Document:

Exhibit 10.1

 

Execution
Version

 

[***] Represents
material that has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment under Rule 24b-2 of the Securities and Exchange Act of 1934, as amended.

 

AGREEMENT

 

This Agreement
is made and entered into on this  17  day of June, 2013 

 

Between

 

PROTALIX
LTD.

 

a company duly
incorporated under the laws of Israel of 2 Snunit Street, Science Park, P.O. Box 455, Carmiel 20100, Israel

 

(“Protalix”)

 

and

 

ATME Comercio
e Serviços Ltda.

a company duly
incorporated under the laws of Brazil

of Alameda Tocantis,
75, room 1110, Alphaville, Barueri CEP 06455-020, Sao Paulo, Brazil

 

(“ATME”)

 

		WHEREAS:	Protalix
                                         and ATME entered into that certain May 2012 Agreement (the “Original Agreement”)
                                         and this Agreement amends and restates in its entirety the Original Agreement.

 

		WHEREAS:	Protalix is engaged, inter
alia, in the development, manufacture, marketing, distribution and sale, both on its own and together with Pfizer, Inc. (“Pfizer”),
of a proprietary enzyme replacement therapy product for the treatment of Gaucher Disease based on taliglucerase alfa (the “
Product”; and

 

		WHEREAS	Protalix
                                         and Pfizer entered into that certain Exclusive License and Supply Agreement, dated November
                                         30, 2009 (the "Original Pfizer Agreement"), which is expected by Pfizer
                                         and Protalix to be amended by letter in 2013 to provide Protalix exclusive rights to
                                         commercialize the Product in the Territory (the “Pfizer Amendment”,
                                         and the Original Pfizer Agreement, as amended by the Pfizer Amendment, the "Pfizer
                                         Agreement"); and

 

		WHEREAS:	Protalix is interested in
penetrating the market for the Product(s) in Brazil (the “Territory”) by way of sales of the Product(s) in
the Territory and/or entering into a definitive transfer of technology and supply agreement with a manufacturer in, and for, the
Territory; and

 

    	-1-

    	 

    

 

		WHEREAS:	ATME has the requisite knowledge,
experience and expertise to assist Protalix in achieving its objectives for the Product(s) in the Brazilian market; and

 

		WHEREAS:	At Protalix’s request
and in furtherance of its aims, and based on the parties’ understanding regarding mutually agreeable compensation of ATME
if a successful transaction with respect to the Brazilian market were consummated, ATME applied such knowledge, experience and
expertise to assist Protalix in its efforts to enter into a definitive agreement to supply the Product(s) to Fundacao Oswaldo
Cruz, an agency of the Federal Brazilian Ministry of Health (“Fiocruz”) for distribution and sale in the Brazilian
market; and

 

		WHEREAS:	Such assistance from ATME
has contributed to the success of such efforts by Protalix which is expected to result in the execution of a definitive Technology
Transfer and Supply Agreement in 2013 by and between Protalix and Fiocruz (the “2013 Contract)” and, together
with all other agreements with FIOCRUZ that contain substantially the same economics of the 2013 Contract, (the “Other
Contract/s”) if any, entered into between Protalix and Fiocruz, within [***] years from the date of the 2013 Contract,
for the transfer of technology with respect to, and the supply of, Product(s) to Fiocruz for distribution and sale in the Brazilian
market, the “Contracts”); and

 

		WHEREAS:	The parties wish to confirm
their understanding regarding the compensation by Protalix of ATME in consideration of such assistance and such contribution by
ATME to Protalix’s efforts and success in entering into, and the substantial economic benefits which may be realized by
Protalix pursuant to, the Contracts (such assistance and contribution being sometimes referred to as the “Services”).

 

NOW
THEREFORE, it is agreed between the parties hereto that the Original Agreement is hereby amended and restated in its entirety
to read as follows:

 

		1.	Fees

 

		1.1.	Upon
                                         the terms and subject to the conditions set forth herein, and in reliance on ATME’s
                                         representations and warranties contained herein and in the Certification attached hereto
                                         as Exhibit A (the “Certification”), Protalix hereby agrees to pay
                                         ATME five percent (5%) of its Proceeds under the 2013 Contract and four percent (4%)
                                         of its Proceeds under the Other Contract/s (collectively, the “Fees”).
                                         For purposes of this Section, “Proceeds” shall mean the revenue for
                                         supply of Product(s) actually collected and recognized by Protalix from Fiocruz pursuant
                                         to the applicable Contract in accordance with US GAAP or any other accounting practice
                                         adopted by Protalix from time to time, after deduction of any commissions or royalties
                                         payable to third parties in respect to any activities under the applicable Contract and
                                         any amounts refunded for Product returns. For the avoidance of doubt, no (i) amounts
                                         paid to Protalix in reimbursement of expenses or for technical services performed pursuant
                                         to the applicable Contract; (ii) revenue collected or recognized by Protalix for Product
                                         supplied (or agreed to be supplied) at cost and not pursuant to Section 7 of the 2013
                                         Contract (or any similar provision of any other Contract); or (iii) revenue collected
                                         or recognized by Protalix for Product supplied (or agreed to be supplied) prior to the
                                         date of this Agreement, shall be included in the definition of “Proceeds”
                                         under this Agreement. Notwithstanding the foregoing, in the event of a material change
                                         in the economic terms of the applicable Contract, the Parties will negotiate in good
                                         faith to adjust the Fees to reflect such change in economic terms.

 

    	-2-

    	 

    

  

		1.2.	The
                                         Fees constitute the sole and entire consideration and compensation which ATME is entitled
                                         to receive for the Services (and, except to the extent expressly agreed in writing by
                                         Protalix and ATME, any other services provided to Protalix by ATME, or any employee or
                                         principal thereof, to the extent related to the Product(s) in the Territory). Protalix
                                         shall not be required to reimburse ATME for any costs or expenses incurred by ATME in
                                         connection with this Agreement, the Services or otherwise, all of which shall be ATME’s
                                         sole responsibility.

 

		2.	Terms
                                         of Payment

 

		2.1.	Payment
                                         of Fees, if any shall have become payable, shall be made within [***] after Protalix
                                         receipt of any payment from FIOCRUZ with respect to Proceeds. Protalix shall provide
                                         ATME with a quarterly report which shall set forth the amount of Proceeds in respect
                                         of the preceding quarter.

 

		2.2.	The
                                         Fees shall be paid in the same currency as the Proceeds and shall be inclusive of all
                                         sales and other taxes and fees, which shall be borne by ATME.

 

		2.3.	If
                                         Protalix is required by applicable law to make any tax deduction, tax withholding or
                                         similar payment or withholding from any amount paid or payable by Protalix hereunder,
                                         including but not limited to on account of income tax, tax on profit or any other taxes
                                         or fees imposed on ATME (“Withholding Tax”), then Protalix shall notify
                                         ATME of this requirement and shall deduct the Withholding Tax from the payments referred
                                         to above, as prescribed by applicable law and shall not be required to “gross-up”
                                         or otherwise increase any such payments to accommodate for such Withholding Tax.

 

		2.4.	Notwithstanding
                                         anything to the contrary herein, Protalix shall be obligated to pay the Fees only (i)
                                         after ATME has obtained and secured all consents, permits, licenses and approvals, if
                                         any, required in connection with the execution, delivery, performance, validity and enforceability
                                         of this Agreement, and provided copies thereof to Protalix, [***]. 

 

		3.	Termination

 

		(a)	This
                                         Agreement (i) shall automatically terminate (with respect to the applicable Contract,
                                         or as a whole if in relation to all existing Contracts) upon the termination of the applicable
                                         Contract for any reason and (ii) may be terminated by Protalix by notice to ATME if the
                                         representation or warranty of ATME in Section 7.2.3, 7.2.4 or 7.2.5 shall have been or
                                         be inaccurate in any material respect or ATME shall have failed to perform or comply
                                         in any material respect with any covenant of ATME contained herein

 

		(b)	Without
                                         limiting the generality of paragraph 3(a) and for the avoidance of doubt, Protalix may
                                         terminate this Agreement, effective immediately upon notice by Protalix to ATME, if (i)
                                         Protalix determines, based on information from sources it reasonably believes are credible,
                                         that any representation, warranty or other statement contained in the Certification is
                                         inaccurate in any material respect or (ii) ATME shall have failed to perform or comply
                                         in any material respect with any covenant or agreement of ATME set forth in the Certification.

