Document:

Confidential
        Treatment Requested. Confidential portions of this document have been redacted
        and separately filed with the Commission.

      

      *****
        Confidential material redacted and filed separately with the
        Commission.

      

      January
        26, 2003

      

      To:

      

      Yeda
        Research and

      Development
        Company Ltd.

      Rehovot

      

      

      

      

      Dear
        Sirs,

      

      
        	Re:	
                Amendment
                  No. 3 to Research and Licence Agreement dated April 7,
                  1993
                  (“the R&L Agreement”) as amended on August 31, 1995 (“Amendment
                  No. 1”) (restated on January 25, 1998) and on January 25,
                  1998 (“Amendment No. 2”)

                
                  

                

              

      

      

      We
        set
        out below the amendments to Amendments No. 1 and No. 2 agreed
        between
        Yeda Research and Development Company Ltd. (“Yeda”)
        and XTL
        Biopharmaceuticals Ltd. (“the
        Corporation”)
        following discussions between the parties conducted at the Corporation’s request
        (capitalised terms herein having the meanings ascribed thereto in the
        R&L Agreement, unless otherwise defined herein):

      

      
        	1.	
                Effective
                  on the date of signature hereof, Clause 2 of Amendment No. 1
                  is
                  hereby replaced by the following:

              

      

      

      “2. Royalties

      

      
        	
              	2.1.	
                Royalty
                  Rates

              

      

      

      Instead
        of the royalties payable as specified in Clause 7(d)(ii) of the
        R&L Agreement, the royalties payable to Yeda by XTL in consideration
        of
        the Licence granted under the R&L Agreement, shall be as
        follows:

      

      
        	2.1.1.	
                (a) *****
                  percent) of Net Sales (as hereinafter defined) from ***** using
                  the
                  Licensed Patents and/or the Licensed Technology (‘the
                  Therapeutical Products’).
                  ‘Net
                  Sales’
                  as
                  used herein shall have the meaning ascribed to the term in the
                  R&L Agreement, references therein to ‘the
                  Products’
                  being read as references to the Therapeutical
                  Products.

              

      

      

      
        
           

        

        
           

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

      

      

      (b) *****
        percent) of any amount received by XTL from any third party and calculated
        on
        ***** (as defined below) (“the
        XTL Net Royalty”)_,
        provided (i) that if ***** of the XTL Net Royalty is greater than ***** percent)
        of Net Sales from such sales by such third party of such Therapeutical Products,
        then the royalty payable to Yeda by XTL on such amount shall be ***** per
        cent)
        of Net Sales from such sales by such third party and (ii) if ***** per cent)
        of
        the XTL Net Royalty is less than ***** per cent) of Net Sales from such sales
        by
        such third party of such Therapeutical Products, then the royalty payable
        to
        Yeda by XTL on such amount shall be *****) of Net Sales from such sales by
        such
        third party;

      

      ‘Third
        Party Royalties’,
        for the
        purpose of a deduction to be made from any amount received by XTL pursuant
        to
        this Section 2.1.1(b) above, shall mean any royalty calculated on
        the said
        amount and payable by XTL to a third party for the right to the use of a
        compound included in the Therapeutical Product in respect of which the amount
        has been received and/or for the right to the use of technology used directly
        in
        the development or production of the Therapeutical Product in respect of
        which
        the amount has been received, provided always that the duty to pay the royalty
        to the third party has been established at arms length and in good faith
        and the
        size of such royalty is no greater than what would be due in an arms length
        transaction entered into in good faith. “Third party” in this definition of
“Third Party Royalties” shall include Yeda itself, in the event a royalty as
        aforesaid in the said definition is payable to Yeda by XTL in respect of
        a
        compound or technology other than that licensed under the R&L
        Agreement.

      

      
        	2.1.2.	
                *****
                  percent) of all amounts received by XTL from third parties (except
                  the
                  amounts governed by Section 2.1.1(b) above or Section 2.1.4
                  below) under or pursuant to agreements allowing such third parties
                  the use
                  of *****.

              

      

      

      
        	2.1.3.	
                *****
                  percent) of all amounts received by XTL from a third party payable
                  upon
                  *****.

