Document:

exhibit_10-11.htm

Exhibit 10.11

 

[Free Translation from Hebrew]

 

State of Israel

Ministry of Trade and Industry

Industrial Research and Development Administration

Office of Chief Scientist

 

Jerusalem, 03-02-2014 

 

Letter of Approval Number: 51487

(Fiscal regulation: 38020101)

Group: 13

Application: 1000554903

Supplier No: 40386806

  

To

Silenseed Ltd.

PO Box 12000

Jerusalem 91120

Letter of Approval

 

	  	
1.

	
We hereby inform you that the research committee, by virtue of its authority according to Article 17 of the Law for the Encouragement of Research and Development in the Industry, 5744-1984 (hereinafter: the “R&D Law”), has resolved in its meeting on 12/12/2013 to approve the program as submitted by you on 10/28/2013, which subject matter is:

 

	  	
a.

	
Subject of approved program: siRNA – Gene Therapy treatment for Pancreatic Cancer

 

	  	
b.

	
Performing the approved program: Silenseed Ltd.

 

	  	  	
Registration Number: 514207778

	 	
(hereinafter – the “Approved Program”)

 

	  	
2.

	

a. The research and development expenses approved for the performance of the approved program will be in an amount of up to: NIS8,000,000.

In words: Eight Million NIS.

b. The rate of grant approved is 60% of the development expenses (addition with respect to a national priority zone A/ line of confrontation), which is up to an amount of NIS 4,800,000.

In words: Four Million and Eight Hundred Thousand NIS.

 

	  	
3.

	
The approval is conditioned upon fulfillment of the provisions of the law, regulations, rules and procedures promulgated thereunder and subject to the following terms:

 

	  	
a.

	
The approved program will be performed as detailed in your request within a period of 12 months – commencing 11/01/2013 and until 10/31/2014 (hereinafter: the “Performance Period”).

 

	  	
b.

	
(1) You must inform the Office of the Chief Scientist about every change in the control of the recipient of the grant in the company’s shares and/or in one of the following controlling means: (a) the right to vote in the company’s general meetings; (b) the right to appoint directors in the company; (c) the right to participate in the company’s profits.

(2) Transferring any percentage of the controlling means stated in subsection (1) to a non-Israeli resident or to a foreign company, which make the non-Israeli resident or foreign company an interested party as defined in the Securities Law, 1968, requires notification to Office of the Chief Scientist and a written undertaking of the non-Israeli resident or the foreign company to the R&D Law.

The letter of approval shall be signed in the form existing in the office of the Chief Scientist and in the website of the Ministry of Industry, Trade and Employment.

 

  

  

  

 

	  	
c.

	
Additional terms:

Royalties shall be paid of the Company's total revenues.

 

	  	
d.

	
See the appendix in the matter of intellectual property.

 

	  	
e.

	
In the event of pledging the company’s assets to an Israeli bank against credit, the company must ensure that the pledge shall be subject to the R&D Law.

 

	  	
f.

	
If the plan is connected to an agreement with an academic institution or an academic implementation company, the company must ensure that the agreement is subject to the provisions of the R&D Law.

 

	  	  	
Sincerely,

	  	  	  
	  	  	
/s/ Avi Hasson

	  	  	
Avi Hasson

The Chief Scientist

 

Attached:

 

	  	
1.

	
Budget breakdown appended to the letter of approval.

	  	
2.

	
Letter of commitment.

	  	
3.

	
Rules determined by the research committee for the performance of the provisions of the Law.

	  	
4.

	
Letter of approval intellectual property appendix.

 

  

  

  

 

[Free Translation from Hebrew]

 

State of Israel

Ministry of Trade and Industry

Industrial Research and Development Administration

Office of Chief Scientist / Office Controller

 

03-02-2014 

To:

Silenseed Ltd.

PO Box 12000

Jerusalem 91120

Budget Appendix with respect to Research and Development File Number 41737

Appendix to Letter of Approval

 

Subject to the letter of approval signed by the Chief Scientist from 03/02/2014 and following the decision of the research committee pursuant to Article 17(c) from 12/12/2013 with respect to research and development file which number is 51487

 

Subject of approved program: sirna – Gene Therapy treatment for Pancreatic Cancer

 

and performed by Silenseed Ltd.

