SEC Contract Filing

Filing Date: 2015-10-29

Document Content:
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>exh10_10.htm
<DESCRIPTION>EXHIBIT 10.10
<TEXT>
<html>
<body>

<p><font size="2">EXHIBIT 10.10</p>
<p>MEMORANDUM OF UNDERSTANDING</p>
<p>THIS MEMORANDUM OF UNDERSTANDING (&quot;MOU&quot;) is entered into on the date set
forth on the signature page hereof.</p>
<p>BETWEEN: One World Cannabis Ltd, a legal entity organized under the laws of the
State of Israel, having a place of business at 22, Shacham Street, Petach Tikva,
Israel, herein acting and represented by Ziv Turner, its Chief Executive
Officer, duly authorized for the purposes hereof as he so declares;</p>
<p>AND: Medmar II, LLC, a legal entity constituted under the laws of the State of
Hawaii and the State of Pennsylvania, having a place of business in Baltimore;
herein acting and represented by Jeffrey Low, its Director, duly authorized for
the purposes hereof as he so declares;</p>
<p>One World Cannabis Ltd and Medmar II, LLC are sometimes referred to
individually, as a &quot;Party&quot; and collectively, as the &quot;Parties.&quot;<br />
<br />
NOW THEREFORE, THE PARTIES DECLARE THE FOLLOWING:</p>
<p>WHEREAS, One World Cannabis Ltd. (&quot;OWC&quot;), a wholly owned Israeli subsidiary of
OWC Pharmaceutical Research Corp. (OTCQB:OWCP), is focused on discovering,
developing and commercializing cannabis-based novel therapeutics products and
treatments specifically designed for several medical conditions (&quot;OWC's
Product&quot;). In addition, OWC offers medical cannabis regulatory compliance
services and patient-care consultancy services.<br />
WHEREAS, Medmar II, LLC (&quot;Medmar II&quot;) was organized in the State of Hawaii and
the State of Pennsylvania for, among other things, growing, extracting and
dispensing medical marijuana products in Hawaii and the State of Pennsylvania;
and<br />
WHEREAS, the State of Hawaii and the State of Pennsylvania Act permits up to 15
organizations licensed by the State; and<br />
WHEREAS, Medmar Ii intends to apply to become a Registered Organization under
the Hawaii and the State of Pennsylvania House Bill (the &quot;Act&quot;); and<br />
WHEREAS, Medmar II desires to obtain from OWC certain services based on the
expertise and knowledge of OWC in anticipation of Medmar II applying to become a
Registered Organization under the Act; and<br />
WHEREAS, the Parties are entering into this MOU to set forth their mutual
intentions;<br />
<br />
NOW THEREFORE, in consideration of the mutual understandings and agreements set
forth herein, the Parties agree as follows:</p>
<p>1. Consultancy Services and Use of Knowledge.</p>
<p>1.1. OWC will provide Medmar II consultancy services, based on OWC's existing
knowledge and regulatory expertise in the field of medical cannabis treatment,
in patient care programs, and in establishing training and consulting centers
for medical staff and patients, and assisting with the creation and
implementation of regulations governing the medical cannabis program.<br />
1.2. Such services will be provided in connection with Medmar II's application
for registration as a &quot;registered organization&quot;, according to the Act.<br />
1.3. If a &quot;registered organization&quot; status, according to the Act, should be
provided to Medmar II in Hawaii and the State of Pennsylvania by January 31,
2016 (such date, as may be extended with the written consent of OWC, the &quot;Medmar
II License Date&quot;), OWC will also provide services to Medmar II, pending local
Hawaii and the State of Pennsylvania regulations and manufacturing abilities as
Medmar II shall inform OWC from time to time, shall provide Medmar II with an
exclusive license to OWC's intellectual property rights solely for the purpose
of allowing Medmar Ii to manufacture and distribute in Hawaii and the State of
Pennsylvania products in the field of medical cannabis treatments for Multiple
Myeloma, PTSD, Fibromyalgia and acute migraine (collectively, &quot;Products&quot;). Skin
disease products and/or other products (including future products of OWC) are
not included in the definition of Products.<br />
1.4. In connection with the above license (and following the obtaining of all
required licenses under the Act by the Medmar II License Date), OWC will provide
consulting services (as shall be agreed in the definitive agreement) in order to
assist Medmar II to initiate the production and formulation to the mutually
chosen manufacturer facility as referred to in 1.3 above. The services scope and
schedule will be according to the clinical phase completion as shall be further
detailed in the definitive agreement<br />
1.5. The production and distribution by Medmar II pursuant to this MOU is
limited for the State of Hawaii and the State of Pennsylvania.<br />
1.6. OWC hereby grants Medmar it the right to publicize, promote and market
solely in Hawaii and the State of Pennsylvania that it has the exclusive rights
in Hawaii and the State of Pennsylvania to obtain services from OWC and to
distribute OWC Products and to publicize any of OWC public announcements subject
to preliminary written approval of each publication by OWC.<br />
1.7 -As part of the consulting services provided hereunder by OWC, Dr. Baruch
will serve as the Medical Director of Medmar it as long as Medmar Ii as entitled
to exclusive license.</p>
<p>2. Commercialization Agreement.</p>
<p>This MOU will be followed within 90 days with a consulting and a
commercialization agreement that specify the terms and conditions of OWC
services to Medmar II as well as the terms for the licensing of OWC's
intellectual property for production and marketing of Products through Medmar II
in the State of Hawaii and the State of Pennsylvania. Among others, the
commercialization by Medmar 11 shall result in payment to OWC of royalties at a
rate of 20% from Medmar ll's &quot;Net Sales&quot; (gross income less sales tax, returns,
insurance charges, duties and freight and other transportation costs) of
products developed and/or manufac