Document:

Unassociated Document

 

LICENSE AGREEMENT

 

           THIS LICENSE AGREEMENT (this “Agreement”) is made as of March 19, 2010 (the “Effective Date”), by and among Svelte Medical Systems, Inc., a Delaware corporation having its principal place of business at 657 Central Avenue, New Providence, New Jersey 07974 (collectively, “Licensor”), and Inspire/MD Ltd., an Israeli corporation, having its principal place of business at 3 Menorat Hamaor St., Tel Aviv, Israel (“Licensee”).  Licensor and Licensee are each individually referred to herein without distinction as a “Party” and collectively as the “Parties.”

 

Background

 

Licensor is a medical device company engaged in the discovery and development of medical devices using its proprietary stent-on-a-wire stent delivery system and solely owns all worldwide right, title and interest in and to the Svelte helical stent ("SHS"), which specifications are as set forth in Exhibit A attached hereto, which is the subject (at least in part)  of those certain patents and patent applications set forth on Exhibit B, attached hereto, which are also the sole property of Licensor.

 

Licensee desires to obtain from Licensor, and Licensor is willing to grant Licensee, a non-exclusive license to the SHS, the above identified patents and related technology on the terms and conditions set forth herein.

 

Terms and Conditions

 

Now, Therefore, in consideration of the foregoing and the terms, conditions and covenants hereinafter set forth, Licensor and Licensee hereby agree as follows:

 

ARTICLE 1

DEFINITIONS

 

Capitalized terms used herein and not otherwise defined shall have the following meanings:

 

1.1           “Affiliate” means each and every business entity controlling, controlled by or under common control with a Party.  For purposes of this definition, “control” shall mean ownership, directly or indirectly, of more than fifty percent (50%) of the voting or income interest of the applicable business entity.

 

  

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1.2           “Confidential Information” means any information disclosed by a Party (the “Disclosing Party”) to the other Party (the “Receiving Party”), including, without limitation, trade secrets, documents expressly designated as confidential, information related to either Party’s design, drawings, development or manufacturing processes, products, devices, employees, facilities, equipment, security systems, information systems, finances, product plans, marketing plans, suppliers, or distributors and all confidential regulatory applications, regulatory and clinical materials and related filings, applications and data, the content of any unpublished patent applications, operating methods and procedures, marketing, manufacturing, distribution and sales methods and systems, sales figures, pricing policies and price lists and other business information and shall include all confidential information disclosed or accessed by the parties pursuant to the provisions of this Agreement.  “Confidential Information” shall not include information that (a) is now available or becomes available to the public without breach of this Agreement; (b) is explicitly approved for release by written authorization of the Disclosing Party; (c) is lawfully obtained from a third party or parties without a duty of confidentiality; (d); is known to the Receiving Party prior to disclosure as evidenced by prior written records; or (e) is at any time developed by or for the Receiving Party independently of any such disclosure(s) from the Disclosing Party as evidenced by prior written records.

 

1.3           “Damages” shall mean any and all costs, losses, claims, liabilities, fines, penalties, damages and expenses, court costs, and reasonable fees and disbursements of counsel, consultants and expert witnesses incurred by a Party hereto (including any interest payments which may be imposed in connection therewith).

 

1.4           “Improvements” means all present and future supplements, changes, derivatives, revisions, updates, advancements, inventions, corrections and modifications that are applicable to the manufacture or use of the Licensed Product or use of the Licensed Patent or Licensed Processes, whether developed or created by Licensor or Licensee.

 

1.5            “Intellectual Property” means (a) any inventions, ideas, discoveries, developments, improvements, innovations, and know-how, whether or not subject to patent, copyright or trademark protection; (b) trade secrets; (c) compositions of matter, (d) proprietary procedures, prototypes, products or devices; and (e) experimental and regulatory results.

 

1.6           “License” means the license granted under Section 2.1 hereof.

 

1.7           “Licensed Product” means Licensee’s RX stent delivery catheter with the SHS and Licensee’s mesh covering.

 

1.8           “Licensed Process(es)” means any process or method that is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents.

 

1.9           “Licensed Patents” shall mean all the patents and patent applications listed in Exhibit B attached hereto; (b) any international counterparts thereof; and (c) all patents issuing from any of the foregoing.

 

1.10           “Net Sales” shall mean the gross invoiced sales prices charged for all Licensed Products sold by Licensee to third parties for which Licensee actually received payment from such third parties less: (a) trade discounts (including without limitation discounts given to distributors, agents and representatives), prompt payment and quantity discounts actually given; (b) any tax imposed or other governmental charge (other than income tax) charged or levied on the sale, use, transportation, or delivery of the products and borne or passed through to Licensee; (c) credits or allowances actually given and arising from returned or rejected products or retrospective price adjustments to any such products and recalls; (d)   governmental and managed care rebates, and hospital or other buying group charge backs.

 

  

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1.11           “Royalty Bearing Sale” means any sale, lease or transfer of any Licensed Product, by Licensee for which Licensee has received revenue.

 

1.12           “Territory” shall mean all of the countries and territories of the world.

 

ARTICLE 2

GRANT OF LICENSE

 

2.1           License Grant.  Licensor hereby grants to Licensee a non-exclusive, world-wide license under the Licensed Patents and the Licensed Processes and any Improvements thereon made by Licensor, with the right to use, make, have made, (including the right to have a third party to manufacture the Licensed Products)sell, offer, distribute, market, import and export the Licensed Products and to otherwise practice the technology related to the SHS and the Licensed Patents and Licensed Processes, for the purposes of this Agreement as well as each component of or material or apparatus for use in making any Licensed Products in the Territory. Licensee shall have the sole right to determine the prices at which it sells Licensed Products in the Territory to any customer without any approval from Licensor.

 

2.2           Term.  Unless sooner terminated as provided in this Agreement, the License shall extend until the expiration, abandonment or invalidation of the last to expire, abandoned or invalidated of the Licensed Patents that is material to the License.

 

ARTICLE 3

CONSIDERATION

 

3.1           Regulatory Cost Sharing.  The Parties agree that all regulatory costs for receiving CE Mark for the Licensed Product shall be borne fifty percent (50%) by Licensee and fifty percent (50%) by Licensor; provided, however, that Licensor’s obligations under this Section 3.1 shall not exceed eighty five Thousand Dollars ($85,000).