 

Period of research: from 11/01/2013 until 10/31/2014

 

The office’s budget commitment in an amount of up to NIS 4,800,000 is hereby approved for the performance of research and development expenses for the approved program.

	  	  	  	  	  
	

/s/ 

	  	  	  	

/s/ 

	
Vice Chief Scientist

	  	  	  	
Office controller, the Ministry of

Economy

 

 

  

  

  

 

[Summary Translation from Hebrew]

 

This page forms an integral part of the letter of approval

 

Details of the budget for research and development in the matter of: siRNA – Gene Therapy treatment for Pancreatic Cancer

Performance period commencing 11/01/2013 until 10/31/2014

 

Budget page version 1.1

 

Request date

 

Date of latest update 01/22/2012

 

	  	  	
File number:

	  	
51487

	  	  	
Preparation Date:

	  	
01/21/2014

	  	  	
Company

	  	
Silenseed

	  	  	
Company Number

	  	
6378

 

	
A. Human Resources

	  
	
Total Human Resources

	
2,122,576

	  	  
	
B. Materials and consumable tools

	  
	
Total Materials

	
1,876,353

	  	  
	
C. Subcontractors

	  
	
Total Subcontractors

	
3,746,907

	  	  
	
D. Approved Equipment

	  
	
Total

	
214,165

	  	  
	
E. Miscellaneous

	  
	
Total

	
40,000

	  	  
	  	
Total in NIS 8,000,000

	  	
Grant 60% 4,800,000

 

Notes:

A. The person performing the research shall be entitled to payments only with respect to expenses made and registered in a special account (including registration of work hours of the researchers working in this research), and in accordance with the budget instructions of the Office of the Chief Scientist at the Ministry of Trade and Employment.

 

B. This budget page is in effect only after signing the letter of approval

 

Signature:

 

	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	

/s/ David Lavie

	  	  	  	

/s/ Silenseed Ltd.

	  	  	  	
2/23/2014

	  	  
	  	  	
Office

	  	  	  	
Company

	  	  	  	
Date

	  	  

 

  

  

  

 

[Free Translation from Hebrew]

 

 Silenseed Ltd.

Number at the registrar of companies: 514207778

 

	
                                                                                                                                            Date: 02.23.14

	
                                                                                                                                         

   Company: 6378

	  	  	  
	
To

 

	  	  
	
Industrial Research and Development Administration, Office of Chief Scientist

	  	  
	
Ministry of Industry, Trade and Employment

	  	  
	
5 Bank Israel, PO Box 3166

	  	  
	
Jerusalem

	  	  

 

Dear Sir,

 

Re: Undertaking Letter and Notice re Commencement of Performance of Approved R&D Plan

Subject: siRNA – Gene Therapy treatment for Pancreatic Cancer

 

File Number: 51487

 

We hereby inform you that we commenced performing the approved plan, according to the referenced approval letter on 01.11.13.

 

	  	
1.

	
We declare and undertake to comply with all the provisions of the Law for the Encouragement of Research and Development in Industry 5744-1984 (hereinafter the “Law”), and including:

 

	  	
a.

	
The obligation not to transfer to another the knowledge, the rights on the knowledge and the manufacturing rights deriving from the research and development without the approval of the research committee.

 

	  	
b.

	
To pay royalties and file all reports according to the Law and the Regulations for the Encouragement of Research and Development in Industry (Rate of Royalties and Rules for their Application), 5756-1996 (hereinafter the “Royalties Regulations”) and the procedures of the Industrial Research and Development Administration (hereinafter the “Administration”).

 

	  	
2.

	
We declare that we have read all instructions and procedures for financial reporting for R&D purposes and we will comply with them, including in connection with the computerized system for the reporting on hours in assignment to tasks.

 

	  	
3.

	
We consent to the attribution of this file numbered: 51487 to plan 41272

Subject: sirna – Gene Therapy treatment for Pancreatic Cancer.

 

	  	
4.

	
Additional undertakings:

	  	
A. It has been brought to our attention that the amended royalties which were published in the "5759 regulations" dated 03/12/1998, Page 110 (File 5359). According to the amendment stated above, the research grants shall be linked to the dollar and bear yearly interest at the rate of LIBOR.

B. Additional undertakings:

Royalties shall be paid of the Company's total revenues.

 

	  	
5.

