrypsin Deficiency.

 

1.39         “First
Commercial Sale” shall mean, the first arms-length sale by Chiesi, an Affiliate of Chiesi, or a sub-agent or sub-distributor
of Chiesi, as the case may be, of the Product to a Third Party in the Territory; provided, however, that neither (a) transfers
of the Product between Chiesi and its Affiliates, sub-agents, or sub-distributors nor (b) supply of Products for clinical trial
purposes, shall constitute a commercial sale.

 

1.40         “Force
Majeure” shall have the meaning set forth in Section 16.5.

 

1.41         “Forecast”
shall have the meaning set forth in Section 4.2(a).

 

1.42         “GCP”
shall mean the standards, practices and procedures set forth in the International Conference on Harmonization guidelines entitled
in “Good Clinical Practice: Consolidated Guideline,” including related regulatory requirements imposed by the EMA and
(as applicable) any equivalent or similar standards in other jurisdictions, to the extent that such standards are applicable in
the jurisdiction in which the relevant Clinical Study is conducted or required to be followed in the jurisdiction in which Regulatory
Approval of a product will be sought.

 

1.43         “GMPs”
shall mean the current good manufacturing practices promulgated by any Regulatory Authorities throughout the Territory that are
applicable to the Product.

 

1.44         “ICC”
shall have the meaning set forth in Section 16.6(b).

 

1.45         “Indemnified
Party” shall have the meaning set forth in Section 13.3.

 

1.46         “Indemnifying
Party” shall have the meaning set forth in Section 13.3.

 

1.47         “Initial
Marketing Plan” shall have the meaning set forth in Section 6.1(b).

 

1.48         “Intellectual
Property” shall mean all Patents, trademarks, trade names, service marks, trade dress, trade secrets and copyrights,
including, without limitation, any renewal, extension or other rights therefor, and applications, provisionals, divisionals, reexaminations,
continuations in part, divisions, continuations, reissues, additions, substitutions and registrations for any of the foregoing
and all corresponding foreign patents and patent applications of each of the foregoing, technical information, devices, processes,
procedures, discoveries, techniques, formulae, software, designs, drawings, data, trade secrets, methods, protocols, products,
apparatuses and other materials, compositions, mask works, domain names, schematics, manufacturing processes, know-how, moral rights,
software programs or applications, manufacturing and production processes and techniques, research and development information,
drawings, specifications, designs, plans, proposals, technical data, financial and marketing plans, customer and supplier lists
and information, and all other intellectual property or proprietary rights.

 

1.49         “Joint
Steering Committee” or “JSC” shall have the meaning set forth in Section 2.7.

 

    	5

    	 

    

 

1.50         “Kamada
Indemnified Parties” shall have the meaning set forth in Section 13.2.

 

1.51         “Kamada
Intellectual Property” shall mean all Intellectual Property related to or used in connection with or embodied in
the Product its potential uses and any Enhancements thereto, including, without limitation, the packaging, use or sale of the Product,
but shall not include any trademarks or trade names used in connection with the Product solely outside of the Territory.

 

1.52         “Labeling”
shall have the meaning set forth in Section 3.1(b).

 

1.53         “Labeling
Approvals” shall have the meaning set forth in Section 3.1(b).

 

1.54         
[*****]

 

1.55         “Major
Country” shall mean each one of the following countries: Germany, France, Spain,
the Netherlands, Sweden, Italy, Denmark, and England.

 

1.56         “Market
Price” of each 4 mL vial of Product with respect to a particular year shall mean a price equal to the quotient obtained
by [*****]: (a) the [*****] in such year, by (b) the [*****] of [*****] listed in [*****] excluding the [*****] of [*****] at
[*****]. 

 

1.57         “Marketing
Plan” shall have the meaning set forth in Section 6.1(b).

 

1.58         “Material
Breach Amount” shall have the meaning set forth in Section 14.3(b).

 

1.59         “Minimum
Purchase Levels” shall have the meaning set forth in Section 6.3.

 

1.60         “Minimum
Period” shall have the meaning set forth in Section 6.3.

 

1.61         "Minimum
Transfer Price" shall have the meaning set forth in Section 5.1.

 

1.62         “Net
Sales” shall mean the gross revenues invoiced by Chiesi, its Affiliates and sub-agents and sub-distributors of Chiesi
in connection with: (a) the sale, lease or other transfer for value of the Product provided in this Agreement, and (b) the sale,
lease or other transfer for value of the Device and the Device Accessories, to the extent any Devices and Device Accessories are
sold directly by Chiesi; in all cases after deduction of: (i) [*****] and [*****] including [*****] and any other [*****] including
[*****] granted or given to [*****] but not including any [*****] (ii) any payment substantially similar in character or substance
to the above in respect of sales to [*****] in respect of [*****] (iii) any other item substantially similar in character or substance
to the above, and (iv) the [*****] actually [*****] all as previously notified to Kamada in writing. Notwithstanding the foregoing,
amounts billed by [*****] for the sale of the Product among Chiesi, its Affiliates and sub-agents and sub-distributors for resale
shall not be included in the computation of Net Sales hereunder. Net Sales shall also exclude [*****].

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	6

    	 

    

 

1.63         “OMCL”
shall mean the Official Medical Control Laboratory.

 

1.64         
“PARI” shall mean PARI Pharma GmbH.

 

1.65         “PARI
Payments” shall have the meaning set forth in Section 5.5. 

 

1.66         “Party”
shall mean Chiesi or Kamada and “Parties” shall mean Chiesi and Kamada.

 

1.67         “Patents”
shall mean any and all (A) European patents and patent applications and (a) any foreign counterparts
thereof, (b) all divisionals, continuations, continuations in-part thereof or any other patent or patent application claiming priority
directly or indirectly to (i) any such specified patents or patent applications or (ii) any patent or patent application from which
such specified patents or patent applications claim direct or indirect priority, and (c) all patents issuing on any of the foregoing,
and any foreign counterparts thereof, together with all registrations, reissues, re-examinations, renewals, supplemental protection
certificates, or extensions of any of the foregoing, and any foreign counterparts thereof, in all cases under (a), (b) and (c)
above that are Controlled by Kamada or its Affiliates as of the Effective Date in the Territory as set forth on Exhibit
1.67; and (B) any other patents that are Controlled or that will be Controlled by Kamada or its Affiliates in the Territory
during the Term and that Cover the Product in the Territory. 

 

1.68         “Post
Marketing Activities” shall mean all commitments required by the applicable Regulatory Authorities, which will be
used to collect additional information, following Regulatory Approval, about the Product's safety, efficacy, or optimal use.

 

1.69         “Product”
shall mean a plasma derived AAT for inhaled use, in vials of 4mL each, developed and produced by Kamada, used in the Field, as
further described by the Specifications attached hereto. For the avoidance of doubt, the term ‘Product’ shall include
any Enhancements to the Product but shall not include AAT for inhaled use for the treatment of other indications outside the Field.

 

1.70         “Profit”
shall have the meaning set forth in Section 4.2(e).

 

1.71         “Quality
Agreement” shall mean that certain Quality Agreement between Kamada and Chiesi in connection with the Parties’
respective obligations under this Agreement with respect to the Product, which shall include, without limitation, a joint Complaint
management process, CAPAs, storage and shipment conditions and controls, product release and environmental, temperature and humidity
conditions and controls, as well as roles and responsibilities in the change control process and Qualified Person procedures, each
as applicable.

 

1.72         “Receiving
Party” shall have the meaning set forth in Section 12.3. 

 

1.73         “Regulatory
Approval” shall mean, in any country in the world, the applicable registrations, authorizations and approvals (including,
but not limited to approvals of New Drug Applications, Marketing Authorization Applications, Name approvals, Orphan Drug Designations
and labeling approvals), licenses (including, but not limited to, product and/or establishment licenses, manufacturing sites),
permits, certifications, drug master files, supplements, variations, and amendments, pre- and post-approvals, of any Regulatory
Authority or governmental entity in such country, necessary for the development (including the conduct of clinical trials), manufacture,
distribution, importation, exportation, transport, storage, marketing, (including Post Marketing Activities), promotion, offer
for sale, use, or sale of a product in such country.

 

    	7

    	 

    

 

1.74         “Regulatory
Authority” shall mean any national, supra-national, regional, state or local regulatory agency, department, bureau,
commission, council or other governmental entity in such country (including the EMA) responsible for overseeing the development
(including the conduct of clinical trials), manufacture, release, distribution, importation, exportation, transport, storage, marketing,
price, reimbursement, promotion, offer for sale, use, or sale of a Product in such country.

 

1.75         “Reimbursement
Approval” shall mean any and all pricing and/or reimbursement approvals, licenses, registrations, or authorizations
of any country, federal, supranational, state or local Regulatory Authority, department, bureau or other government entity, relating
to the sale or transfer of a particular Product in the applicable jurisdiction in the Territory.

 

1.76         “Remedial
Action” shall have the meaning set forth in Section 10.1.

 

1.77         “Representatives”
shall mean the agents or advisors (including, without limitation, attorneys, accountants, consultants, bankers and financial advisors)
of each Party.

 

1.78         
“Safety Data Exchange Agreement or SDEA” shall mean that certain pharmacovigilance agreement between Kamada
and Chiesi, in connection with the Parties’ respective obligations under this Agreement with respect to the drug safety matters
related to the Product.

 

1.79         “Sales
Personnel” shall have the meaning set forth in Section 7.2.

 

1.80         “Specifications”
shall mean the specifications for the Product, including the design, presentation, composition, its dedicated use and associated
Device and/or quality control of the Product, as shall be attached to the Quality Agreement, which will be provided by Kamada following
receipt of the EU Centralized Approval for the Product and attached hereto and made a part hereof, as the same may hereafter be
modified or updated in accordance with the terms of this Agreement.

 

1.81         “Term”
shall have the meaning set forth in Section 14.1.

 

1.82         “Territory”
shall mean the EU Member States, Albania, Andorra, Bosnia, Croatia, Iceland, Lichtenstein, Macedonia, Monaco, Montenegro, Norway,
Republic of San Marino, Serbia, Switzerland, Vatican City, Turkey, Russia and the ex-CIS countries – Armenia, Azerbaijan,
Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, Georgia.

 

1.83         “Third
Party” shall mean any entity other than Kamada, Chiesi, or their respective Affiliates, whether such Third Party
is a person, company, corporation, limited liability company, partnership or other legal entity, or a division or operating or
business unit of such legal entity.

 

    	8

    	 

    

 

1.84        “Threshold”
shall have the meaning set forth in Section 5.1(c).

 

1.85        “Total
Milestone Payments” shall have the meaning set forth in Section 14.3(b).

 

1.86        “Trademarks”
shall mean those trademarks for the Product which will be registered and owned by Chiesi in the
Territory following the Effective Date, including the trademarks set forth in Exhibit 1.86, as may be amended from time
to time. 

 

1.87        “Transfer
Price” shall have the meaning set forth in Section 5.1(a).

 

1.88        “Valid
Claim” shall mean:

 

(a)          any
claim within an issued and unexpired Patent that (i) is not expired, lapsed, or abandoned, (ii) is not dedicated to the public,
disclaimed, or admitted to be unenforceable or invalid; and (iii) has not been invalidated, held unenforceable or cancelled by
a court or administrative agency of competent jurisdiction in an order or decision from which no appeal has been or can be taken,
including through opposition, re-examination, reissue, disclaimer or otherwise; and

 

(b)          any
claim within a patent application that (i) is deemed patentable upon examination of a national or regional patent office and is
not abandoned or lapsed; (ii) is not dedicated to the public, disclaimed, or admitted to be unenforceable or invalid; and (iii)
has not been cancelled by an administrative agency of competent jurisdiction in an order or decision from which no appeal has been
or can be taken, including through opposition, interference, re-examination, reissue, disclaimer or otherwise.

 

1.89       
“Withholding Tax” shall have the meaning set forth in Section 5.3.

 

ARTICLE
2

APPOINTMENT AS EXCLUSIVE DISTRIBUTOR

 

2.1          Scope.

 

(a)          Effective
as of the Effective Date, and for the Term of this Agreement, Kamada hereby appoints Chiesi as its exclusive distributor to Commercialize
the Product in the Field in the Territory, subject to and in accordance with the terms and conditions set forth in this Agreement.
Chiesi hereby accepts such appointment.

 

(b)          During
the Term, Chiesi shall not, directly or through any sub-distributors, subagents, or other Third Parties (including Chiesi Affiliates
and Affiliated Parties), Commercialize the Product outside the Territory and shall use its Commercially Reasonable Efforts to prevent
any export by Third Parties of Products obtained directly or indirectly from Chiesi, to the extent not prevented by any
Applicable Laws and Guidelines.

 

    	9

    	 

    

 

(c)          Chiesi
undertakes to initiate the pre launch and initial marketing activities specified in the Initial Marketing Plan in each EU Member
States and in additional countries in the Territory prior to receipt of the EU Centralized Approval and any other Regulatory Approval,
at such times as may be reasonably required in order to allow Chiesi to comply with its undertakings in clause (d) below, all in
accordance with the Initial Marketing Plan, the Marketing Plan, and any Applicable Laws and Guidelines.

 

(d)          Chiesi
undertakes to make the First Commercial Sale of the Product in each country of the EU Member States and in any of the countries
in the Territory agreed upon in the Marketing Plan within [*****] following receipt of the [*****] any other [*****] and the [*****]
where such [*****] and [*****] will allow Chiesi to Commercialize the Product in such country (the “Commercialization
Period”).

 

(e)          Within
thirty (30) days following the Effective Date, each Party will designate a project manager, who will be the main contact person
for any interaction with the other Party in connection with this Agreement.

