Document:

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                                                                   Exhibit 10.14

                                  CONFIDENTIAL

                              EMPLOYMENT AGREEMENT

     This Employment Agreement (the "AGREEMENT") is made and entered into in
Israel as of June 25, 2005 by and among Intellect Neurosciences Inc., a Delaware
company incorporated, having a place of business at 465 West 23rd Street, Apt 12
J, New York, NY 10001 (the "COMPANY"), and Vivi Ziv of Hasigalit Street, 30A,
Mazkeret Batya, Israel (the "EXECUTIVE").

WHEREAS, the Company desires to employ and secure for itself the services of the
Executive upon the terms and subject to the conditions specified herein, and
WHEREAS, the Executive desires to accept employment with the Company upon the
terms and subject to the conditions specified herein, and

WHEREAS, the Executive shall be employed in Israel

WHEREAS, this Agreement is intended to supersede all prior agreements
understanding and representations.

NOW, THEREFORE, in consideration of the premises and the mutual covenants, terms
and conditions hereinafter set forth, and for other good and valuable
consideration, the receipt of which is hereby specifically acknowledged, the
parties hereto agree as follows:

     1.   PREAMBLE AND EXHIBITS. The preamble to this Agreement and its
          Exhibits constitute an integral part hereof.

     2.   EMPLOYMENT. (a) The Company hereby employs the Executive, and the
          Executive agrees to be employed by the Company, as a full-time
          employee in accordance with the terms of this Agreement. Executive
          shall hold the title of Chief Operating Officer of the Company and
          shall provide the services more fully described in Attachment 1
          hereto, entitled "Job Description". (b) This Agreement is a personal
          employment agreement and shall not invoke the provisions of any
          collective bargaining agreement or arrangement or extension orders,
          whether presently existing or shall exist in the future, except and
          only to the extent so mandated by Israeli law. The Executive shall not
          disclose the terms of her employment agreement to other Company
          employees except for the Chief Executive Officer ("CEO") and Chief
          Financial Officer.

     3.   DUTIES. (a) The Executive agrees to devote her full business time,
          attention, best efforts and ability to the affairs of the Company. She
          shall be subject to the direction and control of the CEO. (b) The
          Executive acknowledges that her position as Chief Operating Officer is
          a Fiduciary position and requires a special degree of trust. Her
          duties and responsibilities may entail irregular work hours and
          extensive traveling, for which she is adequately rewarded by the
          compensation provided for in this Agreement, and that accordingly the
          provisions of the Work Hours and Rest Law, 1951 will not apply to her
          employment with the Company. The Executive acknowledges that her
          travel will include one week (5 consecutive work days) each month
          spent at the Company's corporate headquarters in the United States.
          (c) The Executive shall not engage in any activities that may
          interfere or conflict with the proper discharge of her duties. The
          Executive shall not be entitled to engage in any other business
          activity, unless the CEO has approved such engagement in advance, an
          approval which will not be unreasonably withheld. An exception to this
          is the Executive's position as a member of the Board of Directors of
          Mekorot, Israel's national water company, a position which she will be
          entitled to keep as long as the appointment is in effect.

     4.   TERM AND TERMINATION. This Agreement shall become effective as of
          August 1st, 2005 for a minimum of two years and shall continue in full
          force and effect until terminated pursuant to the terms hereof.

     4.1  The Agreement and the Executive's employment may be terminated as
          hereafter provide:

          (a) After two years at any time at the option of either party upon 90
          days prior written notice ("Prior Notice"):

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          (b) In the event of the inability of the Executive to perform her
          duties hereunder, whether by reason of injury (mental or physical), or
          of illness, incapacitating the Executive for a continuous period
          exceeding 60 days or non-consecutive-90 days in any six month period
          excluding compulsory army service.

