Document:

Online Disruptive Technologies, Inc.: Exhibit 10.15 - Filed by newsfilecorp.com

*Denotes certain parts that have not been disclosed and have
been filed separately with the Secretary, Securities and Exchange Commission,
and is subject to a confidential treatment request pursuant to Rule 24b-2 of the
Securities Exchange Act of 1934, as amended. 

LICENSE AND RESEARCH FUNDING AGREEMENT 

          This License Agreement is entered into as of this __ day of
________, 2012 (the “Effective Date”), by and between Savicell Diagnostic
Ltd., (No. 514764091) a company formed under the laws of Israel, having a place
of business at 69, Hashomer st, Zichron Yaakov, 30900, Israel (the
“Company”) and Ramot at Tel Aviv University Ltd. having a place of
business at Tel-Aviv University, Ramat Aviv, Tel Aviv 61392, Israel
(“Ramot”). Ramot and the Company shall each be referred to in this
Agreement as a "Party" and together as the "Parties".

          WHEREAS,
In the course of research performed at Tel-Aviv University ("TAU"), Prof.
Fernando Patolsky has developed technology relating to early detection of
diseases by measuring metabolic activity in the immune system as further
described in the patent application listed in Exhibit A attached
hereto; and 

          WHEREAS,
the Company wishes to fund further research at TAU relating to such technology;
and

          WHEREAS,
the Company wishes to obtain a license from Ramot with respect to such
technology and the results of such further funded research in order to develop
and commercialize Products (as defined herein) in the Field, and Ramot wishes to
grant the Company such license, all in accordance with the terms and conditions
of this Agreement.

          NOW,
THEREFORE, the parties hereto, intending to be legally bound, hereby agree
as follows: 

1.      Definitions.

          Whenever
used in this Agreement with an initial capital letter, the terms defined in this
Section 1, whether used in the singular or the plural, shall have the meanings
specified below.

“Affiliate” shall mean, with respect to either party,
any person, organization or entity controlling, controlled by or under common
control with, such party. For purposes of this definition only, “control” of
another person, organization or entity shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the activities,
management or policies of such person, organization or entity, whether through
the ownership of voting securities, by contract or otherwise. Without limiting
the foregoing, control shall be deemed to exist when a person, organization or
entity (i) owns or directly controls fifty percent (50%) or more of the
outstanding voting stock or other ownership interest of the other organization
or entity, or (ii) possesses, directly or indirectly the power to
elect or appoint fifty percent (50%) or more of the members of the governing
body of the other organization or entity. 

1

“Calendar Quarter” shall mean the respective periods of
three (3) consecutive calendar months ending on March 31, June 30, September 30
or December 31, for so long as this Agreement is in effect. 

"Calendar Year" shall mean successive one year periods
beginning on January 1 and ending on December 31 for so long as this Agreement
is in effect. 

"Capital Equipment" shall mean any non-disposable equipment.

“Commercialization and Development Plan” shall mean the
plan for the development and commercialization of Products for use in the Field
attached hereto as Exhibit B, as such plan may be amended from
time to time pursuant to Section 6.2. 

"Consultation Results" shall mean any and all Know-how
relating to the Ramot Technology or Joint Technology that is first developed or
made by the Principal Investigator or any other faculty member, student or
employee of TAU in the performance of the Consultation Services. 

"Consultation Services" shall mean any research activities
  or services (including consulting services) relating to the Ramot Technology
  or Joint Technology, other than the Research, that are undertaken for the Company
  or its Affiliates by the Pincipal Investigator or any other faculty member,
  student or employee of TAU or Ramot during any period that the Principal Investigator
  or any other faculty member, student or employee of TAU or Ramot are employed
  by TAU or Ramot (including without limitation, part-time employment, Sabbaticals
  and leave of absence, and Professor Emeritus status) and during a period of
  one year thereafter, whether such activities or services are undertaken as an
  independent contractor or as an employee of the Company.

"Development Milestones" shall mean the development
milestones specified in the Commercialization and Development Plan attached
hereto as Exhibit B. 

“Development Results” shall mean Know-how discovered,
generated, or obtained by, or on behalf of, the Company or its Affiliate or
Sublicensee in the course of the performance of the Commercialization and
Development Plan, other than the Consultation Results and the Joint Technology.

“First Commercial Sale” shall mean the first sale of a
Product by the Company, an Affiliate of the Company, or a Sublicensee to an
unaffiliated third party after (a) receipt of all governmental and other
regulatory approvals required to market and sell the Product have been obtained
in the country in which such Product is sold, and (b) the commencement of
marketing efforts with respect to such Product. Sales for purposes of testing
the Product and samples purposes shall not be deemed First Commercial Sale. 

2

"Field" shall mean the monitoring and/or analyzing of
metabolic activity profiles. 

"Joint Know-how" shall mean any Know-how that is jointly
discovered, generated, or obtained by, or on behalf of (a) any member of the TAU
Team in the course of the performance of the Research or the Consultation
Services, and (b) one or more employees or consultants of the Company other than
the TAU Team. 

"Joint Patents" shall mean any patents or patent
applications that claim, and only to the extent that they so claim, the Joint
Know-how. For the purposes of this definition, the US law applicable to
determining joint inventorship shall apply.

"Joint Technology" shall mean the Joint Know-how and the
Joint Patents. 

"Know-how" will mean any discoveries, inventions
(whether patentable or not), materials, information, data, designs, formulae,
ideas, methods, models, assays, research plans, procedures, designs for
experiments and tests and results of experimentation and testing (including
results of research or development) processes (including manufacturing
processes, specifications and techniques), laboratory records, chemical,
clinical, analytical and quality control data, trial data, case report forms,
data analyses, reports or summaries and information contained in submissions to,
and information from, ethical committees and regulatory authorities. 

"Major Markets" shall mean the United States, China,
France, Germany, the United Kingdom and India. 

“Net Sales” shall mean the gross amount invoiced by or
on behalf of the Company, its Affiliates and Sublicensees (in each case, the
“Invoicing Entity”) on sales of Products (whether made before or after
the First Commercial Sale of the Product), less the following: (a) customary
trade, quantity, or cash discounts to the extent actually allowed and taken; (b)
amounts repaid or credited by reason of rejection or return; (c) to the extent
separately stated in the invoices, any taxes or other governmental charges
levied on the production, sale, transportation, delivery, or use of a Product
which is paid by the Invoicing Entity; and (d) to the extent separately stated
in the invoices, reasonable freight, insurance and handling charges, provided
that:

                    (i)
In any transfers of Products between an Invoicing Entity and an Affiliate of
such Invoicing Entity not for the purpose of resale by such Affiliate, Net Sales
shall be equal to the higher of (i) the fair market value of the Products so
transferred, assuming an arm’s length transaction made in the ordinary course of
business; and (ii) the actual transfer price; and

                    (ii)
In the event that an Invoicing Entity receives non-monetary consideration for
any Products or in the case of transactions not at arm’s length between an
Invoicing Entity and a non-Affiliate of the Invoicing Entity, Net Sales shall be
calculated based on the fair market value of such consideration or transaction,
assuming an arm’s length transaction made in the ordinary course of business;
and

3

                    (iii)
Sales of Products by an Invoicing Entity to an Affiliate of such Invoicing
Entity for resale by such Affiliate shall not be deemed Net Sales and Net Sales
shall be determined based on the total amount invoiced by such Affiliate on
resale. 

                    For
avoidance of doubt, Company may transfer samples of the Products as well as
Products for clinical trial free of charge.

“Patent Challenge” shall mean any action before any
patent office, court or other tribunal or agency, challenging the validity,
patentability, enforceability and/or scope of any of the Ramot Patents and/or
Joint Patents (including without limitation through an interference or
reexamination procedures). 

“Principal Investigator” shall mean Prof. Fernando
Patolsky. 

“Product(s)” will mean any instrument, device, process,
method, product, component, system etc. that contain or is based on, in whole or
in part, the technology described in the Ramot Patents and Joint Patents
(including patent applications) and Ramot Know How and Joint Know How. Without
limiting the foregoing, it is agreed that any product which is (i) any
instrument or device for detecting and identifying a disease associated with a
modified metabolic activity, (ii) any component of such instrument or device, or
(iii) any service that uses or is based on or directly facilitates or supports
the use of any of the products referred to in (i) or (ii) shall be deemed a
"Product" for the purpose of this Agreement, unless the Company shall prove, to
Ramot's full satisfaction, that such product does not contain or is not based
on, in whole or in part, the technology described in the Ramot Patents or Joint
Patent (including patent applications) and Ramot Know How or Joint Know How.

“Qualifying Seed Financing” will mean an equity
investment in the Company of at least $1,500,000 (one million and five hundred
thousand US Dollars) the proceeds of which shall be used in the development of
Product(s) under the Commercialization and Development Plan. 

"Ramot Know-how"
  shall mean (i) certain Know-how relating to the technology described in the
  Ramot Patents that shall be transferred to the Company promptly following the
  Effective Date, as identified in Exhibit C, (ii) the
  Research Results, other than Joint Know-how, and (iii) the Consultation Results,
  other than Join Know-how. Exhibit C shall be updated from time to time to
  reflect additional Ramot Know-how transferred to the Company during the term of
  this Agreement. 

"Ramot Patents" shall mean: (i) the patent applications
described in Exhibit A attached hereto, (ii) all patent
applications claiming, and only to the extent they so claim, the Ramot Know How,
(iii) all divisional, continuation, and continuation –in-part applications of
the foregoing applications, (iv) all patents issuing from any of the foregoing
applications, and (v) all reissues, reexaminations, extensions and restorations of any of the
foregoing patents. 