 

    	-3-

    	 

    

 

		(c)	Upon
                                         termination of this Agreement in accordance with its terms, all rights and duties of
                                         the parties hereunder shall cease, except that (i) ATME shall be entitled to payment
                                         of Fees in accordance with the provisions of Section 3 above to the extent such Fees
                                         became payable prior to the effective date of termination and provided such termination
                                         was not pursuant to clause (ii) of paragraph (a) or pursuant to paragraph (b) of this
                                         Section 3, (ii) the provisions of Section 4 below shall survive any such termination
                                         and (iii) such termination shall not relieve a party from liability for breach prior
                                         to such termination of any representation, warranty, covenant or agreement set forth
                                         herein.

 

		4.	Confidentiality

 

ATME
acknowledges that proprietary and/or confidential information of Protalix and/or Pfizer and/or relating to the Product(s), this
Agreement and/or any Contract (including, without limitation, information relating to the business, operations, research and development
activities, products, technology or other intellectual property of Protalix or Pfizer) may have been obtained by or disclosed
to ATME in the course of, for the purpose of, or otherwise in connection with, the performance (or anticipated performance) of,
the Services, whether orally, in writing, electronically or in any other form, and whether obtained or disclosed prior to or during
the Term (collectively, the “Confidential Information”).

 

ATME
agrees to keep the Confidential Information and the terms of this Agreement and the Contracts in strict confidence and ATME shall
not, without the prior written consent of Protalix, disclose such information to any third party. Upon the termination of this
Agreement for any reason or upon request by Protalix, ATME shall promptly return to Protalix (or, at Protalix’s option,
destroy) any and all Confidential Information and any and all manifestations and copies of the Confidential Information in the
possession or control of ATME. The provisions of this Section 4 shall survive any expiration or termination of this Agreement.

 

		5.	Independent
                                         Contractor

 

ATME
has been, is and shall remain at all times an independent contractor for all purposes (including, but not limited to employee
benefits, unemployment benefits, income tax withholding, health and other insurance), and is not, and shall not represent itself
as, the agent, partner, officer or employee of Protalix. The Parties acknowledge and agree that ATME has assisted Protalix only
in relation to the Contracts and has not been appointed an agent of Protalix, as defined under the Brazilian Agency Law or any
other applicable law, and, therefore, is not entitled to any benefits, payments, protections or indemnities established by any
such laws.

 

For
the removal of doubt, ATME has had, currently has, and shall have, no authority to bind or commit Protalix by or to any contract
or otherwise.

 

		6.	Costs
                                         and Expenses

 

Each
party shall bear all of its own costs and expenses incurred both directly or indirectly as a result of performing its obligations
under this Agreement.

 

    	-4-

    	 

    

 

		7.	Additional
                                         Representations, Warranties and Covenants of ATME

 

		7.1.	ATME
                                         acknowledges that it has been advised that Protalix is a party to the Pfizer Agreement
                                         which addresses, inter alia, Protalix’s rights to register, manufacture,
                                         market, distribute and sell the Product in the Territory, and that it is subject to certain
                                         restrictions thereunder. ATME hereby represents and warrants to Protalix, and covenants
                                         with Protalix, that it shall not have any claim against Protalix, of any nature, in respect
                                         of the exercise, by Pfizer, of its rights under the Pfizer Agreement, regardless of whether
                                         ATME was previously informed of such rights or not;

 

		7.2.	ATME
                                         hereby further represents and warrants to Protalix, and covenants with Protalix, that

 

		7.2.1.	it
                                         does not have any pre-existing obligations that are inconsistent with this Agreement;

 

		7.2.2.	so
                                         long as ATME remains entitled to receive Fees hereunder, it shall not render services
                                         to any other person or entity to facilitate, directly or indirectly, the promotion, marketing
                                         or sale in Brazil of any product for the treatment of Gaucher Disease or any other Product
                                         covered under any Contract.

 

		7.2.3.	in
                                         its performance of the Services and otherwise in connection with its activities, communications
                                         and other conduct relating, directly or indirectly, to any Contract or this Agreement,
                                         it has complied, and shall comply, with all, and has not taken and shall not take any
                                         action that would cause Protalix to violate any, (i) applicable laws and regulations,
                                         including the U.S. Foreign Corrupt Practices Act of 1977
                                         (the “FCPA”), including but not limited to acquiring and maintaining
                                         any consents, permits, licenses and approvals and fulfilling any reporting requirements
                                         which may be applicable to the Services or this Agreement, in the Territory, and (ii)
                                         of Pfizer’s Anti-Bribery and Anti-Corruption Principles set forth on Appendix 10.1(t)
                                         of the Pfizer Agreement, a copy of which is attached hereto as Exhibit B (for this purpose
                                         substituting throughout such document “Protalix” for “Pfizer”
                                         in each place that the word “Pfizer” appears (the “Principles”));

 

		7.2.4.	the
                                         representations, warranties and other statements contained in the Certification are true
                                         and correct, and ATME has performed and complied, and will perform and comply, with the
                                         covenants and agreements of ATME set forth therein.

 

		7.2.5.	it
                                         has not employed or utilized as a subcontractor or otherwise, does not currently employ
                                         or utilize as a subcontractor or otherwise, and will not employ or utilize as a subcontractor
                                         or otherwise, any person that has been debarred or has otherwise been disqualified or
                                         suspended from performing scientific or clinical investigations or otherwise subjected
                                         to any restrictions or sanctions by the ANVISA or any other Governmental Authority or
                                         professional body with respect to the performance of scientific or clinical investigations,
                                         or any person finally convicted of a criminal offense, with no existing rights to appeal
                                         such conviction, in relation to: (i) the development or approval (including the process
                                         for development or approval) of an abbreviated drug application; (ii) the development
                                         or approval of any drug product or otherwise relating to the regulation of any drug product;
                                         or (iii) bribery payment of illegal gratuities, fraud, perjury, racketeering, blackmail,
                                         extortion, falsification or destruction of records or interference with, obstructions
                                         of an investigation into a prosecution of any criminal offense; and

 

    	-5-

    	 

    

 

		7.2.6.	[***]

 

		7.2.7.	Protalix
                                         will allow ATME or independent accounting firm or law firm designated by Protalix, periodic,
                                         but not less than annually, access to Protalix’s relevant books and records for
                                         the purpose of confirming the accuracy of the quarterly reports provided by Protalix
                                         to ATME hereunder.

 

		7.3.	ATME
                                         shall provide Protalix with an updated executed copy of the Certification annually for
                                         five (5) years after the execution of the 2013 Contract.

 

		7.4.	[***]

 

		8.	Pfizer
                                         Indemnification Agreement; Indemnification of Protalix

 

		8.1.	ATME
                                         hereby agrees that neither ATME nor [***] and/or any of their affiliates, principals,
                                         officers, directors, employees, owners, family members, agents, contractors, or consultants,
                                         whether such persons are acting independently or as agents of [***] and/or ATME (each
                                         such person or entity, together with [***] and/or ATME, an "ATME Person")
                                         will assert any claims against Pfizer for which Protalix has indemnified Pfizer pursuant
                                         to Protalix's agreement to indemnify Pfizer against any claims asserted by any ATME Person
                                         and certain other claims relating to Protalix's relationship and interactions with ATME
                                         (the “Pfizer Indemnification”).

 

		8.2.	ATME
                                         shall indemnify, defend and hold Protalix and its affiliates, and their respective directors,
                                         officers, shareholders, representatives, agents, successors, assigns, licensors and employees
                                         harmless from and against all liability, claims, losses, damages, causes of actions,
                                         and costs and expenses (including reasonable attorney’s fees) resulting from or
                                         arising out of (a) any acts or omissions of ATME in connection with ATME’s performance
                                         of the Services, (b) the inaccuracy or breach of any representation, warranty, covenant
                                         or agreement made by ATME in this Agreement or in the Certification or the Principles,
                                         (c) any acts or omissions of ATME or of any principal, owner, affiliate, officer, director,
                                         employee, contractor, consultant or agent of ATME that are inconsistent with ATME's agreement
                                         not to assert claims against Pfizer set forth in Section 8.1 above, (d) any inquiry,
                                         investigation, litigation or proceeding by a governmental authority or third party regarding
                                         any ATME Person in connection with the commercialization of the Product in Brazil by
                                         Protalix, any Contract, or any other actions of an ATME Person on behalf of Protalix,
                                         or (e) any amounts Protalix is required to pay to Pfizer under the Pfizer Indemnification.
                                         The provisions of this Section 8 shall survive any termination of this Agreement.