          (c) For cause. For purposes of this Agreement an event or occurrence
          constituting "cause" including but not limited to:

               (i) Dishonesty of the Executive adversely affecting the Company
               or any of its subsidiaries or affiliates as justly decided by a
               court of Law:

               (ii) A serious breach of trust by the Executive including theft,
               embezzlement, self-dealing, prohibited disclosure to unauthorized
               persons or entities of confidential or proprietary information
               of or relating to the Company or any of its subsidiaries or
               affiliates, all in the impartial discretion of the Company,
               provided however that in case of disagreement only the Labor
               court shall decide.

               (iii) The Executive's conviction of a felony or of any crime
               involving moral turpitude, fraud or misrepresentation, whether or
               not related to the Company:

               (iv) Any gross negligence or willful misconduct of the Executive
               resulting in material harm to the business or reputation of the
               Company or any of its subsidiaries or affiliates; and

               (v) Any material breach of this Agreement by the Executive
               which is not cured within 30 days of notice thereof.

     4.2  In the event of a termination of this Agreement according to section
          4.1(a) pursuant to a Prior Notice the Executive shall continue to
          render services to the Company during the Prior Notice period.
          Nevertheless, the Company shall have the right not to take advantage
          of the full Prior Notice period and may terminate the employment at
          any time during the Prior Notice period. In the event of such
          termination, the Company shall pay the Executive her salary and
          benefits as well as the net use of the Company car, through the
          remainder of the Prior Notice period. For the avoidance of any doubt,
          it is hereby expressed that the Company reserves the right not to take
          advantage of the full Prior Notice period (subject to all payments
          made to the Executive during the full prior notice period) in both the
          event the notice of termination of employment was delivered by it or
          in the event that it was delivered by the Executive, and such a case
          shall not constitute a dismissal of employment by the Company.

     4.3  Notwithstanding the foregoing, the Company may terminate the
          employment without a Prior written notice, or paying salary for the
          Prior Notice period in the event of termination under the
          circumstances specified in section 4.1(c) subsections (i),(ii) and
          (iii).

     4.4  In the event of termination by the Company under the circumstances
          specified in sections 4.1(a) and 4.1(b) and 4.1(c)(iv) and 4.1(c)(v)
          the Company shall pay the lump sum severance payment to which the
          Executive shall be entitled pursuant to the Severance Payment Law,
          1963 ("Severance Payment") less any amounts received by the Executive
          from her Managers' Insurance on account of severance payment (all such
          payments shall be less deductions for all applicable taxes and
          withholdings under any relevant laws) and the Executive shall be
          entitled to exercise all those share options which have vested prior
          to the Prior Notice period and during the Prior Notice period. The
          Company shall have no further obligation to make any salary payments
          or provide any benefits to the Executive, except as required by
          applicable law and/or contract.

     4.5  In the event of resignation by the Executive pursuant to Section
          4.1(a), the company shall release to the Executive her Manager's
          Insurance Fund and any outstanding Severance Payment (as described in
          4.4) to her possession and the Executive shall be entitled to exercise
          all those share options which have vested prior to the Prior Notice
          resignation. The Company shall have no further obligation to make any
          salary payments or provide any benefits to the Executive, except as
          required by applicable law.

     4.6  In the event of termination under section 4.1(c) subsections (i), (ii)
          and (iii) only, the Executive shall not be untitled to Company's
          contribution to severance payment or Prior Notice.

     4.7  The Executive undertakes that immediately upon the termination of her
          employment with the Company, for any reason, she shall act as
          follows:

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          4.7.1 She shall deliver to the Company all documents, diskettes or
               other magnetic media, letters, notes, reports and other materials
               in her possession which are the property of the Company or which
               contain proprietory or confidential information of the Company,
               as well as any equipment and/or other property belonging to the
               Company, including any company car, telephone, employee's badge
               and other equipment;

          4.7.2 Executive shall assure the smooth transfer of her
               responsibilities and handing over of her position by
               coordination with her supervisors to the satisfaction of the
               Company.

