Document:

CLINICAL
TRIAL AGREEMENT

    

    This
Agreement is entered into as of July 8, 2009 by and between HADASIT MEDICAL
RESEARCH SERVICES AND DEVELOPMENT LIMITED, a company duly incorporated under the
laws of Israel, of P.O. Box 12000, Jerusalem 91120, (hereinafter: “Hadasit” or the “Institution”) and Prof. Itamar
Raz and Dr. Miriam Kidron (the “Investigator”) on one hand and
Oramed Ltd., a corporation organized under the laws of the state of Nevada, with
its registered office located at 2/5 Hi-Tech Park Givat-Ram P.O. Box 39098,
Jerusalem 91390, (hereinafter: “Sponsor”), on the other
hand.

    

    
      
        
          
            
              
                
                  	
                          PREAMBLE

                        	
                          1

                        
	
                          1.

                        	
                          STUDY,
      INVESTIGATOR AND SITE

                        	
                          2

                        
	
                          2.

                        	
                          COMPLIANCE
      WITH LAWS, REGULATIONS AND GUIDELINES

                        	
                          3

                        
	
                          3.

                        	
                          INFORMED
      CONSENT

                        	
                          3

                        
	
                          4.

                        	
                          RECORDKEEPING,
      REPORTING AND ACCESS

                        	
                          4

                        
	
                          5.

                        	
                          COMPENSATION
      FOR STUDY

                        	
                          5

                        
	
                          6.

                        	
                          CONFIDENTIAL
      INFORMATION

                        	
                          5

                        
	
                          7.

                        	
                          PUBLICATIONS

                        	
                          6

                        
	
                          8.

                        	
                          INTELLECTUAL
      PROPERTY

                        	
                          7

                        
	
                          9.

                        	
                          TANGIBLE
      MATERIALS

                        	
                          8

                        
	
                          10.

                        	
                          INDEMNIFICATION,
      INSURANCE, LIMITED LIABILITIES

                        	
                          8

                        
	
                          11.

                        	
                          TERM
      AND TERMINATION

                        	
                          10

                        
	
                          12.

                        	
                          CHANGES
      TO THE PROTOCOL

                        	
                          11

                        
	
                          13.

                        	
                          ASSIGNMENTS

                        	
                          11

                        
	
                          14.

                        	
                          APPLICABLE
      LAW

                        	
                          12

                        
	
                          15.

                        	
                          INDEPENDENT
      CONTRACTORS

                        	
                          12

                        
	
                          16.

                        	
                          NOTICES

                        	
                          12

                        
	
                          17.

                        	
                          ENTIRE
      AGREEMENT

                        	
                          12

                        
	
                          Schedule
      A – Protocols

                        	
                          15

                        
	
                          Schedule
      B - Compensation

                        	
                          16

                        
	
                          Schedule
      C - Materials

                        	
                          18

                        
	
                          Schedule
      D - Insurance policy

                        	
                          19

                        
	
                          Schedule
      E – First Agreement

                        	
                          20

                        
	
                          Schedule
      F – Second Agreement

                        	
                          21

                        

                

              

            

          

        

      

    

    

    PREAMBLE

    

    WHEREAS
Hadasit is a wholly owned subsidiary of Hadassah Medical Organization (“HMO”) and is authorized to
enter this Agreement and to utilize HMO’s facilities, employees and agents for
purpose of this Agreement;

    

    Whereas, the Sponsor is the
successor of Integrated Security Technologies, Inc. (“IST”); and

    

    Whereas, on February 17, 2006
Hadasit and IST have entered into the agreement regarding Method of Replacing
Insulin Injections with Oral Insulin attached hereto as Schedule E (the
“First Agreement”);
and

    

    Whereas, Section 5 of the
First Agreement contains certain terms and conditions in connection with
Clinical Trials (as defined in the original agreement) to be performed by IST
and Hadasit as well as funding requirements for said Clinical Trials;
and

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    Whereas,
on January 9, 2009 Hadasit and Oramed have entered into an agreement replacing
the First Agreement attached hereto as Schedule F (the
“Second Agreement”);
and

    

    WHEREAS
the Sponsor is in the process of development of administration and delivery of
peptides into the body (hereinafter: the “Product”) and has prepared the
Protocol in order to conduct clinical trials for further investigation of the
Product.

    

    WHEREAS the Sponsor represents that it
is the sole owner of any and all intellectual property rights in the Product and
the Protocol (as such term is defined herein), and that the execution and
delivery of this Agreement does not infringe any third parties’ rights and/or
any applicable law;

    

    WHEREAS,
the SPONSOR has previously invested and is willing to invest certain funds in
the Study (as hereinafter defined) to be carried at HMO’s facilities by the
Investigator under the terms and conditions herein;

    

    NOW
THEREFORE, the parties agree as follows:

    

    
      	
              1. 

            	
              STUDY,
      INVESTIGATOR AND SITE

            

    

    

    
      	
               
      

            	
              A.