 

All regulatory costs for receiving FDA Approval for conducting clinical trials, manufacture, distribute and sale for the Licensed Product shall be borne in equal portions by the Parties, provided however that Licensor's obligations under this Section 3.2 shall not exceed US$ 200,000 with no portion payable prior to completion of enrollment in the US IDE clinical trial.

 

3.2           Royalty.

 

(a)           Licensee shall pay Licensor a royalty in the aggregate amount of seven percent (7%) of Net Sales (the “Worldwide Royalty”) actually received by Licensee from the sale of any Licensed Product in any country other than the United States.

 

(b)           Licensee shall pay Licensor a royalty equal to the sum of (i) seven percent (7%) of the first US$ 10,000,000 of Net Sales resulting from the sale of any Licensed Product in the United States, and (ii) ten percent (10%) of Net Sales for all amounts of Net Sales resulting from the sale of any Licensed Product in the United States in excess of the first $ 10,000,000 of Net Sales (the “US Royalty”, together with the Worldwide Royalty, and without distinction between them, the “Royalty”).

 

  

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3.3           Report.  Beginning in the first calendar quarter after the Effective Date in which there is a Royalty Bearing Sale, within forty-five (45) days after the close of each calendar quarter during the term of this Agreement, Licensee will submit to Licensor a written report which will show the total number of the Licensed Products as to which Royalty Bearing Sales were made during such quarter, the aggregate Net Sales received by Licensee during such quarter and the amount of Royalties payable to Licensor by Licensee under this Agreement for such quarter.

 

3.4           Payment and Audit.  Licensee shall pay the Royalty for each quarter to Licensor pursuant to Section 3.2 on a quarterly basis within sixty (60) days after the end of each quarter.  Sales made in foreign currency will be determined in the foreign funds for the country in which the Licensed Products are sold, and then converted into equivalent United States dollars at the rate of exchange for selling funds as published by the Wall Street Journal (or its successor publication) for the last business day prior to payment.  Upon reasonable notice to Licensee, Licensor shall have the right to have an independent certified public accountant (the “CPA”), selected by Licensor and reasonably acceptable to Licensee, audit Licensee’s records, during normal business hours, to verify the Royalties payable by Licensee to Licensor; provided, however, that such audit shall not take place more frequently than once a year and shall not cover such records for more than the preceding two (2) years.  The accountant shall only report to Licensor as to the accuracy of the payments paid by Licensee to Licensor, and in the event of any inaccuracy, the correct amount of such payment.  Licensee shall promptly pay to Licensor the amount of any underpayment determined in such audit.  Such audit shall be at Licensor’s expense unless the audit identifies greater than ten percent (10%) error, in which case such audit shall be at Licensee’s expense.  Licensee shall preserve and maintain all such records and accounts required for audit for a period of two (2) years after the calendar quarter for which the record applies. The CPA and Licensor shall be required to agree to keep all such financial and business information of Licensee being examined confidential and not disclose such information to any third party or use same for any purpose other than as contemplated in this Agreement; and, if so requested by Licensee, shall sign a confidentiality agreement prepared by Licensee for such purpose.

 

  

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ARTICLE 4

PATENT APPLICATIONS AND MAINTENANCE; ENFORCEMENT

 

4.1           Prosecution and Maintenance.  Licensor has the right to control all aspects of filing, prosecuting, and maintaining all of the patents and patent applications that form the basis for the Licensed Patents, including foreign filings and patent cooperation treaty filings.  Licensee agrees to perform all actions and execute or cause to be executed all documents necessary to support such filing, prosecution or maintenance. Licensor shall: (i) keep Licensee reasonably informed as to the application for, prosecution of and maintenance of the forgoing patent application; (ii) furnish to Licensee copies of documents relevant to any such application, prosecution and maintenance; (iii) allow Licensee reasonable opportunity to comment on documents filed with any governmental entity that could affect the nature or scope of such patent applications or patent to be issued thereunder; and (iv) obtain Licensee’s consent prior to acting or refraining from acting in respect of prosecuting or maintaining any of the patent applications encompassed within the SHS.

 

4.2           Notice of Infringement.  Each Party shall promptly advise the other in writing of any (i) known acts of potential infringement of the Licensed Patents by any third party; and (ii) allegations that the SHS (or any part thereof) infringes on the rights of any third party.

 

4.3           Enforcement.

 

(a)           Licensor has the first option to police the Licensed Patents against infringement by other parties within the Territory.  The right to police includes defending any action for declaratory judgment of non-infringement or invalidity; and prosecuting, defending or settling all infringement and declaratory judgment actions at its expense and through counsel of its selection.  Licensee shall provide reasonable assistance to Licensor with respect to such actions, but only if Licensor reimburses Licensee for expenses incurred in connection with any such assistance rendered at Licensor’s request.  Licensor shall defend, indemnify and hold harmless Licensee with respect to any counterclaims asserted by an alleged infringer reasonably related to the enforcement of the Licensed Patents under this Section, including, without limitation, antitrust counterclaims; provided, however that Licensor shall have no obligation to defend, indemnify or hold Licensee harmless with respect to any such counterclaim that arise from Licensee’s gross negligence or willful misconduct.  If Licensor undertakes to enforce and/or defend the Licensed Patents by litigation, Licensor shall pay all costs thereof and shall be entitled to all damages recovered in any such litigation. If within six (6) months after Licensor was first notified of such infringement, Licensor has not brought a suit against any third party referred to in this Section or caused such possible infringement to be discontinued on terms acceptable to Licensee, then Licensee shall have the right, in its sole discretion, but not the obligation, to bring suit against such third party, in Licensee’s name if possible.  Licensee shall bear all the expenses of any suit brought by Licensee and Licensee shall retain all damages or other monies awarded, or received in settlement of such suit (which amount shall be treated as Net Sales and subject to the Royalty) .  Licensor will cooperate with Licensee in any such suit being prosecuted by Licensee and shall take such actions and provide such assistance as Licensee shall request in connection with the prosecution of such suit including, but not limited to, being joined or otherwise named as a plaintiff in any such suit.

