Document:

Exhibit 10.25

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (“Agreement”) is made and entered
into on this 1st day of February 2018. by and between Intec Pharma Inc. (the “Company”),
a subsidiary of Intec Pharma Ltd., an Israeli
corporation, (“Intec”),
and Michael Gendreau, MD (hereinafter, the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS,
the Company desires to hire the Executive in an executive capacity and to compensate him for such employment; and

 

WHEREAS,
the Executive is willing to be employed by the Company upon the terms and subject to the conditions contained in this Agreement.

 

NOW
THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration,
the adequacy and receipt of which are hereby acknowledged, the parties agree as follows:

 

1.
Definitions. When used in this Agreement, the following terms shall
have the following meanings:

 

(a) “Accrued
Obligations” means:

 

(i)
all accrued but unpaid Base Salary through the end of the Term of Employment;

 

(ii) any
unpaid or unreimbursed expenses incurred in accordance with Company policy, including amounts due under Section 5(a) hereof, to
the extent incurred during the Term of Employment;

 

(iii) any
accrued but unpaid benefits provided under the Company’s employee benefit plans, subject to and in accordance with the terms
of those plans;

 

(iv) any
unpaid Bonus in respect to any completed fiscal year that has ended on or prior to the end of the Term of Employment;

 

(v) rights
to indemnification by virtue of the Executive’s position as an officer or director of the Company and Intec or their subsidiaries
and the benefits under any directors’ and officers’ liability insurance policy maintained by the Company or Intec, in accordance
with its terms thereof; and

 

(vi) payments
for any accrued but unused vacation or other paid time off.

 

(b)
“Affiliate” means any entity that controls, is controlled
by, or is under common control with, either member of the Intec Group.

 

     

     

    

 

(c) “Base
Salary” means the salary provided for in Section 4(a) hereof or any increased salary granted to Executive
pursuant to Section 4(a) hereof.

 

(d) “Board”
means the Board of Directors of Intec.

 

(e)
“Bonus” means any bonus payable to the Executive pursuant
to Section 4(b) hereof.

 

(f) “Cause”
means:

 

(i) willful
misconduct or gross negligence in the performance of Executive’s duties, a material violation of any of the provisions of this
Agreement, or a willful continued failure by the Executive to carry out the reasonable and lawful directions of the Board, provided
that the Company has provided notice to the Executive of such willful misconduct or gross negligence or material violation or
willful continued failure, and the Executive has failed to cure the foregoing within thirty (30) days of receipt of such notice.

 

(ii) a
finding by a court of law or arbitrator of unlawful harassment of any employees of the Intec Group or any Affiliate;

 

(iii) knowingly
and on Executive’s own initiative causing or permitting to occur a violation of any law or regulation which subjects or may reasonably
be expected to subject the Intec Group or any of its Affiliates to material liability;

 

(iv) a
conviction of the Executive, or a plea of nolo contendere, to a felony involving moral turpitude; or

 

(v) fraud,
embezzlement, theft or dishonesty of a material nature by the Executive against a member of the Intec Group or any Affiliate,
or a willful material violation by the Executive of a policy or procedure of a member of the Intec Group or any Affiliate, resulting,
in any case, in material economic harm to either member of the Intec Group or any Affiliate.

 

For
purposes of this Section 1(f), no act, or failure to act, on the Executive’s part shall be considered “willful” unless
done, or omitted to be done, by the Executive not in good faith or without reasonable belief that the Executive’s act, or failure
to act, was in the best interest of the Company.

 

(g) “Change
in Control” means (i) (A) a sale of all or substantially all of the assets of the Company or Intec; or (B)
a sale (including an exchange) of all or substantially all of the shares of the capital stock of the Company or Intec, in either
case to any person or entity that is not an Affiliate of the Intec Group, or a shareholder thereof, immediately prior to such
transaction or transactions; or (ii) a merger, consolidation or like transaction of the Company or Intec into another corporation
in which the holders of the outstanding share capital of the Company or Intec immediately before such consolidation or merger
do not, immediately after such consolidation or merger, retain either (x) stock representing a majority of the voting power of
the surviving entity, or (y) stock representing a majority of the voting power of an entity that wholly owns, directly or indirectly,
the surviving entity; provided, however, that such sale, transfer or other event results in a “change in control”
within the meaning of Section 409A of the Code.

 

(h) “Code”
means the Internal Revenue Code of 1986, as amended.

 

(i) “Competitive
Activity” means services or activity in material competition with the Intec Group in any of the States within
the United States, or countries within the world, in which the Intec Group or any of its Affiliates conducts a significant level
of business in which the Intec Group or any of its Affiliates engaged while the Executive was employed by the Company.

 

    2

     

    

 

(j) “Confidential
Information” means all trade secrets and information about the Intec Group or any of its Affiliates or its
business, disclosed to the Executive or known by the Executive as a consequence of. or through the unique position of his employment
with, the Company (including information conceived, originated, discovered or developed by the Executive and information acquired
by the Intec Group or any of its Affiliates from others) prior to or after the date hereof, and not generally or publicly known
(other than as a result of unauthorized disclosure by the Executive). Confidential Information includes, but is not limited to,
inventions, ideas, designs, computer programs, circuits, schematics, formulas, algorithms, trade secrets, works of authorship,
mask works, developmental or experimental work, processes, techniques, improvements, methods of manufacturing, know-how, data,
financial information and forecasts, product plans, marketing plans and strategies, price lists, customer lists and contractual
obligations and terms thereof, data, documentation and other information, in whatever form disclosed, relating to the Intec Group
or any Affiliates, including, but not limited to, financial statements, financial projections, business plans, listings and contractual
obligations and terms thereof, components of intellectual property, unique designs, methods of manufacturing or other technology
of the Intec Group or any Affiliate.

 

(k) “Disability”
means the Executive’s inability, or failure, to perform the essential functions of his position, with or without reasonable
accommodation, by reason of any medically determinable physical or mental impairment which can be expected to result in death
or can be expected to last for a continuous period of not less than twelve (12) months.

 

(l)
“Expiration Date” means the date on which the Term of Employment
shall expire.

 

(m)
“Good
Reason” means

 

(i)
the assignment to the Executive of any duties inconsistent in any material respect with the Executive’s position (including
status, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 2(b) of this Agreement,
or any other action by the Company that results in a material diminution in such position, authority, duties or responsibilities,
excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the
Company promptly after receipt of notice thereof given by the Executive;any material failure by the Company to comply with any
of the provisions of Section 4 or Section 5 of this Agreement, other than an isolated, insubstantial and inadvertent failure not
occurring in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive, and
other than a reduction of compensation as part of an across-the-board reduction in all salaries for employees of the Intec Group;
or

 

(ii) the
Company’s requiring the Executive to be based at any office or location outside of thirty-five (35) miles from San Diego. CA,
except for travel reasonably required in the performance of the Executive’s responsibilities.

 

(n) “Intec
Group” means the Company and Intec.

 

(o) “Ordinary
Shares” means the ordinary shares of Intec.

 

(p) “Restricted
Period” shall be the Term of Employment and the six (6) month period immediately following termination of
the Term of Employment.

 

    3

     

    

 

(q) “Severance
Amount” shall mean an amount equal to the sum of (i) 25% of the Executive’s annual Base Salary as in effect
immediately prior to the Termination Date; and (ii) an amount equal to the Executive’s cost of continued health insurance coverage
under the Consolidated Omnibus Budget Reconciliation Act under the Company’s group health plan (or the monthly payment provided
under Section 5(b), as applicable) for twelve (12) months.

 

(r) “Severance
Term” means the three (3) month period following the date on which the Term of Employment ends.

 

(s) “Term
of Employment” means the period during which the Executive shall be employed by the Company pursuant to the
terms of this Agreement.

 

(t)
“Termination Date” means the date on which the Term of
Employment ends.

 

2.
Employment.

 

(a) Employment
and Term. The Company hereby agrees to employ the Executive and the Executive hereby agrees to serve the Intec
Group during the Term of Employment on the terms and conditions set forth herein. The Executive’s principal place of employment
shall be in San Diego, CA, except for such travel that may be necessary to fulfill his responsibilities.

 

(b)
Duties of Executive. During the Term of Employment, the Executive shall
be employed on a part-time basis (80% position) and devote four (4) days per week serving as the Chief Medical Officer of the
Company. Executive shall have such duties typically associated with such title, including, without limitation responsibility for
the planning and execution of the company’s clinical development activities. The Executive shall faithfully and diligently
perform all services as may be assigned to him by the Chief Executive Officer (the “CEO”)
of the Company or the Board, and shall exercise such power and authority as may from time to time be delegated to him
by the CEO or the Board. The Executive shall not engage in any other business or occupation during the Term of Employment that
(i) directly conflicts with the interests of the Intec Group or its Affiliates, (ii) interferes with the proper and efficient
performance of his duties for the Company, or (iii) interferes with the exercise of his judgment in the Intec Group’s best
interests, in each case as shall be determined by the CEO in its sole discretion.

 

3. Term.

 

The
Term of Employment under this Agreement, and the employment of the Executive hereunder, shall commence on the date hereof until
terminated in accordance with Section 6 hereof.

 

4. Compensation.

 

(a) Base
Salary. The Executive shall receive a Base Salary at the annual rate of $320,000 during the Term of Employment,
with such Base Salary payable in installments consistent with the Company’s normal payroll schedule, subject to applicable withholding
and other taxes. As an exempt employee, the Executive will not receive any overtime pay. The Executive’s Base Salary will
be reviewed annually in accordance with the established procedures of the Company.

 

    4

     

    

 

(b) Bonuses.
For each calendar year beginning on or after January 1, 2018, during which Term of Employment continues through
December 31st, the Executive shall be eligible to receive a Bonus of up to 40% of Base Salary, subject to the achievement
of certain goals to be set by the Board. Any Bonus under this Section 4(b) shall be payable, subject to applicable tax withholdings,
as soon as administratively feasible, but in no event later than March 15 after the calendar year in which the Bonus was earned.
The annual bonus opportunity shall also be reviewed annually in accordance with the compensation policies of the Company.

 

5. Expense
Reimbursement and Other Benefits.

 

(a) Reimbursement
of Expenses. Upon the submission of proper substantiation by the Executive, and subject to such rules and guidelines
as the Company may from time to time adopt with respect to the reimbursement of expenses of executive personnel, the Company shall
reimburse the Executive for all reasonable expenses actually paid or incurred by the Executive during the Term of Employment in
the course of and pursuant to the business of the Company. The Executive shall account to the Company in writing for all expenses
for which reimbursement is sought and shall supply to the Company copies of all relevant invoices, receipts or other evidence
reasonably requested by the Company.

 

(b) Compensation/Benefit
Programs. During the Term of Employment,
the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability,
travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its personnel,
including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation
provisions set forth in such plans.

 

(c) Stock
Options. The Company shall grant to the Executive options to purchase up to 250,000 shares of Intec’s Ordinary
Shares (the “Stock Options”), in each case at a per share
exercise price equal to the average closing sale price of Intec’s Ordinary Shares on NASDAQ Capital Market over the 30 trading-day
period immediately preceding the date of approval by the Board, or the fair market value (as determined in accordance with Section
409A of the Code) of an Ordinary Share of Intec, whichever amount is greater. Subject to the Term of Employment under this Agreement,
and the employment of the Executive hereunder, continuing on and through each vesting date (except as provided in Section 6 below),
the Stock Options will vest over three (3) years according to the following schedule: 33% of the Stock Options shall vest and
become exercisable on the first anniversary of the grant date, and the remaining portion of the Stock Options shall vest and become
exercisable in eight equal quarterly installments thereafter. The Stock Options shall be subject to a seven (7) year expiration
from the grant date, and such other terms and conditions set forth in the stock option agreement and the provisions of Intec’s
equity plan pursuant to which the Stock Options grant is being made. In the event of (i) a Change in Control or (ii) the entry
into a “‘Material Agreement” (as shall be defined by the compensation committee of the Board and the Board)
any Stock Options that have not previously vested shall become vested and exercisable immediately prior to such event. The Executive
shall also be eligible for additional share option grants, or any other equity or equity related compensation plan or arrangement
that may be made available to senior executives, in each case, at the discretion of the Board.