              

      

      

      
        	2.1.4.	
                *****
                  percent) of all amounts received by XTL under or pursuant to agreements
                  with third parties *****.

              

      

      

      
        	2.1.5.	
                *****
                  percent) of all amounts received by XTL as a result of any activities
                  under and/or *****. Where the amounts received by XTL as aforesaid
                  are the
                  result of activities not involving the grant of sublicences to
                  third
                  parties (‘Direct
                  Activities’)
                  and are amounts received in a transaction other than at arms length,
                  the
                  royalty due to Yeda shall be calculated on the amount that would
                  have been
                  received by XTL in a transaction at arms
                  length.

              

      

      

      
        	2.1.6.	
                For
                  the avoidance of doubt, it is expressly stated that royalties shall
                  not be
                  due pursuant to Sections 2.1.2, 2.1.4 or 2.1.5 above on
                  *****.

              

      

      

      
        	2.1.7.	
                For
                  the avoidance of doubt, it is expressly stated, that nothing in
                  this
                  Section 2.1 above or elsewhere in this letter shall be deemed
                  to
                  derogate from the provisions of Clause 7(c) of the R&L Agreement
                  governing the grant of sublicences.

              

      

      

      
        
           

        

        
           

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      
        	
                2.1.8.

              	
                A
                  table exemplifying the provisions of Clause 2.1 above is attached
                  as
                  Appendix A hereto. If there shall be any contradiction between
                  the table
                  and the provisions of Clause 2.1, the provisions of Clause 2.1
                  shall
                  govern.

              

      

      

      
        	2.1.9.	
                *****.

              

      

      

      
        	2.2.	
                Payment
                  of Royalties

              

      

      

      The
        provisions of Clause 7(d)(iii) of the R&L Agreement shall apply,
mutatis
        mutandis,
        to the
        royalties payable to Yeda pursuant to Section 2.1 above, references
        to ‘Net
        Sales’ in the said Clause 7(d)(iii) being deemed references to ‘Net Sales’
        as defined in Section 2.1.1 above for the purpose of that Section
        and to
        amounts received by XTL from Direct Activities (as defined in Section 2.1.5
        above) and references to "Sublicensing Receipts" in Clause 7(d)(iii)
        being
        deemed references to amounts subject to royalty payment to Yeda pursuant
        to
        Sections 2.1.2, 2.1.3, 2.1.4 or 2.1.5 above (not being amounts resulting
        from Direct Activities (as defined in Section 2.1.5 above)).

      

      
        	2.3.	
                For
                  the avoidance of doubt, it is expressly stated that payment of
                  royalties
                  under the R&L Agreement shall continue as
                  follows:

              

      

      

      
        	2.3.1.	
                Payment
                  of royalties pursuant to Section 2.1.1 shall continue with
                  respect to
                  sales of any Therapeutical Product as
                  follows:

              

      

      

      (aa) if
        the
        Therapeutical Product sold is made and/or sold in a country where a Licensed
        Patent or Patents issue including claims covering, in whole or in part, such
        product or the manufacture thereof—then, *****;

      

      (bb) on
        sales
        of a Therapeutical Product made and sold in any other country,
        *****.

      

      
        	2.3.2.	
                Payment
                  of royalties pursuant to Section 2.1.2 shall continue as
                  follows:

              

      

      

      (aa) payment
        of royalties on amounts paid to XTL and attributable to activities of the
        paying
        third party under a Licensed Patent or Patents in a particular country shall
        continue: *****; 

      

      (bb) payment
        of royalties on amounts paid to XTL and attributable to activities of the
        paying
        third party in a particular country in which there is no Licensed Patent
        shall
        continue *****;

      

      (cc) payment
        of royalties on amounts paid to XTL and not attributable to the paying third
        party's activities in any particular country, shall continue until:
        *****.

      

      
        	2.3.3.	
                Payment
                  of royalties pursuant to Section 2.1.3 shall continue as
                  follows:

              

      

      

      
        
           

        

        
           

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      (aa) payment
        of royalties on amounts paid to XTL and attributable to activities of XTL
        or of
        the paying third party under a Licensed Patent or Patents in a particular
        country shall continue: *****, 

      

      (bb) payment
        of royalties on amounts paid to XTL and attributable to activities of XTL
        or the
        paying third party in a particular country in which there is no Licensed
        Patent
        shall continue *****;

      

      (cc) payment
        of royalties on amounts paid to XTL and not attributable to XTL's or the
        third
        party's activities in any particular country shall continue until:
        *****.

