Document:

Exhibit 10.1 USCorp Stock Incentive Plan

USCORP

2009 Stock Incentive Plan

1.  ESTABLISHMENT AND PURPOSE.

The USCORP 2009 Stock Incentive Plan, (the “Plan”) is established by USCORP, a Nevada corporation (the “Company”) to further attract and retain persons eligible to participate in the Plan; motivate Participants to achieve long-term Company goals; and further align Participants’ interests with those of the Company’s other stockholders. The Plan is adopted as of October 26, 2009, subject to approval by the Company’s stockholders within 12 months after such adoption date. Unless the Plan is earlier discontinued by the Board as provided herein, no Award shall be granted hereunder on or after December 31, 2019. Certain terms used herein are defined as set forth in Section 8.

2.  ADMINISTRATION; ELIGIBILITY.

The Plan shall be administered by the Plan Committee that shall be established by the Board, which shall appoint and remove members of the Plan Committee (herein sometimes referred to as the “Administrator”) in its discretion subject only to the requirements set forth herein. The Plan Committee shall include a minimum of two non-employee directors of the Board as defined in Rule 16b-3 (or any successor rule) promulgated by the Securities and Exchange Commission (“SEC”) pursuant to the Exchange Act. The Plan Committee shall determine the meaning and application of the provisions of the Plan and shall establish such rules and regulations as it deems necessary for the proper administration of the Plan. Awards may be granted as alternatives to, in exchange or substitution for, or replacement of, awards outstanding under any other plan or arrangement of the Company or a Subsidiary. The provisions of Awards need not be the same with respect to each Participant. The Plan Committee’s decisions shall be conclusive and binding upon all interested persons. Subject to the provisions of the Plan, the Plan Committee shall have the sole authority to determine:

(a) to select the Eligible Individuals to whom Awards may from time to time be granted;

(b) to determine whether and to what extent (i.e. the number of Stock Options (“Options”) or shares of the Company’s Class A Common Stock (“Shares”)) Options, Shares or any combination thereof are to be granted hereunder;

(c) to approve forms of agreement for use under the Plan;

(d) to determine the terms and conditions of any Award granted hereunder (including, but not limited to, the option price, any vesting restriction or limitation, any vesting acceleration or forfeiture waiver and any right of repurchase or other transfer restriction regarding any Award, based on such factors or criteria as the Administrator shall determine);

(e) to determine the Fair Market Value; and

(f) to determine the type and amount of consideration to be received by the Company for any Award.

No member of the Administrator, and no officer of the Company, shall be liable for any action taken or omitted to be taken by such individual or by any other member of the Administrator or officer of the Company in connection with the performance of duties under this Plan, except for such individual’s own willful misconduct or as expressly provided by law

  

  

  

3. STOCK SUBJECT TO PLAN.

Subject to adjustment as provided in this Section 3, the aggregate number of shares of Stock that may be delivered under the Plan shall not exceed 10,000,000 shares. The number of Shares set aside and deliverable pursuant to this Plan shall be subject to adjustments as follows:

(a) As of January 1 of each year, commencing with the year 2010, the maximum number of Shares which may be delivered under the Plan shall automatically increase by a number equal to the lesser of (i) 1% of the total number of Shares then outstanding, assuming for this purpose the conversion into Shares of all then outstanding securities that are convertible by their terms (directly or indirectly) into Shares, or (ii) 1,000,000 shares.

(b) In case the Company shall (i) pay a dividend on its Common Stock in Shares or securities convertible into, exchangeable for or otherwise entitling a holder thereof to receive Shares, or (ii) subdivide its outstanding Shares into a greater number of Shares, the number of Shares deliverable pursuant to this Plan immediately prior thereto shall be adjusted so that the number of Shares available for issuance immediately after the happening of either such event shall be the number determined by the fraction, the numerator of which shall be the number of Shares authorized pursuant to the Plan, but undelivered, immediately prior to such event, and the denominator of which shall be the total number of Shares of the Company issued and outstanding immediately prior to such event, multiplied by the total number of Shares immediately after the occurrence of such event.

Except as otherwise expressly provided herein, in the event of any Company combination, recapitalization or other change in its capital structure (including, but not limited to, a split-up, spin-off, split-off or distribution to Company stockholders other than a normal cash dividend), sale by the Company of all or substantially all of its assets, reorganization, partial or complete liquidation, or other event involving the Company and having an effect similar to any of the foregoing, the Administrator may make such substitution or adjustments in the (A) number and kind of Shares that may be delivered under the Plan, (B) number and kind of Shares subject to outstanding  Awards, (C) exercise price of Options and (D) other characteristics or terms of the Awards as it may determine appropriate  in its sole discretion to equitably reflect such corporate transaction, Share offering or other  event; provided, however, that the number of Shares subject to any Award shall always be a whole number.

4.  STOCK OPTIONS.

Options may be granted alone or in addition to other Awards granted under the Plan and shall be Non-Qualified Stock Options. Any Option granted under the Plan shall be in such form as the Administrator may from time to time approve. Options may be granted to officers, directors, employees and eligible consultants and advisors of the Company and its subsidiaries. Options shall be evidenced by option agreements, each in a form approved by the Administrator. The grant of an Option shall occur as of the date the Administrator determines. Options granted hereunder shall be subject to the following terms and conditions:

(a) Exercise Price. The exercise price per Share purchasable under an Option shall be determined by the Administrator. However, the Share exercise price shall be not less than the Fair Market Value on the date the Option is granted.

(b) Option Term. The Administrator shall fix the term of each Option.

(c) Exercisability. Options shall be exercisable at such time or times, and subject to such terms and conditions, as shall be determined by the Administrator.

(d) Method of Exercise. Options may be exercised, in whole or in part, at any time during the option term by giving written notice of exercise to the Company specifying the number of Shares subject to the Option to be purchased. The exercise price of any Option shall be paid in full in cash (by certified or bank check or such other instrument as the Company may accept) or by one or more of the following:

(1) in Shares already owned by the Optionee, provided that in the case of restricted Shares the Optionee shall have owned such Shares for more than six (6) months,  based in any such instance on the Fair Market Value of the Shares on the date the  Option is exercised;

  

  

  

(2) by irrevocably authorizing a third party to sell Shares (or a sufficient portion of the Shares) acquired upon exercise of the Option and remit to the Company a portion of the proceeds to pay the entire exercise price resulting from such exercise; or

(3) by any combination of cash and/or any one or more of the methods specified in clauses (1) and (2).

