Document:

Exhibit

EXHIBIT 4-A-1

EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN SUCH COMMON DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.
UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, AS NOMINEE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR EUROCLEAR BANK, S.A./N. V.  (“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM,” AND, TOGETHER WITH EUROCLEAR, THE “DEPOSITORY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR THE DEPOSITORY (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK MELLON, LONDON BRANCH, HAS AN INTEREST HEREIN.
TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

FORD MOTOR CREDIT COMPANY LLC
FIXED RATE 
EURO MEDIUM-TERM NOTES 
DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
    
No. R-________________    

FORD MOTOR CREDIT COMPANY LLC, a limited liability company, duly formed and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor company under the Indenture hereinafter referred to), for value received, hereby promises to pay to THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, as nominee of The Bank of New York Mellon, London Branch, a common depositary for Euroclear and Clearstream, or registered assigns, the principal sum outstanding hereunder up to an aggregate of €5,250,000,000 Euros (or its equivalent in other currencies) less the principal amount outstanding under the Ford Motor Credit Company LLC Euro Floating Rate Note Due Nine Months or More from the Date of Issue dated as of even date herewith and the Ford Motor Credit Company LLC Medium-Term Notes Due Nine Months or More from the Date of Issue - Series B and to pay interest on the principal amount outstanding hereunder at the rate per annum in accordance with the terms of the Pricing Supplements attached hereto commencing on the date specified in the attached Pricing Supplements (each such date an “Interest Payment Date”) at the rate specified in the attached Pricing Supplements, until the principal hereof is paid or made available for payment.  If the Interest Payment Date is not a Business Day, the Interest Payment Date will be postponed to the next Business Day.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the 15th day next preceding such Interest Payment Date (whether or not a Business Day) unless otherwise specified in a Pricing Supplement.  

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Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder hereof on such Regular Record Date and may either be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this global Security not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities evidenced by this global Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The Pricing Supplement may also contain such other additional terms as are not otherwise inconsistent with the terms of this Security or the Indenture.   As used herein, unless otherwise defined in the Pricing Supplement, the term “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in London or The City of New York.  

Payment of the principal of and any interest on this global Security will be made by The Bank of New York Mellon, London Branch, as Paying Agent, and will be made in the currency specified in the attached Pricing Supplements (the “Applicable Currency”), and all payments of principal of, the redemption price (if any), and interest and additional amounts (if any), on this global Security, will be payable in the Applicable Currency, provided, that if the Applicable Currency is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the Applicable Currency is no longer being used or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this global Security will be made in U.S. dollars until the Applicable Currency is again available to the Company or so used. The amount payable on any date in the Applicable Currency will be converted into U.S. dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date or, in the event the Board of Governors of the Federal Reserve System has not mandated a rate of conversion, on the basis of the most recent U.S. dollar / Applicable Currency exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Applicable Currency. Any payment in respect of this global Security so made in U.S. dollars will not constitute an event of default under this global Security or the Indenture. Neither the Trustee nor The Bank of New York Mellon, London Branch shall have any responsibility for any calculation or conversion in connection with the foregoing.
This global Security is a global security evidencing a portion of a duly authorized issuance of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of March 16, 2015 (herein called the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This global Security represents a portion of the series designated as the Company’s Euro Medium-Term Notes Due Nine Months or More from the Date of Issue (herein called the “Notes”). 
Notices with respect to this global Security will be published in a newspaper in The City of New York.  It is expected that publication will be made in The Wall Street Journal.  Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication.
This global Security is subject to redemption, as set forth hereunder and in the Pricing Supplements.
This global Security is only subject to redemption in accordance with the attached Pricing Supplements, upon not less than 30 nor more than 60 days’ prior notice given in the manner provided in the Indenture, at a redemption price specified in such Pricing Supplement, together with any accrued and unpaid interest to such redemption date.
All payments of principal and interest in respect of this Security will be made free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law.
If an Event of Default with respect to the Notes shall occur and be continuing, the principal of such Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of a particular series 