            	
              Hadasit
      shall contribute the Investigator for purpose of carrying out clinical
      trials (the: “Study”) in accordance
      with the Sponsor Protocols (the “Protocols”), which have
      been drafted by the Sponsor at its sole responsibility. A list of said
      protocols and a copy of each Protocol is attached herein as Schedule
      A.

            

    

    

    The
Investigator will be responsible for performing the Study and for the direct
supervision of any individual performing portions of the Study.

    

    
      	
               
      

            	
              B.

            	
              In
      the event that the Investigator ceases to be available for purpose of the
      Study (including without limitation the event of termination of employment
      between HMO and the Investigator for any reason whatsoever), Hadasit shall
      use its best efforts to procure within 30 days his/her substitution by a
      suitably qualified person acceptable to Sponsor. If such substitute is not
      acceptable to the Sponsor, Sponsor shall be entitled to terminate this
      Agreement without further notice, and this shall be Sponsor’s sole remedy
      in such circumstances except as further defined in Schedule
    B.

            

    

    

    
      	
               
      

            	
              C.

            	
              Notwithstanding
      anything to the contrary herein, the Sponsor hereby represents and
      warrants that it has examined the facilities of the Institution and found
      them entirely adequate and suitable for the purpose of performance of the
      Protocol and the Study. In addition, nothing contained herein shall be
      construed as casting upon the Institution, the Investigator or HMO an
      undertaking to purchase any equipment for purpose of the Study or to
      improve its existing equipment.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
              2.

            	
              COMPLIANCE
      WITH LAWS, REGULATIONS AND
GUIDELINES

            

    

    

    
      	
               
      

            	
              A.

            	
              The
      Investigator will perform the Study in conformance (i) with the Protocols,
      (ii) with all applicable laws and regulations, including laws and
      regulations governing the performance of clinical studies and (iii) with
      all applicable standards, regulations or guidelines for good clinical
      practice (“GCP”)
      and ethical conduct in connection with clinical studies, including those
      of the Institution and HMO.

            

    

    

    
      	
               
      

            	
              B.

            	
              Prior
      to commencement of the Study, the Investigator will seek at the Sponsor’s
      expense any consents or approvals that must be obtained from the HMO’s
      ethics committee (the “Committee”).  The
      Investigator will comply with all requirements established by the
      Committee and agrees to execute such assurances and other documents as the
      Committee may reasonably request.  The Sponsor shall assist the
      Investigator to the extent required in this regard including, without
      limitation, signing the relevant forms and amending the Sponsor’s
      documents which shall be filed with the Committee. The Investigator will
      not enroll patients in the Study until the Protocol has been reviewed and
      approved by the Committee. The Sponsor shall be liable to obtain any
      further approval that may be required under applicable law. Any delay in
      the performance by the Institution and/or the Investigator’ of any of
      their undertakings hereunder due to insufficient approvals shall not be
      deemed to be a breach of this Agreement by
them.

            

    

    

    
      	
              3. 

            	
              INFORMED
      CONSENT

            

    

    

    
      	
               
      

            	
              A.

            	
              The
      Investigator will be responsible for obtaining the written informed
      consent of each subject participating in the Study (or his or her
      authorized legal representative) before his or her participation in the
      Study.  The form that shall be used in this regard shall be
      drafted by the Sponsor and approved by the Investigator; however the
      Sponsor shall be solely responsible for the content thereof as part of the
      Study’s documents.

            

    

    

    
      	
               
      

            	
              B.

            	
              Without
      derogating from the generality of the aforementioned, the parties agree
      that such informed consent shall be granted only under circumstances that
      provide the prospective Study subject (or his or her representative) with
      sufficient opportunity to consider whether or not to participate and that
      minimize the possibility of coercion or undue influence.  The
      parties further agree that any such written informed consent shall be
      obtained in compliance with all applicable laws, regulations, standards or
      guidelines.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      	
              4.

            	
              RECORDKEEPING,
      REPORTING AND ACCESS

            

    

    

    
      	
               
      

            	
              A.

            	
              ACCESS.
      The Sponsor and/or any regulatory authorities may, to the extent
      reasonably necessary or to the extent required by applicable laws,
      regulations, standards or guidelines, subject to prior coordination with
      the Investigator and at the normal working hours in HMO (i.e. 8:00AM-16:00
      PM):

            

    

    

    
      	
               
      

            	
              (1)

            	
              Examine
      and inspect the Investigator’ and the Institution's facilities required
      for performance of the Study; and

            

    

    

    
      	
               
      

            	
              (2)

            	
              Confidentially
      inspect all data and work product relating to the
  Study.

            

    

    

    
      	
               
      

            	
              (3)

            	
              Receive,
      on a quaterly basis, a detailed report on the expenses incurred in
      connection with the study which are charged to Dr. Kidron’s Research
      Fund

            

    

    

    
      	
               
      

            	
              (4)

            	
              Notwithstanding
      anything to the contrary herein, any information and/or data to be
      provided to the Sponsor under Sub Sections 1-3 above or under any other
      provision hereunder, shall be subject to the provisions of section 6(D)
      below and to the rights of the Subject of the Study for medical
      confidentiality and privacy under any applicable law or regulation
      (including, without limitation, HMO’s internal
  procedures).