Notwithstanding the foregoing, a form of payment shall not be permitted to the extent it would cause the Company to recognize compensation expense (or additional compensation expense) with respect to the Option for financial reporting purposes. No Shares shall be issued upon exercise of an Option until full payment therefore has been made. Upon exercise of an Option (or a portion thereof), the Company shall have a reasonable time to issue the Shares, and the Optionee shall not be treated as a stockholder for any purposes whatsoever prior to such issuance.

(e) Transferability of Options. Except as otherwise provided in the applicable Option agreement, an Option (i) shall be transferable by the Optionee to a Family Member of the Optionee, provided that (A) any such transfer shall be by gift with no consideration and (B) no subsequent transfer of such Option shall be permitted other than by will or the laws of descent and distribution, and (ii) shall not otherwise be transferable except by will or the laws of descent and distribution. Notwithstanding the foregoing, references herein to the termination of an Optionee’s employment or provision of services shall mean the termination of employment or provision of services of the person to whom the Option was originally granted. Except as specifically provided in this Agreement, all terms and conditions of an Option shall be governed by the Option Agreement.

(f) Termination by Death. Unless otherwise provided in the applicable Option agreement, if an Optionee’s employment or provision of services terminates by reason of death, any Option held by such Optionee may thereafter be exercised, to the extent then exercisable, or on such accelerated basis as the Administrator may determine, for a period of one year from the date of such death or until the expiration of the stated term of such Option, whichever period is shorter.

(g) Termination by Reason of Disability. Unless otherwise provided in the applicable Option agreement, if an Optionee’s employment or provision of services terminates by reason of Disability, any Option held by such Optionee may thereafter be exercised by the Optionee, to the extent it was exercisable at the time of termination, or on such accelerated basis as the Administrator may determine, for a period of three years from the date of such termination of employment or provision of services or until the expiration of the stated term of such Option, whichever period is shorter.

(h) Termination by Reason of Retirement. Unless otherwise provided in the applicable Option agreement, if an Optionee’s employment or provision of services terminates by reason of Retirement, any Stock Option held by such Optionee may thereafter be exercised by the Optionee, to the extent it was exercisable at the time of such Retirement, or on such accelerated basis as the Administrator may determine, for a period of three years from the date of such termination of employment or provision of services or until the expiration of the stated term of such Stock Option, whichever period is shorter.

(i) Other Termination. Unless otherwise provided in the applicable Option agreement, if an Optionee’s employment or provision of services terminates for any reason other than death, disability or retirement, any Option held by such Optionee shall thereupon terminate thirty (30) days thereafter; provided, however, that, if such termination of employment or provision of services is involuntary on the part of the Optionee and without Cause, such Option, to the extent then exercisable, or on such accelerated basis as the Administrator may determine, may be exercised for the lesser of ninety (90) days from the date of such termination of employment or provision of services or the remainder of such Option’s term.

(j) Conversion of Existing Options. Upon certification by the Administrator, outstanding options of the Company issued to persons eligible to be a recipient under the Plan shall be deemed to be Options under the Plan which shall provide that the Options shall have been and shall be deemed to be issued as of the dates of issuance or grant of the specific outstanding option but otherwise shall be subject to all the terms and conditions of this Plan.

  

  

  

5.  STOCK AWARDS OTHER THAN OPTIONS.

Share Awards may be directly issued under the Plan (without any intervening options), subject to such terms, conditions, performance requirements, restrictions, forfeiture provisions, contingencies and limitations as the Administrator shall determine. Share Awards may be issued which are fully and immediately vested upon issuance or which vest in one or more installments over the Participant’s period of employment or other service to the Company or upon the attainment of specified performance objectives, or the Company may issue Share Awards which entitle the Participant to receive a specified number of vested Shares upon the attainment of one or more performance goals or service requirements established by the Administrator. The Administrator may require that any such certificates be held by the Company until all restrictions thereon shall have lapsed. A Share Award may be issued in exchange for any consideration which the Administrator may deem appropriate in each individual instance, including, without limitation: (i) cash or cash equivalents; (ii) past services rendered to the Company or any Affiliate; or (iii) future services to be rendered to the Company or any Affiliate.

6.  CHANGE IN CONTROL PROVISIONS.

(a)   Impact of Event. Notwithstanding any other provision of the Plan to the contrary, in the event of a Change in Control:

(1) Any Stock Options outstanding as of the date such Change in Control is determined to have occurred and not then exercisable and vested shall become fully exercisable and vested to the full extent of the original grant;

(2) The restrictions applicable to any outstanding Share Award shall lapse, and the Shares relating to such Award shall become free of all restrictions and become fully vested and transferable to the full extent of the original grant; and

(3) Outstanding Awards shall be subject to any agreement of merger or reorganization that effects such Change in Control, which agreement shall provide for: (A) The continuation of the outstanding Awards by the Company, if the Company is a surviving corporation; (B) The assumption of the outstanding awards by the surviving corporation or its parent or subsidiary; (C) The substitution by the surviving corporation or its parent or subsidiary of equivalent awards for the outstanding Awards; or (D) Settlement of each Share subject to an outstanding Award for the Change in Control Price (less, to the extent applicable, the per share exercise price).

(b) Definition of Change in Control. For purposes of the Plan, a “Change in Control” shall mean the happening of any of the following events:

(1) An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (1) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); or

(2) Within any period of 12 consecutive months, a change in the composition of the Board such that the individuals who, immediately prior to such period, constituted the Board cease for any reason to constitute at least a majority of the Board; or

(3) The approval by the stockholders of the Company of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company; or

(4) The approval by the stockholders of the Company of a complete liquidation or dissolution of the Company, other than to a corporation pursuant to a transaction which would comply with clauses (1), (2) and (3) of this Section.

7.  MISCELLANEOUS.

(a) Amendment. The Board may amend, alter, or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which would adversely affect the rights of a Participant under an Award previously granted without the Participant’s consent. No amendment shall be made without the approval of the Company’s stockholders to the extent such approval is required by law, agreement or the rules of any stock exchange or market on which the Stock is listed.