4

"Ramot Technology" shall mean the Ramot Patents and the
Ramot Know-how. 

“Research” shall mean the research actually conducted
during the Research Period by the TAU Team under the terms of this Agreement in
accordance with the Research Plan. 

“Research Funds” shall have the meaning ascribed to it
in section 2.2. 

“Research Milestone” shall mean certain milestones
  agreed upon by the parties as specified in the Research Plan.

“Research Plan” shall mean the research plan attached
hereto as Exhibit D as may be amended from time to time by the
mutual written agreement of the parties, which sets forth the research to be
undertaken by the TAU Team under the direction of the Principal Investigator
during the Research Period. Notwithstanding the foregoing, amendments to the
Research Plan required in order to obtain regulatory approvals for the Product
shall be made , provided only that the Parties mutually agree upon budget and
timetable required to implement these amendments. 

“Research Results” shall mean any and all Know-how discovered, generated, or obtained by, or on
  behalf of, members of the TAU Team alone or together with one or more employees
  or consultants of the Company other than the TAU Team in the course of the
  performance of the Research.

“Research Period” shall mean a period of 12 months
commencing upon payment of the first installment of research funding by the
Company in accordance with Section 2.2 herein. 

"Sublicense” shall mean any right granted, license
given, or agreement entered into, by the Company to or with any other person or
entity, including an Affiliate of the Company, under or with respect to or
permitting any use of the Ramot Technology or Joint Technology or any part
thereof or otherwise permitting the development, manufacture, marketing,
distribution and/or sale of Products, and any option to obtain or enter into
such right, license, agreement or permission (regardless of the title given to
such grant of rights). 

"Sublicensee” shall mean any person or entity granted a
Sublicense. 

"Sublicense Agreement" shall have the meaning set forth
in Section 5.3.2. 

“Sublicense Receipts” shall mean any payments or other
consideration that the Company and its Affiliates receive, with the exception of
royalties based on Net Sales, in connection with a Sublicense, including without
limitation license fees, license option fees, milestone payments, license
maintenance fees, and equity, provided that in the event that the Company
receives non-monetary consideration in connection with a Sublicense, or in
the case of transactions not at arm’s length, Sublicense Receipts shall be
calculated based on the fair market value of such consideration or transaction,
assuming an arm’s length transaction made in the ordinary course of business.
Notwithstanding the foregoing, "Sublicense Receipts" shall not include equity
investments in the Company or its Affiliates to the extent made at fair market
value (if the investment exceeds the fair market value, only the excess amount
will be treated as “Sublicense Receipts”). For the purpose of the foregoing, the
"fair market value" of an entity's equity securities shall be determined as
follows: (i) if the shares of the relevant entity are not traded on a stock
exchange or over the counter market, the value of such equity securities as
determined in good faith by the Company's Board of Directors, having regard to
the value most recently paid by a third party for shares of such entity, and
(ii) if the shares of the relevant entity are traded on a stock exchange or over
the counter, the average closing price of such shares on the fifteen (15)
trading days prior to the closing of the equity transaction. The term
"Sublicense Receipts" shall not include funds that are designated for research
and development of Products and/or performance of clinical trials of Products in
accordance with the Sublicense agreement and that are actually expended on
research and development of Products and/or performance of clinical trials of
Products in accordance with a written development plan and budget as evidences
in the Company's written records. 

5

“TAU Team” shall mean the Principal Investigator and
those researchers performing the Research at TAU under his/her supervision, as
specified in Exhibit E attached hereto, which may be amended from
time to time by Ramot. 

"Third Party Royalty Payments" shall mean royalty
payments that the Company are legally required to make to an unaffiliated third
party on sales of a Product in a particular country, in order to obtain a
license to patents owned or controlled by such third party that are necessary
for the practice of the Ramot Technology in such country. 

"Valid Claim" shall mean a claim of a patent application
or unexpired issued patent included in the Ramot Patents or Joint Patents so
long as such claim shall not have been held invalid in a final court judgment or
patent office decision that has not been appealed within the time allowed by law
for an appeal, or from which there is no further appeal.

2.      Research. 

          2.1.
Performance. 

               2.1.1.
Ramot shall cause TAU, under the direction of the Principal Investigator, to use
reasonable efforts to perform the Research in accordance with the Research Plan;
however, Ramot and TAU make no warranties regarding the achievement of any
particular results including the Research Milestones.

               2.1.2.
The Research will be directed and supervised by the Principal Investigator, who shall have primary responsibility for the performance of the
Research. If the Principal Investigator ceases to supervise the Research for any
reason, Ramot will so notify the Company, and Ramot shall endeavor to find among
the scientists at TAU, a scientist or scientists acceptable to the Company to
continue the supervision of the Research in place of the Principal Investigator.
If Ramot is unable to find such a scientist or scientists acceptable to the
Company, within thirty (30) days after such notice to the Company, the Company
shall have the option to terminate the funding of the Research. The Company
shall promptly advise Ramot in writing if the Company so elects. Such
termination of funding shall terminate Ramot’s and TAU’s obligations pursuant to
Section 2.1.1 above with respect to the Research, but shall not terminate this
Agreement or any of the other rights or obligations of the parties under this
Agreement. Nothing contained in this Section 2.1.2, shall be deemed to impose an
obligation on Ramot or TAU to successfully find a replacement for the Principal
Investigator, as opposed to the obligation to endeavor to do so. Within thirty
(30) days of the end of each Calendar Quarter, the Principal Investigator shall
present the Company with a written report summarizing the results of the
Research during the preceding Calendar Quarter.

6

          2.2.      Funding
of Research. ***

          2.3      Research
Milestones. In the event that a specific Research Milestone is not met, the
Company will have the right upon 30 days prior written notice to Ramot to
terminate this Agreement in its entirety. Upon such termination, Company shall
pay Ramot for all work performed prior to such termination which has been
completed and for all reasonable uncancellable commitments.

          2.4      Restrictions.
During the Research Period (and during any agreed extensions to the Research
Period for the purpose of performing additional research), Ramot shall not enter
into any commercial transaction (including sponsored research agreements) with
respect to the research and development at TAU of Products in the Field by any
member of the TAU Team. 

          2.5      Capital
Equipment. All Capital Equipment purchased by Ramot with the Research Funds
("Research Capital Equipment") shall be the sole property of the Company,
and shall be used under the direction of the Principal Investigator. The Company
will be responsible for the maintenance of all such Research Capital Equipment.
Upon the earlier of (i) termination of this Agreement, or (ii) the mutual
agreement of the parties, and further to a written request by the Company, the
Research Capital Equipment will be transferred by Ramot, "as is", without
warranty, to the extent permitted by law, and at the Company's expense, to the
Company's possession.

3.     
Title.

          3.1      Ramot
Technology. As between the Parties, all rights, title and interest in and to
the Ramot Technology are and shall be owned solely and exclusively by Ramot.

7

          3.2      Joint
Technology. As between the Parties, all rights, title and interest in and to
the Joint Technology shall be owned jointly by Ramot and the Company. 

          3.3     
Development Results. All rights, title and interest in and to the
Development Results shall be owned solely and exclusively by the Company.

4.      Patent
Filing, Prosecution and Maintenance. 

4.1      Filing
and Prosecution. Ramot shall be responsible for the preparation,
filing, prosecution, protection and maintenance of the Ramot Patents and the
Joint Patents, using independent patent counsel selected by Ramot who shall be
reasonably acceptable to the Company. Ramot shall consult with the Company as to
the preparation, filing, prosecution, protection and maintenance of the Ramot
Patents and the Joint Patents reasonably prior to any deadline or action with
respect to any material decision in the U.S. Patent & Trademark Office or
any other patent office and shall take into consideration the Company's opinion
and position with respect thereto. Ramot shall deliver copies to the Company of
all correspondence with the patent counsel and and shall instruct the patent
counsel to do the same. 

4.2.      Expenses.
Subject to Section 4.3 below, the Company shall reimburse Ramot for all
documented patent-related expenses incurred by Ramot pursuant to this Section 4
within thirty (30) days after Ramot invoices the Company. In addition, within
fifteen (15) days following the execution of this Agreement, the Company shall
pay Ramot a total amount of *** as a reimbursement for expenses incurred by
Ramot prior to the execution of this Agreement with respect to the filing and
prosecution of Ramot Patents ("Past Patent Expenses"). In the event that
the Company fails to reimburse Ramot for any expense relating to a Ramot Patent
or a Joint Patent when such payment is due, then in addition to any remedy that
may be available to Ramot pursuant to this Agreement or the applicable law,
Ramot shall be entitled to immediately discontinue the filing, prosecution, and
maintenance of the relevant Ramot Patent or Joint Patent, upon written notice to
the Company.

4.3.      Abandonment.

4.3.1 Subject to the provisions of this Section 4.3.1,
the Company may elect not to pay for, or to cease paying for the filing,
prosecution or maintenance of any of the Ramot Patents or Joint Patents (an
“Abandoned Patent Right”) in any country other than a Major Market (an
“Abandoned Country”). The Company shall provide Ramot with prompt written
notice of such election, specifying the relevant Abandoned Patent Right and
Abandoned Country (an "Abandonment Notice"). Upon receipt of such
Abandonment Notice by Ramot, and only upon receipt thereof, the Company shall be
released from its obligations to reimburse Ramot for the expenses incurred
thereafter in such Abandoned Country with respect to such Abandoned Patent
Right. In such event Ramot shall be entitled, but not obliged, to continue the
preparation, filing, protection, prosecution, and maintenance of any Abandoned
Patent Right in the Abandoned Country at its own expense, and in such event the
Company shall assign to Ramot its rights in the Abandoned Patent Right in such Abandoned Country in the
event that the Abandoned Patent Right is a Joint Patent, and the license granted
hereunder shall terminate with respect to such Abandoned Patent Right in such
Abandoned Country, and Ramot shall be free, without further notice or obligation
to the Company, to grant rights in and to such Abandoned Patent Rights with
respect to such Abandoned Country to third parties.