            

    

    

    
      	
               
      

            	
              B.

            	
              The
      Investigator shall prepare and maintain reasonably complete and accurate
      written records, accounts, notes, reports and data of the Study, including
      case report forms and shall provide Sponsor with copies of all such
      documentation upon request. The Investigator will retain or will cause the
      Institution to retain all such materials and data that the Institution has
      to retain under any applicable law for such periods as such law
      determines. After the termination of such applicable retention periods,
      the Institution shall no longer have any duty whatsoever to retain any
      such materials and data.

            

    

    

    
      	
               
      

            	
              C.

            	
              REPORTING
      OF ADVERSE EVENTS

            

    

    

    The
Investigator shall promptly advise the Sponsor of any serious adverse event or
unanticipated adverse effect occurring during the Study, or subsequent to the
completion or termination of the Study, that becomes known to
him.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              D.

            	
              INTERVAL
      AND FINAL STUDY REPORTS

            

    

    

    During
the course of the Study, the Investigator shall provide the Sponsor with
quarterly interval reports (to be provided within 60 days of the end of each
quarter with respect to such quarter) including copies of patient case report
forms.  The Investigator will deliver a final written Study report to
the Sponsor within 3 months from the Study’s completion.

     

    5.           COMPENSATION
FOR STUDY

    

    The
Sponsor will pay compensation to the Institution for the performance of the
Study as set forth in SCHEDULE
B hereto.

    

    6.           CONFIDENTIAL
INFORMATION

    

    
      	
               
      

            	
              A.

            	
              Subject
      to the publication rights set out in section 7 below, the Investigator and
      the Institution agree to keep in confidence any written information
      expressly marked as “confidential” that is forwarded by the Sponsor to the
      Investigator or the Institution for purpose of the Study (or such oral
      information which is clearly defined as confidential upon its disclosure
      provided it is followed by a written notice specifying the information so
      disclosed and its being confidential within 30 days of such disclosure);
      or (b) information that the Proprietary Data of the Sponsor as defined in
      section 8 hereto (the information described in clauses (a) and (b) above
      being collectively the “Confidential
      Information”).  However, the obligation of non-disclosure
      and non-use shall not apply to the
following:

            

    

    

    
      	
               
      

            	
              (1)

            	
              Information
      that is or becomes publicly available other than as a result of disclosure
      by the Investigator or the
Institution;

            

    

    

    
      	
               
      

            	
              (2)

            	
              Information
      that is already independently known by the Investigator, , prior to its
      disclosure; or

            

    

    

    
      	
               
      

            	
              (3)

            	
              Information
      that was independently developed by employees of the Institution or of HMO
      who have not been exposed to the Confidential
  Information;

            

    

    

    
      	
               
      

            	
              (4)

            	
              Information
      at or after such time that is disclosed on a non confidential basis to the
      Investigator or the Institution or the HMO, or their employees, by a third
      party; or

            

    

    

    
      	
               
      

            	
              (5)

            	
              Information
      that the disclosure thereof is required under any law, court writ or any
      competent authority. However, if the Investigator and/or the Institution
      are legally required to disclose any Confidential Information to a court
      or governmental authority, prompt written notice thereof shall be given to
      the Sponsor.

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              B.

            	
              The
      obligations of non-disclosure and non-use hereunder shall continue for 5
      years after the termination of this Agreement for any reason
      whatsoever.

            

    

    

    
      	
               
      

            	
              C.

            	
              At
      the request of the Sponsor, the Investigator or the Institution, as the
      case may be, will return to the Sponsor all copies or other manifestations
      of Confidential Information that may be in the possession of the
      Investigator or the Institution, except for materials that have to be
      retained by the Investigator or the Institution as aforementioned and
      subject further to Section 4(B)
hereto.

            

    

    

    
      	
               
      

            	
              D.

            	
              Confidentiality of
      Medical Records Sponsor,
      Investigator, and Institution understand, acknowledge and agree that they
      share the common goal of securing all individually identifiable health
      information and according that information the highest possible degree of
      confidentiality and protection from disclosure; accordingly, all
      individually identifiable health information shall at all times be treated
      as confidential by the parties in accordance with all federal, state and
      local laws, rules and regulations governing the confidentiality and
      privacy of individually identifiable health information as applicable,
      including, but not limited to, the Health Insurance Portability and
      Accountability Act of 1996 (“HIP AA”) and any regulations and official
      guidance promulgated thereunder, as well as the Israeli Patient’s Rights
      Law, 1996 (the “PR Law”), the Israeli Protection of Privacy Law, 1981 (the
      “PP Law”) and any regulations and rules promulgated thereunder, and the
      parties agree to take such additional steps and/or to negotiate such
      amendments to this Agreement as may be required to ensure that the parties
      are and remain in compliance with the HIP AA regulations and official
      guidance, as well as the PR and PP Laws and any regulations and rules
      promulgated thereunder. It is hereby agreed that any undertaking of the
      Institution and/or Investigator hereunder whatsoever is subject to any
      restrictions and/or limitations deemed necessary by the Institution and/or
      Investigator in their sole discretion, to comply with the above
      provisions. It is hereby made expressly clear that no patient identifiable
      information will be provided, or made available, to the Sponsor or any
      party acting on its behalf, without the express written consent of the
      patient.