 

(f)          Subject
to and conditioned upon Chiesi complying with all of its obligations under this Agreement, in the event that Kamada desires to
Commercialize the Product for additional indications outside the Field in the Territory (the “Additional Indications
Product”), then Kamada shall notify Chiesi of its decision in writing and the Parties shall, for [*****] negotiate
in good faith the possibility and the terms of entering into an agreement for the Commercialization of such Additional Indications
Product in the Territory. The aforementioned shall not be considered an obligation of the Parties to enter into any agreement and
shall not limit in any way Kamada's right to Commercialize the Additional Indications Product by itself or through any Third Party
or to negotiate the Commercialization of the Additional Indications Product with any Third Party and Kamada shall not be required
to repeat the above process following such [*****]. It is hereby clarified that any discussions held between the Parties regarding
the Additional Indications Product prior to January 1, 2013, shall not be considered as negotiations on the matter in accordance
with this Section 2.1(f).

 

2.2          Exclusivity.
Kamada represents and warrants to Chiesi that Kamada is not a party to any other effective agreements, written or oral, with any
Third Party, permitting the sale or distribution of the Product in the Territory, and Kamada covenants and agrees that during the
Term (provided that this Agreement has not otherwise been terminated in whole or solely with respect to one or more countries in
the Territory), it will not enter into any such agreement or itself, directly or indirectly, sell or distribute the Product in
the Territory.

 

2.3          Non-Compete.
During the Term (provided that this Agreement has not otherwise been terminated in whole or solely with respect to one or more
countries in the Territory), Kamada shall not promote, market or sell, directly or indirectly, any Competing Product in the Territory,
other than products for intravenous use in the countries set forth in Exhibit 2.3(a). During the Term and for a period of
[*****] months following termination (but not expiration) of this Agreement, except if this Agreement is duly terminated by Chiesi
pursuant to Sections 14.2(a) or 14.2(b) below, Chiesi shall not promote, market or sell, directly or indirectly,
any Competing Product in the Territory, other than products for intravenous use in the countries set forth in Exhibit 2.3(b).

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	10

    	 

    

 

2.4           Sub-distributors
and Subagents. Notwithstanding anything to the contrary in ARTICLE 11 below, Chiesi may, subject to prior written notification
to Kamada, appoint Third Party sub-distributors and/or subagents for Commercialization of the Product in the Territory; provided,
however, that (i) such Third Party sub-distributors and/or subagents is not a Competitor, (ii) each sub-distributors and/or subagents
nominated by Chiesi shall be subject to the Confidentiality, Non-Compete, and Non-Solicitation undertakings set forth in this Agreement
and Chiesi will be responsible for any breach of such undertakings by any sub-distributors and/or subagents nominated by it, and
(iii) Chiesi shall remain responsible for all obligations hereunder. Notwithstanding anything contained in this Agreement to the
contrary, all rights of any sub-distributor and/or subagent shall terminate upon the expiration or termination of this Agreement
without separate notice to such sub-distributor and/or subagent.

 

2.5           Patient
Screening Program. Throughout the Term, Chiesi shall use its Best Reasonable Efforts to establish a screening program that
will identify potential patients in the Territory who might be eligible to be treated by the Product. Such program will comply
with the Applicable Laws and Guidelines in each country. Chiesi shall bear all costs and expenses related to such program.

 

2.6           Resale
Prices. Chiesi may sell the Product, the Device Accessories, and the Device, at such prices, as Chiesi in its sole discretion,
shall determine. Chiesi shall recognize 100% of the income from its sales of Products, Device Accessories, and the Device.

 

2.7           Joint
Steering Committee. The Parties will establish a joint steering committee (“Joint Steering Committee”
or “JSC”) to manage the relationship of the Parties under this Agreement. The structure, scope of responsibility
and authority of the JSC shall be as set forth in Exhibit 2.7.

 

ARTICLE
3

REGISTRATION ACTIVITIES 

 

3.1          Registration
of the Product.

 

(a)          Kamada
undertakes to use its Commercially Reasonable Efforts to obtain and maintain in Kamada’s name, either directly or through
subcontractors or an Affiliated Party, the EU Centralized Approval necessary for the Commercialization of the Product in the European
Union through a centralized procedure at EMA. All expenses incurred in
obtaining such EU Centralized Approval shall be borne by Kamada. It is hereby clarified that Kamada cannot guarantee that
it will receive the EU Centralized Approval, the time period for obtaining such approval, or any condition that may be included
in such approval. Kamada shall, at all times before obtaining the EU Centralized Approval, keep Chiesi reasonably and promptly
informed of all material activities and results thereunder and consult with Chiesi as reasonably requested by Chiesi.

 

    	11

    	 

    

 

(b)          Kamada
shall be responsible for obtaining and maintaining the Product packing, labeling, and instructions for use (collectively, the “Labeling”)
for the Product purchased under this Agreement for Commercialization within the Territory, and shall use its Commercially Reasonable
Efforts to receive approvals from the relevant Regulatory Authorities in the Territory for such Labeling (the “Labeling
Approvals”) with respect to any country in the Territory in which sales will be initiated in accordance with the
Marketing Plan. All expenses paid to any relevant Regulatory Authority
in obtaining such Labeling Approvals shall be borne by Kamada. Chiesi shall cooperate with Kamada, to the extent requested
by Kamada, in the design of such Labeling, in communicating with the relevant Regulatory Authorities and in applying for the Labeling
Approvals as Kamada's authorized representative. The Product will be packed, including internal leaflets, in such a manner as to
comply with the Labeling Approvals, the EU Centralized Approval and with any other Regulatory Approval. The presentation of the
final pack (e.g. monthly pack, two monthly pack) and its content, including the Device (for first treatment) and Device Accessories
(for routine deliveries) will be discussed and decided between the Parties and in accordance with marketing, reimbursement considerations
and Applicable Laws and Guidelines in each country.

 

(c)          Chiesi
shall be responsible, as Kamada's authorized representative, for obtaining and maintaining, and undertakes to obtain and maintain
using its Commercially Reasonable Efforts, all Reimbursement Approvals for the Product in the Territory (and any country therein)
and all other procedures and approvals required for marketing of the Product in the Territory (and any country therein). Chiesi
shall use its Best Reasonable Efforts to obtain any such Reimbursement Approvals at the earliest possible date following receipt
of the EU Centralized Approval and/or the relevant Regulatory Approval for the Product in any other country in the Territory which
is not covered by the EU Centralized Approval. Chiesi shall have the right to consult with Kamada on the planning and development
of all documentation with respect thereto and Kamada shall use Commercially Reasonable Efforts to cooperate with Chiesi’s
efforts in this regard. Chiesi shall provide to Kamada, for review and approval, copies of any proposed submission at least [*****]
days prior to such submission. All such approvals shall be obtained in the name of Kamada. All expenses incurred
in connection with obtaining the Reimbursement Approvals for the Product and any other procedures taken by Chiesi for Commercializing
the Product shall be borne by Chiesi, except for any registration or other
fees paid to any relevant Regulatory Authority, which shall be
borne by Kamada.

 

(d)          Within
[*****] months following the receipt of the EU Centralized Approval for the Product, Chiesi shall provide Kamada with an updated
Marketing Plan setting forth the countries in the Territory, which are not covered by the EU Centralized Approval, in which Chiesi
intends to Commercialize the Product (the “Additional Countries”). The Parties shall agree on a time
frame for obtaining any Regulatory Approvals required by the competent Regulatory Authorities for the Product necessary for the
Commercialization of the Product in the agreed Additional Countries. Kamada,
directly or through subcontractors or Affiliated Parties, shall use its Commercially Reasonable Efforts to obtain the Regulatory
Approvals in the Additional Countries, provided that all expenses incurred in obtaining such Regulatory Approvals shall be borne
by Chiesi, except for any registration or other fees paid to any
relevant Regulatory Authority, which shall be borne by Kamada.
To the extent possible, Kamada shall consult with Chiesi regarding
matters of substance during the process of obtaining said Regulatory Approvals. Kamada shall file and obtain such Regulatory Approvals
in its own name and shall retain ownership in the Products' registration file(s) (dossier).

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	12

    	 

    

 

3.2          Clinical
Studies.

 

(a)          Conduct
of Studies.

 

(i)          Kamada
is in the process of conducting the Phase II/III Clinical Study necessary for the receipt of the EU Centralized Approval. Kamada
shall bear all costs and expenses related to such Phase II/III Clinical Study. It is clarified that Kamada cannot guarantee the
success or the results of the study. Kamada shall, at all times during the conduct of the Phase II/III Clinical Study, keep Chiesi
reasonably and promptly informed of all material activities and results thereunder and consult with Chiesi as reasonably requested
by Chiesi. Kamada shall comply with all Applicable Laws and Guidelines applicable to the conduct of such Phase II/III Clinical
Study.

 

(ii)         Kamada
shall conduct Phase IV Clinical Studies, if such studies are required by the EMA in order to maintain the EU Centralized Approval
for the Product. The costs and expenses related to any and all the Phase IV Clinical Studies shall by distributed as follows: (A)
Kamada shall bear the initial [*****] and (B) Kamada and Chiesi shall equally bear any additional costs and expenses beyond the
initial [*****]. Kamada shall submit to Chiesi for review and approval,
such approval not to be unreasonably withheld, conditioned or denied, each of the above Phase IV Clinical Study plans and
protocols in advance, while Kamada shall, at all times during the conduct of the Phase IV Clinical Studies, keep Chiesi reasonably
and promptly informed of all material activities and results thereunder and shall consult with Chiesi as reasonably requested by
Chiesi. Kamada shall comply with all Applicable Laws and Guidelines applicable to the conduct of such Phase IV Clinical Studies.

 

(iii)        Notwithstanding
clause (ii) above, Chiesi shall conduct any additional Clinical Studies required by any Regulatory Authorities for: (A) obtaining
any Regulatory Approval for the Product in the Territory in countries that are not covered under the EU Centralized Approval, and
(B) marketing purposes (collectively, the “Additional Clinical Studies”). Chiesi shall bear all costs
and expenses related to such Additional Clinical Studies. Kamada shall confirm each Clinical Study plan and protocol used for each
Additional Clinical Study in advance and shall use its Commercially Reasonable Efforts to provide the related support required
for the Additional Clinical Studies, including the supply to Chiesi [*****] 4 mL vials of Product necessary for the conduct of
the Additional Clinical Studies, and of additional 4 mL vials of Product necessary for the conduct of the Additional Clinical Studies
[*****] provided that Kamada shall not be required to bear, directly or indirectly, any costs related to the Additional Clinical
Studies. In connection therewith, Chiesi shall, at all times during the conduct of the Additional Clinical Studies, keep Kamada
reasonably and promptly informed of all material activities and results thereunder, and shall consult with Kamada as reasonably
requested by Kamada. Chiesi shall comply with all Applicable Laws and Guidelines applicable to the conduct of such Additional Clinical
Studies.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	13

    	 

    

 

3.3          Ownership
and Use of Clinical Data. Kamada shall be the owner of all data and information generated by and in connection with the Phase
II/III and Phase IV Clinical Studies set forth in the above Sections 3.2(a)(i) and 3.2(a)(ii), while Kamada and Chiesi shall
jointly own all data and information generated by and in connection with the other Clinical Studies, including the Additional
Clinical Studies and Chiesi initiated post-marketing Clinical Studies including data analysis and Clinical Study reports
(collectively, the “Clinical Data”). Starting from the Effective Date and afterwards on an ongoing basis
during the Term, Kamada shall provide Chiesi with Clinical Data relating to the use of the Product in the Territory and Chiesi
shall have the right, during the Term, to use all Clinical Data from the Clinical Studies in connection with the performance of
its obligations under this Agreement. For the avoidance of doubt, all Clinical Data shall be regarded as Confidential Information
of Kamada.

 

ARTICLE
4

SUPPLY AND ORDERS FOR PRODUCT

 

4.1          Supply
of Product.

 

(a)          Kamada
shall manufacture and supply to Chiesi (including Chiesi’s sub-distributors) its clinical and commercial requirements of
Product, as requested by Chiesi from time to time subject to and in accordance with the terms of this Agreement, for Commercialization
in the Territory, in accordance with the terms of this Agreement. In addition, subject to the Commercialization Agreement and PARI's
compliance with its obligations thereunder, Kamada and/or PARI shall supply to Chiesi (including Chiesi’s sub-distributors)
the necessary quantities of Device, as applicable, and Device Accessories, in accordance with the quantity of Products supplied
to Chiesi. Without derogating from Section 5.5 below, Chiesi undertakes
to purchase all its requirements of the Products, the Device, as applicable, and the Device Accessories exclusively from Kamada
and/or PARI.

 

(b)          The
Product, together with the Device Accessories, shall be supplied by Kamada as a product inserts, or shall
be supplied by PARI directly to Chiesi, who shall be responsible for the product insert, at Kamada’s expense (except for
the provision of bulk vials in Section 4.24.2(b) below), all in such a manner as to comply with the EU Centralized Approval,
Regulatory Approvals and with the Applicable Laws and Guidelines in the Territory.

 

    	14

    	 

    

 

4.2          Purchase
of Product.

 

(a)          Forecasts.

 

(i)          No
later than [*****] following Kamada's filing of the application for the EU Centralized Approval with the EMA, Chiesi shall provide
Kamada in writing a good faith non-binding monthly forecast of Chiesi’s expected requirements for delivery of Products, for
each of the [*****] following receipt of the EU Centralized Approval, consistent with the Marketing Plan.

 

(ii)         In
addition to the above, within [*****] following receipt of the EU Centralized Approval from the EMA, and at the beginning of each
calendar month during the Term, Chiesi shall provide Kamada in writing a good faith monthly rolling forecast of Chiesi’s
expected requirements for delivery of Products (consistent with the Specifications (including then current packaging requirements)),
for each month in the following [*****] month period (each, a “Forecast”). The first [*****] months included
in each Forecast shall constitute a binding commitment on Chiesi’s behalf to purchase the quantities of Product set forth
in such Forecast. Notwithstanding the foregoing, Chiesi shall be entitled to modify the quantities set forth in the Forecast as
follows: (A) during the initial [*****] months following the First Commercial Sale, the forecast quantities for months [*****]
(inclusive) through [*****] may not vary by more than [*****] from the amount set forth in each Forecast, and (B) thereafter, the
forecast quantities for months [*****] (inclusive) through [*****] may not vary by more than [*****] from the amount set forth
in each Forecast.

