Document:

Exhibit 4.5

 

Intec
Pharma Ltd.

 

(The
“Company”)

 

Compensation
Policy 

(the “Policy” or “Compensation Policy”)

 

As
last amended on December 11, 2017

 

		1.	Definitions

 

	“Board
    of Directors” or “Board”	-	Company’s
    Board of Directors;
	“Committee”
    or “Compensation Committee”	-	The Company’s
    Compensation Committee;
	“Company”
    	-	Intec
    Pharma Ltd.;
	“The
    Companies Law” 	-	The
    Companies Law, 1999, Israel;
	“The
    Securities Law”	-	The
    Securities Law, 1968, Israel;
	“Retirement
        Bonus”

         
	-	Bonus, payment, compensation
    or any other benefit awarded to an officer with regard to conclusion of their office with the Company; 
	“Team
    Members”	-	Company’s
    (including Company’s subsidiary) employees or consultants that engaged with the Company on a permanent basis;
	“Officer”	-	Board
    member, CEO, CFO, EVP, VP, any such Officer of the Company (including Company’s subsidiary) by a different title, and
    any other executive reporting directly to the CEO;
	“Cost”
    	-

         
	Cost to the employing
    entity;
	“Plan”	-	Company’s
    2015 Equity Incentive Plan, as amended or any other incentive plan as adopted from time to time.

 

		2.	Overview

 

In
conformity with the Companies Law, the Compensation Committee and Board of Directors have adopted this Compensation Policy. The
principles of the Compensation Policy were set forth after discussions by the Compensation Committee and the Board. Policy principles
were designed to grant proper, fair and well-considered compensation to Officers, in alignment with the Company’s long-term
best interests and organizational strategy. Part of the rationale is that the policy should encourage a sense of identification
with the Company and its objectives on the part of its Officers. An increase in Officer’s satisfaction and motivation should
retain the employment of high-quality Officers in the Company’s service over the long term.

 

The
Compensation Policy considers, inter alia, the size and nature of its operations (including in jurisdictions other than
Israel) and, with regard to terms of office and employment, which include variable components, the Officer’s long-term contribution
to achieving the Company’s objectives and to maximizing its earnings, taking into account the scope and reach of the Officer’s
role (and, in relevant cases, also taking into account the geographical location of the employed Officer).

 

The
Compensation Policy was prepared with due consideration to the nature of the Company’s operations in the biomed sector,
territories where the Company operates, market size on the Tel-Aviv Stock Exchange Ltd. and on Nasdaq Stock Market, as well as
other criteria including, the Company’s cash position, capitalization and shareholders’ equity.

 

    	 

     

    

 

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In
addition, in designing the Compensation Policy, the Compensation Committee and Board considered the average and median annual
cost of the fixed component payable to all Company full-time Team Members (“Ratio”). The Company estimates
that the gaps between the Officers’ compensation, assuming implementation of the new Policy, will have no adverse effect
on the working relationships in the Company. The possible ramifications of the Ratio on the daily working environment in the Company
were examined and will continue to be examined by the Company from time to time in order to ensure that levels of executive compensation,
as compared to the overall workforce will not have a negative impact on work relations in the Company.

 

The
compensation principles are a tool based on targets and benchmarks derived, inter alia, form the Company’s annual
work plan and from long-term plans as determined by the Board of Directors from time to time.

 

Compensation
Policy components will include each of the following:

 

		a.	Fixed
                                         components: salary, social benefits (such as: beneficial retirement arrangement,
                                         disability insurance, provident fund, study fund, paid leave, sick leave and vacation
                                         pay, etc.) and other benefits (such as: car, cell phone, including gross-up of the benefit
                                         value for tax purposes).

 

		b.	Variable
                                         components: bonus payments.

 

		c.	Equity-based
                                         variable components: options plan, share plan, etc.

 

		d.	Retirement
                                         Bonus: bonus, payment, compensation or any other benefit awarded to an Officer with
                                         regard to the conclusion of their office with the Company.

 

		e.	Insurance,
                                         waiver and indemnification: Board members’ and Officers’ liability insurance
                                         (for the normal course of business as well as for non-recurring events (run-off)), waiver
                                         of Officers’ liability (in advance and in retrospect) and provision of commitment
                                         to indemnify Officers in advance and in retrospect.

 

Provisions
of this Compensation Policy only apply to Company Officers (as defined above).

 

Non-Israeli
Officers may receive other similar, comparable or customary benefits as applicable in the relevant jurisdiction in which they
are employed. 

 

The
language of this Compensation Policy uses the male pronoun only as a measure of comfort. This policy applies to both male and
female Officers.

 

The
target range for the compensation mix between the annual fix components, and variable components of the Company’s Officers,
is set forth below:

 

	Position	Range
    of the fixed components out of the total compensation (%)	Range
    of variable cash compensation out of the total compensation (%)	Range
    of equity-based compensation out of the total compensation (%)
	Chairman
    and Vice Chairman of the Board of Directors	20%
    - 100%	0%
    - 40%	0%
    - 70%
	Board
    Member	20%
    - 100%	0%
    - 40%	0%
    - 40%
	Company
    CEO	20%
    - 100%	0%
    - 40%	0%
    - 60%
	Other
    Officer	20%
    - 100%	0%
    - 40%	0%
    - 50%

 

    	 

     

    

 

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		3.	Officers’
                                         areas of responsibility, education and experience

 

		3.1.	Position:
                                         Chairman / Vice Chairman of the Board of Directors

 

		3.1.1.	Responsibilities:
                                         Provide guidance and assistance in accordance with his contractual obligations to the
                                         Company.

 

		3.1.2.	Required
                                         education and experience: academic degree from a recognized academic institution
                                         in Israel or overseas. The Chairman / Vice Chairman of the Board must have practical
                                         experience as one or more of the following: (a) acting or former Officer of a company
                                         of similar size; (b) at least 5 years of experience as a senior executive in the Company’s
                                         line of business or one that is sufficiently related to the Company’s line of business
                                         including, for example, investment banking or consulting; (c) academic experience of
                                         3 years or more in one of the following disciplines or related to: business administration,
                                         economics, law, finance, medicine, science, the pharmaceutical or healthcare industries
                                         or drug development. Academic experience includes, for example, academic research, academic
                                         publications or academic teaching in recognized academic institutions in Israel or overseas.

 

Subject
to the Companies Law and any other relevant rules and regulations, the Compensation Committee and the Board may waive, in exceptional
cases, the aforementioned required education and/or experience should they deem the candidate have special business experience
or skills which, in their opinion, would make a considerable contribution to the Company if appointed Chairman of the Board.

 

		3.2.	Position:
                                         Board member

 

		3.2.1.	Responsibilities:
                                         the Board member will, as a part of the Board, set Company policy and supervise the CEO’s
                                         performance and actions. The Board is also empowered with all statutory authority.

 

		3.2.2.	Required
                                         education and experience: academic degree from a recognized academic institution
                                         in Israel or overseas. The Board member must have practical experience in one or more
                                         of the following: (a) acting or former Officer of the Company, or a company of similar
                                         size; (b) CPA / attorney / business manager with over 5 years of experience; (c) academic
                                         experience of 3 years or more in one of the following disciplines or related to: business
                                         administration, economics, law, finance, medicine, science, the pharmaceutical or healthcare
                                         industries or drug development. Academic experience includes, for example, academic research,
                                         academic publications or academic teaching in recognized academic institutions in Israel
                                         or overseas.

 

		3.2.3.	Subject
                                         to the Companies Law and any other relevant rules and regulations, the Compensation Committee
                                         and the Board of Directors may waive, in exceptional cases, the aforementioned required
                                         education and/or experience, should they deem the candidate has special business experience
                                         or skills which, in their opinion, would make a considerable contribution to the Company
                                         if appointed a Board member.

 

		3.3.	Position:
                                         Company CEO

 

		3.3.1.	Responsibilities:
                                         management of all Company business.

 

		3.3.2.	Required
                                         education and experience: academic degree from a recognized academic institution
                                         in Israel or overseas. Prior experience as CEO of a similar company for at least 5 years,
                                         or Officer of the Company with over 5 years’ tenure.

 

		3.3.3.	Subject
                                         to the Companies Law and any other relevant rules and regulations, the Compensation Committee
                                         and the Board of Directors may waive, in exceptional cases, the aforementioned required
                                         education and/or experience, should they deem the candidate CEO has special business
                                         experience or skills which, in their opinion, would make a considerable contribution
                                         to the Company.

 

    	 

     

    

 

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		3.4.	Position:
                                         other Officer 

 

		3.4.1.	Responsibilities:
                                         responsibilities range from such positions as Executive VP Research and Development
                                         and Operations who is responsible for the research and development and operations activities
                                         of the Company, VP Clinical Affairs who is responsible for the development of certain
                                         R&D programs and clinical trials activities, and Chief Financial Officer who is responsible
                                         for the Company finances, accounting, legal, administration, and human resources. Officers
                                         report directly to the Company CEO.

 

		3.4.2.	Required
                                         education and experience: academic degree relevant to each position from a recognized
                                         academic institution in Israel or overseas. Prior experience of over 3 years in a similar
                                         position with another company or with the Company.

 

		3.4.3.	The
                                         Company may engage from time to time with additional Officers who will be responsible
                                         for different areas of the business, and/or Officers whose titles may be different than
                                         those specified above. New Officers or Officers with different titles must have the skills,
                                         education and experience relevant to their responsibilities as Officers of the Company.
                                         Guidelines for engagement with additional Officers will be consistent with terms outlined
                                         in Section 4.4 hereinafter.

 

		3.4.4.	Subject
                                         to the Companies Law and any other relevant rules and regulations, the Compensation Committee
                                         and the Board of Directors may waive, in exceptional cases, the aforementioned required
                                         education and/or experience, should they deem a candidate for an Officer’s position
                                         has special business experience or a skill which, in their opinion, would make a considerable
                                         contribution to the Company if appointed to the position.

 

		4.	Fixed
                                         component

 

		4.1.	Position:
                                         Chairman of the Board of Directors (“Chairman”)

 

		4.1.1.	The
                                         annual cost of the fixed component of compensation of the Chairman of the Board, shall
                                         not exceed 6 (six) times the annual cost of the fixed component of compensation of the
                                         Company’s external Board members (consisting of a fixed annual payment and additional
                                         fixed payment per meeting (assuming 15 meetings a year)). If the Chairman of the Board
                                         is also an Officer of the Company, no additional fixed component compensation will be
                                         payable to the Chairman for his role as Chairman of the Board.

 

		4.1.2.	In
                                         addition, the Chairman of the Board of Directors will be entitled to reimbursement of
                                         reasonable expenses incurred in the course of discharging his office, including expenses
                                         with respect to attending meetings, travel and entertainment expenses, against provision
                                         of receipts. The policy for overseas travel expense reimbursement will be the same as
                                         for the Company CEO.