            

    

    

    7.           PUBLICATIONS

    

    
      	
               
      

            	
              A.

            	
              Notwithstanding
      anything contained herein to the contrary, the Investigator and/or
      Institution may publish the results of the Study, provided that the
      Investigator and/or Institution have notified the Sponsor of their intent
      to publish as set forth in Sub-Section B below. The Investigator and/or
      Institution and the Sponsor shall be listed as co-authors on said
      publication. Any said publication will require Sponsor’s prior written
      approval and will not contain the Sponsor’s Confidential Information,
      which for the purpose of this section shall not include the Study
      results.

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              B.

            	
              The
      Investigator will provide Sponsor with a copy of any proposed publication
      or presentation materials (“Material”) and a written notice of intent (on
      behalf of the Investigator or any Study staff at the Institution) to
      publish or present the Material at least 45 days prior to the scheduled
      presentation or publication submission date (the “Evaluation
      Period”).  The Sponsor shall use said 45 days to determine
      whether it wishes to seek patent protection for said Material and shall
      notify Investigator and Institution in writing, prior to the end of the
      Evaluation Period, if it intends to seek patent protection. If Sponsor
      decides to seek patent protection, it shall have an additional 30 days,
      beginning from the end of the Evaluation Period (“Preparation Period”), to
      prepare and submit any patent application it wishes. After such time,
      Investigator and/or Institution shall be free to publish the Material,
      subject to the limitations contained
herein.

            

    

    

    
      	
               
      

            	
              C.

            	
              If
      the Sponsor, in its reasonable judgement, needs additional time to seek
      patent or other protection for the Material intended to be published or
      presented, the Sponsor will notify the Investigator of such need within
      the Evaluation Period and publication or presentation will be deferred
      until such time that the Sponsor gives notification that such protection
      has been applied for.  Such deferrals will in no event extend
      for a total of more than 15 days beyond the Preparation Period without
      written agreement of the
Investigator.

            

    

    

    Notwithstanding
anything to the contrary herein, the Sponsor shall not use the names of the
Institution, HMO or the Investigator and shall not disclose their involvement in
the Study or the Products without the Institution’s prior written approval, all
except for (a) references to scientific publications which are already in the
public domain at the time of publication and (b) applications for regulatory
approvals to official authorities, and (c) as requested by regulatory
authorities as required by law or applicable regulation. Subject to the
foregoing, the Sponsor shall include appropriate acknowledgement and credit to
the Institution, HMO, the Investigator and their employees in any publication
relating to the Study and/or to the Product in whatever media, including
application(s) to official authorities or presentations to potential
investors.

    

    8.           INTELLECTUAL
PROPERTY

    

    
      	
               
      

            	
              A.

            	
              Subject
      to Sub-Section C hereto, all intellectual property, including ideas,
      documents, information, know-how, trade secrets, reports, analyses, data
      and inventions, generated by the Investigator or the Institution or their
      respective employees, agents or contractors, directly from the performance
      of the Study and this Agreement (collectively, the “Proprietary Data”)
      shall be owned by the Sponsor. 

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              B.

            	
              The
      Investigator and the Institution hereby assign and transfer to the Sponsor
      all right, title and interest in such Proprietary Data and agree to take
      all further acts reasonably required, at the Sponsor’s expense, to convey
      title in such property to the Sponsor and/or to assist the Sponsor to
      perfect and protect such rights.

            

    

    

    
      	
               
      

            	
              C.

            	
              The
      Proprietary Data shall not include and Institution and/or the Investigator
      shall retain any and all rights, including intellectual property rights,
      to any development processes, software (including codes), technology,
      means, and know-how developed by the Institution and/or Investigator
      and/or HMO, including, but not limited to, that which relate to data
      collection, data management or project
  management.

            

    

    

    
      	
               
      

            	
              D.

            	
              Nothing
      contained herein shall prevent Institution and/or HMO and/or Investigator
      from using the Proprietary Data for academic research, non commercial
      therapeutic and educational purposes only, provided that that every person
      or entity making use of the proprietary data is explicitly made aware by
      the Institution or the Investigator or HMO of the Sponsor’s proprietary
      interest therein. Such use will be subject to Sponsor’s prior written
      consent.

            

    

    

    9.           TANGIBLE
MATERIALS

    

    The
Sponsor shall provide the Institution and the Investigator free of charge with
all such materials, drugs, accessories and other items as shall be required for
the conduct of the Study including, without limitation, those listed in Schedule
C hereto. It is being clarified; however, that any use of any drugs under
the Study shall only be made via HMO’s internal pharmacy and shall be subjected
to its procedures. Upon completion of the Study or termination of this
Agreement, the Investigator shall promptly return, at the Sponsor’s expense, all
unused compounds, drugs, devices and other related materials.