 

(b)          Orders.
Without derogating from Chiesi’s obligations to purchase the quantities of Products set forth in the binding portion of the
Forecast pursuant to Section 4.2 above, from time to time, Chiesi shall deliver binding purchase orders for the Product
by written or electronic purchase order (or by any other means agreed to by the Parties) to Kamada, in accordance with the Forecasts.
Kamada shall either: (i) acknowledge and accept or (ii) subject to Section 4.2(c) below, reject any purchase order in writing
within [*****] Days of receipt. Each order shall be in multiples of whole batches (each batch is currently estimated to include
around [*****] 4 mL vials, and the minimum amount ordered per delivery shall be at least [*****] batch, with up to [*****] different
inner and outer packages in each batch for the Major Countries, it being however understood and agreed that for all countries of
the Territory, the Parties shall discuss and agree in good faith how to address any possible different package needs, including
the possibility of having the Product supplied in bulk vials. All such purchase orders shall be irrevocable. Purchase orders shall
set forth the desired date of delivery with respect to the Product ordered and shall be placed at least [*****] days prior to such
desired date of delivery.

 

(c)          Deemed
Acceptance. If (i) Kamada does not provide an acknowledgement to Chiesi within [*****] Days of its receipt of a purchase order
and (ii) the aggregate quantities set forth in the purchase orders for delivery in the applicable month do not exceed the quantity
set forth in the Forecast (unless Kamada has otherwise affirmatively agreed in writing to meet the excess quantities ordered),
Kamada shall be deemed to have accepted each purchase order from Chiesi.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	15

    	 

    

 

(d)          Shelf
Life. Kamada will have no responsibility for expired Products and Chiesi will have no right to return them or to claim cost,
credit, or compensation, provided that upon delivery to Chiesi or its designee in accordance with Section 4.2(f)(f), the
expiration date on each unit of Product shall be a date that is at least: (i) if delivery is made prior to the first anniversary
of the First Commercial Sale, [*****] of the labeled shelf life of such unit of Product, (ii) if delivery is made following the
first anniversary of the First Commercial Sale but prior to the [*****] anniversary thereof, [*****] of the labeled shelf life
of such unit of Product, and (iii) if delivery is made following the [*****] anniversary of the First Commercial Sale, [*****]
of the labeled shelf life of such unit of Product; provided, however, that in the event that the labeled shelf life of such unit
of Product is different than [*****] months, the Parties shall discuss in good faith whether the above minimum shelf life should
be updated, and further provided that, subject to Chiesi's approval which will not be unreasonably withheld, Kamada may deliver
validation batches of the Product which may have shorter shelf life than provided above.

 

(e)          Failure
to Supply. In the event that it becomes apparent to Kamada that it will be unable to fulfill any purchase order for the Product
placed by Chiesi hereunder and approved by Kamada in accordance with Sections 4.2(b) or 4.2(c) above, then Kamada shall,
promptly after learning of such event or circumstances, notify Chiesi in writing of Kamada’s inability to meet such requirements
for the Product, along with a reasonable explanation of the reason for Kamada’s failure to supply the Product and with a
specific indication of the amount of such shortfall in manufacture of the Product and anticipated timing of delivery. Promptly
after Chiesi’s receipt of any such notice, the Parties shall agree upon mutually acceptable revised quantities and delivery
dates with respect to the Product subject to such purchase order. Notwithstanding the foregoing, in the event that (i) Chiesi
runs out of stock of the Product as a consequence of any shortage, failure or delay in the supply by Kamada of purchase orders
placed by Chiesi and approved by Kamada in accordance with Sections 4.2(b) or 4.2(c) above, except if such shortage, failure
or delay is caused as a result of any events of Force Majeure), and (ii) such shortfall exceeds more than [*****] of the aggregate
approved purchase orders in the previous [*****] months period (provided however that Kamada supplies Chiesi at least the Minimum
Purchase Levels in each relevant calendar year), than Chiesi shall be entitled to an indemnification payment equal to [*****] provided
such [*****] can be proven by written evidence. Kamada, in relying on the above Force Majeure exceptions, shall provide reasonably
detailed particulars of the reasons underlying any such Force Majeure events to Chiesi and shall allocate its existing stocks
of the Product between Chiesi and other Kamada’s distributors, on a pro-rata basis, based upon market share and order
volumes for the prior twelve-month period. For the purpose of this Section 4.2(e), [*****] shall be calculated as the [*****]
(a) the relevant [*****] and (b) the applicable [*****] calculated as [*****] and [*****] is the [*****] is unable to [*****]
a result of [*****], in accordance with the [*****] Kamada in accordance with [*****] above. Without
prejudice to the foregoing, Chiesi may elect to treat Kamada’s inability to supply the Product in the circumstances
set forth above as a material breach of this Agreement pursuant to Section 14.2 below, unless Kamada supplied Chiesi at
least the Minimum Purchase Levels for such year. 

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

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(f)          Shipment.

 

(i)          Kamada
shall deliver the Product [*****] (Incoterms 2010) [*****] (the “Delivery Point”), and title and all
risk of loss shall pass to Chiesi upon delivery at the Delivery Point. Chiesi shall arrange for shipping in compliance with the
applicable Product requirements regarding temperature, duration, and other environmental factors as required to properly preserve
the Product without materially impacting its shelf life.

 

(ii)         All
Products delivered by Kamada shall be suitably marked for delivery to such Chiesi location as Chiesi may designate. Kamada will
deliver a pre-shipment notification to Chiesi and Chiesi’s designated broker prior to initiating shipment. Certificates of
Analysis (“COA”), the forms of which, as applicable for each country in the Territory, shall be attached
as Exhibit 4.2 following receipt of the EU Centralized Approval or any other relevant Regulatory Approval, specific to testing
of each lot/batch and QP release, must accompany each delivery. Kamada shall provide a duplicate copy of the COA, and a commercial
invoice with each shipment to Chiesi. Each shipment of Products shall have appropriate temperature monitoring devices to ensure
compliance with product temperature requirements.

 

4.3          Inventory.
Chiesi shall hold sufficient inventory of Products as required to satisfy patients' needs on an on going basis.

 

4.4          Kamada
will be responsible for appointing, at its expense, a Qualified Person(s), who shall be responsible for, among other things, certifying
lot release in each country in the Territory and handling official lot release with the OMCL or any other Regulatory Authority
as required by Applicable Laws and Guidelines. Notwithstanding the above, Kamada may, at its sole discretion, require Chiesi to
appoint the Qualified Person in any country in the Territory who shall be responsible for, among other things, certifying lot release
in such country and handling official lot release with the OMCL or any other Regulatory Authority, by using the COA provided by
Kamada or its European Third Party laboratory, and in such case, Chiesi shall bear all expenses related to the lot release application
and handling the lot release. Kamada will be responsible to provide the Qualified Person any information and documentation requested
by the OMCL, at Chiesi's expense.

 

ARTICLE
5

PRICES AND PAYMENTS

 

5.1          Price.

 

(a)          Chiesi
shall pay Kamada for each 4mL vial of Product and for the Device Accessories transferred by Kamada to Chiesi [*****] of that calendar
year's Market Price (the “Transfer Price”), provided however, that the minimum Transfer Price shall be:
(i) [*****] with respect to any 4 mL vial of Product, and (ii) [*****] (the “Minimum Transfer Price”).

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

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(b)          Annual
True Up. During each calendar year and subject to Section 5.1(c) below, the price to be invoiced by Kamada for any shipment
of Products purchased by Chiesi, shall be determined based on the Transfer Price in the previous year (the “Base Transfer
Price”). During the first year in which Products are purchased by Chiesi, the Base Transfer Price to be used in Kamada's
invoices shall be [*****] per each 4 mL vial. Within [*****]days following termination of each calendar year during the Term, the
Parties shall determine, based upon the number of 4 mL vials of Products actually purchased by Chiesi during such calendar year,
the applicable Transfer Price as calculated pursuant to Section 5.1(a). If the applicable Transfer Price is lower than the
Base Transfer Price, Kamada shall issue a credit to Chiesi equal to the difference between the applicable Transfer Price and the
Base Transfer Price multiplied by the number of 4 mL vials actually purchased by Chiesi during the applicable calendar year. The
credit shall be offset against future purchases of Product by Chiesi or if the Agreement has been terminated Kamada shall make
a payment to Chiesi for the full amount of such difference. If the calculated applicable Transfer Price is higher than the Base
Transfer Price, Kamada shall invoice Chiesi for the difference and Chiesi shall make a payment to Kamada for the full amount of
such difference in accordance with Section 5.2 below.

 

(c)          Additional
Annual True Up. Within [*****] days following termination of each calendar year, Chiesi will notify Kamada of the Additional
Market Price, if any, multiplied by the number of such 4 mL vials of Product listed in invoices issued by Kamada to Chiesi during
such calendar year (the “Additional Annual True Up”). Kamada shall invoice Chiesi for such Additional
Annual True Up and Chiesi shall pay such Additional Annual True Up to Kamada in accordance with Section 5.2 below.

 

(d)          Price
Adjustments. The Minimum Transfer Price and the Base Transfer Price shall be adjusted on an on-going basis should the USD/Euro
exchange rate change by more than [*****] from the base exchange rate of 1 Euro = 1.25 USD (the “Threshold”),
provided that such adjustment shall be made only by [*****] of the difference between the Threshold and the USD/Euro exchange rate
then in effect. In addition to the above and subject to Section 2.3 above, in the event that Kamada sells, supplies or otherwise
distribute any other products which are identical to the Product in their components, concentration, and composition for use outside
the Field, in the Territory, at a price that is lower than the Minimum Transfer Price, then the Minimum Transfer Price shall be
reduced on an on-going basis to such lower price.

 

5.2          Invoicing;
Payment. Kamada shall submit a detailed invoice to Chiesi for each shipment of Product ordered by Chiesi under this Agreement
upon such shipment of Products. If applicable, Value Added Tax shall be added to each invoice in accordance with the statutory
rate in force at such time. Each invoice shall be due and payable within [*****] from the invoice date. All invoices shall be sent
to Chiesi’s address for notice purposes, or such other address as requested by Chiesi in writing, without regard to the actual
shipping address for the Product. Each such invoice shall state Chiesi’s aggregate and unit Transfer Price for the Product
in the relevant shipment, plus any freight incident to the purchase or shipment initially paid by Kamada and to be borne by Chiesi
hereunder.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

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5.3           Taxes.
All payments under this Agreement shall be made without any deduction or withholding for or on account of any tax (each, a “Withholding
Tax”) unless such deduction or withholding is required by Applicable Laws and Guidelines. For all payments under
this Agreement, the paying Party shall pay to the relevant authorities the full amount of the Withholding Tax required to be deducted
or withheld within the time period specified by Applicable Laws and Guidelines. The paying Party shall promptly forward to the
other Party an official receipt (or certified copy) or other documentation reasonably acceptable to the other Party evidencing
payment of the Withholding Tax to such authorities to enable the other Party to claim the relevant tax credit before the relevant
authorities. At the request of, and with the assistance of, the paying Party, the other Party shall provide the paying Party with
the documentation necessary to claim a reduction of any Withholding Tax that may be available under an applicable tax treaty or
under Applicable Laws and Guidelines and the paying Party shall make Commercially Reasonable Efforts to claim such reduction of
Withholding Tax, and to the extent possible, according to Applicable Laws and Guidelines, delay payment of such taxes to the Tax
Authorities, until such claim for reduction is either approved or denied. 

 

5.4           Milestone
Payments. In addition to any payments made in accordance with Section 5.1 above, in consideration of the undertakings
by Kamada pursuant to this Agreement (including Section 3.3 above) and the appointment of Chiesi as the exclusive distributor
for the Product in the Territory, Chiesi agrees that it shall: (i) within [*****] Days after the Effective Date, pay to Kamada
an amount equal to [*****] and (ii) within [*****] Days following the achievement of each milestone, pay to Kamada the following
amounts:

 

	Milestone	 	Milestone Payment (USD)
	[*****]	 	[*****]
	[*****]	 	[*****]
	Total Milestone Payments	 	[*****]

 

5.5           Payments
to PARI. In accordance with the Commercialization Agreement, certain payments may be made by either Party to PARI with respect
to distribution of Devices and/or Device Accessories which are sold for use with the Product (the “PARI Payments”).
Kamada and Chiesi hereby agree that the PARI Payments [*****]. The Party making any PARI Payments shall submit a detailed invoice
to the other Party immediately following each payment of the PARI Payments. Each invoice shall be due and payable within [*****]
days from the invoice date.

 

5.6           Currency
of Payments. Except for any payments made in accordance with Section 5.4 above (milestone payments), which shall be
made in US Dollars, all other payments due under this Agreement shall be made in Euros by electronic funds transfer to such bank
account as Kamada shall designate from time to time.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

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5.7           Books,
Records and Audit Rights. Chiesi and its respective Affiliates and sub-distributors (as applicable) shall maintain accurate
books and records regarding sales of the Product in accordance with International Financial Reporting Standards (IFRS) or generally
accepted accounting principles (GAAP) consistently applied by Chiesi in sufficient detail to enable Kamada to monitor compliance
by Chiesi with the terms of this Agreement. Chiesi shall maintain or cause to be maintained such books and records for a period
of [*****] years following the applicable activity. Kamada shall have the right to inspect such books and records for the purpose
of verifying the payments provided for in this Agreement for the preceding [*****] at reasonable intervals (but no more frequently
than once in any [*****] period) and upon not less than [*****] prior written notice. Upon receipt of written notice, Chiesi and
Kamada shall confer to agree upon an acceptable date for the audit, taking into account normal activities of Chiesi’s finance
function (e.g., quarter end and year end activities). Such inspections shall be performed by an independent certified public accountant
selected by Kamada and reasonably acceptable to Chiesi. All expenses related to such inspection shall be borne by Kamada; provided
that if any such inspection reveals any underpayment by Chiesi to Kamada in respect of any year of the Agreement in an amount exceeding
[*****] of the amount actually paid by Chiesi to Kamada in respect of such year, then Chiesi shall (in addition to paying Kamada
the shortfall), bear the costs of such inspection. Any deficiencies in payment shall be immediately due and payable by Chiesi to
Kamada. Any independent certified public accountant engaged by Kamada to conduct the audit pursuant to this Section 5.7
shall sign a confidentiality agreement acceptable to Chiesi prior to any such audit and shall only report those findings of the
examination to Kamada as are necessary to validate that payments are tracked, calculated and made in accordance with this Agreement.