 

(d) Other
Benefits. The Executive shall be entitled to (i) paid holidays as generally provided by Intec to its personnel,
and (ii) three (3) weeks of paid vacation each calendar year during the Term of Employment, to be taken at such times as the Executive
and the Company shall mutually determine, and provided that such vacation time shall not adversely affect in any material way
the Executive’s performance of his duties required to be rendered by the Executive under this Agreement. Any vacation time accrued
but not taken by the Executive during any calendar year may not be carried forward into any succeeding calendar year. The Executive
shall receive such additional benefits, if any, as the Board shall from time to time determine.

 

    5

     

    

 

(g) Israeli
Taxes. To the extent any component of the Executive’s compensation under this Agreement shall be subject to withholdings,
taxes or other govemmentally imposed taxes or tariffs under Israeli law (“Israeli
Taxes”), the Company shall pay directly to the tax counsel or other expert tax advisor(s) engaged by either
the Company or Intec (with the Executive’s approval, which shall not be unreasonably withheld) any fees, expenses or other
costs incurred in order to provide counsel, advice and representation on the Executive’s behalf with regard to liability
for any such Israeli Taxes. If the Executive is subject to any inquiry (including, without limitation, an audit, examination or
investigation) by an agent or agency of the Israeli government, the Company shall pay directly to the auditor(s), accountant(s),
attorney(s) or other person(s) engaged by either the Company or Intec (with the Executive’s approval, which shall not be unreasonably
withheld) any fees, expenses or other costs incurred that relate to any such inquiry.

 

6. Termination.

 

(a)
General. The Term of Employment shall terminate upon the earliest to
occur of (i) the Executive’s death, (ii) a termination by the Company (in accordance with all applicable law, including, without
limitation, the Americans with Disabilities Act) or the Executive by reason of the Executive’s Disability, (iii) a termination
by the Company with or without Cause, or (iv) a termination by the Executive with or without Good Reason. Upon any termination
of the Executive’s employment for any reason, except as may otherwise be requested by the Company in writing and agreed upon in
writing by the Executive, the Executive shall resign from any and all directorships, committee memberships or any other positions
the Executive holds with the Company or any of its Affiliates.

 

(b) Termination
By Company for Cause. The Company shall at all times have the right, upon written notice to the Executive, to terminate
the Term of Employment for Cause with an immediate effect (subject to the cure period, if applicable, as provided herein in this
Section 6(b)). In no event shall a termination of the Executive’s employment for Cause occur unless the Company gives written
notice to the Executive in accordance with this Agreement stating with reasonable specificity the events or actions that constitute
Cause and providing the Executive with an opportunity to cure (if curable) within a reasonable period of time, and if not cured
within such period, the Executive’s termination shall be effective upon the date immediately following the expiration of such
period. Cause shall in no event be deemed to exist except upon a decision made by the Board, at a meeting, duly called and noticed,
to which the Executive (and the Executive’s counsel) shall be invited upon proper notice. For purposes of this Section 6(b), a
reasonable, good faith determination of Cause by the Board (based on all relevant facts and circumstances) shall be binding and
conclusive on all interested parties. In the event that the Term of Employment is terminated by the Company for Cause, the Executive
shall be entitled only to the Accrued Obligations, payable as of the termination date of the Term of Employment.

 

(c) Disability.
Either the Company (in accordance with all applicable law, including, without limitation, the Americans with Disabilities
Act) or the Executive shall have the option to terminate the Term of Employment, upon written notice to the other party, at any
time during which the Executive is suffering from a Disability. In the event that the Term of Employment is terminated due to
the Executive’s Disability, the Executive shall be entitled to (i) the Accrued Obligations, payable as of the termination
date of the Term of Employment, and (ii) vesting, immediately prior to such termination, in any Stock Options that have not previously
vested.

 

    6

     

    

 

(d) Death.
In the event that the Term of Employment is terminated due to the Executive’s death, the Executive shall be entitled
to (i) the Accrued Obligations, payable as of the termination date of the Term of Employment, and (ii) vesting, immediately prior
to such termination, in any Stock Options that have not previously vested.

 

(e) Termination
Without Cause. The Company may terminate
the Term of Employment at any time without Cause, by written notice to the Executive not less than 30 days prior to the effective
date of such termination. In the event that the Term of Employment is terminated by the Company without Cause (other than due
to the Executive’s death or Disability) the Executive shall be entitled to (i) the Accrued Obligations, payable as of the
termination date of the Term of Employment, and (ii) the Severance Amount, payable in equal monthly installments during the Severance
Term.

 

(f) Termination
by Executive for Good Reason. The Executive may terminate the Term of Employment for Good Reason by providing the
Company thirty (30) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason,
which written notice, to be effective, must be provided to the Company within sixty (60) days of the occurrence of such event.
During such thirty (30) day notice period, the Company shall have a cure right (if curable), and if not cured within such period,
the Executive’s termination shall be effective upon the date immediately following the expiration of the thirty (30) day notice
period, and the Executive shall be entitled to the same payments and benefits as provided in Section 6(e) above for a termination
without Cause.

 

(g) Termination
by Executive Without Good Reason. The Executive may terminate his employment without Good Reason by providing the
Company sixty (60) days’ written notice of such termination. In the event of a termination of employment by the Executive
under this Section 6(g), the Executive shall be entitled only to the Accrued Obligations, payable as of the termination date of
the Term of Employment. In the event of termination of the Executive’s employment under this Section 6(g), the Company may,
in its sole and absolute discretion, by written notice of at least five (5) business days, accelerate such date of termination
and still have it treated as a termination without Good Reason.

 

(h) Change
in Control of the Company. In the event of a Change in Control, any Stock Options granted to the Executive that
have not previously vested shall become fully vested and exercisable immediately prior to such Change in Control, pursuant to
Section 5(d). If the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason during
the one (1) year period immediately following a Change in Control, then in lieu of any amounts otherwise payable under Section
6(e) or 6(1) hereof, the Executive shall be entitled to (i) the Accrued Obligations, payable as of the termination date of the
Term of Employment and (ii) a lump-sum payment equal to the Severance Amount, payable on the first day after the general release
of claims (as described in Section 6(i), below) becomes irrevocable in accordance with the provisions of such general release
of claims.

 

(i) Release.
Any payments or benefits due to Executive under this Section 6 (other than the Accrued Obligations) shall be conditioned
upon the Executive’s execution of a general release of claims substantially in the form attached hereto as Exhibit A (subject
to such modifications as the Company or the Executive reasonably may request) that becomes irrevocable in accordance with the
provisions of such general release of claims. The vesting of the Stock Options and payment of any amounts subject to the Executive’s
release shall be delayed until the first day after the date such release becomes irrevocable in accordance with the provisions
of such general release of claims (the “Payment Commencement Date ’),
and any payments or benefits that are so delayed shall be paid or made effective on the Payment Commencement Date.

 

    7

     

    

 

(j) Section
280G Reductions.

 

(i)
Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution
by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the
terms of this Agreement or otherwise (a “Payment”), would be nondeductible
by the Company for Federal income tax purposes because of Section 280G of the Code, then the aggregate present value of amounts
payable or distributable to or for the benefit of the Executive pursuant to this Agreement (such payments or distributions pursuant
to this Agreement are hereinafter referred to as “Agreement Payments”) shall be reduced to the Reduced Amount. The
“Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Agreement
Payments without causing any Payment to be nondeductible by the Company because of Section 280G of the Code. Anything to the contrary
notwithstanding, if the Reduced Amount is zero and it is determined further that any Payment which is not an Agreement Payment
would nevertheless be nondeductible by the Company for Federal income tax purposes because of Section 280G of the Code, then the
aggregate present value of Payments which are not Agreement Payments shall also be reduced (but not below zero) to an amount expressed
in present value which maximizes the aggregate present value of Payments without causing any Payment to be nondeductible by the
Company because of Section 280G of the Code. For purposes of this Section 6(k), present value shall be determined in accordance
with Section 280G(d)(4) of the Code.

 

(ii) All
determinations required to be made under this Section 6(k) shall be made by Price Waterhouse Coopers, LLC (the “Accounting
Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within
twenty (20) business days of the Company’s “change in control” determined in accordance with Section 280G of the Code
or such other time as is requested by the Company and an opinion to the Executive that he has substantial authority not to report
any excise tax on his Federal income tax return with respect to any Payments. Any such determination by the Accounting Firm shall
be binding upon the Company and the Executive. The Company shall elect which and how much of the Payments shall be eliminated
or reduced consistent with the requirements of this Section 6(k) and shall notify the Executive promptly of such election. If
and to the extent necessary to avoid a violation of Section 409A, no amounts payable under any “nonqualified deferred compensation
plan’’ subject to Section 409A shall be reduced until after all other Payments have been reduced. Within five business days
thereafter, the Company shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the
Executive under this Agreement. All fees and expenses of the Accounting Firm incurred in connection with the determinations contemplated
by this Section 6(k) shall be borne by the Company.

 

(k) Cooperation.
Following the Term of Employment, the
Executive shall give his assistance and cooperation willingly, upon reasonable advance notice with due consideration for his other
business or personal commitments, in any matter relating to his position with the Intec Group, or his expertise or experience
as the Intec Group may reasonably request, including his attendance and truthful testimony where deemed appropriate by the Intec
Group, with respect to any investigation or the Intec Group’s defense or prosecution of any existing or future claims or litigations
or other proceedings relating to matters in which he was involved or potentially had knowledge by virtue of his employment with
the Company. In no event shall his cooperation materially interfere with his services for a subsequent employer or other similar
service recipient. To the extent permitted by law, the Company agrees that (i) it shall promptly reimburse the Executive for his
reasonable and documented expenses in connection with his rendering assistance and/or cooperation under this Section 6(1) upon
his presentation of documentation for such expenses and (ii) the Executive shall be reasonably compensated for any continued material
services as required under this Section 6(1).

 

    8

     

    

 

(l) Return
of Company Property. Following the Termination Date, the Executive or his personal representative shall return
all Intec Group property in his possession, including but not limited to all computer equipment (hardware and software), telephones,
facsimile machines, palm pilots and other communication devices, credit cards, office keys, security access cards, badges, identification
cards and all copies (including drafts) of any documentation or information (however stored) relating to the business of the Intec
Group, its customers and clients or its prospective customers and clients.

 

(m) Compliance
with Section 409A.

 

(i)
General. It is the intention of both the Company and the Executive
that the benefits and rights to which the Executive could be entitled pursuant to this Agreement comply with Section 409A of the
Code and the Treasury Regulations and other guidance promulgated or issued thereunder (“Section
409A,,), to the extent that the requirements of Section 409A are applicable thereto,
and the provisions of this Agreement shall be construed in a manner consistent with that intention. If the Executive or the Company
believes, at any time, that any such benefit or right that is subject to Section 409A does not so comply, it shall promptly advise
the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply
with Section 409A (with the most limited possible economic effect on the Executive and on the Company).

 

(ii) Distributions
on Account of Separation from Service. If and
to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account
of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation
from service” within the meaning of Section 409A.

 

(iii) 6
Month Delay for Specified Employees.

 

(A) If
the Executive is a “specified employee”, then no payment or benefit that is payable on account of the Executive’s
“separation from service”, as that term is defined for purposes of Section 409A, shall be made before the date that
is six (6) months after the Executive’s “separation from service” (or, if earlier, the date of the Executive’s
death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation)
under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed
by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in
order to catch up to the original payment schedule.