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to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this global Security shall be conclusive and binding upon such Holder and upon all future Holders of this global Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this global Security.
No reference herein to the Indenture and no provision of this global Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this global Security at the times, place and rate, and in the coin or currency, herein prescribed.
If at any time the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Securities evidenced hereby and a successor Depository is not appointed by the Company within 90 days after the Company receives such notice, the Company shall execute, and the Trustee shall authenticate and deliver, Securities in definitive registered form without coupons, in denominations of €100,000 (or its equivalent in other currencies) or any amount in excess thereof which is an integral multiple of €1,000 (or its equivalent in other currencies), unless otherwise specified in a Pricing Supplement, (such denominations referred to herein as “authorized denominations”), of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  In addition, the Company may at any time determine that the Securities evidenced hereby shall no longer be represented by a global security.  Notes (including Notes denominated in pounds sterling) in respect of which the issue proceeds are to be accepted in the United Kingdom or which issue otherwise constitutes a contravention of Section 19 of the Financial Services and Markets Act 2000 and which have a maturity of less than one year shall have a minimum denomination and redemption value of £100,000 (or if the Notes are denominated in a currency other than pounds sterling, as specified in the Pricing Supplement, at least the equivalent thereof in such currency using the spot rate as of the date of issue). In such event, the Company shall execute and the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, shall authenticate and deliver Securities in definitive registered form without coupons, in authorized denominations, and of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  Upon the exchange of this global Security for such Securities in definitive registered form without coupons, in authorized denominations, this global Security shall be cancelled by the Trustee.  Securities in definitive registered form issued in exchange for this global Security shall be registered in such names and in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.  The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered.
As provided in the Indenture and subject to certain limitations set forth therein, the transfer of a Security may be registered on the Security Register upon surrender of such Security for registration of transfer at the corporate trust office of the Trustee or at such other office in The City of New York or another city as the Company may designate where the principal of and interest on such Security are payable, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of authorized denominations, and of like tenor and in the same aggregate principal amount shall be issued to the designated transferee or transferees.  No service charge shall be charged for any registration of transfer or exchange of a Security, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange; provided, however, that for so long as any Securities are evidenced by this global Security, this global Security may be transferred in whole but not in part, only to another nominee of the Depository or to a successor Depository selected or approved by the Company or to a nominee of such successor Depository.
Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner hereof for all purposes, whether or not such Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this global Security that are defined in the Indenture and not herein otherwise defined shall have the meanings assigned to them therein.
Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, Ford Motor Credit Company LLC has caused this instrument to be signed by its Chairman of the Board, or its President, or one of its Vice Presidents, and by its Treasurer or one of its Assistant Treasurers, manually or in facsimile, and its corporate seal to be imprinted hereon.

	
		
	Dated:  February 17, 2017
	FORD MOTOR CREDIT COMPANY LLC

	 
	 

	 
	By: 
      Chairman of the Board

	 
	 

	[COMPANY SEAL]
	 

	 
	By:
     Chief Financial Officer and Treasurer

Attest: 

By:  ________________________
        Assistant Secretary

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the global Securities of the series designated herein referred to in the within-mentioned Indenture.

THE BANK OF NEW YORK MELLON
   As Trustee,

By:  _________________________
        Authorized Officer

Dated:  February 17, 2017

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
______________________________________________________________________

______________________________________________________________________
(Print or Type Name and Address including Zip Code of Assignee)

the within global Security, and all rights thereunder, hereby irrevocably constituting and appointing 
________________________________________________________________attorney to transfer said global Security on the books of the Company, with full power of substitution in the premises.

Dated: __________________

NOTE: The signature to this assignment must correspond with the name as written upon the face of the within global Security in every particular without alteration or enlargement or any change whatsoever and must be guaranteed by a commercial bank or trust company having its principal office or correspondent in The City of New York or by a member of the New York Stock Exchange.