 

5.8           Interest.
All amounts not paid when due under this Agreement (excluding any amounts that are disputed and ultimately resolved in favor of
the disputing party) shall bear interest at the rate of [*****] per year, compounded annually, from the due date until the date
of payment.

 

ARTICLE
6

ADDITIONAL RIGHTS AND OBLIGATIONS OF CHIESI

 

6.1          Sales
and Marketing.

 

(a)          Chiesi
shall, at its expense, at all times during the Term of the Agreement use its Best Reasonable Efforts to Commercialize the Product
in the Territory.

 

(b)          Within
[*****] days following the execution of this Agreement, Chiesi
will submit to Kamada for review an initial marketing plan outlining Chiesi’s
proposed pre and post approval marketing and sales activities in each of the countries covered by the EU Centralized Approval
and the Parties shall hold a detailed discussion regarding such initial marketing plan within [*****] after it is submitted to
Kamada (the “Initial Marketing Plan”).
Within [*****] 
following filing of the application for the EU Centralized Approval with the EMA,
Chiesi will submit to Kamada for review a detailed marketing plan outlining Chiesi’s
proposed marketing and sales activities in each country covered by the EU Centralized Approval
and the Parties shall hold a detailed discussion regarding such marketing plan and shall agree on a final version of such
marketing plan (the “Marketing
Plan”) within [*****] days after it is submitted
to Kamada. Chiesi and Kamada will meet no less than annually to
review the Marketing Plan (other than pricing). 

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	20

    	 

    

 

(c)          Chiesi
shall, at its sole expense, be responsible for the preparation and development of all sales and marketing materials (including
promotional literature) in connection with the marketing and sale of the Product. Chiesi shall be responsible for ensuring that
the text of all such sales and marketing materials is in compliance in all material respects with any Applicable Laws and Guidelines
and is used solely by Chiesi, its Affiliates and sub-distributors. Kamada shall have the right to review and comment such sales
and marketing materials prepared by Chiesi and Chiesi and Kamada will meet no less than annually to review the sales and marketing
materials. Kamada will use its Commercially Reasonable Efforts to cooperate with Chiesi in the preparation of Chiesi’s sales
and marketing materials.

 

(d)          Regulatory
Submissions. Kamada shall be responsible for submitting all advertising and promotional materials to any Regulatory Authority
throughout the Territory at Kamada’s expense.

 

6.2          Certain
Restrictions. Chiesi shall not, and shall use its Best Reasonable Efforts to ensure that its Affiliates and sub-distributors
shall not knowingly Commercialize the Product for any use or any indication other than in the Field.

 

6.3          Minimum
Purchase Levels.

 

(a)          Commencing
on the second calendar year following the calendar year in which Chiesi received the Reimbursement Approval in at least [*****]
Major Countries (each a “Minimum Period”) and without derogating from Section 4.2(e) above, Chiesi
shall be obligated to achieve a minimum annual purchase level of Product (in vials) for the whole Territory (the “Minimum
Purchase Levels”) as follows:

 

	Minimum Period	 	Minimum Purchase Levels in all countries in

the Territory
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]

 

(b)          At
least [*****] prior to the termination of the [*****] Minimum Period, the Parties shall mutually agree whether to increase the
Minimum Purchase Levels for the next Minimum Periods. In the event that the Parties agree not to increase the Minimum Purchase
Levels or agree to increase the Minimum Purchase Levels only in future Minimum Periods, the Minimum Purchase Levels for each Minimum
Period shall equal the Minimum Purchase Level in the previous year.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	21

    	 

    

 

6.4          Compliance
with Laws. Chiesi shall comply in all material respects with all Applicable Laws and Guidelines and with the Specifications
applicable to the shipment, lot release (to the extent applicable), storage, handling and the Commercialization of the Product
in the Territory, including maintaining qualified quality facilities and procedures. Chiesi shall ensure that all Affiliates and
sub-distributors shall implement such quality control systems and procedures as shall be appropriate to ensure compliance with
the above requirements. Chiesi shall allow, and shall procure that its Affiliates, sub-distributors, and subagents shall allow,
if required by any Regulatory Authority or in order to comply with Applicable Laws and Guidelines, upon reasonable prior written
notice and in a manner calculated not to unreasonably interfere with Chiesi's or its Affiliates', sub-distributors', and subagents'
conduct of business, allow Kamada employees or Representatives or any representatives of any Regulatory Authority, to conduct compliance
audits or inspections relating to the shipment, lot release (to the extent applicable), storage handling, and the physical distribution
of the Product in the Territory.

 

6.5          Reports.
During the Term of this Agreement, Chiesi shall furnish Kamada with the following written reports, all in English language:

 

(a)          within
[*****] Days following the end of each [*****], a report detailing: (i) sales of the Product during the previous [*****], (ii)
an inventory status, and (iii) the estimated number of patients using the Product, all, on a country by country basis;

 

(b)          within
[*****] Days following the end of each [*****] following receipt of the EU Centralized Approval, a report detailing all launch/pre-launch
activities, including: (i) advertising and promotional activities, carried out in the previous [*****] and compliance with the
Marketing Plan, (ii) information regarding the screening efforts made in order to identify new patients, activities related to
opinion leaders and patients organizations, all on a country by country basis, (iii) pertinent market conditions prevailing within
the Territory, including, but not limited to, information regarding competing products and (iv) pricing and reimbursement efforts
on a country basis and relevant Applicable Laws and Guidelines;

 

(c)          Within
[*****] days following the end of each [*****], a report detailing: (i) the aggregate amount of Net Sales in such [*****], and
(ii) the number of 4 mL vials of Product listed in invoices used for the calculation of Net Sales and all other data required for
the calculation of Market Price and Transfer Price.

 

6.6          Sales
Leads. Chiesi shall promptly forward to Kamada all leads for sales of Product outside the Territory.

 

6.7          Follow-Up.
To the extent permitted by Applicable Laws and Guidelines, Chiesi shall ensure that during the Term of this Agreement and for a
period ending [*****] following the expiration labeled shelf life of each unit of Product sold by Chiesi under this Agreement,
directly or indirectly through its Third Party agents and/or customers, Chiesi is able to identify the final disposition of each
unit of Product. Upon Kamada’s written request identifying a reasonable need for such data, Chiesi shall use Commercially
Reasonable Efforts to obtain such data and to provide all such data to Kamada, at Kamada’s expense, and/or the applicable
Regulatory Authorities, at Chiesi’s expense.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	22

    	 

    

 

6.8          Relationship
with PARI.

 

(a)          Kamada
hereby subcontracts and/or sublicenses to Chiesi, and enforces for the benefit of Chiesi, with Chiesi assuming Kamada's obligations,
any and all rights of Kamada against PARI or any other Third Party under the Commercialization Agreement, as applicable. Chiesi
shall perform Kamada's obligations under the Commercialization Agreement diligently and to the extent required thereunder.

 

(b)          Chiesi
shall maintain a proper business relation with PARI and shall use its Best Reasonable Efforts not to harm Kamada's business relationship
with PARI. Chiesi shall on a [*****] basis deliver to Kamada reports detailing the on-going relationship between Chiesi and PARI,
including any steps taken by the parties for the commercialization, supply, and maintenance of the Device and the Device Accessories,
as applicable.

 

(c)          Notwithstanding
Section 6.8(a) above, Kamada shall continue to perform its obligation to make certain payments to PARI in accordance with
Section 5.5 to the Agreement and under any other agreement to which Kamada and PARI are parties.

 

6.9          Trademarks.
Chiesi shall be solely responsible for selecting, registering, and enforcing the Trademarks and shall have sole and exclusive ownership
of them. Upon termination (but not expiration, subject to Section 14.3(c) below) of this Agreement in its entirety, except
if this Agreement is duly terminated by Chiesi pursuant to Sections 14.2(a) or 14.2(b) below, Chiesi shall promptly assign
or cause to be assigned to Kamada all Trademarks that Chiesi or any of its Affiliates owns and/or has developed in any country
within the Territory.

 

ARTICLE
7

ADDITIONAL RIGHTS AND OBLIGATIONS OF KAMADA

 

7.1          Compliance
with Laws; Manufacturing. Kamada shall comply in all material respects with all Applicable Laws and Guidelines applicable to
the design, manufacture, labeling, packaging, storage, testing, release, shipping and handling of the Product in the Territory,
including maintaining qualified manufacturing and quality facilities and/or procedures in accordance with EU cGMP pharmaceutical
standards. Further, the Parties shall, within [*****] following the execution of this Agreement, enter into a Quality Agreement
in accordance with Applicable Laws and Guidelines, which shall include, without limitation, a complaint management process, storage,
and shipment conditions and controls, product release and environmental, temperature and humidity conditions and controls, as well
as roles and responsibilities in the change control process, each, as applicable. Kamada and any Third Party manufacturer engaged
by Kamada shall ensure that the Products are manufactured in strict compliance with the Specifications. Following receipt of the
EU Centralized Approval, the Parties will review and if necessary, amend, such Quality Agreement.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	23

    	 

    

 

7.2          Training
and Support. Kamada shall provide to Chiesi English copies of all available technical materials (including Clinical Study reports
and summaries) and such other materials, information and knowledge that are owned by Kamada and in Kamada’s control or possession
as are necessary to train sales personnel of Chiesi, its Affiliates and sub-distributors in the Territory (the “Sales
Personnel”), at such times as shall be decided by the marketing and sales subcommittee appointed by the JSC. Chiesi
shall be entitled to duplicate, reproduce and distribute such materials to the extent necessary or useful in conducting training
of the Sales Personnel. Chiesi shall be responsible, at its sole cost and expense, for training all Sales Personnel.

 

7.3          Sales
Leads. Kamada shall promptly forward to Chiesi all leads for sales of Product in the Territory.

 

7.4          Manufacturing
Audit. Kamada shall, as reasonably deemed necessary by Chiesi, but no more frequently than once in any [*****] period and upon
not less than [*****] prior written notice from Chiesi and in a manner calculated not to unreasonably interfere with Kamada’
or its Third Party manufacturers’ conduct of business, allow Chiesi employees or Representatives reasonable access to its
and/or its Third Party manufacturers’ manufacturing, packaging, testing, stability, and quality control facilities, as the
case may be, that relate to the Product, including the actual process of manufacture and packaging of the Product, at Chiesi's
expense. The audit shall be conducted by Chiesi's personnel and any of its designated Representatives each of whom shall, in connection
with their participation in such audit, agree to execute a confidentiality agreement in favor of Kamada. Such audits will be conducted
during Kamada’s normal business hours and at times mutually agreeable to the Parties.

 

ARTICLE
8

PRODUCT WARRANTIES

 

8.1          Warranty.
Kamada warrants that, as of the time of delivery by Kamada to Chiesi of the Product in accordance with this Agreement, all Products
will (a) be free of defects in design, material and workmanship and conform to the Specifications, and (b) comply in all material
respects with all Applicable Laws and Guidelines applicable to the Product in the Territory.

 

8.2          Non-Conforming
Product.

 

(a)          Within
[*****] of Chiesi’s receipt of an order for the Product, Chiesi may reject any such order or portion thereof that (i) does
not conform to the warranty under Section 8.1 above, including to the Specifications, or (ii) is based on any claimed shortage
in quantity, provided that such non-conformity in (i) above is not due to any failure by Chiesi, its Affiliates,
agents or representatives to ship, handle, maintain, or store the Product as required under the Specifications. Kamada shall reasonably
assist Chiesi in performing any such testing by providing to Chiesi any necessary technical information to accomplish such testing
by Chiesi. Chiesi shall notify Kamada in writing within such [*****] period of its rejection of any order
or portion thereof of the Product delivered by Kamada, which notice of rejection must contain the reason for such rejection;
provided, however, that this limitation shall not apply to hidden defects in the Product. In the case of hidden defects,
Chiesi shall have [*****] days from the date it becomes aware or reasonably should have become aware of any hidden defect to reject
any order of the Product in accordance with applicable terms and conditions hereof.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	24

    	 

    

 

(b)          In
the event of the rejection of the Product under this Section 8.2, or any other nonconformity or defect which the Parties
mutually agree is a proper basis for rejection, and if such rejection is appropriately made by Chiesi, Kamada shall use its Best
Reasonable Efforts to replace the rejected Product or make up the shortage at its expense within [*****] of the notice of such
rejection or shortage, and in any case as soon as reasonably possible after receiving such notice, at no additional cost to Chiesi
(including shipping and transportation costs), and Kamada shall make arrangements with Chiesi for the return or disposal of any
rejected Product, such return shipping or disposal charges to be paid by Kamada.

