Document:

Exhibit 10.114
	

 

 

FORM OF NOTE PURCHASE AGREEMENT

 

-
Series D, Tranche 2 -

 

THIS NOTE PURCHASE
AGREEMENT (the “Agreement”) is made as of the ___ day of August 2012 by and between
Advaxis, Inc., a Delaware corporation (the “Company”), and Dr. James Patton (including his successors
and assigns, the “Investor”).

 

WHEREAS, the
Investor is willing to lend the Company the amount set forth on the Investor’s signature page attached hereto, which loan
is evidenced by a promissory note, in substantially the form attached hereto as Exhibit A (a “Note”),
in accordance with the terms of this Agreement and such Note;

 

WHEREAS, the
parties have agreed that the obligation to repay the Note shall be an unsecured obligation of the Company; and

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the
premises and the mutual agreements, representations and warranties, provisions and covenants contained herein, the parties hereto,
intending to be legally bound hereby, agree as follows:

 

1.          Purchase
and Sale of Note. On the Closing Date (as hereinafter defined), subject to the terms and conditions of this Agreement, the
Investor hereby agrees to purchase and the Company hereby agrees to sell and issue, up to an aggregate of $66,666.67 in Principal
Amount of Notes, with the Investor purchasing a Note in the principal amount set forth on the Investor’s signature page attached
hereto.

 

2.          Purchase
Price. The purchase price for the Investor of the Note to be purchased by the Investor at the Closing shall be the amount set
forth on the Investor’s signature page attached hereto (the “Purchase Price”). The Note will be
issued with an original issue discount of TWENTY-FIVE PERCENT (25%). The Investor shall pay $0.75 for each $1.00 of principal amount
of the Note to be purchased at the Closing. The Investor and the Company agree that the Note constitutes an “investment unit”
for purposes of Section 1273(c) (2) of the Internal Revenue Code of 1986, as amended (the “Code”). At
the Closing, the Investor shall fund his Purchase Price by wire transfer of immediately available funds to the account specified
by the Company.

 

3.          The
Closing. Subject to the conditions set forth below, the purchase and sale of the Note shall take place at the offices of Greenberg
Traurig, LLP, The MetLife Building, 200 Park Avenue, New York, New York 10166, on the date hereof or at such other time and place
as the Company and the Investor mutually agree (the “Closing” and the “Closing Date”).
At the Closing, the Company shall deliver to the Investor: (i) this Agreement duly executed by the Company; and (ii) the Investor’s
original Note in the principal amount set forth on the Investor’s signature page attached hereto and registered in the name
of the Investor. At the Closing, the Investor shall deliver to the Company (i) this Agreement duly executed by the Investor; (ii)
evidence, reasonably satisfactory to the Company, that the Purchase Price has been delivered; and (iii) an executed IRS Form W-9.

 

    	 

    	 

    

  

4.          Closing
Conditions; Certain Covenants.

 

4.1          Conditions
to the Investor’s Obligations. The obligation of the Investor to purchase the Note to be issued to the Investor at the
Closing is subject to the fulfillment, to the Investor’s reasonable satisfaction, prior to or at the Closing, of each of
the following conditions:

 

(a)          Representations
and Warranties. The representations and warranties of the Company contained in this Agreement shall be true and correct in
all material respects on the date hereof and on and as of the Closing Date as if made on and as of such date.

 

(b)          Note.
At the Closing, the Company shall have tendered to the Investor the appropriate Note and other deliverables set forth herein.

 

(c)          No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(d)          Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be reasonably satisfactory in substance and form to the Investor, and the Investor shall have received
all such counterpart originals or certified or other copies of such documents as he may reasonably request.

 

4.2          Conditions
to the Company’s Obligations. The obligation of the Company to sell and issue the Note to the Investor at the Closing
is subject to the fulfillment, to the Company’s reasonable satisfaction, prior to or at the Closing in question, of each
of the following conditions:

 

(a)          Representations
and Warranties. The representations and warranties of the Investor contained in this Agreement shall be true and correct in
all material respects on the date hereof and on and as of the Closing Date as if made on and as of such date.

 

(b)          Purchase
Price. At the Closing, the Investor shall have tendered to the Company the Purchase Price of the Investor and, in the aggregate,
shall have delivered to the Company at least $50,000.