8

4.3.2 The Company may not elect not to pay for, or to
cease paying for, the Ramot Patents and the Joint Patents in a Major Market. In
the event that the Company fails to meet its obligations pursuant to Section 4.2
with respect to a Major Market, such failure shall constitute a material breach
of the Company's obligations pursuant to this Agreement, and Ramot shall be
entitled to terminate this Agreement in accordance with the provisions of
Section 13.3.2.

4.4      No
Warranty. Nothing contained herein shall be deemed to be a warranty by
Ramot that any patent application included in the Ramot Patent or Joint Patents
will result in an issued patent, or that any patent application or issued patent
that is or may be included in the Ramot Patents or Joint Patents will be valid
or of any value or will afford adequate or commercially worthwhile protection.

5.     
License Grant. 

          5.1.      License.

Subject to the terms and conditions set forth in this
Agreement, Ramot hereby grants to the Company an exclusive, worldwide,
royalty-bearing license , under Ramot's rights in the Ramot Technology and the
Joint Technology for the sole purpose of developing, manufacturing, using,
offering for sale, selling, having sole and importing Products in the Field. For
purposes of this Section 5.1, the term “exclusive” means that Ramot shall not
grant such licenses or rights to any third party or to exercise any such rights
itself, subject, however, to the right of Ramot, TAU, their
employees, students and other researchers at TAU and at collaborating research
institutions to practice the Ramot Technology and Joint technology (i) for
purposes of academic research and instruction, and (ii) for the purpose of
conducting the Research. 

          5.2      Sublicense.

                    5.2.1.
Sublicense Grant. The Company shall be entitled to grant Sublicenses to
third parties under the license granted pursuant to Section 5.1 on terms and
conditions in compliance with and not inconsistent with the terms of this
Agreement. With the exception of Sublicenses granted to Affiliates of the
Company, such Sublicenses shall only be made for consideration and in bona-fide
arm’s length transactions.

                    5.2.2.
Sublicense Agreements. Sublicenses shall only be granted pursuant to
written agreements, which shall be in compliance and not inconsistent with and
shall be subject and subordinate to the terms and conditions of this Agreement
(each, a "Sublicense Agreement"). Each such sublicense agreement shall
contain, among other things, provisions to the following effect: 

9

                              5.2.2.1.
All provisions necessary to ensure The Company’s ability to perform its
obligations under this Agreement, including without limitation its obligations
under Sections 6.1, 8.4, 8.5, 12 and 13.4.3, 14.10;

                              5.2.2.2.
  In the event of termination of the license set forth in Section 5.1 above,
  any existing Sublicense shall terminate; provided, however, that,
  Ramot shall , at the request of the Sublicensee, other than in the event that
  the termination is a result of a breach by such Sublicensee, enter into a new
  license agreement with such Sublicensee on substantially the same terms as those
  contained in a Sublicense Agreement, provided that such terms shall be
  amended, if necessary, to the extent required to ensure that such Sublicense
  Agreement does not impose any obligations or liabilities on Ramot which are
  not included in this Agreement; 

                              5.2.2.3.
The Sublicensee shall not be entitled to sublicense its rights under such
Sublicense Agreement, provided that a Sublicensee that is an Affiliate of the
Company may grant one further Sublicense of its rights; and 

                    5.2.3.
Delivery of Sublicense Agreement. The Company shall furnish Ramot with a
fully executed copy of each Sublicense Agreement, promptly after its execution.
Ramot shall keep any such copies of Sublicense Agreements in its confidential
files and shall use them solely for the purpose of monitoring the Company's and
Sublicensees’ compliance with their obligations and enforcing Ramot’s rights
under this Agreement.

                    5.2.4.
Breach by Sublicensee. Any breach of the terms of this Agreement by a
Sublicensee, including any act or omission by a Sublicensee which would have
constituted a breach of this Agreement had it been an act or omission by the
Company, shall constitute a breach of this Agreement by the Company. The
Company shall indemnify Ramot for, and hold it harmless from, any and all
damages or losses caused to Ramot as a result of any such breach by a
Sublicensee.

          5.3      No
Other Grant of Rights. Nothing in this Agreement shall be construed as
the grant of any right or license, express or implied, in or to any patent
right, Know-how or other intellectual property right owned or controlled by
Ramot or TAU, other then the Ramot Technology and Joint Technology. Other than
as specifically set forth in Section 5, the Company and its Sublicensees
shall not have, and shall not be entitled to grant, directly or indirectly, to
any person or entity, any right of whatever nature under, or with respect to, or
permitting any use or exploitation of the Ramot Technology or the Joint
Technology. Without in any way limiting the generality of the foregoing, the
Company and Sublicensees shall not have any right under the Ramot Technology or Joint Technology to develop, manufacture,
market or sell products or services other than Products in the Field. 

10

6.      Development
and Commercialization. 

          6.1.     
Diligence. The Company shall use its best efforts, including funding
consistent therewith, and/or shall cause its Affiliates or Sublicensees to use
their best efforts, including funding consistent therewith: (i) to develop
Products in the Field in accordance with the Commercialization and Development
Plan during the periods and within the timetable specified therein, (ii) to
introduce Products in the Field into the commercial market and (iii) to market
Products in the Field following such introduction into the market. Without
limiting the foregoing, the Company, by itself or through its Affiliates or
Sublicensees, shall meet each of the Development Milestones within the time
periods set forth in Exhibit B. 

          6.2.      Amendments
to the Commercialization and Development Plan. The Company shall be
entitled, from time to time, to make such adjustments and amendments to the
Commercialization and Development Plan as the Company believes, in its good
faith judgment, are needed . The Company shall notify Ramot promptly regarding
material changes to the Commercialization and Development Plan. Notwithstanding
the foregoing or anything to the contrary in this Agreement, the Company shall
not be entitled to change the Development Milestones or the time frames for
achieving the Development Milestones without Ramot's prior written consent.
Notwithstanding the aforesaid, the Company may reasonably extend the
timetable of the Milestones in the event of regulatory revisions which directly
affect them.

          6.3.      Review
Meetings. The Principal Investigator, a Company representative and a Ramot
representative shall meet no less than once every six (6) months during the term
of this Agreement commencing with the Effective Date, at locations and times to
be mutually agreed upon by the parties, (i) to review the progress being made
under the Commercialization and Development Plan and the progress being made in
any other research and development activities conducted by the Company, its
Affiliates and Sublicensees relating to Products, (ii) to review and agree upon
any necessary or desired revisions to the then current Commercialization and
Development Plan, (iii) to review the progress being made towards fulfilling the
Development Milestones and (iv) to discuss intended efforts for fulfilling such
milestones. 

          6.4.     
Progress Reports. Within sixty (60) days after the end of each Calendar
Year, the Company shall furnish Ramot with a written report on the progress of
its, its Affiliates’ and Sublicensees’ efforts during the prior year to develop
and commercialize Products in the Field, including without limitation research
and development efforts, marketing efforts, and sales figures. The report shall
also contain a discussion of intended efforts and sales projections for the then
current year. 

          6.5.      Failure.
If the Company breaches any of its obligations pursuant to Section 6.1,
Ramot shall notify the Company in writing of the Company’s failure and shall
allow the Company ninety (90) days to cure its failure. The Company
failure to cure such failure to Ramot’s reasonable satisfaction within such
90-day period shall constitute a material breach of this Agreement and Ramot
shall have the right to terminate this Agreement forthwith.

11

7.      Consideration
for Grant of License 

In consideration for the rights and licenses granted to the
Company pursuant to this Agreement, the Company shall pay to Ramot the following
consideration: 

          7.1
Royalty Payments.

          7.1.1.
The Company will pay Ramot a royalty on worldwide Net Sales of Products
by the Company, its Affiliates and Sublicensees, as follows:

          ***

          7.1.2
Minimum Annual Royalty. The Company shall pay Ramot a minimum annual
royalty at the beginning of any Calendar Year following the First Commercial
Sale, as follows: 

          ***

          7.1.3.
Royalty Reduction. ***

          7.1.4.
Third Party Royalty Payments. ***

          7.1.5.
Increased Royalty Rates upon a Patent Challenge.

          7.1.5.1.
***

          7.1.6.
Royalty Period. The royalty set forth in Section 7.1 will be payable during
a period which shall commence on the Effective Date and shall continue on a
country-by-country, Product-by- Product basis, for the longer of: (a) fifteen
(15) years from the date of the First Commercial Sale of such Product in such
country; and (b) until the last to expire of the Ramot Patents or Joint Patents
in such country (the "Royalty Period").

          7.2
Sublicense Receipts. 

          7.2.1
Sublicense Receipts. ***

          7.3.
Warrants 

Upon the Effective Date the Company shall issue to Ramot (on
behalf of itself and the inventors of the Ramot Patents) warrants in the form
attached hereto as Exhibit G (hereinafter, the "Warrants") to
purchase a number of ordinary shares of the Company (hereinafter, the
"Warrant Shares") which shall together comprise *** of the issued shares
of the Company on the Effective Date on an as-converted, fully diluted basis
(including such Warrant Shares). The Warrants shall be exercisable at an
exercise price equal to the par value of the Warrant Shares, at any time and
from time to time from and after the Effective Date.