  

  

  

(b) Unfunded Status of Plan. It is intended that this Plan be an “unfunded” plan for incentive and deferred compensation.

(c) General Provisions.

1. The Administrator may require each person purchasing or receiving Shares pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to the distribution thereof. Certificates for Shares delivered under the Plan may be subject to such stock transfer orders and such other restrictions as the Administrator may deem advisable under the rules, regulations or other requirements of the Commission, any stock exchange upon which the Shares are then listed, and any applicable state or federal securities law. In addition, if, at any time specified herein (or in any Option Agreement or otherwise) for (a) the granting of any Option, or the making of any determination, (b) the issuance or other distribution of Shares, or (c) the payment of amounts to or through a Recipient with respect to any Option, any law, rule, regulation or other requirement of any governmental authority or agency shall require either the Company, any Subsidiary or any Recipient (or any estate, designated beneficiary or other legal representative thereof) to take any action in connection with any such determination, any such Shares to be issued or distributed, any such payment, or the making of any such determination, as the case may be, shall be deferred until such required action is taken. With respect to persons subject to Section 16 of the Exchange Act, transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 promulgated under the Exchange Act.

2. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting other or additional compensation arrangements for its employees.

3. The adoption of the Plan shall not confer upon any employee, director, consultant or advisor any right to continued employment, directorship or service, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment or service of any employee, consultant or advisor at any time.

4. Unless the Administrator permits otherwise, Participant shall pay the Company in cash, promptly when the amount of such obligations becomes determinable (the “Tax Date”), all applicable local, state and federal taxes required by law to be withheld with respect to (i) the exercise of any Option or (ii) the, issuance of Shares, or the transfer or other disposition of Shares acquired upon exercise of any Option. To the extent authorized by the Administrator in its absolute discretion, a Participant may make an election to (x) deliver to the Company an interest-bearing, full recourse promissory note of the Recipient, (y) have Shares or other securities of the Company withheld by the Company, or (z) tender Shares to the Company to pay the amount of tax that the Plan Committee in its absolute discretion determines to be required to be withheld by the Company, subject to the following limitations: (i) such election shall be irrevocable; and (ii) such election shall be subject to the approval of the Plan Committee. Any Shares so withheld or tendered shall be valued by the Company at their Fair Market Value on the Tax Date.

(a) The Administrator shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts payable in the event of the Participant’s death are to be paid. (vi) Any amounts owed to the Company or an Affiliate by the Participant of whatever nature may be offset by the Company from the value of any shares of Common Stock, cash or other thing of value under this Plan or an Agreement to be transferred to the Participant, and no shares of Common Stock, cash or other thing of value under this Plan or an Agreement shall be transferred unless and until all disputes between the Company and the Participant have been fully and finally resolved and the Participant has waived all claims to such against the Company or an Affiliate.

(b) The headings contained in this Plan are for reference purposes only and shall not affect the meaning or interpretation of this Plan.

(c) If any provision of this Plan shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereby, and this Plan shall be construed as if such invalid or unenforceable provision were omitted.

  

  

  

(d) This Plan shall inure to the benefit of and be binding upon each successor and assign of the Company. All obligations imposed upon a Participant, and all rights granted to the Company hereunder, shall be binding upon the Participant’s heirs, legal representatives and successors.

(e) This Plan and each agreement granting an Award constitute the entire agreement with respect to the subject matter hereof and thereof, provided that in the event of any inconsistency between this Plan and such agreement, the terms and conditions of the Plan shall control.

(f) This Plan, and all Awards, agreements and actions hereunder, shall be governed by, and construed in accordance with, the laws of the state of Nevada (other than its law respecting choice of law).

8.  DEFINITIONS

For purposes of this Plan, the following terms are defined as set forth below:

(a) “Affiliate,” means a corporation or other entity controlled by the Company and designated by the Administrator as such.

(b) “Award” means a Stock Option or Stock Award.

(c) “Board” means the Board of Directors of the Company.

(d) “Cause” means (i) the conviction of the Participant for committing a felony involving moral turpitude under Federal law or the law of the state in which such action occurred, (ii) gross neglect or willful misconduct in the course of fulfilling the Participant’s duties as an employee or director of, or consultant or advisor to, the Company which results in serious economic harm. Notwithstanding the foregoing, if the Participant and the Company or the Affiliate have entered into an employment or services agreement which defines the term “Cause” (or a similar term), such definition shall govern for purposes of determining whether such Participant has been terminated for Cause for purposes of this Plan.

(e) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.

(f) “Commission” means the Securities and Exchange Commission or any successor agency.

(g) “Committee” means a committee of Directors appointed by the Board to administer this Plan.

(h) “Company” means USCorp, a Nevada corporation.

(i) “Director” means a member of the Company’s Board of Directors.

(j) “Disability” means disability as defined in the Participant’s then effective employment agreement, or if Participant is not then a party to an effective employment agreement with the Company which defines disability, “disability” means disability as determined by the Plan Committee in accordance with standards and procedures similar to those under the Company’s long-term disability plan, if any. Subject to the first sentence hereof, at any time that the Company does not maintain a long-term disability plan, “disability” shall mean any physical or mental disability that is determined to be total and permanent by a physician selected in good faith by the Company.

(k) “Effective Date” means October 26, 2009.

(l) “Eligible Individual” means any officer, employee, employee director, or outside director of the Company or a Subsidiary or Affiliate, or any consultant or advisor providing services to the Company or a Subsidiary or Affiliate.

(m) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto.

  

  

  

(n) “Fair Market Value” means, as of any given date, the closing sales price, or “last sale” price of the Shares on the Over-the-Counter Bulletin Board (or the principal stock exchange or market on which the Shares are then traded) on the date as of which such value is being determined or the last previous day on which a sale was reported.

(o) “Grant Date” means the date of grant of any Option.

(p) “Non-Employee Director” means a Director who is not an officer or employee of the Company.

(q) “Optionee” means a person who holds a Stock Option.

(r) “Option Agreement” means the written option agreement covering an option as further defined in the Plan.

(s) “Participant” means a person granted an Award.