 

		9.	Notices

 

Except
as otherwise provided in this Agreement, all notices permitted
or required by this Agreement shall be in writing and shall be deemed to have been duly served (i) if personally delivered, when
actually delivered; (ii) if sent by facsimile, upon transmission thereof (receipt of which has been orally confirmed by the recipient);
or (iii) 7 (seven) business days after being mailed, postage prepaid, return receipt requested, if sent by registered mail and
addressed to the address of the parties set out below or in accordance with such other address information as the party to receive
notice may provide in writing to the other party in accordance with the above notice provisions.

 

    	-6-

    	 

    

 

If to Protalix:

 

Protalix
Ltd.

2
Snunit Street Science Park

P.O.
Box 455

Carmiel
20100

Israel

Facsimile:
+ 972-4-988-8092

Attention:
Dr David Aviezer CEO

 

If
to ATME:

 

ATME
Comercio e Serviços Ltda.

Alameda
Tocantes, 75

Alphaville,
Barueri, CEP 06455-020

Sao
Paulo Brazil

Facsimile:
+55.11-4195-6621

Attention:
Abraham Meizler

 

		10.	Governing
                                         Law and Jurisdiction

 

This
Agreement shall be governed by and construed in accordance with the laws of Israel, without giving effect to its principles of
conflicts of law that direct that the laws of another jurisdiction apply and the parties hereto hereby submit to the exclusive
jurisdiction of the competent courts in Tel-Aviv- Jaffa. Notwithstanding the foregoing, Protalix may apply to any court of competent
jurisdiction in Brazil or any other applicable jurisdiction for injunctive or other equitable relief or to enforce any judgment
obtained against ATME in connection with this Agreement.

 

		11.	Entire
                                         Agreement; Amendments

 

This
Agreement constitutes the entire agreement between the parties hereto in respect of their Product-related collaboration in the
Territory, and supersedes all prior agreements or understandings between the parties relating to the subject-matter hereof. This
Agreement may only be amended by a written document signed by both of the parties to this Agreement. This Agreement shall be binding
on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

		12.	Assignment

 

ATME
is not entitled to assign or transfer this Agreement or any rights or obligations hereunder, without the prior written consent
of Protalix which may be withheld in its sole and absolute discretion. Protalix shall have the right to assign its rights and
obligations pursuant to this Agreement, in whole or in part, to Pfizer or any other party which may have an interest in the applicable
Product; provided that it provides written notice to ATME following such assignment.

 

		13.	Severability
                                         

 

The
provisions of this Agreement are severable and, in the event that any court of competent jurisdiction determines that any one
or more of the provisions or part of a provision contained in this Agreement shall, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part
of a provision of this Agreement.

 

    	-7-

    	 

    

 

		14.	Waivers

 

No
waiver of any term of this Agreement shall be effective unless set forth in writing and duly executed by or on behalf of the party
hereto waiving such term or condition. Neither the waiver of any term or condition of this Agreement, nor the failure to enforce
or exercise any rights or remedies available under this Agreement, shall be deemed or construed to be a waiver of such term or
condition for any similar instance in the future or of any subsequent breach of this Agreement. All rights, remedies, undertakings,
obligations and agreements contained in this Agreement shall be cumulative and none of them shall be a limitation of any other
remedy, right, undertaking, obligation or agreement.

 

		15.	Publicity

 

ATME
shall not make any press release or public statement (written or oral) concerning the terms of, or events related to, this Agreement
or any Contract, or concerning the Services, Protalix, Pfizer, or the Product(s), without the prior written consent of Protalix
which may be withheld in its sole and absolute discretion.

 

		16.	Counterparts

 

This
Agreement may be executed in counterparts (including counterparts transmitted by facsimile), each of which shall be deemed to
be an original, but which taken together shall be deemed to be an original and to constitute one and the same instrument.

[Intentionally
left blank]

 

    	-8-

    	 

    

  

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first aforementioned.

 

	 	 	 
	PROTALIX LTD.	 	ATME Comercio e Serviços Ltda.
	 	 	 
	By: 	/s/ David Aviezer	 	By: 	/s/ Abraham Meizler
	Name: 	David Aviezer	 	Name:	 Abraham Meizler
	Title: 	CEO	 	Title: 	President/Partner
	Date: 	June 18, 2013	 	Date: 	June 17, 2013

  

    	-9-

    	 

    

 

Exhibit A

 

Certification

 

[***]

 

    	 

    	 

    

 

Exhibit B

 

Pfizer's
Anti-Bribery and Anti-Corruption Principles

 

[***]

 

    	 

    	 

    

 

Exhibit C

 

Training
Completion Form

 

[***]Exhibit 10.2

 

Execution Copy

[***]
Represents material that has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to
a request for confidential treatment under Rule 24b-2 of the Securities and Exchange Act of 1934, as amended.

 

June 18, 2013

 

Pfizer Inc.

235 East 42nd Street

New York, NY 10017

USA

 

	Attention:	Diem Nguyen, General Manager, Biosimilars

 

	 	Re:	Amendment to the Exclusive License and Supply Agreement
    between Pfizer Inc. and Protalix Ltd., dated as of November 30, 2009.

 

Dear Ms. Nguyen:

 

We refer to
the Exclusive License and Supply Agreement between Pfizer Inc. ("Pfizer") and Protalix Ltd. ("Protalix"),
dated as of November 30, 2009 (the "Agreement"). Capitalized terms used but not defined herein have the respective
meanings ascribed thereto in the Agreement.

 

In connection
with the anticipated execution by Protalix and Fundação Oswaldo Cruz ("Fiocruz") of a Technology
Transfer and Supply Agreement (the "Technology Transfer Agreement"), substantially in the form attached hereto
as Exhibit A, providing for the transfer of certain technology and supply of certain product by Protalix to Fiocruz, Protalix
and Pfizer wish to amend the Exclusive License and Supply Agreement, pursuant to and as set forth in this letter (this "Letter
Amendment").

 

For good and
valuable consideration the receipt and sufficiency of which Pfizer and Protalix hereby acknowledge, Pfizer and Protalix hereby
agree as follows:

 

1.          Pfizer
acknowledges and agrees that following execution of this Letter Amendment, notwithstanding any provision of the Agreement to the
contrary, (i) Protalix shall have the exclusive rights to research, Develop or Commercialize the Drug Substance or Licensed Product
in Brazil and to Manufacture (including Fill/Finish) the Drug Substance or Licensed Product for sale in Brazil, and (ii) Protalix
shall have the right to enter into, and perform any of its obligations under, the Technology Transfer Agreement without obtaining
any additional consents from Pfizer with respect thereto or having Pfizer participate therein.

 

    	1

    	 

    

 

2.          In
consideration for the amendments to the Agreement set forth herein, including the right for Protalix to enter into and perform
the Technology Transfer Agreement as set forth in paragraph 1 of this Letter Amendment, Protalix shall pay Pfizer [***] twelve
million five hundred fifty thousand dollars ($12,550,000) of Protalix's Net Profits per calendar year, commencing on [***], arising
from the Commercialization of the Drug Substance and Licensed Product in Brazil, for so long as the Technology Transfer Agreement,
the Agreement and this subsequent Letter Amendment remain in effect, provided that for the period of [***], Protalix shall pay
Pfizer [***] eighteen million eight hundred twenty-five thousand dollars ($18,825,000) of Protalix’s Net Profits arising
from the Commercialization of the Drug Substance and Licensed Product in Brazil. Payments pursuant to this paragraph 2 shall be
made on a quarterly basis (i.e., January 1 through March 31, April 1 through June 30, July 1 through September 30, October 1 through
December 31) by Protalix within sixty (60) days of the close of each such quarter and will not be refundable. [***]. For the avoidance
of doubt, (i) Protalix shall not be required pursuant to this Letter Amendment to pay to Pfizer any amount above twelve million
five hundred fifty thousand dollars ($12,550,000) for any year [***], and any additional Net Profits arising from the Commercialization
of the Drug Substance and Licensed Product in Brazil in any such year shall be retained by Protalix, and (ii) if Protalix's Net
Profit arising from the Commercialization of the Drug Substance and Licensed Product in Brazil is less than twelve million five
hundred fifty thousand dollars ($12,550,000) for any year [***], then Protalix shall only be required to pay Pfizer such lesser
amount for such year (and Protalix shall not be required to pay any amounts to make up for such shortfall in such year or in any
of the following years); provided that, in the event there is a net loss in Brazil, Pfizer shall have no liability to Protalix
for such net loss (or any portion thereof). Pfizer and Protalix shall review the operating plan for Brazil on an annual basis,
beginning with the first Joint Steering Committee meeting following approval of the Licensed Product for commercialization in
Brazil. Protalix shall have the sole authority and exclusive right to determine all operating plans and strategies for the Drug
Substance and Licensed Product in Brazil; provided that Protalix shall reasonably consider any comments on such plans and strategies
that Pfizer may communicate through the Steering Committee or otherwise.

