Document:

Exhibit 10.9

 

[Free Translation
from Hebrew]

 

State of Israel

Ministry of
Trade and Industry

Industrial Research
and Development Administration

Office of Chief
Scientist

 

 

Jerusalem, __________

 

Letter of Approval
Number: 44765

(Fiscal regulation:
38020101)

Group: 13

  

To

PolyPid Ltd.

13 Hamazmera

Nes Ziona 74047

Letter of
Approval

 

	 	1.	We hereby inform you that the research committee, by virtue of its authority according to Article 17 of the Law for the Encouragement of Research and Development in the Industry, 5744-1984 (hereinafter: the “R&D Law”), has resolved in its meeting on 05/15/2011 to approve the program as submitted by you on 11/30/2010, which subject matter is:

 

	 	a.	Subject of approved program:  Product for controlled ongoing release of medication for the treatment of bone infection and bone illness

 

	 	b.	Performing the approved program: PolyPid Ltd.

 

	 	 	Registration Number: 514105923

(hereinafter
– the “Approved Program”)

 

	 	2.	
        a. The research
        and development expenses approved for the performance of the approved program will be in an amount of up to: NIS 2,744,276.

        In words: Two
        Million, Seven Hundred and Forty Four Thousand and Two Hundred and Seventy Six NIS.

        b. The rate of
        grant approved is 30% of the development expenses (addition with respect to a national priority zone A/ line of
        confrontation), which is up to an amount of NIS 823,283.

        In words: Eight
        Hundred and Twenty Three Thousand and Two Hundred and Eighty Three NIS.

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

 

	 	a.	The approved program will be performed as detailed in your request within a period of 12 months – commencing 11/01/2010 and until 10/31/2011(hereinafter: the “Performance Period”).
	 	 	 
	 	b.	
        (1) You must inform the Office of the Chief
        Scientist about every change in the control of the recipient of the grant in the company’s shares and/or in one of the following
        controlling means: (a) the right to vote in the company’s general meetings; (b) the right to appoint directors
        in the company; (c) the right to participate in the company’s profits.

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

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

 

    	 

    	 

    

 

	 	c.	
        Additional terms:

        Payment upon Execution.

         

        Payment of royalties out of all income
        derived from matrix and products for controlled ongoing release of medication for the treatment of bone infection and bone illness
        and other application for implant covering.

	 	 	 
	 	d.	See the appendix in the matter of intellectual property.
	 	 	 
	 	e.	In the event of pledging the company’s assets to an Israeli bank against credit, the company must ensure that the pledge shall be subject to the R&D Law.
	 	 	 
	 	f.	If the plan is connected to an agreement with an academic institution or an academic implementation company, the company must ensure that the agreement is subject to the provisions of the R&D Law.

 

	 	 	Sincerely,
	 	 	 
	 	 	/s/ Amos Efrati
	 	 	Avi Hasson

The Chief Scientist

 

Attached:

 

	 	1.	Budget breakdown appended to the letter of approval.
	 	2.	Letter of undertakings.
	 	3.	Rules determined by the research committee for the performance of the provisions of the Law.
	 	4.	Letter of approval intellectual property appendix.

 

    	 

    	 

    

 

[Free Translation
from Hebrew]

 

State of Israel

Ministry of
Trade and Industry

Industrial Research
and Development Administration

Office of Chief
Scientist / Office Controller

 

Jerusalem, 08/07/2011 

 

To:

PolyPid Ltd.

13 Hamazmera

Nes Ziona 74047

 

Budget Appendix
with respect to Research and Development File Number 44765

Appendix to
Letter of Approval

 

Subject to the letter
of approval signed by the Chief Scientist from 08/07/2011 and following the decision of the research committee pursuant
to Article 17(c) from 05/15/2011 with respect to research and development file which number is 44765

 

Subject of approved
program: Product for controlled ongoing release of medication for the treatment of bone infection and bone illness

 

and performed by PolyPid
Ltd.

 

Period of research:
from 11/01/2010 until 10/31/2011

 

The office’s
budget commitment in an amount of up to NIS 823,283 is hereby approved for the performance of research and development
expenses for the approved program.