     5.   SALARY. As compensation for services rendered hereunder, the Company
          shall pay the Executive a gross monthly salary of 35,000 NIS. Funds
          sufficient to cover the Executive's gross salary for 18 months shall
          be placed in escrow by the Company as security for the payment of such
          salary, to the satisfaction of the Executive. The escrowed salary
          shall be reduced each month by the amount of each monthly gross salary
          paid to Executive. Alternatively, the Company may furnish the
          Executive with a bank guarantee guaranteeing such salary payment. It
          is hereby agreed and declared that in any case the Company, or one of
          its creditors, shall commence a liquidation process (Ch. 7), or
          creditors settlement (Ch. 11), or any similar legal process against
          the Company, the Executive shall be entitled to the sums accumulated
          in the guarantee.

     6.   BENEFITS. In addition to the compensation set forth in paragraph 5
          above, the Executive shall receive the following benefits, and only
          such benefits, from the Company less deductions for all applicable
          taxes and withholdings under any applicable law.

     (a)  VACATION. The Executive shall be entitled to 25 business days of paid
          vacation per year. The Executive shall be entitled to accumulate or to
          redeem any unused vacation days provided that the accumulation shall
          not exceed 30 days in every two year period.

     (b)  MANAGERS INSURANCE ETC. In accordance with the Company's general
          policy, the Company shall procure for the benefit of the Executive a
          "Managers' Insurance Policy" (under customary terms) and contribute to
          such policy an amount equal to 5% of the Executive's salary and 8.33%
          on account of the Company's severance payment obligations, and the
          Company shall withhold 5% from the Executive's salary and contribute
          such amount to the said policy as the Executive's participation. Upon
          any termination of the Executive employment with the Company (other
          than termination by the Company under circumstances in which severance
          payment is not payable) the rights in the Executive's "Managers'
          Insurance Policy" shall be automatically assigned to the Executive.
          The Executive may designate for the above purpose a policy already
          existing in her favor in lieu of the new policy. In addition, the
          Company shall obtain Disability insurance ("Ovdan Kosher Avoda") for
          the exclusive benefit of the Executive and shall contribute up to 2.5%
          of the Executive's salary.

     (c)  KEREN HISHTALMUT. The Company shall contribute an amount equal to 7.5%
          of the Executive's gross (provided that the Executive shall contribute
          2.5% of her gross base salary) toward a continuing professional
          education fund ("Keren Hishtalmut"), contributed in accordance with
          the payroll practices of the Company.

     (d)  RECREATION PAY. The Executive shall be entitled to 10 annual
          recreation pay ("Dmey Havra-ah").

     (e)  SICK LEAVE. The Executive shall be entitled to paid sick days
          according to the law.

     (f)  COMPANY CAR. The Company shall provide the Executive with an automatic
          Company car of at least Class 3. The Company shall pay or reimburse
          the Executive for all expenses relating to the use and maintenance of
          the car, including taxes.

          It is agreed that this payment shall not be considered as part of the
          Executive's salary and no other payments or benefits shall be granted
          based on this payment.

          The Executive shall take good care of such Company car and ensure that
          the provision of the insurance policy relating to it are fully
          observed and shall return the car and its keys to the Company within
          five days of termination of the Prior Notice Payment Period.

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     7.   ISRAELI COMPLIANCE.

     7.1  (a) The Company is considering establishing an Israeli subsidiary. In
          the event the Company establishes an Israeli subsidiary, then the
          Company shall have the right to assign to the subsidiary all of its
          rights and obligations hereunder and the Executive shall be deemed
          for all purposes to be an employee of such subsidiary. In such event,
          the Company shall guarantee the payment of Executive's salary for the
          whole duration of her employment. Upon such assignment the subsidiary
          and Executive shall enter into an employment agreement identical to
          this Agreement, mutatis mutandis.

          (b) The company shall have the right to arrange for payment of the
          Executive's compensation via a third party such as a payment company
          or an accountant. For the removal of any doubt it is hereby agreed,
          that in case the Executive's salary (and any other payments according
          to this contract) shall be paid by any entity designated for the
          payment by the company, the company is and shall remain the sole
          employer of the Executive, and shall bear full and sole responsibility
          for all its undertakings within this contract. It is also clarified
          that all payments received by any such entity as above mentioned,
          shall be considered payments made by the Company. Furthermore, all the
          period during which the Executive received its salary from such an
          entity, shall be deemed period with in which the Company employed the
          Executive.