NOTE: Medallion Guarantee Stamp - We cannot complete the transfer if this stamp is not affixed to this assignment.  This stamp can be obtained from a financial institution that is a member of the Securities Transfer Association Medallion Program, New York Exchange Medallion Program or Global Note Exchange Medallion Program.ROYALTY AND 
          LICENSE FEE SHARING AGREEMENT

      

      

      This Royalty and License Fee Sharing Agreement (the “Agreement”) is entered into as of November 30, 2019 (the “Effective Date”), between
        Qrons Inc., a Wyoming corporation (the “Company”) and Ariel Scientific Innovations Ltd. (formerly known as Ariel R&D Co., Ltd.), a company organized under the laws of Israel ("Ariel", and together with the Company, the “Parties” and each a
        “Party” ).

      

      

      WHEREAS, the Parties are parties to a license and research funding agreement, dated December 14, 2016, as amended by Addendum #1,
        effective December 13, 2017 (collectively, the “License Agreement”);

      

      

      WHEREAS, the Parties are parties to certain  services agreements related to  laboratory access and other services (collectively, the
        “Services Agreements”);

      WHEREAS, the Parties acknowledge that on December 13, 2017, notwithstanding that an Exit Event as
        defined in the License Agrement had not occurred, the Company issued 119,950 shares of common stock to Ariel, representing 1% of the Company’s issued and outstanding shares on such date (the “Partial Shares”); and

      WHEREAS, the Parties acknowledge that the Company has not used in any manner the Ariel Technology (as such term is defined in the
        License Agreement) and the Parties desire to terminate the License Agreement and enter into this Agreement in its stead;

      

      

      NOW, THEREFORE, in consideration of the covenants, promises and
          representations set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Parties hereto, intending to be legally bound, hereby agree as follows:

      

      

      1. Definitions.

      

      

      Capitalized terms used in this Agreement, whether used in the singular or the plural, shall have the meanings specified below.

      

      

      “Affiliate” shall mean, with respect to either Party, any person, organization or
          entity, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with, such Party.  For purposes of this definition only, “control” of another person, organization or entity shall mean the
          possession, directly or indirectly, of the power to direct or cause the direction of the activities, management or policies of such person, organization or entity, whether through the ownership of voting securities, by contract or otherwise.
          Without limiting the foregoing, control shall be deemed to exist when a person, organization or entity (i) owns or directly controls more than fifty percent (more than 50%) of the outstanding voting stock or other ownership interest of the other
          organization or entity, or (ii) possesses, directly or indirectly the power to elect or appoint the majority of the members of the board of directors or other governing body of the other organization or entity.

      

      

      
        1

        
          

      

      “Ariel Patent Challenge” shall mean any action taken by Ariel or its Affiliates,
          before any patent office, court or other tribunal or agency whereby Ariel or its Affiliates: (1) challenge the validity, patentability, enforceability and/or scope of any patent right, know-how or other intellectual property right owned by
          Company or its Affiliates; or (2) assert that the Products are covered by any patent right, know-how or other intellectual property right owned by Ariel or its Affiliates.

      

      

      “Calendar Quarter” shall mean the respective periods of three (3) consecutive
          calendar months ending on March 31, June 30, September 30 or December 31.

      

      

      “Calendar Year” shall mean successive one-year periods beginning on January 1 and
          ending on December 31.

      

      

      “Exit Event” shall mean any of the following of the Company or  any of its
          Affiliates (i) a firmly underwritten public offering of the Company’s shares pursuant to a registration statement under the Securities Act of 1933, as amended, or pursuant to a prospectus under the Israel Securities Law 1968, or equivalent laws
          of another jurisdiction, resulting in the receipt of proceeds by the Company or an Affiliate  or any of their respective shareholders of at least  $25 million (ii) a consolidation, merger or reorganization of the Company with or into, any other
          entity, other than a transaction in which shareholders of the Company immediately prior to the transaction, hold in the aggregate, more than 50% of the securities of the surviving company after the transaction on a fully diluted basis; (iii) a
          sale of all or substantially all of the shares and/or the assets of the Company, to persons who were not shareholders of the Company; (iv) any transaction in which shareholders of the Company entered into a transaction for the sale of more than
          50 % of the outstanding share capital of the Company or (v) any event where the Parties shall mutually agree that such event shall be declared an Exit Event.