12

8.     
Reports; Payments; Records. 

          8.1      Regulatory
Approval and First Commercial Sale. 

          8.1.1      Regulatory
Approval. The Company shall notify Ramot in writing as soon as
practicable after the receipt of Regulatory Approval for a Product, specifying
its date, the country in which such Regulatory Approval was obtained and the
type of Product in respect of which such Regulatory Approval was obtained. 

          8.1.2      First
Commercial Sale. The Company shall inform Ramot in writing of the date
of First Commercial Sale with respect to each Product in each country, as soon
as practicable after the making of each such First Commercial Sale and shall
describe such Product. 

          8.2.      Reports
and Payments.

                    8.2.1
Reports on Net Sales. Within forty five (45) days after the conclusion of
each Calendar Quarter commencing with the first Calendar Quarter in which Net
Sales are generated, the Company shall deliver to Ramot separate reports on Net
Sales by the Company and its Affiliates on the one hand, and Sublicensees other
than Affiliates, on the other hand, containing the following information:

                                   8.2.1.1.
For Net Sales by the Company, its Affiliates and Sublicensees, the Company shall
provide the following information for each Invoicing Entity: 

                                   (a)     
the number of units of Products sold by the Company and each of its
Affiliates and Sublicensees for the applicable Calendar Quarter, separately
itemized according to the Product, the Invoicing Entity and country of sale;

                                   (b)     
the gross amount invoiced for Products sold by the Company, its Affiliates and
Sublicensees during the applicable Calendar Quarter, separately itemized
according to the Product, the Invoicing Entity and indicating the currency of
payment; 

                                   (c)     
a calculation of Net Sales of the Company, its Affiliates and Sublicensees for
the applicable Calendar Quarter, separately itemized according to the Product,
the Invoicing Entity, and including an itemized listing of applicable
deductions; 

                                   
(d)      the total royalty payable to Ramot in
accordance with Section 7.1 on Net Sales of the Company, its Affiliates and
Sublicensees for the applicable Calendar Quarter, together with the exchange rates used for conversion. If no
amounts are due to Ramot for Net Sales by the Company, its Affiliates and
Sublicensees in any Calendar Quarter, the report shall so state.

13

                    8.2.2
Other Reports. In addition to the reports delivered pursuant to
Section 8.2.1, the Company shall notify Ramot in writing within thirty (30) days
of the occurrence of any of the following events: 

	 	(i) 	
      Receipt of any Sublicense Receipts; such notice shall
      include an explanation for the basis of such Sublicense
Receipts;

	 	 	 
	 	(ii) 	
      Qualifying Seed Financing; such notice shall include the
      date in which the Qualifying Seed Financing was achieved and the total
      amount of money invested in the Company.

                    8.2.3.
Payment of Royalty for Net Sales by the Company, its Affiliates and
Sublicensees. (a) Within 45 days of the end of each Calendar Quarter, the
Company shall remit to Ramot all royalties due pursuant to Section 7.1 for the
applicable Calendar Quarter.

                    8.2.4.
Payments of Annual Minimum Royalies.The Company shall remit to Ramot
all amounts due pursuant to Section 7.1.2 within 45 days of the beginning of
each Calendar Year in which amounts are due. 

                    8.2.5.
Payment for Sublicense Receipts. The Company shall remit to Ramot all
amounts due with respect to Sublicense Receipts within forty five (45) of the
receipt of such Sublicense Receipts by the Company or its Affiliates. 

          8.3.      Payment
Currency. All payments due under this Agreement shall be payable in
United States dollars, except in the event of Net Sales and Sublicense Receipts
which are invoiced or billed in New Israel Shekels, British pounds sterling, or
in Euro, with respect to which payments to Ramot will be made in New Israel
Shekels, British pounds sterling, or in Euro as the case may be. Conversion of
foreign currency to U.S. dollars shall be made at the conversion rate existing
in the United States (as reported in the Wall Street Journal) on the last
working day of the applicable Calendar Quarter. Subject to 8.8 below, such
payments shall be without deduction of exchange, collection, or other charges.

          8.4.     
Records. The Company shall maintain shall include in its contracts with
the Sublicensees, and shall cause its Affiliates (who make, use, offer to sell,
sell or import Products) to maintain, complete and accurate records of Products
that are made, used, marketed, offered for sale or sold under this Agreement,
any amounts payable to Ramot in relation to such Products and all Sublicense Receipts received by the Company and its
Affiliates, which records shall contain sufficient information to permit Ramot
to confirm the accuracy of any reports or notifications delivered to Ramot under
Section 8.2. The relevant party shall retain such records relating to a given
Calendar Quarter for at least three (3) years after the conclusion of that
Calendar Quarter, during which time Ramot shall have the right, at its expense,
to cause an independent, certified public accountant to inspect and audit such
records during normal business hours for the sole purpose of verifying any
reports and payments delivered under this Agreement. Such accountant shall not
disclose to Ramot any information other than information relating to the
accuracy of reports and payments delivered under this Agreement. The parties
shall reconcile any underpayment or overpayment within thirty (30) days after
the accountant delivers the results of the audit. In the event that any audit
performed under this Section 8.4 reveals an underpayment in excess of five
percent (5%) in any Calendar Year, the audited party shall bear the full cost of
such audit. Ramot may exercise its rights under this Section 8.4 only once every
year per audited party and only with reasonable prior notice to the audited
party. The Company shall cause its Affiliates to fully comply with the terms of
this Section 8.4 and include same provisions in its contracts with the
Sublicensees.

14

          8.5.      Certified
and Audited Report. The Company shall furnish Ramot, and shall cause
its Affiliates (who make, use, market, offer for sale or sell Products) and
Sublicensees to furnish Ramot, within ninety (90) days after the end of each
Calendar Year, commencing at the end of the Calendar Year of the First
Commercial Sale, with a report, certified by the CFO or by an independent
certified public accountant following First Commercial Sales, relating to
royalties and other payments due to Ramot pursuant to this Agreement in respect
to the previous Calendar Year and containing the same details as those specified
in Section 8.2 above in respect to the previous Calendar Year. 

          8.6.      Late
Payments. Any payments to be made under this Agreement that are not
paid on or before the date such payments are due under this Agreement shall bear
interest at an annual interest, compounded monthly, equal to three percent (3%)
above the London Interbank Offer Rate (LIBOR) as determined for each month on
the last business day of that month, assessed from the day payment was initially
due until the date of payment. 

          8.7.     
Payment Method. Each payment due to Ramot under this Agreement shall be
paid by wire transfer of funds to Ramot’s account in accordance with written
instructions provided by Ramot. 

          8.8.     
VAT; Withholding and Similar Taxes. All amounts to be paid to Ramot
pursuant to this Agreement are exclusive of Value Added Tax. The Company shall
add value added tax, as required by law, to all such amounts. If applicable laws
require that taxes be withheld from any amounts due to Ramot under this
Agreement, the Company shall (a) deduct these taxes from the remittable amount,
(b) pay the taxes to the proper taxing authority, and (c) promptly deliver to
Ramot a statement including the amount of tax withheld and justification therefore, and such other information as may be necessary for
tax credit purposes. 

15

9.      Confidential
Information 

          9.1      Confidentiality.

                    9.1.1.
Ramot Confidential Information. The Company agrees that, without the prior
written consent of Ramot for the longer of: (a) the term of this Agreement; and
(b) a period of seven (7) years from date of disclosure, it will keep
confidential, and not disclose or use Ramot Confidential Information (as defined
below) other than for the purposes of this Agreement. The Company shall treat
such Ramot Confidential Information with the same degree of confidentiality as
it keeps its own confidential information, but in all events no less than a
reasonable degree of confidentiality. The Company may disclose Ramot
Confidential Information only to employees and consultants of the Company or of
its Sublicensees who have a “need to know” such information in order to enable
the Company to exercise its rights or fulfill its obligations under this
Agreement and are legally bound by agreements which impose confidentiality and
non-use obligations comparable to those set forth in this Agreement. For
purposes of this Agreement, “Ramot Confidential Information” means any
scientific, technical, trade or business information relating to the subject
matter of this Agreement designated as confidential or which otherwise should
reasonably be construed under the circumstances as being confidential disclosed
by or on behalf of Ramot, TAU or any of their employees, researchers or students
to the Company, whether in oral, written, graphic or machine-readable form,
except to the extent such information: (i) was known to the Company at the time
it was disclosed, other than by previous disclosure by or on behalf of Ramot,
TAU or any of their employees, researchers or students, as evidenced by the
Company’s written records at the time of disclosure; (ii) is at the time of
disclosure or later becomes publicly known under circumstances involving no
breach of this Agreement; (iii) is lawfully and in good faith made available to
the Company by a third party who is not subject to obligations of
confidentiality to Ramot, or TAU with respect to such information; or (iv) is
independently developed by the Company without the use of or reference to Ramot
Confidential Information, as demonstrated by documentary evidence. For the
avoidance of doubt Ramot Confidential Information shall also include the Ramot
Technology and the Joint Technology. 