      

      
        	2.3.4.	
                Payment
                  of royalties pursuant to Section 2.1.4 shall continue as
                  follows:

              

      

      

      (aa) payment
        of royalties on amounts paid to XTL and attributable to activities of the
        paying
        third party under a Licensed Patent or Patents in a particular country shall
        continue: *****;

      

      (bb) payment
        of royalties on amounts paid to XTL and attributable to activities of the
        paying
        third party in a country in which there is no Licensed Patent shall continue
        *****;

      

      (cc) payment
        of royalties on amounts paid to XTL and not attributable to the third party's
        activities in any particular country shall continue, until: *****.

      

      
        	2.3.5.	
                Payment
                  of royalties pursuant to Section 2.1.5 shall continue as
                  follows:

              

      

      

      (A) where
        the
        royalties are on amounts received by XTL on any Direct Activity, the duty
        to pay
        royalties shall continue:

      

      (aa) if
        the
        activity or any part thereof is carried out in any country under a Licensed
        Patent or Patents—then: *****;

      

      (bb) if
        the
        activity is carried out in any other country, *****;

      

      (B) Where
        the
        royalties are due on amounts received by XTL on activities not being a Direct
        Activity, the duty to pay royalties shall continue as follows:

      

      (aa) payment
        of royalties on amounts paid to XTL and attributable to activities of the
        paying
        third party under a Licensed Patent or Patents in a particular country shall
        continue: *****; 

      

      (bb) payment
        of royalties on amounts paid to XTL and attributable to activities of the
        paying
        third party in a particular country in which there is no licensed Patent
        shall
        continue *****;

      
 

      
        
           

        

        
           

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      (cc) payment
        of royalties on amounts paid to XTL and not attributable to the third party's
        activities in any particular country shall continue: *****.

      

      
        	2.4.	
                The
                  License granted under the R&L Agreement shall remain in force (if
                  not previously terminated according to the provisions of the R&L
                  Agreement (as amended hereby)) for the purpose of each of the activities
                  specified in Sections 2.1.1, 2.1.2, 2.1.3, 2.1.4 and 2.1.5,
                  as long
                  as there is a duty to pay royalties in respect of such activity,
                  as
                  provided in Section 2.3 above. Clause 7(b)(ii) of
                  the
                  R&L Agreement is replaced by the provisions of this
                  Section 2.4 above.”

              

      

      

      
        	2.	
                Effective
                  of the date of signature hereof, Clause 1 of Amendment No. 2
                  is
                  replaced by the following: 

              

      

      

      
        	“1.	
                Clause 13(b)(i)
                  of the R&L Agreement shall be and is hereby replaced by the
                  following:

              

      

      

      (i) (A) Yeda
        may
        terminate this Agreement by giving written notice to that effect to the
        Corporation if the aggregate of the royalties due to Yeda under
        Paragraph 2.1.1 of the letter agreement between the parties dated
        August 31, 1995 (and amended on January 25, 1998) amending this Agreement
        (hereinafter 'the
        Amendment')
        (hereinafter collectively 'Product
        Sale Royalties')
        and
        actually paid to Yeda on due date in respect of the ***** year of the term
        of
        the Licence shall be less than US $***** United States Dollars)
        (hereinafter in this subparagraph (A) 'the
        Default Year'),
        UNLESS
        the
        Corporation shall have proved to Yeda's reasonable satisfaction within *****
        days of the end of the Default Year that the Corporation and/or Collaboration
        Partners (as such expression is defined below) have spent at least US *****
        United States Dollars) in the Default Year in funding the cost of the activities
        described in Clause 8(b) above (hereinafter 'Development
        Activities')
        towards
        commercialisation of Therapeutical Products in respect of the sale of which
        Yeda
        is entitled to royalties under Paragraph 2.1.1 of Amendment No. 1
        (hereinafter collectively 'Yeda
        Royalty Bearing Products').
        Yeda
        shall give any such notice of termination within ***** of the end of the
        Default
        Year.

