Document:

SUBLICENSE
AGREEMENT

 

This
SUBLICENSE AGREEMENT ("Agreement") is effective as of February 1, 2005 (the "Effective Date"),
by and between Morria Biopharmaceuticals Inc. ("Licensor") and Morria Biopharmaceuticals Plc. ("Licensee").

 

WHEREAS,
Licensor and Yissum Research and Development Company of the Hebrew University of Jerusalem ("Yissum") entered
on November 27, 2002 into an Exclusive License Agreement (the "Yissum Agreement"1) attached hereto
as Exhibit A, pursuant to which Yissum granted Licensor an exclusive, sublicensable, worldwide right and license
to the Licensed Technology to make, have made, use, market, sell, have sold, offer to sell, import, license and distribute the
Licensed Technology in the Field (the "Yissum License"); Capitalized terms not defined herein shall have the meaning
ascribed to them in the Yissum Agreement; and

 

WHERAS,
Licensor wishes to grant Licensee an exclusive sub-license under the Yissum License;

 

NOW,
THEREFORE, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties agree as
follows:

 

Article
1 Sub-License Grant

 

Section
1.1 Licensor hereby grants to Licensee, for the term of this Agreement, an exclusive, worldwide, royalty-free, sub-licensable license
to all of Licensor's rights in the Licensed Technology to make, have made, use, market, sell, have sold, offer to sell, import,
license and distribute the Licensed Technology in the Field (the "Sub-License")

 

Section
1.2 Licensee warrants and represents that it has read and understood the Yissum Agreement and that it shall comply at all times
with the terms and conditions of the Yissum Agreement as they apply to it, being a sub-licensee of the Licensed Technology

 

Article
2. Reservation and Limitation of Rights.

 

Section
2.1. Reservation to Licensor, All rights not expressly granted to Licensee in Article 1 are reserved to Licensor,

 

Section
2.2. Licensee shall, at its sole expense, comply at all times with all applicable laws and regulations pertaining to the use of
the Licensed Technology, pursuant to this sublicense.

 

Section
2.3. Licensee shall not have rights or obligations with respect to the Licensed Technology that exceed the rights granted to and
the obligations undertaken by Licensor in the Yissum Agreement.

 

Article
3. Termination.

 

Section
3.1. Term. This Agreement shall commence on the Effective Date and shall continue until termination of the Yissum Agreement.

 

Section
3.2. After Termination Upon termination of this Agreement, Licensee shall immediately discontinue all use of the Licensed
Technology

 

    	 

    	 

    

 

Article
4. Miscellaneous

 

Section
4.1. Amendment: Headings. This Agreement may not be modified, amended, altered or supplemented except by a written agreement
executed by Licensor and Licensee. The headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement.

 

Section
4.2. Amendment to the Yissum Agreement. Licensor herby undertakes not to modify, amend, supplement or alter the Yissum agreement
without receiving prior written approval from licensee for such amendment.

 

Section
4.3. Entire Agreement. This Agreement contains all of the agreements agreed upon by the parties relating to the subject
matter of this Agreement and supersede all prior and contemporaneous agreements, negotiations, correspondence, undertakings and
communications of any kind between the parties regarding the subject matter.

 

Section
4.4. Waivers. Failure by either party to enforce any provision of this Agreement will not be deemed a waiver of future enforcement
of that or any other provision.

 

Section
4.5. Notices. Any notice given by either party in accordance with this Agreement shall be made in writing and delivered
by fax and by registered mail or by courier.

 

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

 

Section
4.7. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the
state of Israel and the courts in Tel Aviv, Israel shall have the exclusive jurisdiction over any dispute relating to this agreement
..

 

Section
4.8. Assignment. Licensee may not assign this Agreement or any of the rights and obligations herein without the prior written
consent of Licensor.

 

Section
4.9. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate
the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction and any such provision, to the extent invalid or unenforceable, shall be
replaced by a valid and enforceable provision which comes closest to the intention (the parties underlying such invalid or unenforceable
provision.

 

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

 

	MORRIA BIOPHARMACETICALS INC.	 	MORRIA BIOPHARMACEUTICALS PLC.
	 	 	 
	By:	/s/ Yuval Cohen	 	By:	/s/ Yuval Cohen
	Name: Yuval Cohen	 	Name: Yuval Cohen
	Title: CEO	 	Title: Managing Director

 

    	 

    	 

    

 

Exhibit A

Exclusive
License AgreementAmendment
to Sublicense Agreement

 

This amendment (this “Amendment”)
to that certain Sublicense Agreement (“Sublicense Agreement”), dated February 1, 2005, by and between Morria
Biopharmaceutical, Inc. (“Licensor”) and Morria Biopharmaceuticals PLC (“Licensee”) is effective
as of April 4, 2012 (the “Effective Date”).