               9.1.2.
The Company Confidential Information. 

                    Ramot
agrees that, without the prior written consent of the Company for the longer of:
(a) the term of this Agreement; and (b) a period of seven (7) years from date of
disclosure, it will keep confidential, and not disclose or use the Company
Confidential Information (as defined below) other than for the purposes of this
Agreement. Ramot shall treat the Company Confidential Information with the same
degree of confidentiality as it keeps its own confidential information, but in
all events no less than a reasonable degree of confidentiality. Ramot may
disclose the Company Confidential Information only to employees and consultants
of Ramot or of its Affiliates who have a “need to know” such information in order to enable Ramot to exercise its rights or fulfill its
obligations under this Agreement and are legally bound by agreements which
impose confidentiality and non-use obligations comparable to those set forth in
this Agreement. For purposes of this Agreement, “Company Confidential
Information” means any scientific, technical, trade or business information
relating to the subject matter of this Agreement designated as confidential or
which otherwise should reasonably be construed under the circumstances as being
confidential that is disclosed to Ramot by or on behalf of Licensee in writing
pursuant to Sections 6, 8.2 or 8.5 of this Agreement, except to the extent such
information: (i) was known to Ramot or TAU at the time it was disclosed, other
than by previous disclosure by or on behalf of the Company as evidenced by Ramot
or TAU written records at the time of disclosure; (ii) is at the time of
disclosure or later becomes publicly known under circumstances involving no
breach of this Agreement; (iii) is lawfully and in good faith made available to
Ramot or TAU by a third party who is not subject to obligations of
confidentiality to the Company with respect to such information; or (iv) is
independently developed by Ramot or TAU without the use of or reference to the
Company Confidential Information, as demonstrated by documentary evidence.

16

               9.1.3.  
 Disclosure of Agreement. Each party may disclose the terms of
this Agreement to the extent required, in the reasonable opinion of such party’s
legal counsel, to comply with applicable laws. Notwithstanding the foregoing,
before disclosing this Agreement or any of the terms hereof pursuant to this
Section 9.1.3, the parties will consult one another on the terms of this
Agreement to be redacted in making any such disclosure. If a party discloses
this Agreement or any of the terms hereof in accordance with this Section 9.1.3,
such party agrees, at its own expense, to seek confidential treatment of
portions of this Agreement or such terms, as may be reasonably requested by the
other party. Ramot may disclose the terms of this Agreement to third parties for
the purpose of evaluating royalty monetization and to the extent necessary to
enable Ramot to grant rights under any technology not licensed herein and to
members of the TAU Team and/or other researchers at TAU who were/will be
involved in the development of the Ramot Technology or Joint Technology, and to
their respective legal or financial advisers under terms of a written
confidentiality agreement substantially similar to the terms of Section 9.1.2
above. Company may disclose the terms of this Agreement to third parties in
connection with financing of the Company or its Affiliates and/or potential
collaborations with third parties, and to their respective legal and financial
advisers under terms of a written confidentiality agreement substantially
similar to the terms of Section 9.1.1 above . 

                    9.1.4.   
Publicity. Except as expressly permitted under Section 9.1.3, no party will
make any public announcement regarding this Agreement without the prior written
approval of the other party.

          9.2.      Academic
Publications. The Principal Investigator and other members of the TAU
Team shall have the right to publish the Ramot Technology and the Joint
Technology in scientific publications or to present such results at
scientific symposia, provided that the following procedure is followed: 

17

                    9.2.1.
No later than thirty (30) days prior to submission for publication of any
scientific articles, abstracts or papers concerning the Ramot Technology or the
Joint Technology and prior to the presentation of the same at any scientific
symposia, the Principal Investigator shall send the Company a written copy of
the material to be so submitted or presented, and shall allow the Company to
review such submission to determine whether the publication or presentation
contains subject matter for which patent protection should be sought and whether
such publication includes Company Confidential Information. 

                    9.2.2.
The Company shall provide its written comments with respect to such
publication or presentation within thirty (30) days following its receipt of
such written material. If the Company does not provide written comments within
the thirty (30) days set forth above, it shall be deemed to have approved such
proposed publication or presentation. 

                    9.2.3.
If the Company, in its written comments, identifies material for which
patent protection should be sought, then the Principal Investigator shall delay
the submission of such publication or presentation for a further period of up to
sixty (60) days from the receipt of such written comments to enable Ramot to
make the necessary patent filings in accordance with Section 4. 

                    9.2.4
If the Company, in its written comments, identifies Company Confidential
Information in the material to be published, such Company Confidential
Information shall be removed by the Principal Investigator or such other member
of the TAU Team prior to publication. 

                    9.2.5
After compliance with the foregoing procedures with respect to an academic,
scientific or medical publication and/or public presentation, the Principal
Investigator shall not have to resubmit any such information for re-approval
should it be republished or publicly disclosed in another form.

10.      Enforcement
of Patent Rights.

          10.1.     
Notice. In the event either party becomes aware of any possible or
actual infringement or unauthorized possession, knowledge or use of the Ramot
Patents or the Joint Patents in the Field (collectively, an
“Infringement”), that party shall promptly notify the other party and
provide it with details regarding such Infringement 

          10.2.     
Suit by the Company. The Company shall have the right, but not the
obligation, to take action in the prosecution, prevention, or termination of any
Infringement. Should the Company elect to bring suit against an infringer and Ramot must
be according to the applicable law joined as party plaintiff in any such suit,
Ramot shall have the right to approve the counsel selected by the Company to
represent the parties, such approval not to be unreasonably withheld. The
expenses of such suit or suits that the Company elects to bring, including any
expenses of Ramot incurred in conjunction with the prosecution of such suits or
the settlement thereof (when Ramot must be joined as a party plaintiff), shall
be paid for entirely by the Company and the Company shall hold Ramot free, clear
and harmless from and against any and all costs of such litigation, including
attorney’s fees. The Company shall not compromise or settle such litigation
without the prior written consent of Ramot, which consent shall not be
unreasonably withheld or delayed. In the event the Company exercises its right
to sue pursuant to this Section 10.2, it shall first reimburse itself out of any
sums recovered in such suit or in settlement thereof for all out of pocket costs
and expenses of every kind and character, including reasonable attorney’s fees,
necessarily involved in the prosecution of any such suit. If, after such
reimbursement, any funds shall remain from said recovery, then Ramot shall
receive an amount equal to 10% of such funds and the remaining 90% of such funds
shall be retained by the Company. 

18

          10.3.      Suit
by Ramot. If the Company does not take action in the prosecution,
prevention, or termination of any Infringement pursuant to Section 10.2 above,
and has not commenced negotiations with the infringer for the discontinuance of
said Infringement, within one hundred and twenty (120) days after receipt of
notice to the Company by Ramot of the existence of an Infringement, Ramot may
elect to do so. Should Ramot elect to bring suit against an infringer and the
Company is joined as party plaintiff in any such suit, the Company shall have
the right to approve the counsel selected by Ramot to represent the Parties,
such approval not to be unreasonably withheld. The expenses of such suit or
suits that Ramot elects to bring, including any expenses of the Company incurred
in conjunction with the prosecution of such suits or the settlement thereof,
shall be paid for entirely by Ramot and Ramot shall hold the Company free, clear
and harmless from and against any and all costs of such litigation, including
attorney’s fees. In the event Ramot exercises its right to sue pursuant to this
Section 10.3, any sums recovered in such suit or in settlement thereof shall be
retained by Ramot. 

          10.4.     
  Own Counsel. Each party shall always have the right to be represented
  by counsel of its own selection and at its own expense in any suit instituted
  under this Section 10 by the other party for Infringement.

          10.5.      Cooperation.
Each party agrees to cooperate fully in any action under this Section
10 which is controlled by the other party, provided that the controlling party
reimburses the cooperating party promptly for any costs and expenses incurred by
the cooperating party in connection with providing such assistance. 

          10.6.      Standing.
If a party lacks standing and the other party has standing to bring any
such suit, action or proceeding, then such other party shall do so at the
request of and at the expense of the requesting party. If either party
determines that it is necessary or desirable for another party to join any such suit, action or proceeding, the
other party shall execute all papers and perform such other acts as may be
reasonably required in the circumstances. 

19

          11.        
  Representation; Warranties; Limitation of Liability. 

          11.2      Warranty
of the Company. The Company warrants that it will comply with, and
shall ensure that its Affiliates and Sublicensees (by inserting such obligation
in the Sublicense Agreements) comply with, all local, state, and national laws
and regulations relating to the development, manufacture, use, and sale of
Products.

          11.3.     
Disclaimer.

          11.2      Disclaimer.
RAMOT MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND,
EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE RAMOT TECHNOLOGY OR THE JOINT
TECHNOLOGY OR OTHER SUBJECT MATTER OF THIS AGREEMENT. AMONG OTHER THINGS, RAMOT
DISCLAIM ANY EXPRESS OR IMPLIED WARRANTY: 

(A)          
AS TO THE NOVELTY OR THE COMMERCIAL VALUE OF THE RAMOT TECHNOLOGY AND JOINT
TECHNOLOGY(OR ANY PART THEREOF); 

(B)           AS
TO THE VALIDITY OR SCOPE OF THE RAMOT PATENTS AND THE JOINT PATENTS; 

(C)           OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 

(D)           THAT
THE RAMOT TECHNOLOGY OR THE JOINT TECHNOLOGY MAY BE EXPLOITED OR USED WITHOUT
INFRINGING OTHER PATENTS OR INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.

          11.5.     
Limitation of Liability. The Parties shall not be liable to each other
with respect to any subject matter of this Agreement under any contract,
negligence, strict liability or other legal or equitable theory for (i) any
indirect, incidental, consequential or punitive damages or lost profits or (ii)
cost of procurement of substitute goods, technology or services. In any event,
Ramot's total liability under this Agreement shall not exceed the sums received
by Ramot from the Company under this Agreement, except to the extent that,
pursuant to a final and unappealable court order issued by a competent court of
law, such Claim arises from gross negligent or willful misconduct of the
Indemnitees.