     8.   COMPENSATION REVIEW. The Executive's performance will be reviewed on
          an annual basis by the Compensation Committee appointed by the Board
          of Directors who may decide in their sole and absolute discretion, to
          grant to Executive additional benefits such as participation in
          Executive Stock Option Plan which may be established for the benefit
          of senior executives. Nothing contained herein will require the
          Company to grant any additional benefits to the Executive.

     9.   CONFIDENTIAL INFORMATION

     9.1  Confidentiality. The Executive recognizes and acknowledges that her
          access to the trade secrets and confidential or proprietary
          information of the Company and its subsidiaries and affiliates (the
          "Confidential Information"), is essential to the performance of her
          duties under the Agreement. Without derogating from the foregoing
          definition of "Confidential Information", Confidential information
          shall include all business contacts, customer lists, business
          references, designs, inventions, improvements, legal documents,
          software systems (including specifications, code, programs and
          documentation), patents, patent applications, copyrights, material,
          trademarks, trademark applications, trade secrets, designs,
          proprietary methods, data, works of authorship, know-how, technology,
          formulas, intellectual property rights and other non-public
          information, which the Company or its subsidiaries or affiliates use,
          own, plan or develop. The Executive further recognizes and
          acknowledges that such Confidential information is a valuable and
          unique asset of the Company, and that its use or disclosure would
          cause the substantial loss and damages. Accordingly, the Executive
          undertakes and agrees that she will not, in whole or in part, disclose
          such Confidential Information to any person or organization under any
          circumstances, and that she will not make use of any such Confidential
          Information for her own purposes or for the benefit of any other
          person or organization, except in the proper fulfillment of her
          employment obligations hereunder. The obligations set forth in this
          subsection shall apply while this Agreement is in effect and for a
          period of 5 years after its termination. The above will not include
          information which was (a) known to the Executive before her employment
          in the Company (b) known to the public or became known to the public
          through no breach of confidentiality by the Executive.

     10.  NON-SOLICITATION

     (a)  Upon termination of this Agreement the Executive agrees that for a
          period of six (6) months she will not directly or indirectly solicit
          any business from individuals or entities that are at the time of the
          termination of this Agreement customers of the Company or introduced
          to the Executive during the term of employment with the company,
          without the prior written consent of the Board of Directors which will
          not be withheld unreasonably.

     (b)  From the date of termination of this Agreement, without the prior
          written consent of the Board of Directors, the Executive shall not
          offer to employ, or in any way directly or indirectly solicit or seek
          to obtain the employment of any person employed by either the Company
          or its subsidiaries during a two

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          (2) year period from the date of the Executive's termination of
          employment, except for those employees who have left the Company or
          its subsidiaries, more than six (6) months prior to the date of the
          Executive's termination of employment with the Company.

     11.  NON COMPETITION (a) For a period of 12 months after the termination of
          this Agreement the Executive shall not accept employment with, nor be
          directly retained by a Company who's main business is the development
          of therapeutics for Alzheimer's disease (b) For so long as the
          Executive is employed by the Company and continuing for 12 months
          thereafter, the Executive shall not, directly or indirectly, own a
          direct or indirect interest in, manage, operate, join, control, be
          employed by, or participate in or be connected with, as a partner,
          stockholder, consultant or otherwise, any person or organization that
          at such time, offers products or services which directly compete with
          the business of the Company, its subsidiaries or affiliates; provided
          that this shall not preclude the Executive from owning a passive stock
          interest not greater than 5% in a publicly traded Company.

     12.  INTELLECTUAL PROPERTY ASSIGNMENT. Any invention, development or
          know-how which shall be conceived, developed or reduced to practice by
          the Executive during the period of her employment relating to the
          business of the Company or the use of any of its technologies,
          facilities or Confidential information, notwithstanding that it is
          perfected or reduced to specific form at any time thereafter provided
          that its conception arose during such period, including all rights
          therein and in any patent or other form of intellectual property or
          legal protection with respect thereto, is the sole property of the
          Company, without need for any specific action or notice or any
          consideration to the Executive other than as provided for by this
          Agreement. The Executive shall reasonably cooperate with the Company
          and assist it in obtaining any patent or other form of legal
          protection for such inventions or know-how for no additional
          compensation (other than the coverage of the Executive's reasonable
          out of pocket expenses and loss of time required for such an
          assistance).