 

  

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(b)           Upon becoming aware of any claim, counter-claim, demand or other action that is initiated, brought or threatened by a third party seeking to invalidate, reexamine or otherwise abrogate any of the Licensed  Patents, each Party shall each promptly notify the other in writing. Should Licensor elect not to defend one or more of the Licensed Patents against the claim, counter-claim, demand or other action, Licensor shall provide Licensee the opportunity in Licensee’s discretion to defend such claim, counter-claim, demand or other action, and Licensor will cooperate with Licensee in any such defense and shall take such actions and provide such assistance as Licensee shall request; provided, however, that Licensee shall directly bear all of its costs and expenses (including attorneys’ fees) pursuant to Licensee’s election to defend such action.

 

ARTICLE 5

REPRESENTATIONS AND WARRANTIES

 

5.1           Corporate Existence and Power.  Each Party represents and warrants to the other that it (a) is a corporation duly organized, validly existing and in good standing under the laws of the state in which it is incorporated, and (b) has full corporate power and authority and the legal right to own and operate its property and assets and to carry on its business as it is now being conducted and is contemplated in this Agreement.

 

5.2           Authority.  Each Party represents and warrants to the other that it (a) has the requisite power and authority and the legal right to enter into this Agreement and perform its obligations hereunder; (b) has taken all necessary action on its part required to authorize the execution and delivery of the Agreement and the performance of its obligations hereunder; and (c) the Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid and binding obligation of such Party and is enforceable against it in accordance with its terms.

 

5.3           Absence of Litigation.  Licensor represents and warrants to Licensee that: (i)  it is not aware of any pending or threatened litigation (and has not received any communication relating thereto) which alleges that Licensor’s activities, with respect to the Licensed Patents or otherwise related to this Agreement, have infringed or misappropriated, or that by conducting the activities as contemplated herein by Licensee would infringe or misappropriate, any of the intellectual property rights of any other person; (ii) it owns all worldwide rights, title and interests in and to the SHS (including the trademarks included therein), and the patents and patent applications listed in Exhibit B attached hereto and that the descriptions of the SHS set forth on Exhibit A hereto are true, correct and complete descriptions thereof; (iii) it is not aware  of any person or entity which is infringing, misappropriating or otherwise transgressing upon the SHS or  Licensed Patents; (iv) none of the intellectual property included within the SHS is invalid, unenforceable, or otherwise impaired such that it cannot be enjoyed to its purported full extent; (v) Exhibit A includes all technology and related intellectual property that is material to the manufacture and sale of the SHS as part of the Licensed Product; (vi) as of the Effective Date is not aware of any rights of any person or entity that are or could reasonably believed to be infringed by the making, using or selling of the SHS as part of the Licensed Product; and (vii) attached as Exhibit C is an executive summary prepared by Licensor's patent attorneys regarding the SHS.

 

  

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5.4           No Approvals or Consents.  Except as otherwise described in this Agreement, each Party represents and warrants to the other that all necessary consents, approvals and authorizations of all governmental authorities and other persons or entities required to be obtained by such Party in connection with entry into this Agreement have been obtained.

 

5.5           No Conflict.  Each Party represents and warrants to the other that the execution and delivery of the Agreement by such Party and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable law or regulation or any provision of articles of incorporation or bylaws of such Party in any material way, and (b) do not conflict with, violate or breach or constitute a default or require any consent under, any contractual obligation or court or administrative order by which such Party is bound.

 

5.6           No Third Party IP. No Third Party Intellectual Property Rights are required for the exploitation of the License, including without limitation for the manufacture, distribution, sale or otherwise use of the Product set forth in Exhibit A.

 

ARTICLE 6

INDEMNITY

 

6.1           Licensor’s Indemnity.  Licensor shall at all times during the term of this Agreement and thereafter indemnify, defend and hold Licensee (and its directors, officers, employees, and Affiliates) harmless from and against any and all Damages incurred or suffered by Licensee (and its directors, officers, employees, and Affiliates) (excluding incidental or consequential Damages suffered or incurred by Licensee directly (as opposed to incidental or consequential Damages suffered or incurred by third parties who are, in turn, seeking the same from Licensee, which shall be covered by the indemnity set forth herein)) as a consequence of third party claims or actions based upon:

 

(a)           any breach of any representation or warranty made by Licensor in this Agreement; or

 

(b)           any failure to perform duly and punctually any covenant, agreement or undertaking on the part of Licensor contained in this Agreement.

 

(c)           infringements or claims of infringements in relation to the SHS on any intellectual property rights of any other person.

 

(d)           the design of the SHS.

 

  

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6.2           Licensee’s Indemnity.  Licensee shall at all time during the term of this Agreement and thereafter, indemnify, defend and hold Licensor (and its  directors, officers, employees, and Affiliates) harmless from and against any and all Damages incurred or suffered by Licensor (and its directors, officers, employees, and Affiliates) (excluding incidental or consequential Damages suffered or incurred by Licensor directly (as opposed to incidental or consequential Damages suffered or incurred by third parties who are, in turn, seeking the same from Licensor, which shall be covered by the indemnity set forth herein)) as a consequence of third party claims or actions based on:

 

(a)           any breach of any representation or warranty made by Licensee in this Agreement; or

 

(b)           any failure to perform duly and punctually any covenant, agreement or undertaking on the part of Licensee contained in this Agreement.

 

ARTICLE 7

TERMINATION

 

7.1           Termination.  Anything herein to the contrary notwithstanding, this Agreement may be terminated as follows:

 

(a)           Termination for Bankruptcy.  If either Licensee or Licensor (i) makes a general assignment for the benefit of creditors; (ii) files an insolvency petition in bankruptcy; (iii) petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business or any substantial part of its assets; (iv) commences under the laws of any jurisdiction any proceeding involving its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release of financially distressed debtors; or (v) becomes a party to any proceeding or action of the type described above in (iii) or (iv) and such proceeding or action remains undismissed or unstayed for a period of more than ninety (90) days, then the other Party may by written notice terminate this Agreement in its entirety with immediate effect.

 

(b)           Termination for Default.