12.           Indemnification.

                    12.1      Indemnity.
The Company shall indemnify, defend, and hold harmless Ramot, TAU, their
Affiliates and their respective governors, directors, officers, employees, and
agents and their respective successors, heirs and assigns (the
“Ramot Indemnitees”), against any liability, damage, loss, or expense
(including reasonable attorneys fees and expenses of litigation) incurred by or
imposed upon any of the Ramot Indemnitees in connection with any claims, suits,
actions, demands or judgments (“Claims”) under any theory of liability
(including without limitation actions in the form of tort, warranty, or strict
liability and regardless of whether such action has any factual basis) resulting
from or arising out of the practice or use of any of the Ramot Technology or the
Joint Technology (or any part thereof) by the Company, its Affiliates or any of
their Sublicensees, or concerning any product, process, or service that is made,
used, or sold pursuant to any right or license granted by Ramot to the Company
under this Agreement except to the extent that, pursuant to a final and
un-appealable court order issued by a competent court of law, such Claim arises
from gross negligent or willful misconduct of the Indemnitees.

20

          12.2     
Procedures. If any Ramot Indemnitee receives notice of any Claim, such Ramot
Indemnitee shall, as promptly as is reasonably possible, give the Company notice
of such Claim; provided, however, that failure to give such notice promptly
shall only relieve the Company of any indemnification obligation it may have
hereunder to the extent such failure diminishes the ability of the Company to
respond to or to defend the Ramot Indemnitee against such Claim. Ramot and the
Company shall consult and cooperate with each other regarding the response to
and the defense of any such Claim and the Company shall, upon its acknowledgment
in writing of its obligation to indemnify the Ramot Indemnitee, be entitled to
and shall assume the defense or represent the interests of the Ramot Indemnitee
in respect of such Claim, that shall include the right to select and direct
legal counsel and other consultants to appear in proceedings on behalf of the
Ramot Indemnitee and to propose, accept or reject offers of settlement, all at
its sole cost; provided, however, that no such settlement shall be made without
the written consent of the Ramot Indemnitee, such consent not to be unreasonably
withheld. Nothing herein shall prevent the Ramot Indemnitee from retaining its
own counsel and participating in its own defense at its own cost and expense.

          12.3.     
The Company shall maintain insurance that is reasonably adequate to fulfill
any potential obligation to the Ramot Indemnitees under this Section 12, taking
into consideration, among other things, the nature of the products or services
commercialized. Such insurance shall be obtained from a reputable insurance
company. Ramot and TAU shall be added as co-insured parties under such insurance
policy The Company hereby undertakes to comply punctually with all obligations
imposed upon it under such policy(ies), including without limitation the
obligation to pay in full and punctually all premiums and other payments due
under such policy(ies). The Company shall provide Ramot, upon request, with
written evidence of such insurance. The Company shall continue to maintain such
insurance after the expiration or termination of this Agreement during any
period in which the Company or any Sublicensee continues to make, use, or sell
Products, and not less than five (5) years. 

13.           Term
and Termination. 

21

          13.1.
Term. The term of this Agreement shall commence on the Effective Date and,
unless earlier terminated as provided in this Section 13, shall continue in full
force and effect until the expiration of all payment obligations of the Company
pursuant to this Agreement. 

          13.2.
Effect of Expiration. Following the expiration of this Agreement pursuant to
Section 13.1 (and provided the Agreement has not been earlier terminated
pursuant to Section 13.3, in which case Section 13.4 shall apply), (a) the
Company shall have a fully-paid up, royalty-free, nonexclusive, worldwide
license (with the right to grant sublicenses) under the Ramot Technology and the
Joint Technology to make, use, offer to sell, sell, and import, export,
otherwise transfer physical possession of or otherwise transfer title to
Products in the Field; and, (b) Ramot shall be free to use the Ramot Technology
and the Joint Technology to make, use, offer to sell, sell, and import,
otherwise transfer physical possession of or otherwise transfer title to
Products and to grant others licenses to do the same, without accounting to the
Company. 

          13.3.
Termination. 

                    13.3.1.
Termination Without Cause. The Company may terminate this Agreement for any
reason upon sixty (60) days prior written notice to Ramot. 

                    13.3.2.
Termination for Default. In the event that either party commits a material
breach of its obligations under this Agreement and fails to cure that breach
within sixty (60) days after receiving written notice thereof, the other party
may terminate this Agreement immediately upon written notice to the party in
breach. For the avoidance of doubt, it is expressly agreed that breach of a
payment obligation under the Agreement by the Company shall be deemed to be a
material breach of this Agreement and subject to the foregoing provisions.

                    13.3.3.
Bankruptcy. Either party may terminate this Agreement upon notice to the
other if the other party becomes insolvent, is adjudged bankrupt, applies for
judicial or extra-judicial settlement with its creditors, makes an assignment
for the benefit of its creditors, voluntarily files for bankruptcy or has a
receiver or trustee (or the like) in bankruptcy appointed by reason of its
insolvency, or in the event an involuntary bankruptcy action is filed against
the other party and not dismissed within ninety (90) days, or if the other party
becomes the subject of liquidation or dissolution proceedings or otherwise
discontinues business. 

                    13.3.4.
  Termination by Ramot upon Challenge to Validity of Patents. 

(i) By the Company or its Affiliates. In addition to the
above, Ramot shall be entitled to terminate this Agreement immediately by
providing written notice to the Company upon a Patent Challenge by the Company
or its Affiliate. 

(ii) By Sublicensees. A Patent Challenge by a
Sublicensee shall constitute a breach of this Agreement and the Company shall be
obligated to take all action available to it to cause such Sublicensee to withdraw its challenge, or else terminate the
Sublicense with such Sublicensee. In the event that the Sublicensee does not
withdraw its challenge within 30 days of the date the Company first received
notice of such claim, the Company shall be obligated to terminate the Sublicense
agreement with such Sublicensee immediately. In addition the Company shall bear
all costs incurred by the Company or by Ramot in defending the Ramot Patents
and/or Joint Patents against such claims. 

22

          13.3.5.
Failure to Make the Milestone Payments under the Research Funding Schedule.
In the event that the Company fails to make a milestone payment in
accordance with Exhibit F attached hereto when due and fails to correct this
within 30 days of written notice thereof by Ramot, Ramot shall be entitled to
terminate this Agreement by delivery of a written notice of termination to the
Company, such termination to be effective immediately upon delivery of such
written notice.

          13.4.          
Effect of Termination.

               13.4.1.
  Termination of Rights. Upon termination by the Company pursuant to Section
  13.3.1 13.3.2 or 13.3.3 hereof or by Ramot pursuant to Sections 6.5, 13.3.2,
  13.3.3, 13.3.4 or 13.3.5 hereof: (a) the rights and licenses granted to the
  Company under Section 5 shall terminate; (b) all rights in and to the Ramot
  Technology shall revert to Ramot, and the Company and its Affiliates and Sublicensees
  shall not be entitled to make any further use whatsoever of or practice the
  Ramot Technology, nor shall the Company or its Affiliates and Sublicensees develop,
  make, have made, use, offer to sell, sell, have sold, import, export, otherwise
  transfer physical possession of or otherwise transfer title to Products; and
  (c) any existing Sublicense shall terminate; provided, however,
  that Ramot, at the request of such Sublicensee, other than in the event that
  the termination is a result of a breach by such Sublicensee, will enter into
  a new license agreement with such Sublicensee on substantially the same terms
  as those contained in such Sublicense agreement, provided that such terms
  shall be amended, if necessary, to the extent required to ensure that such Sublicense
  agreement does not impose any obligations or liabilities on Ramot which are
  not included in this Agreement. 

               13.4.2.
  Accruing Obligations. Termination of this Agreement shall not relieve the
  parties of obligations occurring prior to such termination, including obligations
  to pay amounts accruing hereunder up to the date of termination. Without limiting
  the generality of the foregoing, the Company shall be obligated to pay all patent
  related expenses with respect to patent activities occurred prior to the termination
  date.

               13.4.3.
Transfer of Regulatory Filings and Know How. In the event the Company
terminates this Agreement pursuant to Section 13.3.1 or Ramot terminates this
Agreement pursuant to Section 6.5,
13.3.2, 13.3.3 , 13.3.4 or 13.3.5, (i) the Company shall assign and transfer to
Ramot: (i) all documents and other materials filed by or on behalf of the
Company its Affiliates and its Sublicensees with Regulatory Agencies in
furtherance of applications for Regulatory Approval in the relevant country with
respect to Products; and (ii) the Company shall Grant to Ramot a royalty free
(subject to this section 13.4.3 below) non-exclusive, sublicensable license in
all intellectual property, Know-how, inventions, conceptions, compositions,
materials, methods, processes, data, information, records, results, studies and
analyses, discovered or acquired by, or on behalf of the Company its Affiliates
and its Sublicensees which relate directly to actual or potential Products,
including without limitation, the Development Results (the "Company
IP").

23

                    In
the event that this Agreement is terminated by the Company pursuant to Section
13.3.1 or by Ramot pursuant to Sections 6.5, 13.3.2, 13.3.3, 13.3.4 or 13.3.5
and subject to the Company's compliance with its obligations under this Section
13.4.3, Ramot shall pay to the Company a royalty equal to ten percent (10%) of
all Net Ramot Receipts (as such term is defined below) actually received by
Ramot up to a maximum amount equal to 100% of the development costs actually
incurred by the Company and its Affiliates in the performance of the
Commercialization and Development Plan as documented in the Company's formal
records. All such royalties shall be paid by Ramot on a calendar quarterly
basis, within thirty (30) days of the end of the Calendar Quarter in which the
Ramot Receipts were received. Ramot shall report to the Company and pay such
amounts to the Company in accordance with the procedures set forth in this
Agreement with respect to the Company’s payment and reporting obligations to
Ramot as described in Section 8 above, mutatis mutandis. For the purpose
of the foregoing, the following terms shall have the following meanings: 

                                        “Net
Ramot Receipts” shall mean Ramot Receipts less Ramot Expenses. 