	
We hereby declare that we have separated and distinguished account/s in the framework of our financial bookkeeping for the purpose of performing this plan. The recordings made in the account/s are direct, chronological, primary, systematic and only according to documentation.

 

	  	
6.

	
We hereby declare that we are aware that the referenced grant shall be paid subject to the terms of the approval and according to the Administration’s procedures.

 

  

  

  

 

	  	
7.

	
The attached budget, including its details, terms and appendices constitutes a binding framework. Expenses deviating from this detailed framework will not be recognized, unless under the approval of the Administration.

 

	  	
8.

	
Procedures:

 

	  	
a.

	
The company shall not be entitled to advancement, and all payments shall be in accordance with the financial report.

 

	  	
b.

	
Any additional payment shall be executed according to a detailed financial report which corresponds to the Administration’s procedures. Payment shall be made after review of the aforesaid report. The grant’s recipient is obliged to file a financial report once every three months and a technical report at least once every half a year, and this on the Administration’s forms or in the same format.

 

	  	
c.

	
The truthfulness of the financial report shall be confirmed by an authorized representative of the company, and documents witnessing actual payments to subcontractors shall be attached, if such expense is reported.

 

	  	
d.

	
Any payment with respect to the approved grant shall be considered as advanced payment only until the approval of the final report. Until the final report, no more than 90% (including ongoing advancements) shall be paid from the lower of the budgeted grant or the expense in the financial report. The remaining balance shall be paid only following receipt of a final financial report and a final technical report together with confirmation from an accountant on behalf of the company. The payment shall be made following examination of the reports by representatives of the Administration.

 

	  	
e.

	
The company’s books of accounts, including the company’s balance sheets, shall be open for review of the Administration during a period of 7 years from the commencement of performance of the approved plan, or 6 years from filing the final financial report, the later of the two.

 

	  	
f.

	
The Administration will have the right to set off any sum due from the recipient of the support out of grant approved hereby.

 

	  	
g.

	
The grant’s recipient is not entitled to stop performing the plan without the prior written approval from the head of the Administration. If the plan is ceased without such approval, the Administration may and shall be entitled to demand the return of the grant plus interest and linkage differentials in accordance with the law.

 

	  	
h.

	
The grant’s recipient is obligated to file a final financial report approved by an accountant on its behalf in a format acceptable to the Office of the Chief Scientist and a final technical report to the approved plan, no later than 3 months from the date of completion of the approved plan.

 

	  	
i.

	
The Administration is entitled to demand additional technical reports at any time.

 

	  	
j.

	
An expense shall not be recognized unless the consideration therefor is paid, except overhead in salaries item.

 

	  	
k.

	
In the final financial report only expenses accumulated during the approved research period and paid no later than 60 days from its termination shall be recognized.

 

	  	
l.

	
The Administration may demand interest and linkage differentials as provided by law on any sum due to it from the recipient of the grant.

 

	  	
9.

	
The abovementioned terms do not derogate from any statute and law applicable to the grant for this file.

 

  

  

  

 

	  	
10.

	
We hereby undertake to comply with intellectual property laws as shall be practiced in Israel from time to time, and we consent that if we are convicted for violation of any of the intellectual property laws the Administration shall be entitled to retrospectively terminate any benefit granted by you, including grant, loan, benefit or any other financial advantage, or any part of such benefit, and demand their repayment including interest and linkage differentials, according to the law.

 

Signature confirmation for the company

 

The undersigned accountant Moshe Cohen hereby confirms that Silenseed Ltd. is lawfully registered in Israel; that Mr. Amotz Shemi has signed this agreement on its behalf, has signed it before me and is authorized to do so on its behalf; that his signature on this agreement binds the company.

 

	
2/23/2014

	  	
/s/ Moshe Cohen

	
Date

	  	
Signature and stamp

	  	  	  

 

	  	  	  	  	  	  	  	  	  	  	  	  	  
	
     /s/ Amotz Shemi 

	  	  	  	
Amotz Shemi

	  	  	  	
CEO

	  	  	  	
Silenseed Ltd.

	  	  	  	  	  	  	  
	
Signature

	  	  	  	
Name

	  	  	  	
Position

	  	  	  	
Company’s stamp

 

  

  

  

 

[Free Translation from Hebrew]

 

State of Israel

Ministry of Trade and Industry

Industrial Research and Development Administration

Office of Chief Scientist

 

Jerusalem, 03-02-2014 

 

Letter of Approval Number: 51487

(Fiscal regulation: 38020101)

Group: 13

Application: 1000554903

Supplier No: 40386806

  

To:

Silenseed Ltd.