 

3.          Notwithstanding
anything in Section 14 of the Agreement to the contrary, Pfizer shall have the right to terminate the grant of rights to Protalix
for Brazil contained herein and in the relevant Sections of the Agreement (as amended hereby) if Protalix or its designee Fiocruz
fails to achieve approval of the Licensed Product in Brazil within [***] of the date of this Letter Amendment; provided
that, if at the end of such [***] period, Protalix or its designee Fiocruz is continuing to take good faith commercially reasonable
efforts to achieve such approval and such approval is reasonably likely to be obtained within [***] of the date of this Letter
Agreement, Pfizer shall not be entitled to terminate the rights granted hereunder. Pfizer also shall have the right to terminate
the grant of rights to Protalix for Brazil contained herein and in the relevant Sections of the Agreement (as amended hereby)
if the Technology Transfer Agreement between Protalix and Fiocruz terminates before completion of the contemplated technology
transfer. In order to terminate pursuant to this paragraph 3, Pfizer must give written notice within ten (10) days after Pfizer’s
termination right pursuant to this paragraph first arises.

 

4.          For
the avoidance of doubt, as used in this Letter Amendment, the term "Commercialize" includes the activities referred
to in Section 1.12 of the Agreement with respect to both Drug Substance and Licensed Product.

 

    	2

    	 

    

 

5.          Section
1.10 of the Agreement is hereby deleted in its entirety and replaced with the following: ""Capacity Cap" means
the Current Capacity Cap or, after the Increased Capacity Goal is achieved, the Increased Capacity Cap."

 

6.          Section
1.131 of the Agreement is hereby amended to add "and Brazil" immediately following the reference therein to "Israel".

 

7.          Section
1.74 of the Agreement is hereby amended to [***].

 

8.          Section
4.3(c)(v) of the Agreement is hereby amended to delete the reference therein to: ", including plans and strategies for[***].

 

9.          Section
5.2(c) of the Agreement is hereby amended by deleting it in its entirety and inserting the following sentences: "With respect
to the Drug Substance Manufacturing capacity of the current Protalix manufacturing facility (the "First Floor Facility"),
Pfizer and Protalix shall dedicate capacity to those patients then-currently receiving Licensed Product. Allocation of Drug Substance
shall be performed monthly and agreed to by the Supply Chain Committee, wherein such allocation assumes sufficient production
of Drug Substance in an amount equal to [***] equivalents per month. Allocation within and outside the Territory shall occur at
the final step of shared production between Pfizer and Protalix, which will depend on where the supply chain segregates in the
month of allocation; that is, allocation may describe any of Drug Substance or Licensed Product, depending on a given month (such
allocation priority, including as set forth herein, the "Allocation Priority"). Priority shall be given to [***].
Overages or excess inventory in a given month will be allocated to technical programs, inventory builds, and commercial sales
as recommended and agreed upon by the Supply Chain Committee. Subject to and in accordance with the terms of this Section 5 and
the Quality Agreement, Protalix shall supply all quantities of Drug Substance ordered by Pfizer under this Agreement for clinical
and commercial use in the Field in the Territory."

 

10.         The
Agreement is hereby amended to replace the term "Allocation Percentage" with the term "Allocation Priority",
for each instance such term is referenced in the Agreement.

 

11.         Section
5.5(e) of the Agreement is hereby amended to add the following sentence at the end of such section: "Notwithstanding anything
to the contrary in this Agreement [***]."

 

12.         Section
5.6 of the Agreement is hereby amended to add the following new Section 5.6(f): "Protalix shall provide to Pfizer monthly
forecasts of the quantities of Drug Substance and Licensed Products Protalix anticipates requiring for supply outside of the Territory
on a rolling four-calendar quarter basis, each of which shall update the prior projections (the "Protalix Projections").
On the Effective Date, or such later date that allows for delivery outside of the Territory, Protalix shall issue to Pfizer an
initial forecast (the "Initial Protalix Forecast") for the four (4) calendar quarters commencing with the first
quarter post approval of the Licensed Product for commercialization in Brazil, together with a firm purchase order for the first
quarter for Licensed Product for delivery outside the Territory. The quantities of Licensed Product deliveries specified for the
following quarter of the Initial Protalix Forecast shall be binding and the remaining two (2) quarters for the Initial Protalix
Forecast shall be non-binding. Thereafter, ninety (90) days prior to the first business day of each subsequent calendar quarter,
Protalix shall deliver to Pfizer a rolling four (4) calendar quarter forecast updating the prior forecast. The quantities of the
Licensed Product deliveries for the following one (1) quarter shall be binding and the remaining two (2) quarters of such forecast
shall be non-binding. Purchase orders for material outside the Territory will be issued in accordance with the Manufacturing Service
and Supply Agreement between Pfizer Inc. [***] and Protalix."

 

    	3

    	 

    

 

13.         Section
5.6 of the Agreement is hereby amended to add the following new Section 5.6(g): "The parties hereby agree to create and follow
a monthly inventory accountability process, commencing in the month the Technical Transfer Agreement is executed, to provide both
Protalix and Pfizer full transparency of global inventory positions of both Parties, movement of inventory between locations,
consumption of inventory for technical trials, stability sampling, clinical programs and Commercialization both outside and inside
the Territory, each as conducted by such Party."

 

14.         Section
5.8 of the Agreement is hereby amended to add the following new Section 5.8(d): "Delivery Terms of Final Product or Packaged
Product for Brazil. Notwithstanding anything in this Agreement to the contrary, any Licensed Product purchased by Protalix
from Pfizer for purposes of Commercialization in Brazil, whether in fully-packaged form or in naked vials, shall be supplied to
Protalix [***]. Such Licensed Product shall be shipped [***]. Protalix shall be responsible for [***] and for compliance with
all applicable Laws and Regulatory Approvals for the Licensed Product in Brazil."

 

15.         For
the avoidance of doubt, until full completion of the Technology Transfer, as defined in the Technology Transfer Agreement, the
Quality Agreement (including the change control procedures outlined in the Quality Agreement) shall apply to all proposed changes
to the Drug Substance, Licensed Product manufacturing process and testing with respect to all territories including Brazil, with
the intention of ensuring one common Drug Substance and Licensed Product process across territories and fungible inventory, as
practical. Upon completion of the Technology Transfer, with respect to Brazil, Protalix shall reasonably consult with Pfizer regarding
any proposed changes to the Drug Substance process with respect to Brazil, with the intention of ensuring one common Drug Substance
process across territories and fungible inventory, such consultation as practical, but no less frequently than once per calendar
year. Protalix shall use Commercially Reasonable Efforts to accommodate the suggestions of the Supply Chain Committee relating
to any such proposed change, but shall retain sole discretion regarding whether any such proposed change shall be implemented
with respect to Brazil, including implementation of any change that would create segregated specifications and inventories for
Brazil.

 

16.         Section
5.13 of the Agreement is hereby deleted in its entirety.

 

17.         For
purposes of this Letter Amendment and solely for purposes of establishing the accounting and procedure for payment in connection
with the approval and commercialization of the Licensed Product in Brazil, (i) Section 7 of the Agreement is hereby amended to
replace all references to "Pfizer" with "Protalix," all references to "Protalix" with "Pfizer",
and all references to "the Territory" with "Brazil"; (ii) Section 7.1(a)(iii) will not apply; (iii) Section
7.1(b) is amended to delete the phrase (as revised) "Pfizer shall pay Pfizer’s share of the Net Loss, if any, to Protalix";
and (iv) Sections 7.1(c) (i)-(iii), 7.1(d) and 7.6(a)-(c) will not apply. For all other purposes, Section 7 shall remain unchanged,
except as set forth below.