    

    10.           INDEMNIFICATION,
INSURANCE, LIMITED LIABILITIES

    

    
      	
               
      

            	
              A.

            	
              Each
      party shall defend, indemnify and hold harmless (the “Indemnifying Party”)
      the other parties and any of their employees, agents or
      contractors  (collectively the “Indemnitees”) promptly upon
      their first demand from and against any loss, damage, liability and
      expense (including legal fees) arising out of or resulting from the
      results or performance of the Study and/or from the direct or indirect
      use, sale or manufacture of the Study and/or the Study results and /or of
      products incorporating or involving such results and, without limitation
      to the foregoing, from or against product liability claims or claims
      regarding third party’s intellectual property rights;  provided
      however:

            

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
               (1)

            	
              that
      the Indemnifying Party’s indemnification obligations under this Section
      shall be proportionately reduced to the extent the loss was caused or
      increased by the negligence or willful misconduct of an Indemnitee (but
      only to the extent that such demands, claims, or judgments are due to the
      negligence or willful malfeasance of the
  Indemnitees);

            

    

    

    
      	
               
      

            	
               (2)

            	
              that
      the Indemnifying Party is notified in writing as soon as practicable under
      the circumstances of any complaint or claim potentially subject to
      indemnification;

            

    

    

    
      	
               
      

            	
              B.

            	
              The
      Indemnitees shall be entitled, at their sole discretion, to either (i)
      instruct the Indemnifying Party to assume defense of any litigation or
      other legal procedure which entitles them to indemnification under this
      Agreement, in which case the Indemnitees shall be entitled to approve the
      choice of the legal counsel of the Indemnifying Party, such approval shall
      not be unreasonably withheld, or (ii) to manage their defense themselves,
      in which case the Indemnifying Party shall be responsible to any legal
      expenses (including reasonable attorney fees) stemming from such procedure
      and the results thereof.

            

    

    

    
      	
               
      

            	
              C.

            	
              The
      Sponsor shall reimburse Institution for reasonable and necessary medical
      expenses incurred by Study Subjects as a direct result of the treatment of
      adverse reactions resulting from the administration of Study drugs and/or
      devices or procedures performed in accordance with the Protocol, provided
      such expenses are not covered by the Study Subject's medical or hospital
      insurance coverage and are in no way attributable to the negligence or
      misconduct of any agent or employee of the Institution.  No
      other compensation of any type will be provided by the Sponsor to the
      Study Subjects.

            

    

    

    
      	
               
      

            	
              D.

            	
              Without
      derogating from the aforementioned, the Sponsor warrants and undertakes
      that it has purchased, and shall maintain during the entire term of the
      Agreement and for all relevant times subsequent thereto (including under
      applicable statues of limitation), sufficient insurance coverage for the
      Study and for the Sponsor’s liabilities hereunder, including without
      limitation, for claims relating to negligence of both Sponsor and of
      personnel performing the Study, and for claims relating to product
      liability, which insurance coverage shall be satisfactory to the
      Institution. The Sponsor further undertakes that HMO, the Institution, the
      Investigator and their employees will be included as co-insured in such
      insurance policy/ies. The Sponsor represents that as of the date hereof,
      it maintains the insurance policy that is annexed hereto as Schedule
      D1.

            

    

     

    
      
        

      

    

    
      1
make sure an
insurance policy is attached.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              E.

            	
              Disclaimer of Warranty.
      Nothing contained in this Agreement shall be construed as a warranty by
      the Institution and the Investigator that the results of the Study will be
      useful or commercially exploitable or of any value whatsoever. In
      addition, and without derogating from the aforementioned the Institution
      and the Investigator disclaim all warranties, either express or implied,
      with respect to the Study and any products that incorporate, integrate or
      are designed based in whole or part, on the Study results (“Products”),
      including without limitation implied warranties of merchantability,
      efficacy and fitness for a particular purpose. The entire risk arising out
      of the production and use of the Study and the Products and any
      accompanying materials remains solely with the Sponsor, and the Sponsor
      shall be solely responsible for any use of the Work and/or the
      Product.

            

    

    

    
      	
               
      

            	
              F.

            	
              Limitation on liability.
      Without derogating from the above, and except in the event of gross
      negligence, willful misconduct or medical malpractice to the Study
      subjects, if the Institution or the Investigator are found liable (whether
      under contract, tort (including negligence) or otherwise), then the
      cumulative liability thereof for all claims whatsoever related to the
      Study or the Products or otherwise arising out of this Agreement, shall
      not exceed a total consideration actually paid to it by the Sponsor under
      this Agreement. This limitation of liability is intended to apply to all
      claims of the Sponsor without regard to which other provisions of this
      Agreement have been breached or have proved
  ineffective.

            

    

    

    
      	
               
      

            	
              G.

            	
              Exclusion of Consequential
      Damages. Neither party shall be liable (whether under contract,
      tort (including negligence) or otherwise) to the other party, or any third
      party for any indirect, incidental or consequential damages, including,
      without limitation, any loss or damage to business earnings, lost profits
      or goodwill and lost or damaged data or documentation, suffered by any
      person, arising from and/or related with and/or connected to this
      agreement even if such party is advised of the possibility of such
      damages.