      

      'Collaboration
        Partner'
        shall
        mean an entity providing funding for the said Development Activities to the
        Corporation or on its behalf pursuant to an agreement between the Corporation
        and such entity whereby a sublicence has been granted to such entity with
        Yeda's
        consent in accordance with Paragraph 7(c) above.

      

      (B) If
        the
        aggregate payment due to Yeda on Product Sale Royalties and actually made
        to
        Yeda in respect of the ***** year of the term of the Licence shall be less
        than
        US $***** United States Dollars) (hereinafter in this subparagraph (B)
        'the
        Default Year'),
        the
        Corporation shall pay Yeda within ***** days of the end of the Default Year,
        the
        amount by which the Product Sale Royalties actually paid to Yeda in respect
        of
        the Default Year shall be less than US $***** (hereinafter in this
        subparagraph (B) 'the
        Shortfall Amount').
        Payment of the Shortfall Amount (except to the extent that it represents
        payments due and payable to Yeda in respect of the Product Sale Royalties
        other
        than pursuant to this subparagraph (B)) shall be fully credited against
        future Product Sale Royalties becoming due to Yeda but shall not be refundable
        in any event.

      

      
        
           

        

        
           

          
            

          

        

        
          *****
            Confidential material redacted and filed separately with the
            Commission.

        

         

      

      It
        is
        agreed, without derogating from Yeda's rights to other or additional relief
        and
        remedies, including the right to sue for the Shortfall Amount, that failure
        to
        make the Shortfall Payment as aforesaid shall entitle Yeda to terminate this
        Agreement by giving written notice of termination to the Corporation within
        ***** days of the end of the Default Year.

      

      (C) If
        the
        aggregate payment due to Yeda as Product Sale Royalties and actually paid
        to
        Yeda in respect of the ***** year or the ***** year of the term of the Licence
        shall be less than US $***** US Dollars) (hereinafter in this
        subparagraph (C) 'the
        Default Year'),
        *****.
        Payment of the Shortfall Amount (except to the extent that it represents
        payments due and payable to Yeda in respect of Product Sales Royalties other
        than pursuant to this subparagraph (C)) shall be fully credited against
        future Product Sale Royalties becoming due to Yeda but shall not be refundable
        in any event. Yeda shall give any such notice of termination within *****
        days
        of the end of the Default Year.

      

      (D) If
        the
        aggregate payment due to Yeda as Product Sale Royalties and actually paid
        to
        Yeda on due date in respect of the ***** or any subsequent year of the term
        of
        the Licence shall be less than US ***** US Dollars) (hereinafter in
        this
        subparagraph (D) 'the
        Default Year'),
        Yeda
        shall be entitled to terminate the Agreement by service of written notice
        to
        that effect on the Corporation within ***** days of the end of the Default
        Year.

      

      (E) If
        commercial exercise of the Licence by way of sale of Yeda Royalty Bearing
        Products, once commenced, shall cease thereafter for a period of *****
        consecutive months or more, Yeda shall be entitled to terminate the Agreement
        by
        service of written notice to that effect on the Corporation within *****
        days of
        the end of such period and, unless sales of Yeda Royalty Bearing Products
        shall
        have been renewed in the meantime, also at any time thereafter, provided,
        however, in the event Yeda desires to terminate the Agreement after such
        *****
        period, Yeda shall give the Corporation written notice at least ***** days
        in
        advance of the desired date of termination.

      

      (F) Nothing
        in this Clause 13(b)(i) above shall be deemed to justify failure to
        make
        any payment due and payable to Yeda under any of the provisions of this
        Agreement other than under this Clause 13(b)(i) above or to derogate
        from

       

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

      Yeda's
        rights with respect to such failure pursuant to Clause 13(b)(ii) below
        or
        otherwise."

      

      
        	3.	
                Except
                  as set forth in this letter, all the terms of the R&L Agreement
                  (as amended by Amendments No. 1 and No. 2 (as they
                  are amended
                  hereby)) shall remain unchanged. The R&L Agreement, as amended as
                  aforesaid, sets forth the entire understanding between Yeda and
                  XTL
                  regarding the R&L Agreement and supersedes any other prior
                  agreement or understanding, oral or
                  written.