 

    	4

    	 

    

  

18.         For
purposes of this Letter Amendment and solely for purposes of establishing the accounting and procedure for payment in connection
with the approval and commercialization of the Licensed Product in Brazil, Section 7.1(c)(iv) is further amended to replace all
references to “each party’s share of Net Profit” to “Pfizer’s share of Net Profit”. All references
to “Net Loss” shall not apply.

 

19.         For
all purposes other than establishing the accounting and procedure for payment in connection with the approval and commercialization
of the Licensed Product in Brazil, Section 7.1(c)(i) of the Agreement is hereby amended to change the amount [***] to [***].

 

20.         Section
7.5 of the Agreement is hereby amended to add the following immediately after the reference to "calculation of Actual Price
to be verified.": "Protalix shall, and shall cause its Affiliates and sublicensees to keep accurate books and records
setting forth all payments and other transfers made by Protalix or any of its Affiliates or sublicensees in connection with the
Technology Transfer Agreement."

 

21.         For
purposes of this Letter Amendment and the approval and commercialization of the Licensed Product in Brazil:

 

		(a)	Section 7.6 is hereby amended
by adding the following, new Section 7.6(d): "VAT. It is understood and agreed between the Parties that any payments
made by Protalix to Pfizer under this Agreement are exclusive of any value added or similar tax (VAT), which shall be added thereon
as applicable.

 

		(b)	Section 7.6 is hereby amended
by adding the following, new Section 7.6(e): "Tax Cooperation with respect to Brazil. To the extent Protalix is required
to deduct and withhold taxes on any payments to Pfizer, Protalix shall pay the amounts of such taxes to the proper Governmental
Authority in a timely manner and promptly transmit to Pfizer an official tax certificate or other evidence of such withholding
sufficient to enable Pfizer to claim credits for such payments of taxes. Pfizer shall provide to Protalix any tax forms that may
be reasonably necessary in order for Protalix not to withhold tax or to withhold tax at a reduced rate under an applicable bilateral
income tax treaty. Pfizer shall use reasonable efforts to provide any such tax forms to Protalix at least thirty (30) days prior
to the due date for any payments for which Pfizer desires that Protalix apply a reduced withholding rate. Each Party shall provide
the other with reasonable assistance to enable the recovery, as permitted by law, of withholding taxes, or similar obligations
resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing such withholding tax.
Each party further agrees to provide reasonable cooperation to the other party, at the other party’s expense, in connection
with any official or unofficial tax audit or contest relating to payments made by Protalix to Pfizer under this Agreement."

 

    	5

    	 

    

 

		(c)	Section 7.6 is hereby amended
by adding the following, new Section 7.6(f): "Withholding Taxes with respect to Licensed Product Commercialized in Brazil.
If Protalix is required to make a payment to Pfizer subject to a deduction of tax or withholding tax, (i) if such withholding
or deduction obligation arises as a result of any failure on the part of Protalix to comply with applicable tax laws or filing
or record retention requirements, that has the effect of modifying the tax treatment of the parties hereto (a "Protalix
Withholding Tax Action"), then the sum payable by Protalix (in respect of which such deduction or withholding is required
to be made) shall be increased to the extent necessary to ensure that Pfizer receives a sum equal to the sum which it would have
received had no such Protalix Withholding Tax Action occurred, (ii) otherwise, the sum payable by Protalix (in respect of which
such deduction or withholding is required to be made) shall be made to Pfizer after deduction of the amount required to be so
deducted or withheld, which deducted or withheld amount shall be remitted to the applicable Governmental Authority in accordance
with applicable Law."

 

		(d)	Notwithstanding anything to
the contrary herein, (i) if Pfizer’s invoicing to Protalix for the compensation due under this Letter Amendment (or Protalix’s
payment to Pfizer of any such amounts) or any other amounts required to be paid by Protalix to Pfizer in connection with the Letter
Amendment or  Technology Transfer Agreement (including the purchase of Licensed Product) would trigger the application of
any value added or similar tax (VAT), Pfizer and Protalix shall negotiate in good faith to reach an agreement with respect thereto
(including with respect to any reasonable and legally permissible arrangements to minimize or mitigate such taxes), with the intent
of preserving the economics of the current arrangement between Protalix and Pfizer to the extent reasonably possible, and (ii)
Pfizer shall not change the route of shipments of Licensed Products nor change the seller of the Licensed Products to a non-U.S.
entity in any manner that would trigger the application of any such taxes for which Protalix is responsible hereunder absent agreement
by the parties.

 

22.         Section
9.4(b) of the Agreement is hereby amended to add the following immediately after the reference to "Except as set forth in
Sections 9.3, 9.4(a) or 9.4(c)" therein:", or with respect to any activities or contemplated
activities of Protalix relating to the Brazilian market".

 

23.         Section
10.1(r) of the Agreement is hereby amended to (1) add the following immediately after the reference “Protalix”: [***]

 

24.         Section
10.1 of the Agreement is hereby amended by adding a new subsection (v): [***]

 

25.         Section
10.1 of the Agreement is hereby amended by adding a new subsection (w): [***]

 

26.         Section
10.1 of the Agreement is hereby amended by adding a new subsection (x): [***]

 

    	6

    	 

    

  

27.         Section
10.1 of the Agreement is hereby amended by adding a new subsection (y): [***]

 

28.         Section
10.1 of the Agreement is hereby amended by adding a new subsection (z): [***]

 

29.         Appendix
10.1(t) is hereby deleted in its entirety and replaced with the attached new Appendix 10.1(t) hereto.

 

30.         Exhibit
I is hereby deleted in its entirety and replaced with attached new Exhibit I hereto.

 

31.         Notwithstanding
any other termination right Pfizer has in the Agreement, Pfizer may terminate this Letter Amendment (including the grant of rights
to Protalix for Brazil contained herein and in relevant Sections of the Agreement (as amended hereby)) if Protalix breaches 10.1(v),
(w), (y) or (z) of the Agreement (as amended hereby). In order to terminate pursuant to this paragraph with respect to any such
breach, Pfizer must give written notice of termination to Protalix specifying such breach within fifteen (15) Business Days after
Pfizer’s termination right pursuant to this paragraph first arises with respect to such breach. Such termination shall be
effective [***] after such written notice of termination is given, provided that such termination shall not be effective if (i)
such breach has been cured within such [***] period, (ii) other than with respect to breach of Section 10.1 (z), within [***]
of receiving such notice, [***].

 

32.         Section
14.2(a) is hereby amended to add the following: “For the avoidance of doubt, and notwithstanding the foregoing, a breach
of sections 10.1(r), (t), or (u) shall be considered a material breach for purposes of this section 14.2(a).”

 

33.         Section
14.2(b) of the Agreement is hereby amended to add the following immediately after the reference to “applicable Laws are
being or have been made”: “or promised” and to add the following immediately after the reference to "to
Government Officials by Protalix”: “or any agent or subcontractor engaged in activities on behalf of Protalix”
and to add the following immediately after the reference to "Protalix's provision of services to any Third Party": "or
in connection with the Technology Transfer Agreement."

 

34.         For
purposes of this Letter Amendment and solely for the calculation of Net Profits and Net Loss in connection with the approval and
commercialization of the Licensed Product in Brazil, Exhibit E of the Agreement shall be amended to: [***]

 

    	7

    	 

    

 

35.         Protalix
or its designee Fiocruz shall have the right to file a marketing authorization application in Brazil and seek Regulatory Approval
for such application for the Licensed Product. In support of, and solely for use in connection with, the prosecution of such marketing
authorization application and obtaining Regulatory Approvals for the Licensed Product in Brazil, Pfizer hereby grants to Protalix
and its designee Fiocruz an exclusive right of access/reference in Brazil to any data, including clinical dossiers controlled
by Pfizer or any of its Affiliates that relate to the Drug Substance or Licensed Product in Brazil, and Pfizer shall provide a
signed statement to this effect, if requested by Protalix or its designee Fiocruz to the extent required in Brazil or otherwise
provide appropriate notification of such right of Protalix or its designee Fiocruz to the applicable Regulatory Authority in Brazil.
Pfizer shall (and shall cause its relevant Affiliates to) provide such assistance (including, without limitation, executing any
documents or taking any actions reasonably requested by Protalix or its designee Fiocruz) as Protalix or its designee Fiocruz
reasonably requires to obtain Regulatory Approvals (including, without limitation, filing marketing authorization applications)
in its own name for the Licensed Product in Brazil (including cancellation of the corresponding marketing authorization held by
Pfizer or Pfizer’s Affiliate in Brazil if required by applicable Law or by an applicable Regulatory Authority in order for
Protalix or its designee Fiocruz to obtain such Regulatory Approval). Protalix and its designee Fiocruz shall have the sole right
to apply for and secure exclusivity rights that may be available under the Law of Brazil, including any Regulatory Exclusivity.
Pfizer shall use Commercially Reasonable Efforts to cooperate with Protalix and its designee Fiocruz and to take such reasonable
actions to assist Protalix and its designee Fiocruz, in obtaining such exclusivity rights in Brazil, as Protalix or its designee
Fiocruz may reasonably request from time to time.