 

(c)          Deliverables.
At the Closing, the Investor shall have tendered to the Company the appropriate deliverables set forth herein.

 

(d)          No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit, or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

    	 

    	 

    

 

 

(e)          Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to the Company and the Company shall have received all such counterpart
originals or certified or other copies of such documents as the Company may reasonably request.

 

5.          Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to the Investors:

 

5.1          Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a Material Adverse Effect.

 

5.2         Authorization;
Enforcement. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization,
execution and delivery of this Agreement and the performance of all obligations of the Company hereunder and thereunder, and the
authorization (or reservation for issuance), sale and issuance of the Note have been taken on or prior to the date hereof. This
Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by
the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles
and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief
or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

5.3         Public
Reports. The Company is current in its filing obligations under the 1934 Act, including without limitation as to its filings
of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (collectively, the “Public
Reports”). The Public Reports do not contain any untrue statement of a material fact or omit to state any fact necessary
to make any statement therein not misleading. The financial statements included within the Public Reports for the fiscal year ended
October 31, 2010, for the fiscal year ended October 31, 2011 and for each quarterly period thereafter (the “Financial
Statements”) have been prepared in accordance with generally accepted accounting principles (“GAAP”)
applied on a consistent basis throughout the periods indicated and with each other, except that unaudited Financial Statements
may not contain all footnote required by generally accepted accounting principles. The Financial Statements fairly present, in
all material respects, the financial condition and operating results of the Company as of the dates, and for the periods, indicated
therein, subject in the case of unaudited Financial Statements to normal year-end audit adjustments.

 

5.4          Compliance
With Laws. The Company has not violated any law or any governmental regulation or requirement which violation has had or would
reasonably be expected to have a Material Adverse Effect on its business and the Company has not received written notice of any
such violation.

 

    	 

    	 

    

 

5.5         Violations.
The consummation of the transactions contemplated by this Agreement and all other documents and instruments required to be delivered
in connection herewith and therewith, including without limitation, the Note, will not result in or constitute any of the following:
(a) a violation of any provision of the certificate of incorporation, bylaws or other governing documents of the Company; (b) a
violation of any provisions of any applicable law or of any writ or decree of any court or governmental instrumentality; (c) a
default or an event that, with notice or lapse of time or both, would be a default, breach, or violation of a lease, license, promissory
note, conditional sales contract, commitment, indenture, mortgage, deed of trust, or other agreement, instrument, or arrangement
to which the Company is a party or by which the Company or its property is bound; (d) an event that would permit any party to terminate
any agreement or to accelerate the maturity of any indebtedness or other obligation of the Company; or (e) the creation or imposition
of any lien, pledge, option, security agreement, equity, claim, charge, encumbrance or other restriction or limitation on the capital
stock or on any of the properties or assets of the Company.

 

5.6         Consents;
Waivers. No consent, waiver, approval or authority of any nature, or other formal action, by any person, firm or corporation,
or any agency, bureau or department of any government or any subdivision thereof, not already obtained, is required in connection
with the execution and delivery of this Agreement by the Company or the consummation by the Company of the transactions provided
for herein and therein.

 

5.7         Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company,
the Common Stock or any of the Company’s officers or directors in their capacities as such.

 

5.8         Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided the Investor or his agents or counsel with any
information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms
that the Investor will rely on the foregoing representation in effecting transactions in securities of the Company. All of the
disclosure furnished by or on behalf of the Company to the Investor regarding the Company and its Subsidiaries, their respective
businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct
and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements made therein, in light of the circumstances under which they were made, not misleading. The Company acknowledges and
agrees that the Investor does not make or has not made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 6 hereof.

 

5.9         Seniority.
As of the Closing Date, no Indebtedness or other claim against the Company is senior to the Note in right of payment, whether with
respect to interest or upon liquidation or dissolution, or otherwise, other than indebtedness secured by purchase money security
interests (which is senior only as to underlying assets covered thereby) and capital lease obligations (which is senior only as
to the property covered thereby).

 

    	 

    	 

    

 

5.10       Bankruptcy
Status; Indebtedness. The Company has no current intention or expectation to file for reorganization or liquidation under the
bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. For the purposes of this Agreement,
“Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other
than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent
obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated
balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under
leases required to be capitalized in accordance with GAAP. The Company is not in default with respect to any Indebtedness.

