Document:

Exhibit 10.13

 

SUBLICENSE AGREEMENT (NON-U.S.)

 

This Sublicense Agreement (this “Agreement”)
is made effective as of January 12, 2018 (the “Effective Date”) by and between Tikun Olam IP Ltd., a Cayman
Islands company (“TOCI”) and Jay Pharma, Inc., a Canadian corporation (“JP”). Each of TOCI
and JP may be referred to as a “Party” and collectively as the “Parties”.

 

RECITALS

 

WHEREAS, pursuant to
the Shareholder Agreement (the “SHA”) dated of even date herewith between Bezalel Partners, LLC (“Bezalel”)
and TOCI, Bezalel and TOCI have agreed to invest in JP; and

 

WHEREAS, the SHA requires
TOCI to sublicense to JP certain rights that it has in-licensed from Tikun Olam Ltd., an Israeli corporation with registration
number 514263771 (“TOL”) as set forth herein.

 

NOW, THEREFORE, in
consideration of the above and the promises and covenants contained herein and in the SHA, the Parties agree as follows:

 

		1.	DEFINITIONS.

 

1.1.         “Cannabis”
means indica, sativa or other forms of the marijuana and hemp plants, hemp products and any compounds, or mixtures or combinations
thereof, isolated or derived from marijuana, cannabis or hemp plants, along with any synthetic version of such compounds, mixtures,
or combinations.

 

1.2.         “Intellectual
Property” means any inventions, plant breeds, works of authorship, trademarks and service marks, including the goodwill
therein, trade secrets, know-how, documentation, and information, together with any worldwide rights in or to any of the foregoing
under patent, plant patent, plant breeders, copyright, trademark, trade secret, or other intellectual or industrial property laws.

 

1.3.         “Limited
Pharmaceutical Business” means the business, whether currently in existence or not, of producing, researching, developing,
promoting, marketing, selling, distributing and otherwise commercializing Pharmaceutical Products (as defined herein) included
in or derived from the Sublicensed IP, for the prevention, treatment, and/or management of cancer and diseases, disorders, or symptoms
related thereto.

 

1.4.         “Pharmaceutical
Products” means any product, compound, medicine or therapeutic which is subject to regulation as a drug, medicine or
controlled substance by a foreign equivalent of the United States Food and Drug Administration.

 

1.5.         “Sublicensed
IP” means any intellectual property, whether registered or applied for, including patents, patent applications, plant
patents and plant patent applications, continuation and continuation in part applications and patents maturing therefrom, and divisional
applications and patents maturing therefrom, Sublicensed Marks (as defined herein), copyrights, promotional materials, know-how,
trade secrets, knowledge, documentation, information relating to clinical or other trials, patient data, plant breeders rights,
registered and unregistered Cannabis varieties and uniquely identifiable strains of Cannabis in all forms (as further detailed
hereunder) that are currently licensed to TOCI from TOL under the TOL License, or that may be subsequently licensed to TOCI from
TOL, or that are or may subsequently be otherwise developed or acquired at any time by TOCI. For avoidance of doubt, for all Sublicensed
IP sublicensed to JP by TOCI under the TOL License, in no event shall the scope of rights in such Sublicensed IP extend beyond
the rights licensed by TOL to TOCI pursuant to the TOL License. For the avoidance of doubt, any intellectual property developed
or acquired by JP at any time outside the scope of the rights sublicensed under this Agreement shall not be Sublicensed IP.

 

    	 	1	 

     

    

 

1.6.         “Sublicensed
Marks” means the TOL-owned trademarks, trade names, logos, service marks, designs, emblems, signs, slogans, other similar
designations of source or original and general intangibles of like nature, whether registered, applied for or not, together with
the goodwill relating thereto.

 

1.7.         “Term”
has the meaning given to it in Section 3.1.

 

1.8.         “TOL
License” means the License Agreement between TOL and TOCI dated as of April 13, 2017.

 

		2.	SUBLICENSED IP.

 

		2.1.	Grant.

 

a.    TOCI
grants to JP a perpetual, non-revocable (subject to the terms hereof), fully paid, royalty-free, exclusive sublicense to make,
have made, use, sell, have sold, offer for sale, import, reproduce, distribute, display, perform, create derivatives work from,
and otherwise fully use and exploit the Sublicensed IP anywhere in the world outside of the United States in connection with the
Limited Pharmaceutical Business. For avoidance of doubt, to the extent TOCI develops or acquires any Sublicensed IP after the Effective
Date that is not owned by JP, such Sublicensed IP shall be automatically sublicensed by TOCI to JP pursuant to this Section 2.1(a).
The aforesaid sublicense(s) shall not be further sublicensable without the express written consent of TOCI, which will not be unreasonably
withheld, delayed, or conditioned. For the avoidance of doubt, JP may engage third parties to assist in developing and commercializing
Pharmaceutical Products in connection with the Limited Pharmaceutical Business (“JP Contractors”).

 

b.    JP
shall not contest the TOL License, the Intellectual Property covered by the TOL License, the validity of the Sublicensed IP or
the rights of TOL or TOCI in the Sublicensed IP, except in relation to any claims asserted by TOL or TOCI against JP or an affiliate
thereof.

 

c.     JP
shall not use the Sublicensed IP in any fashion that would cause confusion with, dilute or damage the reputation or image of TOL
or TOCI, their products or services; provided, however, that JP shall not be considered to be in breach of this section
as a result of the sale by JP of Pharmaceutical Products bearing the TOL name or other TOL trademarks.

 

d.    Condition
Subsequent. The Parties agree that TOCI shall use its reasonable efforts seek the written consent to this Agreement by TOL,
provided, that (i) such consent shall not be required to close this Agreement and (ii) the Parties hereto agree to make
any reasonable amendments that may be required by TOL.

