Document:

EX-10.3

WARRANT AGREEMENT

This WARRANT AGREEMENT (this “Agreement”) is entered into as of this 20th day of
October, 2009, among Converted Organics Inc., a Delaware corporation (the “Company”), and
Computershare Inc., a Delaware corporation, and its wholly-owned subsidiary, Computershare Trust
Company, N.A., a national banking association doing business at 250 Royall Street, Canton,
Massachusetts (in their capacity as Warrant Agent as provided herein, together, the “Warrant
Agent,” or individually, “Computershare” and the “Trust Company,” respectively).

WHEREAS, the Trust Company is presently the transfer agent and Registrar for the Company
common stock (hereinafter referred to from time to time in such capacity as the “Transfer Agent”);
and

WHEREAS, the Company desires that the Trust Company act as Warrant Agent in connection with
the exercise of the Warrants (defined below) and that Computershare act as Warrant Agent and
dividend disbursing agent, and Computershare and the Trust Company have indicated their willingness
to do so.

WHEREAS, the Company, at or about the time that it is entering into this Agreement, proposes
to issue and sell to public investors up to 17,250,000 Units (defined below). The Company also
proposes to sell to Chardan Capital Markets, LLC, as representative of the underwriters, an option
for the purchase of 300,000 Units (defined below) for an aggregate purchase price of $100. Each
“Unit” consists of one share of common stock, $0.0001 par value per share, of the Company (the
“Common Stock”) and one Class H Warrant (each, a “Warrant,” and together, the “Warrants”). Each
Warrant is exercisable to purchase one share of Common Stock upon the terms and conditions and
subject to adjustment in certain circumstances, as set forth in this Agreement.

WHEREAS, the Company wishes to retain the Warrant Agent to act on behalf of the Company, and
the Warrant Agent is willing so to act, in connection with the issuance, transfer, exchange and
replacement of the certificates, substantially in the form attached as Exhibit 1 hereto, evidencing
the Warrants to be issued under this Agreement (the “Warrant Certificates”) and the exercise of the
Warrants.

WHEREAS, the Company and the Warrant Agent wish to enter into this Agreement to set forth the
terms and conditions of the Warrants and the rights of the holders thereof (“Warrantholders”) and
to set forth the respective rights and obligations of the Company and the Warrant Agent. Each
Warrantholder is an intended beneficiary of this Agreement with respect to the rights of
Warrantholders herein.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

Section 1. Certain Definitions. For purposes of this Agreement, the following terms
have the meanings indicated:

(a) “Affiliate” has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”).

(b) “Business Day” means any day other than a Saturday, Sunday or a day on which the New York
Stock Exchange is authorized or obligated by law or executive order to close.

(c) “Close of Business” on any given date means 5:00 p.m., New York City time, on such date;
provided, however, that if such date is not a Business Day it means 5:00 p.m., New
York City time, on the next succeeding Business Day.

(d) “Exercise Price” means the Initial Exercise Price as adjusted from time to time pursuant
to Section 10 hereof.

(e) “Initial Exercise Price” means $1.30 per share of Common Stock.

(f) “Person” means an individual, corporation, association, partnership, limited liability
company, joint venture, trust, unincorporated organization, government or political subdivision
thereof or governmental agency or other entity.

(g) “Warrant Certificate” means a certificate in substantially the form attached as Exhibit 1
hereto representing such number of Warrants as is indicated on the face thereof.

Section 2. Appointment of Warrant Agent. The Company hereby appoints the Warrant
Agent to act as agent for the Company in accordance with the terms and conditions hereof, and the
Warrant Agent hereby accepts such appointment. The Company may from time to time appoint such
Co-Warrant Agents as it may, in its sole discretion, deem necessary or desirable. The Warrant
Agent shall be indemnified and held harmless by the Company against the acts or omissions of any
such Co-Warrant Agent.

Section 3. Form of Warrant Certificates. The Warrant Certificates (together with the
form of election to purchase Common Stock and the form of assignment to be printed on the reverse
thereof) shall be substantially in the form of Exhibit 1 hereto and may have such marks of
identification or designation and such legends, summaries or endorsements printed thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of this Agreement or
as may be required to comply with any law or with any rule or regulation made pursuant thereto, or
to conform to usage.

Section 4. Countersignature and Registration. The Warrant Certificates shall be
executed on behalf of the Company by its Chairman, its President or a Vice President, either
manually or by facsimile signature, and have affixed thereto the Company’s seal or a facsimile
thereof which shall be attested to by the Secretary or an Assistant Secretary of the Company,
either manually or by facsimile signature. The Warrant Certificates shall be countersigned by the
Warrant Agent either manually or by facsimile signature, and shall not be valid for any purpose
unless so countersigned. In case any officer of the Company who shall have signed any of the
Warrant Certificates ceases to be such an officer of the Company before countersignature by the
Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless,
may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as
though the person who signed such Warrant Certificate had not ceased to be such an officer of the
Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at
the actual date of the execution of such Warrant Certificate, shall be a proper officer of the
Company to sign such Warrant Certificate, although at the date of the execution of this Warrant
Agreement any such person was not such an officer.The Warrant Agent will keep or cause to be kept,
at one of its offices in Canton, Massachusetts, or at the office of one of its agents, books for
registration and transfer of the Warrant Certificates issued hereunder. Such books shall show the
names and addresses of the respective holders of the Warrant Certificates, the number of warrants
evidenced on the face of each of such Warrant Certificate and the date of each of such Warrant
Certificate.

The Warrant Agent will create a special account for the issuance of shares of Common Stock to
holders who have not yet surrendered their Warrant certificates. When any such Warrant
certificates are surrendered, the Warrant Agent will convert them for stock certificates
representing common stock of the Company. The Company shall provide an opinion of counsel prior to
the conversion date to set up a reserve of shares of Common Stock. The opinion shall state that
all such shares are:

(1) registered under the Securities Act of 1933, as amended, and all appropriate state
securities law filings have been made with respect to the shares; and

(2) validly issued, fully paid and non-assessable.

Section 5. Transfer, Split Up, Combination and Exchange of Warrant Certificates;
Mutilated, Destroyed, Lost or Stolen Warrant Certificates. Subject to the provisions of
Section 13 hereof and subject to applicable law, rules or regulations, restrictions on
transferability that may appear on Warrant Certificates in accordance with the terms hereof or any
“stop transfer” instructions the Company may give to the Warrant Agent at any time after the Close
of Business on the date hereof, at or prior to the Close of Business on the Expiration Date (as
such term is hereinafter defined), any Warrant Certificate or Warrant Certificates may be
transferred, split up, combined or exchanged for another Warrant Certificate or Warrant
Certificates, entitling the registered holder to purchase a like number of shares of Common Stock
as the Warrant Certificate or Warrant Certificates surrendered then entitled such holder to
purchase. Any registered holder desiring to transfer, split up, combine or exchange any Warrant
Certificate shall make such request in writing delivered to the Warrant Agent, and shall surrender
the Warrant Certificate or Warrant Certificates to be transferred, split up, combined or exchanged
at the principal office of the Warrant Agent. Thereupon the Warrant Agent shall countersign and
deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case
may be, as so requested. Upon receipt by the Company and the Warrant Agent of evidence reasonably
satisfactory to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and,
in case of loss, theft or destruction, of indemnity or security in customary form and amount which
shall include a corporate bond of indemnity satisfactory to the Warrant Agent, and reimbursement to
the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender
to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will
make and deliver a new Warrant Certificate of like tenor to the Warrant Agent for delivery to the
registered holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.

Section 6. Exercise of Warrants; Exercise Price; Expiration Date.

(a) The Warrants shall be exercisable commencing sixty (60) days after their date of issuance.
The Warrants shall cease to be exercisable and shall terminate and become void, and all rights
thereunder and under this Agreement shall cease, at or prior to the Close of Business on October
14, 2014 (the “Expiration Date”). Subject to the foregoing and to Section 6(b) below, the
registered holder of any Warrant Certificate may exercise the Warrants evidenced thereby in whole
or in part upon surrender of the Warrant Certificate, with the form of election to purchase on the
reverse thereof duly executed, to the Warrant Agent at the principal office of the Warrant Agent in
Canton, Massachusetts or to the office of one of its agents as may be designated by the Warrant
Agent from time to time, together with payment of the Exercise Price, which may be made, at the
option of the holder in cash in United States dollars or by certified or official bank check to the
principal office of the Warrant Agent where the Warrant Certificate is being surrendered. No
payment or adjustment shall be made on account of any distributions or dividends on the Common
Stock issued upon exercise of a Warrant.