     13.  DEDUCTIONS AND WITHHOLDINGS. The Company shall be entitled to deduct
          and withhold from any amount payable to the Executive, whether
          pursuant to this Agreement or otherwise, any and all taxes,
          withholdings or other payments as required under any applicable law.

     14.  NO ASSIGNMENT BY EXECUTIVE. The Executive shall have no right to
          assign any of the rights nor to delegate any of the duties created by
          this Agreement and any assignment or attempted assignment of the
          Executive's rights, and any delegation or attempted delegation of the
          Executive's duties, shall be null and void (except for such
          delegations of authority to other officers of the Company as necessary
          and customary for the fulfillment of the Executive's duties). The
          Company retains the right, at any time to assign any of its rights or
          delegate any of its duties under this Agreement provided however that
          all Executive's rights shall be adequately fulfilled.

     15.  CONDITIONS. The Executive represents that she has full authority to
          enter into this Agreement and that the performance of her duties under
          this Agreement will not interfere with or violate the terms of any
          other agreement, arrangement or understanding.

     16.  BENEFIT. Except as otherwise expressly provided herein, this Agreement
          shall inure to the benefit of and be binding upon the parties hereto
          and their respective heirs, beneficiaries, personal representatives,
          successors and assigns.

     17.  NOTICES. Notices permitted or required hereunder shall be in writing
          and sent to the address as set forth below each Party's signature
          hereto, as may be changed from time to time by notice to the other
          Party. Notice may be given (i) by registered or certified mail,
          postage prepaid, return receipt requested, effective 7 days after
          posting. (ii) by telegram or fax, effective on the next business day
          in recipient's location, or (iii) by messenger or courier, effective
          upon receipt. Email shall not constitute notice hereunder unless such
          Email message is specifically agreed to by the Parties as constituting
          notice hereunder.

     18.  SEVERABILITY OF PROVISIONS. If any of the provisions of this Agreement
          is held invalid, such provisions shall be severed and the remainder
          of the Agreement shall remain in force and shall not be affected
          thereby.

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     19.  NO ORAL CHANGES. This instrument constitutes and contains the entire
          Agreement between the parties except as otherwise expressly stated
          herein. This Agreement may be changed only in writing, and must be
          signed by the party against whom enforcement of any waiver,
          modification, discharge or other change is sought.

     20.  WAIVER. Either party's failure to insist upon strict compliance with
          any of the terms, covenants or conditions hereof shall not be deemed a
          waiver of such term, covenant or condition, nor shall any waiver or
          relinquishment of any right or power hereunder at anyone or more times
          be deemed a waiver or relinquishment of such right or power at any
          other time or times.

     21.  ENTIRE AGREEMENT. The Agreement contained in this instrument
          supersedes and cancels any and all prior agreements between the
          parties hereto, express or implied, written or oral, relating to the
          subject matter hereof. This Agreement sets forth the entire agreement
          between the parties hereto with respect to the subject matter hereof.

     22.  GOVERNING LAW; SUBMISSION TO JURISDICTION. This Agreement shall be
          governed by and construed in accordance with the laws of the State of
          Israel. Any litigation concerning any claims under or breach of this
          Agreement shall be brought exclusively in the competent courts of the
          Jerusalem or Tel-Aviv District in Israel.

     23.  DESCRIPTIVE HEADlNGS. The paragraph headings contained herein are for
          reference purposes only and shall not in any way affect the meaning or
          interpretation of this Agreement.

     24.  COUNTERPARTS. This Agreement may be executed in counterparts, each of
          which shall be deemed an original, and all such counterparts shall
          constitute one and the same instrument.

     25.  SURVIVAL. The provisions of paragraphs 10, 12 and 13 shall survive any
          termination of this Agreement for the period mentioned in these
          sections.