 

2.2.         Exclusivity.
The Parties acknowledge that the TOL License grants TOCI certain exclusive rights, which TOCI is hereby sublicensing exclusively
to JP solely under Section 2.1. If TOL breaches or attempts to breach its obligation of exclusivity by licensing any of the Sublicensed
IP to any third party for use in connection with the Limited Pharmaceutical Business, TOCI will promptly take all reasonable action,
up to and including filing a lawsuit on its and JP’s behalf, to prevent such breach of exclusivity. If TOCI fails to take
such action, JP may, at its sole expense, file suit on behalf of itself and the applicable TOCI and, if reasonably necessary for
standing or other legal reasons, TOCI will join such suit.

 

    	 	2	 

     

    

 

		2.3.	Sublicensed Marks.

 

a.    The
Parties recognize the value of the goodwill associated with the Sublicensed Marks, and acknowledge that the Sublicensed Marks and
all rights therein, as well as the goodwill which accrues during the term of this Agreement, belongs exclusively to TOL, and JP
shall not acquire any rights in the Sublicensed Marks, other than as expressly granted in this Agreement. JP shall not do anything
inconsistent with TOL’s ownership of its Sublicensed Marks. In particular, but without limitation, JP shall not attack the
validity of the Sublicensed Marks or TOL’s rights in and to its Sublicensed Marks except in relation to any claims asserted
by TOL or TOCI against JP or an affiliate thereof.

 

b.    JP
shall not misuse or misappropriate any of the Sublicensed Marks. JP shall not engage in any conduct that impairs or might tend
to impair the validity or enforceability of any of the Sublicensed Marks or any registrations of any of the Sublicensed Marks,
or that dilutes or might dilute the distinctive quality of any of the Sublicensed Marks, or that disparages or might disparage
any of the Sublicensed Marks. Notwithstanding anything to the contrary contained elsewhere in this Agreement, JP may not use any
of the Sublicensed Marks on any materials or products unless it has received TOL’s prior written approval for such use, except
that JP shall not be required to obtain such approval in connection with the use of Sublicensed Marks on materials or products
which does not materially differ from previously approved uses.

 

c.     In
addition to each Party’s other rights and remedies under this Agreement or otherwise, upon receipt of notice from TOL, JP
shall immediately discontinue any use of, and remove from its premises, all materials bearing any of the Sublicensed Marks, including
any signs, labels, stationery, advertising, promotional material and literature that, in the reasonable opinion of TOL, constitutes
an improper use of the Sublicensed Marks or reflects non-negligibly adversely on TOL’s reputation or brand image or any of
its corporate affiliates or partners or on any of its products or services.

 

d.    All
graphics, trademarks, service marks, trade names, trade dress, word marks, design marks, slogans and domain names, and all images,
logos, artwork, text and other works of authorship (collectively, the “Marks”) that include or refer
to the Sublicensed Marks, shall belong exclusively to TOL or TOCI as the case may be and all use of the Marks by JP, and the goodwill
thereto, shall inure to their benefit.

 

e.     JP
agrees to affix to all Pharmaceutical Products, and related promotional and packaging materials, for sale to third parties (and
not Pharmaceutical Products held for internal use) that utilize the Sublicensed Marks, such Sublicensed Marks and notices as shall
be reasonably requested by TOCI, to the extent practicable and consistent with commercial practice. JP agrees to obtain specific
written instructions with respect to the content and placements of all such notices. At all times when JP commercially uses the
Sublicensed Marks, to the extent practicable and consistent with commercial practice, JP shall note that its use is made under
license and shall indicate the owner of the Sublicensed Marks.

 

f.     JP
agrees that TOCI shall have the right, at all reasonable times, upon no less than fifteen (15) Business Day’s prior written
notice to JP, to inspect the premises, and books and records owned by or under the control of JP during regular business hours
as TOCI considers necessary in order to verify JP’s compliance with the terms hereof, including for appropriate quality control
with respect to JP’s use of the Sublicensed Marks.

 

g.    Notwithstanding
the foregoing, the sublicense granted to JP hereunder is not intended to be, and shall not be construed as, an assignment by TOL
or TOCI to JP, in part or in whole, of the ownership of the Sublicensed IP.

 

h.   The Parties recognize that, notwithstanding anything
implicitly or explicitly to the contrary in this Agreement, the sublicense granted hereunder does not grant any rights with respect
to any use of the Sublicensed IP other than with respect to the Limited Pharmaceutical Business within the Territory.

 

    	 	3	 

     

    

 

		2.4.	Commercialization Plan.

 

a.    On
or before June 11, 2018, JP shall prepare, in consultation with TOCI, and provide to the board of directors of JP (the “Board”)
a mutually acceptable commercialization plan (including the revised annual Commercialization Plans referenced below, the “Commercialization
Plan”) covering the development and commercialization of the Sublicensed IP for the Limited Pharmaceutical Business, in accordance
with applicable law and setting forth the specific activities and delivery dates thereunder. For the purposes of clarification,
the Commercialization Plan will include but not be limited to (i) a selection, or process for selection, of one or more indications
to pursue based on the data in-hand or known at such time, (ii) a list of appropriate studies with specific Cannabis-related indications
and deadlines for initiating one or more such studies, (iii) a list of one or more inventions for which patent rights should be
pursued if appropriate; and (iv) brand management, opportunity assessment, pricing, forecasting, market analysis, tactics and strategies.
The Parties shall cooperate in good faith to update the Commercialization Plan annually within sixty (60) days after the end of
each calendar year during the Term. Upon submission, the Board will have up to thirty (30) calendar days to review such plan. With
respect to the Commercialization Plan, subject to a thirty (30) calendar day cure period, a breach of this Section 2.4 will be
deemed material breach of this Agreement.