      

      

      “Field of Use” shall mean treatments of traumatic brain injuries.

      

      

      “First Commercial Sale” shall mean the first commercial sale of a Product by the
          Company, an Affiliate of the Company, or the grant of a license to an unaffiliated third party.  Sales for purposes of Product testing and samples shall not be deemed a First Commercial Sale.

       

        

      “Net Sales” shall mean the gross amount invoiced and collected by or on behalf of the Company, its Affiliates and
        licensees (in each case, the “Invoicing Entity”) on the sale  of Products (whether made before or after the First Commercial Sale of the Product)and/or received as License Receipts, less the following: (a) customary trade, quantity, or cash
        discounts to the extent actually allowed and taken; (b) amounts repaid or credited by reason of rejection or return of Products; (c) to the extent separately stated in the invoices, all taxes or other governmental charges levied on the production,
        sale, transportation, delivery, or use of a Product which is paid by the Invoicing Entity; (d) 50% of any commissions paid to third parties for the generation of sales, provided that the royalty payable to Ariel shall not, in any event, be reduced
        to less than 50% of the Royalty Payments  specified in  this Agreement (agreements and documents related thereto shall be provided to Ariel upon request); (e) to the extent separately stated in the invoices, reasonable freight, insurance and
        handling charges; and (f) any government mandated rebates.

      

      

      Sales of Products by an Invoicing Entity to an Affiliate of such Invoicing Entity for resale by such Affiliate shall not be deemed Net Sales and Net Sales shall be determined based on Net Sales
        invoiced by such Affiliate on resale.

      
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      “Product(s)” shall mean any products of the Company in the Field of Use.

      

      

      “License Receipts” shall mean any payments or other consideration that the Company
          and its Affiliates receive  in connection with a license in the Field of Use, including without limitation, license fees, license option fees, milestone payments, license maintenance fees, and equity, provided that in the event that the Company
          receives non-monetary consideration in connection with a license, or in the case of transactions not at arm’s length, License Receipts shall be calculated based on the fair market value of such consideration or transaction, assuming an arm’s
          length transaction made in the ordinary course of business. Notwithstanding the foregoing, “License Receipts” shall not include equity investments in the Company or loans to the Company or advances of investments and loans to the Company or its
          Affiliates. The term “License Receipts” shall not include funds that are designated for research and development of Products and that are actually expended on research and development of Products in accordance with a written development plan and
          budget as evidenced in the Company’s written records.

      

      

      1. Termination of License Agreement.

      

      

      The Parties hereby agree that this Agreement shall supersede the License Agreement which is hereby
        terminated and shall have no further force and effect.  The Parties hereby waive the requirement to provide any prior written notice to terminate the License Agreement.  The Company  represents that it has not sublicensed, transferred, assigned or
        otherwise disposed of  or used any  Ariel Technology (as such term is defined in the License Agreement) and agrees that neither the Company nor any Affiliate of the Company shall use  the Ariel Technology in any way.

      

      

      2. Right to Shares.

      

      

      From and after the occurrence of an Exit Event, at any time, and from time to time at Ariel’s discretion, Ariel shall have the right by written notice to
        the Company to require the Company to issue to Ariel that  number of shares, in whole or in part,  representing up to 3% of the issued and outstanding shares of common stock of the Company at the time Ariel exercises such right  (the “Exit
        Shares”). The execution, delivery, and performance of this Agreement by the Company and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of the Company. Nothing herein
        will affect Ariel’s rights to the Partial Shares currently owned by Ariel.