                                        “Ramot
Receipts” shall mean all monetary and non monetary consideration (or at
Ramot's option the cash equivalent of such non-monetary consideration) actually
received by Ramot in connection with the grant of license under the Joint
Technology or Company IP ("Ramot License"); provided that “Ramot Receipts” shall
not include payments specifically paid for the conduct of identified research
activities relating to the Company IP (including customary overhead). 

                
        “Ramot Expenses” shall mean,
to the extent not otherwise reimbursed, all out-of-pocket expenses and
out-of-pocket reasonable professional fees, including legal fees, patent agent
fees and fees paid to other experts, incurred by Ramot in connection with: (a)
the filing, prosecution, maintenance or enforcement of any patent application or
patent covering or included in the Company IP or Joint Patents; or (b) the
enforcement of the Ramot License. 

24

13.4.4. Assignment of the Company's rights in the Joint
Patents. In the event the Company terminates this Agreement (in whole or in
part) pursuant to Section 13.3.1 or Ramot terminates this Agreement pursuant to
Section 6.5, 13.3.2, 13.3.3 or 13.3.4, or 13.3.5, the Company shall take all
action reasonably necessary, including, without limitation, the execution of any
document, to assign to Ramot all of its interest in the Joint Patents.

          13.5.
Survival. The parties’ respective rights, obligations and duties under
Sections 3 (Title), 8.3 (Payment Currency), 8.4 (Records), 8.5 (Audited Report),
8.6 (Late Payments), 8.7 (Payment Methods), 8.8 (VAT; Withholding and Similar
Taxes), 9 (Confidential Information), 11 (Representation; Warranties; Limitation
of Liability), 12 (Indemnification), 13.2 (Effect of Expiration), 13.4 (Effect
of Termination), 14.2 (Publicity Restrictions), 14.3 (Notices) and 14.4
(Governing Law and Jurisdiction), as well as any rights, obligations and duties
which by their nature extend beyond the expiration or termination of this
Agreement, shall survive any expiration or termination of this Agreement. 

14.      Miscellaneous.

          14.1.
Entire Agreement. This Agreement is the sole agreement with respect to
the subject matter hereof and except as expressly set forth herein, supersedes
all other agreements and understandings between the parties with respect to the
same.

          14.2.
Publicity Restrictions. Subject to Section 9.1.3, the Company and its
Affiliates and Sublicensees shall not use the name or logo of Ramot, TAU or any
of their trustees, officers, faculty, researchers, students, employees, or
agents, or any adaptation of such names, in any promotional material or other
public announcement or disclosure relating to the subject matter of this
Agreement without the prior written consent of Ramot.

          14.3.
Notices. Unless otherwise specifically provided, all notices required or
permitted by this Agreement shall be in writing and may be delivered personally,
or may be sent by facsimile or certified mail, return receipt requested, to the
following addresses, unless the parties are subsequently notified of any change
of address in accordance with this Section 14.3: 

	 	If to the 	Savicell Diagnostic Ltd. 
	 	Company: 	69, Hashomer st, Zichron Yaakov.
    
	 	 	30900, Israel.
  
	 	 	Attn: CEO
  

25

	 	If to Ramot: 	Ramot at Tel Aviv University Ltd.
    
	 	  	P.O. Box 39296 
	 	  	Tel Aviv 61392 
	 	  	Israel 
	 	 	Attn: CEO 
	 	  	Fax: 972-3-640-6675

          Any
notice shall be deemed to have been received as follows: (i) by personal
delivery, upon receipt; (ii) by facsimile, one business day after transmission
or dispatch; (iii) by airmail, seven (7) business days after delivery to the
postal authorities by the party giving notice. If notice is sent by facsimile, a
confirming copy of the same shall be sent by mail to the same address. 

          14.4.
Governing Law and Jurisdiction. This Agreement shall be governed by and
construed in accordance with the laws of Israel, without regard to the
application of principles of conflicts of law, except for matters of patent law,
which, other than for matters of inventorship on patents, shall be governed by
the patent laws of the relevant country of the patent. Subject to the foregoing,
the parties hereby consent to personal jurisdiction in Israel and agree that the
competent court in Tel Aviv, Israel shall have sole jurisdiction over any and
all matters arising from this Agreement, except that Ramot may bring suit
against the Company in any other jurisdiction outside Israel in which the
Company has assets or a place of business.

          14.5.
Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties and their respective legal representatives, successors
and permitted assigns. 

          14.6.
Headings. Section and subsection headings are inserted for convenience of
reference only and do not form a part of this Agreement. 

          14.7.
Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original. 

          14.8.
Amendment; Waiver. This Agreement may be amended, modified, superseded or
canceled, and any of the terms may be waived, only by a written instrument
executed by each party or, in the case of waiver, by the party waiving
compliance. The delay or failure of any party at any time or times to require
performance of any provisions hereof shall in no manner affect the rights at a
later time to enforce the same. No waiver by either party of any condition or of
the breach of any term contained in this Agreement, whether by conduct, or
otherwise, in any one or more instances, shall be deemed to be, or considered
as, a further or continuing waiver of any such condition or of the breach of
such term or any other term of this Agreement. 

26

          
14.9. No Agency or Partnership. Nothing contained in this Agreement shall
give any party the right to bind another, or be deemed to constitute either
parties as agents for each other or as partners with each other or any third
party. 

          14.10.
Assignment and Successors. The Company will not be entitled to assign or
encumber all or any of its rights or obligations under this Agreement to any
other entity without the prior written consent of Ramot. Notwithstanding the
foregoing, the Company shall be entitled to assign as a whole its entire rights
and obligations under this Agreement to its Affiliate or to a successor entity
in a merger or acquisition transaction, provided that (i) the assignee
undertakes in writing to assume and perform all of the Company's obligations
under this Agreement, and (ii) Ramot shall not, as a result of such assignment,
be subject to any additional financial or legal obligation that would not have
applied to Ramot but for such assignment, including without limitation, any
additional tax, impost, fee or deduction on payments made to Ramot pursuant to
this Agreement.

          14.11.
Force Majeure. Neither party will be responsible for delays resulting from
causes beyond the reasonable control of such party, including without limitation
fire, explosion, flood, war, strike, or riot, provided that the nonperforming
party uses commercially reasonable efforts to avoid or remove such causes of
nonperformance and continues performance under this Agreement with reasonable
dispatch whenever such causes are removed.

          14.12.
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 both parties hereto
and not in favor of or against either party, regardless of which party was
generally responsible for the preparation of this Agreement. 

          14.13.
Severability. If any provision of this Agreement is or becomes invalid or is
ruled invalid by any court of competent jurisdiction or is deemed unenforceable,
it is the intention of the parties that the remainder of this Agreement shall
not be affected. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

27

IN WITNESS WHEREOF, the parties have caused this
Agreement to be executed by their duly authorized representatives as of the date
first written above. 

	Ramot at Tel-Aviv University 	Savicell Diagnostic Ltd. 
	 	 
	 	 
	By: “signed”	By “signed”
	 	 
	 	 
	Name:________________________ 	Name:________________________ 
	 	 
	 	 
	Title:_________________________ 	Title:_________________________ 
	 	 
	 	 
	By: “signed”	  
	 	 
	 	 
	Name:________________________ 	  
	 	 
	 	 
	Title:_________________________ 	  

I the undersigned, Prof. Fernando Patolsky, have reviewed,
am familiar with and agree to comply with all of the above terms and conditions.
I hereby undertake to cooperate fully with Ramot in order to ensure its ability
to fulfill its obligations hereunder, as set forth herein. 

	 	“signed”	_____________________________________ 
	 	Prof. Fernando Patolsky 	Date signed 

28Online Disruptive Technologies, Inc.: Exhibit 10.16 - Filed by newsfilecorp.com

*Denotes certain parts that have not been disclosed and have been filed separately with the Secretary, Securities and Exchange Commission, and is subject to a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

SAVICELL DIAGNOSTIC LTD. 

WARRANT CERTIFICATE 

Savicell Diagnostic Ltd., an Israeli Company (the
“Company”) hereby grants to Ramot at Tel Aviv University Ltd.,
having a place of business at Tel-Aviv University, Ramat Aviv, Tel Aviv 61392,
Israel (the “Holder”), the right to purchase from the Company the number
of Ordinary Shares of the Company, nominal value NIS 0.01 per share (the
“Ordinary Shares”) specified below, subject to the terms and conditions
hereinafter set forth. 

	1. 	
      Number of shares issuable upon exercise of this
      Warrant: The Holder shall be entitled to purchase ***
      Shares (the “Warrant Shares”). The number of Warrant Shares shall
      constitute, on the date hereof, *** of the Company’s
      share capital on an as-converted, fully diluted basis (including the
      Warrant shares) and shall be subject to dilution, as applicable to the
      Ordinary Shares of the Company..

	 	 
	2. 	
      Exercise period and the Expiry Date of this
      Warrant: This Warrant may be exercised, in whole or in part, at
      any time and from time to time from and after the Effective Date but in
      any event, not later than prior to the consummation of a Deemed
      Liquidation Event or an IPO (as defined below) (the “Expiry Date”),
      upon which it shall expire and no longer be exercisable; provided that the
      Company has notified the Holder in writing 15 days in advance of the
      occurrence of a Deemed liquidation Event including sufficient details
      required for Holder to determine whether it wishes to exercise the Warrant
      and the Holder has failed to inform the Comapny of the exercise of the
      Warrant prior to the Expiry Date.