 

b.    JP
shall use its commercially reasonable efforts to promote and develop the Limited Pharmaceutical Business in accordance with the
Commercialization Plan and shall be responsible for all costs and expenses incurred in connection with developing and commercializing
Pharmaceutical Products in connection with the Limited Pharmaceutical Business. For the avoidance of doubt, any failure to substantially
implement any annual Commercialization Plan in accordance with the terms and schedule thereof shall be considered a material breach
of this Agreement.

 

2.5.         Information.
From time to time, upon JP’s request, TOCI will provide a list of the Sublicensed IP and other information reasonably necessary
to allow JP to exercise its rights granted in Section 2.1. TOCI will promptly notify JP if the scope of the Sublicensed IP as it
pertains Limited Pharmaceutical Business is materially increased or decreased, and notwithstanding anything to the contrary herein,
JP will not be liable for any acts or omissions caused by TOCI’s delay in providing such notice.

 

		3.	TERM AND TERMINATION.

 

3.1.         Term.
This Agreement commences on the Effective Date and continues until the earliest of: (i) termination by any Party in accordance
with Section 3.2 below, or (ii) the date on which the last of the Sublicensed IP expires or is otherwise no longer effective (the
“Term”).

 

3.2.         Termination.
Either Party may terminate this Agreement immediately upon: (i) a material breach of this Agreement by the other Party, if such
breach is not cured within thirty (30) calendar days after written notice from the non-breaching Party; or (ii) a voluntary petition
in bankruptcy is filed by the other Party, an involuntary petition in bankruptcy is filed with respect to the other Party, or any
petition, application or other pleading is filed or any proceeding is commenced seeking he appointment of a trustee, receiver or
liquidator for the other Party.

 

    	 	4	 

     

    

 

3.3.         Effect
of Expiration or Termination. Upon the expiration of this Agreement or its termination by TOCI, JP shall cease and thereafter
refrain from all use of the Sublicensed IP, including the Sublicensed Marks. Upon the termination of this Agreement by JP pursuant
to Section 3.2, all licensed rights in the Sublicensed IP will automatically become perpetual and irrevocable for as long as any
such right is granted by TOL: (i) to TOCI; (ii) to an entity affiliated with TOL or TOCI or with substantially similar ownership;
or (iii) to any other entity if such grant of rights is intended to avoid this provision. Upon any expiration or termination of
this Agreement, the Receiving Party of any Confidential Information shall also destroy or return all Confidential Information to
the Disclosing Party.

 

3.4.         Survival.
Sections 3.3, 4, 8, 9 and 10 of this Agreement will survive any termination or expiration of this Agreement.

 

		4.	CONFIDENTIALITY.

 

4.1.         Definition.
“Confidential Information” means any and all proprietary, non-public information disclosed by one Party
(the “Disclosing Party”) to another Party (the “Receiving Party”) which
a reasonable person would understand to be confidential, including without limitation technical, financial, and other business
information. For the avoidance of doubt, this Agreement and the TOL License shall be considered Confidential Information.

 

4.2.         Obligations.
The Receiving Party will hold the Confidential Information in confidence using at least the same degree of care it uses to protect
its own confidential information, but in no event less than reasonable care. The Receiving Party will only use Confidential Information
as needed to exercise its rights under this Agreement, and will only disclose Confidential Information to its affiliates, directors,
officers, employees and contractors, as well as its financial and legal advisors and potential investors, who have a need to know
such Confidential Information in connection with this Agreement and who are bound by confidentiality obligations at least as restrictive
as those contained herein. Any disclosure of the TOL License in accordance with this Section shall be subject to the prior written
consent of TOCI, which consent will not be unreasonably withheld or delayed.

 

4.3.         Exceptions.
Confidential Information does not include information that the Receiving Party can demonstrate is: (i) in the public domain or
subsequently enters the public domain through no fault of the Receiving Party; (ii) disclosed to the Receiving Party by a third
party without any breach of confidentiality obligations; (iii) known to the Receiving Party at the time of disclosure by the Disclosing
Party; or (iv) developed independently by the Receiving Party, without use of or reference to any Confidential Information of the
Disclosing Party. The Receiving Party may disclose Confidential Information to the extent necessary to comply with a valid legal
or government order or requirement, provided that it will provide the Disclosing Party reasonable prior notice and cooperate with
the Disclosing Party (at the Disclosing Party’s sole expense) with any reasonable effort to challenge or limit the ordered
or requested disclosure.

 

4.4.         Publicity.
The Parties shall reasonably cooperate in connection with issuing press releases or promotional or marketing material to the
public or third parties in connection with the provisions of this Agreement; provided that JP will have the right to
issue press releases related to the studies and other commercial activities it conducts, provided, further  that
neither Party will publish any Confidential Information without the prior written consent of the other Party, which consent
will not be unreasonably withheld, delayed, or conditioned. JP shall not refer to either TOCI or TOL in any such releases or
materials without the prior written consent of such entity, which will not be unreasonably withheld or delayed.

 

    	 	5	 

     

    

 

		5.	OWNERSHIP.

 

5.1.         Developments.
Except as may be limited by the TOL License, the Intellectual Property in all improvements and modifications of the Sublicensed
IP developed or acquired by JP, with or without involvement of TOCI, in relation to the Limited Pharmaceutical Business (collectively,
“New IP”) will be owned by JP, and TOCI hereby assigns and will be automatically deemed to have assigned, to
JP any right, title and interest it may have in and to such New IP. JP hereby grants, and will automatically be deemed to grant,
to TOCI, a perpetual, royalty free, non-exclusive license to use and exploit such New IP outside of the Limited Pharmaceutical
Business. To the extent a TOL License prohibits such ownership of certain New IP, such New IP will be automatically be assigned
to either TOCI or TOL as required by the TOL License and deemed part of the Sublicensed IP for purposes of the sublicense granted
in Section 2.1.