 

(B) For
purposes of this provision, the Executive shall be considered to be a “specified employee” if, at the time of his
or her separation from service, the Executive is a “key employee”, within the meaning of Section 416(i) of the Code,
of the Company (or any person or entity with whom the Company would be considered a single employer under Section 414(b) or Section
414(c) of the Code) any stock in which is publicly traded on an established securities market or otherwise.

 

(iv) No
Acceleration of Payments. Neither the Company nor the Executive, individually or in combination, may accelerate
any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement,
and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating
Section 409A.

 

    9

     

    

 

(v) Treatment
of Each Installment as a Separate Payment. For
purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which the
Executive is entitled under this Agreement shall be treated as a separate payment. In addition, to the extent permissible
under Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of
separate payments.

 

(vi) Taxable
Reimbursements and In-Kind Benefits.

 

(A)
Any reimbursements by the Company to the Executive of any eligible expenses under this Agreement that are not excludable from
the Executive’s income for Federal income tax purposes (the “Taxable Reimbursements”)
shall be made by no later than the last day of the taxable year of the Executive following the year in which the expense was incurred.

 

(B) The
amount of any Taxable Reimbursements, and the value of any in-kind benefits to be provided to the Executive, during any taxable
year of the Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other
taxable year of the Executive.

 

(C) The
right to Taxable Reimbursement, or in-kind benefits, shall not be subject to liquidation or exchange for another benefit.

 

(vii) Tax
Gross-Ups. Payment of any tax reimbursements under this Agreement must be made by no later than the end of the
taxable year of the Executive following the taxable year of the Executive in which the Executive remits the related taxes.

 

(viii) No
Guaranty of 409A Compliance. Notwithstanding the foregoing, the Company does not make any representation to the
Executive that the payments or benefits provided under this Agreement are exempt from, or satisfy, the requirements of Section
409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Executive or any beneficiary
of the Executive for any tax, additional tax, interest or penalties that the Executive or any beneficiary of the Executive may
incur in the event that any provision of this Agreement, or any amendment or modification thereof, or any other action taken with
respect thereto, is deemed to violate any of the requirements of Section 409A.

 

7. Restrictive
Covenants.

 

(a) Non-competition.
At all times during the Restricted Period, the Executive shall not, directly or indirectly (whether as a principal,
agent, partner, employee, officer, investor, owner, consultant, board member, security holder, creditor or otherwise), engage
in any Competitive Activity, or have any direct or indirect interest in any sole proprietorship, corporation, company, partnership,
association, venture or business or any other person or entity that directly or indirectly (whether as a principal, agent, partner,
employee, officer, investor, owner, consultant, board member, security holder, creditor, or otherwise) engages in a Competitive
Activity; provided that the foregoing shall not apply to the Executive’s ownership of Ordinary Shares of the Company or the acquisition
by the Executive, solely as an investment, of securities of any issuer that is registered under Section 12(b) or 12(g) of the
Securities Exchange Act of 1934, and that are listed or admitted for trading on any United States national securities exchange
or that are quoted on the Nasdaq Stock Market, or any similar system or automated dissemination of quotations of securities prices
in common use, so long as the Executive does not control, acquire a controlling interest in or become a member of a group which
exercises direct or indirect control of, more than five percent (5%) of any class of capital stock of such corporation.

 

    10

     

    

 

(b) Nonsolicitation
of Employees and Certain Other Third Parties. At
all times during the Restricted Period, the Executive shall not. directly or indirectly, for himself or for any other person,
firm, corporation, partnership, association or other entity (i) employ or attempt to employ or enter into any contractual
arrangement with any employee, consultant or independent contractor performing services for the Intec Group, or any
Affiliate, and/or (ii) call on, solicit, or engage in business with, any of the actual or targeted prospective customers or
clients of the Intec Group or any Affiliate on behalf of any person or entity in connection with any Competitive Activity,
nor shall the Executive make known the names and addresses of such actual or targeted prospective customers or clients, or
any information relating in any manner to the trade or business relationships of the Intec Group or any Affiliates with such
customers or clients, other than in connection with the performance of the Executive’s duties under this Agreement,
and/or (iii) persuade or encourage or attempt to persuade or encourage any persons or entities with whom the Intec Group or
any Affiliate does business or has some business relationship to cease doing business or to terminate its business
relationship with the Intec Group or any Affiliate or to engage in any Competitive Activity on its own or with any competitor
of the Intec Group or any Affiliate.

 

(c) Confidential
Information. The Executive shall not at any time divulge, communicate, use to the detriment of the Intec Group
or any Affiliate or for the benefit of any other person or persons, or misuse in any way, any Confidential Information pertaining
to the business of the Intec Group or any Affiliate. Any Confidential Information or data now or hereafter acquired by the Executive
with respect to the business of the Intec Group or any Affiliate (which shall include, but not be limited to, information concerning
the Intec Group’s or any Affiliate’s financial condition, prospects, technology, customers, suppliers, sources of
leads and methods of doing business) shall be deemed a valuable, special and unique asset of the Intec Group and Affiliates that
is received by the Executive in confidence and as a fiduciary, and the Executive shall remain a fiduciary to the Intec Group and
its Affiliates with respect to all of such information. Notwithstanding the foregoing, nothing herein shall be deemed to restrict
the Executive from disclosing Confidential Information as required to perform his duties under this Agreement or to the extent
required by law or by a court of law or regulatory process. If any person or authority makes a demand on the Executive purporting
to legally compel him to divulge any Confidential Information, the Executive immediately shall give notice of the demand to the
Company so that the Company may first assess whether to challenge the demand prior to the Executive’s divulging of such
Confidential Information. The Executive shall not divulge such Confidential Information until the Company either has concluded
not to challenge the demand, or has exhausted its challenge, including appeals, if any. Upon request by the Company, the Executive
shall deliver promptly to the Company upon termination of his services for the Intec Group, or at any time thereafter as the Company
may request, all memoranda, notes, records, reports, manuals, drawings, designs, computer files in any media and other documents
(and all copies thereof) containing such Confidential Information.

 

(d) Ownership
of Developments. All processes, concepts, techniques, inventions and works of authorship, including new contributions,
improvements, formats, packages, programs, systems, machines, compositions of matter manufactured, developments, applications
and discoveries, and all copyrights, patents, trade secrets, or other intellectual property rights associated therewith conceived,
invented, made, developed or created by the Executive during the Term of Employment either during the course of performing work
for the Intec Group or its Affiliates, or their clients, or which are related in any manner to the business (commercial or experimental)
of the Intec Group or its Affiliates or their clients (collectively, the “Work Product”) shall belong exclusively to
the Intec Group and its Affiliates and shall, to the extent possible, be considered a work made by the Executive for hire for
the Intec Group and its Affiliates within the meaning of Title 17 of the United States Code. To the extent the Work Product may
not be considered work made by the Executive for hire for the Intec Group and its Affiliates, the Executive agrees to assign,
and automatically assign at the time of creation of the Work Product, without any requirement of further consideration, any right,
title, or interest the Executive may have in such Work Product. Upon the request of the Company, the Executive shall take such
further actions, including execution and delivery of instruments of conveyance, as may be appropriate to give full and proper
effect to such assignment. The Executive shall further: (i) promptly disclose the Work Product to the Company; (ii) assign to
the Company or its assignee, without additional compensation, all patent or other rights to such Work Product for the United States
and foreign countries; (iii) sign all papers necessary to carry out the foregoing; and (iv) give testimony in support of his inventions,
all at the sole cost and expense of the Company.

 

    11

     

    

 

(e) Books
and Records. All books, records, and accounts relating commercially or professionally to the customers or clients
of the Intec Group or its Affiliates, whether prepared by the Executive or otherwise coming into the Executive’s possession, shall
be the exclusive property of the Intec Group and its Affiliates and shall be returned immediately to the Company on termination
of the Executive’s employment hereunder or on the Company’s request at any time.

 

(I)
Acknowledgment by Executive. The Executive acknowledges and confirms
that the restrictive covenants contained in this Section 7 (including without limitation the length of the term of the provisions
of this Section 7) are reasonably necessary to protect the legitimate business interests of the Intec Group and its Affiliates,
are not unreasonable and are not the result of duress or coercion of any kind. The Executive further acknowledges and confirms
that the compensation payable to the Executive under this Agreement is in consideration for the duties and obligations of the
Executive hereunder, including the restrictive covenants contained in this Section 7, and that such compensation is sufficient,
fair and reasonable. The Executive acknowledges and confirms that given the position the Executive holds within the Intec Group
and its Affiliates, the Company would not enter into this Agreement or otherwise employ or continue the employment of the Executive
unless the Executive agrees to be bound by the restrictive covenants set forth in this Section 7. The Executive expressly agrees
that upon any breach or violation of the provisions of this Section 7, the Intec Group shall be entitled, as a matter of right,
in addition to any other rights or remedies it may have, to (i) injunctive relief in any court of competent jurisdiction as described
in Section 7(i) hereof, and (ii) such damages as are provided at law or in equity.

 

(h) Reformation
by Court. In the event that a court of competent jurisdiction shall determine that any provision of this Section
7 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of this
Section 7 within the jurisdiction of such court, such provision shall be interpreted or reformed and enforced as if it provided
for the maximum restriction permitted under such governing law.

 

(i) Extension
of Time. If the Executive is in material violation of any provision of this Section 7, then each time limitation
set forth in this Section 7 shall be extended for a period of time equal to the period of time during which such violation or
violations occur.

 

    12

     

    

 

(j) Injunction.
It is recognized and hereby acknowledged by the parties hereto that a material breach by the Executive of any of
the covenants contained in Section 7 of this Agreement may cause irreparable harm and damage to the Intec Group, and its Affiliates,
the monetary amount of which may be impossible to ascertain. As a result, the Executive recognizes and hereby acknowledges that
the Intec Group and its Affiliates shall be entitled to an injunction from any court of competent jurisdiction enjoining and restraining
any violation of any or all of the covenants contained in Section 7 of this Agreement by the Executive or any of his agents, either
directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies the Company
may lawfully possess.

 

8.
 Representations and Warranties of Executive.
The Executive represents and warrants to the Company that:

 

(a) the
Executive’s employment with the Company will not in any material way conflict with or result in his breach of any agreement to
which he is a party or otherwise may be bound;

 

(b) the
Executive has not violated, and in connection with his employment with the Company will not violate, any non-solicitation, non-competition
or other similar covenant or agreement of a prior employer by which he is or may be bound; and

 

(c) in
connection with the Executive’s employment with the Company, he will not use any confidential or proprietary information
that he may have obtained in connection with employment with any prior employer.

 

9. Taxes. Anything
in this Agreement to the contrary notwithstanding, all payments required to be made by the Company hereunder to the Executive
or his estate or beneficiaries shall be subject to the withholding of such amounts relating to taxes as the Company may
reasonably determine it should withhold pursuant to any applicable law or regulation. In lieu of withholding such amounts, in
whole or in part, the Company may, in its sole discretion, accept other provisions for payment of taxes and withholding as
required by law, provided it is satisfied that all requirements of law affecting its responsibilities to withhold have been
satisfied.