 

(i)           Licensee and Licensor each shall have the right to terminate this Agreement for default upon the other Party’s uncured failure to comply in any material respect with the terms and conditions of this Agreement.  At least sixty (60) days prior to any such termination for default, the Party seeking to so terminate shall give the other written notice of its intention to terminate this Agreement in accordance with the provisions of this Section 7.1(b)(i), which notice shall set forth the default(s) which form the basis for such termination.  If the defaulting Party fails to correct such default(s) within sixty (60) days after receipt of notification, or if the same cannot reasonably be corrected or remedied within sixty (60) days, or if the defaulting Party has not commenced curing such default(s) within such sixty (60) days and is not diligently pursuing completion of same, then such non-defaulting Party immediately may terminate this Agreement.

 

(ii)           This Section 7.1(b) shall not be an exclusive remedy and shall not be in lieu of any other remedies available to a Party hereto for any default hereunder on the part of the other Party.

 

  

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7.2           Rights Upon Termination.  In the event of termination of this Agreement:

 

(a)           By Licensor under Section 7.1(b)(i) or Section 7.1(a), then the License shall automatically and immediately terminate.

 

(b)           By Licensee under Section 7.1(b)(i), then Licensee shall retain all of the rights under the License, subject to the Royalty payments set forth in Section 3.2.

 

7.3           Effect of Termination.  Upon any termination of this Agreement pursuant to this Article, and except as provided herein to the contrary, all rights and obligations of the Parties hereunder shall cease, except that the following rights and obligations shall survive:

 

(a)           Any rights to payment of Royalties arising or accrued prior to the effective date of termination;

 

(b)           Any cause of action or claim of either Party accrued or to accrue because of any breach or default by the other hereunder;

 

(c)           Subject to payment of the Royalty, Licensee shall have the right to sell its remaining inventory of Licensed Products which shall then be stored at Licensee's facilities or under issued orders from its customers and issued orders to its suppliers and contractors at the time of termination (and for such purpose the License, including without limitation the right hereunder to use any applicable trademark, shall continue).

 

(d)           The provisions of Articles 1, 6, 8 and 9 hereof; and

 

(e)           All other terms, provisions, representations, rights and obligations contained in this Agreement that by their sense and context are intended to survive until performance thereof by either or both Parties.

 

ARTICLE 8

ADDITIONAL COVENANTS AND AGREEMENTS OF THE PARTIES

 

8.1           Confidential Information.

 

(a)           All Confidential Information furnished under this Agreement by the Disclosing Party shall remain the sole and exclusive property of the Disclosing Party or a third party providing such information to the Disclosing Party.  Neither Party shall disclose, reproduce, use, distribute, reverse engineer or transfer, directly or indirectly, in any form, by any means or for any purpose the Confidential Information of the other Party, except as expressly permitted by this Agreement or for the performance of the License.  Disclosure of Confidential Information does not confer upon the Receiving Party any license, interest or rights in any Confidential Information except as provided under this Agreement.  Each Party shall require its employees to abide by the restrictions of this Agreement and the receiving party shall only allow its independent contractors access to Confidential Information upon: (i) the Disclosing Party’s prior written consent; and (ii) such contractors executing a nondisclosure agreement with restrictions no less protective of the Confidential Information than this Agreement.  Subject to the terms set forth herein, each party shall protect the other party’s Confidential Information with the same degree of protection and care it uses to protect its own Confidential Information, but in no event less than reasonable care.  The obligations of the Parties under this Section 8.1(a) shall survive the term of this Agreement by five (5) years.

 

  

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(b)           Nothing in this Section 8.1 shall prohibit or limit the Receiving Party’s disclosure of Confidential Information pursuant to a requirement of a governmental agency or by operation of law so long as the Receiving Party first notifies the Disclosing Party prior to disclosure in order to give the Disclosing Party an opportunity to seek an appropriate protective order and/or waive compliance with the terms of this Agreement.  In this case disclosure shall include only that part of the Confidential Information that the Receiving Party is required to disclose.

 

(c)           The Receiving Party shall not export or re-export any of the Disclosing Party’s Confidential Information, technical data or products received from the Disclosing Party or the direct products of such Confidential Information’s technical data to any proscribed country, unless authorized by the disclosing party in writing, and as properly authorized by any applicable regulation of the U.S. government.

 

(d)           The Receiving Party acquires no Intellectual Property rights from the Disclosing Party under this Agreement, except for the restricted right to use Disclosing Party’s Confidential Information for the express, limited purposes permitted by this Agreement.

 

(e)           The Receiving Party shall be responsible in all cases for the enforcement of all confidentiality and non-disclosure provisions contained herein as they pertain to the Disclosing Party’s Confidential Information, and shall bear all liability for any violations of these provisions by its subsidiaries, Affiliates, joint ventures, consultants, agents, third party contractors and related persons or entities that are controlled by or under common ownership and control of the Receiving Party.

 

(f)           The Parties acknowledge that they do not desire to receive any Confidential Information that is not reasonably necessary or appropriate to the performance of this Agreement or that is not otherwise requested by the Receiving Party.  Each party agrees to use commercially reasonable efforts to avoid such disclosures of Confidential Information to the other.

 

8.2           Governmental Filings.  Licensor and Licensee each agree to prepare and file whatever filings, requests or applications are required to be filed with any governmental authority in connection with this Agreement and to cooperate with one another as reasonably necessary to accomplish the foregoing.

 

8.3           Use of Names.  Neither Party shall use the name of the other Party in any publications or press releases without the prior written consent of the other Party.  Notwithstanding the foregoing, Licensor and Licensee shall each have the right to issue a press release announcing the execution of this Agreement containing only the names of the parties and the nature of this Agreement; provided that such press release shall in no event include any of the monetary terms hereof or terms regarding Licensee’s equity interest in Licensor as contemplated hereby.  Each Party shall provide the other with a copy of any such press release prior to the issuance thereof.

 

  

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ARTICLE 9

MISCELLANEOUS

 

9.1           Assignment.  Neither Party shall assign this Agreement to a third party without the other Party’s prior written consent; provided, however, that a Party may assign this Agreement to any purchaser of all or substantially all of its assets or business or share capital (by merger, asset sale, equity sale or otherwise) without the other Party's consent.  Subject to the aforesaid, any attempted pledge of any of the rights under this Agreement or assignment of this Agreement without the prior consent of the non-assigning Party shall be void.  No permitted assignment by a Party will be effective until the intended assignee agrees in writing to accept all of the terms and conditions of this Agreement.