 

5.2.         Enforcement;
Patent Prosecution. JP will be responsible for, at its sole expense and control, using commercially reasonable efforts
to: (i) prosecute patents, copyrights, and trademarks for New IP owned by JP; and (ii) protect the New IP from material third
party infringement, violation, or misappropriation in connection with the Limited Pharmaceutical Business; provided in each
case that TOCI will provide all reasonably necessary cooperation and information in such efforts by JP, and TOCI will join
such suit(s) if required for JP to have legal standing in such litigation. Any award solely with regards to any New IP will
be distributed entirely to JP.

 

		6.	REPRESENTATIONS AND WARRANTIES.

 

6.1.         Mutual.
Each Party represents and warrants that: (i) it is an entity duly organized, validly existing, and in good standing under the laws
of its jurisdiction of formation; (ii) it has all requisite power and authority to enter into this Agreement and consummate the
transactions contemplated herein; and (iii) the execution, delivery, and performance of this Agreement does not and will not conflict
with any violation of applicable law or of any other agreements with a third party.

 

6.2.         TOCI.
TOCI represents and warrants that: (i) it is the lawful licensee of the Sublicensed IP and, has sufficient authority to grant JP
the sublicenses granted under this Agreement; (ii) that the execution, delivery, and performance by it of this Sublicense Agreement
does not require the approval of any governmental authority nor the application for or filing of or for any license, permit, approval,
waiver, no-action, or similar permission from any governmental authority; (iii) it has not entered into any additional sublicenses
or other arrangements that may limit its rights or the rights of JP under this Agreement or which may reasonably be expected to
lead to a claim of infringement or invalidity regarding any portion of the Sublicensed IP or its use; (iv) it has no knowledge
of infringement of, or conflict with, any license or other intellectual property right of any other third-party, and there is no
known claim pending, filed or threatened related to infringement, ownership, misappropriation, or invalidity regarding the Sublicensed
IP or its use; and (v) it has not granted and will not at any time during the Term grant or permit to exist any sublicense or other
contingent or non-contingent right, title or interest under or relating to the Sublicensed IP in connection with the Limited Pharmaceutical
Business to any individual or entity, that does or will conflict with or otherwise undermine or impair the exclusive rights of
JP hereunder. Notwithstanding the foregoing, TOCI may use or sublicense the Sublicensed IP outside of the Limited Pharmaceutical
Business.

 

6.3.         TOL
License. TOCI hereby covenants that it will not take any acts, or fail to act, in any way that results in a material modification,
limitation, loss, or termination of the rights granted by TOL that are sublicensed hereunder.

 

    	 	6	 

     

    

 

		7.	INFRINGEMENT BY THIRD-PARTIES

 

7.1          Report
of Infringement. With respect to any Sublicensed IP, when information comes to the attention of JP to the effect that any of
the licensed rights have been or are threatened to be infringed by a third party, JP shall promptly notify TOCI in writing of any
such infringement or threatened infringement of which it has become aware.

 

7.2          Enforcement.
TOCI or TOL, as applicable, will take, at its own expense, any action it deems advisable in good faith to protect the Sublicensed
IP. In the event of an infringement or threatened infringement by a third party of the Sublicensed IP, TOCI or TOL, as applicable,
shall have the exclusive option to direct and control the litigation and any settlement thereof. JP shall cooperate at its own
expense with TOCI in protecting and defending the Sublicensed IP. In the event that neither TOCI nor TOL prosecutes such alleged
infringement or violation of the Sublicensed IP, JP shall have the right, but not the obligation, to enforce such Sublicensed IP
at its own expense. TOCI hereby agrees, on their own behalf and on behalf of TOL, to join in such suit if required for proper standing.
If JP has brought such an action, any award will be distributed entirely to JP.

 

		8.	INDEMNIFICATION.

 

8.1          By
TOCI. TOCI will indemnify, defend, and hold harmless JP, and its officers, directors, members, managers, and employees from
any losses, liabilities, damages, penalties, awards, settlements, costs, and expenses, including reasonable attorneys’ fees,
(collectively, “Losses”) incurred in relation to a third-party claim arising out of any: (i) gross negligence,
willful misconduct, or violation of applicable law by the indemnifying Party; (ii) personal injury, death, or loss of or damage
to property caused by the indemnifying Party; (iii) breach of any representations and warranties by the indemnifying Party in Section
6; or (iv) any modification or termination of the applicable TOL License which may materially affect JP’s rights under this
Agreement, unless JP has given prior written consent to such modification or termination, which will not be unreasonably withheld
or delayed.

 

8.2          By
JP. JP will indemnify, defend, and hold harmless TOCI and its officers, directors, members, managers, and employees, from any
Losses incurred in relation to a third-party claim arising out of any: (i) gross negligence, willful misconduct, or violation of
applicable law by JP or the JP Contractors; (ii) personal injury, death, or loss of or damage to property caused by JP or the JP
Contractors; or (iii) breach of any representations and warranties by JP in Section 6. JP will indemnify, defend, and hold harmless
TOCI and its officers, directors, members, managers, and employees from any Losses incurred in relation to any claim by TOL against
TOCI arising out of the TOL License related to activities of JP or the JP Contractors with regards to the Limited Pharmaceutical
Business. JP’s obligations under this Section 8.2 will not apply to the extent a claim is related to TOCI’s breach
of, or actions beyond the scope of, the TOL License or this Agreement.

 

8.3          Procedures.
The Party entitled to indemnification for a claim hereunder (the “Indemnified Party”) will promptly give written
notice to the other Party (the “Indemnifying Party”) of such claim, provided that a delay will not affect the
Indemnifying Party’s obligations except to the extent such delay is materially prejudicial to it. The Indemnified Party will
give the Indemnifying Party full control of the defense upon request, and will provide all cooperation and information reasonable
requested by the Indemnifying Party in relation to the defense. The Indemnifying Party will not, without the Indemnified Party’s
prior written consent, enter into any settlement that imposes any non-monetary obligations or liability on the Indemnified Party.