 

10. Arbitration.

 

(a) Exclusive
Remedy. The parties recognize that litigation in federal or state courts or before federal or state administrative
agencies of disputes arising out of the Executive’s employment with the Company or out of this Agreement, or the Executive’s termination
of employment or termination of this Agreement, may not be in the best interests of either the Executive or the Company, and may
result in unnecessary costs, delays, complexities, and uncertainty. The parties agree that any dispute between the parties arising
out of or relating to the Executive’s employment, or to the negotiation, execution, performance or termination of this Agreement
or the Executive’s employment, including, but not limited to, any claim arising out of this Agreement, claims under Title VII
of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the
Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act,
the Employee Retirement Income Security Act, and any similar federal, state or local law, statute, regulation, or any common law
doctrine, whether that dispute arises during or after employment shall be resolved by arbitration in the San Diego, California
area, in accordance with the National Employment Arbitration Rules of the American Arbitration Association, as modified by the
provisions of this Section 10. Except as set forth below with respect to Section 7 of this Agreement, the parties each further
agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy, and each party expressly
waives any right it might have to seek redress in any other forum, except as otherwise expressly provided in this Agreement. Notwithstanding
anything in this Agreement to the contrary, the provisions of this Section 10 shall not apply to any injunctions that may be sought
with respect to disputes arising out of or relating to Section 7 of this Agreement. The parties acknowledge and agree that their
obligations under this arbitration agreement survive the expiration or termination of this Agreement and continue after the termination
of the employment relationship between the Executive and the Company. By election of
arbitration as the means for Final settlement of all claims, the parties hereby waive their respective rights to, and agree not
to, sue each other in any action in a Federal, State or local court with respect to such claims, hut may seek to enforce in court
an arbitration award rendered pursuant to this Agreement. The parties specifically agree to waive their respective rights to a
trial by jury’, and further agree that no demand, request or motion will be made for trial by jury.

 

    13

     

    

 

(b) Arbitration
Procedure and Arbitrator’s Authority. In the arbitration proceeding, each party shall be entitled to engage
in any type of discovery permitted by the Federal Rules of Civil Procedure, to retain its own counsel, to present evidence and
cross-examine witnesses, to purchase a stenographic record of the proceedings, and to submit post-hearing briefs. In reaching
his/her decision, the arbitrator shall have no authority to add to, detract from, or otherwise modify any provision of this Agreement.
The arbitrator shall submit with the award a written opinion which shall include findings of fact and conclusions of law. Judgment
upon the award rendered by the arbitrator may be entered in any court having competent jurisdiction.

 

(c) Effect
of Arbitrator’s Decision; Arbitrator’s Fees. The decision of the arbitrator shall be final and binding
between the parties as to all claims which were or could have been raised in connection with the dispute, to the full extent permitted
by law. In all cases in which applicable federal law precludes a waiver of judicial remedies, the parties agree that the decision
of the arbitrator shall be a condition precedent to the institution or maintenance of any legal, equitable, administrative, or
other formal proceeding by the Executive in connection with the dispute, and that the decision and opinion of the arbitrator may
be presented in any other forum on the merits of the dispute. If the arbitrator finds that the Executive was terminated in violation
of law or this Agreement, the parties agree that the arbitrator acting hereunder shall be empowered to provide the Executive with
any remedy available should the matter have been tried in a court, including equitable and/or legal remedies, compensatory damages
and back pay. The arbitrator’s fees and expenses and all administrative fees and expenses associated with the filing of
the arbitration shall be borne by the non-prevailing party.

 

11. Section
162(m) Limits. Notwithstanding any other provision of this Agreement to the contrary, if and to the extent that
any remuneration payable by the Company to the Executive for any year would exceed the maximum amount of remuneration that the
Company may deduct for that year under Section 162(m), payment of the portion of the remuneration for that year that would not
be so deductible under Section 162(m) shall, in the sole discretion of the Board, be deferred and become payable at such time
or times as the Board determines that it first would be deductible by the Company under Section 162(m), with interest at the “short-term
applicable rate” as such term is defined in Section 1274(d) of the Code. The limitation set forth under this Section 11 shall
not apply with respect to any amounts payable to the Executive pursuant to Section 6 hereof.

 

12. Assignment.
The Company shall have the right to assign this Agreement and its rights and obligations hereunder in whole, but
not in part, to any corporation or other entity with or into which the Company may hereafter merge or consolidate or to which
the Company may transfer all or substantially all of its assets, if in any such case said corporation or other entity shall by
operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally
made a party hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. The Executive may not
assign or transfer this Agreement or any rights or obligations hereunder (other than by will or the laws of descent and distribution).

 

    14

     

    

 

13. Governing
Law. To the extent not preempted by federal law, this Agreement shall be governed by and construed and enforced
in accordance with the internal laws of the State of New York, without regard to principles of conflict of laws.

 

14. Jurisdiction
and Venue. The parties acknowledge that a substantial portion of the negotiations, anticipated performance and
execution of this Agreement occurred or shall occur in New York, New York, and that, therefore, without limiting the
jurisdiction or venue of any other federal or state courts, each of the parties irrevocably and unconditionally (i) agrees
that any suit, action or legal proceeding arising out of or relating to this Agreement which is expressly permitted by the
terms of this Agreement to be brought in a court of law, shall be brought in the courts of record of the State of New York in
Kings County or the court of the United States, Second Circuit; (ii) consents to the jurisdiction of each such court in any
such suit, action or proceeding; (iii) waives any objection which it or he may have to the laying of venue of any such suit,
action or proceeding in any of such courts; and (iv) agrees that service of any court papers may be effected on such party by
mail, as provided in this Agreement, or in such other manner as may be provided under applicable laws or court rules in such
courts.

 

15. Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and. upon its effectiveness, shall supersede all prior agreements, understandings and arrangements, both oral and
written, between the Executive and the Company (or any of its affiliates) with respect to such subject matter. This Agreement
may not be modified in any way unless by a written instrument signed by both the Company and the Executive.

 

16. Survival.
The respective rights and obligations of the parties hereunder shall survive any termination of the Executive’s
employment hereunder, including without limitation, the Company’s obligations under Section 6 and the Executive’s obligations
under Section 7 above, and the expiration of the Term of Employment, to the extent necessary to the intended preservation of such
rights and obligations.

 

17. Notices.
All notices required or permitted to be given hereunder shall be in writing and shall be personally delivered by
courier, sent by registered or certified mail, return receipt requested, sent via email with receipt acknowledgment or sent by
confirmed facsimile transmission addressed as set forth herein. Notices personally delivered, sent via email or by facsimile or
sent by overnight courier shall be deemed given on the date of delivery, and notices mailed in accordance with the foregoing shall
be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three (3) days after
deposit in the U.S. mail. Notice shall be sent (i) if to the Company, addressed to 12 Hartom St., Har Hotzvim. Jerusalem. Israel:
Attention: Chief Financial Officer, and (ii) if to the Executive, to his address as reflected on the payroll records of the Company,
or to such other address as either party shall request by notice to the other in accordance with this provision.

 

18. Benefits;
Binding Effect. This Agreement shall be for the benefit of and binding upon the parties hereto and their respective
heirs, personal representatives, legal representatives, successors and. where permitted and applicable, assigns, including, without
limitation, any successor to the Company, whether by merger, consolidation, sale of stock, sale of assets or otherwise.

 

    15

     

    

 

19. Right
to Consult with Counsel; No Drafting Party. The Executive acknowledges having read and considered all of the provisions
of this Agreement carefully, and having had the opportunity to consult with counsel of his own choosing, and, given this, the
Executive agrees that the obligations created hereby are not unreasonable. The Executive acknowledges that he has had an opportunity
to negotiate any and all of these provisions and no rule of construction shall be used that would interpret any provision in favor
of or against a party on the basis of who drafted the Agreement.

 

20. Severability.
The invalidity of any one or more of the words, phrases, sentences, clauses, provisions, sections or articles contained
in this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of
which are inserted conditionally on their being valid in law, and, in the event that any one or more of the words, phrases, sentences,
clauses, provisions, sections or articles contained in this Agreement shall be declared invalid, this Agreement shall be construed
as if such invalid word or words, phrase or phrases, sentence or sentences, clause or clauses, provisions or provisions, section
or sections or article or articles had not been inserted. If such invalidity is caused by length of time or size of area, or both,
the otherwise invalid provision will be considered to be reduced to a period or area which would cure such invalidity.

 

21. Waivers.
The waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall not
operate nor be construed as a waiver of any subsequent breach or violation.

 

22. Damages;
Attorneys Fees. Nothing contained herein shall be construed to prevent the Company or the Executive from seeking
and recovering from the other damages sustained by either or both of them as a result of its or his breach of any term or provision
of this Agreement. In the event that either party hereto seeks to collect any damages resulting from, or the injunction of any
action constituting, a breach of any of the terms or provisions of this Agreement, then the party found to be at fault shall pay
all reasonable costs and attorneys’ fees of the other.

 

23. Waiver
of Jury Trial. The Executive hereby knowingly, voluntarily and intentionally waives any right that the Executive
may have to a trial by jury in respect of any litigation based hereon, or arising out of, under or in connection with this Agreement
and any agreement, document or instrument contemplated to be executed in connection herewith, or any course of conduct, course
of dealing statements (whether verbal or written) or actions of any party hereto.

 

24. Section
Headings. The article, section and paragraph headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement.

 

25. No
Third Party Beneficiary. Nothing expressed or implied in this Agreement is intended, or shall be construed, to
confer upon or give any person other than the Company, the parties hereto and their respective heirs, personal representatives,
legal representatives, successors and permitted assigns, any rights or remedies under or by reason of this Agreement.

 

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

 

    16

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

 

	 	COMPANY:	 
	 	 	 	 
	 	Intec
    Pharma Inc.	 
	 	 	 	 
	 	By:	/s/
    Jeffrey A. Meckler      	/s/
    Nir Sassi
	 	Name: 	Jeffrey
    A. Meckler      	Nir Sassi
	 	Title:	CEO     	CFO
	 	 	 	 
	 	EXECUTIVE:	 
	 	 	 
	 	/s/
    R. Michael Gendreau	 
	 	R.
    Michael Gendreau, MD	 

 

    17

     

    

 

EXHIBIT
A

FORM OF RELEASE

 

GENERAL
RELEASE OF CLAIMS

 

1. R.
Michael Gendreau (“Executive”), for himself and his family, heirs,
executors, administrators, legal representatives and their respective successors and assigns, in exchange for the consideration
received pursuant to Section 6 (other than the Accrued Obligations) of the Employment Agreement to which this release is attached
as Exhibit A (the “Employment Aureement”). does hereby release
and forever discharge Intec Pharma, Inc. (the “Company”), its subsidiaries,
affiliated companies, successors and assigns, and its current or former directors, officers, employees, shareholders or agents
in such capacities (collectively with the Company, the “Released Parties”)
from any and all actions, causes of action, suits, controversies, claims and demands whatsoever, for or by reason of any matter,
cause or thing whatsoever, whether known or unknown including, but not limited to, all claims under any applicable laws arising
under or in connection with Executive’s employment or termination thereof, whether for tort, breach of express or implied employment
contract, wrongful discharge, intentional infliction of emotional distress, or defamation or injuries incurred on the job or incurred
as a result of loss of employment. Executive acknowledges that the Company encouraged him to consult with an attorney of his choosing,
and through this General Release of Claims encourages him to consult with his attorney with respect to possible claims under the
Age Discrimination in Employment Act (“ADEA”) and that he understands that the ADEA is a Federal statute that, among
other things, prohibits discrimination on the basis of age in employment and employee benefits and benefit plans. Without limiting
the generality of the release provided above, Executive expressly waives any and all claims under ADEA that he may have as of
the date hereof. Executive further understands that by signing this General Release of Claims he is in fact waiving, releasing
and forever giving up any claim under the ADEA as well as all other laws within the scope of this paragraph 1 that may have existed
on or prior to the date hereof. Notwithstanding anything in this paragraph 1 to the contrary, this General Release of Claims shall
not apply to (i) any rights to receive any payments or benefits pursuant to Section 6 of the Employment Agreement, (ii) any rights
or claims that may arise as a result of events occurring after the date this General Release of Claims is executed, (iii) any
indemnification rights Executive may have as a former officer or director of the Company or its subsidiaries or affiliated companies,
(iv) any claims for benefits under any directors’ and officers’ liability policy maintained by the Company or its subsidiaries
or affiliated companies in accordance with the terms of such policy, and (v) any rights as a holder of equity securities of the
Company.