PO Box 12000

Jerusalem 91120

Appendix to Letter of Approval

 

Compliance with Intellectual Property Laws

 

We have acknowledged your undertaking from 02.23.14 to comply with intellectual property laws as shall be practiced in Israel from time to time, that if you are convicted for violation of the intellectual property laws of Israel, by a final and un-appealable judgment in an Israeli court, we shall be entitled to terminate any benefit granted to you by the Industrial Research and Development Administration, including grant, loan, tax benefit or any other financial advantage, or any part of such benefit, and demand their return including interest and linkage differentials according to the law.

 

	 	
Sincerely,

	 	  
	 	
/s/ Avi Hasson

	 	
Avi Hasson

	 	
The Chief Scientistexhibit_10-13.htm

Exhibit 10.13

 

Hadasit Medical Research Services & Development Ltd,

Jerusalem BioPark, Hadassah Ein Kerem. Jerusalem 91120, Israel

Re: Agreement for the Rendering of Services Environment

	
1.

	
The Services: Silenseed Ltd. (hereinafter “the Company”) hereby requests that the following laboratory services be performed via Hadasit: Use of equipment and space at Prof. Eithan Galun's laboratory (the “Environment”) for the developing and testing of a LODER based siRNA local gene therapy treatment for cancer proprietary to the Company, where the environment map is provided in Exhibit A attached hereto.

	
2.

	
Time Schedule: The Services are to be performed in accordance with the following time schedule Start on: Oct 1st, 2010.

Complete on: December 31, 2014, subject to extension as detailed in Section 12(a) below (the “Service Period”).

	
3.

	
The Performance: The Services will be performed by up to 7 designated Company employees, including the Company CEO Dr. Amotz Shemi (“Company's Personnel”) simultaneously at the Environment. Increase in the number of Company’s Personnel must be consented in writing by the Parties hereto.

 

New Company’s Personnel introduced to the Environment will be subjected to the security procedures of the Hadassah. For the avoidance of doubt, usage of the space in the Environment is as described in Exhibit A attached hereto.  Upon termination of employment of a Company employee for whatever reason, the Environment space made available to be used by another/new Company employee requires the approval of Prof. Eithan Galun, which approval shall not be unreasonably withheld. For the avoidance of doubt, the right of usage of such space of the Environment is not automatically granted to the Company, but approval shall not be unreasonably withheld.

	
4.

	
The Environment will be under the control of the Hadassah and Prof. Eithan Galun or such other qualified person as determined and appointed from time to time by Hadasit (“Prof. Galun”). The Environment is being provided to the Company on an “as is” basis, with no representations, warranties and/or liability for the appropriateness, usefulness and/or fitness of the Environment for any particular use or purpose.

	
5.

	
The Consideration: In consideration for provision of the Services and the Scientific Report, the Company shall be obligated to pay Hadasit the following sums inclusive of overhead plus the applicable Value Added Tax (the “Service Fee”). The Company shall pay the Service Fee, on the following dates:

 

	
  

	
i.

	
NIS 55,815.29 immediately upon signature of this Agreement for the work performed during the period from Oct 1st, 2010 and until Dec 31, 2012.

 

	
  

	
ii.

	
NIS 40,000 for the work performed during the period from January 1st, 2013 and until Dec 31, 2013 - this sum has already been paid.

 

	
  

	
iii.

	
NIS 20,000 on April 1st, 2014.

 

	
  

	
iv.

	
NIS 10,000 on July 1st, 2014.

 

	
  

	
v.

	
NIS 10,000 on October 1st, 2014.

 

Payment shall be made upon the presentation of invoice. In the event that the Company fails to pay an invoiced amount in a timely manner, Hadasit shall be entitled to charge the Company an additional fee equal to an annual interest rate of Prime plus 2% of such amount, together with any exchange rate differences.

 

  

  

  

	
6.

	
Intellectual Property:

 

All work products and data generated from the provision of the Services and any intellectual property rights related thereto, are and shall be owned by the Company (the “Company Data”).