 

    	 	7	 

     

    

 

		9.	LIMITATION OF LIABILITY.

 

EXCEPT FOR A PARTY’S INDEMNIFICATION
OBLIGATIONS SET FORTH IN SECTION 8 OR FOR ANY MODIFICATION OR TERMINATION OF A TOL LICENSE THAT MAY MATERIALLY AFFECT JP’S
RIGHTS UNDER THIS AGREEMENT WITHOUT THE ADVANCE WRITTEN CONSENT OF JP, TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO PARTY SHALL
BE LIABLE TO THE OTHER FOR ANY PUNITIVE, EXEMPLARY OR AGGRAVATED, OR ANY INDIRECT OR CONSEQUENTIAL DAMAGES, IN CONNECTION WITH
A BREACH OF THIS AGREEMENT.

 

		10.	GENERAL.

 

10.1        Bankruptcy.
The licenses and sublicenses granted to JP hereunder for the Limited Pharmaceutical Business are, for purposes of section 365(n)
of the Bankruptcy Code, licenses of rights to “intellectual property,” as that term is defined in section 101 of the
Bankruptcy Code. Nothing in this agreement limits JP’s rights under section 365(n), and JP is not making an election under
section 365(n) hereunder.

 

10.2        Cooperation.
The Parties agree to reasonably cooperate with and assist each other in connection with the sublicense granted under this Agreement
and the development and success of commercializing the Sublicensed IP in connection with the Limited Pharmaceutical Business, including
in executing documents and joining in any litigation as needed to ensure proper standing for such litigation.

 

10.3        Notices.
Any notices sent hereunder will be sent by e-mail and internationally-recognized overnight or two (2) day courier to the following
addresses, which may be updated at any time upon ten (10) calendar days’ prior written notice to the other Party:

 

	If to TOCI:	Tikun Olam IP Ltd.

c/o Trident Trust Company (Cayman) Ltd.

P.O. Box 847, Grand Cayman, KY1-1103

Cayman Islands

Attention: Mirae Connor

Fax: + 1 (345) 949 0881

Email: mconnor@tridenttrust.com
and

IR@tikunolam.com

 

	with copies to:	Leason Ellis LLP

One Barker Avenue, Fifth Floor

White Plains, New York 10601

Attention: Peter S. Sloane, Esq.

Email: sloane@leasonellis.com

 

	and copies to:	bernie@tikunolam.com and stephen@tikunolam.com

 

	If to JP:	Jay Pharma, Inc

181 Bay Street, Suite 4400

Brookfield Place

Toronto, ON M5J 2T3

Email: Jeff.Wolfson@haynesboone.com

 

All notices hereunder may be given by any
other means, but shall not be deemed to have been duly given unless and until it is actually received by the intended recipient.

 

    	 	8	 

     

    

 

10.4         Governing
Law. THIS AGREEMENT, AND ANY DISPUTE RELATED TO OR ARISING THEREFROM, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF
THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY JURISDICTION OTHER THAN THOSE
OF THE STATE OF NEW YORK.

 

10.5         Dispute
Resolution. In the event of any dispute, claim, question, or disagreement (“Dispute”) arising from
or relating to this Agreement or the breach thereof, the Parties hereto shall use their best efforts to settle the dispute, claim,
question, or disagreement. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their
mutual interests, attempt to reach a just and equitable solution satisfactory to all Parties. All Disputes not resolved within
fifteen (15) days by good faith negotiation shall be finally settled by arbitration administered by the American Arbitration Association,
in New York, New York, in accordance with the provisions of that organization’s Commercial Arbitration Rules. The dispute
shall be heard and determined by a panel of three (3) arbitrators, unless otherwise agreed by the Parties. In such case, each Party
shall each select one (1) arbitrator. The arbitrator selected by the claimant and the arbitrator selected by respondent shall,
within ten (10) days of their appointment, select a third neutral arbitrator. In the event that they are unable to do so, or if
for any reason the three (3) arbitrators are not timely empanelled, the Parties, or either of them, or their attorneys, may request
that the American Arbitration Association appoint the third or any other necessary arbitrator. Prior to the commencement of hearings,
each of the arbitrators appointed shall provide an oath or undertaking of impartiality. The United States Arbitration Act shall
govern the interpretation, enforcement, and proceedings pursuant hereto. Notwithstanding any provision hereof, any applicable law
or public policy considerations, including without limitation any possible illegality or unenforceability of this Agreement or
any portion hereof due to the subject matter hereof, the arbitrators shall interpret this Agreement giving full effect to the terms
and provisions hereof. All charges of the American Arbitration Association or any mediator shall be borne equally by the Parties,
and each Party hereby agrees to pay all such charges promptly upon request therefor, and if any Party shall fail to do so, the
other Party shall be permitted to apply towards such charges any amounts otherwise due to the non-paying Party. The Parties to
the arbitration proceeding shall bear their own respective expenses incurred in connection therewith, including, but not limited
to, legal fees and expenses.

 

10.6         Waiver.
The waiver by any Party of any breach of covenant wall not be construed to be a waiver of any succeeding breach or any other covenant.
All waivers must be in writing, and signed by the Party waiving its rights. This Agreement may be modified only by a written instrument
executed by authorized representatives of the Parties sought to be bound.

 

10.7         Assignment.
Neither Party may assign or transfer this Agreement, in whole or in part, without the prior written consent of the other Party,
which consent will not be unreasonably withheld or delayed. Any purported assignment or transfer in violation of this section will
be null and void. This Agreement will inure to the benefit of, and be binding upon the Parties, together with their respective
legal representatives, successors, and assigns, as permitted herein.

 

10.8         No Third-Party Beneficiaries.
Nothing in this Agreement confers any rights or remedies upon any third party.