 

(c)          In
the event of a conflict regarding whether or not the Product conforms to the warranty under Section 8.1 above, including
to the Specifications at the time of delivery, and Chiesi and Kamada are unable to resolve such conflict after a good faith attempt
by both Parties to resolve such matter in a period of [*****] days after the conflict arises, a sample of the Product shall be
submitted by Chiesi to an independent laboratory reasonably acceptable to both Parties for testing against the Specifications or
other defect and the test results obtained by such laboratory shall be final and controlling for purposes of this Agreement. If
the Parties are unable to agree upon such independent laboratory in a period of [*****] days after the conflict arises, such independent
laboratory shall be selected by the President of the ICC. The fees and expenses of such laboratory testing shall be borne entirely
by the Party against whom such laboratory’s findings are made. In the event the independent laboratory test results indicate
that the Product in question did not meet the Specifications or is otherwise defective, Kamada shall use its Best Reasonable Efforts
to replace the rejected Product at no additional cost to Chiesi within [*****] days after receipt of such results if replacement
Product stock is available, and in any case as soon as reasonably possible after receipt of such independent laboratory test. In
the event the independent laboratory test results indicate that the rejected Product in question meets the Specifications, then
Chiesi shall pay all additional shipping and transportation costs, incurred by Kamada as a result of the conflict as well as the
cost of the Products to the extent that such Products have not been previously paid for by Chiesi, and shall accept and pay for
the previously rejected Product in accordance with all applicable provisions hereunder.

 

(d)          Without
derogating from Section 4.2(e) and from any obligations that Kamada may have under this Agreement with respect to Third
Party Claims, the foregoing shall be Chiesi’s sole and exclusive remedy with respect to non-conforming Products or shortages,
and all other remedies at law or in equity shall not be available to Chiesi.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

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8.3          Disclaimer
of Warranties. Except for those warranties expressly set forth in Section 2.2, Section 8.1 and ARTICLE
9 of this Agreement, neither Party makes any warranties, written, oral, express or implied, with respect to the Product or
the development and production of the Product. ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE IMPLIED
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT HEREBY ARE DISCLAIMED. NO WARRANTIES OF
EITHER PARTY MAY BE CHANGED BY ANY REPRESENTATIVES OF EITHER PARTY EXCEPT IN A WRITING SIGNED BY BOTH PARTIES.

 

ARTICLE
9

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

9.1          Kamada’s
Representations, Warranties, and Covenants. Kamada hereby represents and warrants (or covenants, as applicable) to Chiesi that
as of the Effective Date and during the Term:

 

(a)          Kamada
is a corporation duly organized, validly existing and in good standing under the laws of Israel, and this Agreement has been duly
authorized by all necessary corporate action.

 

(b)          Kamada
has all necessary corporate power and authority to enter into this Agreement and to perform all of its obligations hereunder and
is not under any obligations inconsistent with the provisions of this Agreement.

 

(c)          This
Agreement has been duly authorized, executed and delivered by Kamada and is the legal, valid and binding obligation of Kamada,
enforceable against Kamada in accordance with its terms.

 

(d)          Neither
the execution, delivery and performance by Kamada of this Agreement nor the consummation of the transactions contemplated hereby
violate or conflict with the charter documents of Kamada, any material obligation, contract, agreement or instrument to which Kamada
is a party or by which it or its properties are bound, or any judgment, decree, order or award of any court, governmental body
or arbitrator by which Kamada is bound, or any Applicable Laws and Guidelines applicable to Kamada.

 

(e)          
Kamada owns or Controls all of the rights, title and interest in and to the Kamada Intellectual Property and has the full right,
power and authority to grant to Chiesi the rights and licenses necessary to perform Chiesi’s activities under this Agreement
in the Territory.

 

(f)          To
Kamada’s best knowledge, as of the Effective Date, the Commercialization of the Product in the Territory, as anticipated
hereunder, does not infringe upon the patents or any other Intellectual Property rights of any Third Party.

 

(g)          As
of the Effective Date, Kamada has not been notified in writing and is not aware of any patent infringement or other action pending
before any court, governmental agency or other tribunal relating to the Product.

 

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9.2          Chiesi’s
Representations, Warranties, and Covenants. Chiesi hereby represents and warrants (or covenants, as applicable) to Kamada that
as of the Effective Date and during the Term:

 

(a)          Chiesi
is duly organized, validly existing and in good standing under the laws of Italy and this Agreement has been duly authorized by
all necessary corporate action.

 

(b)          Chiesi
has all necessary corporate power and authority to enter into this Agreement and to perform all of its obligations hereunder and
is not under any obligations inconsistent with the provisions of this Agreement.

 

(c)          This
Agreement has been duly authorized, executed and delivered by Chiesi and is the legal, valid and binding obligation of Chiesi,
enforceable against Chiesi in accordance with its terms.

 

(d)          Neither
the execution, delivery and performance by Chiesi of this Agreement nor the consummation of the transactions contemplated hereby
violate or conflict with the charter documents of Chiesi, any material obligation, contract, agreement or instrument to which Chiesi
is a party or by which it or its properties are bound, or any judgment, decree, order or award of any court, governmental body
or arbitrator by which Chiesi is bound, or any Applicable Laws and Guidelines applicable to Chiesi.

 

ARTICLE 10

REMEDIAL ACTIONS AND PHARMACOVIGILANCE

 

10.1        Remedial
Actions.

 

(a)          Following
initial supply of Products to Chiesi, each Party will notify the other immediately, and promptly confirm such notice in writing,
if it obtains information indicating that the Products may be subject to any quality issue, recall, corrective action (including
field correction action), or other regulatory action (other than a corrective and preventive action (“CAPA”))
in the Territory (a “Remedial Action”).

 

(b)          If
requested by Kamada, Chiesi will assist Kamada, at Kamada’s expense other than as set forth below, in gathering and evaluating
such information as is necessary to determine the necessity of conducting Remedial Action; provided that Chiesi shall have sole
responsibility for collecting information from its customers, including customer complaints. Kamada shall determine whether to
commence any Remedial Action with respect to the Product in the Territory taking into account, inter alia, safety requirements,
regulatory requirements, effect on patients, and minimizing any detriment effect to the Commercialization of the Product in the
Territory. Each Party will maintain adequate records to permit the Parties to trace the manufacture of the Product and the distribution
and use of such Product. In the event that Kamada determines that any Remedial Action with respect to the Product should be commenced,
or Remedial Action is required by any governmental authority having jurisdiction over the matter, Kamada shall conduct such Remedial
Action, except for any field correction actions which shall be conducted by Chiesi at Kamada's expense, other than as set forth
below. Chiesi shall use Commercially Reasonable Efforts to cooperate with Kamada in implementing any such Remedial Action to the
extent such cooperation is necessary to effect the Remedial Action, at Kamada’s expense, other than as set forth below. Kamada
shall have sole responsibility for handling any CAPAs in a reasonable manner and Chiesi shall cooperate with Kamada to the extent
reasonably requested by Kamada in handling any CAPA at Kamada’s expense, other than as set forth below. Any costs and expenses
incurred by either Party in connection with a Remedial Action shall be borne by the Party whose acts or omissions caused or resulted
in the necessity for such Remedial Action, and such Party shall reimburse or credit the other Party for any such costs or expenses
within [*****] days of receiving written notice from the other Party that the cost or expense has been incurred. Specific mechanisms
related to the handling of customer complaints and to the Remedial Action process shall be included in the Quality Agreement, all
in accordance with the terms set forth in this Agreement.

 

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10.2        Pharmacovigilance,
Adverse Event Reporting, and Notification of Complaints.

 

(a)          Responsibility.
With respect to all countries in the Territory, Kamada shall be responsible for all pharmacovigilance activities and adverse event
reporting for the Product, including reporting to all relevant Regulatory Authorities as stemmed within its obligation as a the
manufacturer of the Product and holder of the EU Centralized Approval and any other Regulatory Approvals, and Chiesi shall assist
Kamada in such pharmacovigilance activities (e.g. field reporting, follow up, etc.) as stemmed within its obligation as the distributor
of the Product. Without derogating from the above, the Parties shall, within [*****] following the execution of this Agreement,
enter into a SDEA in accordance with Applicable Laws and Guidelines, which shall include, without limitation, provisions
for exchange of adverse event and pregnancy exposure data concerning the Product. Following receipt of the EU Centralized
Approval, the Parties will review and if necessary, amend, such SDEA.

 

(b)          Complaints
Reporting. The Parties shall report to each other all information necessary for the other Party to make timely reports as required
by any Regulatory Authority or other authorized authority in the Territory regarding the Product. Notification of complaints systems
and procedures shall be specified in the Quality Agreement.

 

(c)          Notification
of Threatened Action. Each Party shall immediately notify the other Party of any information it receives regarding any threatened
or pending action, inspection or communication by or from any Third Party, including, without limitation, a Regulatory Authority
which may affect the safety or efficacy claims of the Product or the continued Commercialization of the Product. Upon receipt
of such information, the Parties shall consult with each other in an effort to arrive at a mutually acceptable procedure for taking
appropriate action.

 

10.3        Post Marketing Activities. All Post Marketing Activities
will be conducted by either Party, at such Party’s expense, in accordance with each Party respective responsibility as set
out in this Agreement, including in Sections 3.1(c), and 10.2(a) above.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	28

    	 

    

 

ARTICLE
11

INTELLECTUAL PROPERTY

 

11.1        Ownership
of Intellectual Property. Kamada will retain all ownership and Control of the Kamada Intellectual Property, and will prosecute
(to the extent applicable and subject to Section 13.7 below) and maintain all such Kamada Intellectual Property as necessary
or useful to Chiesi for the Commercialization of the Product in the Territory.

 

11.2        License.
During the Term and subject to the terms of this Agreement, Kamada hereby grants to Chiesi and its Affiliates an exclusive, royalty-free
right and license, with the right to grant sublicenses only to sub-distributors and subagents, in the Territory to the Kamada Intellectual
Property, that is necessary or useful to enable Chiesi to use (in a manner consistent with the activities contemplated by this
Agreement) and Commercialize the Product in the Territory under and in accordance with the terms of this Agreement (not including
any rights to develop, manufacture, or process the Product).

 

ARTICLE
12

CONFIDENTIAL INFORMATION

 

12.1        Confidentiality.
Each Party acknowledges that, in the course of performing its duties and obligations under this Agreement, certain information
that is confidential or proprietary to such Party including the Kamada Intellectual Property and each Parties Intellectual Property
(“Confidential Information”) will be furnished by the other Party or such other Party’s Representatives.
Each Party agrees that any Confidential Information furnished by the other Party or such other Party’s Representatives will
not be used by it or its Representatives except in connection with, and for the purposes of, the manufacturing and Commercialization
of Product and for any other purpose permitted under this Agreement and, except as provided herein, will not be disclosed by it
or its Representatives without the prior written consent of the other Party. Notwithstanding the foregoing, Confidential Information
furnished by a Party may be disclosed by a Receiving Party to such Receiving Party’s Representatives or such Receiving Party’s
bona fide potential purchasers, acquirers, investors, bankers and lenders, and the professional advisors of the foregoing; provided
that such persons need to know the disclosed Confidential Information and agree to be bound by the Receiving Party’s obligation
of confidentiality hereunder with respect to such Confidential Information. The Parties further agree that all Confidential Information
disclosed in written, electronic or other tangible form (such as a physical prototype, physical sample, photograph or video tape)
shall be clearly marked “CONFIDENTIAL” (or sent in a communication clearly marked “CONFIDENTIAL”)
or, if furnished in oral form or by visual observation, shall be stated to be confidential by the Party disclosing such information
at the time of such disclosure and reduced to a writing by the Party disclosing such information which is furnished to the other
Party or such other Party’s Representatives within [*****] days after such disclosure.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	29

    	 

    

 

12.2        Exceptions.
The confidentiality obligations of each Party under Section 12.1 do not extend to any Confidential Information furnished
by the other Party or such other Party’s Representatives that (a) is or becomes generally available to the public other than
as a result of a disclosure by the recipient Party or its Representatives, (b) is or becomes generally available to the public
as a result of a disclosure specifically permitted under Section 12.3, (c) was available to the recipient Party or its Representatives
on a non-confidential basis prior to its disclosure thereto by the other Party or such other Party’s Representatives as can
be proved by documentary evidence, (d) can be demonstrated by documentary evidence by the recipient Party that it was independently
developed by the recipient Party without reference to any Confidential Information of the other Party, or (e) becomes available
to such Party or its Representatives on a non-confidential basis from a source other than the other Party or such other Party’s
Representatives, as can be proved by documentary evidence; provided, however, that such source is not bound by a confidentiality
agreement with the other Party or such other Party’s Representatives.

 

12.3        Legally
Required Disclosures. If the Party receiving any Confidential Information or any of its Representatives (the “Receiving
Party”) is required by Applicable Laws and Guidelines or by order of a court of law, administrative agency, or other
governmental body (including the Israeli Securities Authority) to disclose any of the Confidential Information furnished by the
other Party or the fact that such Confidential Information has been made available to it, the Receiving Party will (a) promptly
provide the other Party (the “Disclosing Party”) with reasonable advance written notice if at all possible
to enable the Disclosing Party the opportunity to seek a protective order or to otherwise prevent or limit such legally required
disclosure, (b) use Commercially Reasonable Efforts to cooperate with the Disclosing Party to obtain such protection, and (c) disclose
only the legally required portion of the Confidential Information and will use Commercially Reasonable Efforts to obtain reliable
assurance that confidential treatment will be accorded to that portion of the Confidential Information being disclosed. Any such
legally required disclosure will not relieve the Receiving Party from its obligations under this Agreement to otherwise limit the
disclosure and use of such information as Confidential Information.

 

12.4        Terms
of Agreement. The terms of this Agreement, and the transactions contemplated hereby shall be deemed to be Confidential Information
subject to the provisions of Section 12.1, provided however that this Agreement and/or the general terms thereof (including
general financial terms) may be disclosed in connection with either Party's disclosure obligations under any applicable securities
law, public offering of securities anywhere in the world, or in connection with any due diligence process in which the Third Party
conducting the due diligence process agrees to be bound by the disclosing Party’s obligation of confidentiality with respect
to such Confidential Information, provided however that in the event of disclosure obligations under any applicable securities
law, public offering of securities anywhere in the world : (i) the disclosing Party shall make its Best Reasonable Efforts to narrow
the scope of disclosure, and (ii) the disclosing Party shall provide the other Party detailed notice of the disclosure as soon
as practicable prior to such disclosure, to enable the other Party to properly review and comment the scope of disclosure and/or
to allow it to contest such required disclosure or seek protective or other court orders.