 

		4.2.	Position:
                                         Board member

 

		4.2.1.	Compensation
                                         of Company Board members consists of annual and per meeting compensation (including in
                                         cases of written resolution or telephone call) as well as expense reimbursement in accordance
                                         with the provisions of the Companies Regulations (Rules Concerning Compensation and Expense
                                         Reimbursement for an External Director), 2000 as adjusted by the Companies Regulations
                                         (Relief for Public Companies Traded in Stock Exchange Outside of Israel), 5760-2000,
                                         as such regulations may be amended from time to time (collectively, the “Compensation
                                         Regulations”). Total compensation will be based on the applicable company level,
                                         which is determined by shareholders’ equity (as it may be from time to time).If
                                         a Board member is also an Officer of the Company, no additional fixed component compensation
                                         will be payable to the Board member for his role as Board member.

 

		4.2.2.	Notwithstanding
                                         the provisions of Section 4.2.1 above, in special circumstances, such as in the case
                                         of a Vice Chairman, professional director, an expert director or a director who makes
                                         a unique contribution to the Company, such director’s compensation may be different
                                         than the compensation of all other Board members and maybe up to 5 times the annual cost
                                         of the fixed component of compensation of the Company’s external Board members
                                         (consisting of a fixed annual payment and additional fixed payment per meeting (assuming
                                         15 meetings a year).

 

    	 

     

    

 

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		4.2.3.	Board
                                         members will be entitled to reimbursement of reasonable expenses incurred in the course
                                         of their duty, including expenses with respect to attending meetings, travel and entertainment
                                         expenses, against provision of receipts. Expense reimbursement for overseas travel will
                                         be in accordance with Company policies, as applicable to the Company CEO.

 

		4.3.	Position:
                                         Company CEO

 

		4.3.1.	The
                                         monthly salary of the Company CEO shall range between NIS 55,000 and NIS 85,000.

 

		4.3.2.	The
                                         CEO shall be provided with benefits mandated by applicable law and may be provided with
                                         benefits generally acceptable in the local market or generally available to other Company
                                         employees in accordance with Company policies (such as: beneficial retirement arrangement,
                                         disability insurance, provident fund, study fund, paid leave, sick leave, vacation pay,
                                         car, cell phone, etc., including gross-up of the benefit value for tax purposes).

 

		4.3.3.	In
                                         addition, the Company CEO will be entitled to reimbursement of reasonable per diem expenses
                                         incurred in the course of discharging his office, including expenses with respect to
                                         attending meetings, travel and entertainment expenses, against provision of receipts.
                                         The Company may pay the CEO’s expenses by a corporate credit card. Expense reimbursement
                                         for overseas travel will be in conformity with Company policy.

 

		4.4.	Position:
                                         other Officers (other than CEO)

 

		4.4.1.	The
                                         monthly salary of an Officer (other than CEO) shall range between NIS 30,000 and NIS
                                         80,000.

 

		4.4.2.	An
                                         Officer shall be provided benefits mandated by applicable law, and may be provided with
                                         benefits generally acceptable in the local market or generally available to other Company
                                         employees in accordance with Company policies (such as: beneficial retirement arrangement,
                                         disability insurance, provident fund, study fund, paid leave, sick leave, vacation pay,
                                         car, cell phone, etc., including gross-up of the benefit value for tax purposes).

 

		4.4.3.	In
                                         addition, any Officer shall be entitled to reimbursement of reasonable per diem expenses
                                         incurred in the course of discharging his office, including expenses with respect to
                                         attending meetings, travel and entertainment expenses, against provision of receipts.
                                         The Company may pay the Officer’s expenses by a corporate credit card. Expense
                                         reimbursement for overseas travel will be in conformity with Company policy.

 

		4.5.	In
                                         accordance with Section 1B3 to the Companies Regulations (Relief in Transactions With
                                         Related Parties), 2000, non-material changes in the terms of employment of an officer
                                         who is subject to the CEO, will not require the approval of the Compensation Committee,
                                         as stated in Section 272(C) to the Companies Law, so long as the change in the compensation
                                         terms does not exceed 5% of the annual cost of the fixed compensation component, has
                                         been approved by the CEO and are consistent with the terms of this Compensation Policy.

 

    	 

     

    

 

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		5.	Variable
                                         component (bonuses) 

 

		5.1.	Annual
                                         bonus

 

The
Company may award an annual bonus to an Officer based on the following guidelines:

 

		5.1.1.	The
                                         Company may award an annual bonus to its Officers subject to achieving pre-approved measureable
                                         targets (the “Annual Bonus”) to be set by the Company’s Compensation
                                         Committee and Board of Directors. The Company shall specify Company wide and personal
                                         targets for each Officer which shall be pre-approved by the Company’s Compensation
                                         Committee and Board of Directors in the beginning of the relevant period for which such
                                         an Annual Bonuses are applicable. These targets would be derived, inter alia,
                                         from the Company’s work plan and/or the work plan of the organizational unit managed
                                         by the relevant Officer and shall be measureable. The requirement to pre-approve measureable
                                         targets shall not apply to officers who are subordinated to the CEO. The less significant
                                         part of the annual bonus granted to the CEO, and in any event not more than 30% of the
                                         annual bonus, may be based on a discretionary evaluation of the CEO’s overall performance
                                         by the Compensation Committee and the Board.

 

		5.1.2.	For
                                         each Officer, an individual Annual Bonus would be determined as a number of monthly salaries
                                         specified in advance for each Officer (the “Target Bonus”) with a
                                         multiplier to reflect achievement of the personal targets specified for the Officer.
                                         This multiplier may be lower than 1 (if the Officer only partially achieved the personal
                                         targets) or may be higher than 1 (if the Officer’s performance exceeded the specified
                                         targets).

 

		5.1.3.	Bonus
                                         calculation upon termination of employment: should employment of the Officer by the
                                         Company be terminated in a given calendar year, the Annual Bonus amount would be calculated
                                         pursuant to this Compensation Policy to be revised and calculated pro-rata to the duration
                                         of employment of the Officer in the given year. The Compensation Committee and the Board
                                         of Directors may decide not to give an Annual Bonus in the case of termination of employment
                                         during the relevant period.

 

		5.1.4.	Maximum
                                         bonus: the combined Annual Bonus and Special Bonus (as defined below) amount shall
                                         not exceed 200% of the Officer’s annual fixed component.

 

		5.2.	In
                                         addition to the Annual Bonus, each Officer of the Company may be awarded a special bonus
                                         (the “Special Bonus”) regardless of a specified target and regardless
                                         of a pre-approved bonus plan. Such Special Bonus shall be approved by the Compensation
                                         Committee and the Board of Directors, which shall consider the CEO’s recommendation
                                         (based on recognition of special and extraordinary contribution by the Officer in the
                                         course of Company business, such as a special effort and achievements related to financing
                                         raised, merger, acquisition, sale or license of business operations, achievement of major
                                         corporate goal in R&D, business and corporate development or other significant general
                                         corporate goal, intellectual property protection of the Company’s products, etc.).
                                         Such Special Bonus, shall not exceed six (6) monthly base salaries for each Officer of
                                         the Company.

 

		5.3.	The
                                         Company may grant a newly recruited Officer a signing bonus at the CEO’s discretion
                                         (and in the CEO’s case, at the Board’s discretion), subject to any additional
                                         approval as may be required by the Companies Law (the “Signing Bonus”).
                                         The Signing Bonus will not exceed three (3) monthly entry base salaries of the Officer
                                         (other than the CEO) or five (5) monthly entry base salaries of the CEO.

 

		5.4.	The
                                         Company’s Compensation Committee and Board of Directors may reduce the bonus awarded
                                         to an Officer at their discretion, including under the following circumstances: material
                                         deterioration of the Company’s position or such material deterioration anticipated
                                         by the Board, deterioration in the state of the economy, deterioration in the performance
                                         of the Officer or inappropriate conduct by the Officer.

 

		5.5.	In
                                         a case where, should the Company’s audited consolidated financial statements for
                                         any year be revised, the bonus amount payable to the Officer for that year, had it been
                                         calculated based on the revised data, would have resulted in a different bonus amount
                                         payable to the Officer, the Company would pay to the Officer, or the Officer would reimburse
                                         the Company as the case may be, the difference between the bonus amount paid and the
                                         bonus amount payable due to said revision. Unless otherwise agreed in writing between
                                         the Company and the relevant Officer, said bonus amount shall be paid within 60 days
                                         from the date of receiving a written demand.

 

    	 

     

    

 

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		6.	Equity-based
                                         variable component

 

		6.1.	The
                                         Compensation Committee and Board of Directors shall review from time to time the overall
                                         equity-based grant for all Team Members and Officers. When doing so, the Compensation
                                         Committee and Board shall take into consideration: (1) each employee and Officer’s
                                         contribution to the Company including expected contribution; and (2) creating an effective
                                         long-term incentive to harness and motivate Team Members and Officers.

 

		6.2.	Stock
                                         options plan grant: based on the Compensation Committee and Board of Directors’
                                         review and discussion, the Company may award to Officers options to purchase Company
                                         shares.

 

		6.3.	The
                                         unexercised options held by all Team Members and Officers under the Company’s stock
                                         options plans may not exceed 15% of the Company’s share capital, on as-exercised
                                         basis.

 

		6.4.	Taxation
                                         regime: if applicable, the options would be awarded pursuant to provisions of Section
                                         102 of the Income Tax Ordinance of Israel, under the income taxation track. However,
                                         each Officer and Team Member will be responsible to his own tax regime for his own tax
                                         liability.

 

		6.5.	Exercise
                                         Price: for as long as the Company’s shares are listed on any established stock
                                         exchange or a national market system, including without limitation the Tel-Aviv Stock
                                         Exchange Ltd., and the NASDAQ Stock Market, the exercise price shall
                                         not be lower than the average closing sales price for Company’s shares (or the
                                         closing bid, if no sales were reported), as quoted on such exchange or system over the
                                         thirty (30) trading day period preceding the date of approval of the grant by the Board,
                                         as reported in the Wall Street Journal, or according to any other source the Board deems
                                         reliable, or as otherwise provided by the Plan.

 

		6.6.	Fair
                                         value: the fair value of options awarded to each Officer in a given year, as calculated
                                         at grant date, shall not exceed 200% of the annual fixed component of such Officer. The
                                         fair market value of the equity based compensation will be determined according to acceptable
                                         valuation practices at the time of grant.

 

		6.7.	Options
                                         terms: Unless determined otherwise in a specific award agreement approved by the
                                         Compensation Committee and the Board, grants to Team Members and directors shall vest
                                         gradually over a period of between three (3) to four (4) years or may vest upon achieving
                                         pre-approved target. The last date to exercise an option shall not exceed ten (10) years
                                         after the date on which the option was granted.