 

10.9         Severability.
If any provision of this Agreement is held to be invalid, void, unenforceable, or unconstitutional by a court of competent jurisdiction,
the remaining provisions shall continue in full force without being impaired or invalidated.

 

    	 	9	 

     

    

 

10.10         Entire
Agreement. This Agreement and the attached Schedule constitutes the entire agreement between the Parties with respect to the
subject matter herein, and supersedes all prior agreements, proposals, negotiations, representations or communications relating
to such subject matter. The Parties acknowledge that they have not been induced to enter into this Agreement by any representations
or promises not specifically stated herein.

 

10.11         Execution;
Counterparts. This Agreement may be executed in counterparts, including electronic counterparts, each of which shall be deemed
to be an original, but all of which together shall constitute one agreement. The headings of the various sections of this Agreement
have been inserted for reference only and shall not be deemed to be a part of this Agreement.

 

The Parties hereby execute this Agreement
as of the Effective Date.

 

	JAY PHARMA, INC.	 	TIKUN OLAM IP LTD.
	 	 	 
	 	 	By: TO Pharmaceuticals LLC, its manager
	 	 	By: To Holding Group LLC, its manager
	 	 	By: TO Global LLC, its manager
	 	 	 	 	 
	By:	/s/ Yaron Conforti	 	By:	/s/ Bernard Sucher
	 	 	 	 	 
	Name:	Yaron Conforti	 	Name:	Bernard Sucher
	 	 	 	 	 
	Title:	Director	 	Title:	 Chief
    Executive Officer

 

    	 	10Exhibit 10.14

 

MASTER INTERCOMPANY SERVICES AGREEMENT

 

This MASTER INTERCOMPANY SERVICES AGREEMENT
(this “Agreement”) is made and entered into as of January 1, 2018, by and among certain subsidiaries of
T.O. GLOBAL LLC, a New York Limited Liability Company (“Parent”) providing services (as set forth in
Schedule B hereto, collectively, the “Service Providers”) and certain subsidiaries of Parent receiving
such services (as set forth in Schedule B hereto, collectively, the “Service Recipients”).

 

WITNESSETH:

 

WHEREAS the Service Providers desire
and are willing to provide, or cause to be provided, to the Service Recipients, certain services as set forth herein and in the
Schedules hereto during the periods set forth herein and in the Schedules hereto;

 

NOW, THEREFORE, in consideration
of the foregoing recitals and the mutual covenants and agreements contained in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

TERMS AND CONDITIONS

 

		1.	Agreement to Provide Services.

 

1.1.         Agreement.
Upon the terms and subject to the conditions contained herein and in the Schedules attached hereto (each, as it may be amended
from time to time, a “Schedule”), the Service Providers hereby agree to provide, or cause their affiliates to
provide, to the Service Recipients the services (as set forth in Schedule A, the “Services”) listed in the Schedules.
Each of the Services shall be provided and accepted in accordance with the terms, limitations and conditions set forth herein and
in the Schedules.

 

1.2.         Scope
of Services. The parties agree that upon the terms and subject to the conditions contained herein, additional or new services
which are not currently contemplated in this Agreement may be added to the Schedules from time to time. Any new or additional services
undertaken by the Service Providers to the Service Recipients shall be provided for a fee that includes the cost plus applicable
operating margin (as may be determined from time to time) as more fully described in Section 2, and any such transactions
shall be conducted on an arm’s-length basis.

 

1.3.         Review
of Services. The parties agree that: (i) the scope, frequency and manner of delivery of the Services detailed herein are subject
to periodic review by the parties; (ii) changes to any of the Services (including the addition or deletion of services) may be
made at any time if agreed to by the parties; and (iii) this Agreement may be amended from time to time according to the terms
set out in herein.

 

		1.4.	Right to Deliver and Request Instructions.

 

		a.	Each Service Recipient, acting through any of its authorized
officers, may from time to time deliver to a Service Provider instructions with respect to matters arising under this Agreement,
and the Service Provider shall follow such instructions provided they are consistent with the terms and conditions of this Agreement.

 

		b.	At any time, any Service Provider may, if it reasonably
deems it necessary or appropriate, request instructions from a Service Recipient, within a reasonable period prior to the time
necessary for taking action with respect to any matter contemplated by this Agreement, and may defer action thereon pending receipt
of such instructions. Any action taken by a Service Provider, its officers, directors, employees, agents or representatives in
accordance with the instructions of a Service Recipient, or failure to act by a Service Provider pending the receipt of such instructions
after request therefor, shall be deemed to be proper conduct within the scope of service authority under this Agreement.

 

    	 	1	 

     

    

 

1.5.         Service
Designees. Each Service Provider may perform the services to be provided hereunder through its own officers and
employees, or through agents, independent contractors or other parties designated by it; provided, however, that each
Service Provider will remain liable hereunder as if it has performed such services directly.

 

		2.	Cost Sharing.

 

2.1.         Each
Service Recipient agrees to bear and to pay its share of the Net Costs as defined in Section 2.2 below and, as contemplated
by this Agreement, make payment arrangements with the Service Provider on an arm’s length basis for all activities covered
by this Agreement for each calendar month.

 

2.2.         The
Parent or its designee shall compute the costs that it incurs in connection with providing Services under this Agreement (its “Net
Costs”) in accordance with the following formula: Net Costs = Direct Costs + Indirect Costs

 

“Direct Costs” means
the sum of all external and all internal direct costs incurred by a Service Provider and directly attributable to a particular
Service provided to a particular Service Recipient.

 

“Indirect Costs” means
all external and all internal indirect costs incurred by the Service Provider in providing the Services to the Service Recipients,
which cannot be directly attributed to a particular Service provided to a particular Service Recipient, including but not limited
to salaries and bonuses, wages for permanent and temporary employees, expatriate costs (where applicable), facilities charges (including
office rent, depreciation, maintenance, utilities and supplies), travel costs, pension benefits, insurance benefits, depreciation
of fixed assets and all expenses to third parties incurred in connection with the Services, excluding value added tax, withholding
taxes and/or similar levies, which shall be paid by the respective Service Provider, if legally required.