 

Subject to the above Intellectual property that either party develops independently of the Services and without reliance on the other party's confidential information or proprietary information shall be such party’s exclusive property and will not affected by this Agreement

	
7.

	
Use of Names: The Company shall not make any use of any kind of the name of Prof. Galun and/or Hadasit without the prior written consent of Hadasit and Prof. Galun, which shall not be unreasonably withheld.

	
8.

	
Relationship of the Parties: The Company does not stand in a relationship of employer- employee with the Researcher or with Hadasit. The relationship of the Company, on one hand, and the Prof. Galun and Hadasit, on the other hand, shall be that of requester — independent contractor.

	
9.

	
Dispute Resolution: In all cases in which a dispute shall arise between the Company and Hadasit regarding the Services, a single arbitrator shall be chosen with the agreement of both sides and shall be called upon to decide, and if such an agreement is not achieved, an arbitrator shall be appointed at the request of either party by the President of the Bar Association, Jerusalem branch.

	
10.

	
Authorized Signatories: Signature by an authorized representative of Hadasit on this Agreement shall constitute Hadasit’s approval and agreement to all that is written herein. The Company warrants that the person signing this agreement is authorized to bind the Company.

	
11.

	
Liability and Indemnification:

	
  

	
a.

	
Hadasit, its ultimate parents, affiliates, officers, directors, employees, agents and contractors (the “Indemnitees”), shall not be liable for any and all claims, actions, demands, losses, damages, costs and expenses (including without limitation legal fees) made or brought by third parties arising from or in connection with this Agreement or the use of the Company Data.

 

	
  

	
b.

	
Notwithstanding any other provision of this Agreement, in the event the Indemnitees should suffer any damages, claim, demand, liability, loss or cost or expense (including, without limitation attorney fees and court costs) as aforesaid in sub-section (a) above or shall be obligated to pay third parties any amount as compensation for any damages, demand, claim, liability, loss, cost or expense as aforesaid, the Company shall indemnify the Indemnitees and hold them harmless from and against any and all such damages, claim, demand, liability, cost, loss or expense (including reasonable legal and expert fees), provided, however, that (i) Hadasit promptly notifies Company, in writing, of any such claim for which it seeks indemnification and (ii) Company, in coordination with Hadasit, shall have sole control of the claim, its defense and all negotiations for its settlement or compromise, using counsel of its choice, subject to the safeguarding of Hadasit’s interests.

 

	
  

	
c.

	
The Company shall be liable for any damage that is caused by the Company’s Personnel to the equipment provided for its exclusive use by Hadasit, other than normal “wear and tear”. Without derogating from the generality of the aforementioned, the Company shall be solely liable for the maintenance and cleansing of its own equipment to be brought to the LAB.

 

	
  

	
d.

	
WITHOUT DEROGATING FROM ANY OTHER LIABILITY LIMITATIONS EXPRESSLY AFFORDED INCIDENTAL, INDIRECT, CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES OF ANY KIND OR NATURE, INCLUDING WITHOUT LIMITATION LOST REVENUES OR LOST PROFITS, WHETHER SUCH LIABILITY IS ASSERTED ON THE BASIS OF CONTRACT (INCLUDING, WITHOUT LIMITATION, THE BREACH OF THIS AGREEMENT OR ANY TERMINATION OF THIS AGREEMENT), TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY), OR OTHERWISE, EVEN IF THE OTHER PARTY HAS BEEN WARNED IN ADVANCE OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE.

 

  

  

  

 

	
12.

	
Termination:

 

	
  

	
(a)

	
Unless terminated earlier in accordance with the provisions of this Agreement, the term of this Agreement shall be the Service Period (the “Initial Term”). However, the Initial Term shall be extended automatically for one (1) additional year, unless either one of the Parties notifies the other Party in writing, that it does not wish to extend the Initial Term, and provided such notice shall be delivered to the other Party at least three (3) months prior to the conclusion of the Initial Term.

 

	
  

	
(b)

	
Each party shall be entitled to terminate this Agreement in the event of a breach by the other party of its obligations under this Agreement, including, but not limited to, the Company’s timely payment of the Service Fee, which is not remedied by the breaching party within 30 days of receipt of written notice from the non-breaching party.