              

      

      

      Please
        indicate your acceptance of the terms of this letter by affixing your signature
        below.

      

      

      Very
        truly yours,

      

      XTL
        BIOPHARMACEUTICALS LTD.

       

      By: _________________________

      

      Title: _________________________

      

      Agreed
        and accepted:

      

      YEDA
        RESEARCH AND DEVELOPMENT

      COMPANY
        LTD.

       

      By: _________________________                           
        By: ___________________________

      

      Title: _________________________                       
        Title: ____________________________

      

      

      
        
           

        

        
           

          
            

          

        

        
          
            Includes
              confidential material redacted in the to-be-publicly-filed copy of
              the
              Agreement.

          

        

      

      APPENDIX
        A

      

      (to
        Amendment No. 3 to Research and License Agreement dated April 7, 1993

      (“the
        R&L Agreement”) as amended on August 31, 1995 (“Amendment No. 1”) (restated
        on January 25, 1998) and on January 25, 1998 (“Amendment No.
        2”)

      

      

      *****

      

      

        
          	
                   

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                  *****

                   

                

        

      

      

      Note:
        One
        page of material has been redacted and filed separately with the
        Commission.Confidential
        Treatment Requested. Confidential portions of this document have been redacted
        and separately filed with the Commission.

      

      *****
        Confidential material redacted and filed separately with the
        Commission.

    

     

    

      Date:
        June 2, 2004

      

      To:

      Yeda
        Research and Development Company Ltd. 

      Rehovot

      

      
        	
                Re:
                  

              	
                Amendment
                  No. 4 to Research and Licence Agreement dated April 7, 1993 between
                  Yeda
                  Research and Development Company Ltd. (“Yeda”) and XTL Biopharmaceuticals
                  Ltd. (previously known
                  as
                  Xenograft Technologies Ltd.) (“XTL”) (as amended on August 31, 1995; as
                  such amendment was
                  restated
                  on January 25, 1998) (“Amendment No. 1”), on January 25, 1998 (“Amendment
                  No. 2”)
                  and on January 26, 2003 ("Amendment No. 3")) ("the
                  Agreement")

                
                  

                

              

      

      

      We
        set
        out below the amendment to the Agreement (as already amended by Amendment
        No.1,
        Amendment No.2 and Amendment No. 3), following discussions between the parties
        conducted at the Corporation's request:

      

      
        	
                1.

              	
                Clauses
                  8(c)(i) and 13(b) of the Agreement shall be deemed amended so as
                  to allow
                  Yeda to elect, in its absolute discretion, in the event it is entitled,
                  under the said clauses 8(c)(i) or 13(b), to terminate the Agreement
                  and
                  the licence thereunder entirely, in lieu of total termination of
                  the
                  Agreement and the licence thereunder (“Total
                  Termination”),
                  to terminate the Agreement and the licence thereunder partially,
                  i.e.
                  so
                  as
                  to leave them in force only to the extent necessary to support
                  the grant
                  of any license granted by the Corporation to
                  any
                  sub-licensee of the Corporation, under a sub-license agreement
                  approved by
                  Yeda (“Partial
                  Termination”).
                  In the event Yeda and XTL
                  shall
                  not have agreed, in writing, within ***** days (or
                  such
                  longer period as Yeda and XTL may agree in writing) of receipt
                  by
                  XTL
                  of notice of Partial Termination on the precise terms and conditions
                  of
                  the Agreement following Partial Termination, the Partial Termination
                  shall
                  be converted into Total Termination, upon written notice of Yeda
                  to the
                  Corporation, such notice to be sent no later than ***** days after
                  termination of
                  the
                  said *****. At the request of
                  either
                  XTL or Yeda, any dispute regarding the said terms and conditions,
                  shall be
                  submitted to non-binding mediation by an agreed mediator, provided
                  that
                  such mediation proceedings shall not continue beyond the said *****,
                  unless otherwise agreed by the parties in
                  writing.

              

      

      

      
        	
                2.