 

    	30

    	 

    

 

12.5        Return
of Confidential Information. Upon termination of this Agreement and upon the request of the Disclosing Party, the Receiving
Party will return to the Disclosing Party all Confidential Information (including copies) provided by the Disclosing Party under
this Agreement, and will destroy all summaries, extracts and the like prepared by the Receiving Party that incorporate the Disclosing
Party’s Confidential Information; provided, however, that the Receiving Party may retain one complete copy of the Confidential
Information as well as of the summaries, extracts and the like prepared by the Receiving Party that incorporate the Disclosing
Party’s Confidential Information, for the purpose of determining its obligations under this Agreement, such copy to be retained
by the Legal Department of the Receiving Party.

 

12.6        Restriction
on Trading in Securities of Kamada. Chiesi acknowledges that information provided to it or to be provided to it under this
Agreement includes confidential and non-public information that may be considered “inside information”
under Israeli securities law. Chiesi shall comply with the provisions of Israeli securities laws regarding the use of any such
“inside information”.

 

12.7        Survival.
The obligations of the Parties under this ARTICLE 12 shall survive for [*****] after the termination or expiration of this
Agreement, except for trade secrets regarding which the confidentiality obligations of the Parties under this ARTICLE 12
shall survive indefinitely.

 

ARTICLE
13

INDEMNIFICATION; INSURANCE REQUIREMENTS; PATENT INFRINGEMENT 

 

13.1        Kamada
Indemnity. Kamada agrees to indemnify, defend and hold Chiesi and its Affiliated Parties (collectively, the “Chiesi
Indemnified Parties”) harmless from and against all direct losses, liabilities, damages, costs and expenses (including
reasonable attorney’s fees and costs of investigation and litigation regardless of outcome) resulting from all claims, demands,
actions and other proceedings by or on behalf of any Third Party (including any governmental authority) (collectively, “Claims”)
to the extent arising from:

 

(a)          any
breach by Kamada of any of its representations, warranties, covenants or obligations under this Agreement;

 

(b)          the
negligence, gross negligence, recklessness or willful misconduct of Kamada, its Affiliates or agents in the performance of Kamada’s
obligations hereunder;

 

(c)          the failure of Kamada or its Affiliates
to comply in all material respects with Applicable Laws and Guidelines in the conduct of the Phase II/III Clinical Study and/or
the Phase IV Clinical Studies;

 

(d)          any theory of product liability (including
without limitation tort, warranty, or strict liability) that is applicable in the Territory with respect to the death, personal
injury, or illness of any person in the Territory, and arising directly from Kamada’s or its Affiliates development, design,
manufacture, labeling, packaging, storage, testing, release, shipping and handling of Product;

 

(e)          Claims that the (i) Commercialization
of the Product; or (ii) exercise of any rights or licenses granted to Chiesi and its Affiliates in accordance with this Agreement;
violates or infringes upon the Intellectual Property rights of any Third Party solely to the extent such Claim is related to the
use of the Kamada Intellectual Property hereunder;

  

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	31

    	 

    

 

provided that Kamada shall not be obligated
pursuant to this Section 13.1 to the extent Chiesi is required to indemnify Kamada under Section 13.2 hereof.
 

 

13.2        Chiesi
Indemnity. Chiesi agrees to indemnify, defend and hold Kamada and its Affiliated Parties (collectively, the “Kamada
Indemnified Parties”) harmless from and against all direct losses, liabilities, damages, costs and expenses (including
reasonable attorney’s fees and costs of investigation and litigation regardless of outcome) resulting from all Claims to
the extent arising from:

 

(a)          any
breach by Chiesi of any of its representations, warranties, covenants or obligations under this Agreement;

 

(b)          the
negligence, gross negligence, recklessness or willful misconduct of Chiesi, its Affiliates or agents in the performance of Chiesi’s
obligations hereunder;

 

(c)          the failure of Chiesi or its Affiliates
to comply in all material respects with Applicable Laws and Guidelines in the conduct of the Additional Clinical Studies;

 

(d)          Claims that the Commercialization
of the Product violates or infringes upon the Intellectual Property rights of any Third Party solely to the extent such Claim is
related to the use of the Trademarks hereunder;

 

(e)          any theory of product liability (including
without limitation tort, warranty, or strict liability) that is applicable in the Territory with respect to the death, personal
injury, or illness of any person in the Territory, and arising directly from Chiesi’s, it Affiliates', sub-distributers',
or subagents' storage, handling, transportation, disposal, or Commercialization of the Product in the Territory;

 

(f)          the
appointment or termination of any sub-distributor or subagent or the acts or omissions of any sub-distributor or subagent;

 

provided that Chiesi shall not be obligated
pursuant to this Section 13.2 to the extent Kamada is required to indemnify Chiesi under Section 13.1 hereof.

 

13.3        Claims
for Indemnification. Whenever any indemnification claim arises under this Agreement, the Party seeking indemnification (the
“Indemnified Party”) shall promptly notify the other Party (the “Indemnifying Party”)
of the claim and, when known, the facts constituting the basis of such claim; provided, however, that failure to give such notice
shall not relieve the Indemnifying Party of its obligation hereunder unless and to the extent that such failure substantially prejudices
the Indemnifying Party.

 

13.4        Third-Party
Claims. In the event of a Third Party claim giving rise to indemnification hereunder, the Indemnifying Party may, upon prior
written notice to the Indemnified Party, assume the defense of such claim with counsel reasonably satisfactory to the Indemnified
Party, and shall thereafter be liable for all reasonable expenses incurred in connection with such defense, including attorneys’
fees and expenses; provided, however, that if the Indemnifying Party assumes the defense of any such claim, the Indemnified Party
may participate in such defense at its own expense and with counsel of its choice; provided further, however, that if there are
one or more legal defenses available to the Indemnified Party that conflict with those available to the Indemnifying Party or there
exists any other conflict of interest, the Indemnifying Party shall have the right to assume the defense of such claim but the
Indemnified Party shall have the right to employ separate counsel at the expense of the Indemnifying Party and to participate in
the defense thereof. If the Indemnifying Party elects to control the defense of such claim, it shall do so diligently and shall
have the right to settle any claim for monetary damages, provided such settlement includes a complete and absolute release of the
Indemnified Party and shall not admit any fault or liability on the part of the Indemnified Party. Notwithstanding anything to
the contrary, the Indemnifying Party may not settle any claims for fines, penalties or the like or in any way adverse to the Indemnified
Party without the prior written consent of the Indemnified Party, which shall not unreasonably be withheld, conditioned or delayed.

 

    	32

    	 

    

 

13.5        Insurance
Requirements. Each Party will, at its own cost and expense, obtain and maintain in full force and effect, during the Term,
the following insurance policies:

 

(a)          [*****]
Insurance. Prior to commencement of any [*****] and/or any [*****],  [*****] shall purchase a [*****] insurance that
shall cover [*****], including [*****], all in accordance with any Applicable Law and Guidelines.  [*****] shall be added to
such insurance as an “Additional Insured” and shall be obligated to promptly notify  [*****] in
writing upon  [*****] becoming aware of any information that could give rise to a Claim related to [*****] and/or
any [*****].  Notwithstanding Section 13.4 above, no admission, offer, undertaking, promise,
compensation, arrangement or payment to [*****] or to [*****] or to any Third Party shall be made by  [*****] or by
its Representatives, regarding any event in respect of which a Claim can be made under such insurance, without the
insurance company's prior written consent.

 

(b)          
[*****] Insurance. Upon [*****], [*****] shall extend its [*****] insurance
to include [*****] as an “Additional Insured” [*****], at [*****] expense.
[*****] shall be obligated to promptly notify [*****] in writing upon [*****] becoming aware of any circumstances that could give
rise to a [*****].  Notwithstanding Section 13.4 above, no admission, offer, undertaking, promise,
compensation, arrangement or payment to any Third Party shall be made by [*****] or by its Representatives regarding any event in
respect of which a Claim can be made under such insurance, without the insurance company's prior written consent.

 

(c)          [*****]
Insurance. Upon [*****], [*****] shall use its Commercially Reasonable Efforts to extend its [*****] insurance to include [*****] as an “Additional Insured”, at [*****] expense. [*****] shall be
obligated to promptly notify [*****] in writing upon [*****] becoming aware of any circumstances that could give rise to a [*****] claim.  Notwithstanding Section 13.4 above, no admission, offer, undertaking, promise, compensation, arrangement
or payment to any Third Party shall be made by [*****] or by its Representatives regarding any event in respect of which a Claim
can be made under such insurance, without the insurance company's prior written consent.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

    	33

    	 

    

 

13.6        LIMITATION
ON LIABILITY. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY INCLUDING THE INDEMNIFICATION PROVISIONS UNDER THIS
ARTICLE 13, EXCEPT AS PROVIDED FOR IN SECTION 4.2 (E), FOR SPECIFIC PAYMENT OBLIGATIONS UNDER THE AGREEMENT (INCLUDING
ARTICLE 5), AND DAMAGES ARISING FROM A PARTY’S WILLFUL MISCONDUCT, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY
OR ITS AFFILIATED PARTIES, FOR ANY LOST PROFITS OR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY, COLLATERAL OR INCIDENTAL
DAMAGES, HOWEVER CAUSED AND BASED ON ANY THEORY OF LIABILITY, ARISING OUT OF THIS AGREEMENT (INCLUDING LOSS OF USE, DATA, OR BUSINESS),
AND WHETHER OR NOT THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS LIMITATION SHALL APPLY NOTWITHSTANDING
ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY PROVIDED FOR HEREIN. THE PARTIES AGREE, HOWEVER, THAT NONE OF THE FOREGOING
LIMITATIONS OF THIS SECTION 13.5(a) APPLY TO ANY AMOUNTS PAID OR PAYABLE DUE TO ANY THIRD-PARTY RELATED CLAIM, DEMAND, PROCEEDING,
SUIT OR ACTION FOR WHICH A PARTY IS OBLIGATED TO INDEMNIFY THE OTHER PARTY PURSUANT TO SECTION 13.1 OR 13.2, AND
ANY SUCH AMOUNTS WILL BE CONSIDERED COMPENSATORY OR DIRECT DAMAGES AND NOT INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY,
COLLATERAL OR INCIDENTAL DAMAGES.

 

13.7        Third-Party
Infringement.

 

(a)          Each
Party shall promptly notify the other Party in writing of any infringement or violation by any Third Party of any Kamada Intellectual
Property rights related to the Product of which it becomes aware. In the case of any infringement or violation by any Third Party
in the Territory of any Kamada Intellectual Property rights related to the Product, Kamada shall have the right but not the obligation,
at its sole expense, to exercise its rights (including, without limitation, common law and statutory rights) to cause such Third
Party to cease such infringement and to otherwise enforce such rights. If Kamada determines that Chiesi is an indispensable party
to the action, Kamada shall provide written notice to Chiesi and Chiesi hereby consents to participate in such action. In such
event, Chiesi shall have the right to be represented in such action using counsel of its own choice, at its own expense. No settlement
of any such action or proceeding will be entered into by Kamada relating to the Field and the Territory without the prior written
consent of Chiesi, which consent shall not be unreasonably withheld, conditioned or delayed.

 

(b)          If
Kamada (i) fails to bring an action for infringement within the Field and within the Territory by a Third Party of any Kamada Intellectual
Property within a period of [*****]provided, however, that Chiesi’s right below shall not be prejudiced by a time
barring of the action within the said [*****] period, after providing written notice to or receiving written notice from Chiesi
of the possibility of pursuing such an action, including the evidence supporting such possible action; or (ii) notifies Chiesi
in writing prior to the expiration of such [*****], provided, however, that Chiesi’s right below shall not be prejudiced
by a time barring of the action within the said [*****] period, that Kamada declines to bring an action for infringement within
the Field and within the Territory; then, Chiesi shall have the right, but not the obligation, to bring and control any such action
using counsel of its own choice, at its own expense on no less than [*****] prior written notice to Kamada.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	34

    	 

    

 

(c)          If
Chiesi determines that Kamada is an indispensable party to the action, Chiesi shall provide written notice to Kamada and Kamada
hereby consents to participate in such action. To the extent that Kamada participates in such action and Kamada consents to be
represented by counsel of Chiesi’s choosing, Chiesi shall pay Kamada’s reasonable expenses resulting from such action.
In the event that Kamada participates in such an action, but does not consent to representation by counsel selected by Chiesi,
Kamada shall have the right to be represented in such action using counsel of its own choice at its own expense. Chiesi shall have
no right to bring an action for infringement by a Third Party outside the Field or outside the Territory of any Kamada Intellectual
Property.

 

(d)          Notwithstanding
the foregoing, Chiesi agrees that it shall not enter into any settlement, consent, order, consent judgment or other voluntary final
disposition of any action it brings under this Section 13.7 without the prior written consent of Kamada (which consent shall
not be unreasonably withheld, conditioned or delayed).

 

13.8        Infringement
Defense. In the event either Party receives notice of any claim that the manufacture, use or Commercialization of the Product
infringes the rights of a Third Party, it shall give prompt notice to the other Party and shall discuss in good faith alternative
strategies for addressing the matter and cooperate with each other to terminate such infringement without litigation. After such
discussion, Kamada shall have the right and obligation, at its sole cost and expense, to defend against such claim. Chiesi shall
provide, at Kamada’s sole expense, such assistance and cooperation to Kamada as may be reasonably necessary to defend any
such action, and Kamada shall have the right to settle such action for monetary damages, provided such settlement includes a complete
and absolute release of Chiesi. Notwithstanding anything to the contrary, Kamada may not settle any claims for fines, penalties
or the like or in any way adverse to Chiesi without the prior written consent of Chiesi, which shall not unreasonably be withheld
or delayed. In any event any payment relating to Kamada's Intellectual Property, to be made to such Third Party (either awarded
or through the above settlement) shall be fully borne by Kamada, other than if the provisions of Section 13.2(d) above apply.