 

	
  

	
(c)

	
If the Agreement is terminated prior to the end of the Service Period, all amounts paid by the Company under this Agreement up to the date of termination shall be considered as non-refundable. The Company shall pay Hadasit the timely Service Fee so long as this Agreement is not terminated unless the Company gave Hadasit a 30 (thirty) days written notice and has completely evacuated HMO’s premises (including storage of materials or has any belongings or equipment) and ceased to work in the Environment. Failure to pay the Service Fee or delay in payment that exceeds ten (10) working days shall be automatically construed as a notice of termination under sub-section (b) above.

 

	
  

	
(d)

	
Sections 5, 6, 7, 8, 9, 11, 12 and 13 shall survive termination of this Agreement.

 

	
13.

	
Confidentiality:

 

	
  

	
a.

	
As used herein “Confidential Information” shall mean any and all data and information, not made available to the general public, oral or written, related to either party's past or present, research, development or business activities disclosed by one party (the “Disclosing Party”) to the other party (the “Receiving Party”). The Test, the Services and the Company Data, shall be deemed and considered for any and all purposes the Confidential Information of the Company. Subject to the above, any and all information, materials and substances that the Company and/or any of its employees and/or any other entity acting on Company’s behalf come in contact with by virtue of their presence at the University shall be deemed and considered for any and all purposes the Confidential Information of Hadasit.

 

	
  

	
b.

	
The Receiving Party agrees to hold the Confidential Information of the Disclosing Party in confidence and not to make any use of it, other than necessary for the performance of this agreement. The Receiving Party further agrees not to disclose the Confidential Information of any Disclosing Party to anyone other than to the Receiving Party’s employees or other representatives with a reasonable need to know, all of whom shall be subject to confidentiality undertakings with respect to such Confidential Information at least as restrictive as set forth herein, provided that the Receiving Party shall remain fully responsible and liable for any breach of the confidentiality obligations under this Agreement by any of such employees.

 

	
  

	
c.

	
The Obligations of the parties under this Section 13 shall not apply to any Confidential Information which (i) is or becomes the public domain, without violation of this Agreement; or (ii) was known by the Receiving Party prior to the disclosure; or (iii) is developed independently by the Receiving Party and written documentation is available to prove that such development was independent as aforesaid; or (iv) is legally transmitted or disclosed to Receiving Party by a third party, legally permitted to execute such disclosure, which owes no obligation to confidentiality to Disclosing Party.

 

  

  

  

 

	
  

	
d.

	
Upon the Disclosing Party’s request, the Receiving Party shall promptly return or destroy (at the Disclosing Party’s election) Confidential Information and any and all copies thereof, at its own expense, and shall certify in writing its compliance with the provisions of this Section to Disclosing Party in accordance with the instructions by Disclosing Party.

 

	
  

	
e.

	
The Confidential Information disclosed by Disclosing Party in connection with this Agreement is and shall remain at all times the sole and exclusive property of the Disclosing Party.

 

	
  

	
f.

	
The obligations under this Section 13, as they apply to any particular Confidential Information disclosed prior to termination or expiration of this Agreement, shall survive the termination or otherwise expiration of this Agreement until the Receiving Party can document that such information fall into one of the exceptions stated in section C above.

 

	
  

	
g.

	
Entire Agreement and Amendments: This Agreement, including all appendices hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understanding of representations, oral or written between the parties hereto regarding such matter, This Agreement may be changed, amended or otherwise modified only by means of a written instrument, executed by both parties.

	
Silenseed Ltd.

 

Goldyne Savad Institute of Gene Therapy, 

Hadassah Hebrew University Hospital, 

Jerusalem 91120, Israel

By:      /s/ Dr. Amotz Shemi

Name: Dr. Amotz Shemi

Title:   ______________

Date: March 25, 2014

	
Hadasit Medical Research Services & Development Ltd.

Jerusalem BioPark,

Hadassah Ein Kerem, Jerusalem 91120, Israel

By: /s/Hadasit Medical Research               

Services Development Ltd.

Name: ______________

Title:   ______________

Date: March 26, 2014

	  	  

Prof. Galun's Agreement:

I the undersigned, Prof. Eithan Galun, have reviewed, am familiar with and agree to all of the above terms and conditions. I hereby undertake to fully cooperate with Hadasit in order to ensure its ability to fulfill its obligations hereunder, as said forth herein.

Signature:  /s/ Prof. Eithan Galun

Date: March 26, 2014

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