IN WITNESS WHEREOF, the Company and the Executive have executed this Employment
Agreement, as of the day and year first above written.

/s/ Vivi Ziv
-------------------------------------
EXECUTIVE

/s/ Illegible
-------------------------------------
INTELLECT NEUROSCIENCESexv10w15

 

Exhibit
10.15

CONSULTING AGREEMENT

     This Consulting Agreement (“Agreement”) dated as of January 3, 2007 is made and entered into
by and between Intellect Neurosciences, Inc, having its principal place of business at 7 West
18th Street, New York, NY 10011 (“INTELLECT”), and Mark Germain, residing at 6 Olmsted
Road, Scarsdale, NY 10583 (“Consultant”).

     WHEREAS, INTELLECT desires to acknowledge and recognize the pivotal role that Consultant has
played in the formation of INTELLECT;

     WHEREAS, INTELLECT desires to contractually engage the services of Consultant to provide
consulting services as described below; and

     WHEREAS, Consultant desires to be retained by INTELLECT to provide such services as an
independent contractor;

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

	 	1.	 	Scope of Work. 

Consultant will perform consulting services related to identifying, soliciting and
procuring collaboration agreements on behalf of INTELLECT, assisting in the
negotiation of such agreements and other activities related thereto (the
“Services”).
	 
	 	2.	 	Consulting Fees.

In consideration of the provision of Services, INTELLECT shall pay Consultant
consulting fees at the rate of $10,000 per month commencing January, 2006.. To the
extent permitted under INTELLECT’S applicable group health insurance policy,
INTELLECT shall provide health insurance to Consultant and his family without any
reimbursement from Consultant.
	 
	 	 	 	In addition, INTELLECT shall reimburse Consultant for reasonable, documented
business expenses incurred in the performance of the Services. The foregoing
notwithstanding, Consultant agrees that all travel expenses (regardless of dollar
amount) and all other expenses in excess of $100 must be pre-approved by INTELLECT
prior to Consultant incurring any such expenses. INTELLECT will not be obligated
to reimburse Consultant for such expenses if such expenses are not pre-approved by
INTELLECT. Payment of approved and other reasonable, documented expenses will be
made within 30 days of INTELLECT’S receipt of such documentation.
	 
	 	3.	 	Revenue Participation

In further consideration of the provision of Services and in recognition of the
significant historic and ongoing contributions of Consultant towards the formation
and growth of INTELLECT, Consultant shall be entitled to receive cash payments in
an amount equal to 2.5% of all revenues received by INTELLECT, including payments
received by INTELLECT from collaboration agreements (“Revenue Participation”). For
the avoidance of doubt, proceeds from the issuance of any equity or debt
securities, including the exercise of options or warrants to purchase INTELLECT
common or preferred stock, or any other financing activity (other than a so-called
“royalty” or similar financing), are excluded from the definition of revenue.
Payments are due to Consultant only upon the realization of revenue by INTELLECT
through the receipt of cash payments from third parties.

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	 	4.	 	Limitation on Consulting Fees and Revenue Participation

Total amounts payable to Consultant under this Agreement shall not exceed $1
million, calculated by taking into account all Consulting Fees paid to Consultant,
cost of health insurance provided by INTELLECT to Consultant and his family, and
Revenue Participation payments pursuant to Paragraph 3 above. In addition, amounts
paid by INTELLECT to Consultant prior to the effective date of this Agreement
$119,070 shall be included in this calculation and be applied towards the total
amount of $1 million payable to Consultant.
	 
	 	5.	 	Termination

This Agreement may be terminated at the option of INTELLECT with or without cause,
at any time, upon the delivery of written notice to Consultant, provided however,
that INTELLECT’s monetary obligations described in paragraphs 2 and 3 above shall
continue to survive beyond such termination until Consultant has received $1
million in total payments, calculated as described in paragraph 4 above.
	 