 

2. Executive
represents that he has not filed against the Released Parties any complaints, charges, or lawsuits arising out of his employment,
or any other matter arising on or prior to the date of this General Release of Claims, and covenants and agrees that he will never
individually or with any person file, or commence the filing of, any charges, lawsuits, complaints or proceedings with any governmental
agency, or against the Released Parties with respect to any of the matters released by Executive pursuant to paragraph 1 hereof
(a “Proceeding”); provided. however.
Executive shall not have relinquished his right to commence a Proceeding to challenge whether Executive knowingly and voluntarily
waived his rights under ADEA.

 

    A-1

     

    

 

3. Executive
hereby acknowledges that the Company has informed him that he has up to twenty-one (21) days to sign this General Release of Claims
and he may knowingly and voluntarily waive that twenty-one (21) day period by signing this General Release of Claims earlier.
Executive also understands that he shall have seven (7) days following the date on which he signs this General Release of Claims
within which to revoke it by providing a written notice of his revocation to the Company.

 

4. Executive
acknowledges that this General Release of Claims will be governed by and construed and enforced in accordance with the internal
laws of the State of New York applicable to contracts made and to be performed entirely within such State.

 

5. Executive
acknowledges that he has read this General Release of Claims, that he has been advised that he should consult with an attorney
before he executes this general release of claims, and that he understands all of its terms and executes it voluntarily and with
full knowledge of its significance and the consequences thereof.

 

6. This
General Release of Claims shall take effect on the eighth day following Executive’s execution of this General Release of Claims
unless Executive’s written revocation is delivered to the Company within seven (7) days after such execution.

 

7. Notwithstanding
any of the foregoing provisions of this General Release of Claims, in the event that the period within which the Executive had
the right to execute or revoke execution of this Release extends from one tax year of the Executive to the subsequent tax year
of the Executive, such execution or revocation shall be deemed to be made in the subsequent tax year of the Executive, in compliance
with Section 409A of the Internal Revenue Code of 1986, as amended.

 

February 1,
2018

 

 

A-2Exhibit
10.26

 

PROCESS
DEVELOPMENT AGREEMENT

ACCORDION
PILLTM CARBIDOPA LEVODOPA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.

     

    

 

	Article
    I         Definitions	5
	General	5
	1.01	“ACCORDION PILL”	5
	1.02	“ACCORDION PILL PRODUCTION LINE”	5
	1.03	“ACTIVE PHARMACEUTICAL INGREDIENT/ API”	5
	1.04	“Affiliate”	6
	1.05	“Agreement”	6
	1.06	“BUSINESS DAY”	6
	1.07	“Clinical Samples”	6
	1.08	“CMC Part”	6
	1.09	“Commercially
    Reasonable Efforts”	6
	1.10	“COMPONENTS”	7
	1.11	“Control”	7
	1.12	“Defective
    Product”	7
	1.13	“Development
    Activities”	7
	1.14	“Development
    Plan”	7
	1.18	“Manufacturing
    Agreement”	8
	1.19	“Product”	8
	1.20	“Project”	8
	1.21	“Specifications”	9
	Article
    II        Cooperation; Scope of Work	9
	Article
    III       EQuipment	10
	Article
    IV      Contribution of LTS	13
	4.01	LTS Contribution	13
	4.02	Changes to the Development
    Plan and additional LTS activities	13
	4.03	Estimated timelines
    and costs	13
	4.04	LTS’ Support
    of Registration	14
	4.05	Audit at LTS	15
	4.06	QUALITY AGREEMENT	15
	Article
    V        Contributions of INTEC	15
	5.01	API Supply	15
	5.02	DATA TRANSFER	16
	5.03	Evaluating Results	16
	5.04	Clinical Trials	17
	5.05	Registration of Products	17
	Article
    VI      TECHNICAL WORKING GROUP	17
	Article
    VII     Compensation	17
	7.01	INTEC Funding of
    Development Activities	17
	7.02	Payment Terms	18
	7.03	Payment terms	19
	7.04	Expenses	19
	Article
    VIII    Confidentiality	19
	Article
    X        Future Rights	21
	Article
    XI      Liability and Indemnification	21
	11.01	Supply of Samples	21
	11.02	Replacement	21
	11.03	Product Liability	22
	11.04	Volunteer Insurance	22
	11.05	Acknowledgement	23
	11.06	No Indirect, Punitive
    or Exemplary Damages	23
	11.07	No warranty	23

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
2

     

    

 

	Article
    XII     Term and Termination	23
	Article
    XIII    Miscellaneous Provisions	26
	13.01	No Waiver	26
	13.02	ASSIGNMENT	26
	13.03	Involvement of Third
    Parties by LTS	26
	13.04	Involvement of Third
    Parties by INTEC	27
	13.05	No Agency	27
	13.06	Force Majeure	27
	13.07	Choice of Law and
    Jurisdiction	28
	13.08	No Jury Trial	28
	13.09	Notices	28
	13.10	Official Language	29
	13.11	Severability	29
	13.12	Amendment	29
	13.13	Entire Agreement	29
	 	 	 
	ANNEX
1            Development Plan	32
	ANNEX
2            LTS Equipment and Payment Schedule	33
	ANNEX
3            Confidentiality Agreement May 13, 2016 as amended	34
	ANNEX
4            Certificate of LTS Product Liability Insurance	35
	ANNEX
5            API Specifications	36

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
3

     

    

 

PROCESS
DEVELOPMENT AGREEMENT

 

THIS
AGREEMENT, made and effective as of this 17thday of December, 2018 (“Effective Date”) by and between LTS LOHMANN Therapie-Systeme
AG, company organized and existing under the laws of Germany, having its executive offices and principal place of business at
Lohmannstraße 2, 56626 Andernach, Germany (hereinafter called “LTS”) and INTEC PHARMA Ltd., a corporation organized
and existing under the laws of the State of Israel, having its executive offices and principal place of business at 12 Hartom
Street, P.O. Box 45219, Jerusalem, Israel (hereinafter called “INTEC” and as further defined, below).

 

Individually
referred to as a “Party” and jointly referred to as the “Parties”.

 

WITNESSETH

 

WHEREAS
INTEC has developed or owns rights to a certain delivery technology called “Accordion Pill” which is based on patents
under an exclusive license to INTEC and additional proprietary intellectual property and confidential know-how of INTEC;

 

WHEREAS
LTS has expertise in the formulation and manufacturing process of transdermal therapeutic systems and oral thin films and the
commercial manufacture of such formulations which is based on patents and additional proprietary intellectual property and confidential
know-how of LTS;

 

WHEREAS,
LTS and INTEC entered into a Term Sheet dated March 11, 2018 regarding scaling up of the manufacturing process for the Product
using the Accordion Pill technology containing the ingredients Carbidopa/Levodopa (the “Term Sheet”);

 

WHEREAS,
INTEC intends to distribute the Product by itself or through its licensees, successors or assigns as hereinafter defined;

 

WHEREAS,
INTEC wishes LTS to perform the scale-up, process development and establishes the commercial manufacturing of the Product;

 

NOW
THEREFORE, in consideration of the premises and mutual covenants and conditions set forth herein, the Parties agree as follows:

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
4

     

    

 

Article
I Definitions

 

General

 

When
used in this Agreement, each of the following terms shall have the meaning set forth in this Article I.

 

Wherever
used in this Agreement

 

		(a)	words
                                         of any gender include each other gender;

 

		(b)	words
                                         using the singular or plural number also include the plural or singular number, respectively;

 

		(c)	the
                                         terms “hereof”, “herein”, “hereunder”, “hereby”
                                         and derivative or similar words refer to this entire Agreement;

 

		(d)	the
                                         terms “Article” or “Section” refer to the specified Article or
                                         Section of this Agreement;

 

		(e)	The
                                         titles of the Articles and Sections of this Agreement are for general information and
                                         reference only, and this Agreement shall not be construed by reference to the titles.

 

		1.01	“ACCORDION
                                         PILL”

 

The
term “Accordion Pill” shall mean a gastro-retentive oral drug delivery dosage form, comprising a multi-layered drug
delivery system composed of a drug-containing polymeric matrix, the system is folded with multiple undulating pleats, and the
folded system is within a capsule.

 

		1.02	“ACCORDION
                                         PILL PRODUCTION LINE”

 

The
term “Accordion Pill Production Line” shall mean [***]

 

		1.03	“ACTIVE
                                         PHARMACEUTICAL INGREDIENT/ API”

 

“Active
Pharmaceutical Ingredient” or “API” shall mean Carbidopa and Levodopa with specifications as set forth Annex
5 (“API Specifications”).

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
5

     

    

 

		1.04	“Affiliate”

 

“Affiliate”
shall mean any entity which controls, is controlled by, or is under common control with a Party. For purposes of this definition,
a Party shall be deemed to control another entity if it owns or controls, directly or indirectly, at least fifty percent (50%)
of the voting equity of such other entity (or other comparable ownership interest or voting power in an entity other than a corporation)
or if it has management control of the other entity.

 

		1.05	“Agreement”

 

“Agreement”
shall mean this Process Development Agreement and the annexes thereto.

 

		1.06	“BUSINESS
                                         DAY”

 

“Business
Day” shall mean any day (other than Saturdays, Sundays and Public Holidays) on which LTS is opened for business in Andernach,
Germany.

 

		1.07	“Clinical
                                         Samples”

 

“Clinical
Samples” shall mean samples and placebos of the Product supplied to INTEC for purposes of evaluation by INTEC in a clinical
study.

 

		1.08	“CMC
                                         Part”

 

“CMC
Part” shall mean the Chemistry, Manufacturing and Controls part of regulatory submissions for the product (drug master file
or equivalent in other territories).

 

		1.09	“Commercially
                                         Reasonable Efforts”

 

“Commercially
Reasonable Efforts” shall mean [***].

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
6

     

    

 

		1.10	“COMPONENTS”

 

“Components”
shall mean, collectively, all raw materials, excipients and materials required to manufacture and package for performing the Development
Activities other than API.

 

		1.11	“Control”

 

“Control”
(including any variations such as “Controlled” and “Controlling”), in the context of intellectual property
or other rights, shall mean rights sufficient to enable a person to grant another person ownership, access, a license or sublicense
(as applicable) to such intellectual property or other rights, subject to any applicable terms and conditions, without

 

		(a)	requiring
                                         the consent of third party or

 

		(b)	violating
                                         the terms of an agreement with a third party.

 

		1.12	“Defective
                                         Product”

 

“Defective
Product” shall mean Product and/or Clinical Samples that do not comply with the Specifications or, in the case of Clinical
Samples, not manufactured according to cGMP.

 

		1.13	“Development
                                         Activities”

 

“Development
Activities” shall mean the activities as set forth in the Development Plan or additional activities that the Parties may
agree upon in connection with the development of the manufacturing process for the Product (including, but not limited to, qualification
and validation of the manufacturing process).

 

		1.14	“Development
                                         Plan”

 

“Development
Plan” shall mean the plan, which is attached hereto as Annex 1 setting forth the activities to be performed hereunder and
the prospective timelines for such activities starting with the execution of the Agreement.

 

		1.14	“INTEC”

 

“INTEC”
shall mean INTEC PHARMA, Ltd. and its Affiliates, successors and assigns.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
7

     

    

 

		1.15	“INTEC
TECHNOLOGY”

 

“Intec
Technology” shall mean the delivery technology called “Accordion Pill” which is based on patents under an exclusive
license to INTEC and additional proprietary Intellectual Property and confidential know-how of INTEC.

