Document:

Form of Letter of Approval from the Office of the Chief Scientist

 Exhibit 10.23 

State of Israel 

Ministry of Trade and Industry 

Industrial Research and Development Administration 

Office of Chief Scientist 

Jerusalem, [DATE] 

No. of letter of approval: 

(Fiscal regulation: 38020101) 

Group: 
 To 

 
 Form of Letter of Approval 

 

	1.	We hereby to inform you that the research committee, through its authority according to Article 17 of the Law for the Encouragement of Research and Development Industry
1984 (hereby: “R&D Law”), has decided, on the meeting dated                      to approve that program submitted by you on
pertaining: 

  

	 	a.	Theme of approved program: 

  

	 	b.	Operator of the approved program: 

No. of
registration:                                       
                                         
                 (hereby: “Approved Program”) 
  

	2.	A. The approved Research and Development expenses for execution of the Approved Program will exceed the amount of: 

In words: 
 B.
The grant rate that was approved is     % of the development expenses (an Extra for a National Priority Area or Confrontation Line), which exceeds the amount of: . 

In words: 
  

	3.	The approval is conditioned in following the Law, Regulations, Rules and Procedures Instructions, subject to the following terms: 

 

	 	a.	The Approved Program will be executed as detailed in your request within a period of [12] months – starting from
                     and until (hereby: “The Execution Period”). 

	 	b.	(1) You must inform the Office of Chief Scientist on every change of the approval receiver’s control in the company’s shares and/or in any of the following
controlling means: (a) The right to vote on the company’s general meeting; (b) The right to appoint directors in the company; (c) The right to participate in the company’s profits. 

 

	 	  	(2) Passing the aforesaid controlling means to a Non-Resident or to a Foreign Company, which makes them an Interested Party, as defined in the Securities Law, 1968,
must be informed to the Office of Chief Scientist, and the Non-Resident and/or Foreign Company must give their obligation in writing to the R&D Law. 

The written commitment will be signed according to the version that is found at the Office of Chief Scientist and on the Ministry of
Trade and Industry’s website. 
  

	 	c.	Other terms: 

  

	 	d.	See the IP appendix. 

  

	 	e.	In case a lien on the company’s assets will be attached to an Israeli bank against credit, the company must make sure that the lien will be subject to the R&D
Law. 

  

	 	f.	If the program is connected with an agreement with an academic institute or an academic application company, the company must make sure that this agreement is subject
to the R&D Law. 

  

	
	Sincerely,
	
	[NAME]
	The Chief Scientist

 Attached:

  

	 	1.	Budget Breakdown as an appendix to the letter of approval. 

  

	 	2.	Letter of commitment. 

  

	 	3.	Rules for the execution of the law instructions, as defined by the Research Committee. 

 

	 	4.	The IP appendix, attached to the letter of approval. 

 State of Israel 

Ministry of Trade and Industry 

Industrial Research and Development Administration 

Office of Chief Scientist 

Jerusalem, [DATE] 

No. of letter of approval:[    ] 

(Fiscal regulation: [        ]) 

Group: [    ] 

To: 
  

We acknowledged your undertaking from              to comply with intellectual
property laws in Israel, and if you shall ever be convicted for violation of any of the intellectual property laws in Israel, and such conviction shall be final and non-appealable in an Israeli court, we may be entitled to terminate any benefit
granted by the Industrial Research and Development Administration, including grant, loan, tax benefit or any other financial advantage, or any part of such benefit, and claim their return including any interest and linkage, according to the law.

  

	
	 Sincerely,

	
	 [NAME]

	 The Chief Scientist

 [NAME OF COMPANY] 

number with the registrar of companies: [    ] 

TO 
  

			
	Industrial Research and Development Administration,	 	Date:[                    ]
	The Office of Chief Scientist	 	Company [    ]

 Ministry of Trade and
Industry 
 5 Bank Israel, PO Box 3166 

Jerusalem 
  

	Re:	Undertaking Note and Notice on Commencement of Approved R&D Plan 

Subject: Innovative Insulin Pump 

File Number: [    ] 

We hereby to inform you we commenced the approved plan, according to approval note as referenced, on [date]. 

 

	 	1.	We declare and warrant to comply with the Encouragement of Industrial Research and Development Law 5744-1984 (hereinafter the “Law”), including:

  

	 	a.	the obligation not to transfer the know-how, the rights on the know-how 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 Encouragement of Industrial Research and Development Regulations (Rate of Royalties and Rules for the
Payment thereof), 5756-1996 (hereinafter the “Royalties Regulations”) and to the procedures of the Industrial Research and Development Administration (hereinafter the “Administration”). 