            

    

    

    11.           TERM
AND TERMINATION

    

    
      	
               
      

            	
              A.

            	
              This
      Agreement shall become effective upon its execution by both parties and
      shall be in effect during the entire period of the Study as set forth in
      Schedule A hereto, unless terminated by the parties as set forth
      herein.

            

    

    

    
      	
               
      

            	
              B.

            	
              Hadasit
      and the Sponsor may either terminate this Agreement upon the filing by any
      person of a petition for the winding-up or liquidation or the appointment
      of a receiver on most of the assets of the terminated party, if petition
      has not been withdrawn or dismissed within 21 days of its filing. In
      addition, each party may terminate this Agreement without further notice
      in case the terminated party has breached this Agreement and did not cure
      such breach within 21 days of delivery of a written notice from the
      non-defaulting party. The Sponsor may terminate this Agreement without
      prior notice as set in Section 1 (B)
hereto.

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              C.

            	
              In
      addition, this Agreement may be terminated by either Hadasit or the
      Sponsor for any other reason upon 60 days written
  notice.

            

    

    

    
      	
               
      

            	
              D.

            	
              In
      the event that this agreement is terminated by the Sponsor, the Sponsor
      shall reimburse the Institution for all costs and non-cancelable
      commitments incurred prior such termination with regard to the performance
      of this Agreement.

            

    

    

    
      	
               
      

            	
              E.

            	
              Subject
      to Sub-Section D above, upon termination of this Agreement, the
      Investigator and the Institution shall return to the Sponsor any funds not
      expended or irrevocably committed prior to the effective termination date.
      However, and without derogating from the Institution’s rights under any
      applicable law, the Institution may set-off from such funds any debts of
      the Sponsor towards the Institution or the
  Investigator.

            

    

    

    
      	
               
      

            	
              F.

            	
              The
      Sponsor shall be obliged notwithstanding the termination of this Agreement
      for any reason to continue supplying any material and drug supplied by the
      Sponsor and used in the Study in order to comply with applicable laws and
      regulations and/or to avoid injury or harm to the Study
      subjects.

            

    

    

    
      	
               
      

            	
              G.

            	
              Termination
      of this Agreement by either party shall not affect the rights and
      obligations of the parties accrued prior to the effective date of the
      termination. The rights and duties under Sections 6, 7, 8, 10, 14, and 16
      will survive the termination or expiration of this
    Agreement.

            

    

    

    12.           CHANGES
TO THE PROTOCOL

    

    Any
amendment or modification of the Protocol must be agreed upon by both the
Investigator and the Sponsor and documented in writing, however any such change
shall not exempt the Sponsor of its liabilities and responsibilities
hereunder.

    

    13.           ASSIGNMENTS

    

    Except as
specifically permissible under Section 1 (B) hereto, this Agreement, and the
rights and obligations hereunder, may not be assigned by any party hereto
without the express written consent of the other parties, which shall not be
unreasonably withheld.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    14.           APPLICABLE
LAW

    

    This
Agreement shall be governed by and construed in accordance with the laws of
Israel.  The competent courts in Jerusalem shall have exclusive
jurisdiction over any dispute that may arise with respect to this
Agreement.

    

    15.           INDEPENDENT
CONTRACTORS

    

    Each
party hereto (including the Investigator) is an independent contractor. Nothing
contained herein shall be construed as forming employee-employer relations
between the Sponsor’s employees and the Institution or HMO or between the
Institution’s and HMO’s employees (including the Investigator) and the
Sponsor.

    

    16.           NOTICES

    

    All
notices required or permitted to be given under the Agreement shall be sent as
follows:

    

    If to the
Sponsor:

    

    Oramed LTD

    2/5 Hi-Tech Park, Givat
Ram

    POB 39098, Jerusalem 91390,
Israel

    Attention: Nadav Kidron

    

    If to the
Institution or to the Investigator:

    

    Hadasit Medical Research Services And
Development Ltd

    POB 12000 Jerusalem 91120
Israel

    Attention _______________

    

    17.           ENTIRE
AGREEMENT

    

    This
Agreement represents the entire understanding of the parties with respect to the
subject matter hereof.  In the event of any inconsistency between this
Agreement and the Protocol, the terms of this Agreement shall
govern.  The invalidity or unenforceability of any term or provision
of this Agreement shall not affect the validity or enforceability of any other
term or provision hereof.  This Agreement may be amended only by a
written document signed by Hadasit and the Sponsor. The Investigator’s signature
shall only be required with respects to changes that cast further liabilities on
the Investigator that are not already included hereunder.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    [Signatures
appear on the following page]

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement effective
as of the date first set forth above.