      

      

      The Company shall have no obligation to register any Exit Shares or Partial Shares until such time as Ariel shall have exercised its right in full and
        shall have received all of the Exit Shares or notified the Company in writing that it waives its right to any remaining Exit Shares. At such time as Ariel shall have received (and/or waived) all of the Exit Shares, Ariel shall be entitled to one
        demand registration. Upon such demand, the Company shall have six months to file with the Securities and Exchange Commission a registration statement covering the Exit Shares and Partial Shares.

      
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      3. Company Management.  Ariel shall be entitled to appoint one non-voting observer to all board meetings of the Company, to observe matters
          that relate to this Agreement, during the term of this Agreement.

      

      

      4. Royalties.

      

      

      In consideration for the Parties’ agreement to terminate the License Agreement, the waiver by the Parties of any possible claims, rights or obligations
        under the License Agreement and for future general scientific collaboration between the Parties, the Company agrees to pay Ariel  a royalty of 1.25% of Net Sales of Products sold by the Company, its Affiliates and licensees (the “Royalty Payment”)
        on a country to country basis, for fifteen years from the First Commercial Sale in such country (the “Royalty Period”).

      

      

      5. Reports and Payments.  Within forty-five (45) days of the last day of each Calendar Quarter commencing with the first Calendar Quarter in
          which Net Sales are generated for the applicable Product, the Company shall remit to Ariel the Royalty Payment for the applicable Calendar Quarter, together with reports setting forth such Net Sales which shall include for each of the Company,
          its Affiliates and licensees:

      

      

      (a)   the number of Products sold separately itemized according to the Product, the Invoicing Entity and country of sale;

      

      

      (b)   the gross amount invoiced for Products sold, separately itemized according to the Product, the Invoicing Entity and indicating the currency of payment;

      

      

      (c)   a calculation of Net Sales, separately itemized according to the Product, the Invoicing Entity, and including an itemized listing of applicable deductions. The calculation of the Net Sales shall also include the License
          Receipts, separately itemized according to the license granted, the Invoicing Entity and indicating the currency of payment and the calculation thereto; and

      

      

      (d)   the Royalty Payment payable to Ariel on Net Sales, if any, together with the currency exchange rates used in the calculation of Net.

      

      

      6. Records.  The Company shall maintain, and shall cause its Affiliates and licensees to maintain, complete and accurate records of Products
          that are sold and licenses granted, any amounts payable to Ariel in relation to such Products and all License Receipts received by the Company and its Affiliates (collectively, "the Records"), for  three (3) years after the conclusion of that
          Calendar Quarter, during which time Ariel shall have the right, at its expense, to cause an independent, certified public accountant to inspect and audit the Records during normal business hours for the sole purpose of verifying any reports and
          payments delivered under this Agreement.  The parties shall reconcile any underpayment or overpayment within thirty (30) days after the accountant delivers the results of the audit.  In the event that any audit performed under this Section 6
          reveals an underpayment in excess of ten percent (10%) in any Calendar Year, the Company shall bear the full cost of such reasonable audit fees.

      
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      7 Late Payments.  Royalty Payments due and payable under this Agreement that are not timely paid shall bear interest at a rate of three
          percent (3%) above the London Interbank Offer Rate as determined for each month on the last business day of that month, assessed from the day payment was initially due until the date of payment.

       

        8.        Payment Method and Currency.  All payments due to Ariel
          under this Agreement shall be paid by the electronic transfer of available funds in US dollars to an account designated in writing provided by Ariel. Net Sales and Licensee Receipts received by the Company in currencies other than United States
          dollars shall be converted by the Company into equivalent Unites States dollars using the exchange rate : (i) actually used on the date of exchange; or (ii) as quoted in the Wall Street Journal  on the last business day of the applicable Royalty
          Reporting Period.