 

		1.16	“INTELLECTUAL
PROPERTY”

 

“Intellectual
Property” shall mean any and all rights in and/or to (a) patents; (b) inventions, discoveries, utility models and improvements
(whether or not capable of protection by patent or registration); (c) copyright and related rights; (d) design rights; (e) trademarks
and service marks; (f) business or trade names, domain names; (g) database rights; (h) confidential information, know-how, trade
secrets; and (i) other intellectual property rights; in each case whether registered or unregistered and including all applications
(or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection
which subsist or will subsist now or in the future in any part of the world.

 

		1.17	“LTS
TECHNOLOGY”

 

“LTS
Technology” shall mean LTS’ expertise in the formulation and manufacturing process of transdermal therapeutic systems
and oral thin films and the commercial manufacture of such formulations which is based on patents and additional proprietary Intellectual
Property and confidential know-how of LTS.

 

		1.18	“Manufacturing
Agreement”

 

“Manufacturing
Agreement” shall mean the manufacturing and supply agreement to be negotiated between the Parties for the manufacture and
supply of the Product as set forth in Article 2.02 of this Agreement.

 

		1.19	“Product”

 

The
term “Product” shall mean an Accordion Pill containing the API according to the Product properties set forth in the
Specifications.

 

		1.20	“Project”

 

“Project”
shall mean cooperation of the Parties under this Agreement with the objective to perform the Development Activities.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
8

     

    

 

		1.21	“Specifications”

 

“Specifications”
shall mean the written specifications to be developed by the Parties for the raw materials of Product and for the manufacturing
and quality control of the Product and/or Clinical Samples, including any and all additions and amendments to the same made in
writing by the Parties during the course of the Project.

 

Article
II Cooperation; Scope of Work

 

		2.01	The
                                         Parties shall duly and exclusively cooperate during the course of the Project.

 

		2.02	In
case that the respective first regulatory market authorisation grants the market authorisation for the Product, the Parties agree
that LTS shall exclusively manufacture the Product for INTEC and/or its licensees, successors or assigns for as long as the Parties’
relationship has not been terminated in accordance with the terms hereof or of the Manufacturing Agreement to be negotiated and
entered into by the Parties (subject to the execution of the Manufacturing Agreement, and the standard termination provisions
included therein) and INTEC and/or its licensees shall collaborate exclusively in the scaling-up of Product with LTS and LTS shall
supply all of INTEC’s and/or its licensees requirements of Product.

 

		2.03	LTS
shall be responsible for the Development Activities. INTEC shall be responsible
for all clinical trials and any other activities required for the registration and commercialization of the Product which are
not part of the Development Activities.

 

		2.04	All
Development Activities are subject to the Parties providing the necessary manufacturing equipment as set forth in Article III,
including but not limited to the Accordion Pill Production Line and LTS Equipment as set forth in Annex 2 attached hereto
which may be amicably amended by the Parties from time to time based on the Project progress.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
9

     

    

 

Article
III EQuipment

 

		3.01	The
Accordion Pill Production Line shall be owned by INTEC and placed in LTS’ facility during the entire term of the Agreement.
In addition, LTS shall not [***] which is considered as Confidential Information (as defined in the CDA set forth in Annex 3),
[***]. To the extent required, INTEC and LTS shall execute all necessary agreements and documents to in order to reflect INTEC’s
ownership rights hereunder.

 

		3.02	The
                                         Accordion Pill Production Line shall be operated and maintained by LTS as follows:

 

		(a)	INTEC
shall be responsible for and carry out the acceptance procedure with the supplier of the Accordion Pill Production Line upon the
completion of its installation at LTS’ facility with assistance, as required, and prior consultation with LTS personnel.
INTEC shall handle any warranty claims against the supplier of the Accordion Pill Production Line and shall be responsible for
providing a working Accordion Pill Production Line to use for the Development Activities.

 

		(b)	[***]
during the term of the Agreement and shall be responsible for the proper operation and maintenance of the Accordion Pill Production
Line in compliance with the manufacturer’s and INTEC’s specifications for the Accordion Pill Production Line.

 

		(c)	For
any maintenance and/or repair works - including, but not limited to, wear parts - on the Accordion Pill Production Line LTS believes
to be necessary LTS shall be required to execute such work on behalf of INTEC including, but not limited to, the mandating of
external service providers. Any costs incurred to such works shall be borne by LTS up to an [***]. Any additional costs for such
works carried out by LTS or any third party on behalf of INTEC [***] shall be borne by INTEC subject to INTEC’s prior approval
which shall not be unreasonably withheld.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
10

     

    

 

		(d)	LTS
shall be entitled to make minor adjustments on the Accordion Pill Production Line at its own discretion that lead to an enhancement
of performance and/or quality. LTS shall inform INTEC about any planned material improvement as soon as feasible and shall obtain
INTEC’s approval prior to implementation which shall not be unreasonable withheld.

 

		(e)	In
case of emergency or any accident LTS shall be entitled to initiate any necessary actions on behalf of INTEC.

 

		(f)	For
any of the activities LTS carries out on behalf of INTEC under this Section 3.02 LTS shall only be liable for any damages resulting
from such initiated actions, but LTS shall in no event be liable for any lost profits as set forth in Section 11.06.

 

		3.03	LTS
and INTEC shall make the actual investments into the necessary production equipment as set forth in Annex 2 (“LTS
Equipment”) which may be amicably amended by the Parties from time to time based on the Project progress as follows:

 

		(a)	INTEC
shall bear the total investment sum incurred by LTS for the LTS Equipment (“Intec Share”) that is necessary according
to the decision of the technical working group for and solely related to the Project.

 

		(b)	LTS
shall reimburse INTEC for the Intec Share by reducing the commercial Product price by [***] % [***] per unit until the total amount
of the Intec Share is reimbursed. In the event that INTEC provides notice to LTS that INTEC has decided not to continue with the
Project or with the commercialisation of the Product, LTS shall be entitled in its sole discretion to either (i) retain the LTS
Equipment or parts thereof by reimbursing to INTEC the actually incurred Intec Share for the LTS Equipment or parts thereof minus
LTS’ investment under the LTS Share above the first [***] of such investment, and in any event LTS may not take more than
€ 2 million (two million Euro) of deduction or (ii) transfer the LTS Equipment or parts thereof to INTEC at INTEC’s
costs by INTEC reimbursing to LTS LTS’ investment under the LTS Share above the first [***] of such investment, and in any
event in an amount not more than € 2 million (two million Euro) in total reimbursement by INTEC.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
11

     

    

 

		(c)	The
LTS Equipment shall be owned by LTS and LTS shall be responsible for the maintenance, repair and improvements of the LTS Equipment.

 

		(d)	In
addition, LTS shall upgrade the space dedicated to INTEC’s Product manufacturing and maintaining that and its Andernach
facility to GMP standard and to expand its facility in order to establish the production of the Product. Any necessary investments
related to such upgrade shall be borne by LTS up to an amount [***] and any investment amount exceeding [***] (“LTS Share”).
The amount of the actual gap in the LTS Share as set forth above, not to exceed € 1 million (one million Euro), shall be
borne by INTEC and such contribution to the investment shall be due upon the announcement of the results of the phase III clinical
study by INTEC or October 31, 2019 whatever occurs earlier. LTS shall be entitled to invoice the amount to INTEC with payment
due within 30 (thirty) days of receipt of LTS’ invoice.

 

		3.04	The
                                         LTS Equipment shall be purchased by LTS on behalf of INTEC on INTEC’s costs by
                                         LTS providing a purchase order to INTEC for INTEC’s approval which shall not be
                                         unreasonably withheld.

 

		3.05	LTS
                                         shall invoice the costs for such purchases of equipment to INTEC in the first week of
                                         each month according to the payment schedule set forth in Annex 2 which may be
                                         amicably amended by the Parties from time to time based on the Project progress and according
                                         to the payment terms set forth in Section 7.02.

 

		3.06	LTS
                                         shall solely use the LTS Equipment to manufacture the Product for INTEC hereunder until
                                         (a) the [***] of the launch date in the first country or (b) INTEC fails to place binding
                                         orders in the annual  amount of [***] units commencing on the [***] anniversary
                                         of the commercial launch date, whichever occurs earlier. Upon occurrence of Section 3.06
                                         (a) or (b) as set forth above LTS shall be entitled to use the LTS Equipment for any
                                         product other than Product, provided such use does not negatively impact INTEC’s
                                         production of Product. However, in case that Section 3.06 (b) occurs and the LTS Equipment
                                         has not been fully reimbursed by LTS according to Section 3.03 (b) the Parties shall
                                         discuss reasonable mechanism to allow INTEC to recoup the Intec Share.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
12

     

    

 

Article
IV Contribution of LTS

 

		4.01	LTS
                                         Contribution

 

LTS
shall use its Commercially Reasonable Efforts to perform the Development Activities. LTS shall document the Development Activities.
LTS shall purchase, qualify, test, inspect and approve all Components for the Development Activities at its costs.

 

		4.02	Changes
                                         to the Development Plan and additional LTS activities

 

Any
changes to the Development Plan, additional LTS activities or changes to such additional activities shall only become valid upon
the prior written agreement of the Parties.

 

		4.03	Estimated
                                         timelines and costs

 

LTS
shall use its Commercially Reasonable Efforts to perform the Development Activities within the timelines set forth in the Development
Plan. The assessment of employee-hours as set forth in the Development Plan is based on LTS’ best estimates and is
subject to variance. LTS shall advise INTEC monthly on each Development Activity as listed in the Development Plan,
the aggregate hours expended for the work performed in that month together with a forecast of hours to be expended in the following
month including a forecast for the completion of each remaining Development Activity.  In the event LTS determines
or forecasts that the employee-hours required to complete each  element of the Development Plan will
exceed the amount as set forth in the Development Plan by more than [***], LTS shall provide a basis for the variance and INTEC
shall have 10 (ten) Business days to challenge the variance costs. No response by INTEC to LTS’ provided variance shall
be deemed as acceptance by INTEC thereof. In the event the Parties do not resolve the variance with two (2) months after
LTS’ receipt of INTEC challenge, the Parties shall submit the variance to the Parties’ steering committee (to be established)
for resolution.   Employee-hours charged by LTS under this Agreement shall not include time expended by [***] of the
employees working on the Project. 

 

In case of agreement of additional activities by the Parties, the foregoing shall also
apply to these additional activities accordingly.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
13

     

    

 

		4.04	LTS’
                                         Support of Registration

 

LTS
shall provide to INTEC in a timely manner the information required for preparing the CMC Part of INTEC’s regulatory filings for
the Product in the USA and as contemplated in the Development Plan.

 

In
the event INTEC wishes additional support from LTS for the registration of the Product any such activities shall be subject to
the terms and conditions of this Agreement and a written agreement defining LTS’ compensation for such support.

 

Any
man-hours resulting from such additional support shall not be taken into consideration for determining (according to Section 4.03)
whether the employee-hours set forth in the Development Plan would be exceeded or not.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
14

     

    

 

		4.05	Audit
                                         at LTS

 

LTS
will permit an authorized representative of INTEC and/or its Affiliates upon written reasonable advance notice to conduct a quality
audit at LTS’ facility at reasonable times under such conditions as LTS may reasonably require in order to protect the confidentiality
of its own and its other customer’s proprietary and confidential information.

 

		4.06	QUALITY
                                         AGREEMENT

 

The
pharmaceutical aspects of the manufacturing of Clinical Samples and the division of responsibilities between the Parties in relation
to the manufacturing and release of the Clinical Samples, including but not limited to the obligations of each Party with respect
to the raw materials, shall be regulated in a separate quality agreement (“Quality Agreement”) between the Parties.

 

Article
V Contributions of INTEC

 

		5.01	API
                                         Supply

 

INTEC
shall deliver or have delivered to [***] such quantities of API at such times as LTS reasonably requests for the Development Activities
at no cost for LTS. All API supplied hereunder shall be utilized by LTS solely for conducting the Development Activities and any
unused quantities shall be either returned to INTEC or destroyed at INTEC’s cost and risk subject to INTEC’s sole
discretion.