	 	6.	 	Manner of Performance.

Consultant represents that he has the requisite expertise, ability and legal right
to render the Services and will perform the Services in an efficient manner.
Consultant will abide by all laws, rules and regulations that apply to the
performance of the Services. Consultant will perform the Services out of his home
or at such other location(s) as mutually agreed by the parties.
	 
	 	7.	 	Ownership of Intellectual Property.

Consultant agrees to promptly and fully disclose to the Company any and all
inventions, discoveries, trade secrets and improvements, whether or not patentable
and whether or not they are made, conceived or reduced to practice during working
hours or using the Company’s data or facilities, which he develops, makes,
conceives or reduces to practice during his service as a director or consultant to
the Company, either solely or jointly with others (collectively, the
“Developments”). All Developments shall be the sole property of the Company, and
Consultants hereby assigns to the Company, without further compensation, all his
rights, titles and interests in and to the Developments and any and all related
patents, patent applications, copyrights, copyright applications, trademarks,
trademark applications and trade names in the United States and elsewhere.
Consultant agrees to assist the Company in obtaining and enforcing patent,
copyright and other forms of legal protection for the Developments in any country.
Consultant understands that his obligations under this Paragraph will continue
after the termination of the Agreement. Consultant hereby constitutes and appoints
the Company, its successors and assigns, as his true and lawful attorney, with
full power of substitution for him, and in his name, place and stead or otherwise,
but on behalf of and for the benefit of the Company, its successors and assigns, to
take all actions and execute all documents on behalf of Consultant necessary to
effect the assignment set forth in this Paragraph and does hereby declare that the
appointment hereby made and the powers hereby granted are coupled with an interest
and are and shall be irrevocable by Consultant in any manner or for any reason.
	 
	 	8.	 	Confidentiality.

In the course of performing the Services, INTELLECT may provide Consultant with
information, or Consultant may learn information, that INTELLECT regards as
confidential or proprietary. Such information may include, but is not limited to,
operating and financial data and plans, trade secrets, know-how, processes,
documentation, software and computer programs and derivative works,

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	 	 	 	inventions (whether patentable or not), improvements, copyrightable material,
strategic plans, or any other information, whether previously, presently, or
subsequently disclosed (“Confidential Information”). Confidential Information
includes all written information as well as all other information – i.e. oral,
visual, electronic, or transmitted by any other means, in whatever format or
storage medium, including by observation or examination of INTELLECT’s facilities
or practices, regardless of whether such information is marked “confidential” or
with words of similar import.
	 
	 	 	 	All Confidential Information provided by INTELLECT to the Consultant or learned by
Consultant prior to or during the term of this Agreement shall be maintained by the
Consultant in confidence for a period of ten (10) years. Consultant agrees (i)
that he will hold the Confidential Information in confidence and maintain its
confidentiality; (ii) not to make any use of the Confidential Information except to
perform the Services; (iii) that he will not, without prior written consent of
INTELLECT, divulge, disclose, reveal, transmit, disseminate, share and or otherwise
communicate any Confidential Information to any third party, except if required by
law or judicial proceedings; and (iv) and that he will take all steps necessary to
enforce the provisions of this Agreement.
	 
	 	 	 	Consultant agrees that all Confidential Information shall be and shall remain the
sole property of INTELLECT and that no license or other right to the Confidential
Information is granted to Consultant. No data or summaries/abstracts of the
Confidential Information may be released to any third party without the prior
written permission of INTELLECT.
	 
	 	 	 	Confidential Information shall not include (i) information which is or becomes
public through no fault of the Consultant, (ii) information which is already known
to the Consultant, or is developed independently of the Services, or (iii)
information obtained from a third party not under a duty of confidentiality.
	 
	 	9.	 	Delivery of Documents.

Consultant agrees that INTELLECT owns all memoranda, notes, records, designs,
drawings, computations and other documents received by Consultant from INTELLECT
during the course of this Agreement and/or created by Consultant pursuant to this
Agreement. Upon termination or expiration of this Agreement, or at any other time
requested by INTELLECT, Consultant shall immediately deliver to INTELLECT any and
all such memoranda, notes, records, designs, drawings, computations and other
documents in Consultant’s possession or under Consultant’s control, except for
items retained by Consultant on a confidential basis for purposes of documenting
performance of his obligations hereunder.
	 