      

      

      9. VAT; Withholding and Similar Taxes.  All amounts to be paid to Ariel pursuant to this Agreement are inclusive of Value Added Tax provided
          they are transferred directly from the USA to Ariel’s Israeli bank account. If applicable laws require that taxes be withheld from any amounts due to Ariel under this  Agreement, the Company shall (a) notify Ariel of such intended deduction, (b)
          deduct these taxes from the remittable amount if no permit is provided by Ariel, (c) pay the taxes to the proper taxing authority, and (d) promptly deliver to Ariel a statement including the amount of tax withheld and justification therefore, and
          such other information as may be necessary for tax credit purposes.

      

      

      10.           Confidential
          Information.

       

        

      Each Party acknowledges that the other Party has devoted substantial time and effort and resources to developing the Company's or Ariel's business, products and technology and that during the course
        of the License Agreement, this Agreement and the Service Agreements between the Parties that the Parties have and will necessarily become acquainted with confidential information relating to the other Party and its trade secrets, processes, methods
        of operation, scientific, technical, trade or business and other proprietary information relating to such Party’s business, which such Party regards as confidential  (collectively, "Confidential Information").  Each Party acknowledges and agrees
        that the Confidential Information of the other is of incalculable value to such Party and such Party would suffer damage if any of the Confidential Information was improperly disclosed. Accordingly, each Party covenants and agrees that it will not,
        at any time during or after the termination of the Agreement, reveal, divulge, or make known to any person or entity, any Confidential Information made known to it or of which it has become aware, regardless of whether developed, prepared, devised
        or otherwise created in whole or in part by the efforts of the other Party, except and to the extent that such disclosure is necessary to perform its obligations under this Agreement or any other agreement between the Parties; provided, however,
        that the Parties have no obligation, to refrain from using or disclosing to others any such information which is available to the public other than through disclosure by such Party.

       

      

      Furthermore The Company and Ariel may not publicly disclose the existence of this Agreement except by mutual written consent of the Parties or except as required by applicable law, including United
        States securities laws.

      
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      11.          Term
          and Termination.

      

      

      
        	
                (a)

              	
                Term.  The term of this Agreement shall
                  commence on the Effective Date and, unless earlier terminated as provided in this Section 11, shall continue in full force and effect until the expiration of all obligations of the Company to Ariel pursuant to this Agreement.

              

      

      

      

      
        	
                (b)

              	
                Termination.

              

      

      

      

      
        	
                (1)

              	
                Termination for Material Breach. In the
                  event that either Party is in material breach under this Agreement and such breaching party fails to cure such breach within thirty (30) days after receiving written notice thereof, the other Party may terminate this Agreement immediately
                  upon written notice to the Party in breach.

              

      

      

      

      
        	
                (2)

              	
                Bankruptcy.  Either party may terminate
                  this Agreement upon notice to the other if the other Party becomes insolvent, is adjudged bankrupt, applies for judicial or extra‐judicial settlement with its creditors, makes an assignment for the benefit of its creditors, voluntarily
                  files for bankruptcy or has a receiver or trustee (or the like) in bankruptcy appointed by reason of its insolvency, or in the event an involuntary bankruptcy action is filed against the other party and not dismissed within ninety (90)
                  days, or if the other Party becomes the subject of liquidation or dissolution proceedings or otherwise discontinues business.

              

      

      

      

      
        	
                (3)

              	
                Termination by the Company. In addition
                  to the above, the Company shall be entitled to terminate this Agreement immediately by providing written notice to Ariel upon the occurrence of an Ariel Patent Challenge.

              

      

      

      

      
        	
                (c)

              	
                Survival/Effect of Termination.

              

      

      

      

      Notwithstanding any other section herein, Section5 (Reports and Payments), Section 6 (Records), and Section 10 (Confidential Information) shall survive
        the expiration or termination of this Agreement. Upon termination by the Company in accordance with Section 11(b)(1) above due to a material breach by Ariel which is not timely cured, the Company will no longer be obligated to make Royalty Payments
        under Section 4,and Ariel’s right to receive additional Exit Shares will  terminate.

       

        

      12. Miscellaneous.

      

      

      12.1.        Entire Agreement.  This Agreement and the Services Agreements, set forth the entire agreement and understanding of the Parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and
          understandings between the Parties with respect to the same.