 

13.9        Cooperation
as to Indemnified Liability. Each Party hereto shall reasonably cooperate with the other Party with respect to access to witnesses,
books, records, or other documentation within such Party’s control, if deemed reasonably necessary or appropriate by any
Party in the defense of any claim, which may give rise to indemnification hereunder.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

  

    	35

    	 

    

 

ARTICLE
14

TERM AND TERMINATION

 

14.1        Term.
This Agreement shall take effect as of the Effective Date and shall continue in full force and effect, subject to Section 14.2
until the twelfth (12th) anniversary of the Effective Date, unless otherwise terminated pursuant to Section 14.2
below (the “Term”).

 

14.2        Termination.
Notwithstanding anything to the contrary contained in this Agreement:

 

(a)          Either
Party may terminate this Agreement, in whole or solely with respect to one or more countries in the Territory (as applicable),
by giving notice in writing to the other Party if the other Party is in material breach of this Agreement and shall have failed
to cure such breach within [*****] after receipt of a written notice from the non-breaching Party specifying the breach in detail
from the non-breaching Party.

 

(b)          Either
Party may terminate this Agreement, in whole by giving notice in writing to the other Party in the event of the granting of a winding-up
order in respect of the other Party, or upon an order being granted against the other Party for the appointment of a receiver over
all or substantially all of such other Party’s assets, or if such other Party passes a resolution for its voluntary winding-up,
or if a temporary or permanent liquidator or receiver over all or substantially all of such other Party’s assets is appointed
in respect of such other Party, or if a temporary or permanent attachment order is granted on all of such other Party’s assets,
or a substantial portion thereof and is not cancelled within [*****] or if such other Party shall seek protection under any laws
or regulations, the effect of which is to suspend or impair the rights of any or all of its creditors, or to impose a moratorium
on such creditors, or if anything analogous to any of the foregoing in this Section 14.2(b) under the laws of any jurisdiction
occurs in respect of such other Party; provided that in the case that any such order or act is initiated by any Third Party, the
right of termination shall apply only if such order or act as aforesaid is not cancelled within [*****] of the grant of such order
or the performance of such act.

 

(c)          Chiesi
may terminate this Agreement, in whole or solely with respect to one or more countries in the Territory, upon
[*****] written notice to Kamada in the event that the EU Centralized Approval and/or Regulatory Approval in one or more
countries (in such event only with respect to such country or countries) has been withdrawn or the application for the EU Centralized
Approval and/or Regulatory Approval in such country or countries has been rejected and such decision has not been reversed within
one hundred and [*****] of its issuance, in each case by the applicable Regulatory Authority, and in each case provided that such
withdrawal or rejection was not primarily caused by the breach by Chiesi or any of its Affiliates of its obligations hereunder;
provided that Chiesi’s termination right under this Section 14.2(c) shall be limited to the affected geography.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	36

    	 

    

 

(d)          Kamada
may terminate this Agreement, in whole or solely with respect to one or more countries in the Territory, upon
[*****] written notice to Chiesi in the event that:

 

(i)          the
EU Centralized Approval has been withdrawn and/or the Regulatory Approval in one or more countries has been withdrawn (in such
event only with respect to such country or countries) or the application for the EU Centralized Approval has been rejected and/or
Regulatory Approval in such country or countries has been rejected (in such event only with respect to such country or countries)
and such decision has not been reversed within [*****] of its issuance, in each case by the applicable Regulatory Authority, and
in each case provided that such withdrawal or rejection was not caused primarily by the breach by Kamada or any of its Affiliates
of its obligations hereunder and provided, further, that Kamada’s termination right under this Section 14.2(d)(i)
shall be limited to the affected geography.

 

(ii)         Chiesi
fails to meet the Minimum Purchase Levels in all countries in the Territory pursuant to Section 6.3 above and such failure
remains uncured for [*****] following written notice of such failure to Chiesi.

 

(e)          Kamada
may terminate this Agreement, in whole or solely with respect to one or more countries in the Territory, upon written notice to
Chiesi (effective immediately), if Chiesi or any Affiliated Party infringes, in any manner, any portion of Kamada’s Intellectual
Property, unless such infringement is definitively ceased within [*****] following written notice thereof to Chiesi.

 

14.3        Rights
and Obligations on Termination.

 

(a)          Upon
any termination of this Agreement by Kamada with respect to one or all countries within the Territory pursuant to Sections 14.2(a),
14.2(b), 14.2(d) or 14.2(e) above, or by Chiesi pursuant to Section 14.2(c) above, Chiesi shall (i) immediately cease
Commercializing or otherwise using the Product in such countries, (ii) cooperate with Kamada and use its Commercially Reasonable
Efforts to assist the integration of the entity that will assume Chiesi's responsibilities hereunder and (iii) furnish Kamada with:
(x) a list of all of the patients treated by the Product in such countries, (y) the details of all sub-distributors and subagents
who Commercialize the Product, and (z) copies of any agreements entered between Chiesi and any such sub-distributors and subagents.

 

(b)          Upon
(i) any termination of this Agreement by Chiesi with respect to all countries within the Territory pursuant to Sections 14.2(a)
or 14.2(b) above, and (ii) in the case of a termination by Chiesi pursuant to Section 14.2(a), the final arbitral determination
pursuant to Section 16.6 below that Kamada in fact actually materially breached the Agreement, then Kamada shall be obliged to
reimburse Chiesi, within [*****] any and all payments made by Chiesi up to such termination date under Sections 5.4 above
(the “Total Milestone Payments”) as adjusted as follows (such adjusted amount the “Material
Breach Amount”):

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	37

    	 

    

 

the [*****] by [*****] the [*****] of which
represents the [*****] until the [*****] of the [*****] and the [*****] being [*****] (representing the [*****]). Thus, if Chiesi
terminates this Agreement for material breach by Kamada [*****] following the [*****], and at the time of such termination, [*****]
had actually been [*****] as the [*****], then [*****] shall be [*****], pursuant to the following calculation: [*****].

 

Chiesi shall have [*****] following the
final arbitral determination pursuant to Section 16.6 below that Kamada in fact actually materially breached the Agreement to file
a claim for damages incurred as a result of such material breach. If Chiesi does not elect to file such claim then the Material
Breach Amount shall represent Chiesi's sole and exclusive and final remedy and the sole and exclusive liability of Kamada under
this Agreement.

 

If Chiesi elects to file a claim for damages
incurred as a result of such material breach by Kamada within such [*****] period, and a final arbitral award determines that the
damages actually suffered by Chiesi as a result of the aforesaid material breach (the “Actual Damages”)
are [*****] then Kamada shall pay to Chiesi [*****]. Thus if the final arbitral award determines that the Actual Damages amount
to [*****] then Kamada shall pay to Chiesi an amount of [*****].

 

If Chiesi elects to file a claim for damages
incurred as a result of such material breach by Kamada within such [*****] period, and a final arbitral award determines that the
Actual Damages are [*****] then Chiesi shall pay to Kamada [*****]. Thus (in the above example) if the final arbitral award determines
that the Actual Damages amount to [*****] then [*****] shall pay [*****] an amount of [*****] (using the above example) minus
[*****] = [*****].

 

(c)          Upon
the expiration of this Agreement, in the event Kamada offers to Chiesi any Agreement renewal on the same terms as set forth in
this Agreement, and Chiesi refuses such renewal, then the transfer of the Trademark ownership provisions of Section 6.9
above shall also apply.

 

14.4        Effect
of Termination. Except as otherwise provided in this Agreement:

 

(a)          Termination
or expiration of this Agreement, in whole or solely with respect to one or more countries in the Territory, shall not release either
Party from the obligation to make payment of all amounts due and payable as of the applicable expiration or termination date.

 

(b)          If
Kamada terminates this Agreement pursuant to Sections 14.2(a), 14.2(b), 14.2(d), or 14.2(e) above, Kamada shall have the
right, at its option, to cancel any or all purchase orders that provide for delivery after the effective date of termination.

 

(c)          If
Kamada terminates this Agreement pursuant to Sections 14.2(a), 14.2(b), 14.2(d), or 14.2(e), Chiesi shall reimburse
Kamada at its actual cost therefore for any in-process materials and Product specific labels and inserts not otherwise useable
or saleable by Kamada after exercise, by Kamada, of Commercially Reasonable Efforts to mitigate any such loss.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	38

    	 

    

 

(d)          If
Kamada terminates this Agreement pursuant to Sections 14.2(a), 14.2(b), 14.2(d), or 14.2(e) above, at Kamada’s
election (i) Chiesi shall be permitted to resell any inventory of the Product on hand or en route or which has been ordered from
Kamada at the time of termination and the license granted pursuant to Section 11.2 shall continue for [*****] or until all
such units of Product have been sold, if earlier, or (ii) Kamada shall purchase Chiesi’s inventory on hand, provided that
such inventory complies with the Specifications and that the expiration date on each unit of the Product shall allow Commercialization
thereof, at the Transfer Price paid by Chiesi plus all shipping and other costs reasonably incurred by Chiesi in handling and storing
such Product.

 

(e)          Chiesi’s
and Kamada’s respective indemnification obligations and their other respective obligations pursuant to Sections 2.3,
5.4, 5.8 and 10.2, and ARTICLE 8, ARTICLE 11, ARTICLE 12, ARTICLE 13 (provided however,
that the obligations under Section 13.5 shall be for the time period set forth therein), ARTICLE 15 and ARTICLE
16 shall survive termination of this Agreement.

 

(f)          Except
as specifically set forth in this ARTICLE 14, or any other provision in this Agreement upon termination of this Agreement
for any reason, neither Party shall have any further obligations pursuant to this Agreement.

 

ARTICLE
15

NOTICES

 

15.1        Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by cable, telegram, facsimile or telex, or by registered or
certified mail (postage prepaid, return receipt requested), to the other Party at the following address (or at such other address
for which such Party gives notice hereunder):

 

	If to Chiesi:	
        Chiesi Farmaceutici S.p.A.

        Via Palermo 26/A

        43122 Parma, Italy

        Attention: Chief Executive Officer

        Copy to: Corporate Development Head and General Counsel

        Telephone: +39 0521 2791

        Facsimile: +39 0521
774468 

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	39

    	 

    

 

	If to Kamada:	Kamada Ltd. 

Science Park

Kiryat Weizmann

7 Sapir St. P.O Box 4081

Ness Ziona 74140, Israel

Attention: Chief Executive Officer

Telephone: +972 8 9406472

Facsimile: +972 8 9406473

 

ARTICLE
16

MISCELLANEOUS

 

16.1        Relationship
of Parties. The relationship of the Parties established by this Agreement is solely that of independent contractors, and nothing
shall be deemed to create or imply any employer/employee, principal/agent, partner/partner or co-venturer relationship, or that
the Parties are participants in a common undertaking. Neither Party shall have the right to direct or control the activities of
the other Party or incur or assume or create any obligation, representation, warranty or guarantee, express or implied, on behalf
of the other Party or bind such other Party to any obligation for any purpose whatsoever.

 

16.2        Entire
Agreement. This Agreement, including the exhibits and schedules attached hereto and incorporated as an integral part of this
Agreement, the Quality Agreement and the SDEA constitute the entire agreement of the Parties with respect to the subject matter
hereof, and supersede all previous proposals, oral or written, and all negotiations, conversations or discussions heretofore had
between the Parties related to this Agreement.

 

16.3        No
Waiver; Amendment. No waiver of any term or condition of this Agreement shall be valid or binding on any Party unless agreed
to in writing by the Party to be charged. The failure of either Party to enforce at any time any of the provisions of the Agreement,
or the failure to require at any time performance by the other Party of any of the provisions of this Agreement, shall in no way
be construed to be a present or future waiver of such provisions, nor in any way affect the ability of either Party to enforce
each and every such provision thereafter. This Agreement may not be amended or modified except by the written agreement of the
Parties. All purchase orders are subject to the terms and conditions of this Agreement, and any attempt by such purchase order
to alter or modify the terms and conditions of this Agreement shall be void.

 

16.4        Assignment.

 

(a)          Except
as provided below, neither Party may assign or otherwise transfer its rights and obligations under this Agreement without the prior
written consent of the other Party. Any attempted assignment or transfer in violation of this provision shall be null and void.
Unless prohibited by law, either Party may assign or otherwise transfer (whether by operation of law, change of control or otherwise)
its rights and obligations under this Agreement, without the prior written consent of the other Party, (A) to an Affiliate, provided
that the assigning Party remains responsible for the performance of this Agreement by such Affiliate, or (B) in connection with
a sale of all or substantially all of the assets or equity of either Party, provided that in the case of such an asset sale such
assignee agrees to be bound by the terms of this Agreement. Prior to or promptly after any assignment not requiring consent of
the other Party, either Party shall give the other Party notice of the assignment.

 

    	40

    	 

    

 

(b)          All
terms and conditions of this Agreement shall be binding on and inure to the benefit of the successors and permitted assigns of
the Parties.

