Notification of Election Regarding Royalties under License Agreement between Medis El Ltd., Bar-Ilan University, and Israel Aircraft Industries Ltd.

Contract Categories: Intellectual Property › License Agreements
Summary

Medis El Ltd. notifies Bar-Ilan University of its decision to revoke a specific provision (paragraph 8.3) in their existing License Agreement, which also involves Israel Aircraft Industries Ltd. As a result, Medis El will pay higher royalty rates to Bar-Ilan University as specified in the letter. The University is asked to acknowledge receipt of this notification. This change is made in accordance with the terms of the original agreement and its amendment.

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EX-10.13 6 a2069764zex-10_13.txt EXHIBIT 10.13 EXHIBIT 10.13 [MEDIS EL LTD. LETTERHEAD] July 18, 1996 Mr. Yitzhak Cohen Vice-President Finance The University of Bar-Ilan Ramat Gan 52100 By Registered Mail Re: Notification of election regarding royalties We refer to your letter dated July 2, 1996 in which you notified us of your desire to begin receiving royalties pursuant to paragraph 8.1 of the agreement, dated October 17, 1991, as amended (the "License Agreement"), among you, Israel Aircraft Industries Ltd., and Medis El Ltd. In accordance with paragraph 8.3 of the License Agreement (paragraph 6 to the amendment to the agreement), Medis El is entitled to elect the cancellation of paragraph 8.3 to the License Agreement. The significance of this change is that Medis El will be obligated to pay a higher royalty rate in lieu of the provisions of paragraph 8.3 as follows: In paragraph 8.2 the rate of 5% will increase to 6.5% and the rate of 3% will increase to 4.5%; in paragraph 8.4 the rates of 2% will increase to 3.5%. Please be advised that Medis El Ltd. hereby notifies you of its desire to revoke the provisions of paragraph 8.3 to the License Agreement. Please acknowledge receipt of this notification by signing the copy of this letter and return it to the sender in the envelope we are providing. Sincerely /s/ Israel Fisher - ---------------------------------- Israel Fisher Vice President Finance Receipt of this notification is acknowledged. University of Bar-Ilan /s/ - ---------------------------------- Bar-Ilan University