 

		6.8.	All
                                         other terms of the options shall be in accordance with the Plan.

 

		7.	Duration
                                         and termination of Officer’s term in office

 

		7.1.	Severance
                                         pay: in the case of termination (other than termination of an Officer for cause),
                                         the Officer will be eligible to receive severance pay in full.

 

		7.2.	Notice
                                         period: the Company may give an Officer a notice period of up to 6 months. The Company
                                         may waive the Officer’s services to the Company during the notice period and pay
                                         the amount payable in lieu of notice, plus the value of benefits, even in case of immediate
                                         termination. During the notice period, the Officer would be eligible to receive bonuses
                                         with respect to this period and would also continue to accrue vesting of options awarded.

 

		7.3.	Non-compete
                                         bonus: the Company may pay an Officer a bonus upon termination of employment in return
                                         for a commitment by the Officer not to compete with Company business. The extent of the
                                         non-compete commitment would be determined by the Company’s Compensation Committee
                                         and Board of Directors. Such bonus shall be calculated according to a key of up to two
                                         months’ salary for each 3 months of non-compete period and shall not exceed a total
                                         of 12 salaries.

 

    	 

     

    

 

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		7.4.	Retirement
                                         bonus: the Company may pay an Officer a retirement bonus upon termination of employment.
                                         The retirement bonus shall not exceed six months’ salary for Officers that engaged
                                         with the Company for over 5 years or the CEO and two months’ salary for an Officer
                                         that was engaged with the Company for less than 5 years but more than 3 years.

 

Such
retirement bonus, if applicable, shall be awarded based on the Officer’s tenure, the Company’s achievements during
the relevant period and the Officer’s contribution to such achievements, and the circumstances of such Officer’s retirement
from the Company.

 

		8.	Change
                                         of control arrangements 

 

The
following benefits may be granted to Officers in addition to the benefits applicable in the case of any retirement or termination
of service upon a “Change of Control”:

 

		8.1.	Vesting
                                         acceleration of outstanding options;

 

		8.2.	Extension
                                         of the exercising period of options for a period of up to six (6) months following the
                                         date of employment termination;

 

		8.3.	Up
                                         to a twelve (12) months of continued base salary and benefits following the date of employment
                                         termination (the “Additional Adjustment Period”). For avoidance of
                                         doubt, such additional Adjustment Period shall be in addition to the notice period pursuant
                                         to Section 7.2 of this Policy; and

 

		8.4.	A
                                         cash bonus not to exceed three (3) monthly base salaries.

 

		9.	Engagement
                                         as a contractor or through a management company

 

The
Company may engage an Officer as an independent contractor rather than as a salaried employee. In such a case, the maximum cost
of employment would be calculated based on the maximum cost for a salaried employee in a similar position, and guidelines of the
Compensation Policy would apply to such an officer mutatis mutandis.

 

		10.	Work
                                         overseas 

 

Notwithstanding
any other provision of this Policy to the contrary, the maximum salary for an Officer who resides overseas (outside of Israel)
for discharging their position may exceed the maximum salary for the Officer pursuant to this Policy, had he been employed in
Israel, by up to 100%.

 

		11.	Insurance,
                                         waiver and indemnification

 

		11.1.	Officer
                                         liability insurance (claims made): the Company may obtain a liability insurance policy
                                         for Officers, subject to the following terms and conditions: (a) the total insurance
                                         coverage under the insurance policy shall not exceed US $50 million; (b) the annual premium
                                         payable by the Company for the insurance premium shall not exceed US $400,000 annually.

 

		11.2.	Officer’s
                                         liability insurance (run-off): should the Company sell its operations (in whole or
                                         in part) and/or in case of merger, spin-off or any other significant business combination
                                         involving the Company and/or part or all of its assets, the Company may obtain Officer’s
                                         liability insurance policy (run-off) for Officers in office with regard to the relevant
                                         operations, subject to the following terms and conditions: (a) the insurance term
                                         shall not exceed 7 years; (b) the coverage amount shall not exceed US $50 million; (c)
                                         the premium payable by the Company shall not exceed US $400,000 annually.

 

		11.3.	Public
                                         Offerings: the Company may extend the insurance policy for Officers in place to include
                                         cover for liability pursuant to a future public offering of securities. The additional
                                         premium for such extension of liability coverage shall not exceed 50% of the last paid
                                         annual premium.

 

		11.4.	Approvals:
                                         any insurance policy for Officers shall be approved by the Compensation Committee (and
                                         if required by law, also by the Board of Directors) which shall determine that the sums
                                         are reasonable considering the exposures, the scope of cover and the market conditions
                                         and that the insurance policy for Officers reflects the current market conditions, and
                                         it does not materially affect the Company’s profitability, assets or liabilities.

 

    	 

     

    

 

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		11.5.	Waiver
                                         of liability: the Company may, subject to statutory provisions, waive the Officer’s
                                         liability for any damage incurred by the Company, directly or indirectly, due to any
                                         breach of the Officer’s due care duty towards the Company and/or any affiliated
                                         entity to the fullest extent permitted by applicable law.

 

		11.6.	Advance
                                         indemnification: the Company may provide a commitment to indemnify in advance any
                                         Officer of the Company in the course of his position as Officer of the Company and/or
                                         any affiliated entity thereof, all subject to the letter of indemnification, as approved
                                         by the Company’s shareholders from time to time and in accordance with the Company’s
                                         Articles of Association and applicable law.

 

		11.7.	Retroactive
                                         indemnification: the Company may provide retroactive indemnification to any Officer
                                         to the extent allowed by the Companies Law.

 

		12.	Term
                                         of the Compensation Policy

 

The
Compensation Policy will be in effect for a 3 year (or longer if the law so permits) term starting on its approval date under
the Companies Law.

 

		13.	Miscellaneous

 

		13.1.	The
                                         Company may revise the terms of employment or office of any Officer at any time, and
                                         is under no obligation to apply the same terms of employment or office to any Officer
                                         applied to them in previous years.

 

		13.2.	This
                                         document shall not confer any right on Officers to whom this Compensation Policy applies,
                                         nor on any other third party, to receive any compensation whatsoever.

 

		13.3.	Note,
                                         for the sake of clarification, that the content of this policy does not detract from
                                         provisions of the Companies Law with regard to the manner of approval of contracting
                                         between the Company and any Officer with regard to terms of employment or office, and
                                         the provisions of this Policy do not detract from any mandatory reporting with regard
                                         to Officer compensation pursuant to the Securities Law and regulations based there upon.

 

		13.4.	For
                                         the avoidance of doubt, it is clarified that in case of any amendment made to provisions
                                         of the Companies Law and any other applicable rules and regulations in a manner that
                                         will facilitate the Company with respect to its action with regard to Officer compensation,
                                         the Company may be entitled to follow these provisions even if they contradict the principles
                                         of this Compensation Policy.

 

		13.5.	Any
                                         payment made to Officers pursuant to compensation plans, in addition to the fixed compensation
                                         component, is not and shall not be deemed part of the Officer’s regular pay for
                                         all intents and purposes, and shall not form basis for calculation and/or eligibility
                                         and/or accrual of any benefits and will not, notwithstanding the foregoing, be a component
                                         included in payment of paid leave, severance pay, contributions to provident funds, etc.

 

		13.6.	As
                                         part of the approval process of each annual plan, with its various components, changes
                                         to Company objectives, market conditions, the Company’s position, etc. would be
                                         reviewed annually by the Board of Directors. Consequently, the targets, benchmarks and
                                         compensation targets for each plan would be reviewed annually, and their actual application
                                         would be subject to change based on decisions made by the Board of Directors from time
                                         to time.

 

		13.7.	The
                                         Board shall review from time to time the Compensation Policy and the need to revise it
                                         in case of any material change in circumstances prevailing upon setting said Policy,
                                         or for any other reasons.

 

*       *       *       *       *Exhibit 4.8

 

Translated from Hebrew

 

Unprotected Lease Agreement

Entered into and signed in Jerusalem
on June 2, 2003

 

	Between:	R. M. P. A. Assets Ltd.
	 	P.C. 51-1808008
	 	whose address is P.O.B. 45079, Har Hotzvim, Jerusalem
	 	(the “Lessor”)
	 	of the first part;

 

	And:	Intec Pharmaceuticals (2000) Ltd.
	 	P.C. 513022780
	 	whose address for the purposes of this agreement is:
	 	9 Ahad HaAm Street, Tel Aviv 65251
	 	(the “Lessee”)
	 	of the second part;

 

	 	Whereas	the Lessor represents that it has signed a long-term lease agreement with the Israel Land Administration in respect of the land known as Lot No. 14 in Har Hotzvim B in Jerusalem –Zoning Plan 3760 A (the “Land”); and

 

	 	Whereas	the Lessor has built an industry and/or office building on the Land (all collectively: the “Building”); and

 

	 	Whereas	the Lessor wishes to let to the Lessee a certain part of the Building, situated on the first floor (4), spanning 170 sqm (gross), as marked on the floor plans attached hereto by the Lessor as Annex “A” to this contract, in the condition in which the Lessees have seen it (the “Property “) and two parking spaces in the Building’s car park. In any event, the gross area of the Property includes areas in respect of the Lessee’s relative share in the common property, if any, such as storage room, stairwell, bomb shelter, toilets, elevator shafts etc. (the “Area of the Property”); and

 

	 	Whereas	the Lessor represents that, to the best of its knowledge and subject to the representations of the Lessee, there is no impediment to the lease of parts of the aforesaid Building by the Lessee; and

 

	 	Whereas	the Lessee wishes to lease the Property from the Lessor in its condition (As Is), in an unprotected lease, and subject to the provisions of this contract below;

 

Wherefore the parties have agreed, represented
and stipulated as follows:

 

Preamble and Annexes

 

1.

 

	 	a.	The preamble to this contract and the annexes hereto constitute an integral part hereof.

 

	 	b.	The headings of the sections are solely for purposes of convenience, do not constitute part of the contract and are not to be taken into consideration for interpretation purposes.

 

	 	c.	The plans attached to this contract are only schematic.

 

The Transaction

 

	2.	The Lessor lets the Property to the Lessee, and the Lessee leases the Property from the Lessor, on the terms and conditions specified in this contract below.

 

     

     

    

 

- 2 -

 

	

                                                                                3.
	It is expressly agreed and represented that the Property is situated at a building, the construction of which was completed after August 20, 1968 and that the Lessee has not paid, nor was it required to pay, directly or indirectly, key money and/or any other premium for the Property or any part thereof, and that the Lessee shall not be deemed a protected tenant of the Property under this agreement and the provisions of the Tenant Protection Law (Consolidated Version), 5732-1972, including all of the amendments thereto, and any other law concerning tenant protection, including the regulations and orders thereunder, do not apply and shall not apply to the lease of the leased property.

 

Representations of the Lessee

 

4.