 

9.2           Binding Upon Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties.

 

9.3           Further Actions.  Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

9.4           No Trademark Rights.  Except as otherwise provided herein, no right, express or implied, is granted by this Agreement to use in any manner the name of Licensor, Licensee or any other trade name or trademark of the either Party or its Affiliates in connection with the performance of this Agreement.

 

9.5           Notices.  All notices hereunder shall be in writing and shall be deemed given if delivered personally or by facsimile transmission (followed by mailed hard copy), mailed by registered or certified mail (return receipt requested), postage prepaid, or sent by express courier service, to the Parties at the addresses for each set forth below (or at such other address for a Party as shall be specified by like notice, provided, that notices of a change of address shall be effective only upon receipt thereof):

 

	 	
If to Licensor:

	
Svelte Medical Systems, Inc.

	 	
657 Central Avenue

	
  

	
New Providence, New Jersey 07974

	 	
Fax: 908.728.9981

	 	
with a copy to:

	
Honigman Miller Schwartz and Cohn LLP

Attention:  Phillip D. Torrence, Esq.

350 East Michigan Avenue, Suite 300

Kalamazoo, Michigan 49007

Fax: 269.337.7703

 

  

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If to Licensee:

	
INSPIRE-MD LTD.

	
  

	
Attention: Ofir Paz

	
  

	
3 Menorat Hamaor St.,

	
  

	
Tel Aviv, Israel

	
  

	
Fax: +972-3-6917692

9.6           Waiver.  Except as specifically provided for herein, the waiver from time to time by either of the Parties of any of their rights or their failure to exercise any remedy shall not operate or be construed as a continuing waiver of same or of any other of such Party’s rights or remedies provided in this Agreement.

 

9.7           Severability.  If any term, covenant or condition of this Agreement or the application thereof to any Party or circumstance shall, to any extent, be held to be invalid or unenforceable, then the remainder of this Agreement, or the application of such term, covenant or condition to the Parties or under circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Agreement shall be valid and be enforced to the fullest extent permitted by law.

 

9.8           Governing Law; Arbitration.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of New Jersey, without regard to its principles of conflicts of laws. Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be determined in arbitration administered by the International Centre for Dispute Resolution in accordance with its International Arbitration Rules.  The number of arbitrators shall be three (3).  The place of the arbitration shall be the United Kingdom.  The language of the arbitration shall be English.

 

9.9           Collection Costs and Attorneys' Fees.  If a Party shall fail to perform an obligation or otherwise breaches one or more of the terms of this Agreement, the other Party may recover from the non-performing breaching Party all its costs (including actual attorneys' and investigative fees) to enforce the terms of this Agreement.

 

9.10           Entire Agreement.  This Agreement, including any appendices, exhibits or schedules hereto, constitutes the entire, full and complete agreement between the Parties concerning the subject matter hereof, and supersedes all prior agreements, negotiations, representations and discussions, written or oral, express or implied, between the Parties in relation thereto. This Agreement cannot be modified, except by a separate written instrument signed by both parties.

 

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

 

Signatures on the following page

 

  

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In Witness Whereof, Licensor and Licensee have made this Agreement effective as of the date first set forth above.

 

 

	Licensor: 

 

Svelte Medical Systems, Inc.

	 	Licensee: 

 

Inspire MD

	 	 	 	 	 
	
By: 

	

 

	 	
By: 

	
 

	 	

Name:

	 	 	

Name:

	 	

Title: 

	 	 	

Title: 

 

 

Signature Page to License Agreement

 

  

 

  

 

EXHIBIT A

Specifications

 

  

A-1

  

 

EXHIBIT B

Licensed Patents

ISSUED PATENTS

	
 

 

TITLE

	
 

 

U.S.

	
 

FILING DATE

	
FIRST NAMED INVENTOR APPLICATION #

	  	  	  	  

PENDING U.S. APPLICATIONS

	
 

 

TITLE

	
 

 

U.S.

	
 

FILING DATE

	
FIRST NAMED INVENTOR APPLICATION #

	  	  	  	  

PENDING FOREIGN APPLICATIONS

	
 

 

TITLE

	
 

 

COUNTRY

	
 

FILING DATE

	
FIRST NAMED INVENTOR APPLICATION #

	  	  	  	  

 

B-1Unassociated Document

 

	 	
April 1, 2005

 

PERSONAL EMPLOYMENT AGREEMENT

 

THIS AGREEMENT (the “Agreement”) is made and entered into this April, 1st, 2005 (the “Effective Date”), by and between InspireMD Ltd., an Israeli corporation (the “Company”), and Ofir Paz I.D. No. 022139473 of 22 HaTabor St., 75238 Rishon Leziyon  (the “Employee”).

 

WHEREAS, Employee wishes to be employed by Company and Company agrees to employ Employee, as of the Commencement Date of Employment and throughout the Term (as such terms are defined hereunder): and;

 

WHEREAS the parties wish to regulate their relationship in accordance with the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, in consideration of the mutual premises, covenants and undertakings contained herein, the parties hereto have hereby agreed as follows:

 

	
1.

	
Representations and Warranties

 

Employee represents and warrants to Company that as of the Commencement Date of Employment –

 

	
  

	
1.1.

	
Employee is free to be employed by the Company pursuant to the terms contained in this Agreement and there are no contracts, impediments, and/or restrictive covenants preventing full performance of the Employee’s duties and obligations hereunder.

 

	
  

	
1.2.

	
Employee has not been indicted and/or found guilty of any criminal act of moral turpitude.

 

	
  

	
1.3.

	
Employee has the requisite qualifications, knowledge and experience to perform his obligations under this Agreement.

 

Company represents and warrants that there is no impediment preventing it from entering into this Agreement with Employee.

 

	
2.

	
Term of Agreement

 

	
  

	
2.1.

	
Employee’s employment with Company shall commence on the Effective Date (the “Commencement Date of Employment”) and shall continue until terminated in accordance with the provisions of Section 7 hereof (the “Term”).

 

	
3.

	
Position

 

	
  

	
3.1.

	
Employee shall be employed by Company in the position of President (the ”Position”) and shall devote 75% of his business time in said position. .

 

	
  

	
3.2.