 

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

  

	 	3.	We approve the attribution of this file numbered [number] to plan [number], subject Innovative Insulin Pump 

 

	 	4.	Additional undertakings: 

  

	 	a.	We were notified with the royalties amendment which was published in regulations file HATASHNAT from December 3, 1998 page 110 (file 5939).

 According to the said amendment, the research grants shall be linked to the dollar and
bearing annual interest in the rate of the LIBOR. 
  

	 	b.	Additional Undertakings: 

Royalties shall be paid from income from all insulin pumps, spare parts, disposables, software, services and accessories. 

 

	 	5.	We affirm that we have separated and distinguished account/s regarding our financial bookkeeping for the purpose of this approved plan, and the registrations made in
the account/s are direct, chronological, primary, systematic and only according to documentation. 

  

	 	6.	We hereby declare that we acknowledge that referenced grant shall be paid only subject to the terms and conditions of the approval and according to the
Administration’s regulations. 

  

	 	7.	The attached budget, including its details, terms and appendices is binding. Expenses exceeding the budget will not be recognized, unless approved by the
Administration. 

  

	 	8.	Procedures: 

  

	 	a.	The company is entitled to prepayment according to the procedures, provided that it already commenced the execution of the plan. The prepayment shall be deducted from
payments due according to the financial reports, excluding current prepayment. 

  

	 	b.	Any additional payment shall be executed according to a financial reports coordinated with the Administration’s procedures. Payment shal be made after review of
the aforesaid report. The grant’s recipient is obliged to file a financial report every quarter and a technical report at least every 6 months, on the Administration’s forms or in the same format. 

 

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

  

	 	d.	Any payment deriving on account of the approved grant shall be considered as advanced payment until the final approval of the report. Until the filing of the final
report, only up to 90% from the grant (including current prepayment) shall be paid from the lower of the approved budget or from expenses in the financial report. The remaining balance shall be paid only following receipt of a final financial report
and a technical report together with confirmation from the company’s accountants. The payment shall be executed following examination of the reports by a representative of the Administration; 

	 	e.	The company’s books of accounts, including balance sheets, shall be subject to the Administration’s during a period of 7 years from the initiation of the
execution 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 setoff any sum due from the assistance recipient out of the approved grant. 

 

	 	g.	The grant’s recipient is not entitled to stop the performance of the plan without the prior written approval from the Administration. If the plan is stopped
without such approval, the Administration shall be entitled to claim the return of the grant and the interest and linkage accrued thereto; 

  

	 	h.	The grant’s recipient has to file a certified financial report according to acceptable format and 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 claim additional technical reports at any time. 

 

	 	j.	An expense shall not be recognized unless the due consideration is paid, excluding overhead in salaries provision. 

 

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

  

	 	l.	The Administration may claim interest and linkage differentials as permitted by the law on any sum due from the recipient of the grant. 

 

	 	9.	The abovementioned terms do not derogate from any law which is applicable to the grant according to this file. 

 

	 	10.	We hereby undertake to to comply with intellectual property laws in Israel, and if we shall ever be convicted for violation of any of the intellectual property laws the
Administration shall be entitled to terminate any benefit granted by you, including grant, loan, tax benefit or any other financial advantage, or any part of such benefit, and claim their repayment including any interest and linkage, according to
the law. 

 1.               [signature]
                                       
[name]                                        
              R&D CEO   
 [company signature]Convertible Loan Agreement

 Exhibit 10.26 

CONVERTIBLE LOAN AGREEMENT 

Made and entered into in Ramat Gan on this
17th day of February, 2010 

 

			
	By and Between:	  	Sindolor Medical Ltd.
		  	Private Company No. 513970756
		  	Of 7 Jabotinsky St., Ramat Gan
		
		  	(hereinafter: “Sindolor”)
		
		  	of the first part;
		
	And:	  	Sela Group.com Ltd.
		  	Public Company No. 520044470
		  	Of 14 Baruch Hirsch St., Bnei Brak
		  	(hereinafter: “Sindolor”)
		
	And:	  	                             
           
		
		  	                             
           
		  	Of
                                         
       
		
		  	(hereinafter: the “Lender” and/or together the “Lenders”)
		
		  	of the second part;

  

			
	WHEREAS	  	Sindolor is a private company, engaging in the Drug Delivery field, in the technology for the reduction of pain by means of electronically based cooling (component) of the
injection site; and
		