(b) Upon receipt of a Warrant Certificate at or prior to the Close of Business on the
Expiration Date, with the form of election to purchase duly executed, accompanied by payment of the
Exercise Price for the shares to be purchased and an amount equal to any applicable tax or
governmental charge referred to in Section 5 in cash, or by certified check or bank draft payable
to the order of the Company, the Warrant Agent shall thereupon promptly (i) requisition from any
transfer agent of the Common Stock certificates for the number of whole shares of Common Stock to
be purchased, and the Company hereby irrevocably authorizes its transfer agent to comply with all
such requests and (ii) after receipt of such certificates, cause the same to be delivered to or
upon the order of the registered holder of such Warrant Certificate, registered in such name or
names as may be designated by such holder. Upon receipt by the Company of a Warrant Certificate at
the principal office of the Warrant Agent, with the form of election to purchase duly executed, and
payment of the applicable Exercise Price as required hereby, the holder of such Warrant Certificate
shall be deemed to be the holder of record of the shares of Common Stock issuable upon such
exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that
certificates representing such shares of Common Stock shall not then be actually delivered to the
holder of such Warrant Certificate.

(c) In case the registered holder of any Warrant Certificate shall exercise fewer than all
Warrants evidenced thereby, a new Warrant Certificate evidencing the number of Warrants equivalent
to the number of Warrants remaining unexercised shall be issued by the Warrant Agent to the
registered holder of such Warrant Certificate or to his duly authorized assigns, subject to the
provisions of Sections 5, 6(b) and Section 13 hereof.

(d) The Company acknowledges that the bank accounts maintained by Computershare in connection
with the services provided under this Agreement will be in Computershare’s name and that
Computershare may receive investment earnings in connection with the investment at Computershare’s
risk and for its benefit of funds held in those accounts from time to time.  The Company will not
receive interest on any deposits or Exercise Price payment.

Section 7. Cancellation and Destruction of Warrant Certificates. All Warrant
Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange
shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for
cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it,
and no Warrant Certificates shall be issued in lieu thereof except as expressly permitted by any of
the provisions of this Warrant Agreement. The Company shall deliver to the Warrant Agent for
cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant
Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The
Warrant Agent shall deliver all canceled Warrant Certificates to the Company, or shall, at the
written request of the Company, destroy such canceled Warrant Certificates, and in such case shall
deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or
regulation requiring the Warrant Agent to retain such cancelled certificates.

Section 8. Certain Representations; Reservation and Availability of Shares of Common Stock
or Cash.

(a) The Company makes the following representations, warranties, and covenants to the Warrant
Agent:

(b) This Agreement has been duly authorized, executed and delivered by the Company and,
assuming due authorization, execution and delivery hereof by the Warrant Agent, constitutes a valid
and legally binding obligation of the Company enforceable against the Company in accordance with
its terms, and the Warrants have been duly authorized, executed and issued by the Company and,
assuming due authentication thereof by the Warrant Agent pursuant hereto, constitute valid and
legally binding obligations of the Company enforceable against the Company in accordance with their
terms and entitled to the benefits hereof; in each case except as enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally or by general equitable principles (regardless of whether such
enforceability is considered in a proceeding in equity or at law).

(c) As of the date hereof, the authorized capital stock of the Company consists of (i)
75,000,000 shares of Common Stock, of which 20,494,208 shares of Common Stock are issued and
outstanding, 17,550,000 shares of Common Stock are reserved for issuance upon exercise of the
Warrants and (ii) 10,000,000 shares of preferred stock, $0.0001 par value per share, of which no
shares are outstanding.

(d) The Company covenants and agrees that it will cause to be reserved and kept available out
of its authorized and unissued shares of Common Stock free from preemptive rights, the number of
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding
Warrants.

(e) The Company covenants and agrees that it will take all such actions as may be necessary to
insure that all shares of Common Stock delivered upon exercise of Warrants shall, at the time of
delivery of the certificates for such shares (subject to payment of the Exercise Price as
contemplated by Section 6, be duly authorized, validly issued, fully paid and non-assessable.

(f) The Company further covenants and agrees that it will pay when due and payable any and all
federal and state transfer taxes and charges which may be payable in respect of the original
issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon
exercise of the Warrants. The Company shall not, however, be required to pay any tax or
governmental charge which may be payable in respect of any transfer involved in the transfer or
delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock in a
name other than that of the registered holder of the Warrant Certificate evidencing Warrants
surrendered for exercise or to issue or deliver any certificate for shares of Common Stock upon the
exercise of any Warrants until any such tax or governmental charge shall have been paid (any such
tax or governmental charge being payable by the holder of such Warrant Certificate at the time of
surrender) or until it has been established to the Company’s reasonable satisfaction that no such
tax or governmental charge is due. The Warrant Agent will be advised by the Company when it has
been reasonably satisfied with regards to such charge.

Section 9. Common Stock Record Date. Each person in whose name any certificate for
shares of Common Stock is issued upon the exercise of Warrants shall for all purposes be deemed to
have become the holder of record for the Common Stock represented thereby on, and such certificate
shall be dated, the date upon which the Warrant Certificate evidencing such Warrants was duly
surrendered and payment of the Exercise Price (and any applicable transfer taxes) was made;
provided, however, that if the date of such surrender and payment is a date upon
which the Common Stock transfer books of the Company are closed, such person shall be deemed to
have become the record holder of such shares on, and such certificate shall be dated, the next
succeeding day on which the Common Stock transfer books of the Company are open.

Section 10. Adjustment of Exercise Price, Number of Shares of Common Stock or Number of
the Company Warrants.

(a) The Exercise Price, the number of shares covered by each Warrant and the number of
Warrants outstanding are subject to adjustment from time to time as provided in this Section 10.
In the event the Company shall at any time after the date of this Agreement (i) declare a dividend
on shares of Common Stock payable in shares of any class of capital stock of the Company,
(ii) subdivide the outstanding shares of Common Stock into a greater number of shares of Common
Stock, (iii) combine the outstanding shares of Common Stock into a smaller number of shares, or
(iv) issue any shares of capital stock in a reclassification of shares of the Common Stock
(including any such reclassification in connection with a consolidation or merger in which the
Company is the continuing corporation), the Exercise Price in effect at the time of the record date
for such dividend or distribution or of the effective date of such subdivision, combination or
reclassification, and the number and kind of shares of capital stock issuable on such date, shall
be proportionately adjusted so that the holder of any Warrant exercised after such time shall be
entitled to receive the aggregate number and kind of shares of capital stock which, if such Warrant
had been exercised immediately prior to such date and at a time when the Common Stock transfer
books of the Company were open, such holder would have owned upon such exercise and been entitled
to receive by virtue of such dividend, subdivision, combination or reclassification.

(b) Notwithstanding the foregoing paragraph (a), no adjustment in the Exercise Price pursuant
to such paragraph shall be required unless such adjustment would require an increase or decrease of
at least 1% in such price; provided, however, that any adjustments which by reason of this Section
10(b) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment. All calculations under this Section 10 shall be made to the nearest cent or the
nearest hundredth of a share, as the case may be.

(c) In the event that at any time, as a result of an adjustment made pursuant to Section
10(a), the holder of any Warrant exercised shall become entitled to receive any shares of capital
stock of the Company other than shares of Common Stock, thereafter the number of such other shares
so receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the provisions with respect to the
shares contained in Section 10(a), and the provisions of Sections 6, 8, 9 and 12 with respect to
the shares of Common Stock shall apply on like terms to any such other shares.

(d) All Warrants originally issued by the Company subsequent to any adjustment made to the
Exercise Price hereunder shall evidence the right to purchase, at the adjusted Exercise Price, the
number of shares of Common Stock purchasable from time to time hereunder upon exercise of the
Warrants, all subject to further adjustment as provided herein.

(e) The Company may elect on or after the date of any adjustment of the Exercise Price to
adjust the number of Warrants, in substitution for any adjustment in the number of shares of Common
Stock purchasable upon the exercise of a Warrant. Each of the Warrants outstanding after such
adjustment of the number of Warrants shall be exercisable for one share of Common Stock. Each
Warrant held of record prior to such adjustment of the number of Warrants shall become that number
of Warrants (calculated to the nearest hundredth) obtained by dividing the Exercise Price in effect
prior to adjustment of the Exercise Price by the Exercise Price in effect after adjustment of the
Exercise Price. The Company shall instruct the Warrant Agent to notify each of the record holders
of Warrants of its election to adjust the number of Warrants, indicating the record date for the
adjustment, and, if known at the time, the amount of adjustment to be made. Such record date may
be the date on which the Exercise Price is adjusted or any day thereafter, but shall be at least 10
days later than the date of the public announcement. Upon each adjustment of the number of
Warrants pursuant to this Section 10(e), the Company shall instruct the Warrant Agent to
distribute, as promptly as practicable, to holders of record of Warrant Certificates on such record
date Warrant Certificates evidencing, subject to Section 13, the additional Warrants to which such
holders shall be entitled as a result of such adjustment, or, at the option of the Company,
instruct the Warrant Agent to distribute to such holders of record in substitution and replacement
for the Warrant Certificates held by such holders prior to the date of adjustment, and upon
surrender thereof, if required by the Company, new Warrant Certificates evidencing all the Warrants
to which such holders shall be entitled after such adjustment. Warrant Certificates so to be
distributed shall be issued, executed and countersigned in the manner provided for herein (and may
bear, at the option of the Company, the adjusted Exercise Price) and shall be registered in the
names of the holders of record of Warrant Certificates on the record date specified in the public
announcement.