 

	/s/ Amos Efrati	 	/s/ Amos Shakedi
	Vice Chief Scientist	 	Office controller, the Ministry of 

Industry, Trade and Employment

 

    	 

    	 

    

 

[Summary Translation
from Hebrew]

 

This page forms an
integral part of the letter of approval

 

Details of the budget
for research and development in the matter of: Product for controlled ongoing release of medication for the treatment of ...

Performance period
commencing 11/01/2010 until 10/31/2011

 

Budget page version
1.1

 

Request date

 

Date of latest update
05/31/2011

 

	 	 	File number:	 	44765
	 	 	Preparation Date:	 	31/05/2011
	 	 	Company	 	PolyPid
	 	 	Company Number	 	7262

 

	A. Human Resources	 	 
	Total Human Resources	 	598,109
	 	 
	B. Materials and consumable tools	 	 
	Total Materials	 	204,000
	 	 
	C. Subcontractors	 	 
	Total Subcontractors	 	1,675,680
	 	 
	D. Approved Equipment 	 	 
	Total	 	26,489
	 	 	 
	E. Miscellaneous	 	 
	Total	 	240,000
	 	 
	 	 	Total in NIS 2,744,276
	 	 	Grant 30% 823,283

 

Notes:

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

 

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

 

Signature:

 

	 	 	/s/ David Lavie	 	 	 	/s/ Amir Weisberg 	 	 	 	6/30/2011	 	 
	 	 	Office	 	 	 	Company	 	 	 	Date	 	 

 

    	 

    	 

    

 

[Free Translation
from Hebrew]

 PolyPid
Ltd.

Number at the registrar
of companies: 514105923

 

	 	Date: 07/01/11
	 	 
	 	Company: 7262

 

To

 

Industrial Research and Development Administration,
Office of Chief Scientist

Ministry of Industry, Trade and Employment

5 Bank Israel, PO Box 3166

Jerusalem

 

Dear Sir,

 

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

Subject: Product
for controlled ongoing release of medication for the treatment of bone infection and bone illness

 

File Number: 46674

 

We hereby inform
you that we commenced performing the approved plan, according to the referenced approval letter on 11/01/2010.

 

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

 

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

 

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

 

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

 

	 	3.	
        We consent to the attribution of this file
        numbered: 44765 to plan 44765

        Subject: Product for controlled ongoing
        release of medication for the treatment of bone infection and bone illness.

 

	 	4.	Additional undertakings:
	 	Payment of royalties out of all income derived from matrix and products for controlled ongoing release of medication for the treatment of bone infection and bone illness and other application for implant covering.

 

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

 

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

 

    	 

    	 

    

 

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

 

	 	8.	Procedures:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

Signature
confirmation for the company

 

The undersigned accountant
Kost Forer Gabbay & Kasierer hereby confirms that PolyPid Ltd. is lawfully registered in Israel; that Messrs.
Amir Weisberg who have signed this agreement on its behalf, have signed it before me and are authorized to do so on its
behalf; that their signature on this agreement binds the company.

 

	07/04/11	 	/s/ Kost Forer Gabbay & Kasierer
	Date	 	Signature and stamp 

 

 

 

	 /s/Amir Weisberg	 	Amir Weisberg	 	CEO	 	[company stamp] 
	 	 	 	 	 	 	 
	Signature	 	Name	 	Position	 	Company’s stamp

 

    	 

    	 

    

 

[Free Translation
from Hebrew]

 

State of Israel

Ministry of
Trade and Industry

Industrial Research
and Development Administration

Office of Chief
Scientist

 

Jerusalem, ___________

 

Letter of Approval
Number: 44765

(Fiscal regulation:
38020101)

Group: 13

 

To:

PolyPid Ltd.

13 Hamazmera

Nes Ziona 74047

 

Appendix
to Letter of Approval

 

Compliance with
Intellectual Property Laws

 

We have acknowledged
your undertaking from 07/01/2011 to comply with intellectual property laws as shall be practiced in Israel from time to
time, that if you are convicted for violation of the intellectual property laws of Israel, by a final and un-appealable judgment
in an Israeli court, we shall be entitled to terminate any benefit granted to you by the Industrial Research and Development Administration,
including grant, loan, tax benefit or any other financial advantage, or any part of such benefit, and demand their return including
interest and linkage differentials according to the law.