 

36.         Until
any marketing authorization application for Licensed Product submitted by Protalix or its designee Fiocruz is approved by the
National Sanitary Surveillance Agency of the Brazilian Government (or any successor or replacement agency that has the authority
to grant the necessary Regulatory Approvals) ("Anvisa") and any other required Regulatory Approval is obtained
by Protalix or its designee Fiocruz, and with respect to any Pfizer or Pfizer Affiliate Regulatory Approvals and regulatory filings
(including, without limitation, marketing authorizations) in Brazil and related data: (i) Pfizer shall provide Protalix notice
of all meetings, conferences, and discussions (including meeting of experts convened by any Regulatory Authority in Brazil concerning
any topic relevant to the Licensed Product) scheduled with any Regulatory Authority in Brazil concerning any regulatory matters
relating to the Licensed Product promptly after the scheduling of such meeting, conference, or discussion (to the extent Pfizer
is made aware of them in advance). Protalix or its designee Fiocruz shall be entitled to have one or more representatives present
at all such meetings unless prohibited by Applicable Law or unless reasonably impracticable under the circumstances. Protalix
or its designee Fiocruz and Pfizer shall use all reasonable efforts to agree in advance on the scheduling of such meetings, conferences
and discussions and on the objectives to be accomplished at such meetings, conferences and discussions and the agenda for the
meetings, conferences and discussions with such Regulatory Authority; provided that Pfizer shall have final decision-making
authority over such matters, (ii) Pfizer shall provide Protalix or its designee Fiocruz with copies, which copies may be in draft
form, of all material submissions to any Regulatory Authority in Brazil relating to the Licensed Product, to be provided sufficiently
in advance of such planned submission to such Regulatory Authority in order to allow Protalix or its designee Fiocruz to provide
comments regarding such submission, which comments shall be considered by Pfizer in good faith with respect to such submission;
provided that Pfizer shall have final decision-making authority over such matters; (iii) Pfizer and Protalix (or Protalix's
designee Fiocruz) shall provide to the other, as soon as reasonably practicable but in no event more than three (3) Business Days
after its receipt, copies of any material documents or other material correspondence received from any Regulatory Authority in
Brazil; and (iv) Pfizer shall reasonably cooperate with Protalix or its designee Fiocruz regarding (a) filings and communications
with any Regulatory Authority, (b) patient advocacy and support, and (c) pharmacovigilance activities, in each case, in Brazil
with respect to the Drug Substance or the Licensed Product; provided that Pfizer shall have final decision-making authority
over such matters. For purposes of clarification, Pfizer is not obligated to pursue additional indications and/or submissions
in Brazil other than required modifications due to those related to safety under the current, Pfizer marketing authorization.

 

    	8

    	 

    

  

37.         Once
Protalix or its designee Fiocruz has successfully received Regulatory Approval for the Licensed Product, Protalix shall have the
sole authority and exclusive right to determine all regulatory plans and strategies for the Licensed Product in Brazil; provided
that Protalix or its designee Fiocruz shall reasonably consider any comments on such plans and strategies that Pfizer may
communicate through the Steering Committee or otherwise. Protalix (or one or more of its designated Affiliates) or its designee
Fiocruz will own its marketing authorization application and be responsible for preparing, seeking, submitting and maintaining
all related regulatory commitments including filings and Regulatory Approvals for the Licensed Product in Brazil, including preparing
all reports necessary as part of a regulatory filing or Regulatory Approval. Until Protalix or its designee Fiocruz have successfully
received Regulatory Approval for the Licensed Product in Brazil (and the corresponding marketing authorization held by Pfizer
or its Affiliate in Brazil has been cancelled), Protalix and its designee Fiocruz shall have express and irrevocable authorization
and approval for Protalix and its designee Fiocruz to import the Licensed Product and Drug Substance into Brazil under Pfizer's
or its Affiliates’ Regulatory Approvals with Regulatory Authorities in Brazil, as allowed under applicable law, which express
authorization and approval is set forth in writing on Exhibit E to this Letter Amendment (and which will be attached as an appendix
to the Technology Transfer Agreement). Pfizer or Pfizer’s relevant Affiliate shall issue one or more of such authorizations
as reasonably required by Protalix or its designee Fiocruz.

 

38.         Pfizer
and Protalix shall negotiate in good faith to execute a Transitional Services Agreement ("TSA") for the Licensed
Product within [***] of the effective date of this Letter Amendment, under which Pfizer will provide reasonable transitional services
as needed, including those services set forth on Exhibit F. Within [***] of the execution of the Technology Transfer Agreement,
and annually thereafter, Protalix and Pfizer shall mutually agree upon a written list of any services in addition to those set
forth on Exhibit F to be performed under the TSA, which services are required to be performed under applicable Law. Protalix is
liable to Pfizer for all actual Pfizer costs associated with providing such transitional services, as defined in the TSA and agreed
upon by the Parties as set forth herein, from the date of the execution of this Letter Amendment, which costs shall not, in any
event, exceed the costs set forth on Exhibit F, unless otherwise expressly agreed in advance by Protalix and Pfizer in writing.
Notwithstanding the foregoing, Protalix shall be responsible for expenses relating to the engagement by Protalix of fully-dedicated
medical personnel in Brazil to support the Licensed Product, as needed. Pfizer’s obligation to provide Immediate Transitional
Services (as identified in Exhibit F and to be defined in the TSA) shall terminate upon the earlier of (a) [***] following Protalix’s
or its designee Fiocruz’s receipt of Regulatory Approval of the Licensed Product in Brazil or (b) with respect to a specific
Immediate Transitional Service(s) or all Immediate Transitional Services, [***] upon written notice from Protalix. Pfizer agrees
to provide Continued Transitional Services (as identified in Exhibit F and to be defined in the TSA) for at least [***] following
the execution of the TSA, until mutually agreed upon by the parties; provided that Pfizer’s obligation to provide
Continued Transitional Services shall [***] following the execution of the TSA. Protalix may terminate specific or all Continued
Transitional Services at any time [***] after the execution of the TSA, by providing [***] written notice to Pfizer. The TSA shall
be appended hereto upon execution of such TSA as Exhibit G. Pfizer and Protalix shall negotiate in good faith to execute a revised
pharmacovigilance agreement upon approval of Protalix or its designee Fiocruz’s marketing authorization of the Licensed
Product in Brazil. Such written plan shall ensure that adverse event and other safety information is exchanged according to a
schedule that will permit each Party to comply with applicable Laws, including any local regulatory requirements.

 

    	9

    	 

    

 

39.         Pfizer
acknowledges and agrees that, while this Letter Amendment is in effect, Protalix is permitted to sublicense to Fiocruz the Product
Marks pursuant to the Technology Transfer Agreement for use as they exist on the labeling and packaging of finished packaged product
at the time such finished packaged product is supplied to Fiocruz, and subject to the quality control provisions set forth in
the Technology Transfer Agreement, which shall be at least as protective as those set forth in Section 4.9(d) of the Agreement.