(f) Irrespective of any adjustment or change in the Exercise Price or the number of shares of
Common Stock issuable upon the exercise of the Warrants, the Warrant Certificates theretofore and
thereafter issued may continue to express the Exercise Price per share and the number of shares
which were expressed upon the initial Warrant Certificates issued hereunder.

(g) The Company agrees that it will not, by amendment of its Certificate of Incorporation or
through reorganization, consolidation, merger, dissolution or sale of assets, or by any other
voluntary act, avoid or seek to avoid the observance or performance of any of the covenants,
stipulations or conditions to be observed or performed hereunder by the Company.

(h) In any case in which this Section 10 shall require that an adjustment in the Exercise
Price be made effective as of a record date for a specified event, if any holder of a Warrant
exercises such Warrant after such record date, the Company may elect to defer, until the occurrence
of such event, the issuance of the shares of Common Stock and other capital stock of the Company in
excess of the shares of Common Stock and other capital stock of the Company, if any, issuable upon
such exercise on the basis of the Exercise Price in effect prior to such adjustment;
provided, however, that the Company shall deliver to such holder a due bill or
other appropriate instrument evidencing such holder’s right to receive such additional shares
and/or other capital securities upon the occurrence of the event requiring such adjustment.

Section 11. Certification of Adjusted Exercise Price or Number of Shares of Common
Stock. Whenever the Exercise Price or the number of shares of Common Stock issuable upon the
exercise of each Warrant is adjusted as provided in Section 10 or 12, the Company shall
(a) promptly prepare a certificate setting forth the Exercise Price and number of shares of Common
Stock issuable upon exercise of each Warrant as so adjusted, and a brief statement of the facts
accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer
agent for the Common Stock a copy of such certificate and (c) instruct the Warrant Agent to mail a
brief summary thereof to each holder of a Warrant Certificate.

Section 12. Reclassification, Consolidation, Purchase, Combination, Sale or
Conveyance.

(a) In case any of the following shall occur while any Warrants are outstanding: (i) any
reclassification or change of the outstanding shares of Common Stock (other than a change in par
value, or from par value to no par value, or as covered by Section 10(a)), or (ii) any
consolidation, merger or combination of the Company with or into another corporation as a result of
which holders of Common Stock shall be entitled to receive stock, other securities or cash with
respect to or in exchange for such Common Stock, or (iii) any sale or conveyance of the property or
assets of the Company as, or substantially as, an entirety to any other entity as a result of which
holders of Common Stock shall be entitled to receive stock, other securities or cash with respect
to or in exchange for such Common Stock, then the Company, or such successor corporation or
transferee, as the case may be, shall make appropriate provision by amendment of this Agreement or
by the successor corporation or transferee executing with the Warrant Agent an agreement so that
the holders of the Warrants then outstanding shall have the right at any time thereafter, upon
exercise of such Warrants (in lieu of the number of shares of Common Stock theretofore deliverable)
to receive the kind and amount of securities and cash receivable upon such reclassification,
change, consolidation, merger, combination, sale or conveyance as would be received by a holder of
the number of shares of Common Stock issuable upon exercise of such Warrant immediately prior to
such reclassification, change, consolidation, merger, sale or conveyance.If the holders of the
Common Stock may elect from choices the kind or amount of securities and cash receivable upon such
reclassification, change, consolidation, merger, combination, sale or conveyance, then for the
purpose of this Section 12 the kind and amount of securities and cash receivable upon such
reclassification, change, consolidation, merger, combination, sale or conveyance shall be deemed to
be the choice specified by the holder of the Warrant, which specification shall be made by the
holder of the Warrant by the later of (A) 20 calendar days after the holder of the Warrant is
provided with a final version of all information required by law or regulation to be furnished to
holders of Common Stock concerning such choice, or if no such information is required, 20 calendar
days after the Company notified the holder of the Warrant of all material facts concerning such
specification and (B) the last time at which holders of Common Stock are permitted to make their
specification known to the Company. If the holder of the Warrant fails to make any specification,
the holder’s choice shall be deemed to be whatever choice is made by a plurality of holders of
Common Stock not affiliated with the Company or any other party to the reclassification, change,
consolidation, merger, combination, sale or conveyance. Such adjusted Warrants shall provide for
adjustments which, for events subsequent to the effective date of such new Warrants, shall be as
nearly equivalent as may be practicable to the adjustments provided for in Section 10 and this
Section 12. The above provisions of this Section 12 shall similarly apply to successive
reclassifications, changes, consolidations, mergers, combinations, sales and conveyances of the
kind described above.

(b) The Company shall instruct the Warrant Agent to mail by first class mail, postage prepaid,
to each registered holder of a Warrant, written notice of the execution of any such amendment,
supplement or agreement. Any supplemented or amended agreement entered into by the successor
corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as may
be practicable to the adjustments provided for in Section 10 and this Section 12. The Warrant
Agent shall be under no responsibility to determine the correctness of any provisions contained in
such agreement relating either to the kind or amount of securities or other property receivable
upon exercise of warrants or with respect to the method employed and provided therein for any
adjustments and shall be entitled to rely upon the provisions contained in any such agreement. The
provisions of this Section 12 shall similarly apply to successive reclassifications, changes,
consolidations, mergers, sales and conveyances of the kind described above.

Section 13. Fractional Shares of Common Stock.

(a) The Company shall not issue fractions of Warrants or distribute Warrant Certificates which
evidence fractional Warrants. Whenever any fractional Warrant would otherwise be required to be
issued or distributed, the actual issuance or distribution shall reflect a rounding of such
fraction to the nearest whole Warrant (up or down), with fractions of half of a Warrant or less
being rounded down and fractions in excess of a half of a Warrant being rounded up.

(b) The Company shall not issue fractions of shares of Common Stock upon exercise of Warrants
or distribute stock certificates which evidence fractional shares of Common Stock. Whenever any
fraction of a share of Common Stock would otherwise be required to be issued or distributed, the
actual issuance or distribution made shall reflect a rounding of such fraction to the nearest whole
share (up or down), with fractions of half of a share or less being rounded down and fractions in
excess of half of a share being rounded up.

Section 14. Warrant Certificate Holder Not Deemed a Shareholder. No holder, as such,
of any Warrant Certificate shall be entitled to vote, receive dividends or distributions on, or be
deemed for any purpose the holder of Common Stock or any other securities of the Company which may
at any time be issuable on the exercise of the Warrants represented thereby, nor shall anything
contained herein or in any Warrant Certificate be construed to confer upon the holder of any
Warrant Certificate, as such, any of the rights of a shareholder of the Company or any right to
vote for the election of directors or upon any matter submitted to shareholders at any meeting
thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings
or other actions affecting shareholders, or to receive dividends or distributions or subscription
rights, or otherwise, until the Warrant or Warrants evidenced by such Warrant Certificate shall
have been exercised in accordance with the provisions hereof.

Section 15. Concerning the Warrant Agent.

(a) The Company agrees to pay to the Warrant Agent reasonable compensation for all services
rendered by it hereunder and, from time to time, on demand of the Warrant Agent, its reasonable
expenses and counsel fees and other disbursements incurred in the administration.

(b) The Company covenants and agrees to indemnify and to hold the Warrant Agent harmless
against any costs, expenses (including reasonable fees of its legal counsel), losses or damages,
which may be paid, incurred or suffered by or to which it may become subject, arising from or out
of, directly or indirectly, any claims or liability resulting from its actions as Warrant Agent
pursuant hereto; provided, that such covenant and agreement does not extend to, and the
Warrant Agent shall not be indemnified with respect to, such costs, expenses, losses and damages
incurred or suffered by the Warrant Agent as a result of, or arising out of, its gross negligence,
bad faith, or willful misconduct.

(c) Promptly after the receipt by the Warrant Agent of notice of any demand or claim or the
commencement of any action, suit, proceeding or investigation, the Warrant Agent shall, if a claim
in respect thereof is to be made against the Company, notify the Company thereof in writing. The
Company shall be entitled to participate at its own expense in the defense of any such claim or
proceeding, and, if it so elects at any time after receipt of such notice, it may assume the
defense of any suit brought to enforce any such claim or of any other legal action or proceeding.