 

	 	a.	The Lessee hereby represents that it has seen the leased property, has examined it and has found it in proper order and fit for use in its present condition (As Is) and fit for its needs and it hereby waives any and all claims in connection with the leased property or the condition thereof, with the exception of hidden flaws, if any.

 

	 	b.	The Lessee hereby represents that it has examined the location of the Property, the construction thereof and the potential usage thereof under law and under the Zoning Plan in general and for the purpose of its business and operation and it has found it fit for its purposes, and it hereby waives any claim with respect to unsuitability and/or in respect of use of the Property.

 

	 	c.	The Lessee represents that there is no legal impediment to is engagement in this agreement.

 

Term of the Lease

 

5.

 

	 	a.	The term of the lease under this agreement is for 36 months, commencing on June 2, 2003 and ending on June 1, 2006. Notwithstanding the aforesaid, the Lessee may terminate the term of the lease after 24 months, i.e., on June 1, 2005, provided that it shall have notified the Lessor thereof four months in advance.

 

	 	b.	Breach of this section shall constitute a fundamental breach of the contract.

 

Rent and Maintenance Fees

 

6.

 

	 	a.	In consideration for the fulfillment of all of the Lessor’s obligations under this agreement, and for lease of the Property, the Lessee shall pay the Lessor: in the first two years of the term of the lease, monthly rent in the amount of NIS 6,319, as well as property maintenance and management fees in respect of the Property, in accordance with Annex F, in the amount of NIS 1,487, as specified hereinbelow, and, in total, NIS 7,806 per month plus V.A.T. as required by law; and in the third year of the term of the lease, an amount of NIS 6,620 as rent and NIS 1,558as management fee, and, in total, NIS 8,178 per month plus V.A.T.

 

The Lessee shall additionally pay
an amount of NIS 262 per month plus V.A.T. for any attached parking space under the terms of this agreement.

 

(The rent, management fee and parking
space payment shall be hereinafter referred to as: the “Basic Rent”).

 

The Basic Rent in the entire term
of the lease shall be fully linked to the Consumer Price Index, as specified in Subsection (d) below.

 

In addition to payment of the rent,
the Lessee shall also pay the Lessor the Value Added Tax in respect thereof, at the rate in effect from time to time, which shall
be paid on the rent payment date - each and every payment.

 

A tax invoice shall be furnished
to the Lessee by the Lessor within 14 days of the date on which payment was actually made.

 

     

     

    

 

- 3 -

 

	 	b.	The Basic Rent shall be paid by the Lessee to the Lessor as specified below:

 

	 	(1)	The rent shall be paid each month in advance and shall include the component of rent, management fee, parking spaces and V.A.T, as well as the Index linkage differentials, as provided in Section (e) below. The rent shall be paid via a standing bank order to an account specified by the Lessor, by the 20th day of the month preceding the rental month.

 

	 	(2)	The Lessee undertakes to pay the rent throughout the entire term of the lease, even if it shall have left the Property and/or shall not have made any use and/or partial use thereof, unless the Lessor shall have consented thereto, and subject to the provisions of Section 11 (a) in respect of lease of the Property to an alternative lessee.

 

	 	(3)	For the avoidance of doubt it is hereby stressed that insofar as, for whatever reason, cheques are delivered, delivery of such cheques shall not constitute payment of the rent, and only actual clearance on the date stated in the cheque, with Index linkage differentials as stated in Subsection (e) hereunder, shall be deemed upon receipt thereof as consideration and as payment of the rent at the rate and in the amount actually cleared.

 

	 	(4)	Notwithstanding the aforesaid, it is agreed that for the months June to September 2003 (inclusive), the Lessee shall not be charged for the Basic Rent, and it is also agreed that for the months October and November 2003, the Lessee shall be charged for only half of the Basic Rent. The payment for the months October and November 2003 shall be made upon the signing hereof.

 

	 	c.	The Lessee may not push forward payment dates, other than according to the prior consent of the Lessor.

 

	 	d.	The rent shall be linked to the Consumer Price Index as specified below:

 

If it shall have emerged from the
last Index published prior to the actual payment date of any rent payment (the “New Index”) that the New Index
has increased compared with the Index of April 2003, which was published on May 15, 2003, i.e. 101.9 points (the
“Basic Index”), the rent shall increase accordingly, by the rate of increase of the New Index compared with
the Basic Index.

 

If any Index is, for whatever reason,
lower than the Basic Index, the aforesaid payment shall not decrease.

 

	 	e.	In this agreement, the “Consumer Price Index” or the “Index” shall mean – the Consumer Price Index including fruit and vegetables, which is determined by the Central Bureau of Statistics and Economic Research and includes the same index even if published by any other official body or institution, including any other official index to come in its stead, whether or not it is based on the same data on which the present index is based. If another index comes to be, and the Central Bureau of Statistics and Economic Research does not determine the proportion between the same and the replaced index, the accountants of the Lessor and Lessee shall determine the proportion between the same and the replaced index.

 

	 	f.	Every 3 months in the term of the lease, the Lessor shall make an adjustment of the rent according to the amount of increase to the Index as specified above (the “Linkage Differentials”), and shall inform the Lessee thereof, which shall immediately pay the Linkage Differentials to the Lessor. In the alternative, such Linkage Differentials shall be directly collected through the standing bank order, together with the monthly payment.

 

	 	g.	The Lessor reserves the right to transfer (in whole or in part) its rights and undertakings under this agreement to any third party, provided that the rights of the Lessee under this agreement are not prejudiced, and the Lessee undertakes to act in good faith and sign a management agreement or any other agreement with the transferee and/or with the Lessor, as the case may be, the principles of which agreement will be accordant with the principles specified in Annex F, including payment of the management and/or maintenance fees as stated in the annex or in this agreement.

 

     

     

    

 

- 4 -

 

General principles of management
as stated in Annex “F”, which is attached hereto as an integral part hereof.

 

Without derogating from the generality
of the aforesaid, the Lessee undertakes to cooperate with any such entity, in any form and manner, including a committee, if established,
as in a condominium, whether or not a condominium exists.

 

	 	h.	Breach of this section shall constitute a fundamental breach of the agreement.

 

Arrears Interest

 

7.

	 	a.	Any amount due from the Lessee to the Lessor, including the one stated in paragraphs 6 above, which is not timely paid, shall bear, as of the third day of delinquency, in addition to linkage to the Consumer Price Index, arrears interests in respect of the delinquent amount, at the maximum rate (which does not include additional Index linkage) customary at Bank Leumi LeIsrael Ltd. for overdrafts in debit current accounts, plus 10%, with the interest compounding every month, as of the payment date stated in this agreement with respect to the delinquent amount until actual payment of the same.

 

Delinquency in rent payment as
aforesaid in excess of 7 (seven) business days shall be deemed a fundamental breach of the contract. The charge for arrears interest
shall be calculated as usually calculated by Bank Leumi LeIsrael Ltd.

 

	 	b.	Nothing in the provisions of Subsection (a) above shall be construed as granting the Lessee a right to any delinquency in the payment of rent under this contract.

 

	 	c.	The Lessor undertakes to receive rent and/or payments on account of debts when due, upon payment thereof by the Lessee.

 

Purpose of the Lease

 

 8.

  

	 	a.	The Lessee undertakes to use the Property solely for the purpose of management of its office and business in the field of hi-tech industry and/or biotechnology and/or converging fields, and for this purpose alone, all subject to the provisions of Zoning Plan 3760 A.

 

The Lessee hereby undertakes to
neither use nor allow use of the Property or any part thereof for any other purpose whatsoever other than the aforementioned purpose,
and the Lessee may not engage at the Property in any other business and/or manufacture and/or sell and/or market at the Property
products, consumer goods, merchandise or other services of any type whatsoever, other than the ones included within the purpose
of the lease as specified below.

 

	 	b.	Without derogating from the aforesaid, it is hereby agreed that the responsibility for obtaining a business license and any other permit, including a police and/or Ministry of Health and/or municipal authority permit and any and all taxes and payments to be due to an authority and/or the government and/or any other entity in respect of obtaining the license, including business tax, signage tax, fees and licenses for the business and for the management thereof, which are required for operation of the business of the Lessee at the Property, shall be borne by the Lessee at its own expense. In any event, not obtaining the licenses and/or the payments shall bear no effect on the obligations of the Lessee under this agreement.

 

	 	c.	The Lessee may not change the purpose of the lease without receiving the Lessor’s prior written consent. If the Lessee wishes to change the purpose of the lease, it is required to address the Lessor in writing and specify the new purpose and the reasons for the change. The Lessor shall not be obligated to agree to a change in the purpose of the lease. If the Lessor refuses to agree to a change in the purpose of the lease, such shall not constitute a breach of this contract by the Lessor.

 

     

     

    

 

- 5 -

 

	 	d.	The Lessee undertakes to cooperate with any guard/doorman posted, if posted, on behalf of the Lessor and/or the Management Company as defined above in Section 6(g), and to adhere to all of their instructions, all subject to the details in Annex “F” in respect of the Building’s management principles.

 

	 	e.	Breach of this section shall constitute a fundamental breach of the contract.

 

Possession Handover, Use of the Property
and Repairs

 

9.

 

	 	a.	Exclusive possession of the Property shall be handed over to the Lessee on June 2, 2003 (hereinafter and above: the “Handover Date”), provided that this contract shall have been signed and that rent shall have been paid to the Lessor as provided in Section 6 above, and provided that the Lessor shall have been provided with all of the collateral specified in this contract by the Lessee.

 

On the Handover Date, a punch list
will be prepared by a representative of the Lessor in the presence of the Lessee and/or anyone on its behalf, for receipt of the
Property by the Lessee by the Lessee signing the punch list, and a copy thereof shall remain in the hands of the Lessee.

 

As of such date, the Lessee shall
be subject to all of the duties and obligations arising from this contract, including its liability for any damage caused by an
act by the Lessee or anyone on its behalf and the term of the lease shall commence on the aforesaid date for all intents and purposes,
whether the Lessee shall have arrived on such date to receive possession or not.

 

	 	b.	The Lessee shall compensate and indemnify the Lessor for any damage and/or expense incurred by the Lessor as a result of an act or omission by the Lessee, provided that prior notice is delivered to the Lessee in respect of the damage and/or expense, in order for the Lessee to be given the opportunity to rectify the same or defend itself against the person claiming their existence.

 

The provisions of this paragraph
shall not apply to malfunctions at the Property which originate in ordinary wear and tear stemming from reasonable use of the Property.

 

	 	c.	The Lessee undertakes to manage its business at the Property and the surroundings thereof in such manner so as not to create any safety and/or health and/or other risk.

 

	 	d.	The Lessee undertakes to manage its business carefully and reasonably while coordinating activities with the maintenance person on behalf of the Lessor. The Lessee further undertakes, itself or through others, to unload and/or load merchandise of any type whatsoever only in the area specified by the aforesaid maintenance person.