 

3.             Reporting;
Timing of Payments. Each Service Provider shall submit a statement to each applicable Service Recipient no later than twenty
(20) calendar days after the end of each calendar [month/quarter/half] (unless otherwise agreed to by the parties), with respect
to the amount of Net Costs payable by such Service Recipient for such month (a “Statement”). Such Statement
shall set forth in reasonable detail: (i) the Direct Costs incurred in providing each Service to such Service Recipient and (ii)
the Indirect Costs incurred in providing each Service to such Service Recipient. Unless any such Service Recipient disagrees as
to the amounts payable as set forth in the Statement, all Statements shall be settled not later than forty-five (45) calendar days
following receipt by the Service Recipient from the Service Provider of such Statement relating to the Services provided. In the
event of any disagreement between the Service Providers and the Service Recipients with respect to any Statement or any amounts
owed thereunder, the parties hereto agree to negotiate in good faith to resolve such dispute.

 

4.            Standards
for Performance of Service. Each Service Provider shall perform its obligations hereunder in a prudent and efficient manner
and in accordance with applicable law and good industry practice.

 

		5.	Access to Employees and Information.

 

5.1.         Access.
At the request of any Service Recipient, each Service Provider shall, and shall cause its affiliates to, use its reasonable best
efforts to provide for consultation with the Service Recipient, shortly after such request, its employees providing Services hereunder.
At the request of any Service Recipient, each Service Provider shall, and shall cause its affiliates to, make available information
relating to such Service Provider’s business.

 

    	 	2	 

     

    

 

5.2.         Inspection.
Each Service Provider hereby agrees that, upon reasonable notice from any Service Recipient, it shall make its books and records
with respect to Services and payment therefor available to the Service Recipient and its representatives for inspection during
normal business hours at such Service Provider’s principal place of business.

 

6.            Force
Majeure. No party shall be liable for any failure of performance attributable to acts, events or causes (including, but not
limited to, war, riot, rebellion, civil disturbances, power failures, failure of telephone lines and equipment, flood, storm, fire
and earthquake or other acts of God or conditions or events of nature, or any law, order, proclamation, regulation, ordinance,
demand or requirement of any governmental authority) beyond its control that prevent in whole or in part performance by such party
hereunder. The affected provisions and/or other requirements of this Agreement shall be suspended during the period of such disability
and no Service Provider shall have any liability to any Service Recipient or any other party in connection therewith other than
by reason of breach or nonfulfillment of its covenants in this Section 6. The Service Providers shall make all reasonable
efforts to remove such disability as soon as and to the extent reasonably possible and to assist the Service Recipients in finding
third parties to provide affected Services during the period of such disability.

 

7.             Indemnification.
The Service Recipients shall indemnify, defend and hold harmless the Service Providers, their affiliates, their officers, directors,
employees, agents and representatives from and against any and all losses, liabilities, claims, damages, actions, fines, penalties,
expenses or costs (including court costs and reasonable attorneys’ fees) (“Losses”) suffered or incurred
by any such Person arising from or in connection with any Service Providers’ performance or non-performance of any covenant,
agreement or obligation of the Service Provider hereunder, other than by reason of the Service Providers’ or any of their
affiliates’ gross negligence, willful misconduct or bad faith. This Section 7 shall survive any termination or expiration
of this Agreement.

 

8.             New
Service Providers and Service Recipients. Additional subsidiaries of Parent may become Service Providers or Service Recipients,
as the case may be, under this Agreement. The Parent shall then sign an entry or similar agreement with such subsidiary.

 

		9.	Term and Termination.

 

9.1.         Term
of Services. The term of this Agreement shall be one (1) year beginning from the date of completion of the transactions contemplated
by the Purchase Agreements, provided that such term shall renew automatically for successive terms of one (1) year unless the Parent
provides written notice to the other parties hereto that this Agreement shall not be renewed at least fifteen (15) days prior to
the expiration of any one (1) year term.

 

9.2.         Termination
by Parent. The Parent may terminate this Agreement, or any part of this Agreement, at any time upon sixty (60) days prior written
notice to the parties hereto.

 

9.3.         Termination
by Other Parties. Each of the Service Providers and Service Recipients may terminate its interest in this Agreement for a subsequent
calendar year by providing written notice to the Parent not less than sixty (60) days prior to the end of any calendar year. The
dismissal of a single Service Provider or Service Recipient will not affect the validity of the Agreement as a whole.

 

9.5.         Termination
on Material Breach. This Agreement shall terminate with respect to any party hereto that breaches its obligations herein if
such breach remains uncured for thirty (30) days after such party receives written notice of the breach from the Parent.

 

    	 	3	 

     

    

 

9.6.         Automatic
Termination. This Agreement shall terminate automatically, without any notice or other action whatsoever on the part of any
party hereto, as to any party and such party’s subsidiaries that (i) becomes the subject of any voluntary petition in bankruptcy
or other voluntary proceeding relating to insolvency, receivership, liquidation, or composition for the benefit of creditors; (ii)
becomes the subject of an involuntary petition in bankruptcy or any other involuntary proceeding relating to insolvency, receivership,
liquidation, or composition for the benefit of creditors, if such petition or proceeding is not dismissed within thirty (30) days
of the filing or initiation thereof; (iii) is in default under any agreement or indenture governing indebtedness of such party.

 

		10.	General Provisions.

 

10.1.       Assignment;
Successors and Assigns. Except as set forth below, this Agreement and the rights and obligations hereunder shall not be assigned
or transferred in whole or in part by any party hereto without the written consent of the Parent. Any attempted assignment or delegation
in contravention hereof shall be null and void. This Agreement shall be binding upon and inure to the benefit of the successors
and assigns of the parties hereto.