 

16.5         Force
Majeure. Except for each Party’s confidentiality and indemnity obligations and its obligations to make any payments in
accordance with this Agreement, any delay in the performance of any of the duties or obligations of either Party hereto (except
the payment of money), to the extent caused by an event outside the affected Party’s reasonable control, shall not be considered
a breach of this Agreement, and unless provided to the contrary herein, the time required for performance shall be extended for
a period equal to the period of such delay. Such events (hereinafter referred to as “Force Majeure” events)
shall include without limitation, acts of God; acts of public enemies; war, terrorism, insurrections; riots; injunctions; embargoes;
labor disputes affecting Third Parties providing services to a Party under this Agreement (including strikes, lockouts, job actions,
or boycotts); fires; explosions; floods; shortages of material or energy; batch rejections (even though such events are typically
foreseeable in the pharma industry), acts or orders of any government or agency thereof or other causes beyond the reasonable control
and without the fault or negligence of the Party so affected. The Party so affected shall give prompt written notice to the other
Party of such cause and a good faith estimate of the continuing effect of the Force Majeure condition and duration of the affected
Party’s nonperformance, and shall take whatever reasonable steps are appropriate to relieve the effect of such causes as
rapidly as possible. If the circumstances of Force Majeure affect the other Party’s performance herein or delays performance
for more than [*****] consecutive days, then the other Party may terminate this Agreement upon [*****] advance written notice with
such termination to be effective as of the first day of such force majeure event.

 

16.6         Governing
Law; Mandatory Arbitration.

 

(a)          The
validity, interpretation, and enforcement of this Agreement and all matters arising directly and indirectly from this Agreement
shall be governed by the laws of England, without regard to any conflicts or choice of law rules.

 

(b)          Except
as set forth in Section 8.2 above and in sub-Section (e) below, any dispute, claim, controversy or other matter in question
between the Parties arising out of or relating to this Agreement, including all issues of face and law, that are not resolved by
mutual agreement, shall be resolved solely and exclusively by binding arbitration administered by the International Chambers of
Commerce (the “ICC”). Unless the Parties can mutually agree on one neutral arbitrator, the arbitration
shall be conducted by three (3) neutral arbitrators nominated as follows: each Party shall nominate one (1) arbitrator and the
third arbitrator shall be selected by the first two (2) arbitrators; provided that if the first two (2) arbitrators do not make
a selection within thirty (30) calendar days after the appointment of the second arbitrator, then the third arbitrator shall be
selected by ICC under its standard selection procedures. The third arbitrator shall act as chair of the arbitration proceedings.
The arbitration shall take place in London, England and shall be conducted in the English language.

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	41

    	 

    

 

(c)          Any
final arbitral award shall be in writing and shall state the reasons for the award. It will be final and binding on each of the
Parties (and their permitted successors and assigns, if any) and shall be enforceable anywhere in the world. Without limiting the
foregoing, each of the signatories hereto agree that any final arbitral award may be enforced in any of the courts located in Israel
or in the Territory, in accordance with the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
For the purpose of the enforcement of such final arbitral award in any court located in Israel or in the Territory only: each signatory
hereto consents and submits to the personal jurisdiction of such courts situated in Israel or in the Territory and further waives
any claim or defense based on any alleged lack of personal jurisdiction, improper venue, forum non conveniens or other similar
challenge in such courts, and waives trial by jury. The cost of the arbitration, including the fees of the arbitrators, shall be
borne by the Party the arbitrator determines has not prevailed in the arbitration.

 

(d)          All
arbitral proceedings shall be confidential and the Parties agree that neither the Parties nor the arbitrators may disclose the
existence or content of the arbitration. The Parties further agree that the results of the arbitration will remain confidential
and shall not reveal the final award to any Third Party, except: (i) to enforce a final arbitral award; (ii) as required by Applicable
Law and Guidelines, including but not limited to applicable disclosure requirements imposed by the laws, regulations, or rules
of any jurisdiction or stock exchange to which a Party is subject to or discovery requests by Third Parties in subsequent litigation
(provided that the Party subject to any such requirement shall provide advance written notice thereof as soon as practicable and
shall not contest or object to any efforts by the other Party to seek protective arrangements); (iii) as is reasonably necessary
to be disclosed to the Parties’ employees, investors, potential investors, Representatives, or bondholders (provided that
such parties are advised of the confidentiality of the information and are bound to maintain the confidentiality of such information);
or (iv) as is reasonably necessary to the defense of any action to which the final award may apply.

 

(e)          Notwithstanding
the above, either Party may seek injunctive relief, or obtain any other provisional remedy, from any court of competent jurisdiction,
to prevent irreparable harm or preserve the status quo, as may be necessary in its sole judgment, to protect its rights.

 

16.7         Remedies.
The exercise of any remedies hereunder shall be cumulative and in addition to and not in limitation of any other remedies available
to such Party at law or in equity.

 

16.8         Further
Assurances. Each Party agrees to cooperate fully with the other and execute such instruments, documents and agreements and
take such further actions to carry out the intents and purposes of this Agreement.

 

    	42

    	 

    

 

16.9         Counterparts;
Facsimile. This Agreement may be executed in more than one counterpart, each of which constitutes an original and all of which
together shall constitute one enforceable agreement. For purposes of this Agreement and any other document required to be delivered
pursuant to this Agreement, facsimiles or electronic reproductions of signatures shall be deemed to be original signatures. In
addition, if any of the Parties sign facsimile copies of this Agreement, such copies shall be deemed originals.

 

16.10         Construction;
Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. Any article, section, recital, exhibit, schedule and party references are to this
Agreement unless otherwise stated. No Party, nor its counsel, shall be deemed the drafter of this Agreement for purposes of construing
the provisions of this Agreement, and all provisions of this Agreement shall be construed in accordance with their fair meaning,
and not strictly for or against any Party. Except where the context otherwise requires, where used, the singular shall include
the plural, the plural the singular, the use of any gender shall be applicable to all genders and the word “or” is
used in the inclusive sense (and/or). The term “includes” and “including” as used herein means including,
but not limited to. Unless otherwise noted, “days” shall refer to calendar days and not business days.

 

16.11         Press
Releases and Announcements; Use of Names. Neither Party may issue any press release or make any public announcement concerning
the transactions contemplated by this Agreement without the prior consent of the other Party (which consent shall not be unreasonably
withheld, conditioned or delayed). Notwithstanding the foregoing, if any public announcement with respect to the subject matter
herein is required by Applicable Laws and Guidelines or any listing agreement with a securities exchange or quotation system, the
Party required to make such announcement may do so provided that such Party has provided reasonable notice and a copy of such announcement
to the other Party as promptly as practicable in advance of such announcement and, to the extent practicable, take the views of
the other Party in respect of such announcement into account prior to making such announcement. Notwithstanding the foregoing,
Chiesi or Kamada shall not be prevented from mentioning the name of the other Party, or from disclosing any information if, and
to the extent that, such mention or disclosure is to competent authorities for the purposes of obtaining EU Centralized Approval
or Regulatory Approval or permission for the exercise of its obligations under this Agreement.

 

16.12         Severability.
Each Party hereby agrees that it does not intend, by its execution hereof, to violate any public policy, statutory or common laws,
rules, regulations, treaty or decision of any government agency or executive body thereof of any country or community or association
of countries. Should one or more provisions of this Agreement be or become invalid, the Parties hereto shall substitute, by mutual
consent, valid provisions for such invalid provisions which valid provisions in their economic and other effects are sufficiently
similar to the invalid provisions that it can be reasonably assumed that the Parties would have entered into this Agreement with
such valid provisions. In case such valid provisions cannot be agreed upon, the invalidity of one or several provisions of this
Agreement shall not affect the validity of this Agreement as a whole or the validity of any portions hereof, unless the invalid
provisions are of such essential importance to this Agreement that it is to be reasonably assumed that the Parties would not have
entered into this Agreement without the invalid provisions.

 

    	43

    	 

    

 

16.13         Non-Solicitation.
Each Party agrees that it shall not, during the Term and for [*****] afterwards, directly or indirectly, solicit the services,
as employee, consultant or otherwise, any employee of the other Party; provided, however, that nothing in this Section 16.13
shall prohibit a Party or any Affiliate of such Party from: (a) hiring any employee that has responded to a general advertisement
or solicitation made to the general public or the industry in general or (b) soliciting the services, as employee, consultant or
otherwise, or hiring any such employee after the date that is [*****] after the date on which such employee leaves the employ of
such other Party. In the event of a violation of this non-solicitation obligation, the violating Party shall pay to the other Party
a penalty in the amount of the [*****] last annual salaries (including bonuses) of the respective employee/personnel; provided,
however, that the foregoing shall not prevent the non-violating party from seeking other equitable relief (including, but not limited
to, an injunction) to stop the solicitation or other violation and such other damages as determined in accordance with the terms
of this Agreement. The provisions of this Section 16.13 shall survive termination of this Agreement. 

 

[Signature Page Follows]

 

    	44

    	 

    

 

[Signature Page to Exclusive Distribution
Agreement]

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed on the Effective Date.

 

	CHIESI FARMACEUTICI S.p.A.	 	
        KAMADA LTD.

         

	By:	/s/ Ugo Di Francesco	 	By:	/s/ David Tsur
	Name: Dr. Ugo Di Francesco	 	Name: Mr. David Tsur
	Title:  Chief Executive Officer	 	Title:  Chief Executive Officer
	 	 	 
	By:	/s/ Paolo Chiesi	 	By:	/s/ Gil Efron
	Name: Dr. Paolo Chiesi	 	Name: Mr. Gil Efron
	Title:  Vice-President	 	Title:  Chief Financial Officer

 

    	 

    	 

    

 

Exhibit 1.67

 

Patents 

 

[see attachment]

  

This exhibit has been redacted in its
entirety.*

 

 

* Confidential
portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Exhibit 1.80

 

Specifications

 

[To be attached.]

 

    	 

    	 

    

 

Exhibit 1.86

 

Trademarks

 

[To be attached.]

  

    	 

    	 

    

 

Exhibit 2.3(a)

 

[*****]

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Exhibit 2.3(b)

 

[*****]

 

 

[*****]
Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission.

 

    	 

    	 

    

 

Exhibit 2.7

 

Joint Steering Committee

 

		1.1	Joint Steering Committee; Sub-Committees.

 

		a)	Structure. To facilitate communication between the Parties with respect to this Agreement,
the Parties shall appoint a Joint Steering Committee consisting of two (2) representatives nominated by Chiesi and two (2) representatives
nominated by Kamada. The initial representatives shall be set forth in writing within thirty (30) days after the Effective Date.
Each Party may replace its representatives by providing written notice to the other Party. Employees and other representatives
of each Party that are not members of the Joint Steering Committee may attend meetings of the Joint Steering Committee and any
Sub-Committees (as defined below) as required to further the activities contemplated by this Agreement.

 

		b)	Time and Location of Meetings. The Joint Steering Committee (and all Sub-Committees thereof)
shall meet at such times and places, in person or by telephone conferencing, web-conferencing, video conferencing or other electronic
communication, as it shall determine to carry out its responsibilities; provided, however, that the initial meeting of the Joint
Steering Committee shall be held no later than thirty (30) days after the Effective Date. Thereafter, the JSC shall hold regular
teleconferences not less frequently than once each calendar quarter.

 

		c)	Minutes. The JSC and all Sub-Committees shall designate for each meeting one person who
shall be responsible for drafting and issuing minutes of the meeting reflecting all material items discussed and any agreements
of the JSC, which minutes shall be distributed to all JSC members for review and approval. Such minutes shall provide a description
in reasonable detail of the discussions held at the meeting and a list of any actions, decisions or determinations approved by
the JSC. Minutes of each JSC meeting shall be approved or disapproved, and revised as necessary, within thirty (30) days of each
such meeting.

 

		d)	Sub-Committees. Certain sub-committees (each a “Sub-Committee”) may be
established by the JSC as necessary, with equal representation from Chiesi and Kamada to address specific issues in greater detail.
Unless otherwise agreed, Chiesi and Kamada will have equal membership and voting power on all Sub-Committees.

 

		e)	Scope of Authority; Responsibilities.

 

		(i)	The Joint Steering Committee shall, subject to the restrictions set forth in this Agreement, will
have the authority to make decisions relating to the ongoing management of the relationships between the parties with respect to
this Agreement. The Joint Steering Committee shall have such other responsibilities as set forth herein and as the Parties may
agree in writing from time to time.

 

    	 

    	 

    

 

		(ii)	For the avoidance of doubt, the Joint Steering Committee shall have no authority to: (A) amend
any of the terms of this Agreement; or (B) waive any rights that either Party may otherwise have pursuant to this Agreement or
otherwise. Notwithstanding the foregoing, the JSC may make recommendations to the Parties for amendment of this Agreement.

 

		f)	Decisions. The decisions of the Joint Steering Committee must be unanimous with representatives
of Chiesi having one collective vote and representatives of Kamada having one collective vote. If a dispute arises regarding matters
within the scope of responsibilities of the Joint Steering Committee, and the Joint Steering Committee fails to reach a unanimous
decision on its resolution within thirty (30) days of when the dispute was first presented to the Joint Steering Committee, then
the matter shall be elevated through each Party’s respective senior management representatives for resolution. If the matter
remains unresolved fifteen (15) days after referral to such senior management representatives, it shall be resolved –in accordance
with Section 16.6 above.

 

		1.2	Sub-Committees.

 

		a)	Generally. At its initial meeting, the JSC shall establish and appoint members to the Marketing
and Sales Sub-Committee set forth in this Section 1.2, which shall hold its first meeting within thirty (30) days of its
formation.

 

		b)	Marketing and Sales Subcommittee. The Marketing and Sales sub-committee (the “MSSC”)
shall be responsible for, among other things, marketing and sales of the Product. After the initial meeting required pursuant to
this Section 1.2, the MSSC shall meet as required to address any matters related thereto. Chiesi and Kamada shall have equal
representation and equal voting on the MSSC, provided that in the event of any unresolved dispute, Chiesi shall have the casting
vote, except if such unresolved dispute causes: (i) Kamada to bear any additional expenses not specifically stated in the Agreement,
or (ii) makes any changes in the Marketing Plan.

 

		c)	At any convenient time, the JSC may also establish and appoint members to a proper Sub-Committee
responsible to handle the relationship with PARI, subject to any applicable provisions hereunder and/or under the Commercialization
Agreement.

 

    	 

    	 

    

 

Exhibit 4.2(f)

 

Sample Certificate of Analysis (COA)

 

[To be attached.]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}]]