              	
                The
                  parties agree that the Agreement shall be amended as provided in
                  this
                  paragraph 2 below:

              

      

      

      
        	
                (a)

              	
                the
                  word “lower” appearing in clause 2.1.6 of Amendment No. 1 (as replaced by
                  Amendment No. 3) shall be and is hereby substituted by the word
                  "higher";

              

      

      

      
        	
                (b)

              	
                the
                  reference in clause 7(c)(iii) of the Agreement to paragraph 9(a)
                  of the
                  Agreement shall be and is hereby replaced by a reference to clause
                  9 of
                  the Agreement;

              

      

      

      
        	
                (c)

              	
                the
                  reference in clause 9 of the Agreement to paragraph 8(c) of the
                  Agreement
                  shall be and is hereby replaced by a reference to clause 8(b) of
                  the
                  Agreement;

              

      

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

          *****
            Confidential material redacted and filed
            separately with the Commission.

        

      

      

      
        	
                (d)

              	
                the
                  phrase “*****”
                  in clause 13(b)(i) (B) of the Agreement (as amended pursuant to
                  Amendment
                  No. 2 and Amendment No. 3) shall be and are hereby replaced by
                  the phrase
                  “*****
                  year”;

              

      

      

      
        	
                (e)
                  

              	
                the
                  references in clause 13(b)(i)(C) of the Agreement (as amended pursuant
                  to
                  Amendment No. 2 and Amendment No. 3) to “*****”
                  shall be and hereby are replaced by “*****”,
                  respectively, and the references in the said clause 13(b)(i)(C)
                  (as
                  amended as aforesaid) to “US$ *****
                  US
                  Dollars)” shall be are hereby replaced by references to “US$ *****
                  US
                  Dollars)”;

              

      

      

      
        	(f)	
                the
                  reference in clause 13(b)(i)(D) of the Agreement (as amended pursuant
                  to
                  Amendment No. 2 and Amendment No. 3) to “*****”
                  shall be and hereby is replaced by “*****”.

              

      

      

      
        	
                (g)
                  

              	
                before
                  clause 13(b)(i)(C) of the Agreement (as amended pursuant to Amendment
                  No.
                  2, Amendment No. 3 and this Amendment No. 4), a new clause 13(b)(i)(B1)
                  shall be inserted reading as
                  follows:

              

      

      

      
        	 	
                (B1)
                  

              	
                In
                  the event that not later than the end of the fifteenth year of
                  the term of
                  the License, the Corporation or any sub-licensee of the Corporation
                  shall
                  have entered into phase 3 clinical trials with a Royalty Bearing
                  Product,
                  then (i) the provisions of clause 13(b)(i)(B) above shall also
                  apply to
                  the ***** years of the term of the Licence, except that with respect
                  to
                  the ***** years of the term of the Licence, the reference to $*****
                  in the
                  said clause 13(b)(i)(B) shall be deemed replaced by a reference
                  to $*****;
                  and (ii) the timelines under clause 13(b)(i)(C) and (D) below shall
                  be
                  extended by ***** years so that the words “*****” and “*****” appearing in
                  clause 13(b)(i)(C) shall be replaced by “*****” and “*****”, respectively,
                  the reference to $***** referred to in the said clause 13(b)(i)(C)
                  shall
                  be deemed replaced by a reference to $*****, and the word “*****”
                  appearing in clause 13(b)(i)(D) shall be replaced by
                  “*****”.

              

      

      

      
        	
                3.
                  

              	
                This
                  letter shall be deemed to constitute an amendment of the Agreement
                  and it
                  and the Agreement shall be read together as one and, for the avoidance
                  of
                  doubt, a breach of this letter shall constitute a breach of the
                  Agreement.

              

      

      

      
        	
                4.
                  

              	
                The
                  Agreement, as amended herein, remains in full force and
                  effect.

              

      

      

      Please
        countersign this letter as confirmation of your consent to the
        contents.

      

      Yours
        faithfully,

      XTL
        BIOPHARMACEUTICALS LTD.

      YEDA
        RESEARCH AND DEVELOPMENT COMPANY LTD.

      

      

      [SIGNATURE
        PAGE TO FOURTH AMENDMENT]

       

       

      
        
          
          

        

        
          2

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