 

5.11       FDA.
As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under
the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is
manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such
product, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested,
distributed, sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar laws, rules
and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval, good manufacturing
practices, good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising, record keeping and
filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There is no pending,
completed or, to the Company's knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative or
regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the Company
or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA or any other governmental
entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of,
the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii)
withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising
or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation
by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v)
enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi)
otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either
individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company
have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the
FDA. The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United
States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern as to
approving or clearing for marketing any product being developed or proposed to be developed by the Company.

 

    	 

    	 

    

  

6.          Representations
and Warranties of the Investor. The Investor hereby represents, warrants and covenants that:

 

6.1          Authorization.
The Investor has full power and authority to enter into this Agreement, to perform his obligations hereunder and to consummate
the transactions contemplated hereby and has taken all action necessary to authorize the execution and delivery of this Agreement,
the performance of his obligations hereunder and the consummation of the transactions contemplated hereby.

 

6.2          Validity;
Enforcement; No Conflicts. This Agreement and each Transaction Document to which the Investor is a party have been duly and
validly authorized, executed and delivered on behalf of the Investor and shall constitute the legal, valid and binding obligations
of the Investor enforceable against the Investor in accordance with their respective terms, except as such enforceability may be
limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other
similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. The execution,
delivery and performance by the Investor of this Agreement and each Transaction Document to which the Investor is a party and the
consummation by the Investor of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational
documents of the Investor or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Investor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities or “blue sky” laws) applicable to the Investor, except in the case
of clause (ii) above, for such conflicts, defaults or rights which would not, individually or in the aggregate, reasonably be expected
to have a material adverse effect on the ability of the Investor to perform his obligations hereunder.

 

6.3         Residency.
The Investor is a resident of that jurisdiction specified on the Investor’s signature page hereto.

 

7.          Use
of Proceeds. The Investor acknowledges that the Company will use the proceeds received from the purchase of the Note for, among
other things, (i) costs and expenses relating to the Company’s Phase II Clinical Studies in cervical cancer and CIN, (ii)
costs and expenses relating to the sale of the Note, and (iii) general working capital purposes.

 

8.          Indemnification.
The Company agrees to indemnify, hold harmless, reimburse and defend the Investor, and his officers, directors, agents, affiliates,
members, managers, control persons, and principal shareholders, against any claim, cost, expense, liability, obligation, loss or
damage (including reasonable legal fees) of any nature, incurred by or imposed upon the Investor or any such person which results,
arises out of or is based upon (i) any material misrepresentation by Company or breach of any representation or warranty by Company
in this Agreement or in any exhibits or schedules attached hereto, or other agreement delivered pursuant hereto; or (ii) after
any applicable notice and/or cure periods, any breach or default in performance by the Company of any covenant or undertaking to
be performed by the Company hereunder, or any other agreement entered into by the Company and the Investor relating hereto. Notwithstanding
anything herein to the contrary, in no event shall the Company be liable to the Investor (in the aggregate) for more than the Purchase
Price paid by the Investor.

 

    	 

    	 

    

 

9.          Miscellaneous

 

9.1           Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended
to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

9.2           Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

9.3           Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

9.4           Notices.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery
to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient;
if not, then on the next business day, (c) five (5) business days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. All communications shall be sent to (a) in the case of the Company to
Advaxis, Inc., 305 College Road East, Princeton, New Jersey 08540, Attention: Mark J. Rosenblum, with a copy (which shall not constitute
notice) to Greenberg Traurig, LLP, The MetLife Building, 200 Park Avenue, New York, NY 10166, Attention: Robert H. Cohen, Esq.;
Fax #: (212) 801-6400 or (b) in the case of the Investor, to the address as set forth on the signature page of the Investor attached
hereto or at such other address as such party may designate by ten (10) days advance written notice to the other parties hereto.

 

    	 

    	 

    

 

9.5           Amendments
and Waivers. No provision of this Agreement may be amended or waived other than by an instrument in writing signed by the Company
and the Investor, and any amendment to any provision of this Agreement made in conformity with the provisions of this Section 9.5
shall be binding on the Investor.