 

	 	e.	The Lessee may not make any use of the sidewalks, roads and any other public area which is common to the Property, other than for the purpose for which such public areas are designated.

 

	 	f.	The Lessee undertakes to use the leased property appropriately and reasonably, to persevere in the preservation of the leased property and the proper upkeep thereof throughout the entire term of the lease, to repair by itself and at its own expense any flaw, malfunction or damage, except reasonable wear and tear, to be caused at the leased property during the term of the lease, by the Lessee and/or anyone on its behalf, including its employees, guests and invitees, and to return possession of the Property to the Lessor upon the end of the term of the lease, or after termination of the contract, or after expiration thereof by the Lessor, with the Property being clear of any person and object belonging to the Lessor and with it being in good and proper condition, as handed over to the Lessee, except ordinary and reasonable wear and tear, and with it being fit for use, and to perform, at its own expense, any repair required for the purpose of compliance with its aforesaid obligations, no later than the date on which the Lessor is entitled to the return of the Property as aforesaid.

 

	 	g.	If the Lessee fails to perform repairs as aforesaid in this section, as the Lessor shall notify it and/or fails, in the Lessor’s opinion, to properly perform them, the Lessor may enter the Property and perform maintenance work and these repairs, whether itself or through others, in the Lessee’s stead and at its expense, without derogating from all of the other rights and remedies conferred upon the Lessor under this agreement, all if the Lessee shall not have performed such repairs as aforesaid, within 14 days of the day on which the Lessor shall have notified it in writing of its intention to enter the Property for the purpose of performing the repairs as aforesaid.

 

     

     

    

 

- 6 -

 

	 	h.	The Lessee undertakes not to perform any structural changes and/or additions at the Property without receiving the Lessor’s prior written consent thereto and subject to obtainment of a lawful permit and license, if such permit/license is required. The Lessor shall not object to such changes except on reasonable grounds. It is agreed that if the area of the Property increases in consequence of the changes and/or additions, the Lessee shall pay additional rent in the same proportion as the rent.

 

Without prejudice to the rights
of the Lessor under this section, the Lessee must, immediately upon receipt of the Lessor’s demand therefor, remove, at its
own expense, any such additions or changes (which shall not have received the Lessor’s prior approval as aforesaid and/or
changes which shall have received its approval upon the end of the lease and prior to returning the Property to the Lessor, except
if permission shall have been given to leave the change) and the Lessor shall also have the right to do so at the expense of the
Lessee. Changes which are not easily removable and/or the removal of which shall aesthetically or structurally damage the Property,
shall remain as they are at the Lessor’s consent and shall be transferred to its ownership for no consideration, upon the
end of the contract and/or the term of the lease.

 

Special provisions with respect
to fit-out of the Property to the Lessee upon commencement of the lease shall be as specified in Annex B.

 

	 	i.	The Lessee undertakes not to cease using the Property for a period exceeding 90 days, other than if it gives the Lessor prior notice thereof. If the Lessee ceases to use the Property as aforesaid, other than for reasons of force majeure, it shall be deemed as having waived its rights under this contract, but this shall not derogate from the obligations of the Lessee under this contract, including with respect to payment of rent to the Lessor and with respect to any other payment borne by the Lessee under the provisions hereof.

 

	 	j.	The Lessee may not install a sign at the Property, but only subject to the explicit written approval of the Lessor in advance, in respect of the form of the signage, its content and its location, and in accordance with the provisions of any law, including a permit from the municipal authority.

 

It is clarified that subject to
the aforesaid, the Lessor shall not have an objection in principle to signage containing the names of companies whose products
are sold on the Property, provided that in any such case, prior written consent is received from the Lessor and/or the Management
Company as defined in Section 6(g) above.

 

The Lessor may remove, at the expense
of the Lessee, any sign installed thereby in violation of the provisions of this section.

 

In addition and in the alternative,
the Lessor may determine a common form of signage.

 

	 	k.	The employees of the Lessor and its agents may enter the Property at any time during usual working hours, provided that the same is done after prior coordination with the Lessee and that the visit is accompanied by a representative of the Lessee, all for purposes of inspection and performance of repairs, while protecting the rights of the Lessee under this agreement.

 

	 	l.	Breach of this section shall be deemed a fundamental breach of this contract.

 

Levies and Payments

 

10.

 

	 	a.	The Lessee undertakes that, as of the Property’s Handover Date as provided in Section 9(a) above, it shall pay any and all taxes of any type, fees, municipal taxes (arnona), levies and other payments imposed and to be imposed in the future, during the term of the lease, which relate to the term of the lease under the provisions of any law, on the lessee of a property as distinguished from the owner thereof, and which relate to the Property and/or the business managed therein, directly and on the lawful date on which such are payable to the various authorities.

 

     

     

    

 

- 7 -

 

Furthermore, the Lessee shall directly
bear any and all expenses of any type whatsoever which are involved in the Property’s maintenance, including its share in
the common property, as defined in the area of the Property, and, without derogating from the generality of the aforesaid, expenses
due to municipal tax (arnona), any levy or tax imposed on the lessee of a property as distinguished from the owner thereof,
water, electricity, electricity for the air conditioning system, telephone, sewage and gas.

 

It shall also see to registration
of all of the separate meters in respect of the Property within 14 days of the Handover Date, and to registration of its name at
the aforementioned offices as lessee and as solely responsible for payments.

 

	 	b.	Without derogating from the generality of the aforesaid, and only insofar as any of the aforementioned payments is not actually paid by the Lessee to a third party entity, as the case may be, the Lessor may obligate the Lessee to pay the aforesaid levies and payments, in whole or in part, directly thereto, as per its choice and in accordance with a written prior notice to be sent to the Lessee. It is hereby agreed that municipal tax (arnona) payments paid to the Lessor (insofar as not directly paid to the municipality by the Lessee), shall be as customary in the area for each leased sqm, and that the Lessee shall have no claim against the Lessor if the Lessor actually pays the municipal authority an amount lesser than such, to be included in the general amount in respect of the Building, if included.

 

It is further agreed that if the
municipal authority sends the Lessor a demand for payment differentials in respect of the Property, the Lessee will pay the payments
according to the demand, and will have no claim against the same.

 

	 	c.	The Lessee undertakes to present to the Lessor, from time to time and provided that it shall have given a written demand 7 days in advance, according to the Lessor’s demand, all of the receipts and/or confirmations certifying that all of the payments payable thereby under this contract have indeed been paid thereby, and, upon the end of the term of the lease, to transfer thereto the original bills and/or receipts and/or clear photocopies of such documents. The Lessee undertakes to present to the Lessor receipts and/or confirmations attesting to payments that were made which relate to the term of the lease.

 

	 	d.	Insofar as, for whatever reason, either of the parties pays any payment under this contract, which the other party is obligated to pay, the other party shall have to return to the paying party any such amount paid thereby immediately upon the second party’s first demand in a letter of notice to the party for whom payment was made, with Index linkage differentials and arrears interest at the rate set forth in Section 7(a) above, within seven days of the date of demand thereby and until actual payment of the same by the second party.

 

	 	e.	Breach of this section shall be deemed a fundamental breach of the contract.

 

Transfer of Rights

 

11.

 

	 	a.	The Lessee may transfer and/or endorse its rights under this contract to another person and/or entity and to lease or hand over to another or to other and to permit and/or grant any right to another or to others to use the Property or any part thereof, to share with someone possession of the leased property or use thereof and/or of any part thereof in any form and manner, all whether with or without consideration. The aforesaid shall be carried out after receipt of the Lessor’s consent. For this purpose, the Lessor undertakes not to unreasonably withhold its consent.

 

	 	b.	The Lessor, on its part, may transfer its rights and obligations under this contract to any entity and/or person without need for the Lessee’s consent, provided that the Lessee’s rights under this contract are not prejudiced.

 

	 	c.	
        Breach of this section shall be
deemed a fundamental breach of the contract.

 

     

     

    

 

- 8 -

 

Insurance

 

	12.	The Lessee hereby undertakes to insure, at its own expense, the contents of the leased property and the business and activity of the Lessee at the leased property, at full value, with the insurance values being updated from time to time, as necessary, and against all known, standard and customary risks, with an authorized reputable insurance company.

 

Without derogating from the generality
of the aforesaid, the Lessee hereby undertakes to purchase the following insurance policies:

 

	 	a.	Employers’ liability insurance –

 

Insurance of the Lessee’s
liability to its employees under the Tort Ordinance (New Version) and/or under any other law due to death and/or bodily harm (including
brain or mental damage) to any employee as a result of an accident or illness while and as a result of his work, with a liability
cap no lesser than $1,500,000 per claim and $5,000,000 in the aggregate for the term of the insurance.

 

	 	b.	Third party liability insurance –

 

Insurance of the Lessee’s
liability to the Lessor and to any third party, under the Tort Ordinance (New Version) and/or under any other law in an amount
no lesser than $500,000 (five hundred thousand dollars) per claim and in the aggregate for the term of the insurance.

 

	 	c.	Property insurance –

 

Insurance of the contents of the
leased property, the equipment used in the Lessee’s work and the equipment serving the leased property and located outside
the leased property, including any repair, change, renovation and addition to the leased property, made and/or to be made by the
Lessee and/or therefor, of any type whatsoever, with full reinstatement value, and no less than the price of replacement thereof
with new and similar property, including their installation, and including explosion, earthquake, storm, gale, flood, water damage,
damage by aircraft, damage by accident, strikes, riots, willful damage and burglary.

 

The said insurance shall also insure
the full value of the Lessee’s work.

 

	 	d.	Insurance for loss of profits of the Lessee –

 

The Lessee may not recover from
the Lessor any claim related to loss of profits, whether or not it may be proved.

 

13.

 

	 	a.	Without derogating from the generality of the aforesaid, the Lessee hereby undertakes to bear the management fee payments according to the provisions of Annex F, which also include payments for the following insurance policies, to be taken out by the Lessor:

 

	 	1.	Insurance of the Building, including the attachments thereto, against loss or damage as a result of risks of fire, smoke, lightning, explosion, earthquake, riots, strikes, willful damage, terror damage, storm, gale, flood, other natural disasters, damage by aircraft, damage by accident, burglary and against any additional risk which, in the opinion of the Lessor, is required, in amounts or unlimited in amount, as determined by the Lessor per its discretion, provided that the amount of insurance is no less that the reinstatement value of the Building and the attachments thereto. Such insurance shall include a clause concerning waiver of the subrogation right against the lessees and/or tenants in the Building due to damage caused thereby to the Building, with the exception of damage caused thereby with malicious intent.

 

For the purpose of the provisions
of this section, the term “Building” shall include all of the systems constituting an inseparable part of the Building
and will explicitly not include the contents of the leased properties and any addition, repair, change, improvement or extension
carried out in the leased properties by the lessees or for them.