	WHEREAS	  	Sindolor needs to raise capital in order to continue its activities; and
		
	WHEREAS	  	Sindolor has requested the Lender, who is a shareholder in Sindolor, to provide it with a loan, convertible into Sindolor shares, in the amount of NIS 1,000,000 (one million NIS)
(hereinafter: “the Loan”), in order that it may continue its activities until the raising of outside capital; and
		
	WHEREAS	  	The Lender has agreed, subject to the provisions of this Agreement, to provide a loan to Sindolor in the sum of NIS 1,000,000 convertible into Sindolor shares;
and
		
	WHEREAS	  	Subject to the aforesaid, the parties wish to enter into this Agreement, which shall set out their agreements regarding the Loan;

NOW, THEREFORE, IT IS DECLARED, STIPULATED AND AGREED BETWEEN THE PARTIES AS FOLLOWS: 

 

	1.	General  

  

	 	1.1	The preamble to this Agreement, including any Annexes attached hereto, form an integral part hereof. 

	 	1.2	The headings of the sections hereof are intended solely for convenience and shall not be used for interpretation of this Agreement. 

 

	2.	The Transaction 

  

	 	2.1	Subject to fulfillment of the condition precedent, the Lender shall provide Sindolor with a Loan in the amount of NIS 1,000,000 convertible into Sindolor shares
(hereinafter: “Loan Amount”). The Loan Amount shall be transferred to Sindolor in two installments, subject to full compliance of the conditions of this Agreement. 

 

	 	2.1.1	The first installment in the sum of NIS 500,000 shall be transferred to Sindolor on February 3, 2010 (hereinafter: “First Installment”);

  

	 	2.1.2	The second installment in the sum of NIS 500,000 shall be transferred to Sindolor on May 11, 2010. 

 

	 	2.2	The Loan shall be linked to the Consumer Price Index (where, at the date of repayment of the Loan, the ratio will be calculated between the known index on the date of
payment of the Loan and the known index on the date of granting the Loan and the principal balance + interest assessed accordingly) and shall bear annual interest at a rate of 4%. 

 

	 	2.3	The Loan shall be granted to Sindolor by the Lender for a period of one year from the date of making the First Installment, namely, the Loan Amount, linked to the index
together with interest according to this Agreement, shall be repaid to the Lender by January 31, 2011. 

  

	 	2.4	In the event that the Loan is not repaid on its due date, then the Loan shall be convertible into Sindolor shares according to Sindolor’s value, for purposes of
granting the Loan only, fully diluted, of NIS 4,000,000, before the money. 

  

	 	2.5	In the event that, by the date indicated in Section 2.3 above, Sindolor partially repays the Loan, then the Loan shall be convertible pro-rata into Sindolor shares
in accordance with the balance of the Loan that has not been repaid by Sindolor to the Lender (principal + interest) that had accumulated until the date of repayment of the Loan (in other words, if Sindolor repays NIS 500,000 of the Loan Amount on
time, then the conversion of Sindolor shares in favor of the Lender shall be calculated according to the following formula: [balance of the unpaid Loan (principal + interest) less NIS 500,000 that has been repaid by Sindolor). For the avoidance of
doubt, the conversion of Sindolor shares shall be exercised in any event, even in the case of partial payment of the Loan Amount, according to the Company’s value of NIS 4,000,000. 

 

	 	2.6	Without derogating from and irrespective of the rights of Sindolor’s shareholders by virtue of the Articles of Association of the Company, it is agreed that each
of the minority shareholders of Sindolor shall have a right, in addition to their right to join as a party to this Loan Agreement, against the Lender and against Sindolor, that shall remain in effect until the end of the Loan period, as stated in
Section 2.3 above. 

  

	 	2.7	According to such right, any of the shareholders may pay Sindolor a sum of up to the rate of their proportionate share of the Loan money (according to their rate of
holdings in Sindolor prior to granting the Loan), from the Loan money that Sindolor has not repaid, together with linkage and interest as detailed in this Agreement, against which they shall be entitled to receive in their names the Sindolor shares
that shall be converted for such portion that they had repaid, all as detailed in Section 2.8 below. 

  

 2 

	 	2.8	Realization of the right stated in Section 2.7 above, is conditioned upon the person who is entitled to exercise the right submitting to Sindolor written notice of
his intention to exercise such right, if the conversion of the Loan into shares is realized. The notice is to reach Sindolor by no later than September 15, 2010, otherwise such right shall expire. 