(t) “Retirement” means the voluntary retirement by the Participant from active employment with the Company on or after the attainment of normal retirement age under the Company-sponsored pension or retirement plans, or any other age with the consent of the Board.

(u) “Stock Award” means an Award, other than a Stock Option, made in Shares or denominated in Shares.

(v) “Stock Option” means any option to purchase Shares granted pursuant to this Plan which is not an “incentive stock option” within the meaning of Section 422 of the Code.

(w) “Vesting Date” means the date on which an Award becomes wholly or partially exercisable.

 

CERTIFICATE OF ADOPTION OF

2009 Stock Incentive Plan

USCORP

The undersigned here by certifies that he is the duly elected Secretary of USCORP, a Nevada corporation, and that the foregoing 2009 Stock Incentive Plan, comprising 17 pages, was adopted by the corporation on October 26, 2009, by the Board of Directors of the Corporation.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand and affixed the seal of the corporation, this 8th day of December 2009.

 

	  	
/s/ Spencer Eubank

	  
	  	
Spencer Eubank, Secretary-TreasurerUnassociated Document

CONSULTING AGREEMENT

 

THIS AGREEMENT (the “Agreement”) by and between XTL Biopharmaceuticals Ltd., an Israeli publicly traded company, with its principal offices at 3 Hasapir St, Rehovot, Israel (the “Company”) and Prof. Moshe Mittelman, I.D. number 051635951 of 52 Pinkas St., Tel Aviv, Israel (hereinafter referred to as the “Consultant”), such Agreement to commence within ninety (90) days from the closing of the XTEPO LTD. - Company acquisition (the “Effective Date”)

 

WHEREAS, the Company is expected to soon close the XTEPO Ltd. — Company acquisition, and thereafter shall be engaged in the research and development of rHuEPO for the prolongation of Multiple Myeloma patients (the “Field”);

 

WHEREAS, Prof. Moshe Mittelman founded and developed the technology relating to the usage of rHuEPO for the prolongation of Multiple Myeloma patients which is currently licensed to XTEPO Ltd.; and

 

WHEREAS, the Consultant has the necessary know-how, qualifications and experience in the Field required in order to provide the consulting services as herein set forth;

 

WHEREAS, the Company desires to appoint the Consultant as the Company’s Medical Director, and the Consultant desires to be appointed by the Company, as a consultant to the Company in a role of Medical Director and in connection thereof, to provide to the Company with all medical aspects consulting services, as hereinafter set forth.

 

NOW THEREFORE, in consideration of the mutual undertakings and promises herein contained, the parties hereby agree as follows:

 

	
  

	
1.1

	
Subject to the terms hereof, the Company hereby appoints the Consultant, and the Consultant hereby agrees to be appointed by the Company as a consultant to the Company in connection with the Consulting Services (as defined below) to be provided by the Consultant pursuant to this Agreement.

 

	
  

	
1.2

	
In rendering its services hereunder, the Consultant shall be deemed to be, and it is, an independent contractor, and neither this Agreement nor the performance of any of the terms hereof will or will be deemed to constitute or create any other relationship between the Company and the Consultant.

	
  

	
1.3

	
Without derogating from any other provision herein, the Consultant acknowledges and agrees that during the term hereof (a) the Company is free at all times to appoint other consultants, or to use its own Consultants, in connection with any of the services to be provided by the Consultant pursuant to Section 2 hereof, and (b) the Consultant will exercise best effort care and diligence in the performance of the services to be provided pursuant to Section 2 below.

 

	
  

	
2

	
EXTENT AND SCOPE OF SERVICES

 

	 	
2.1

	
During the Term of Agreement (defined below), the Consultant shall provide the Company with consulting services as set out in Schedule A attached hereto (the “Consulting Services”).

 

	
  

	
2.2

	
The Consultant hereby undertakes that he will provide the Consulting Services, as stipulated in this Agreement, to the Company with a high degree of devotion, professionalism and proficiency.

 

  

  

  

 

	
  

	
2.3

	
The Consultant shall provide the Services, under the direction of, subject to the approval of, and shall report to the CEO, or such person designated by the CEO (the “Designee”).

 

	
  

	
2.4

	
Consultant will devote approx. 10-15 monthly consulting hours of professional Consulting Services to the Company under this Agreement, as shall be agreed upon between Consultant and the Company from time to time. The initial agreement between the Company and the Consultant is set forth in Schedule A attached hereto.

 

	
  

	
2.5

	
During the term hereof, the Consultant shall keep the Company, through the Designee, or such person designated by the Designee, currently informed as to his activities hereunder and shall, periodically, provide the Company with written reports setting forth the Consulting Services provided by him.

 

	
  

	
2.6

	
The parties hereby agree that the Consultant is not deemed to be an agent or a representative of the Company and therefore does not possess any authority, whether actual or apparent, to represent the Company or to contractually commit the Company in any way or manner.

 

	
3 

	
COMPENSATION

 

	
  

	
3.1

	
In consideration of the Consulting Services provided to the Company by the Consultant hereunder, the Company shall compensate the Consultant as follows:

 

	
  

	
3.1.1

	
Prior to the commencement of the Phase 2 Trial using rHuEPO (first-in-man) for the prolongation of Multiple Myeloma patients (the “Phase 2 Trial”), the Consultant shall only be entitled to receive the Consulting Fee (as defined below) for six (6) months starting on the Effective Date. However, if a delay in the commencement of the Phase 2 Trial is due to regulatory issues (FDA, IRB approval, etc.), and Consultant is to provide services in this period for solving these issues for benefit of the commencement of such trial, then Consultant shall be entitled to receive the Consulting Fee (as detailed in section 2) for an additional three (3) months. Following the commencement of the Phase 2 Trial, the Consultant shall be entitled to a monthly consulting fee of USD $2,500 (the “Consulting Fee”). Such amount shall not include VAT, which shall be added to each Consulting Fee paid hereunder.

 

	
  

	
3.1.2

	
Subject to the approval of the Company’s board of directors, the Company shall grant to the Consultant options to purchase up to 640,000 ordinary shares of the Company of nominal value of NIS 0.1 each, available through the Company’s ESOP (as defined below) (the “Options”), subject to any dilution and subject to the following conditions:

 

	
  

	
(1)

	
The Options shall vest over two (2) years in 24 equal monthly installments (the beginning date for the vesting period shall commence on the Effective Date).