      

      

      12.2.        Notices.  All notices required or permitted by this Agreement shall be in writing.  Any notice, request, demand, claim or other communication hereunder shall be deemed duly given (a) if by personal delivery, when so delivered, or
          (b) if sent through an overnight delivery service in circumstances to which such service guarantees next day delivery, the day following being so sent, or (c) if sent by email the next business day, provided sender verified receipt by recipient:

      
        6

        
          

      

      

      

      	
              If to the Company:

               

            	
              Qrons Inc.

              50 Battery Pl, #7T

              New York, NY 10280

              Attn: Jonah Meer

              Email: jmeer@qrons.com

               

              With copy to:

              Ido Merfeld

              153 HaGilboa Street

              Nirit, Israel

              Email: imerfeld@qrons.com

               

            
	 	 
	
              If to Ariel:

            	
              Ariel Scientific Innovations Ltd.

              Ariel University

                Ariel 40700

                Israel

              Attn:  Larry Loev, CEO

              Email:larryl@ariel.ac.il

            

      

      

      12.3.     Governing Law and Jurisdiction.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, USA, without regard to the application of principles of conflicts of law.  The parties
          hereby consent to personal jurisdiction to courts located within the Borough of Manhattan, State of New York and agree that such courts shall have sole jurisdiction over any and all matters arising from this Agreement.

      

      

      12.4.       Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.

      

      

      12.5.       Headings.  Section and subsection headings are inserted for convenience of reference only and do not form a part of this Agreement.

      

      

      12.6.      Counterparts.  This Agreement may be executed simultaneously in two or more counterparts (including electronically via PDF), each of which shall be deemed an original but all of which together shall constitute one in the same
          instrument and which shall be deemed an original.

      

      

      12.7.       Amendment; Waiver.  This Agreement may be amended, modified, superseded or canceled, and any of the terms may be waived, only by a written instrument executed by both Parties or, in the case of waiver, by the party waiving
          compliance.  The delay or failure of any party at any time or times to require performance of any provisions hereof shall in no manner affect the rights at a later time to enforce the same.  No waiver by either party of any condition or of the
          breach of any term contained in this Agreement, whether by conduct, or otherwise, in any one or more instances, shall be deemed to be, or considered as, a further or continuing waiver of any such condition or of the breach of such term or any
          other term of this Agreement.

      
        7

        
          

      

      

      

      12.8.       No Agency or Partnership.Nothing contained in this Agreement shall give any party the right to bind another or be deemed to constitute either parties as agents for each other or as partners with each other or any third party.

      

      

      12.9.       Assignment and Successors.  Neither Party may assign this Agreement to any other entity other than to its Affiliates) without the prior written consent of the other Party; provided, however, the Company shall be entitled to
          assign this Agreement and its rights and obligations hereunder to a successor entity in a merger or acquisition transaction or other strategic corporate transaction, provided the assignee undertakes in writing to assume and perform all of the
          Company's obligations under this Agreement.

      

      

      12.10.     Interpretation.  The parties hereto acknowledge and agree that:  (i) each Party and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its revision; (ii)the rule of construction
          to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this  Agreement; and (iii) the terms and provisions of this Agreement shall be construed fairly as to both parties hereto
          and not in favor of or against either party, regardless of which party was generally responsible for the preparation of this Agreement.

      

      

      12.11.     Severability.  If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction or is deemed unenforceable, it is the intention of the parties that the remainder of this
          Agreement shall not be affected.

      

      

      IN WITNESS WHEREOF, the parties have caused this Agreement to be
          executed by their duly authorized representatives as of the date first written above.

      

      

      

      

      	
              Ariel Scientific Innovations Ltd.

               

              By:/s/Larry Loev

              Name: Larry Loev

              

                Title: CEO

               

               

            	
              Qrons Inc.

               

              By: /s/Jonah Meer

              Name: Jonah Meer

               

              Title: CEO

            

      

      

    

  

  8

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