 

		(a)	INTEC’s
Compliance with API Specifications

 

INTEC
represents and warrants that API delivered under this Agreement conforms to the API Specifications as set forth in Annex 5 and
that it has been manufactured according to cGMP and all other applicable statutes, laws and regulations and is suitable and ready
to be used for the Development Activities or the manufacture of Clinical Samples. Upon the successful transfer and validation
of the methods LTS shall [***] all such API supplies intended for GMP-use according to the API Specifications set forth in
Annex 5. In case that the API does not conform with the API Specifications INTEC shall promptly replace and deliver the necessary
quantities of API to LTS. LTS shall bear the liability for conducting such testing of the API solely in the event of LTS’
willful misconduct and/or gross negligence. LTS shall bear the costs of replacement of such wrongly tested API used for Development
Activities. In any case, LTS shall bear the expenses for investigating the root cause; all other liability shall be excluded.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
15

     

    

 

		(b)	Audit
                                         at Supplier of API

 

If
it is required by law, INTEC shall enable authorized representatives of LTS and/or its Affiliates upon written reasonable advance
notice to inspect at reasonable times the manufacturing process and storage of the API supplies, under such conditions as INTEC
or any supplier of the API may reasonably require in order to protect the confidentiality of its and its other customer’s proprietary
and confidential information.

 

		(c)	During
the course of the execution of this Agreement, INTEC and LTS shall cooperate on the execution of an analytical methods transfer
for those analytical methods required for the testing and release of incoming API so that LTS may assume responsibility for API
testing and release upon the implementation of the Manufacturing Agreement.

 

		5.02	DATA
                                         TRANSFER

 

INTEC
shall transfer to LTS all technical documents, data, know-how and other information necessary to scale-up and establish the manufacturing
process to qualify, test manufacture and supply the Product to INTEC (including the Product formulation, Specification, analytical
methods and manufacturing instructions) and make available to LTS INTEC’s qualified personnel for both on-site and off-site
support of the scale-up at LTS’ facility with respect to qualification and validation and Product manufacturing. All data
obtained by both parties during the development at LTS shall be shared with both parties according to the Development Plan.

 

		5.03	Evaluating
                                         Results

 

INTEC
shall duly evaluate the results in order to promote the Project.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
16

     

    

 

		5.04	Clinical
                                         Trials

 

INTEC
shall be responsible for planning and conducting all clinical trials of the Product. INTEC shall be the sole owner of all clinical
data and all results of the clinical trials. INTEC agrees to share the top line results with LTS of any relevant clinical trials
relating to the Product.

 

		5.05	Registration
                                         of Products

 

INTEC
shall (i) be responsible for preparing the applicable regulatory documents and filings for registration and approval of Product,
(ii) use only such documents created by LTS under the Development Activities approved for such filing purpose and (iii) inform
LTS of such filing and/or approvals in due time.

 

Article
VI  TECHNICAL WORKING GROUP

 

		6.01	Both
parties have established a joint technical working group with named representatives (project leaders) to discuss adjusting the
Development Activities and Development Plan, and determine and follow-up regulatory, analytical and process related needs (e.g.
for IND, NDA purposes). In case additional development activities not included in the Development Plan are requested, such activities
shall be agreed upon in writing by the joint technical working group regarding related costs and time-frame

 

Article
VII  Compensation

 

		7.01	INTEC
Funding of Development Activities

 

INTEC
shall compensate LTS for all employee-hours, actually incurred by LTS during its Development Activities spent in performing its
tasks according to the Development Plan. The total budget (which includes all materials and labour) is attached hereto together
with the Development Plan in Annex 1.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
17

     

    

 

		7.02	Payment
Terms

 

		(a)	INTEC
                                         shall compensate LTS for its Development Activities, which shall include services performed
                                         by third parties for any Development Activity, under the Development Plan which shall
                                         not exceed the total budget referred to in the Development Plan in Annex 1 and
                                         any additional services by LTS as mutually agreed upon at the following rate:

 

[***]

 

LTS
shall provide a monthly invoice setting forth the hours charged for LTS labor, materials and charges for third-party services
including VAT if applicable for each Development Activity identified in the Development Plan in Annex 1.

 

[***]

 

		(b)	LTS
                                         shall provide an invoice at the end of each month.

 

		(c)	LTS
                                         will verify and document the time devoted by LTS’ employees to the Project, and will
                                         submit an accounting monthly to INTEC. LTS will allocate employee-hours and production
                                         machine time consistently with its historical allocation practice and will provide INTEC
                                         with a sufficiently detailed explanation of such practice, upon request, so as to allow
                                         an independent certified public accountant or chartered accountant reasonably acceptable
                                         to INTEC to audit same.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
18

     

    

 

		7.03	Payment
                                         terms

 

		(a)	Maturity

 

INTEC
shall pay LTS the compensation provided for in Section 0 within [***] days upon receipt of the invoice from LTS. Payments shall
be made in euro (€).

 

		(b)	Overdue
                                         payments

 

Overdue
payments shall accrue interest at the rate of [***] on the first Business Day that any payments becomes overdue, until made.

 

		(c)	No
                                         Setoff

 

INTEC
shall not be entitled to exercise any right of setoff, net-out or deduction, take any credit, or assert any other defense arising
out of any transaction unless and until INTEC has obtained a final and non-appealable judgment against LTS in the amount asserted
by INTEC.

 

		7.04	Expenses

 

Each
Party shall bear all of the expenses of its own participation or related to its contribution or the performance of its obligations
under this Agreement unless provided for in this Agreement. In the event of unforeseen or extraordinary expenses LTS shall be
entitled to request an equitable allocation.

 

Article
VIII Confidentiality

 

		8.01	The
confidentiality agreement concluded between the Parties effective from May 13, 2016 (the “CDA”, attached hereto as
Annex 3), shall govern the exchange of information pursuant hereto, it being clarified that INTEC’s Technology shall
be deemed INTEC’s Confidential Information thereunder. The term of the confidentiality agreement is hereby amended such
that it will continue throughout the term of this Agreement and the Parties’ obligations thereunder shall survive the termination
hereof until 31 December 2029, provided however that expiration of such contractual restriction shall not derogate from INTEC’s
rights under its Patents and shall not in any manner be interpreted as a grant of right or license to Manufacture other Accordion
Pills than Product. The terms of this Agreement shall be treated as Confidential Information as defined under the confidentiality
agreement.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
19

     

    

 

ARTICLE
IX INTELLECTUAL PROPERTY

 

		9.01	INTEC
                                         shall own all Intellectual Property generated during such Project which directly relates
                                         to the Intec Technology and/or medical use/s thereof, including INTEC’s Intellectual
                                         Property covering the manufacturing process of the Accordion Pill, and any improvements
                                         thereto.

 

		9.02	LTS
                                         shall own all Intellectual Property directly related to the LTS Technology.

 

		9.03	(i)
                                         Any Intellectual Property generated during such Project which directly relates to the
                                         preparation of thin films which are introduced into (i.e. manufacturing process taking
                                         place outside of) the Accordion Pill Production Line, or any similar machine being used
                                         in the Project, and (ii) any other results and Intellectual Property generated during
                                         such Project which are not included in 9.01 or 9.02 and relate to the manufacturing processes,
                                         including web converting methods, which are of general applicability and may be used
                                         to produce products other than the Accordion Pill, shall be jointly owned by both Parties.
                                         Each Party can use this joint Intellectual Property on a royalty free basis and without
                                         the need for the other Party’s prior consent (the “License”).

 

		9.04	In
                                         case of LTS, such joint Intellectual Property may be used by LTS outside of this collaboration
                                         for any products except for Product or other Accordion Pills as long as the Parties exclusively
                                         cooperate with regard to the manufacturing of the Product or while LTS remains subject
                                         to the restrictions set forth in Section 10.1 hereunder.

 

		9.05	For
                                         avoidance of doubt, such License does not grant the right to use either Party’s
                                         solely owned Intellectual Property and confidential know-how, including the Intellectual
                                         Property set forth in Sections 9.01 and 9.02 for any other projects with third parties.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
20

     

    

 

Article
X Future Rights

 

		10.01	LTS
                                         shall not have the right to manufacture the Product or any of its components (including,
                                         for clarity, any other Accordion Pill) to any third party without the prior written consent
                                         from INTEC until the later of: (i) [***] or (ii) for as long as [***] continues, provided
                                         however that expiration of such contractual restriction shall not derogate from INTEC’s
                                         rights under its Intellectual Property and shall not in any manner be interpreted as
                                         a grant of right or license to manufacture Products or Accordion Pills.

 

Article
XI Liability and Indemnification

 

		11.01	Supply
                                         of Samples

 

All
deliveries of samples and Clinical Samples of Product shall be made [***].

 

		11.02	Replacement

 

LTS
will replace Defective Product at [***]. Such replacement shall be subject to INTEC (i) providing sufficient evidence of appropriate
and correct storage at all times after Product has been delivered by LTS (ii) providing notice specifying the nature of the defect
and the Product lot number of claimed Defective Product in the time period set forth hereunder but not later than [***] after
shipment. Should INTEC reject any Defective Product, INTEC shall deliver to LTS written notice of rejection within [***] after
receipt by INTEC of the applicable shipment or, in case of hidden defects within [***] after INTEC has taken notice of the defect.
LTS shall have the right to examine any claimed Defective Product before any such claim is honoured.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
21

     

    

 

		11.03	Product
                                         Liability

 

		11.03.1	In
addition, LTS shall hold INTEC harmless [***] from any claim, cost, expense and damage arising out of the use of Defective Product
(“Claims”) supplied by LTS to INTEC for clinical trials to the extent that:

 

		(i)	INTEC
(and/or its designated clinical research organization) acts in accordance with applicable laws and standards, such as GCP and
the Helsinki Declaration;

 

		(ii)	the
aforementioned claim, expense, damage or injury is not caused by the API supplied by INTEC to LTS for the manufacture of Product
and/or Clinical Samples according to Section 5.01.

 

A
certificate of LTS’ current product liability insurance is attached hereto as Annex 4. LTS shall employ its Commercially
Reasonable Efforts to maintain an insurance coverage similar to the coverage set forth in Annex 4.

 

		11.03.2	INTEC
shall bear all of the risk, cost and expenses related to the use of Product (incl. Clinical Samples) and shall be fully liable
and shall indemnify and hold harmless LTS from any damage, claims, costs and expenses (including reasonable attorney’s fees)
arising out of claims resulting from damage or injury to itself and its employees and any third party, for which LTS is not liable
according to this Section 0.

 

		11.03.3	The
restrictions on LTS’ liability shall not apply in the event of LTS’ willful misconduct.

 

		11.04	Volunteer
                                         Insurance

 

INTEC
shall maintain adequate clinical trial insurance coverage of at least an amount as required by applicable laws and as reasonable
and customary in the pharmaceutical industry considering the nature and extent of the clinical trials in question for any clinical
trial conducted by INTEC with the Product.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
22

     

    

 

		11.05	Acknowledgement

 

INTEC
acknowledges that the development of the manufacturing process by LTS is dependent on the quality of INTEC’s design of Product.

 

		11.06	No
                                         Indirect, Punitive or Exemplary Damages

 

Neither
Party shall be liable for indirect, special or consequential damages, lost profits and/or punitive damages, provided however,
that this shall not limit the indemnification obligations for third party claims as set forth in Article XI. This exclusion of
liability does not apply if such agreement would be invalidated by stringent law as it may be the case of intentional misconduct
or willful default.

 

		11.07	No
                                         warranty

 

Each
of the Parties acknowledges that the work to be performed hereunder is developmental and that nothing in this Agreement may or
shall be construed as a guarantee, representation or warranty, express or implied that the DEVELOPMENT ACTIVITIES will be successfully
PERFORMED,ACHIEVED within a certain period of time, fit for a particular use, ARE feasible of being manufactured, free from any
third party’s intellectual property rights, protected by patents of the Parties or marketable, nor that Inventions are patentable.