 

	 	Sincerely,
	 	 
	 	/s/ Amos Efrati
	 	Avi Hasson
	 	The Chief ScientistExhibit
10.10

 

[Free Translation
from Hebrew]

 

State of Israel

Ministry of
Trade and Industry

Industrial Research
and Development Administration

Office of Chief
Scientist

 

 

Jerusalem, __________

 

Letter of Approval
Number: 46892

(Fiscal regulation:
38020101)

Group: 13

Application: ______

Supplier No: 40504299

 

To

PolyPid Ltd.

P.O. Box 7126

Petah Tikva 49348

 

Letter of
Approval

 

		1.	We hereby inform you that the research committee, by virtue of its authority according to Article
17 of the Law for the Encouragement of Research and Development in the Industry, 5744-1984 (hereinafter: the “R&D Law”),
has resolved in its meeting on 03/25/2012 to approve the program as submitted by you on 11/30/2011, which subject
matter is:

 

		a.	Subject of approved program:  Product for controlled ongoing release of medication for
the treatment of bone infection and bone illness

 

		b.	Performing the approved program: PolyPid Ltd.

 

Registration Number: 514105923

(hereinafter
– the “Approved Program”)

 

		2.	a. The research and development expenses approved for the performance of the approved program will
be in an amount of up to: NIS 3,161,796.

In words: Three
Million, One Hundred and Sixty One Thousand and Seven Hundred and Ninety Six NIS.

b. The
rate of grant approved is 30% of the development expenses (addition with respect to a national priority zone A/
line of confrontation), which is up to an amount of NIS 948,539.

In words:
Nine Hundred and Forty Eight Thousand and Five Hundred and Thirty Nine NIS.

 

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

 

		a.	The approved program will be performed as detailed in your request within a period of 12 months
– commencing 11/01/2011 and until 31/10/2012 hereinafter: the “Performance Period”).

 

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

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

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

 

    	 

    	 

    

 

		c.	Additional terms:

Payment upon Execution.

 

Payment of royalties out of
all income derived from products for controlled ongoing release of medication for the treatment of bone infection and bone illness
and other applications of the platform.

 

		d.	See the appendix in the matter of intellectual property.

 

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

 

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

 

	 	Sincerely,
	 	 
	 	/s/ Amos Efrati
	 	Avi Hasson
	 	The Chief Scientist

 

Attached:

 

		1.	Budget breakdown appended to the letter of approval.

		2.	Letter of undertakings.

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

		4.	Letter of approval intellectual property appendix.

 

    	 

    	 

    

 

[Free Translation
from Hebrew]

 

State of Israel

Ministry of
Trade and Industry

Industrial Research
and Development Administration

Office of Chief
Scientist / Office Controller

 

Jerusalem, 05/01/2012 

 

To:

PolyPid Ltd.

P.O. Box 7126

Petah Tikva 49348

 

Budget Appendix
with respect to Research and Development File Number 46892

Appendix to
Letter of Approval

 

Subject to the letter
of approval signed by the Chief Scientist from 05/01/2012 and following the decision of the research committee pursuant
to Article 17(c) from 03/25/2012 with respect to research and development file which number is 46892

 

Subject of approved
program: Product for controlled ongoing release of medication for the treatment of bone infection and bone illness

 

and performed by PolyPid
Ltd.

 

Period of research:
from 11/01/2011 until 10/31/2012

 

The office’s
budget commitment in an amount of up to NIS 948,539 is hereby approved for the performance of research and development
expenses for the approved program.

 

	
        /s/ Amos
        Efrati
	 	
        /s/ Amos
        Shakedi

	Vice Chief Scientist	 	
        Office controller, the Ministry of

        Industry, Trade and Employment 

 

    	 

    	 

    

 

[Summary Translation
from Hebrew]

 

This page forms an
integral part of the letter of approval

 

Details of the budget
for research and development in the matter of: Product for controlled ongoing release of medication for the treatment of ...