 

	
  

	
(2)

	
The Options shall be granted in accordance with the Company’s ESOP and under Section 102 of the Income Tax Ordinance, 1961.

 

	
  

	
(3)

	
The exercise price of each Option shall be NIS 0.1 each.

 

	 	
(3)

	
The Options shall be granted in accordance with an Option Agreement to be signed between the Consultant and the Company and shall be at all times subject to (i) all the terms of the Company’s Share Option Plan (“ESOP”); (ii) any terms and conditions as shall be determined and altered from time to time by the Board or any of its committees at their sole discretion, and (iii) any terms and conditions as provided in any agreement or arrangement the Company may enter from time to time including agreements and arrangements with Investment Banks or Underwriters.

 

  

  

  

 

	
  

	
(4)

	
Any tax liability in connection with the Options (including with respect to the grant, exercise, sell of the Option or the share receivable upon their exercise) shall be borne solely by the Consultant.

 

	
  

	
(5)

	
Upon the commencement of the Phase 2 Trial (first-in-man), fifty percent (50%) of all the unvested Options shall immediately vest and be exercisable by the Consultant.

 

	
  

	
(6)

	
In the event of the termination of this Agreement by the Company, other than for “just cause” in accordance with Section 6.4.2 below, twenty five percent (25%) of all the unvested Options shall immediately vest and be exercisable by the Consultant.

 

	
  

	
3.2

	
The Consultant shall deliver to the Company a monthly invoice for the Consulting Fee (the “Invoice”) and the Company shall pay the Consulting Fee within the end of the month + 30 days of receipt of the Invoice.

 

	
  

	
3.3

	
In addition to the Consulting Fee, the Company shall reimburse the Consultant for any extraordinary expenses incurred by Consultant, which are to be approved in advance by the Company, including transportation expenses in Israel and abroad (the “Approved Expenses”). Consultant shall submit, in writing, in the proper format, an expense report for the Approved Expenses, together with written receipts and/or invoices evidencing such expenses. Where expenses have been incurred by means of installment payments or on credit, Consultant shall not be reimbursed for such expenses until he has actually paid them, i.e., his account has been debited for each installment. Consultant hereby acknowledges that once reimbursement has been received for goods purchased by Consultant on behalf of the Company, such goods shall become the sole property of the Company.

 

	
  

	
3.4

	
The payments provided by this Agreement shall be made to the Consultant after deduction of all taxes and deductions at source required by law to be deducted.

 

	
  

	
3.5

	
The parties hereto agree that all taxes, social insurance payments, pension payments, health insurance and any other such payments, if existing, shall be borne solely by the Consultant. The Company shall not pay nor be liable to pay any taxes upon the payment to the Consultant of any remuneration as set forth in this Agreement. Consultant hereby undertakes to indemnify and reimburse the Company for any amounts claimed or levied on the Company due to taxes, social insurance payments, pension payments, health insurance and any other such payments resulting from any payment made by the Company to the Consultant under this Agreement.

 

	
  

	
3.6

	
The Company shall not undertake any social insurance premiums, pension payment and health insurance on the name of the Consultant.

 

	
  

	
3.7

	
The Consultant shall undertake, at his own expense, sufficient insurance coverage against illness, injuries and/or damages incurred by him in connection of his render of services in accordance with this Agreement.

 

  

  

  

 

	
4 

	
INDEPENDENT CONTRACTOR

 

	
  

	
4.1

	
The Consultant warrants that he is aware that this Agreement is an agreement for the provision of consulting services only, does not create employer-employee relations between him and the Company and does not confer upon him any rights save for those set forth herein.

	
  

	
4.2

	
Without prejudice to the generality of the foregoing, it is hereby agreed that the Consultant shall not be entitled to receive from the Company severance pay or any other payment or consideration deriving from employee-employer relations and/or the termination thereof, including, but not limited to, social benefits, managers’ insurance fund, education fund, or the like. The Consultant further undertakes that he shall not bring a claim against the Company with any cause of action based on employee-employer relations between him and the Company, and undertakes to indemnify the Company, upon its first demand, for all reasonable expenses that may be occasioned to it in respect of or in connection with any claim in connection with such employee-employer relations. The Consultant declares that the Consulting Fee he receives according to this agreement is 30% higher than the salary that he would have received should he has been employed as an employee of the Company.

 

	
  

	
4.3

	
If, for any reason whatsoever, any competent authority, including a judicial entity, determines that the Consultant is to be regarded as an employee of the Company, or entitled to any amounts that are derived from employee-employer relationships, then in lieu of the Consulting Fee that was paid to the Consultant by the Company as of the effective date of this Agreement, the Consultant shall be deemed to be entitled to a reduced consideration which equals to 70% of the Consulting Fee (the “Reduced Consideration”). The Consultant’s entitlement to the Reduced Consideration shall be regarded as gross compensation and shall apply retroactively as of the effective date, and the Consultant shall immediately refund to the Company any amount paid on account of the Consulting Fee by the Company as of the effective date in excess of the Reduced Consideration.

 

	
5

	
NONDISCLOSURE AND COMPETITIVE ACTIVITY

 

	
  

	
5.1

	
As a condition to Consultant’s rights under this Agreement, Consultant will execute and deliver to the Company the Secrecy, Non Competition and Proprietary Information agreement in the form attached hereto as Appendix B. Consultant’s obligations under such secrecy agreement will survive any termination of this Agreement

 

	
  

	
5.2

	
If Consultant breaches any or all of the covenants set forth in Appendix B hereto, the Company shall be entitled to the following remedies: (i) damages from Consultant and (ii) in addition to its right to damages and any other rights it may have, to obtain injunctive or other equitable relief to restrain any breach or threatened breach or otherwise to specifically enforce the provisions of Appendix B attached hereto, it is agreed that money damages alone would be inadequate to compensate the Company and would be an inadequate remedy for such breach.

	
  

	
5.3

	
The rights and remedies of the parties to this Agreement are cumulative and not alternative.