(d) The Warrant Agent shall be responsible for and shall indemnify and hold the Company
harmless from and against any and all losses, damages, costs, charges, counsel fees, payments,
expenses and liability arising out of or attributable to the Warrant Agent’s refusal or failure to
comply with the terms of this Agreement, or which arise out of Warrant Agent’s gross negligence,
bad faith or willful misconduct or which arise out of the breach of any representation or warranty
of the Warrant Agent hereunder, for which the Warrant Agent is not entitled to indemnification
under this Agreement; provided, however, that Warrant Agent’s aggregate liability
during any term of this Agreement with respect to, arising from, or arising in connection with
this Agreement, or from all services provided or omitted to be provided under this Agreement,
whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts
paid under this Agreement by the Company to Warrant Agent as fees and charges, but not including
reimbursable expenses.

(e) Promptly after the receipt by the Company of notice of any demand or claim or the
commencement of any action, suit, proceeding or investigation, the Company shall, if a claim in
respect thereof is to be made against the Warrant Agent, notify the Warrant Agent thereof in
writing. The Warrant Agent shall be entitled to participate at its own expense in the defense of
any such claim or proceeding, and, if it so elects at any time after receipt of such notice, it may
assume the defense of any suit brought to enforce any such claim or of any other legal action or
proceeding. For the purposes of this Section 15, the term “expense or loss” means any amount paid
or payable to satisfy any claim, demand, action, suit or proceeding settled with the express
written consent of the Company, and all reasonable costs and expenses, including, but not limited
to, reasonable counsel fees and disbursements, paid or incurred in investigating or defending
against any such claim, demand, action, suit, proceeding or investigation.

(f) Neither party to this Agreement shall be liable to the other party for any consequential,
indirect, special or incidental damages under any provision of this Agreement or for any
consequential, indirect, penal, special or incidental damages arising out of any act or failure to
act hereunder even if that party has been advised of or has foreseen the possibility of such
damages.

Section 16. Purchase or Consolidation or Change of Name of Warrant Agent.

(a) Any corporation into which the Warrant Agent or any successor Warrant Agent may be merged
or with which it may be consolidated, or any corporation resulting from any merger or consolidation
to which the Warrant Agent or any successor Warrant Agent shall be party, or any corporation
succeeding to the corporate trust business of the Warrant Agent or any successor Warrant Agent,
shall be the successor to the Warrant Agent under this Agreement without the execution or filing of
any paper or any further act on the part of any of the parties hereto, provided that such
corporation would be eligible for appointment as a successor Warrant Agent under the provisions of
Section 18. In case at the time such successor Warrant Agent shall succeed to the agency created
by this Agreement, any of the Warrant Certificates shall have been countersigned but not delivered,
any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent
and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant
Certificates shall not have been countersigned, any successor Warrant Agent may countersign such
Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the
successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force
provided in the Warrant Certificates and in this Agreement.

(b) In case at any time the name of the Warrant Agent shall be changed and at such time any of
the Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent may
adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned;
and in case at that time any of the Warrant Certificates shall not have been countersigned, the
Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed
name; and in all such cases such Warrant Certificates shall have the full force provided in the
Warrant Certificates and in this Agreement.

Section 17. Duties of Warrant Agent. The Warrant Agent undertakes the duties and
obligations imposed by this Agreement upon the following terms and conditions, by all of which the
Company and the holders of Warrant Certificate, by their acceptance thereof, shall be bound:

(a) The Warrant Agent may consult with legal counsel (who may be legal counsel for the
Company), and the opinion of such counsel shall be full and complete authorization and protection
to the Warrant Agent as to any action taken or omitted by it in good faith and in accordance with
such opinion.

(b) Whenever in the performance of its duties under this Agreement the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established by the Company
prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in
respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by the Chairman, President or any Vice President of the Company
and by the Treasurer or any Assistant Treasurer or the Secretary of the Company and delivered to
the Warrant Agent; and such certificate shall be full authentication to the Warrant Agent for any
action taken or suffered in good faith by it under the provisions of this Agreement in reliance
upon such certificate.

(c) The Warrant Agent shall be liable hereunder only for its own gross negligence, bad faith
or willful misconduct, pursuant to Section 16 above.

(d) The Warrant Agent shall not be liable for or by reason of any of the statements of fact or
recitals contained in this Agreement or in the Warrant Certificates (except its countersignature
thereof) or be required to verify the same, but all such statements and recitals are and shall be
deemed to have been made by the Company only.

(e) The Warrant Agent shall not be under any responsibility in respect of the validity of this
Agreement or the execution and delivery hereof (except the due execution hereof by the Warrant
Agent) or in respect of the validity or execution of any Warrant Certificate (except its
countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it be
responsible for the adjustment of the Exercise Price or the making of any change in the number of
shares of Common Stock required under the provisions of Sections 10 or 12 or responsible for the
manner, method or amount of any such change or the ascertaining of the existence of facts that
would require any such adjustment or change (except with respect to the exercise of Warrants
evidenced by Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor
shall it by any act hereunder be deemed to make any representation or warranty as to the
authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement
or any Warrant Certificate or as to whether any shares of Common Stock will, when issued, be duly
authorized, validly issued, fully paid and non-assessable.

(f) The Company agrees that it will perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further and other acts, instruments and
assurances as may reasonably be required by the Warrant Agent for the carrying out or performing by
the Warrant Agent of the provisions of this Agreement.

(g) The Warrant Agent is hereby authorized to accept instructions with respect to the
performance of its duties hereunder from the Chairman or the President or any Vice President or the
Secretary of the Company, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable and shall be indemnified and held harmless for any
action taken or suffered to be taken by it in good faith in accordance with instructions of any
such officer, provided the Warrant Agent carries out such instructions without gross negligence,
bad faith or willful misconduct.

(h) The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent
may buy, sell or deal in any of the Warrants or other securities of the Company or become
pecuniarily interested in any transaction in which the Company may be interested, or contract with
or lend money to the Company or otherwise act as fully and freely as though it were not Warrant
Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any
other capacity for the Company or for any other legal entity.

(i) The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it
or perform any duty hereunder either itself or by or through its attorney or agents, and the
Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of
any such attorney or agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct, provided reasonable care was exercised in the selection and continued
employment thereof.

Section 18. Change of Warrant Agent. The Warrant Agent may resign and be discharged
from its duties under this Agreement upon 30 days’ notice in writing mailed to the Company and to
each transfer agent of the Common Stock by registered or certified mail, and to the holders of the
Warrant Certificates by first-class mail. The Company may remove the Warrant Agent or any
successor Warrant Agent upon 30 days’ notice in writing, mailed to the Warrant Agent or successor
Warrant Agent, as the case may be, and to each transfer agent of the Common Stock by registered or
certified mail, and to the holders of the Warrant Certificates by first-class mail. If the Warrant
Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall
appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment
within a period of 30 days after such removal or after it has been notified in writing of such
resignation or incapacity by the resigning or incapacitated Warrant Agent or by the holder of a
Warrant Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by
the Company), then the registered holder of any Warrant Certificate may apply to any court of
competent jurisdiction for the appointment of a new Warrant Agent. Any successor Warrant Agent,
whether appointed by the Company or by such a court, shall be a corporation organized and doing
business under the laws of the United States or of a state thereof, in good standing, which is
authorized under such laws to exercise corporate trust powers and is subject to supervision or
examination by federal or state authority and which has at the time of its appointment as Warrant
Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor
Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it
had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant
Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it
hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the
purpose. Not later than the effective date of any such appointment, the Company shall file notice
thereof in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock,
and mail a notice thereof in writing to the registered holders of the Warrant Certificates.
However, failure to give any notice provided for in this Section 18, or any defect therein, shall
not affect the legality or validity of the resignation or removal of the Warrant Agent or the
appointment of the successor Warrant Agent, as the case may be.

Section 19. Issuance of New Warrant Certificates. Notwithstanding any of the
provisions of this Agreement or of the Warrants to the contrary, the Company may, at its option,
issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of
Directors to reflect any adjustment or change in the Exercise Price per share and the number or
kind or class of shares of stock or other securities or property purchasable under the several
Warrant Certificates made in accordance with the provisions of this Agreement.

Section 20. Notices. Notices or demands authorized by this Agreement to be given or
made (i) by the Warrant Agent or by the holder of any Warrant Certificate to or on the Company,
(ii) subject to the provisions of Section 18, by the Company or by the holder of any Warrant
Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the holder
of any Warrant Certificate, shall be deemed given (x) on the date delivered, if delivered
personally or if delivered by facsimile transmission with confirmation of facsimile delivery and
receipt by the intended recipient, and a copy of the notice sent by mail, (y) on the first Business
Day following the deposit thereof with Federal Express or another recognized overnight courier, if
sent by Federal Express or another recognized overnight courier, and (z) on the fourth Business Day
following the mailing thereof with postage prepaid, if mailed by registered or certified mail
(return receipt requested), in each case to the parties at the following addresses (or at such
other address for a party as shall be specified by like notice):(a) If to the Company, to:

Converted Organics Inc.