Performance period
commencing 11/01/2011 until 10/31/2012

 

Budget page version
1.1

 

Request date

 

Date of latest update
04/16/2012

 

	 	File number:	46892
	 	Preparation Date:	04/16/2012
	 	Company	PolyPid
	 	Company Number	7262

 

	A. Human Resources	 	 
	Total Human Resources	 	661,680
	 	 
	B. Materials and consumable tools	 	 
	Total Materials	 	228,750
	 	 
	C. Subcontractors	 	 
	Total Subcontractors	 	2,177,000
	 	 
	D. Approved Equipment 	 	 
	Total	 	54,365
	 	 	 
	E. Miscellaneous	 	 
	Total	 	40,000
	 	 
	 	 	Total in NIS 3,161,796
	 	 	Grant 30% 948,539

 

Notes:

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

 

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

 

Signature:

 

	 	 	/s/ Amir Weisberg	 	 
	/s/ David Lavie	 	/s/ Noam Emanuel	 	04/22/2012
	Office	 	Company	 	Date

 

    	 

    	 

    

 

[Free Translation
from Hebrew]

 

 PolyPid
Ltd.

Number at the registrar
of companies: 514105923

 

	 	Date: 04/22/12
	 	 
	 	Company: 7262

 

To

 

Industrial Research and Development Administration,
Office of Chief Scientist

Ministry of Industry, Trade and Employment

5 Bank Israel, PO Box 3166

Jerusalem

 

Dear Sir,

 

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

Subject: Product
for controlled ongoing release of medication for the treatment of bone infection and bone illness

 

File Number: 46892

 

We hereby inform
you that we commenced performing the approved plan, according to the referenced approval letter on 11/01/11.

 

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

 

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

 

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

 

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

 

		3.	We consent to the attribution of this file numbered: 46892 to plan 44765

Subject: Product for controlled
ongoing release of medication for the treatment of bone infection and bone illness.

 

		4.	Additional undertakings:

Payment of royalties out of all
income derived from products for controlled ongoing release of medication for the treatment of bone infection and bone illness
and other applications of the platform.

 

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

 

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

 

    	 

    	 

    

 

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

 

		8.	Procedures:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

Signature
confirmation for the company

 

The undersigned attorney
/ accountant Michal Donner hereby confirms that PolyPid Ltd. is lawfully registered in Israel; that Messrs. Amir
Weisberg who have signed this agreement on its behalf, have signed it before me and are authorized to do so on its behalf;
that their signature on this agreement binds the company.

 

	04/29/2012	 	/s/ Michal Donner
	Date	 	Signature and stamp 
	 	 	 

 

	/s/Amir Weisberg	 	Amir Weisberg	 	CEO	 	 
	 	 	 	 	 	 	 
	/s/ Noam Emanuel	 	Noam Emanuel	 	CTO	 	[company stamp]
	 	 	 	 	 	 	 
	Signature	 	Name	 	Position	 	Company’s stamp

 

    	 

    	 

    

 

[Free Translation
from Hebrew]

 

State of Israel

Ministry of
Trade and Industry

Industrial Research
and Development Administration

Office of Chief
Scientist

 

Jerusalem, ___________ 

 

Letter of Approval
Number: 46892

(Fiscal regulation:
38020101)

Group: 13

 

To:

PolyPid Ltd.

P.O. Box 7126

Petah Tikva 49348

 

Appendix
to Letter of Approval

 

Compliance with
Intellectual Property Laws

 

We have acknowledged
your undertaking from 04/22/2012 to comply with intellectual property laws as shall be practiced in Israel from time to time, that
if you are convicted for violation of the intellectual property laws of Israel, by a final and un-appealable judgment in an Israeli
court, we shall be entitled to terminate any benefit granted to you by the Industrial Research and Development Administration,
including grant, loan, tax benefit or any other financial advantage, or any part of such benefit, and demand their return including
interest and linkage differentials according to the law.

 

	 	Sincerely,
	 	 
	 	/s/ Avi Hasson
	 	Avi Hasson
	 	The Chief Scientist

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