 

     

     

    

 

- 9 -

 

	 	2.	Third party liability insurance, which insures the liability of the Lessor and Lessee to any third party under the laws of the State of Israel, with a liability cap no lesser than $2,000,000 per claim and in the aggregate for the term of insurance, in the public areas which do not constitute a part of the leased areas.

 

The policy shall include a “cross
liability” clause, under which the mutual liability of the individuals of the insured and the Lessee will be covered.

 

	 	3.	Insurance for loss of rent and/or consequential loss and loss of profits of the Lessor, at full value, as a result of loss or damage to the Building and/or to the leased property as a result of the risks specified in Section 12.a.1 above for the period required for reinstatement or replacement of the Building.

 

	 	4.	Any other insurance which the Lessor deems necessary, including third party insurance in addition to the aforesaid in Section 12(b) above, which pertains to destruction and/or damage and/or loss and/or liability in connection with the Building, its management and its operation.

 

	 	b.	The Lessee will present to the Lessor per its demand all of the insurance policies issued thereto in accordance with Section 12 above, within 60 days after the signing hereof at the Property and shall furnish copies thereof thereto, as a preliminary condition for receipt of possession of the Property thereby or for opening of the business thereby (as applicable) and shall also present to the Lessor, on an ongoing basis, any new policy to be issued thereto or any amendment to a policy previously presented thereby to the Lessor. Per the reasonable demand of the Lessor, the Lessee shall have to add and/or update and/or amend the insurance policies to the Lessor’s satisfaction in order for such to meet the criteria set forth in this section above.

 

	 	c.	It is hereby expressly agreed and stated that the Lessor shall bear no liability of any type whatsoever to the Lessee for any damage caused to the Property or to the contents thereof or to a third party for any reason whatsoever, whether the reason for the damage or malfunction are known or unknown, except as a result of negligence and/or the liability of the Lessor.

 

	 	d.	The Lessee undertakes to cause an explicit condition to be added to the insurance policies, whereby the insurer expressly waives any subrogation right or other right under law to recover from the Lessor and/or from anyone on behalf thereof by a claim of subrogation or recovery or indemnification due to direct or indirect damage as specified above, if any such damage is caused.

 

Without derogating from the aforesaid,
the Lessee further undertakes to cause the name of the Lessor to be added to the insurance policies as a beneficiary and an express
condition to be added whereby the insurer is also liable to the Lessor in the same manner in which it is liable to the insured
(the Lessee), with respect to third party claims due to direct or indirect damage as specified above, if any such damage is caused,
including a “cross liability” clause governing the mutual liability of the individuals of the insured.

 

	 	e.	The Lessor shall properly comply with all of the terms and conditions of the policies mentioned in this section above, to timely pay the insurance fees and to see to the renewal of the policies and their being in full force and effect throughout the entire term of the lease and the additional term of lease, if any.

 

	 	f.	The Lessee undertakes to see to it that for all policies on its behalf and in its name a “policy addendum” is issued whereby revocation and/or change for the worse thereof in any respect pertaining to the leased property and/or the Lessor and/or the Lessor is contingent upon written notice by registered mail to be delivered to the Lessor by the insurer at least 30 days prior to the date of such change and/or revocation.

 

	 	g.	Effectuating the insurance policies as aforesaid shall in no manner diminish and/or derogate from the undertakings of the Lessee under this contract nor shall it release it from its duty to compensate any person for any damage caused to his person or to his property, directly or indirectly, as a result of the use of the Property.

 

     

     

    

 

- 10 -

 

For the avoidance of doubt it is
clarified that the Lessor’s involvement in respect of the effectuation of the various insurance policies by the Lessee, including
the types of insurance and/or the setting of minimum liability caps, does not impose any liability on the Lessor with respect to
the insurance coverage, its force and effect or its suitability.

 

	 	h.	The Lessee undertakes to indemnify the Lessor if the Lessor is charged with any payment due to damage caused at the Property, of any type whatsoever, which does not stem from the act, omission or negligence or liability of the Lessor, but stems from the liability of the Lessee.

 

Vacating

 

	14.	The Lessee undertakes to vacate the Property immediately upon the end of the term of the lease, or in the event of termination of the contract for whatever reason or upon expiration thereof by the Lessor, all as the case may be, and to return to the Lessor exclusive possession of the Property, it being clear of any person and object and it being in good and proper condition, as received thereby and subject to reasonable wear and tear.

 

	 	The Lessee further undertakes to provide the Lessor on
demand with confirmations from any and all pertinent entities whereby all of its obligations as stated in this contract have been
paid, including municipal and other taxes, water, electricity, air conditioning electricity, telephone, gas, etc.

 

	15.	For any day of delinquency in the vacation of the Property (except the first 7 days of delinquency on which the usual rent will be collected without delinquency fees and thereafter according to the provisions of this section), as aforesaid, and in any event where the Lessee must vacate the Property under any law and/or agreement, the Lessee undertakes to pay the Lessor an amount in New Shekels equal to 3 times the last rent including V.A.T. and any other component, if added, divided by the number of days in the last month and linked under the terms and conditions hereof and multiplied by the number of days of delinquency in the vacation of the Property and estimated as damages that are fixed, agreed and estimated in advance, without prejudice to the Lessor’s right to claim, demand and receive injunctions and/or specific performance and/or any other remedy against the Lessee including rent under this agreement which is due thereto under any law.

 

Breach and Remedies

 

16.

	a.	The parties hereby agree that if this contract and/or any of the terms and conditions hereof are fundamentally breached, the injured party will be entitled to terminate this agreement and demand from the Lessee (insofar as it is the injuring party) to return exclusive and clear possession of the Property, and the Lessee undertakes to comply with such demand within 60 days.

 

Without derogating from the aforesaid,
each of the events specified below shall be deemed as conferring upon the injured party the right to discontinue the lease hereunder.
Insofar as the injuring party is the Lessee, the Lessor may demand that the Lessee immediately vacate the Property and recover
from the Lessee in any legal way available thereto, including by way of realization of the collateral noted in Section 17, in order
to cover all of the Lessor’s damage, and including removal of the Lessee, its equipment, employees and representatives from
the Property, and these events follow:

 

	 	1.	The Lessee shall have abandoned the Property for a period exceeding 90 days, subject to the provisions of Section 9 above.

 

	 	2.	A judicial closedown order shall have been issued in respect of the Lessee’s business at the Property and the order shall not have been revoked within 60 days of the issuance thereof.

 

	 	3.	An attachment shall have been imposed on the rights of the Lessee under this contract and such attachment shall not have been revoked within 120 days as of the day on which the Lessee shall have learned of the imposition of attachment.

 

     

     

    

 

- 11 -

 

	 	4.	A bankruptcy and/or liquidation petition shall have been filed against the Lessee or by the Lessee or an order for receipt of assets in bankruptcy and/or a liquidation order shall have been issued against it and/or a temporary or permanent receiver of all or some of its assets and/or a trustee in bankruptcy and/or a liquidator shall have been appointed thereto and such petition and/or order and/or appointment shall not have been revoked within 60 days of the day on which the Lessee shall have learned thereof.

 

	 	b.	In the event of termination of the contract due to a fundamental breach thereof and a failure to remedy the same after written notice thereof being given and discontinuance of the lease consequently thereto, the breaching party undertakes to pay the injured party preestimated liquidated damages in the amount of $10,000 (ten thousand U.S. dollars) with no proof of damage to the Lessor being necessary and without prejudice to any other and/or additional legal and/or contractual right available to the Lessor.

 

	 	c.	In the event of a fundamental breach of the contract by the Lessee, the Lessor may accelerate payment of the entire remaining balance of rent, management fee and parking space payment until the end of the term, provided that the breach shall not have been rectified also 7 days after the Lessor shall have notified the Lessee thereof, without prejudice to any legal or other right to remedies under law and under this agreement.

 

	 	d.	Noncompliance with the undertakings of the management company under this agreement lasting more than 90 days shall constitute a fundamental breach of this agreement by the Lessor.

 

Collateral

 

	17.	To secure compliance with all of the Lessee’s undertakings under this contract, the Lessee undertakes to provide the Lessor on the date of the signing hereof with the following collateral:

 

	 	a.	An autonomous bank guarantee to the order of the Lessor in the amount of 3 (three) months of lease including V.A.T and any other addition (insofar as added). The guarantee shall be linked to the agreement’s index and to any condition and/or addition stated in this agreement or the extensions thereof as they shall be. The guarantee shall be in force and effect until one month from the date of expiration of this agreement or the extensions or addendums thereof, as applicable, and restoration of the Property to the condition stated in this agreement.

 

Stamp Duty

 

	18.	Stamp duty expenses of this contract and the copies hereof, if stamped, shall be paid by the Lessee.

 

General

 

19.

 

	 	a.	This contract revokes the MOU signed between the parties, if any, and/or any other paper and representation with respect to which negotiations were conducted, and supersedes it for all intents and purposes related to the Property and/or any other understanding whether oral or written during the negotiations until the signing date.

 

	 	b.	The parties grant exclusive jurisdiction to the competent court at the city of Jerusalem.

 

Notices

 

20.

 

	 	a.	The addresses of the parties hereof are as specified in the preamble.

 

After commencement of the term
of the lease, the Lessee’s address for the purposes of this contract shall be at the Property.

 

	 	b.	Any notice sent to any of the parties by registered mail shall be deemed to have arrived at its destination and duly delivered at the end of 72 hours as of the time of dispatch thereof.

 

     

     

    

 

- 12 -

 

In witness whereof the parties have
hereunto set their hands

 

	/s/ Yair Hadar	 	/s/ Zvi Joseph
	The Lessor	 	The Lessee

 

     

     

    

 

- 13 - 

 

Translated
from Hebrew

 

April 21,
2004

 

Addendum
to Agreement

Signed
in Jerusalem on April 21, 2004

 

	Between:	R.
    M. P. A. Assets Ltd. (the “Lessor”)
	 	 
	And:	Intec
    Pharmaceuticals (2000) Ltd. (the “Lessee”)

 

It
has been agreed as follows:

 

	1.	As of
    May 1, 2004, the area of the lease shall increase by an additional 200 sqm (gross) (the “Additional Leased Property”).

 

	2.	The rent
    for the additional area shall be NIS 38.25 per one gross sqm plus a management fee in the amount of NIS 9 per one gross sqm.

 

	3.	Lawful
    V.A.T. shall be added to the aforesaid prices.

 

	4.	The aforesaid
    prices shall be linked to increases in the Consumer Price Index (basis published on March 15, 2004) and shall be increased
    by 5% after 24 months.

 

	5.	No rent
    and management fee shall be paid for the first two months.

 

	6.	The lease
    agreement and all of the periods therein are hereby extended, such that they last for no less than 20 months from the payment
    commencement date in respect of the new leased property.

 

	7.	The following
    conditions shall apply with respect to an 46 sqm-area:

 

	 	a.	For the
    first 3 months of lease - no rent shall be paid.