 

	 	2.9	In the event that a written notice is provided as stated in Section 2.8 above, then Sindolor shall update the notice provider in writing regarding the following
details: 

  

	 	•	 	 Whether a conversion is taking place and, if so, what the unpaid amount is and the manner of its calculation. 

 

	 	•	 	 The aggregate number of shares that shall be allocated by virtue of the conversion and the manner of its calculation. 

 

	 	•	 	 The monetary consideration that he is to transfer to Sindolor and the manner of its calculation. 

 

	 	•	 	 The number of shares that shall be allocated in his name if he pays the consideration. 

 

	 	•	 	 The account to which he is to deposit the consideration amount within seven days from the date of receiving the notice (but in any event, by no later
than ten days from the date of its delivery by registered mail) (hereinafter: “Compensation Date”). 

It should be noted that Sindolor shall send its notices as stated in this section according to the address indicated in the
Shareholder’s notice to Sindolor. 
 It is emphasized that if the required consideration amount is not deposited by the
Compensation Date – then the right shall be revoked. 
  

	 	2.10	In addition, it is emphasized that any amount transferred by any of the shareholders to Sindolor in accordance with the provisions of Sections 2.6 and 2.7 above, shall
be returned to the Lender within four business days from the date of receipt of the funds from the shareholder, together with linkage and interest as provided in this Agreement. 

 

	 	2.11	It is emphasized that, in the event that on the date of repayment of the Loan, Sindolor shall have sufficient monetary means, after deduction of current liabilities, to
repay the Loan fully or partially, then the Loan shall be repaid by Sindolor (also in the event that such repayment shall prejudice the ability of Sindolor to implement its business plan). For the avoidance of doubt, if part of the Loan is repaid,
then the unpaid portion of the Loan (principal + interest) shall be convertible according to Section 2.5 above. 

  

	 	2.12	The Lender shall have the right to assign the Loan, including all of its rights and duties, to a company under its control. 

 

	3.	Conditions precedent 

The coming into effect of this Agreement is conditional upon receipt of the approval of the Board of Directors of the Lender. 

 

	4.	Taxes  

 Each party
shall bear and pay all of the taxes applicable to it by law with respect to the transaction, subject of this Agreement. 
  

 3 

	5.	Governing Law and Jurisdiction 

  

	 	5.1	The laws of the State of Israel shall apply to this Agreement and to any matter pertaining and/or related to it and/or deriving therefrom. 

 

	 	5.2	The competent court of Tel Aviv-Jaffa shall have the sole and exclusive jurisdiction to deliberate the Agreement and any matter pertaining and/or related to the
Agreement and/or deriving therefrom. 

  

	6.	Miscellaneous  

  

	 	6.1	In any case where a party does not exercise any right granted to it according to this Agreement or according to any law, this shall not be deemed as a waiver by it of
such right and it shall be entitled to subsequently exercise such right. The breaching party shall not have a claim of delay or waiver. 

  

	 	6.2	The terms of this Agreement fully comprise all of the stipulations and agreements between the parties and they supersede any engagement, agreement, representation and
undertaking that preceded the signing of this Agreement, whether made in writing or orally. 

  

	 	6.3	Following signature of this Agreement, drafts and other documents exchanged between the parties prior to signing this Agreement will be deemed as if they had never been
made, and will not in any way be used as evidence or support for purposes of interpretation and/or a claim and/or otherwise. 

  

	 	6.4	Any modification, amendment and/or addition shall be of no effect and shall be deemed as if never made, unless made in writing and signed by all of the parties
together. 

  

	 	6.5	The parties shall take all of the additional steps including the signing of additional documents required for the implementation and performance of this Agreement
according to its letter and its spirit. 

  

	 	6.6	The parties’ addresses for the purpose of this Agreement are as specified in the preamble to this Agreement or any other address in Israel of any of the parties,
as notified in writing to all of the other parties. 

  

	 	6.7	Any notice of any of the parties regarding this Agreement shall be sent to the addressee by personal delivery or by registered mail to its address, as aforesaid, and
shall be deemed as delivered to the addressee on the date of its delivery by personal delivery, or upon the expiration of 3 days after its mailing by registered mail as aforesaid, or on the first business day after its transmission via facsimile
with a proper transmission confirmation, as the case may be. 

 In witness whereof the parties have hereunto set
their hands, today February 17, 2010: 
  

									
		 	
            (-)           
 
	  		  	            (-)            
	  	
		 	Sela	  		  	Sindolor	  	

  

 4

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