 

Article
XII Term and Termination

 

		12.01	Term

 

This
Agreement shall remain in effect until terminated in accordance with this Article XII or upon termination of the Manufacturing
Agreement.

 

		12.02	Either
Party hereto shall have the right in its discretion to terminate this Agreement at once by written notice to the other Party in
the event that the other Party by voluntary or involuntary action goes into liquidation or receivership; or dissolves or files
a petition for bankruptcy or reorganization or for suspension of payments or is adjudicated a bankrupt, becomes insolvent or assigns
or makes any composition of its assets for the benefit of creditors; or

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
23

     

    

 

		12.03	If
                                         either Party shall be in default of any of its material obligations under this Agreement,
                                         the non-defaulting Party shall give the defaulting Party written notice of such default,
                                         upon which the defaulting Party shall have ninety (90) days to cure such default and/or
                                         establish that no default has occurred and/or in the event such default is incapable
                                         of cure by employing Commercially Reasonable Efforts within such ninety (90) days period
                                         to commence appropriate action to cure such default by employing Commercially Reasonable
                                         Efforts. In the event that a default remains uncured and/or the defaulting Party has
                                         not established that a default has not occurred and/or in case the default was incapable
                                         of cure within such ninety (90) days by using Commercially Reasonable Efforts the defaulting
                                         Party did not commence appropriate action to cure such default by employing Commercially
                                         Reasonable Efforts after ninety (90) days have elapsed, the non-defaulting Party may
                                         declare this Agreement terminated by written notice to the defaulting Party.

 

		12.04	INTEC
                                         shall have the right to terminate this Agreement by three (3) months written notice in
                                         case of a change of control of LTS subject to the following provisions:

 

		(i)	INTEC
                                         shall without undue delay and in no event later than twenty (20) Business Days after
                                         having been informed by LTS of an existing or upcoming event of change of control with
                                         respect to LTS notify LTS of its intention to terminate the Agreement.

 

		(aa)	If
prior to or during a period of twenty (20) Business Days following receipt by LTS of INTEC’s notification pursuant to sub
clause (i) or any other term agreed by the Parties in writing (“Grace Period”), LTS delivers to INTEC a written undertaking
of the new shareholder stating that even after the change of control LTS commits itself to fulfill its obligations under the Agreement
then INTEC shall not exercise the termination right under this Section 12.05.

 

		(bb)	If
the event that LTS does not deliver to INTEC the shareholder undertaking within the Grace Period then INTEC shall be free to exercise
the termination right under this Section 12.05. The termination right must be exercised within twenty (20) Business Days after
the lapse of the Grace Period.

 

		(ii)	Unless
otherwise agreed between the Parties in writing, any failure by INTEC to comply with any notification requirement within the notice
period set forth in this Section 12.05 shall operate as a waiver by INTEC of its termination right hereunder.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
24

     

    

 

		12.05	INTEC
shall have the right to terminate this Agreement or to revoke INTEC’s obligation to engage LTS on an exclusive basis, by
[***] written notice in case INTEC consummates a change of control or if INTEC sells or licenses the Product to a third party
in the framework of a Commercial License (as defined below) and such third party (licensee or acquirer) decides to not have the
Product manufactured by LTS (or not to have it manufactured exclusively by LTS), provided that the effective date of termination
or the end of exclusive basis in such event may not be prior to [***] from the Product’s commercial launch.

 

“Commercial
License” means a license permitting licensee to market and sell the Product in consideration for defined license fees and
compensation (i.e. excluding licenses granted in connection with feasibility, evaluation, collaboration, contracting or similar
agreements). For clarity, if the relevant agreement between the parties includes a preliminary option, e.g. feasibility or similar
phase, the Commercial License will be deemed executed for the purpose hereof only upon the entering into effect of the Commercial
License within such agreement, i.e. the permission to market and sell as defined above. INTEC shall notify LTS in writing within
twenty (20) Business days about the execution of or the entering into effect of the change of control or the Commercial License
whatever the case may be.

 

The
termination right (as opposed to the right to revoke the exclusivity) must be exercised within six (6) months following the consummation
of a charge of control or the execution of or the entering into effect of the Commercial License (whatever the case may be).

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
25

     

    

 

		12.06	Surviving
                                         Rights

 

Neither
cancellation nor termination of this Agreement nor the execution of a Manufacturing Agreement shall relieve the Parties of their
obligations as to Confidentiality (Article VIII), Intellectual Property (Art. IX) and Liability and Indemnification (Art. XI).

 

Article
XIII Miscellaneous Provisions

 

		13.01	No
                                         Waiver

 

No
failure or delay by either Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise or any other right, power or privilege.

 

		13.02	ASSIGNMENT

 

This
Agreement shall not be assignable by either Party hereto, in whole or in part, in fact or by operation of law, without the prior
written consent of the other Party, provided that each Party may assign its rights to an acquirer acquiring all or substantially
all of its assets or all of the Product assets, provided that such acquirer shall agree in writing to be bound to the other Party
by all of the terms of this Agreement.

 

		13.03	Involvement
                                         of Third Parties by LTS

 

		13.03.1	LTS
may have certain of its tasks or duties performed by one of its Affiliates, or, after written authorization of INTEC by a third
party under obligation of confidentiality, if same is necessary for the timely performance of the Development Activities, however,
LTS shall remain solely responsible for the performance of the Development Activities in accordance with the terms hereof. LTS
warrants that any tasks performed by an Affiliate shall fully comply with any applicable regulation relating to the manufacture
of the Product and that such performance by the Affiliate shall in no way delay or interfere with any applicable regulatory filing
or approval required for the Product unless otherwise agreed upon between the Parties. If LTS chooses to have certain of its tasks
or duties performed by one of its Affiliates or a third party according to the foregoing or if the Parties determine that the
Product shall be manufactured in the facilities of LTS’ Affiliates, then all licenses and rights in favor of LTS hereunder
shall be deemed to be granted to such LTS’ Affiliate or such third party for the period during which it is performing LTS’
tasks or duties or is manufacturing the Product.

 

		13.03.2	With
the written authorization of INTEC, which shall not be unreasonable withheld, LTS may assign all of its rights, obligations and
interests to a third party under obligations of confidentiality.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
26

     

    

 

		13.04	Involvement
                                         of Third Parties by INTEC

 

INTEC
may have certain of its tasks or duties performed by a third party

 

		(a)	upon
                                         prior written authorization of LTS which shall not be unreasonably withheld, and

 

		(b)	under
                                         an obligation of confidentiality no less stringent than provided for in this Agreement
                                         or in case such third party carries out its services on LTS’ premises under the
                                         obligation to execute a confidentiality agreement directly with LTS.

 

		13.05	No
                                         Agency

 

Nothing
in this Agreement shall be construed as an authorization for a Party to act as an agent for another.

 

		13.06	Force
                                         Majeure

 

Neither
Party shall be held responsible or shall be considered in default or liable to the other Party for, nor shall this Agreement be
terminated as a result of any delay or failure to perform any of its obligations hereunder, if such delay or failure results from
circumstances beyond the control of such Party, including requisition by any authority, the effect of any statute, ordinance or
governmental order or regulation, war, rebellion, terrorist action, insurrection, civil commotion, riot, strike, lockout, labor
disturbance, epidemic, disease, act of God, civil commotion, explosion, fire, earthquake, storm, accident, failure of public utilities,
common carriers or suppliers or the like, or any other circumstances, whether or not similar to the above causes and whether or
not foreseeable. The Parties shall use Commercially Reasonable Efforts to remove any such cause and shall resume performance under
this Agreement as soon as feasible whenever such cause is removed; provided, however, that the foregoing shall not be construed
to require either Party to settle any dispute with any third party, to commence, continue or settle any litigation, or to incur
any unusual or extraordinary expense.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
27

     

    

 

		13.07	Choice
                                         of Law and Jurisdiction

 

This
Agreement shall be exclusively governed by the laws of Switzerland. The Parties shall make all reasonable efforts to amicably
resolve any disputes which may arise out of or relating to the application of this Agreement. In the event that the Parties fail
to so resolve any dispute, then the dispute shall be finally settled by binding arbitration before a panel of three arbitrators
und the rules of Conciliation and Arbitration of the International Chamber of Commerce (ICC). Any arbitration pursuant to this
Agreement shall be conducted in the English language and shall be held Zurich, Switzerland. The decisions of the arbitrators shall
be rendered to the Parties in writing, and shall be final and binding. The costs and expenses of the arbitrators shall be borne
equally by the parties, but each Party shall bear its own expenses incurred in the proceedings. The arbitrators shall have no
authority to award punitive damages.

 

		13.08	No
                                         Jury Trial

 

THE
UNDERSIGNED PARTIES ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED AND AFTER CONSULTING
WITH COUNSEL, EITHER PARTY MAY KNOWINGLY AND VOLUNTARILY WAIVE ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING
THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT AND ANY AGREEMENT CONNECTED THERETO.

 

		13.09	Notices

 

Any
notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been sufficiently
given for all purposes if mailed by first class certified or registered mail, or commercial delivery service, postage prepaid.
Unless otherwise specified in writing, the mailing addresses of the Parties shall be as described above.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
28

     

    

 

		13.10	Official
                                         Language

 

English
shall be the language employed in all amendments to this Agreement, further agreements relating to the subject matter and all
correspondence and other communication and documentation by the technical working group.

 

		13.11	Severability

 

The
provisions of this Agreement shall be deemed severable. Therefore, if any part of this Agreement is rendered void, invalid or
unenforceable, such rendering shall not affect the validity or enforceability of the remainder of this Agreement and shall be
replaced by provisions that are economically similar; provided that if the part or parts which are void, invalid or unenforceable
as aforesaid shall substantially impair the value of the whole Agreement to either Party, that Party may cancel and terminate
this Agreement by giving written notice to the other Party.

 

		13.12	Amendment

 

This
Agreement may not be amended, supplemented or otherwise modified except by an instrument in writing signed by both Parties.

 

		13.13	Entire
                                         Agreement

 

This
Agreement, including the Appendices attached hereto, constitutes and contains the complete, final and exclusive undertaking and
agreement of LTS and INTEC hereto, and cancels and supersedes any and all prior negotiations, correspondence, understandings and
agreements whether oral or written, between the Parties regarding the subject matter hereof.

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
29

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement.

 

	LTS
    LOHMANN Therapie-Systeme AG	 	INTEC
    PHARMA Ltd.
	 	 	 
	/s/
Klaudia Haczkiewicz                 /s/ Tim Ohnemueller	 	/s/
Walt A. Linscott
	(Signature)	 	(Signature)
	 	 	 
	Head
of Business Development      General Counsel	 	Walt A. Linscott, Chief Business Officer 
	(Name,
    Title)	 	(Name,
    Title)
	 	 	 
	Andernach,
December 21, 2018	 	Jerusalem,
December 21, 2019
	(Place,
    Date)	 	(Place,
    Date)

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
30

     

    

 

List
of Annexes

 

		ANNEX
                          1	Development
Plan

 

		ANNEX
                          2	LTS
Equipment and Payment Schedule

 

		ANNEX
                          3	Confidentiality
Agreement May 13, 2016 as amended

 

		ANNEX
                          4	Certificate
of LTS Product Liability Insurance

 

		ANNEX
                          5	API
Specifications

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
31

     

    

 

Annex
1

 

[***]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
32

     

    

 

Annex
2

 

[***]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
33

     

    

 

Annex
3

 

[***]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
34

     

    

 

Annex
4

 

[***]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.
 
35

     

    

 

Annex
5

 

[***]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.

 

36

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}]]