 

	 	b.	For the
    12 months thereafter - 50% of the rent and management fee specified in Sections 2-4 of this addendum shall be paid.

 

	 	c.	Thereafter,
    rent shall be paid according to the provisions of Sections 2-4 of this addendum.

 

	8.	The bank
    guarantee shall be increased in accordance with the rent increment under this addendum to the agreement.

 

	9.	Payment
    terms are hereby modified both with respect to the old leased property and with respect to the new one, such that the payment
    date will be each quarter in advance, rather than as stated in the agreement.

 

	10.	The Lessor
    shall, at its own expense, separate the leased property from the remaining vacant area by plaster walls, and shall also perform
    any change or fit-out required thereto in order to allow for new entrance or entrances into the area remaining in the Lessor’s
    possession, and the Lessee shall bear no cost or obligation in consequence thereof.

 

	11.	The Lessor
    shall perform electricity work for separation of all of the connections in the new leased property (lighting, power, fan coils
    and so forth) from the present distribution board and shall connect them through a separate distribution board to a central
    distribution board of the building or another main board including a secondary meter for consumption measurement and security
    switches as required. For the avoidance of doubt, all of the current costs of any type (electricity, air conditioning electricity,
    chiller electricity and so forth) shall be borne by the Lessee whether paid to the Israel Electric Corporation or to the Lessor
    or another entity according to the secondary meter. The separation stated in the first part of this section only refers to
    the actual separation work. Separations shall be carried out in coordination with professionals on behalf of the Lessor insofar
    as required until May 15, 2004. In respect thereof, the Lessee shall contribute an amount of NIS 750 plus V.A.T. per month
    for a period of 12 months commencing on the day of completion of the separation work on behalf of the Lessor.

 

     

     

    

 

- 14 -

 

	12.	All of
    the other terms and conditions of the lease agreement of June 2, 2003, insofar as unchanged by this agreement, shall remain
    unchanged and shall also apply to the Additional Leased Property.

 

In
witness whereof the parties have hereunto set their hands

 

	/s/
    Zvi Joseph	 	/s/
    Yair Hadar
	The Lessee	 	The Lessor

 

     

     

    

 

-
15 -

 

Translated
from Hebrew

 

January
1, 2006

 

Addendum
to Agreement

 Signed
in Jerusalem on January 1, 2006

 

	Between:	R.
    M. P. A. Assets Ltd. (the “Lessor”)
	 	 
	And:	Intec
    Pharma Ltd. (the “Lessee”)

 

It
has been agreed as follows:

 

	1.	As of
    January 1, 2006, the area of the lease shall increase by an additional 669 sqm (gross) (the “Additional Leased Property”),
    in accordance with the attached floor plan.

 

	2.	The rent
    for the additional area shall be NIS 38.25 per one gross sqm plus a management fee in the amount of NIS 9 per one gross sqm.

 

	3.	The Lessee
    shall commence the aforesaid rent and management fee payments on January 1, 2006.

 

	4.	Lawful
    V.A.T. shall be added to the aforesaid prices.

 

	5.	The aforesaid
    prices shall be linked to increases in the Consumer Price Index (basis published on March 15, 2004) and shall be increased
    by 5% as of January 1, 2007.

 

	6.	The lease
    agreement and all of the periods therein are hereby extended, such that they last for no less than until December 31, 2008.

 

	7.	The bank
    guarantee shall be increased in accordance with the rent increment under this addendum to the agreement.

 

	8.	The Lessee
    shall, at its own expense, separate the leased property from the remaining presently vacant area by plaster walls, and shall
    also perform any change or fit-out work required thereto at its own expense, and the Lessor shall bear no cost or obligation
    in consequence thereof.

 

	9.	The Lessee
    shall perform electricity work for connection of all of the connections in the new leased property (lighting, power, fan coils
    and so forth) from the present distribution board (approx. 630 ampere) and shall also connect it to all of the areas of the
    previous leased properties, such that only one direct connection to the Israel Electric Corporation remains. The Lessee shall
    disconnect the connection of the area which shall not be under its possession and shall also connect thereto the 30-ton chiller
    cooling unit, which, as of the signing of this document shall be exclusively used by the Lessor. The Lessor shall bear the
    responsibility for disconnecting and reconnecting other parts which are not used by the Lessee.

 

	10.	The Lessee
    may perform fit-out work according to the attached floor plan which is approved by the Lessor’s signature.

 

	11.	The Lessee
    may, at its own expense, add air conditioning and ventilation systems on the roof, but only after a suitable plan, including
    conduits etc., is approved by the Lessor.

 

	12.	It is
    agreed that the Lessee shall have the option to extend the lease for an additional period of two years subject to a written
    notice by September 30, 2008. In such additional period, all of the payments payable by the Lessee shall increase by 5%.

 

	13.	All of
    the other terms and conditions of the lease agreement of June 2, 2003, insofar as unchanged by this agreement, shall remain
    unchanged and shall also apply to the Additional Leased Property.

 

	14.	The parties
    shall sign, as soon as possible, a lease agreement for all of the areas leased by the Lessee, with all of them having a tariff,
    linkage conditions and price increases and the lease dates shall be in accordance with the provisions of this addendum.

 

     

     

    

 

- 16 -

 

	15.	The Lessee
    shall return the areas used thereby under this agreement and under the additional existing lease agreements with the Lessee,
    in their condition after performance of changes in the leased property for the specific needs of the Lessee. It is hereby
    clarified that the Lessee shall not be obligated to restore the leased property to its condition when received, and shall
    also not be charged with any expenses, whether direct or indirect, due to the area’s restoration to its previous condition.

 

In
witness whereof the parties have hereunto set their hands

 

	/s/
    Zvi Joseph	 	/s/
    Yair Hadar
	The Lessee	 	The Lessor

 

     

     

    

 

-
17 -

 

Translated
from Hebrew

 

December
15, 2009

 

Addendum
to Unprotected Lease Agreement of June 2, 2006

 

	Between:	R.
    M. P. A. Assets Ltd.
	 	(the “Lessor”)          
	 	 
	And:	Intec
    Pharma Ltd.
	 	(the “Lessees”)          

 

	 	Whereas	the Lessees
    are leasing premises from the Lessor at R.M.P.A. House, spanning 1,039 (gross), under an agreement of June 2, 2003, including
    all of the addendums thereto; and

 

	 	Whereas	the Lessees
    wish to extend the term of the lease for three additional years as of January 1, 2010 and until December 31, 2012; and

 

	 	Whereas	the Lessor
    is willing to extend the lease for an additional three-year period as of January 1, 2010 and until December 31, 2012;

 

Wherefore
the parties have agreed as follows:

 

	1.	The term
    of the lease shall be extended for three additional years as of January 1, 2010 and until December 31, 2012.

 

	2.	Payments
    due to the contract shall increase by 5% as of January 1, 2010, beyond the last payment made and the linkage differentials.

 

	3.	The bank
    guarantee shall increase according to the increase in rent under this addendum to the agreement.

 

	4.	The Lessee
    shall have a right of refusal in respect of additional areas comprising approx. 450 sqm on the floor of the leased property
    which are adjacent to the leased property for a one-year period at market prices. The Lessor shall give the Lessee a 10-day
    notice prior to signing a lease agreement in respect of such area, within which the Lessee shall give notice of the exercise/non-exercise
    of such right.

 

	5.	It is
    clarified that the original contract, with all of the terms and conditions and annexes thereof, is also effective for this
    extension period and nothing in this extension agreement shall derogate from any undertaking and/or debt of any of the parties
    which derives and/or is attributed to the original contract.

 

In
witness whereof the parties have hereunto set their hands

 

	/s/
    Giora Carni	 	/s/
    Yair Hadar
	The Lessee	 	The Lessor

 

     

     

    

 

-
18 -

 

Translated
from Hebrew

 

January
18, 2011

 

Addendum
to Agreement

 of
June 2, 2006

 

	Between:	R.
    M. P. A. Assets Ltd. (the “Lessor”)
	 	 
	And:	Intec
    Pharma Ltd. (the “Lessees”)

 

It
has been agreed as follows:

 

	1.	As of
    January 15, 2011, an additional area on Floor B of the Building, the estimated area of which is approx. 600-700 sqm (gross)
    shall be added to the leased property (the “Additional Leased Property”), according to the attached floor
    plan. It is clarified that the precise area of the Additional Leased Property shall be measured after performance of the actual
    division and shall be calculated by adding 24% to the total area of the Additional Leased Property (including walls). This
    area will be added to the area of the presently leased property of 1,039 sqm and to parking spaces and a storage room which
    are leased by the Lessee.

 

	2.	The price
    of rent and management fee and the linkage conditions for the Additional Leased Property shall be identical to the price of
    rent and management fee and linkage conditions applicable to the other lease areas of the Lessee, but the provisions specified
    in this document shall additionally apply thereto.

 

	3.	The Lessee
    is given a grace period, such that the rent for the Additional Leased Property will only be paid as of August 1, 2011 forth.

 

	4.	Notwithstanding
    the aforesaid, the Lessee shall be liable for municipal tax (arnona) charges in respect of the Additional Leased Property
    as of January 15, 2011.

 

	5.	The Lessee
    shall commence payment of management fees in respect of the Additional Leased Property as of April 1, 2011.

 

	6.	Lawful
    V.A.T. shall be added to the aforesaid prices.

 

	7.	The lease
    agreement and all of the periods therein are hereby extended, both in respect of the existing leased Property and in respect
    of the Additional Leased Property, such that they last for no less than until December 31, 2015.

 

	8.	Notwithstanding
    the aforesaid, it is agreed that the Lessee shall have a right to discontinue the lease and vacate the Additional Leased Property
    alone under this agreement on March 3, 2011, provided that it gives written notice thereof to the Lessor at least 7 days before
    the end of the lease. Insofar as the Lessee exercises this right, it shall pay the Lessor a one-time payment for the period
    of actual use in the amount of NIS 30,000 plus V.A.T. and the full municipal tax (arnona) for the Additional Leased
    Property under this addendum for the entire period in which the leased property was in its possession.

 

	9.	The bank
    guarantee shall be increased according to the rent increment under this addendum to the agreement.

 

	10.	The Lessee
    may perform fit-out according to a floor plan to be submitted by the Lessee and approved by the Lessor.

 

	11.	The Lessee
    may add, at its own expense, air conditioning and ventilation systems on the roof adjacent to the Building, but only after
    a suitable plan, including conduits, is approved by the Lessor.

 

	12.	The Lessor
    shall not unreasonably withhold its consent to the aforesaid in Sections 10 and 11 above.

 

	13.	As of
    January 1, 2014, the rent, parking space payments and management fee payable by the Lessee will be increased by 5% in respect
    of the leased property and the Additional Leased Property.