	 	 
		
      In this Warrant, the term "Deemed
      Liqudation" Shall mean: (a) a consolidation, merger or
      reorganization of the Company with or into, or a sale of all or
      substantially all of the Company's assets (including, without limitation,
      the transfer and/or grant of an exclusive worldwide license to all or
      substantially all of the Company's intellectual property, if such grant
      and/or transfer results in practically preventing the Company from all or
      substantially all use of its intellectual property), or substantially all
      of the Company's issued and outstanding share capital, to any other
      company, entity or person, except for: (i) a transaction for the purpose
      of changing the Company's domicile or with entities controlled by the
      Company, or (ii) a transaction in which shareholders of the Company prior
      to the transaction will maintain the power to vote at least 50% of the
      voting shares of the surviving entity (in this Article, “Voting
      Control”) after the transaction; or (b) in the event of a transaction
      or series of transactions, except in an IPO or a bona fide financing
      transaction of the Company, in which a person or entity (not being a
      Shareholder of the Company prior to such transaction or series of
      transactions) acquires, fifty percent (50%) or more of the issued and
      outstanding shares of the Company or the right to appoint or elect at
      least fifty percent (50%) or more of the members of the Board of
      Directors;

	 	 
		
      The term "IPO" Shall mean the
      closing of the first underwritten offering of the Company's Ordinary
      Shares to the general public.

	 	 
	3. 	
      Warrant Conversion Price per share: The
      exercise price for each Warrant Share purchasable hereunder shall be NIS
      0.01 (the “Conversion Price”). Such Conversion price and number of
      issuable Warrant Shares shall be subject to appropriate adjustments under
      Section 6 below.

		
      This Warrant certifies that, at any time from the date
      hereof and until the Expiry Date, the Holder is entitled to subscribe for
      and purchase any part of the Warrant Shares at the Conversion
  Price.

	 	 	 
	4. 	
      Method of Exercise of Warrant:

	 	 	 
		(a) 	
      Cash Exercise. This Warrant may be exercised in
      whole or in part by the surrender of this Warrant, with a duly executed
      notice of exercise at the principal office of the Company, together with
      proper payment of the Conversion Price times the number of Warrant Shares
      for which the Warrant is being exercised. Payment for Warrant Shares shall
      be made by bank check or bank checks, payable to the order of the Company,
      or by wire transfer.

	 	 	 
		(b) 	
      Net Exercise. In lieu of the payment method set
      forth in Section 4(a) above, the Holder may elect to exchange the Warrant
      or any portion thereof for a number of Warrant Shares equal to the number
      of Warrant Shares computed using the following
formula:

X = Y (A-B)

            A

Where

X =    the
number of Warrant Shares to be issued to the Holder. 

Y =    the
number of Warrant Shares purchasable under the Warrant (as adjusted to the date
of such calculation, but excluding those shares already issued under this
Warrant) or in the event of partial exercise of this Warrant, the number of
applicable Warrant Shares necessary to permit X to equal the number of
applicable Warrant Shares that the Holder wishes the Company to issue to the
Holder in accordance with the provisions herein (ignoring the net-issuance basis
calculation). 

A =    the Fair
Market Value (as defined below) of one Warrant Share. 

B =   
Conversion Price (as adjusted to the date of such calculation) 

“Fair Market Value” of a
Warrant Share shall mean: 

	 	(i) 	
      Except in the circumstances set forth in subsection (ii)
      and subsection (iii) of this definition below, such amount as is
      determined by the Company's Board of Directors in good faith as at the
      relevant time of calculation;

	 	 	 
	 	(ii) 	
      If the exercise is in connection with the closing of an
      IPO, the public offering price of a Warrant Share (before deduction of
      discounts, commissions or expenses) in such offering;

	 	 	 
	 	(iii) 	
      If the exercise is in connection with the closing of a
      Deemed Liquidation Event, the price per share paid or payable for a
      Warrant Share in such Deemed Liquidation
Event.

	 	(c) 	
      No fractions of shares will be issued. The number of
      Ordinary Shares issued shall be rounded to the nearest whole number. The
      Company agrees that the Warrant Shares so purchased shall be issued as
      soon as practicable after exercise, and that the Holder shall be deemed
      the record owner of such Warrant Shares as of and from the close of
      business on the date on which this Warrant shall be surrendered, together
      with payment in full (if and as required above in connection with cash
      exercise). In the event of a partial exercise, the Company shall
      concurrently issue to the Holder a replacement Warrant on the same terms
      and conditions as this Warrant, but representing the
  number of Warrant Shares remaining after such partial
  exercise.

2

	5. 	
      Warrants Confers No Rights of
      Shareholder: Until this Warrant is exercised (or any part
      thereof) the Warrant and the Warrant Shares represented hereunder do not
      entitle the Holder hereof to any rights as shareholder of the
    Company.

	 	 
	6. 	
      Adjustment of Conversion Price and Number of
      Shares:

	 	 
		
      Without derogating from the anything else herein, the
      number and kind of securities purchasable initially upon the exercise of
      this Warrant and the Conversion Price shall be subject to adjustment from
      time to time upon the occurrence of certain events, as
  follows:

	 	(a) 	
      Bonus Shares, Splits, Etc. If the Company
      issues bonus shares, subdivides, splits or reverse splits its outstanding
      Ordinary Shares into a greater or smaller amount of Ordinary Shares, then
      upon exercise of this Warrant, for each Ordinary Share acquired, Holder
      shall receive, without cost to Holder, the total number of Ordinary Shares
      to which Holder would have been entitled had Holder owned the Ordinary
      Shares of record as of the date the bonus shares, subdivision, split or
      reverse split occurred, and the aggregate exercise price for the shares
      will remain the same.

	 	 	 
	 	(b) 	
      Adjustment for Reclassification, Exchange or
      Substitution. Upon any reclassification, exchange, substitution, or
      other event that results in a change of the number and/or class of the
      securities issuable upon exercise or conversion of this warrant, Holder
      shall be entitled to receive, upon exercise or conversion of this warrant,
      the number and kind of securities and property that Holder would have
      received for the Ordinary Shares if this Warrant had been exercised
      immediately before such reclassification, exchange, substitution, or other
      event. The Company or its successor shall promptly issue to Holder a new
      warrant for such new securities or other property, provided that the
      aggregate exercise price for such new securities or other property will
      remain the same as hereunder. The new warrant shall provide for
      adjustments which shall be as nearly equivalent as may be practicable to
      the adjustments provided for in this Section 6. The provisions of this
      Section 6(b) shall similarly apply to successive reclassifications,
      exchanges, substitutions, or other events.

	 	 	 
	 	(c) 	
      General Protection. The Company will not, by
      amendment of its Articles of Association or through any reorganization,
      recapitalization, transfer of assets, consolidation, merger, dissolution,
      issue or sale of securities or any other voluntary action, avoid or seek
      to avoid the observance or performance of any of the terms to be observed
      or performed hereunder, or impair the economic interest of the Holder, but
      will at all times in good faith assist in the carrying out of all the
      provisions hereof and in taking of all such actions and making all such
      adjustments as may be necessary or appropriate in order to protect the
      rights and the economic interests of the Holder against
  impairment.

	 	 	 
	 	(d) 	
      Adjustment of Conversion Price. Upon each
      adjustment in the number of Ordinary Shares purchasable hereunder, the
      Conversion Price shall be proportionately increased or decreased, as the
      case may be, in a manner that is the inverse of the manner in which the
      number of Ordinary Shares purchasable hereunder shall be adjusted,
      provided that the aggregate exercise price will remain the
  same.

3

	 	(e) 	
      Notice of Adjustments. Whenever the Conversion
      Price or the number of Ordinary Shares purchasable hereunder shall be
      adjusted pursuant to this Section 6, the Company shall prepare a
      certificate signed by the chief financial officer of the Company setting
      forth, in reasonable detail, the event requiring the adjustment, the
      amount of the adjustment, the method by which such adjustment was
      calculated, and the conversion Price and the number of Ordinary Shares
      purchasable hereunder after giving effect to such adjustment, and shall
      cause copies of such certificate to be delivered to the
  Holder.

	7. 	
      Tax: Any taxes, charges, expenses or fees
      relating to the exercise of this Warrant and/or the sale of the Warrant
      Shares shall be payable by the Holder and the provision for such taxes
      shall be made to the satisfaction of the Company prior to any exercise,
      sale or other disposition made with respect to the Warrant and/or the
      Warrant Shares.

	 	 	 
	8. 	
      Miscellaneous:

	 	 	 
		8.1 	
      The Warrant Shares which may be purchased hereunder may
      be acquired for investment purposes only and will not be registered under
      the securities laws of any country. This Warrant may not be exercised and
      the Warrant Shares may not be resold or offered for sale in the absence of
      such registration or an opinion of counsel satisfactory to the Company and
      its counsel that such registration is not required under applicable laws.
      The Warrant Shares which may be purchased hereunder shall entitle the
      Holder the same rights and obligations afforded to Ordinary Shareholders
      of the Company and will subject the Holder to certain rights of first
      refusal and other provisions as set forth in the Articles.

	 	 	 
		8.2 	
      This Warrant may not be assigned or transferred by the
      Holder without the prior written approval of the Company, which approval
      may not be unreasonably held or delayed. Such assignment or transfer will
      be made (if approved by the Company) subject to surrender of the Warrant
      with a properly executed assignment at the principal office of the
      Company.

	 	 	 
		8.3 	
      This Warrant shall be governed, construed and interpreted
      in accordance with the laws of the State of Israel, without giving effect
      to principles of conflicts of law.

Given in ______, Israel, this ___ day of ___, 2012 

_______________________________“signed”_____________________________
Savicell Diagnostic Ltd.

Name: 
Title

4

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