 

10.2.       No
Third-Party Beneficiaries. Except for Persons entitled to indemnification under Section 7 hereof, this Agreement is
for the sole benefit of the parties hereto, and nothing herein expressed or implied shall give or be construed to give to any Person
or entity, other than the parties hereto, any legal or equitable rights hereunder.

 

10.3.       Remedies.
Except as otherwise expressly provided herein, none of the remedies set forth in this Agreement is intended to be exclusive, and
each party shall have all other remedies now or hereafter existing at law or in equity or by statute or otherwise, and the election
of any one or more remedies shall not constitute a waiver of the right to pursue other available remedies. Nothing contained herein
shall be deemed to be a limitation on any remedies that otherwise may exist or be available to any party under the Purchase Agreements
or any other related agreement.

 

10.4.       Interpretation;
Definitions. The headings contained in this Agreement or in any Schedule hereto are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement. The terms defined in the singular shall have a comparable meaning
when used in the plural, and vice versa. This Agreement shall be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting or causing any instrument to be drafted. When a reference is made in
this Agreement to Articles, Sections or Schedules, such reference shall be to an Article or Section of or Schedule to this Agreement
unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used
in this Agreement, they shall be deemed to be followed by the words “without limitation.” The phrases “the date
of this Agreement,” “the date hereof” and terms of similar import, unless the context otherwise requires, shall
be deemed to refer to the date set forth in the first paragraph of this Agreement. The words “hereof,” “hereby,”
“herein,” “hereunder” and similar terms in this Agreement shall refer to this Agreement as a whole (including
the Schedules) and not to any particular Section in which such words appear. All references herein to dollar amounts shall be deemed
to be references to U.S. Dollars.

 

10.5.       Amendments.
The parties hereto will periodically review this Agreement as to the reasonableness of its terms and, in any case, not later than
three (3) months after the end of Parent’s accounting year. Such review may be evidenced by documentation reasonably acceptable
to the Parent. No amendment to this Agreement shall be effective unless it shall be in writing and signed by Parent and each party
to be bound by the proposed amendment, provided that any Schedule hereto may be amended by the Parent provided that the Parent
provides written notice to each party to be bound by the proposed amendment and that no such notified party objects in writing
to such amendment within seven (7) calendar days of receipt of notice thereof.

 

10.6.       Cooperation.
The Service Recipients will provide all information that the Service Providers reasonably request for performance of services pursuant
hereto, and the Service Recipients will cooperate with any reasonable request of the Service Providers in connection with the performance
of services pursuant hereto.

 

    	 	4	 

     

    

 

10.7.       Counterparts.
This Agreement and any amendments hereto may be executed by facsimile and in one or more counterparts, all of which shall be considered
one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties
and delivered to the other party.

 

10.8.       Severability.
If any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held invalid,
illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other provision hereof.

 

10.9.       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be performed entirely within such State, without regard to the choice of law principles of such State.

 

10.10.     Waiver.
Except as otherwise provided in this Agreement, any failure of any of the parties hereto to comply with any obligation, covenant,
agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by
the party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement
or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Any consent given
by any party pursuant to this Agreement shall be valid only if contained in a written consent signed by such party.

 

10.11.     Notices.
All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by
hand or sent by telecopy, or by postage prepaid, registered, certified or express mail or by reputable overnight courier service
and shall be deemed given when delivered by hand or upon receipt of telecopy confirmation if sent by facsimile, three days after
mailing (one (1) Business Day in the case of guaranteed overnight express mail or guaranteed overnight courier service), at the
address for the entity receiving such notice that is kept by and may be requested from the Parent, which Parent shall keep an
accurate and current record of the addresses of all entities party hereto. Any party hereto may change its address in the records
of the Parent by providing written instructions to the Parent specifying the new address of such entity. The address of the Parent
is: 77 Water Street, 8th Fl, New York, NY 10005.

 

10.12.      Authority.
None of the parties hereto shall act or represent or hold itself out as having authority to act as an agent or partner of the other
party, or in any way bind or commit the other party to any obligations. Nothing contained in this Agreement shall be construed
as creating a partnership, joint venture, agency, trust or other association of any kind, each party being individually responsible
only for its obligations as set forth in this Agreement.

 

10.13.      Schedules.
All Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth
in full herein.

 

10.14.      Entire
Agreement. This Agreement (including the Schedules hereto) contains the entire agreement and understanding between the parties
hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral,
relating to such subject matter.

 

[Signature Page Follows]

 

    	 	5	 

     

    

 

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

 

T.O. GLOBAL LLC

 

	By:	/s/ Bernard Sucher	 
	Bernard Sucher, CEO	 

 

TO HOLDINGS GROUP LLC 

BY: T.O. GLOBAL LLC, MANAGER

 

	By:	/s/ Bernard Sucher	 
	Bernard Sucher, CEO 	 

 

FOR AND ON BEHALF OF

TIKUN OLAM LLC (and each of its Subsidiaries
indicated on Schedule B)

TO HOLDINGS GROUP LLC 

BY: T.O. GLOBAL LLC, MANAGER

 

	By:	/s/ Bernard Sucher	 
	Bernard Sucher, CEO	 

 

FOR AND ON BEHALF OF

TO PHARMACEUTICALS LLC (and each of
its Subsidiaries indicated on Schedule B)

TO HOLDINGS GROUP LLC

BY: T.O. GLOBAL LLC, MANAGER

 

	By:	/s/ Bernard Sucher	 
	Bernard Sucher, CEO	 

 

ISRAEL LIAISON HOLDING GROUP LTD

 

	By:	/s/ Peretz Charach	 
	Name:	 
	Title:	 

 

    	 	6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]