 

9.6           “Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

9.7           Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties and no party
shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically
set forth herein or therein.

 

9.8           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

9.9           Interpretation.
Unless the context of this Agreement clearly requires otherwise, (a) references to the plural include the singular, the singular
the plural, the part the whole, (b) references to any gender include all genders, (c) “including” has the inclusive
meaning frequently identified with the phrase “but not limited to” and (d) references to “hereunder” or
“herein” relate to this Agreement.

 

9.10         Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Investor
and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages
may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents
and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy
at law would be adequate.

 

9.11         Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement.

 

10.         Additional
Defined Terms. In addition to the terms defined elsewhere in this Agreement and the Note, the following terms have the meanings
set forth in this Section 10:

 

10.1         “1934
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

    	 

    	 

    

 

10.2         “Material
Adverse Effect” means (i) a material adverse effect on the legality, validity or enforceability of any Transaction
Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise)
of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under any Transaction Document.

 

 [SIGNATURES ON THE FOLLOWING PAGE]

 

    	 

    	 

    
  

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	THE COMPANY
	 	 
	 	ADVAXIS, INC.
	 	 	 
	 	By:	 
	 	 	Name: Thomas A. Moore
	 	 	Title: Chairman/ CEO

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	INVESTOR:
	 	 
	 	 
	 	Name: Dr. James Patton
	 	 
	 	SS#:  ____________ - _______ - ______________
	 	 
	 	Residency:_________________________________
	 	 
	 	Address for Notices:
	 	 
	 	Email:
	 	 
	 	FAX: ( ____ ) _____ - ________
	 	 

Purchase Price: $50,000

Principal Amount of Note (1.3333333333 x Purchase Price): $66,666.67July 22, 2012

 

Re: Mutual Waiver and Release
(the "Release")

 

		1.	Reference is made to that certain Exclusive Distribution Agreement dated December 10, 2007 between
InspireMD Ltd. ("InspireMD") and HAND-PROD Sp. z o.o. ("Hand Prod") and several amendments thereto
the most recent of which is dated November 20, 2011 (the "Agreement").

 

Capitalized terms used herein
and not otherwise defined shall have the respective meaning ascribed to them in the Agreement.

 

		2.	It is hereby acknowledged by the Parties that the Agreement was terminated by Hand Prod by a 90-day
prior written notice provided to InspireMD on February 13, 2012 as per Sub section 9.3 of the Agreement. Consequently, the Agreement
shall not be in effect as of December 10, 2012.

 

		3.	Each Party herby irrevocably release and forever discharge the other Party and its officers, directors,
shareholders, employees, agents, subsidiaries and representatives from and against any and all actions, causes of action, rights,
claims, debts, dues, demands, liabilities, sums of money, bills, controversies, promises, setoffs, and damages of any kind, the
facts which are the basis thereto are known to the releasing Party on the date hereof, existing or arising in the future, resulting
from or related to the Agreement, the performance, non performance or termination thereof.

 

		4.	This Release supersedes and replaces all previous oral and written agreements or communications
regarding the termination of the Agreement and the events leading thereto and associated therewith. This Release may only be amended
in writing signed by both Parties.

 

		5.	This Release shall be exclusively governed by, and construed in accordance with, the laws of the
State of Israel applicable to contracts made and to be performed therein, without giving effect to the principles of conflicts
of law. The parties hereto irrevocably submit to the exclusive jurisdiction of the courts of Tel-Aviv, Israel with respect to any
dispute or matter arising out of, or connected with, this Release.

 

		6.	THIS DRAFT WAS PREPARED FOR NEGOTIATION TO SETTLEMENT PURPOSES ONLY AND THEREFORE UNTIL ITS FULL
SIGNING IT IS A NON BINDING DRAFT AND WILL NOT BE CNSTRUED AGAINST ANY PARTY THERETO EVEN IF SUCH PARTY HAS SIGNED ON THIS FORM.

 

 

	AGREED AND ACCEPTED	 	 
	 	 	 
	/s/ Ofir Paz	 	/s/ Boleslaw Kukolewski
	InspireMD Ltd.	 	HAND-PROD Sp. z o.o.
	 	 	 
	 	 	 
	By:	Ofir Paz, CEO	 	By:	Boleslaw Kukolewski

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