 

WHEREAS, pursuant to the Sublicense Agreement,
Licensor granted Licensee an exclusive sub-license under that certain Exclusive License Agreement (“License”),
dated November 27, 2002, by and between Licensor and Yissum Research Development Company of the Hebrew University of Jerusalem;

 

WHEREAS, the holders of the Licensee’s
Original Issue Discount Senior Secured Convertible Note (“Note”) have been granted a lien in the License and,
upon the occurrence of an event of default under such Note, may wish to sub-license the License to a third party;

 

NOW, THEREFORE, for good and valuable consideration
and receipt and sufficiency of which is hereby acknowledged, the parties agree that Section 3.1 of the Sublicense Agreement is
hereby amended and restated as follows: “This Agreement shall commence on the Effective Date and shall continue until
the earlier of (a) the termination of the Yissum Agreement and (b) written notice from a holder of the Licensee’s Original
Issue Discount Senior Secured Convertible Note (“Note”) that an Event of Default (as defined under the Note)
has occurred, all applicable grace periods in respect of such Event of Default have lapsed and the Agreement shall be terminated”.

 

All questions concerning
the construction, validity, enforcement and interpretation of this Amendment shall be governed by the internal laws of the State
of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein.

 

This Amendment may
be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute
one and the same document.

 

[Signature Page follows]

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement effective as of the Effective Date.

 

	MORRIA BIOPHARMACEUTICALS INC.	 	MORRIA BIOPHARMACEUTICALS PLC
	 	 	 
	By:	/s/ Yuval Cohen	 	By:	/s/ Yuval Cohen
	Name: Yuval Cohen	 	Name: Yuval Cohen
	Title: President	 	Title: PresidentASSIGNMENT AND ASSUMPTION

OF

EXCLUSIVE LICENSE AGREEMENT

 

April 4, 2012

 

For value received, the sufficiency of which
is hereby acknowledged, upon the satisfaction of the conditions set forth herein (but not prior thereto), Morria Biopharmaceuticals,
Inc., a Delaware corporation (“Morria”), agrees to assign all of its rights, interests and obligations in the
Exclusive License Agreement, dated November 27, 2002 (“License Agreement”), between Yissum Research Development
Company of the Hebrew University of Jerusalem (“Yissum”) and Morria to Iroquois Master Fund Ltd. (“Iroquois”)
or its affiliate, and Iroquois and/or its affiliate agrees to assume the License Agreement.

 

This assignment (“Assignment”)
by Morria to Iroquois (or its affiliate) is made pursuant to Section 14.1 of the License Agreement (which, for the avoidance of
doubt, is under the heading “Section 13. Miscellaneous”). Yissum’s Consent to Sublicense or Assignment of the
Exclusive License Agreement is hereto attached as Exhibit A (“Yissum Consent”). The Yissum Consent provides
that, following an Event of Default (as defined in the Note), including the lapse of all applicable grace periods in respect of
such Event of Default, and action by Iroquois to enforce its lien pursuant to the Security Agreement (as defined herein), Morria
may assign the License Agreement to the Iroquois or its affiliate.

 

This Assignment has been delivered in connection
with the transactions contemplated by the Securities Purchase Agreement, dated as of the date hereof (“Purchase Agreement”),
between Morria Biopharmaceuticals PLC (“Morria PLC”) and Iroquois, pursuant to which Morria PLC shall issue
its Original Issue Discount Senior Secured Convertible Note (“Note”) to Iroquois. In connection with the loan
evidenced by the Note, each of Morria PLC and Morria shall grant a lien in all of its assets (including, without limitation, the
License Agreement) to Iroquois pursuant to that certain Security Agreement, dated as of the date hereof (“Security Agreement”),
between Morria PLC, Morria and Iroquois.

 

This Assignment shall not be effective until an Event of Default has occurred and all applicable grace
periods in respect of such Event of Default have lapsed. Upon written notice by Iroquois to Morria or Morria PLC that an Event
of Default has occurred, all applicable grace periods have lapsed and Iroquois is enforcing its lien pursuant to the Security Agreement
and taking assignment of the License Agreement, this Assignment shall immediately become effective and the License Agreement shall
become assigned to Iroquois or its affiliate. The assignee of the Licensee shall be indicated in such written notice by Iroquois.
For the avoidance of doubt, this Assignment shall automatically terminate upon the satisfaction and discharge of the Note.

 

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This Assignment shall
be governed by and construed in accordance with the internal laws of the State of Israel. This Assignment may be delivered by facsimile
or e-mail (with .pdf attachment) and in counterparts.

 

[Remainder of Page Intentionally Left
Blank; Signature Page Follows]

 

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IN WITNESS WHEREOF, Morria has caused this Assignment to be
executed and delivered by its duly authorized officer as of the date set forth above.

 

	 	MORRIA BIOPHARMACEUTICALS, INC.
	 	 
	 	By:	/s/ Yuval Cohen
	 	Name: Yuval Cohen
	 	Title: President

 

Acknowledged and Accepted:

 

IROQUOIS MASTER FUND LTD.

 

By: Iroquois Capital Management, L.L.C.

Its: Investment Manager

 

	By:	/s/ Joshua Silverman	 
	Name: Joshua Silverman
	Title: Authorized Signatory

 

    	 

    	 

    

 

Exhibit A

 

Yissum Consent

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