	 	10.	 	Miscellaneous.

	 	(a)	 	No Assignment. This Agreement is not
assignable by either party without the prior written consent of the other
party.
	 
	 	(b)	 	Independent Contractor. The parties acknowledge and
agree that the Consultant’s performance of services under this Agreement
shall be in the capacity of an independent contractor, and not an employee
of the Company. As such, for all purposes, the Consultant shall be deemed
to be an independent contractor, and not an employee, agent or partner of,
or joint venturer with, the Company. In this role, the Consultant shall
be free to exercise his discretion and independent judgment as to the
method and means of performance of the consulting services subject to this
Agreement. Accordingly, except as otherwise provided in this

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	 	 	 	Agreement the Consultant shall not be entitled to any rights or benefits
to which any employee of the Company may be entitled. The Company shall
not withhold any amounts on account of any withholding or employment taxes
from any payments to the Consultant and it shall be the sole
responsibility of the Consultant to report and pay applicable income taxes
on all such payments.
	 
	 	(c)	 	Hold Harmless. The Company agrees to indemnify and
hold harmless Consultant and his agents and affiliates against and from
any and all claims, costs, damages, expenses (including attorneys’ fees),
suits, liabilities and losses (collectively, “Losses”) arising from the
Consultant’s performance of his duties hereunder.
	 
	 	(d)	 	Remedies. The parties agree that in addition to any
equitable remedies (including, without limitation, the right to injunctive
relief) which shall be available to INTELLECT in the event of a breach of
this Agreement by Consultant, INTELLECT shall be entitled to recover all
damages resulting from such breach and its reasonable costs, expenses and
fees (including reasonable attorney’s fees) incurred to enforce this
Agreement.
	 
	 	(e)	 	Choice of Law. The validity, interpretation and
performance of this Agreement shall be governed by and construed in
accordance with the substantive laws of the State of New York unless U.S.
federal law preempts state law, in which case federal law shall control.
Should a dispute resolution and/or arbitration require attendance by
Consultant, it is agreed by both parties that the proceedings will be held
exclusively in the city and state of New York, and each party consents to
the jurisdiction of any court located in such city and state.
	 
	 	(f)	 	Entire Agreement. This Agreement constitutes the
full understanding of the parties with respect to the matters contained
herein and may not be amended except by written instrument specifically
referring to this Agreement and signed by the parties.
	 
	 	(g)	 	Severability. The provisions of this Agreement are
severable. If any court of competent jurisdiction shall finally determine
that one or more of the provisions of this Agreement are invalid or
unenforceable, then this Agreement shall be deemed to be amended so that
such invalid or unenforceable provision(s) shall not apply, but all other
provisions, terms and conditions of this Agreement shall continue in full
force and effect.
	 
	 	(h)	 	Interpretation.

	 
	 	 	 	The parties hereto acknowledge and agree that: (i) each party and its
counsel reviewed and negotiated the terms and provisions of this Agreement
and have contributed to its revision, (ii) the rule of construction to the
effect that any ambiguities are resolved against the drafting party shall
not be employed in the interpretation of this Agreement, and (iii) the
terms and provisions of this Agreement shall be construed fairly as to all
parties hereto and not in favor of or against any party, regardless of
which party was generally responsible for the preparation of this
Agreement.

 Page 4 of 5

 

     IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the last dated
signature below.

INTELLECT

	 	 	 	 	 
	By:

	 	/s/ Elliot Maza	 	 
	 

	 	 	 	 
	Name (print):
	 	Elliot Maza	 	 
	 

	 	 	 	 
	Title:
	 	Chief Financial Officer	 	 
	 

	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 	 	 

Consultant

	 	 	 	 	 
	By:

	 	/s/ Mark Germain	 	 
	 

	 	 	 	 
	Name (print):
	 	Mark Germain	 	 
	 

	 	 	 	 
	Title:
	 	Consultant	 	 
	 

	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 	 	 

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