    

    
      
        
          	
                  ORAMED
      LTD

                
	 
      	 
      	 
      
	
                  By:

                	
                  /s/ Nadav Kidron

                
	 
      	
                  Name:

                	
                  Nadav Kidron

                
	 
      	
                  Title:

                	
                  Chief Executive Officer

                
	 
      	
                  Date:

                	 
      

        

      

    

    

    
      
        	
                INVESTIGATOR:

              
	 
      
	
                /s/ Miriam Kidron

              
	
                Dr.
      Miriam Kidron

              

      

    

    

    
      
        	
                /s/ Itamar Raz

              
	
                Prof.
      Itamar Raz

              

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    HADASIT MEDICAL RESEARCH SERVICES AND DEVELOPMENT
      LTD

                                                  
	 
      	 
      	 
      	 	 	 
      
	
                                                    By:

                                                  	
                                                    /s/
      Yuval Kupits

                                                  	 	/s/
      Menachem Katz
	 
      	
                                                    Name:

                                                  	
                                                    Yuval
      Kupits

                                                  	 	     
      Menachem Katz
	 
      	
                                                    Title:

                                                  	
                                                    Business
      Development Manager

                                                  	 	     
      CFO
	 
      	
                                                    Date:

                                                  	 
      	 	 	 
      

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    Schedule
A - Protocols

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    Schedule
B - Compensation

    

    
      	
               
      

            	
              1.

            	
              For
      the performance of the Study, the Sponsor shall pay Hadasit the amount of
      $400,000 (four hundred thousand U.S. Dollars) (the “Study fee”), payable
      in accordance with the following
schedule:

            

    

    

    The
amount of $197,255 which was paid between May 2006 and April 2009

    The
amount of $20,275 on ten quarterly payments commencing on June 1, 2009, and with
accordance to the actual progress of the study.

    All
payments will be due upon invoice issued by Hadassit to the sponsor. Invoices to
Oramed LTD will add the applicable VAT.

    

    Hadasit
undertakes to transfer the Study Fee to Dr. Kidron’s Research Fund.

    

    
      	
               
      

            	
              2.

            	
              In
      addition, the sponsor shall pay Hadasit, on a monthly basis, an amount of
      NIS 3,000 (three thousand New Israeli Shekel) (the “Monthly Fee”) plus VAT
      for the services provided by Dr. Roei Eldor, who is working with Prof.
      Raz, under this agreement. Such payment will commence retroactively from
      June 2008 and will continue until termination of the Agreement.
      Notwithstanding the agreed above, the study that will be carried out by
      Prof. Raz through Dr. Eldor, can be terminated without cause on thirty
      (30) days’ prior written notice upon the sponsor decision
  .

            

    

    

    Hadasit
undertakes to transfer the Monthly Fee to Prof. Raz’s Research
Fund.

    All
payments will be due upon invoice issued by Hadassit to the
sponsor.

    

    
      	
               
      

            	
              3.

            	
              It
      is hereby agreed by the parties that no overhead charges will be charged
      by Hadasit to the funds paid by
Sponsor.

            

    

    

    Payment
shall be made within 30 days of invoice date. Payment shall be made in U.S.
Dollars or New Israeli Shekels, according to exchange rate in effect on the date
of payment.

    

    Method of
Payment: Either via check, made out to “Hadasit Medical Research Services and
Development Ltd.”, or via a bank transfer to the following account:

    

    Account
name: Hadasit medical research services & development Ltd.

    Account
no. 605 100 / 21

    BANK   LEUMI   LEISRAEL

    Main
Branch no. 901

    Jaffa
Street 21 - Jerusalem

    Interbank
Swift Code (TID): LUMIILITTLV

    

    In the
event of bank transfer, Sponsor shall send Institution a notice that payment has
been made, and will provide Institution with full details of the payment
transaction.

    

    
      	
               
      

            	
              4.

            	
              The
      compensation detailed above shall constitute the complete compensation to
      be paid by the Sponsor to Hadasit for the Study and include all fees,
      charges and expenses that the Sponsor is obligated to pay under the
      Agreement

            

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              5.

            	
              Sponsor
      will have no obligation or liability in respect of payments to be made by
      Dr. Kidron and/or her research
fund.

            

    

    

    
      	
               
      

            	
              6.

            	
              At
      the termination, for any reason, of the Agreement any unused funds in Dr.
      Kidron’s research fund will be returned to the
  Sponsor

            

    

    

    
      	
               
      

            	
              7.

            	
              TAXES. If required under
      Israel law, Sponsor shall add VAT to any payments made under this
      Agreement to the Institution. Any payment shall be made against the
      provision of tax invoice by the
Institution.

            

    

    

    
      	
               
      

            	
              8.

            	
              INTEREST.
      Any amount payable hereunder, which has not been made upon its due date of
      payment, shall bear interest from the date such payment is due until the
      date of its actual payment, according to the following: (i) any amounts
      due in Israeli currency shall bear the maximum interest charged by Bank
      Leumi Le Israel B.M. for unapproved overdrafts; (ii) any amount due in
      foreign currency shall bear the same interest charged by Bank Leumi Le
      Israel B.M. for a loan of the said amount in the said currency plus an
      annual compounded interest at a rate of
3%.