 

  

  

  

 

	
6 

	
TERM AND TERMINATION

 

	
  

	
6.1

	
Subject to the provisions of Sections 6.2 below, this Agreement shall take effect on the Effective Date and shall continue in full force and effect until the Successful Completion of the Phase 2 clinical trial to be performed by the Company (the “Initial Term”). For the purposes hereof, “Successful Completion” shall, with respect to the Phase 2 clinical trial, occur on the date falling six (6) months after treatment of the last patient in accordance with the trial protocol, provided that the Company has not, prior to such date, notified Yeda Research & Development Company Ltd. in writing of its decision to abandon such clinical trial.

	 	
6.2 

	
Notwithstanding the aforesaid, the Agreement shall be automatically renewed forconsecutive periods of twelve (12) months (each an “Additional Term”), provided that each party may provide notice to the other two (2) months prior to the expiry of the Initial Term or any Additional Term, as applicable, of its desire not to renew this Agreement in which event this Agreement shall expire at the end of the Initial term or Additional term, as applicable (the Initial Term together with any Additional Term(s) shall be referred to as the “Term of Agreement”).

 

	
  

	
6.3

	
Each party shall be entitled to terminate this Agreement at any time upon a 60 days prior written notice, without the obligation to provide any reason.

	 	
6.4 

	
Without prejudice to the provision of Sections 6.1 and 6.2 above:

 

	
  

	
6.4.1

	
The Company shall have the right to terminate this Agreement (during the Initial Period and at any time thereafter) for “just cause”, at any time, by giving the Consultant notice of termination for the just cause, stating the reasons constituting the just cause. In such event, this Agreement shall be terminated within ten (10) days from the time of delivery of the said notice. Any of the following actions or omissions by the Consultant shall constitute a “just cause” under this Section 6.4.1: (i) a material breach by Consultant of any of the covenants set forth in Schedule B attached hereto; (ii) a material breach by Consultant of any provision of this Agreement other than Schedule B attached hereto which is not cured by Consultant within five (5) days after his receipt of notice thereof from the Company containing a description of the breach or breaches alleged to have occurred; (iii) habitual neglect by Consultant or gross failure by Consultant to adequately perform his services and duties hereunder; or (iv) any act (or failure to act) of moral turpitude by Consultant or action (or omission) by Consultant to harm the Company.

 

	
  

	
6.4.2

	
The Consultant shall have the right to terminate this Agreement for “just cause”, at any time, by giving to the Company notice of termination for the cause, stating specifically the reasons constituting the cause. In such event, this Agreement shall be terminated as of the time of delivery of the said notice. Any of the following actions or omissions by the Consultant shall constitute a “just cause” under this Section 6.4.2: (i) a material breach by the Company of any provision of this Agreement which is not cured by the Company within five (5) days after its receipt of notice thereof from Consultant containing a description of the breach or breaches alleged to have occurred (ii) any action by the Company to intentionally harm Consultant (iii) the Company becoming bankrupt or insolvent or ceasing or threatening to cease to carry on business or being unable to pay its debts as they fall due or a receiver or other encumbrances being appointed to the undertaking and assets, or any material part thereof of the Company.

 

  

  

  

 

	
  

	
6.5

	
Upon termination of this Agreement, the Consultant shall be entitled to receive the Consulting Fee accrued but unpaid (together with any expenses payable to Consultant pursuant to Section 3.3 above) as of the date of termination. The Company shall be entitled to deduct and offset any amount owed by the Consultant to the Company, including but not limited, to equipment and property belonging to the Company and not returned by the Consultant, from the payments made by the Company to the Consultant upon such termination.

 

	
  

	
6.6

	
Following notice of termination by any party for any reason, other than upon termination by Consultant for “just cause”, to the extent requested by the Company, the Consultant shall cooperate with the Company and use his best efforts to assist the integration into the Company’s organization of the person or persons who will assume the Consultant’s responsibilities hereunder. At the option of the Company, the Consultant shall during such period either continue the rendering of the Consulting Services or cease such service.

 

	
  

	
6.7

	
In the event of any termination of this Agreement, whether or not for “just cause” and whatever the reason, the Consultant will promptly deliver to the Company all documents, data, records and other information pertaining to the Consulting Services provided by it and any other equipment belonging to the Company in the Consultant’s possession, and the Consultant will not take with him any documents or data, or any reproduction or excerpt of any documents or data, containing or pertaining to the Consulting Services provided by it to the Company.

 

	
7 

	
REPRESENTATIONS BY THE CONSULTANT

 

The Consultant hereby represents and warrants as follows:

 

	
  

	
7.1

	
There is no limitation and/or restriction in any agreement to which he is party, or by which he is bound, on his ability to enter into this Agreement and/or to enter into a business relationship with the Company in accordance with the provisions of this Agreement (including, without limitation, in any prior employment and/or consulting agreement entered into by Consultant).

 

	
  

	
7.2

	
The Consultant will exercise reasonable care and diligence to prevent, and will not take, any action which could result in a conflict with, or be prejudicial to, the interests of the Company.

 

	
  

	
7.3

	
In rendering the Consulting Services, the Consultant shall be deemed to be, and he expressly agrees and confirms that he is, an independent contractor, and neither this Agreement nor the performance of any of the terms hereof shall be deemed to constitute or create any other relationship between the Consultant and the Company. The Consultant shall not be considered as an agent or legal representative of the Company for any purpose whatsoever.

 

	
  

	
7.4

	
Unless specifically authorized by the Designee, the Consultant is not granted and shall not exercise the right or authority to assume or create any obligation or responsibility on behalf of or in the name of the Company, including without limitation, contractual obligations and obligations based on warranties or guarantees.

 

	
  

	
7.5

	
Consultant shall not, during the Term of Agreement and at any time thereafter, contact or communicate any of the Companies employees, consultants, advisors, officers or any other personnel of the Company, without the prior written consent of the Designee. Any contact or communication by Consultant shall only be made through Designee

 

  

  

  

 

	
  

	
7.6

	
Consultant further agrees that he will not, during the Term of Agreement and at any time thereafter, make any voluntary statements, written or verbal, or cause or encourage others to make any such statements that defame, disparage or in any way criticize the reputation, business practices or conduct of the Company.

 

	
  

	
8

	
MISCELLANEOUS

 

	 	
8.1

	
This Agreement shall be subject to the laws of the state of Israel, excluding its conflict of law provisions, and the competent courts of the Tel-Aviv District, Israel shall have exclusive jurisdiction over any dispute arising there-from.