7A Commercial Wharf West

Boston MA 02110

Attention: President

Fax: (617) 624-0333

(b) If to the Warrant Agent, to:

Computershare Trust Company, N.A.

250 Royall Street

Canton, Massachusetts 02021

Attention: Client Administration

Fax: (781) 575-2549

(c) If to the holder of any Warrant Certificate, to the address of such holder as shown on the
registry books of the Company. Any notice required to be delivered by the Company to the
registered holder of any Warrant may be given by the Warrant Agent on behalf of the Company.

Section 21. Supplements and Amendments.(a)

(a) The Company and the Warrant Agent may from time to time supplement or amend this Agreement
without the approval of any holders of Warrant Certificates in order to cure any ambiguity, to
correct or supplement any provision contained herein which may be defective or inconsistent with
any other provisions herein, or to make any other provisions with regard to matters or questions
arising hereunder which the Company and the Warrant Agent may deem necessary or desirable and which
shall not adversely affect the interests of the holders of Warrant Certificates.

(b) In addition to the foregoing, with the consent of holders of the Warrants entitled, upon
exercise thereof, to receive not less than a majority of the shares of Common Stock issuable
thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Warrant
Agreement or modifying in any manner the rights of the holders of the Warrant Certificates;
provided, however, that no modification of the terms (including but not limited to
the adjustments described in Section 10) upon which the Warrants are exercisable or reducing the
percentage required for consent to modification of this Agreement may be made without the consent
of the holder of each outstanding Warrant Certificate affected thereby.

Section 22. Successors. All covenants and provisions of this Agreement by or for the
benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective
successors and assigns hereunder.

Section 23. Benefits of this Agreement. Nothing in this Agreement shall be construed
to give any Person other than the Company or the Warrant Agent any legal or equitable right,
remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive
benefit of the Company and the Warrant Agent.

Section 24. Governing Law. This Agreement and each Warrant Certificate issued
hereunder shall be governed by, and construed in accordance with, the laws of the Commonwealth of
Massachusetts without giving effect to the conflicts of law principles thereof.

Section 25. Counterparts. This Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to be an original, and
all such counterparts shall together constitute but one and the same instrument.Section 26.
Captions. The captions of the sections of this Agreement have been inserted for
convenience only and shall not control or affect the meaning or construction of any of the
provisions hereof.

Section 27. Information. The Company agrees to promptly provide the registered
holders of the Warrants the information it is required to provide to the holders of the Common
Stock.

Section 28. Force Majeure. Notwithstanding anything to the contrary contained herein,
Warrant Agent shall not be liable for any delays or failures in performance resulting from acts
beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage
of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss
of data due to power failures or mechanical difficulties with information storage or retrieval
systems, labor difficulties, war, or civil unrest.

[Signature Page Follows]

1

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and year first above written.

CONVERTED ORGANICS INC.

	 	 	 	By:

Name:

Title:

COMPUTERSHARE INC., AND COMPUTERSHARE TRUST COMPANY,
N.A., for both entities,

	 	 	 	By:

Name:

Title:

Warrant Agreement

Dated as of October 20, 2009

among

Converted Organics Inc.,

Computershare Inc.,

and

Computershare Trust Company, N.A.,

TABLE OF CONTENTS

Page

2exhibit10-1.htm

    
Exhibit
10.1

      EMPLOYMENT
AGREEMENT

      

      This
EMPLOYMENT AGREEMENT (this "Agreement") is made effective
as of October 18, 2009 (the "Effective Date"), by and
between BioCancell Therapeutics Inc., a Company organized under the laws of the
State of Delaware (the "Parent"), BioCancell
Therapeutics Israel, Ltd. a Company organized under the laws of the State of
Israel (the "Company"
and together with the Parent, the "Companies") and Mr. Uri Danon,
Identification No. 012658811 (the "Employee") (the Companies and
the Employee shall sometimes be referred to, each as a "Party" and collectively, as
the "Parties").

       

      

      
        	
                WHEREAS,

              	
                the
      Companies desires to employ the Employee as their Chief Executive Officer
      and the Employee desires to serve the Companies in such position, on the
      terms and conditions hereinafter set
forth.

              

      

      

       

      NOW, THEREFORE, based on the
representations contained herein and in consideration of the mutual promises and
covenants set forth herein, the Parties agree as follows:

       

      

      
        	
                1.  

              	
                Employment.

              

      

       

      
        	
                1.1.  

              	
                Commencing
      as of the Effective Date, the
      Companies shall employ the Employee, who shall begin an integration period
      towards his assumption of the position of Chief Executive Officer of the
      Companies ("CEO"),
      in parallel to the current CEO of the Companies. On November 1, 2009, the
      Employee shall begin serving as the CEO, reporting directly to the Board
      of Directors of the Parent (the "Board of Directors"),
      until such time as the Board of Directors, at its sole discretion,
      determines otherwise and/or appoints another person to such position.
      Employee's position with the Companies in accordance herewith shall be
      regarded as the "Position". In addition,
      during the first 3 months commencing on the Effective Date, the Employee
      shall be entitled to be employed on an 80% basis and devote 20% of his
      working time to his former position to ensure swift transition in his
      former employer. For the period during which the Employee is actually
      employed on an 80% basis, the Salary shall be adjusted accordingly. The
      Employee shall be entitled to decide at any time, during the initial three
      month period to commence work at the Companies on a 100% basis, in which
      case his Salary will be paid
accordingly.

              

      

       

      
        	
                1.2.  

              	
                The
      Employee's duties and responsibilities shall be those duties and
      responsibilities customarily performed by a person in a similar
      position.

              

      

       

      
        	
                1.3.  

              	
                Subject
      to Section 1.1 above, the Employee shall be employed on a full-time basis.
      The Employee shall devote his full and undivided attention and full
      working time, know-how, energy, talent and experience to the business and
      affairs of the Companies and shall use his best efforts and shall devote
      such time as necessary for the fulfillment of his duties and
      responsibilities under this
Agreement.

              

      

       

      
        	
                1.4.  

              	
                Without
      derogating from the generality of the above, during the term of this
      Agreement the Employee shall not be engaged in any other employment nor
      engage actively in any other business activity or render any services,
      which may hinder the performance of his obligations hereunder, with or
      without compensation, for any other person, firm or company (except as
      provided for in Section 1.3 of this Agreement, and the Employee’s position
      as a director in Atox Bio, Inc.). The Employee shall not hold any position
      in any additional company without the Board of Directors' prior written
      consent.

              

      

       

      
        	
                1.5.  

              	
                The
      Employee shall perform his duties hereunder at the Companies' facilities
      in Israel. Employee acknowledges and agrees that the performance of his
      duties hereunder may require significant domestic and international travel
      at the Companies' request.

              

      

       

      
        	
                1.6.  

              	
                It
      is agreed between the Parties that the position that Employee holds within
      the Companies is a management position, which demands a special level of
      loyalty and accordingly, the Work Hours and Rest Law (1951) shall not
      apply to Employee's employment by the Companies and this Agreement. The
      Employee further acknowledges and agrees that his duties and
      responsibilities may entail irregular work hours and extensive traveling
      in Israel and abroad, for which he is adequately rewarded by the
      compensations provided for in this Agreement. The Parties confirm that
      this is a personal services contract, and that the relationship between
      the Parties shall not be subject to any general or special collective
      employment agreement or any custom or practice of the Companies in respect
      of any of its other employees or
contractors.

              

      

       

      
        	
                1.7.  

              	
                The
      Employee hereby represents and warrants to the Companies, that the
      execution and delivery of this Agreement and the fulfillment of the terms
      hereof will constitute the valid, binding and enforceable obligations of
      the Employee and will not violate, conflict with or constitute a default
      under or breach of any agreement and/or undertaking and/or instrument,
      judgment, order, writ or decree to which the Employee is a party or by
      which he is bound, or any provision of law, rule or regulation applicable
      to the Employee, and do not require the consent of any person or entity
      which has not been obtained prior to the execution hereof; and in the
      performance of his obligations hereunder the Employee will not make use of
      (i) any confidential or proprietary information belonging to any third
      party, or (ii) any information to which the Employee is restricted from
      disclosing or using due to contractual undertakings or by
    law.

              

      

       

       
 

      
        	
                2.  

              	
                Salary and Employee
      Benefits.

              

      

       

      In full
consideration for the Employee's employment with the Companies, commencing as of
the Effective Date, the Employee shall be entitled to the following payments,
and benefits:

       

      
        	
                2.1.  

              	
                Salary. The
      Companies shall pay the Employee a gross salary of NIS  42,000
      per month (on a full time basis), as shall be adjusted from time to time
      in accordance with the provisions hereof (the "Salary"). All income and
      other taxes shall be deducted as required by law. The Employee shall be
      entitled to receive cost-of-living adjustments ("Tosefet Yoker") and other
      adjustments as may be required by
law.