	
During Employee’s employment with Company, Employee shall have the authority, functions, duties and responsibilities, as from time to time may be stipulated by .

 

	
  

	
3.3.

	
It is hereby acknowledged and agreed that Employee’s Position in the Company shall be deemed a senior position and/or one which requires a special degree of trust, and/or is a position which does not enable the Company to supervise the work and rest hours of the Employee; therefore, the provisions of The Work and Rest Hours Law, 1951 (the “Work and Rest Hours Law”), do not and shall not apply to Employee’s employment with Company.

 

	
  

	
3.4.

	
It is hereby further stated that the Salary, as defined hereinafter, is agreed herein on the mutual assumption that the Work and Rest Hours Law is not applicable as aforesaid. If however, Employee or anyone on his behalf (including heirs) claims that the Work and Rest Hours Law is applicable to Employee’s employment,

 

  

  

  

 

	 	

April 1, 2005

 

	
4.

	
Employee’s Duties

 

Employee affirms and undertakes throughout the Term:

 

	
  

	
4.1.

	
To devote no less than 75% of his working time, know-how, energy, expertise, talent, experience and best efforts to the business and affairs of the Company and to the performance of his duties with Company.

 

	
  

	
4.2.

	
To perform and discharge well and faithfully, with devotion, honesty and fidelity, his obligations pursuant to his Position.

 

	
  

	
4.3.

	
To comply with the directives of the Company’s Board of Directors.

 

	
  

	
4.4.

	
To travel abroad from time to time if and as may be required pursuant to his Position.

 

	
  

	
4.5.

	
Not to receive, at all times, whether during the Term and/or at any time thereafter, directly or indirectly, any payment, benefit and/or other consideration, from any third party in connection with his employment with Company, without the Company’s prior written authorization.

 

	
  

	
4.6.

	
To immediately and without delay inform his managers  of any affairs and/or matters that might constitute a conflict of interest with Employee’s Position and/or employment with Company.

 

	
  

	
4.7.

	
Not to use any trade secrets or proprietary information in such a manner that may breach any confidentiality and/or other obligation Employee may have undertaken relating to any former employer(s) and/or any third party.

 

	
5.

	
Compensation

 

	
  

	
5.1.

	
Subject to and in consideration of Employee’s fulfillment of his obligations in pursuance of this Agreement, Company shall pay Employee a monthly gross salary in the amount of NIS 44,000  (the “Salary”).

 

	
  

	
5.2.

	
The Salary shall be payable by no later than the ninth (9th) day of the consecutive calendar month following the calendar month of employment to which the payment relates.

 

	
  

	
5.3.

	
Israeli income tax and other applicable withholdings with respect to the Salary have been and shall be deducted from the Salary by the Company at source.

 

	
  

	
5.4.

	
The Salary shall serve as the basis for deductions and contributions to managers’ insurance policy and advanced study fund (keren hishtalmut) pursuant to sections 6.1 and 6.2 hereunder, and for the calculation of all social benefits.

 

	
6.

	
Social and Fringe benefits

 

	
  

	
6.1.

	
Managers’ Insurance

 

	
  

	
6.1.1.

	
Company shall contribute an aggregate monthly amount equal to up to 15.83% of the Salary as premium on a Managers’ Insurance (Bituach Menahalim) policy of Employee’s choice which shall include a possibility of an insurance pension fund. (“Managers’ Insurance Policy”).

 

	
  

	
6.1.2.

	
The abovementioned contributions by Company shall be as follows: 8.33% towards severance pay, 5% towards compensatory payments, and Company’s contribution towards disability insurance, shall be in accordance with an insurance policy for disability allowance, as such insurance is approved by the Minister of Labor and Social Welfare, up to 2.5% of the Salary, or up to the sum which shall provide for a disability allowance equal to seventy five percent (75%) of the Employee’s Salary during the disability period of Employee, the lesser of the two.

 

  

2

  

 

	 	

April 1, 2005

 

	
  

	
6.1.3.

	
Employee shall contribute, and for that purpose Employee irrevocably authorizes and instructs Company to deduct from his Salary at source, an aggregate monthly amount equal to 5% of the Salary to such Managers’ Insurance Policy.

 

	
  

	
6.1.4.

	
Employee shall bear any and all taxes in connection with amounts paid by Employee and/or Company to the Managers’ Insurance Policy pursuant to this Section 6.1.

 

	
  

	
6.1.5.

	
Company and Employee, respectively declare and covenant that as evidenced by their respective signatures, they hereby undertake to be bound by the general settlement authorized as of 9.6.98 pertaining to Company’s payment to the benefit of pension funds and insurance funds, in place of severance payment in pursuance of the Severance Payment Act (1963), attached hereto as Exhibit “A”.

 

	
  

	
6.1.6.

	
Further to subsection 6.1.5 above, Company hereby forfeits any right it may have in the reimbursement of sums paid by Company into the above mentioned Manager’s Insurance Policy, except in the event: (i) that Employee withdraws such sums from the Manager’s Insurance Policy, other than in the event of death, disability or retirement at the age of 60 or more; or (ii) of the occurrence of any of the events provided for in Sections 16 and 17 of the Severance Pay Law, 1963.

 

	
  

	
6.1.7.

	
It is further agreed that such payment contribution made by Company towards the Manager’s Insurance Policy as above mentioned, shall be in place of severance payment due to Employee under any circumstances in which Employee shall be entitled to severance payment subject to the applicable law, including but not limited to the Severance Payment Law (1963).

 

	
  

	
6.2.

	
Advanced Study Fund

 

	
  

	
6.2.1.

	
Company shall contribute an aggregate monthly amount equal to 7.5% of the Salary towards an advanced study fund (Keren Hishtalmut) (the “Advanced Study Fund”) acceptable to Company.

 

	
  

	
6.2.2.

	
In addition, Employee shall contribute, and for that purpose, Employee hereby irrevocably authorizes and instructs Company to deduct from his Salary at source, an aggregate monthly amount equal to 2.5% of the Salary as Employee’s participation in such Advanced Study Fund.

 

	
  

	
6.2.3.

	
Employee shall bear any and all taxes applicable in connection with amounts payable by Employee and/or Company to the Advanced Study Fund pursuant to this Section 6.2.

 

	
  

	
6.2.4.