	
  

	
8.2

	
This Agreement is the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior understandings, agreements and discussions between them, either written or oral, with respect to such subject matter.

 

	
  

	
8.3

	
No alteration of or modification to any of the provisions of this Agreement shall be valid unless made in writing and signed by both parties.

 

	
  

	
8..4

	
The failure of either party hereto to enforce at any time or for any period any provision of this Agreement shall not be construed as a waiver of such right or provision and such party shall be entitled to enforce such right or provision at any time as it shall see fit.

 

	
  

	
8.5

	
Any notice required or permitted thereunder shall be given in writing and shall be deemed given if sent by facsimile transmission or registered airmail to the address of the party.

 

	 	
8.6 

	
This Agreement may not be assigned without the written consent of the other party.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	
XTL Biopharmaceuticals Ltd.

	  	
Consultant:

	  	  	  
	By: 	
/s/ David Grossman

	
  

	
Name: Prof. Moshe Mittelman

 

	Name and Title: 	
David Grossman, CEO

	  	Signature: 	
/s/ Moshe Mittelman

	  	  	  
	
Date:  12/7/2010

	  	
Date: July 12, 2010

 

  

  

  

 

SCHEDULE A

 

The Consulting Services

 

Consultant shall provide the Company with the following consulting services relating to Consultant’s area of expertise:

 

	 	
1.

	
Manage the medical and clinical aspects of the Company’s clinical trial in the Field.

	 	
2.

	
Advise and consult on new medical technologies.

	 	
3.

	
Research and develop Erythropoietin for MM and for other indications.

	 	
4.

	
Try to broaden the patent of MM in order to increase the years of enforceability — extension of the patent life.

 

  

  

  

 

SCHEDULE B

 

SECRECY, NON-COMPETITION AND PROPRIETARY INFORMATION AGREEMENT

 

This Secrecy, Non-Competition and Proprietary Information Agreement (the “Agreement”) is made as of July 12, 2010 by and between XTL Biopharmaceuticals Ltd., an Israeli publicly traded Company, with its principal offices at 3 Hasapir St, Rehovot, Israel (the “Company”) and Prof. Moshe Mittelman, (I.D. Number: 051635951), an individual whose address is 52 Pinkas St., Tel Aviv, Israel (“Consultant”).

 

WHEREAS the Consultant has entered an Consulting Agreement with the Company (the “Consulting Agreement”); and

 

WHEREAS the Consultant agreed to enter into this Undertaking;

 

NOW, THEREFORE, the Consultant undertakes and warrants towards the Company and any subsidiary and parent company of the Company as follows:

 

	
1. 

	
CONFIDENTIAL INFORMATION

 

	
1.1

	
In the course of providing services to the Company hereunder, the Consultant may    have access to, and become familiar with, “Confidential Information” of the Company (as hereinafter defined). The Consultant shall at all times hereinafter maintain in the strictest confidence all such Confidential Information and shall not divulge any Confidential Information to any person, firm or corporation without the prior written consent of the Company. For purposes hereof, “Confidential Information” shall mean all information in any and all medium which is confidential by its nature, including, without limitation, data, technology, know-how, inventions, ideas, discoveries, designs, processes, formulations, samples, compositions, methods, models, and/or trade and business secrets relating to any line of business in which the Company is involved. Confidential Information will also include the Company’s development, marketing and business plans relating to current, planned, old or future products.

 

	
1.2

	
The Consultant shall not use Confidential Information for, or in connection with, the development, manufacture or the use of any product or for any other purpose whatsoever except as and to the extent provided in this Agreement or in any other subsequent agreement between the parties.

 

	
1.3

	
Notwithstanding the foregoing, Confidential Information shall not include information which the Consultant can evidence to the Company by appropriate documentation: (i) is in, or enters the public domain otherwise than by reason of a breach hereof by the Consultant; (ii) is known by the Consultant at the time of disclosure thereof by the Company; (iii) is independently developed by the Consultant without recourse to Confidential Information; or (iv) is rightfully transmitted or disclosed to the Consultant by a third party which owes an obligation of confidentiality with respect to such information.

 

	
1.4

	
All Confidential Information made available to, or received by, the Consultant shall   remain the property of the company, and no license or other rights in or to the Confidential Information is granted hereby, the obligation of the Consultant is not to use any Confidential Information disclosed pursuant to this Agreement except as provided in this Agreement, shall remain in effect indefinitely, and the Consultant shall be prohibited from disclosing any such Confidential Information during the term of this Agreement thereafter.

 

  

  

  

 

	
1.5

	
All files, records, documents, drawings, specifications, equipment and similar items relating to the business of the Company, whether prepared by the Consultant or otherwise coming into his possession, and whether classified as Confidential Information or not, shall remain the exclusive property of the Company. Upon termination or expiration of this Agreement, or upon request by the Company, the Consultant shall promptly turn over to the Company all such files, records, reports analysis, documents and other material of any kind concerning the Company, which the Consultant obtained, received or prepared pursuant to this Agreement.

 

	
1.6

	
Except with prior written authorization by the Board of Directors of the Company (“BOD”), the Consultant agrees not to disclose or publish any of the Confidential Information or material of the Company, its clients, partners, shareholders or suppliers, or any other party to whom the Company owes an obligation of confidence, at any time during or after his engagement with the Company.

	
1.7

	
The Consultant agrees, during his engagement with the Company, not to improperly use or disclose any proprietary information or trade secrets of any former or concurrent employer or other person or entity and that he will not bring onto the premises of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity.

	
1.8

	
The Consultant recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Consultant agrees to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out such Consultant’s work for the Company consistent with the Company’s agreement with such third party.

	
2. 

	
NON-COMPETITION

	
2.1

	
The Consultant shall not at any time during the term of this Agreement and (a) in the event that the Consultant’s engagement with the Company is terminated by the Company, other than for “just cause” under Section 6.4.1. of the Consulting Agreement - for six (6) months thereafter, or (b) in the event that the Consultant’s engagement with the Company is terminated by the Consultant or by the Company for “just cause” under Section 6.4.1. of the Consulting Agreement - for twelve (12) months thereafter; directly or indirectly, engage in (as owner, stockholder, partner, director, officer, employee, consultant or otherwise, except as an investor in a corporation whose stock is publicly traded and in which he holds less than 5% of the outstanding shares) any business in the Field.