              

      

       

      The
Salary shall be payable monthly in arrears, no later than the tenth (10th) day
of each month. The Employee acknowledges that the Salary to which he is entitled
pursuant to this Agreement constitutes due consideration for him working
overtime and on days of rest.

       

       

      
        	
                2.2.  

              	
                Sick Leave. The
      Employee shall be entitled to fully paid sick leave pursuant to the Sick
      Pay Law (1976). The Employee may carry forward any unused sick leave, not
      to exceed the maximum prescribed by law, but shall not be entitled to any
      payment for unused sick leave.

              

      

       

      
        	
                2.3.  

              	
                Vacation. The
      Employee shall be entitled to an annual vacation of twenty (20) working
      days. Subject to applicable law, up to two (2) years' equivalent of
      vacation days may be accumulated provided that the Employee will take at
      least twelve (12) vacation days during the first of the two years and in
      any event accumulated vacation days cannot be converted into cash unless
      the Board of Directors establishes that the Employee's work load is such
      that it prevents the Employee to use his vacation days. Such conversion
      may be further subject to any limitations imposed under applicable
      law.

              

      

       

      
        	
                2.4.  

              	
                Manager's
      Insurance. The Companies shall contribute up to an aggregate of
      15.83% of the Salary to an accepted Manager's Insurance Policy or Pension
      fund  (the "Policy"), including
      insurance in the event of loss of capacity for work, of which (i) 8.33% of
      the Salary will be on account of severance compensation, which shall be
      payable to the Employee upon severance, in accordance with the provisions
      of this Agreement; (ii) 5% of the Salary on account of Manager's Insurance
      Policy or pension fund payments; and (iii) up to 2.5% of the Salary on
      account of disability pension payments. The Companies shall deduct 5% from
      the Salary to be paid on behalf of the Employee towards the Policy. The
      Employee may extend an existing policy or plan and incorporate it into the
      Policy, at his discretion. The Policy will be subject to an automatic
      transfer of ownership to Employee and to recive all funds accumulated in
      the above funds upon termination of Employee's employment with the
      Companies, except for such
      payments accrued with respect to severance
  compensation.

              

      

       

      
        	
                2.5.  

              	
                Annual Recreation
      Allowance (Dme'i Havra'a). The Employee shall be entitled to annual
      recreation allowance according to applicable
  law.

              

      

       

      
        	
                2.6.  

              	
                Vocational
      Studies.
      The Companies and the Employee shall maintain a "Keren Hishtalmut"
      fund for the benefit of the Employee (the "Fund"). The Companies
      shall contribute to such Fund an amount equal to 7.5% of the Salary and
      the Employee shall contribute to the Fund an amount equal to 2.5% of the
      Salary. The Employee hereby instructs the Companies to transfer to the
      Fund the Employee's payment and the Companies' contribution from the
      Salary.

              

      

       

      
        	
                2.7.  

              	
                Cellular Phone.
      The Companies shall provide the Employee a cellular phone and cover its
      expenses. The Company shall bear any and all taxes applicable to the
      Employee in connection with said cellular phone and the use thereof, in
      accordance with income tax regulations applicable
  thereto.

              

      

       

      
        	
                2.8.  

              	
                Company Car.
      The Companies shall provide the Employee with a Class 4 company car of the
      Employee’s choosing (subject to availability at the leasing company with
      the Companies are engaged), leased under an operating leasing agreement
      (the "Company
      Car") and in accordance with the Companies' policy. The Company Car
      shall be placed with the Employee for his business and personal use.
      Employee shall take good care of the Company Car and ensure that the
      provisions of the insurance policy and the Companies' rules relating to
      the Company Car are strictly, lawfully and carefully
    observed.

              

      

       

      Subject
to applicable law, the Companies shall bear all fixed and ongoing expenses
relating to the Company Car and to the use and maintenance thereof, excluding
expenses incurred in connection with violations of law, which shall be paid
solely by Employee. The Companies shall bear any and all taxes applicable to the
Employee in connection with said Company Car and the use thereof, in accordance
with income tax regulations applicable thereto.

       

      Upon: (i)
the date of termination of the Notice Period (as defined below); or (ii) the
date of actual termination of employment in the event of termination for Cause,
then the Employee shall return the Company Car (together with its keys and any
other equipment supplied and/or installed therein by the Companies and any
documents relating to the Company Car) to the Companies' principal office.
Employee shall have no rights of lien with respect to the Company Car and/or any
of said equipment and documents.

       

      
        	
                2.9.  

              	
                Expenses.  The Employee
      shall be entitled to receive reimbursement of all business expenses
      reasonably incurred by him in connection with the performance of his
      duties hereunder against presentation of invoices. In addition, the
      Companies shall bear reasonable lodging and travel expenses incurred by
      the Employee during his travel abroad at the Companies'
      request.

              

      

       

      
        	
                2.10.  

              	
                Additional
      Incentives. The Employee shall be entitled to the following
      additional compensation:

              

      

       

      
        	
                2.10.1.  

              	
                Fund raising:
      in case of fund raising commencing January 31, 2010 in aggregate sum of
      $10,000,000 or more by the Employee (that includes equity, convertible
      loans, bonds, but excludes loans from financial institutions and grants
      under the auspices of the Ministry of Industry, Trade and Labor, such as
      Chief Scientist grants and bi-national funds), the Employee will be
      entitled for a one-time compensation of 1% of funds raised (except for
      funds raised from any current stockholder in the Companies), but not more
      than $100,000. Such compensation will be paid to the Employee by either
      of: cash, if the fundraising included at least $5,000,000 in equity, or
      otherwise in equivalent worth in stock options of the Parent. In the event
      that payment shall be in stock options of the Parent, the determination of
      the aggregate value of such
      securities shall be determined by an independent financial advisor
      acceptable to the Parties.

              

      

       

      
        	
                2.10.2.  

              	
                Options.  Employee
      shall be personally granted an option to purchase 450,000 shares of Common
      Stock of the Parent pursuant to the Parent's Employee Stock Option Plan
      (the "Option").
      80,000 stock options will serve as a signature grant and will be fully
      vested on the day of grant, and additional 370,000 stock options that will
      vest at a rate of 23,125 stock options at the end of each calendar quarter
      from the Effective Date for four years, provided however
    that:

              

      

      
        	
                 
      

              	
                -
      80,000 of the options will be accelerated and vest immediately if the last
      patient’s induction treatement in the Phase I/IIa ovarian cancer clinical
      trial is completed by November 30,
2010.

              

      

      
        	
                 
      

              	
                -
      80,000 of the options will be accelerated and vest immediately if the last
      patient’s induction treatement in the Phase I/IIa pancreatic cancer
      clinical trial is completed by November 30,
  2010.

              

      

      
        	
                 
      

              	
                -
      90,000 of the options will be accelerated and vest immediately when a new
      Phase II clinical trial is
commenced.

              

      

      
        	
                 
      

              	
                -
      60,000 of the options will be accelerated and vest immediately when a
      strategic collaboration is achieved, with a down payment of at least $5
      million.

              

      

      
        	
                 
      

              	
                -
      60,000 of the options will be accelerated and vest immediately when
      treatment is commenced in a clinical trial of the Company, of a product -
      candidate other than BC-819.

              

      

       

      Accelerated
options, where applicable, will vest in lieu of options otherwise scheduled to
vest at the end of the overall vesting period. The exercise price will be the
average closing price of the Parent’s shares on the Tel Aviv Stock Exchange
during the 22 trading days prior to the Effective Date. The option exercise
period will be 10 years from date of grant of the Option. The Option shall be
granted pursuant to the terms and conditions of the Parent's 2007 Employee Stock
Option Plan and an option agreement to be executed between the
Parties.

       

      
        	
                2.11.  

              	
                The
      Employee will be entitled that the Salary and other payments and benefits
      to which the Employee is entitled hereunder shall be reviewed annually by
      the Board of Directors during the term of this Agreement. Nothing in this
      Section 2.11 shall be deemed as conferring upon the Employee any right for
      improving the terms of his employment
hereunder.

              

      

       

      
        	
                3.  

              	
                Proprietary
      Rights

              

      

       

      
        	
                3.1.  