            

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    Schedule
C - Materials

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    Schedule D - Insurance
policy

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    Schedule
E – First Agreement

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    Schedule
F – Second Agreement

    
      
         

      

      
        21Unassociated Document

    AGREEMENT FOR DIVESTMENT OF SHENZHEN PENGSANGPU

    

    This Agreement for
Divestment is entered into on
July 6th, 2009 by
and between:

    

    
      
        	
                (A)

              	
                Beijing Deli Solar Technology
      Development Co Ltd (“Deli Solar (Beijing)”) with corporate headquarter office at 3/F, West Wing of Dingheng Plaza, 45A North Fengtai Road, Beijing,
      China, 100071, and
      represented herein by
      Deli Du in his
      capacity as CEO of Deli Solar (Beijing) (“Seller”) which is the existing
      controlling shareholder of Shenzhen PengSangPu Solar
      Industrial Products Corporation (“SZPSP”),
  and

              

      

    

    

    
      
        	
                (B)

              	
                Renzheng
      Qiu, identified with
      Identification Card No. 441426580819003 and residential registration at
      Suite 501, No.43 Fengherili Garden,
      Longhua County, Bao’an District, Shenzhen, Guangdong Province, China,

                
                  Hanwen
      Chen,
      identified with
      Identification Card No. 441426196104060039 and residential registration at Suite 304, No.43, Fengherili Garden, Longhua County, Bao’an District, Shenzhen, Guangdong Province, China, and

                  Bin
      Luo, identified with
      Identification Card No. 650300196604100016 and residential
      registration at Suite 3-504, East
      Road of Gongbeiqian River, Xiangzhou District, Zhuhai, Guangdong Province, China,

                

              

      

    

    
    

     

    in their capacity as recipient shareholders (“Recipients”)of SZPSP with sufficient authority to enter into
this Agreement (“Divestment Agreement”)

    

    This Agreement for
Divestment is entered into
according to the following
terms and conditions:

     

    1 The two parties agree that The Equity Purchase Agreement and Complementary Agreement to the
Equity Purchase Agreement signed on January 9th, 2008 and the Supplementary Agreement on
Terms, Pricing and Payment signed on March 25, 2008 shall be terminated upon April 1, 2009. The two parties agree that the benchmark date of the divestment is April 1st, 2009, after
which SZPSP is no longer considered as a subsidiary of Deli Solar (Beijing).

    

    2 Party A shall receive full refund of RMB28.8 million yuan in
cash and 939,364 shares in common stock, effective immediately after the Signing Date.

    

    Party A so far has obtained a combination of RMB 12,960,486.30 yuan in cash from Party B before the signing of
this Agreement and
therefore, the pending cash
payment for Party B shall be RMB15,839,513.70 yuan. The pending payment shall be settled in two installments within the following two months of the Signing Date. The first Installment of RMB8 million shall be settled within 10 days
after the Signing Date, while the remaining amount
shall be settled within two months of the Signing Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3 Delay in payment by Party B within the two months stipulated in this Agreement shall be subject to a penalty equal to 3% of the pending payment for every delayed day; If the delay in payment
exceeds the two months period stipulated in this Agreement, Party B
shall be subjective to a penalty equal to 5% of
the pending payment for
every delayed day.

    

    4 Common Stock Certificates of China Solar & Clean Energy
Solutions, Ltd (“China Solar”) as equity consideration for the
acquisition of SZPSP shall be returned to Party A upon signing of
this Agreement. The
number of common stock of
China Solar held by Renzheng Qiu, Hanwen Chen and Bin Luo is 407,064, 266,150 and 266,150, respectively.

    

    5 Besides the full refund of the
investment as described in
article two, Party B agree
to the amount to be transfered to party A as an additional payment in relation
with the net profit
from April 1st, 2008 to March 31st, 2009 ,the amount will be discussed and identified by the
two parties in the future.

    

    6 Party B shall fulfill obligations stipulated in this
Agreement.

    

    7 Both parties agree to keep confidential of the business
information related with the transaction unless it is otherwise disclosed in written or obtained from
public sources.

    

    8 This Agreement shall supercede all previous agreements, written or
oral, and be effective as
of the Signing Date.

    

    9 Disputes arising between the two
Parties during the course of execution of this
Agreement shall be resolved through friendly
negotiation and be
subjective to local
jurisdiction.

    

    10 The Agreement shall be effective upon
the signing by the two
parties.

    

    11 The Agreement shall be held in four copies of the same
form. Party A shall preserve one copy and the three Recipients of Party B shall
preserve one copy each with
the same legal effect.

     

     

    
      	
              (A)

            	
              Beijing
      Deli Solar Technology Development Co Ltd

               

              Legal and authorized
      representative: Deli Du Signature):
      Date July 6,
      2009

               

              /s/ Du Deli

            

    

     

    
      	
              (B)

            	
              Recipient Shareholders
      ofShenzhen PengSangPu
      Solar Industrial Products Corporation

               

              Renzheng Qiu (Signature):
      Date June 30,
      2009

               

              /s/ Qiu Renzheng

               

              
                Hanwen Chen (Signature): 
      Date June 30, 2009

                 

                /s/ Chen
      Hanwen

              

               

              Bin Luo (Signature):  Date June 30, 2009

               

              /s/ Luo
  Bin

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