	
2.2

	
Notwithstanding the aforesaid, the Consultant may, at any time during the term of this Agreement, continue to perform academic research related to the activities and business of the Company, provided that any such academic research shall not result in any way in a breach of any term of this Agreement and shall not be for any commercial activity.

 

	
2.2

	
The Consultant shall not, directly or indirectly, either for himself or for the benefit of any other Person or entity, at any time during the term of this Agreement and for Twelve (12) months thereafter, (A) induce or attempt to induce any employee of the Company to leave the employ of the Company, (13) in any way interfere with the relationship between the Company and any employee of the Company, (C) employ, or otherwise engage as an employee, independent contractor, or otherwise, any employee of the Company, or (D) solicit any employee, customer, or supplier of the Company to cease or change its legal or business relationship with the Company.

 

  

  

  

 

	
2.3

	
In the event of a breach by the Consultant of any covenant set forth in Section 6 of this Agreement, the term of such covenant will be extended by the period of the duration of such breach.

 

	
3. 

	
INVENTIONS.

 

	
3.1

	
The Consultant has attached hereto, as Exhibit A, a list describing all inventions, original works of authorship, developments, improvements, and trade secrets which were made by the Consultant prior to his engagement with the Company (collectively referred to as “Prior Inventions”), which belong to the Consultant, which relate to the Company’s proposed business, products or research and development, and which are not assigned to the Company hereunder; or, if no such list is attached, the Consultant represents that there are no such Prior Inventions. If in the course of this Agreement with the Company, the Consultant incorporates into a product, process or machine of the Company, a Prior Invention owned by the Consultant or in which the Consultant has an interest, the Company is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product, process or machine.

 

	
3.2

	
The Consultant will disclose and deliver to the Company for the exclusive use and benefit of the Company any Inventions (which in this paragraph shall mean any discovery, technique, design, formula, method of manufacture, inventions, secret process, improvements, and modifications (whether or not capable of protection by rights in the nature of intellectual property) which the Consultant alone or with one or more others has made or discovered during the Term of this Agreement and which pertain to or result from any work which the Consultant has done or may hereafter do for the Company), promptly upon the making, devising, or discovering of the same, and will give all information and data in his possession as to the exact mode of working, producing, and using the same and also all such explanations and instructions as may in the view of the Company be necessary to enable the full and effectual working, production, or use of the same and will at the expense of the Company furnish it with all necessary plans, drawings, formulae, and models.

 

	
3.3

	
The Consultant, during the term of this Agreement, will without charge to but at the expense of the Company execute and do all acts, matters, documents, and things to enable the Company or its nominee to apply for and obtain protection for the Inventions in any or all countries and to vest title in the Company or such nominee absolutely.

 

	
3.4

	
The Consultant hereby irrevocably appoints the Company to be his attorney in his name and on his behalf to execute and do such acts, matters, documents, and things as aforesaid and generally to use his name for the purpose of giving to the Company (or its nominee) the full benefit of the provisions of this section. In favor of any third party a certificate signed by any director or the secretary of the Company that an instrument or act falls within the authority hereby conferred shall be conclusive evidence that such is the case.

 

	
3.5

	
During the term of this Agreement and at all times thereafter the Consultant will (whether by omission or commission) do nothing to affect or imperil the validity of the protection for the Inventions obtained or applied for by the Company or its nominee pursuant to this paragraph. The Consultant will at the direction and expense of the Company render all assistance within his power to obtain and maintain such protection or application or any extension thereof.

 

  

  

  

 

	
3.6

	
Nothing in this Agreement shall oblige the Company to seek patent or other protection for any Invention nor to exploit any Invention.

 

	
3.7

	
The Consultant shall promptly disclose to the Company all copyright works or designs originated, conceived, written, or made by him alone or with others (except only those works originated, conceived, written, or made by him prior to being engaged by the Company or on his own time and not derived from or related to the work done by him to the Company) and shall, until such rights shall be fully and absolutely vested in the Company, hold them in trust for the Company.

 

	
3.8

	
The Consultant hereby assigns to the Company by way of future assignment all copyright design right, and other proprietary rights, if any, for the full terms thereof throughout the world in respect of all copyright works and designs originated, conceived, written, or made by the Consultant (except only those works or designs originated, conceived, written, or made by the Consultant wholly outside his normal working hours with the Company and wholly unconnected with the services he renders to the Company) during the period of his Agreement hereunder and during all previous periods of engagement with the Company engagement.

 

	
3.9

	
The Consultant will, at the request and expense of the Company, do all things necessary or desirable to substantiate the rights of the Company under Section 3.8, and hereby acknowledges and agrees that the provisions of this paragraph shall survive any termination of this Agreement.

 

	
3.10

	
For the removal of any doubt, it is hereby clarified that the provisions contained in Sections 3.2 and 3.8 above will apply also to any “Service Inventions” as defined in the Israeli Patent Law, 1967 (the “Patent Law”). However, in no event will such Service Invention become the property of the Consultant and the provisions contained in Section 132(b) of the Patent Law shall not apply unless the Company provides in writing otherwise. The Consultant will not be entitled to royalties or other payment with regard to any Prior Inventions, Service Inventions or any of the intellectual property rights set forth above, including any commercialization of such Prior Inventions, Service Inventions or other intellectual property rights.

 

	
3.11

	
In the event that following the termination of his Agreement with the Company, the Consultant is requested to assist the Company on any matter related to this Section 3, the Company will be required to pay the Consultant the standard fee the Consultant may charge at that time for consulting or advising other third parties as remuneration for the Consultant’s efforts hereunder.

 

IN WITNESS WHEREOF, the parties hereto have executed this Secrecy, Non-Competition and Proprietary Information Undertaking as of the day and year first above written.

 

	
XTL Biopharmaceuticals Ltd.

	 	
Prof. Moshe Mittelman

	 	 	 
	By: 	
David Grossman

	 	
Name: 

	Moshe Mittelman	 

 

	Signature: 	

/s/ David Grossman

	 	Signature:	/s/ Moshe Mittelman

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