              	
                The
      Employee agrees and declares that any and all products, improvements,
      derivations, materials, processes, techniques, know-how and/or proceeds
      and any and all inventions, ideas, discoveries, concepts, works of
      authorship, designs, data results or initiatives conceived, conducted,
      developed, reduced to practice, compiled, created, written, authored, made
      and/or produced by the Employee, alone or jointly with others, pursuant
      to, in connection with, resulting or arising from this Agreement and/or
      his employment with the Companies, or using equipment, supplies,
      facilities or trade secrets of the Companies, whether within the scope of
      his employment with the Companies or otherwise and whether during the term
      of this Agreement, prior thereto or thereafter, directly or indirectly
      related to the field of business of the Companies as currently conducted
      and/or proposed to be conducted (the "Inventions"), and any
      and all right, title and interest in and to the Inventions, including
      without limitation, all patents, copyrights, trademarks, trade names,
      moral rights and other intellectual, industrial and/or proprietary rights
      and applications, extensions and renewals thereof (together with the
      Inventions, the "Proprietary Rights"),
      shall be the sole and exclusive property of the Companies, its successors
      and assigns (for the purpose of this Section 3, collectively, the "Companies"), and that
      the Employee will not have any rights or title whatsoever thereto. All
      works authored by the Employee pursuant to this Agreement, including,
      without limitation, the Inventions, shall be deemed "works made for
      hire".

              

      

       

      
        	
                3.2.  

              	
                If
      and to the extent the Companies' sole and exclusive ownership of the
      Proprietary Rights, in whole or in part, is not recognizable for any
      reason whatsoever, the Employee hereby irrevocably transfers and assigns
      to the Companies, solely and exclusively, all his rights, title and
      interest now and hereafter acquired in and to all Proprietary Rights
      (without any payments, liabilities or restrictions to any person or third
      party) in any and all media now known or hereafter devised, and all claims
      and causes of action of any kind with respect to any of the foregoing,
      throughout the world in perpetuity, and, when not otherwise assignable
      herein, agrees and undertakes to assign in the future to the Companies all
      right, title and interest in and to any and all such Proprietary Rights
      (and all proprietary rights with respect thereto) and further undertakes
      to execute all necessary documentation and take all further action as may
      be required in order to perform such assignment, at the Companies'
      expense.

              

      

       

      
        	
                3.3.  

              	
                In
      the event that pursuant to any applicable law the Employee retains any
      rights in and to the Proprietary Rights that cannot be assigned to the
      Companies, the Employee hereby unconditionally and irrevocably waives the
      enforcement of all such rights, and all claims and causes of action of any
      kind with respect to any of the foregoing and agrees, at the request and
      expense of the Companies, to consent to and join in any action to enforce
      such rights and to procure a waiver of such rights from the holders of
      such rights, if any.

              

      

       

      
        	
                3.4.  

              	
                In
      the event that the Employee retains any rights in and to Proprietary
      Rights that cannot be assigned to the Companies and cannot be waived, the
      Employee hereby grants the Companies an exclusive, perpetual, worldwide,
      royalty-free license to exploit, use, develop, perform, modify, change,
      reproduce, publish and distribute, with the right to sublicense and assign
      such rights, and all claims and causes of action of any kind with respect
      to any of the foregoing, in and to the Proprietary Rights, in any way the
      Companies sees fit and for any purpose whatsoever. Without derogating from
      the above, the Employee hereby forever waives and agrees never to assert
      any and all rights of paternity or integrity, any right to claim
      authorship of any Invention, to object to any distortion, mutilation or
      other modification of, or other derogatory action in relation to any
      Invention, whether or not such would be prejudicial to his honor or
      reputation, and any similar right, existing under judicial or statutory
      law of any country in the world, or under any treaty, even after
      termination of his work on behalf of the
  Companies.

              

      

       

      
        	
                3.5.  

              	
                Without
      derogating from the above, any and all material (including, without
      limitation, software, designs, documentation, memoranda, notes, reports,
      manuals, patterns, programs, specifications, prototypes, formulas,
      drawings, records, data or other technical or proprietary information),
      and any copies or abstracts thereof, whether or not of a secret or
      confidential nature, furnished to the Employee by the Companies or
      conceived, conducted, developed, reduced to practice, compiled, created,
      written, authored, made and/or produced by the Employee, alone or jointly
      with others, pursuant to, in connection with, resulting or arising from
      this Agreement and/or his employment with the Companies, or using
      equipment, supplies, facilities or trade secrets of the Companies, whether
      within the scope of his employment with the Companies or otherwise and
      whether during the term of this Agreement, prior thereto or thereafter,
      directly or indirectly related to the field of business of the Companies
      as currently conducted and/or proposed to be conducted, is and shall
      remain the sole and exclusive property of the Companies. Such property
      while in the Employee's custody or control shall be maintained in good
      condition at the Employee's
expense.

              

      

       

      
        	
                3.6.  

              	
                The
      Employee will promptly disclose to the Companies fully and in writing all
      Inventions, if any.

              

      

       

      
        	
                3.7.  

              	
                The
      Employee hereby agrees and undertakes to provide the Companies or any
      person designated by the Companies all such information, to execute all
      necessary documentation and to take all further action as may be required
      to perfect the rights referred to herein, including, without limitation,
      any assignment of rights to the Companies or the obtaining or enforcing
      any intellectual property rights, if applicable, in any and all countries
      at the Companies' expense. Without derogating from any of the Employee's
      obligations hereunder, the Employee hereby appoints any officer of the
      Companies as its duly authorized agent to execute, file, prosecute and
      protect the same before any government agency, court or authority at the
      Companies' expense.

              

      

       

      
        	
                3.8.  

              	
                The
      Employee's undertakings in this Section 3 shall remain in full force and
      effect after termination or expiration of this Agreement for any reason
      whatsoever or any renewal thereof.

              

      

      

       

      
        	
                4.  

              	
                Non-Competition

              

      

       

      
        	
                4.1.  

              	
                The
      Employee agrees and undertakes that he will not, without the express
      written consent of the Company, during the period of his employment with
      the Companies, and for a period of one (1) year thereafter, compete or
      assist others to compete, whether directly or indirectly, with the
      business of the Companies, as currently conducted and/or as proposed to be
      conducted at the time of termination of
  employment.

              

      

       

      
        	
                4.2.  

              	
                The
      Employee further agrees and undertakes that during the period of his
      employment with the Companies and for a period of one (1) year thereafter,
      he will neither solicit for employment or any other engagement nor employ
      or otherwise engage any person employed by the Companies on the date of
      such termination or during the preceding twelve (12) months, personally or
      in any business in which he is an officer or director, for any purpose or
      in any place.

              

      

       

      
        	
                4.3.  

              	
                If
      any one or more of the terms contained in this Section 4 shall, for any
      reason, be held to be excessively broad with regard to time, geographic
      scope or activity, such term shall be construed in a manner to enable it
      to be enforced to the extent compatible with applicable
    law.

              

      

      

       

      
        	
                5.  

              	
                Confidentiality

              

      

       

      
        	
                5.1.  

              	
                The
      Employee represents and warrants that he will keep the terms and
      conditions of this Agreement strictly confidential and will not disclose
      it or provide a copy of this Agreement or any part thereof to any third
      person unless and to the extent required by applicable
  law.

              

      

       

      
        	
                5.2.  

              	
                Any
      and all information and data of a proprietary or confidential nature
      concerning the business or financial activities of the Companies or its
      technology, or products (whether current or future), whether in oral,
      written, graphic, machine-readable form, or in any other form, including,
      without limitation, proprietary, business, financial, technical,
      development, product, marketing, sales, price, operating, performance,
      cost, know-how and process information, trade secrets, patents, patent
      applications, copyrights, ideas and inventions (whether patentable or
      not), and all record bearing media containing or disclosing such
      information and techniques, disclosed to or otherwise acquired by the
      Employee in connection with this Agreement and/or his employment with the
      Companies and any and all Proprietary Rights (collectively, "Confidential
      Information") is and shall remain the sole and exclusive property
      of the Companies.

              

      

       

      
        	
                5.3.  

              	
                During
      the term of this Agreement and thereafter, the Employee (i) will keep the
      Confidential Information strictly confidential and will not disclose it,
      or any part thereof, provide any documentation with respect thereto, or
      any part thereof, directly or indirectly, to any third party, without the
      prior written consent of the Companies or unless and to the extent
      required by applicable law; and (ii) the Employee will not use any
      Confidential Information or anything relating to it without the prior
      written consent of the Companies, except and to the extent as may be
      necessary in the ordinary course of performing his duties and obligations
      hereunder and in the best interests of the Companies. Notwithstanding the
      foregoing, the Employee shall not be obligated to maintain the
      confidentiality of the Confidential Information which: (i) is or becomes a
      matter of public knowledge through no fault of the Employee; (ii) is
      authorized, in writing, by the Companies for release; (iii) was lawfully
      in the Employee's possession before receipt from the Companies, as
      evidenced by the Employee through written documentation; (iv) is lawfully
      received by the Employee from a third party without a duty of
      confidentiality; or (v) reflects information and data generally known
      within the industries or trades in which the Companies transacts
      business.

              

      

       

      
        	
                5.4.  

              	
                At
      all times, both during the term of this Agreement and thereafter, the
      Employee will keep in trust all Confidential Information. In the event of
      the expiration or other termination of this Agreement for any reason, or
      upon the Companies' earlier request, the Employee will promptly deliver to
      the Companies all materials referred to herein and the Employee shall not
      retain or take any materials, or any reproduction thereof containing or
      pertaining to Confidential
Information.