 

     

     

    

 

- 19 -

 

	14.	All of
    the other terms and conditions of the lease agreement of June 2, 2003, including its addendums and extensions as being from
    time to time, insofar as unchanged by this document, shall remain unchanged and shall also apply to the additional area.

  

	15.	The parties
    shall sign, as soon as possible, a lease agreement for all of the areas leased by the Lessee.

 

	16.	At the
    end of the term of the lease, the Lessee shall return all of the areas used thereby as they are after the performance of changes
    in the leased property by the Lessee (even if such will have been fit-out for the specific needs of the Lessee), but in a
    condition fit for immediate use, subject to reasonable wear and tear.

 

It
is hereby clarified that the Lessee will not be obligated to restore the leased property to its previous condition at the time
of receipt of possession thereof from the Lessor.

 

In
witness whereof the parties have hereunto set their hands

 

	/s/
    Giora Carni	 	/s/
    Yair Hadar
	The Lessee	 	The Lessor

 

     

     

    

 

-
20 -

 

Translated
from Hebrew

 

October
28, 2015

 

Lease
Agreement - Appendix

 Signed
by and between the parties on June 2, 2003

 

Made and
entered into in Jerusalem on October 28, 2015

 

	 	Between:	R.M.P.A.
    assets ltd.
	 	 	Company
    number 51-1808008
	 	 	Which
    address is 12 Hartom St., Mount Hozvim, Jerusalem
	 	 	(Hereinafter
    referred to for the sake of brevity as “the Lessor”)

 

On the
one hand

 

	 	And:	Intec
    Pharma Ltd. (formerly Intec Pharmaceuticals (2000) Ltd)
	 	 	Corporation
    number 513022780
	 	 	Which
    address is 12 Hartom St., Mount Hozvim, Jerusalem
	 	 	(Hereinafter
    referred to for the sake of brevity as “the Lessee”)

 

On
the other hand

 

Whereas
the parties have signed a lease agreement (“Lease Agreement”) on date June 2, 2003, pursuant to which the
lessee had rented a rental spaces located on the 1st floor and 2nd floor of the building which built up on a plot known as “R.M.P.A.
building” (to be called hereinafter: “The building”), a warehouse and parking spaces, all as set forth
in the Lease Agreement and its appendices;

 

Whereas
the lessee is interested to extend the lease period and furthermore rent additional space on the second floor of the building;

 

Whereas
the lessor has agreed to extend the lease period and to lease additional space to the lessee in accordance with the terms
set out specifically in this appendix;

 

Therefore,
it was agreed, declared and stipulated between the parties as follows: 

 

	1.	The lease
    period will be extended by an additional 30 months period, commencing from January 1, 2016 and until June 30, 2018.

 

	2.	The Lessee
    is granted an option to extend the Lease Period by a further 12 months period, commencing on July 1, 2018 and until June 30,
    2019 (hereinafter: “the “option period”). The option will be exercised automatically unless the lessee notified
    the lessor that he does not intend to exercise the option, at least 150 days prior to the expiry of the lease period.

 

	3.	All
    payments in respect of the leased property, as defined in the Lease Agreement, the appendices and addenda thereto, shall remain
    unchanged during the additional lease period. The rental fee, management fees, parking spaces and the warehouse will increase
    by 5% over the increase in the index during the option period as it would be exercised.

 

	4.	As from
    January 1, 2016, an additional space (hereinafter: the “additional space”) on the second floor of the building,
    consisting of an area of approximately 78 square meters (m2) gross, will be added to the leased property , in accordance
    with the attached sketch. This space will be added to the currently leased space of 1,814 m2 gross, 10 m2
    warehouse and 19 parking spaces. There may be a possibility of advancing the delivery date of the additional space,
    by a written notice to the lessor, 30 days in advance.

 

	5.	After
    the signing of the parties to this Appendix and after the delivery of the additional space on the 2nd floor, the property
    will be deemed as inclusive of the additional space, as if it was included in the Lease Agreement from the outset.

 

	6.	The additional
    space shall be leased to the lessee in its AS-IS condition, and all the adjustments that the lessee requires, will be carried
    out by the lessee and at his expense. The separation of the additional space from the rest of the office space will be carried
    out by the lessee and at his expense.

 

     

     

    

 

- 21 -

 

	7.	The lessee
    states that he is aware that the additional space is installed with central air conditioning system which is not connected
    to the chillers’ system of the building. Should the lessee chooses to connect the additional space to the air chillers’
    system, he will have to carry out the change himself and at his own expense, as well as submit work plans for the lessor’s
    approval, prior to the execution of the work.

 

	8.	The
        rental fees, their Linkage, the management fees and the remaining provisions of the Lease Agreement shall apply in their
        entirety to this Appendix and nothing in this appendix shall derogate and / or modify the provisions of the Lease Agreement,
        with the exception regarding the extension of the period and the addition of the supplement space leased by the lessee
        from the lessor.

         

	/s/
    Yair Hadar	 	/s/
    Oren Mohar
	The
    Lessor	 	The
    Lessee

 

     

     

    

 

-
22 -

 

Translated
from Hebrew

 

December
31, 2017

 

Lease
Agreement - Appendix

 Signed
by and between the parties on June 2, 2003

 

Made and
entered into in Jerusalem on December 31, 2017

 

	 	Between:	R.M.P.A.
    assets ltd.
	 	 	Company
    number 51-1808008
	 	 	Which
    address is 12 Hartom St., Mount Hozvim, Jerusalem
	 	 	(Hereinafter
    referred to for the sake of brevity as “the Lessor”)

 

On the
one hand

 

	 	And:	Intec
    Pharma Ltd. (formerly Intec Pharmaceuticals (2000) Ltd)
	 	 	Corporation
    number 51-3022780
	 	 	Which
    address is 12 Hartom St., Mount Hozvim, Jerusalem
	 	 	(Hereinafter
    referred to for the sake of brevity as “the Lessee”)

 

On
the other hand

 

Whereas
the parties have signed a lease agreement (hereinafter: “Lease Agreement”) on June 2, 2003, pursuant to
which the Lessee rented rental spaces located on the 1st floor and 2nd floor of the building known as “R.M.P.A. building”
(hereinafter: “the Building”), a warehouse and parking spaces, all as set forth in the Lease Agreement and
its appendices;

 

Whereas
the parties have signed an addendum Lease Agreement on October 28, 2015 which extends the lease period until June 30, 2018;

 

Whereas
the parties have signed for 2 additional addendums to the Lease Agreement on July 7, 2017 and July 20, 2017 (respectively)
for additional space of rent and warehouse in the Building;

 

Whereas
the Lessee is interested to extend the lease period and to rent additional space on the ground floor of the Building (at the
secondary entrance of the Building);

 

Whereas
the Lessor has agreed to extend the lease period and to provide additional space of rent to the Lessee in accordance with
the terms set out specifically in this appendix;

 

Therefore,
it was agreed, declared and stipulated between the parties as follows: 

 

	1.	The lease
    period will extended by an additional 36 months period, commencing from June 1, 2018 and until June 30, 2021.

 

	2.	The Lessee is granted an option to extend the
    lease period for additional period of 12 months, commencing on July 1, 2021 and until June 30, 2022 (hereinafter: “the
    option period”). The option will exercised automatically unless the Lessee will notify the Lessor that he does not
    intend to exercise the option, at least 150 days prior to the expiry of the ease period.

 

	3.	All
    payments in respect of the leased property will remain continuously pursuant to the Lease Agreement and/or its addendums and/or
    appendixes. However, as of day January 1, 2020 all the payments will increased by 5% over the increase in the index.

 

     

     

    

 

- 23 -

 

	4.	As
    from January 1, 2018, an additional space (hereinafter: the “Additional Space”) on the ground floor of
    the building, consisting of an area of approximately 414 square meters (m2) gross, (294 +75 +45 hallway and toilet)
    will be added to the leased property, in accordance with the attached sketch. This space will be added to the currently leased
    space of 1,910 m2 gross, 30m2 warehouse and 24 parking spaces. As of the delivery of the additional
    space all the mentioned payments regarding the entire spaces will apply (the payment for the 75 m2 will be subject
    to its actual delivery date) 
	 	 
	5.	The Lessor
    hereby commits that the transfer of the current Lessee on the ground floor 75 m2 space to an alternative space
    will be no later than the end of March 2018. It is hereby agreed that at the date of the transfer and actual delivery of the
    space to the Lessee, the Lessor shall be paid a one-time payment in the amount of NIS 150,000 and VAT that shall considered
    as the Lessee’s portion expenses in the transfer of the current Lessee to an alternative space.
	 	 
	6. 	Upon signing
    of the parties on this appendix the property will be deemed as including the additional space, As if he had been included
    in the Lease Agreement in the first place.
	 	 

	7.	The
    additional space shall be rented to the Lessee in its AS-IS condition, and all the adjustments that the Lessee requires, will
    be carried out by him and at his own expense. It is hereby clarified that Lessee commits to approve his renovation plans including
    all the systems designated to be placed on top of the roof and/or in external spaces, infrastructure moving routes, public
    hallway cutoff and the finishing of the renovation job in The separation of the space from the public space etc. all with
    the Lessor and subject to its approval of the plans (and according to its notes will represent an amended plan). 
	 	 
	8.	The Lessee
    states that he is aware that the additional space a central air conditioning system is installed which connected to the chillers’
    system of the building. The Lessee and the Lessor will discuss the proportional part use of Intec Pharma in the entire public
    air conditioning electricity and will hire for this manner an air conditioning consultant or a planner, which agreed upon
    by both parties. All adjustments made in the air conditioning system in the Lessee’s leased property will by him and
    on his own expense. It hereby clarified that the Lessee will have the right to install in the additional space a new separate
    system which will be approved as part of the renovation plans. In such case, all parts of the air conditioning system in the
    additional space will removed carefully and will be transfer to the Lessor representatives. Further to such requirement, it
    is clarified that if the installed separate air conditioning system will not use the central air conditioning system resources
    then no relative payment of the above shall apply.
	 	 
	9.

         
	The
Lessee shall install at his own expense a water meter for the unit and will verify during its adjustments if the current electricity
meter (of Saitech company) connected and/or it need to be adjusted and/or replaced. Any adjustments or replacement will be according
to the Lessors opinion and its guidelines. 

	 	 

	10.	The Lessee
    will be responsible to adjust the securities submitted by him for the new space and will extend the securities’ term
    to be valid throughout the entire lease period and/or option for that matter.
	 	 
	11.	The
        rental fees, their Linkage, the management fees and the remaining provisions of the Lease Agreement shall apply in their
        entirety to this Appendix and nothing in this appendix shall derogate and/or modify the provisions of the Lease Agreement,
        with the exception regarding the extension of the period and the addition of the supplement space leased by the Lessee
        from the Lessor.

         

	/s/
    Yair Hadar	 	/s/
    Nir Sassi / /s/ Nadav Navon
	The
    Lessor	 	The
    Lessee

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