	
In the event of a Termination for Cause (as defined hereinafter) Employee shall only be entitled to his accumulated contributions to the Advanced Study Fund.

 

	
  

	
6.3.

	
Vacation

 

	
  

	
6.3.1.

	
Employee shall be entitled to an annual leave of 18 working days per year of employment.

 

	
  

	
6.3.2.

	
Each such leave shall be scheduled with adequate regard to the needs of the Company.

 

	
  

	
6.3.3.

	
Accrual and/or redemption of unused annual leave days, if any, shall be governed by the provisions of the Annual Leave Law regarding such accrual and/or redemption.

 

	
  

	
6.4.

	
Sick Leave

 

Employee shall be entitled to sick leave in accordance with the provisions of the Sickness Pay Law - 1976. Notwithstanding the foregoing, Employee shall be entitled to full sick leave pay commencing upon the first day of illness.

 

  

3

  

 

	 	

April 1, 2005

 

	
  

	
6.5.

	
Recreation Pay

 

Employee shall be entitled to annual recreation pay (Dmey Havra’a) in an amount to be determined in accordance with Israeli regulations as in effect from time to time with respect to such pay.

 

	
  

	
6.6.

	
Expenses

 

	
  

	
6.6.1.

	
Company shall reimburse Employee for any out-of-pocket expenses from time to time properly incurred by Employee in connection with his employment by Company, provided that such expenses have been approved in advance by Company. As a condition to such reimbursement, Employee shall provide Company with copies of all invoices, receipts and other evidence of expenditures as might be required by Company policy from time to time.

 

	
  

	
6.6.2.

	
Company shall reimburse Employee cellular phone bills up to 70% of the actual phone bill.

 

	
  

	
6.6.3.

	
Company shall reimburse Employee car expenses incurred by Employee in connection with his employment by Company, in an amount calculated per milage ”heshev”, provided that such reimbursement shall not exceed NIS 3000 per month.

 

	
  

	
6.7.

	
Salary Other Considerations:

 

	
  

	
6.7.1.

	
Not applicable

 

	
  

	
6.8.

	
Military Reserve Duty

 

	
  

	
6.8.1.

	
Employee shall inform the Board of Directors of any military reserve duty Employee has been ordered to perform, immediately after he has been notified of the same.

 

	
  

	
6.8.2.

	
In the absence of Employee, due to military reserve duty, Employee shall be entitled to receive his Salary, including payments for social benefits and other rights to which Employee is entitled pursuant to this Agreement.

 

	
  

	
6.8.3.

	
Employee undertakes to provide Company with proper confirmation of active military reserve duty, so that Company may collect from the National Insurance Institute all amounts to which Employee and/or Company is entitled in connection with such service.

 

	
7.

	
Term and Termination

 

	
  

	
7.1.

	
Either party may, at any time, during the Term, furnish the other party hereto with a written notice that this Agreement is terminated (the “Termination Notice”). The Termination Notice may be with or without cause and must be furnished to the other party at least 180 days prior to the Termination Notice having effect (the “Notice Period”). In the event of a Termination Notice furnished by the Company prior to completion of the six-month period following the Commencement Date of Employment, the Notice Period shall be the longer of six (6) months and that period commencing upon the date the Termination Notice is furnished and ending upon the completion of the aforesaid six-month period.

 

	
  

	
7.2.

	
In the event that a Termination Notice is delivered by either party hereto, the following shall apply:

 

	
  

	
7.2.1.

	
During the Notice Period, Employee shall be obligated to continue to discharge and perform all of his duties and obligations with Company and to take all steps, satisfactory to the Company, to ensure the orderly transition to any persons designated by Company of all matters handled by Employee during the course of his employment with Company.

 

  

4

  

 

	 	

April 1, 2005

 

	
  

	
7.2.2.

	
Notwithstanding the provisions of Section 7.2.1 above to the contrary, by notifying Employee concurrently with or at any time after a Termination Notice is delivered by either party hereto, Company shall be entitled to waive Employee’s services with Company during the Notice Period or any part thereof and/or terminate the employer-employee relationship prior to the completion of the Notice Period. In such events Company shall pay Employee that sum equal to the compensatory payment as required by, and in accordance with, the Prior Notice Law, 2001.

 

For the removal of doubt, it is clarified that, in the event Company waives any and/or all of Employee’s services with Company during the Notice Period as aforesaid, Employee shall, immediately, upon receipt of notice of such waiver, return to Company any and all equipment provided to him for purposes of the performance of his duties under this Agreement.

 

	
  

	
7.3.

	
The provisions of Sections 7.1 and 7.2 above notwithstanding, Company, by furnishing a notice to Employee, shall be entitled to terminate his employment with Company with immediate effect where said termination is a Termination for Cause. In the event of such termination, without derogating from the rights of Company under this Agreement and/or any applicable law, Employee shall not be entitled to severance pay and/or to any of the consideration specified in Section 7.2 above and/or to Company’s contributions to the Advanced Study Fund. In addition, and in the event of the occurrence of the circumstances set forth in Section 6.1.6 above, Employee shall not be entitled to the severance pay component in the Managers’ Insurance Policy and/or to Company’s contributions to the compensatory payments component in the Manager’s Insurance Policy.

 

	
  

	
7.4.

	
As used in this Agreement, the term “Termination for Cause” shall mean termination of Employee’s employment with Company as a result of the occurrence of any one of the following: (i) Employee has committed a dishonorable criminal offense; (ii) Employee is in breach of his duties of trust or loyalty to Company; (iii) Employee deliberately causes harm to Company’s business affairs; (iv) Employee breaches the confidentiality and/or non-competition and/or non-solicitation and/or assignment of inventions provisions of this Agreement; and/or (v) circumstances that do not entitle Employee to severance payments under any applicable law and/or under any judicial decision of a competent tribunal.

 

	
  

	
7.5.

	
Notwithstanding anything to the contrary in Section 7.2 above and without derogating from Company’s rights pursuant to any applicable law, in the event that Employee shall terminate his employment with Company with immediate effect or upon shorter notice than the Notice Period, Company shall have the right to offset the Salary and/or any benefits to which Employee shall have otherwise been entitled for his employment hereunder during the Notice Period, or any part thereof, as the case may be, from any other payments payable to Employee.