              

      

       

      
        	
                5.5.  

              	
                The
      Employee recognizes that the Companies received and will receive
      confidential or proprietary information from third parties, subject to a
      duty on the Companies' part to maintain the confidentiality of such
      information and to use it only for certain limited purposes. At all times,
      both during his employment and after its termination, the Employee
      undertakes to keep any and all such information in strict confidence and
      trust, and he will not use or disclose any of such information without the
      prior written consent of the Companies, except as may be necessary to
      perform his duties hereunder and consistent with the Companies' agreement
      with such third party. Upon termination of his employment with the
      Companies, Employee shall act with respect to such information as set
      forth in Section 5.4.

              

      

       

      
        	
                6.  

              	
                Term and
      Termination.

              

      

       

      
        	
                6.1.  

              	
                This
      Agreement shall be in effect commencing as of the Effective Date and shall
      continue in full force and effect for an undefined period, unless and
      until terminated as hereinafter
provided.

              

      

       

      
        	
                6.2.  

              	
                This
      Agreement may be terminated by either Party by ninety (90) days prior
      written notice to the other Party. Any such prior notice period shall be
      referred to as the "Notice Period", as
      applicable. At any time during the Notice Period, the Companies may elect
      to terminate this Agreement and the relationship with the Employee
      immediately, provided, that Employee
      shall be entitled to all payments and other benefits due to him hereunder
      as he would have been entitled to receive for the remaining period of the
      Notice Period, including use of the Company Car until the end of the
      Notice Period.

              

      

       

      
        	
                6.3.  

              	
                Notwithstanding
      anything to the contrary herein, the Companies may terminate this
      Agreement at any time, effective immediately, without need for prior
      written notice, and without derogating from any other remedy to which the
      Companies may be entitled, for Cause. For the purposes of this Agreement,
      the term "Cause"
      shall mean, but shall not be limited to: (i) a material breach by Employee
      of any term of this Agreement; (ii) any breach by Employee of his
      fiduciary duties to the Companies, including, without limitation, any
      material conflict of interest for the promotion of Employee's benefit;
      (iii) Employee's fraud, felonious conduct or dishonesty; (iv) Employee's
      embezzlement of funds of the Companies; (v) any conduct by Employee which
      is materially injurious to the Companies, monetary or otherwise; (vi)
      Employee's conviction of any felony; (vii) Employee's misconduct, gross
      negligence or willful misconduct in performance of his duties and/or
      responsibilities hereunder; or (viii) Employee's refusal to perform his
      duties and/or responsibilities hereunder for any reason other than illness
      or incapacity, or Employee's disregard or insubordination of any lawful
      resolution and/or instruction of the Board of Directors or executive
      management of the Companies with respect to Employee's duties and/or
      responsibilities towards the
Companies.

              

      

       

      
        	
                6.4.  

              	
                The
      Employee shall cooperate with the Companies and use his best efforts to
      assist the integration into the Companies' organization of the person or
      persons who will assume the Employee's responsibilities. At the option of
      the Companies, the Employee shall, during such period, either continue
      with his duties or remain absent from the premises of the Companies,
      subject to applicable law.

              

      

       

      
        	
                6.5.  

              	
                Upon
      termination of Employee's employment with the Companies hereunder, for any
      reason whatsoever, the Companies shall have no further obligation or
      liability towards the Employee in connection with his employment as
      aforesaid, other than payment of the Salary earned pursuant to the terms
      of this Agreement prior to the date of termination in accordance with
      Section 2 above and the social benefits. Any outstanding payment due by
      the Employee to the Companies in connection with his employment by the
      Companies shall be repaid by the Employee no later than one (1) month
      following termination of his employment. Notwithstanding, the Companies
      may offset any such outstanding amounts due to it against any payment due
      by the Companies to the employee, subject to applicable
    law.

              

      

       

      
        	
                6.6.  

              	
                The
      provisions of Sections 3, 4 and 5 shall survive the termination or
      expiration of this Agreement for any reason whatsoever or any renewal
      thereof.

              

      

       

      
        	
                7.  

              	
                Notices.

              

      

       

      
        	
                7.1.  

              	
                Any
      and all notices and communications in connection with this Agreement shall
      be in writing, addressed to the parties as
  follows:

              

      

       

      
        	
                If
      to the Companies:

              	
                BioCancell
      Therapeutics Inc.

                8
      Hartom St. Har Hotzvim, Jerusalem

              
	
                If
      to the Employee:

                 

              	
                Uri
      Danon

                Mavo
      Ganigar 8, Tel Aviv, 69359, Israel

                 

              

      

       

      
        	
                7.2.  

              	
                All
      notices shall be given by registered mail (postage prepaid), by facsimile
      or email, or otherwise delivered by hand or by messenger to the Parties'
      respective addresses as above or such other address as may be designated
      by notice. Any notice sent in accordance with this Section 7 shall be
      deemed received: (i) if sent by facsimile or email, upon transmission and
      electronic confirmation of receipt or (if transmitted and received on a
      non-business day) on the first business day following transmission and
      electronic confirmation of receipt, (ii) if sent by registered mail, upon
      3 (three) days of mailing, and (iii) if sent by messenger, upon
      delivery.

              

      

       

       

      
        	
                8.  

              	
                Miscellaneous.

              

      

       

      
        	
                8.1.  

              	
                Headings;
      Interpretation. Section headings contained herein are for reference
      and convenience purposes only and shall not in any way be used for the
      interpretation of this Agreement.

              

      

       

      
        	
                8.2.  

              	
                Entire
      Agreement. This Agreement constitutes the entire agreement between
      the Parties with respect to the subject matters hereof and supersedes all
      prior agreements, understandings and arrangements, oral or written,
      between the Parties with respect to the subject matters
      hereof.

              

      

       

      
        	
                8.3.  

              	
                Amendment;
      Waiver. No provision of this Agreement may be modified, waived or
      discharged unless such waiver, modification or discharge is agreed to in
      writing and signed by the Employee and the Companies. No waiver by either
      Party at any time to act with respect to any breach or default by the
      other Party of, or compliance with, any condition or provision of this
      Agreement to be performed by such other Party shall be deemed a waiver of
      similar or dissimilar provisions or conditions at the same or at any prior
      or subsequent time.

              

      

       

      
        	
                8.4.  

              	
                Governing Law;
      Jurisdiction. This Agreement shall be governed by and construed and
      enforced in accordance with the laws of the State of Israel, without
      giving effect to the rules with respect to conflicts-of-law. Any dispute
      arising out of, or relating to this Agreement, its interpretation or
      performance hereunder shall be resolved exclusively by the competent court
      of the Tel Aviv-Jaffa district, and each of the Parties hereby submits
      exclusively and irrevocably to the jurisdiction of such
    court.

              

      

       

      
        	
                8.5.  

              	
                Severability.
      The provisions of this Agreement shall be deemed severable and the
      invalidity or unenforceability of any provision shall not affect the
      validity or enforceability of the other provisions hereof. If any part of
      this Agreement is determined to be invalid, illegal or unenforceable, such
      determined shall not affect the validity, legality or enforceability of
      any other part of this Agreement; and the remaining parts shall be
      enforced as if such invalid, illegal, or unenforceable part were not
      contained herein, provided, however, that
      in such event this Agreement shall be interpreted so as to give effect, to
      the greatest extent consistent with and permitted by applicable law, to
      the meaning and intention of the excluded provision as determined by such
      court of competent jurisdiction.

              

      

       

      
        	
                8.6.  

              	
                Successors and Assign;
      Assignment. This Agreement shall be binding upon and shall inure to
      the benefit of the Companies, its successors and assigns. Neither this
      Agreement or any of the Employee's rights, privileges, or obligations set
      forth in, arising under, or created by this Agreement may be assigned or
      transferred by the Employee without the prior consent in writing of the
      Companies, except by will or by the laws of descent and
      distribution

              

      

       

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

       

      
        	
                BIOCANCELL
      THERAPEUTICS INC.

              	 
      	
                URI
      DANON

              
	 /s/
      Avi Barak 

                By:
      Avi Barak

              	
                /s/
      Avraham Hochberg

                Avraham Hochberg

              	 
      	 
      /s/ Uri Danon
	

                Title:
      Chief Executive Officer

              	
                Chairman
      of the Board of Directors

              	 
      	 
      

      

       

      

       

      
        	
                BIOCANCELL
      THERAPEUTICS ISRAEL LTD.

              	 
	 /s/
      Avi Barak 

                By:
      Avi Barak

              	
                

                  /s/
      Avraham Hochberg

                  Avraham Hochberg

                

              	 
	

                Title:
      Chief Executive Officer

              	
                

                  Chairman
      of the Board of Directors

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