 

40.         Pfizer
acknowledges and agrees that, while this Letter Amendment is in effect, Protalix is permitted to sublicense to Fiocruz any drug
product manufacturing-related enhancements to or new presentations of Licensed Product developed or otherwise owned by Pfizer
or its Affiliates ("Pfizer Improvements"), pursuant to the Technology Transfer Agreement, subject to the provisions
set forth herein; provided that the Pfizer Improvements are used solely for the Licensed Product by Protalix and Fiocruz.
In the event Protalix chooses to sublicense such Pfizer Improvements to Fiocruz, Pfizer shall provide reasonable technical support
("Technical Support") to transfer technical manufacturing information (all data in Pfizer’s possession
or control relating to process conditions, in-process controls, analytical methodology and formulation) relating solely to the
Pfizer Improvement in connection with such sublicense to Protalix.  Such Technical Support shall consist only of the transfer
of the technical manufacturing information, as well as access to and availability of Pfizer personnel knowledgeable with respect
to the Pfizer Improvement, including consultation by phone.  Technical Support for each Pfizer Improvement will be limited
to 40 person hours.  Pfizer is not obligated to provide equipment, material, or additional people as part of Technical Support
related to any Pfizer Improvement. Should additional Technical Support be required beyond the 40 person hours to complete the
transfer of the technical manufacturing information ("Additional Technical Support"), Protalix shall provide
to Pfizer a written request prior to initiation of such Additional Technical Support. Pfizer and Protalix must mutually agree
on the Additional Technical Support.  Protalix is liable to Pfizer for all actual Pfizer costs associated with Technical
Support and Additional Technical Support to Protalix, including out-of pocket expenses (including, without limitation, reasonable
travel, lodging and meal expenses) and costs of Pfizer's personnel, the latter to be charged to Protalix on a per-hour basis,
at an hourly rate of [***].

 

41.         Section
15.1 of the Agreement is hereby amended by (i) deleting the period at the end of subsection (a)(iii) thereof and replacing it
with a semi-colon and (ii) adding the following new subsection (a)(iv): "(A) any claim made by an ATME Person against Pfizer
for any consideration allegedly owed to an ATME Person in connection with Commercialization of the Licensed Product in Brazil,
or the Technology Transfer Agreement, or (B) any inquiry, investigation, litigation or proceeding by a governmental authority
or Third Party regarding any ATME Person in connection with the Commercialization of the Licensed Product in Brazil by Protalix,
the Technology Transfer Agreement, or any other actions of an ATME Person on behalf of Protalix."

 

    	10

    	 

    

  

42.         Pfizer
and Protalix shall reasonably cooperate in good faith to execute any additional amendments or agreements, and take any other actions
reasonably necessary to properly effectuate the terms and conditions of this Letter Amendment and to make the Agreement (and any
related agreements) consistent with this Letter Amendment.

 

43.         This
Letter Amendment is not effective until the Technology Transfer Agreement in substantially the same form as of the date hereof
has been signed by Protalix and Fiocruz and is in effect.

 

44.         The
terms and existence of this Letter Amendment (including the Exhibits hereto) and any negotiations between Pfizer and Protalix
relating hereto shall be deemed the Confidential Information of both Pfizer and Protalix and shall be subject to the provisions
of the Agreement relating to Confidential Information. Notwithstanding the foregoing, Pfizer acknowledges and agrees that Protalix
BioTherapeutics, Inc. shall have the right to describe (and, as reasonably necessary, include) this Letter Amendment in its U.S.
Securities and Exchange Commission ("SEC") filings; provided, that Pfizer and Protalix agree to reasonably
cooperate with each other to prepare a redacted version of this Letter Amendment to be so filed with the SEC.

 

45.         This
Letter Amendment shall be governed by and construed in accordance with the substantive laws of the State of New York, without
regard to conflicts of law rules.

 

46.         The
terms of the Agreement shall remain in full force and effect, other than as set forth in this Letter Amendment or pursuant to
the terms of the Agreement.

 

47.         The
provision of an unsigned draft of this Letter Amendment shall not be deemed an offer by, or create any obligation on behalf of,
the party providing such draft. This Letter Amendment shall become effective only upon the execution of this Letter Amendment
by both Pfizer and Protalix. This Letter Amendment may be executed in any counterparts, each of which, when executed, shall be
deemed to be an original and which together shall constitute one and the same document.

 

    	11

    	 

    

 

Please indicate your agreement with the foregoing
by countersigning a copy of this letter.

 

	 	Very truly yours,
	 	 
	 	PROTALIX LTD.
	 	 	 
	 	By:	/s/ David Aviezer
	 	Name:	David Aviezer, Ph.D.
	 	Title:	President and
	 	 	Chief Executive Officer

 

Accepted and agreed this 18th day of June, 2013

 

PFIZER INC.

 

	By:	/s/ Diem Nguyen	 
	 	Name: Diem Nguyen	 
	 	Title: General Manager, Biosimilars	 

 

    	12

    	 

    

 

Exhibit A

 

[***]

 

    	 

    	 

    

 

Exhibit
B

 

[***]

 

    	 

    	 

    

 

Exhibit
C

 

 

[***]

 

    	 

    	 

    

 

Exhibit
E

English-Language Version:

 

To

Agência
Nacional de Vigilância Sanitária (ANVISA/MS)

 

DECLARATION
OF IMPORT AUTHORIZATION

BY
LEGAL ENTITY WHICH DOES NOT HOLD REGULARIZATION BEFORE ANVISA

(Legal
Basis: RDC No 81/08 – CHAPTER VII – ITEM 7B)

 

REFERENCE: Import License/IL
no _____/_________________-________

 

The company Laboratórios
PFIZER Ltda., a limited liability company organized and existing under Brazilian law, with its principal place of business at
Avenida Presidente Tancredo De Almeida Neves, 1555, in the City of Guarulhos, State of São Paulo, enrolled in the CNPJ
under No. 46.070.868/0001-69, duly regularized before ANVISA – Agência Nacional de Vigilância Sanitária
under No 1.00216-6, represented by its Legal Representative and Legal Responsible and by its Technical Responsible José
Claudio Bumerad, CPF no 057.594.678-40, CRF-SP no 43.746, undersigned, grants authorization to import, directly from
its supplier Protalix Ltd., the product indicated below, and which holds the regularization document before Ministério
da Saúde/Agência Nacional de Vigilância Sanitária.

 

	Authorized
    Importer:	Fiocruz
                                         – Instituto de Tecnologia em Imunobiológicos, Bio-Manguinhos

        CNPJ no 33.781.055/0015-30

 

	Description
    of the health product:	Registration
    no at ANVISA	Term
	Product:
                                         Uplyso* (alfataliglicerase)

        Therapeutic class: Enzyme
        for replacement

         

        (*) Mark applied.

         
	1.0216.0229.001-3	24
    months

 

In compliance
with the determination of RDC no 81/08, we authorize exclusively the importer mentioned above to use the abovementioned register,
and, therefore, its transfer is prohibited.

 

We expressly
assume the commitment to and compliance with the standards and procedures of health legislation, as well as recognize the penalties
to which we may be subject, pursuant to Law No. 6437, August 1977.

 

Legal Representative:
___________________

 

Legal Responsible:___________________

 

Technical Responsible:
José Claudio Bumerad – CPF no 057.594.678-40/ CRF-SP no 43.746

 

Valid for two
years from issuance

 

Rio de Janeiro,
__________________________.

 

	 	 	 
	Legal Representative 	 	Legal Responsible

 

_____________________________

Technical Responsible

 

    	 

    	 

    

 

Portuguese-Language Version:

 

À

Agência
de Vigilância Sanitária (ANVISA/MS)

 

DECLARAÇÃO
DE AUTORIZAÇÃO DE IMPORTAÇÃO

POR
PESSOA JURÍDICA NÃO DETENTORA DA REGULARIZAÇÃO JUNTO À ANVISA

(Base
legal: RDC No 81/08 – CAPÍTULO VII – ITEM 7B)

 

REFERENTE: Licença de
Importação/LI no _____/_________________-________

 

A empresa Laboratórios PFIZER
Ltda., com uma sociedade limitada constituída e existente de acordo com as leis do Brasil, com sua sede social na Av. Presidente
Tancredo de Almeida Neves, 1555 na Cidade de Guarulhos, Estado de São Paulo, inscrita no CNPJ sob no. 46.070.868/0001-69,
devidamente regularizada na ANVISA – Agência Nacional de Vigilância Sanitária sob o No 1.00216-6,
representada pelo seu Representante Legal ______________________________, Responsável Legal ______________________________,
e por seu Responsável Técnico José Claudio Bumerad, CPF no 057.594.678-40, CRF-SP no 43.746, abaixo
assinados, concede Autorização para Importação, diretamente de sua fornecedora Protalix Ltd, do Produto
abaixo indicado, do qual somos detentores do(s) documento(s) de regularização perante o Ministério da Saúde/Agência
Nacional de Vigilância Sanitária.