 

	
8.

	
General Provisions

 

	
  

	
8.1.

	
Employee shall not be entitled to any additional bonus, payment or other compensation in connection with his employment with Company, other than as provided herein or as determined by the Company’s Board of Directors.

 

	
  

	
8.2.

	
Company shall withhold, or charge Employee with, all taxes and other compulsory payments as required under applicable law with respect to all payments, benefits and/or other compensation paid to Employee in connection with his employment with Company.

 

	
  

	
8.3.

	
Company shall be entitled to offset from any and/or all payments to which Employee shall be entitled thereof, any and/or all amounts to which Company shall be entitled from Employee at such time, provided however that, in connection with the Options and/or Shares only, any offset under this Section 8.3, shall be limited to amounts to which Company shall be entitled from Employee due to payment of taxes and other compulsory payments in connection with the Options and/or Shares.

 

  

5

  

 

	 	

April 1, 2005

 

	
  

	
8.4.

	
Company’s failure or delay in enforcing any of the provisions of this Agreement shall not, in any way, be construed as a waiver of any such provisions, or prevent Company thereafter from enforcing each and every other provision of this Agreement which were previously not enforced.

 

	
  

	
8.5.

	
Notices given hereunder shall be in writing and shall be deemed to have been duly given on the date of personal delivery, on the date of postmark if mailed by certified or registered mail, or on the date sent by facsimile upon transmission and electronic confirmation of receipt or (if transmitted and received on a non-business day) on the first business day following transmission and electronic confirmation of receipt, addressed as set forth above or such other address as either party may designate to the other in accordance with the aforesaid procedure.

 

	
  

	
8.6.

	
This Agreement shall be interpreted and construed in accordance with the laws of the State of Israel. The parties submit to the exclusive jurisdiction of the competent courts of the State of Israel in any dispute related to this Agreement.

 

	
  

	
8.7.

	
This Agreement consti­tutes the entire agreement of the parties hereto with respect to the subject matters hereof, supersedes all prior agreements and understandings between the parties with respect thereto.

 

	
  

	
8.8.

	
Captions and paragraph headings used in this Agreement are for convenience purposes only and shall not be used for the interpretation thereof.

 

	
  

	
8.9.

	
This Agreement shall not be amended, modified or varied by any oral agreement or representation other than by a written instrument executed by both parties or their duly authorized representatives.

 

IN WITNESS WHEREOF, the parties hereto have hereby duly executed this Agreement on the day and year first set forth above.

 

	
InspireMD Ltd.,

By: ______________

Title:_____________

Date: April, 1st, 2005

	
__________________

Ofir Paz

Date: April, 1st, 2005

 

  

6

  

 

	 	

April 1, 2005

 

	
  

	
Exhibit “A”

 

	
GENERAL APPROVAL REGARDING PAYMENTS BY EMPLOYERS TO A PENSION FUND AND INSURANCE FUND IN LIEU OF SEVERANCE PAY

 

	
By virtue of my power under section 14 of the Severance Pay Law, 1963 (hereinafter:  the “Law"), I certify that payments made by an employer commencing from the date of the publication of this approval publication for his employee to a comprehensive pension benefit fund that is not an insurance fund within the meaning thereof in the Income Tax (Rules for the Approval and Conduct of Benefit Funds) Regulations, 1964 (hereinafter: the “Pension Fund") or to managers insurance including the possibility of an insurance pension fund or a combination of payments to an annuity fund and to a non-annuity fund (hereinafter: the “Insurance Fund), including payments made by him by a combination of payments to a Pension Fund and an Insurance Fund, whether or not the Insurance Fund has an annuity fund (hereinafter: the “Employer's Payments), shall be made in lieu of the severance pay due to the said employee in respect of the salary from which the said payments were made and for the period they were paid (hereinafter: the “Exempt Salary"), provided that all the following conditions are fulfilled:

 

	
(1)

	
The Employer's Payments -

 

	
  

	
(a)

	
To the Pension Fund are not less than 141/3% of the Exempt Salary or 12% of the Exempt Salary if the employer pays for his employee in addition thereto also payments to supplement severance pay to a benefit fund for severance pay or to an Insurance Fund in the employee's name in an amount of 21/3% of the Exempt Salary. In the event the employer has not paid an addition to the said 12%, his payments shall be only in lieu of 72% of the employee's severance pay;

 

	
  

	
(b)

	
To the Insurance Fund are not less than one of the following:

 

	
(2)

	
131/3% of the Exempt Salary, if the employer pays for his employee in addition thereto also payments to secure monthly income in the event of disability, in a plan approved by the Commissioner of the Capital Market, Insurance and Savings Department of the Ministry of Finance, in an amount required to secure at least 75% of the Exempt Salary or in an amount of 21/2% of the Exempt Salary, the lower of the two (hereinafter: “Disability Insurance");

 

	
(3)

	
11% of the Exempt Salary, if the employer paid, in addition, a payment to the Disability Insurance, and in such case the Employer's Payments shall only replace 72% of the Employee's severance pay; In the event the employer has paid in addition to the foregoing payments to supplement severance pay to a benefit fund for severance pay or to an Insurance Fund in the employee's name in an amount of 21/3% of the Exempt Salary, the Employer's Payments shall replace 100% of the employee's severance pay.

 

	
(4)

	
No later than three months from the commencement of the Employer's Payments, a written agreement is executed between the employer and the employee in which -

 

	
  

	
(a)

	
The employee has agreed to the arrangement pursuant to this approval in a text specifying the Employer's Payments, the Pension Fund and Insurance Fund, as the case may be; the said agreement shall also include the text of this approval;

 

	
  

	
(b)

	
The employer waives in advance any right, which it may have to a refund of monies from his payments, unless the employee’s right to severance pay has been revoked by a judgment by virtue of Section 16 and 17 of the Law, and to the extent so revoked and/or the employee has withdrawn monies from the Pension Fund or Insurance Fund other than by reason of an entitling event; in such regard "Entitling Event" means death, disability or retirement at after the age of 60.

 

	
 (5)

	
This approval is not such as to derogate from the employee's right to severance pay pursuant to any law, collective agreement, extension order or employment agreement, in respect of salary over and above the Exempt Salary.

 

 

7

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