 

	Importador
    Autorizado:	Fiocruz
                                         – Instituto de Tecnologia em Imunobiológicos, Bio-Manguinhos

        CNPJ no 33.781.055/0015-30

 

	Descrição
    do produto para saúde:	No
    de Registro ANVISA	Validade
	Produto:
                                         Uplyso* (alfataliglicerase)

        Classe terapêutica:
        Enzima para reposição

         

        (*) Marca depositada.

         
	1.0216.0229.001-3	24
    meses

 

Cumprindo a
determinação da RDC no 81/08, autorizamos única e exclusivamente o importador acima citado a utilizar
e registro supracitado, sendo, portanto, verdade o repasse do mesmo.

 

Assumimos expressamente
o compromisso de observância e cumprimento das normas e procedimentos pela legislação sanitária, bem
como de ciência das penalidades as quais ficaremos sujeitos, nos termos da lei no 6.437, de agosto de 1977.

 

Representante
Legal: ___________________

 

Responsável
Legal: ___________________

 

Responsável
Técnico: José Claudio Bumerad – CPF no 057.594.678-40/ CRF-SP no 43.746

 

Válido
por 2 anos da emissão

 

Rio de Janeiro,
______ de _______________ de _________

 

_____________________________
                                 ___________________________

Representante
Legal do Responsável Legal                     Representante Legal

___________________________

Responsável
Técnico

 

    	 

    	 

    

 

Exhibit F

 

SERVICES
TO BE INCLUDED IN TRANSITIONAL SERVICES AGREEMENT

 

[***]

    	 

    	 

    

 

Exhibit G

 

TRANSITIONAL
SERVICES AGREEMENT

 

 [***]

    	 

    	 

    

 

Exhibit
I

 

Pursuant to Section 10(u) of the
Exclusive License and Supply Agreement between Pfizer Inc. (“Pfizer”) and Protalix Ltd. (“Protalix”)
, dated as of November 30, 2009 and the amendment thereto dated [x],

 

I hereby certify:

[***]

 

PROTALIX LTD.

 

	NAME:  	 	 
	 	 	 
	TITLE:  	 	 
	 	 	 
	DATE:  	 	 

 

    	 

    	 

    

  

Appendix
10.1(t) 

 

	International
    Anti-Bribery and Anti-Corruption Principles

  

Pfizer has
a longstanding corporate policy that prohibits colleagues or anyone acting on our behalf from providing any payment or benefit
to any person or entity in order to improperly influence a government official or to gain an unfair business advantage. Pfizer
is committed to performing with integrity, and acting ethically and legally in accordance with all applicable laws and regulations,
including, but not limited to, anti-bribery and anti-corruption laws. We expect the same commitment from the consultants, agents,
representatives or other companies and individuals acting on our behalf (“Business Associates”), as well as those
acting on behalf of Business Associates, in connection with work for Pfizer.

 

Bribery of Government Officials

 

Most countries have laws that forbid
making, offering or promising any payment or anything of value (directly or indirectly) to a government official when the payment
is intended to influence an official act or decision to award or retain business. Under Pfizer’s policies, “government
official” is broadly interpreted and includes: (i) any elected or appointed government official (e.g., a member of
a ministry of health); (ii) any employee or person acting for or on behalf of a government official, agency, or enterprise performing
a governmental function; (iii) any political party, candidate for public office, officer, employee, or person acting for or on
behalf of a political party or candidate for public office; or (iv) an employee or person acting for or on behalf of a public
international organization (e.g., the United Nations). “Government” is meant to include all levels and subdivisions
of governments (i.e., local, regional, or national and administrative, legislative, or executive). Because this definition
of “government official” is so broad, it is likely that Business Associates will interact with a government official
in the ordinary course of their business on behalf of Pfizer. For example, doctors employed by government-owned hospitals would
be considered “government officials” under Pfizer’s policies.

 

The U.S. Foreign Corrupt Practices
Act of 1977 (the “FCPA”) prohibits making, promising, or authorizing the making of a payment or providing anything
of value to a non-U.S. government official to improperly or corruptly induce that official to make any governmental act or decision
to assist a company in obtaining or retaining business, or to otherwise obtain an improper advantage. The FCPA also prohibits
a company or person from using another company or individual to engage in any of the foregoing activities. As a U.S. company,
Pfizer must comply with the FCPA and could be held liable as a result of acts committed anywhere in the world by a Business Associate.

 

    	 

    	 

    

  

Appendix
10.1(t)

 

Anti-Bribery and Anti-Corruption Principles Governing Interactions with Governments and Government Officials

 

Business Associates must communicate
and abide by the following principles with regard to their interactions with governments and government officials:

 

		·	Business
                                         Associates, and those acting on their behalf in connection with work for Pfizer, may
                                         not directly or indirectly make, promise, or authorize the making of a corrupt payment
                                         or provide anything of value to any government official to induce that government official
                                         to make any governmental act or decision to help Pfizer obtain or retain business. Business
                                         Associates, and those acting on their behalf in connection with work for Pfizer, may
                                         never make a payment to or offer a government official any item or benefit, regardless
                                         of value, as an improper inducement for such government official to approve, reimburse,
                                         prescribe, or purchase a Pfizer product, to influence the outcome of a clinical trial,
                                         or otherwise improperly to benefit Pfizer’s business activities.

 

		·	Business
                                         Associates, and those acting on their behalf in connection with work for Pfizer, need
                                         to understand whether local laws, regulations, or operating procedures (including requirements
                                         imposed by government entities such as government-owned hospitals or research institutions)
                                         impose any limits, restrictions, or disclosure requirements on compensation, financial
                                         support, donations, or gifts that may be provided to government officials. Business Associates,
                                         and those acting on their behalf in connection with work for Pfizer, must take into account
                                         and comply with any applicable restrictions in conducting their Pfizer-related activities.
                                         If a Business Associate is uncertain as to the meaning or applicability of any identified
                                         limits, restrictions, or disclosure requirements with respect to interactions with government
                                         officials, that Business Associate should consult with his or her primary Pfizer contact
                                         before undertaking their activities.

 

		·	Business
                                         Associates, and those acting on their behalf in connection with work for Pfizer, are
                                         not permitted to offer facilitation payments.  A “facilitation payment”
                                         is a nominal, unofficial payment to a government official for the purpose of securing
                                         or expediting the performance of a routine, non-discretionary governmental action. 
                                         Examples of facilitation payments include payments to expedite the processing of licenses,
                                         permits or visas for which all paperwork is in order.  In the event that a Business
                                         Associate, or someone acting on their behalf in connection with work for Pfizer, receives
                                         or becomes aware of a request or demand for a facilitation payment or bribe in connection
                                         with work for Pfizer, the Business Associate shall report such request or demand promptly
                                         to his or her primary Pfizer contact before taking any further action. 

 

    	 

    	 

    

 

Appendix
10.1(t)

 

Commercial Bribery

 

Bribery and
corruption can also occur in non-government, business to business relationships. Most countries have laws which prohibit offering,
promising, giving, requesting, receiving, accepting, or agreeing to accept money or anything of value in exchange for an improper
business advantage. Examples of prohibited conduct could include, but are not limited to, the provision of inappropriate gifts
or hospitality, kickbacks, or investment opportunities offered to improperly induce the purchase of goods or services. Pfizer
colleagues are not permitted to offer, give, solicit or accept bribes, and we expect our Business Associates, and those acting
on their behalf in connection with work for Pfizer, to abide by the same principles.

 

Anti-Bribery and Anti-Corruption
Principles Governing Interactions with Private Parties and Pfizer Colleagues

 

Business Associates must communicate
and abide by the following principles with regard to their interactions with private parties and Pfizer colleagues:

 

		·	Business
                                         Associates, and those acting on their behalf in connection with work for Pfizer, may
                                         not directly or indirectly make, promise, or authorize the making of a corrupt payment
                                         or provide anything of value to any person to induce that person to provide an unlawful
                                         business advantage for Pfizer.

 

		·	Business
                                         Associates, and those acting on their behalf in connection with work for Pfizer, may
                                         not directly or indirectly, solicit, agree to accept, or receive a payment or anything
                                         of value as an improper inducement in connection with their business activities performed
                                         for Pfizer.

 

		·	Pfizer
                                         colleagues are not permitted to receive gifts, services, perks, entertainment, or other
                                         items of more than token or nominal monetary value from Business Associates, and those
                                         acting on their behalf in connection with work for Pfizer. Moreover, gifts of nominal
                                         value are only permitted if they are received on an infrequent basis and only at appropriate
                                         occasions.

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