Sixth Amendment to Consulting Agreement between Oramed Ltd. and KNRY Ltd. (January 10, 2020)
Oramed Ltd. and KNRY Ltd. have agreed to amend their existing consulting agreement, originally dated July 1, 2008, to update the compensation terms for consulting services provided by Dr. Miriam Kidron. Effective January 2020, KNRY Ltd. will receive a gross monthly payment of 92,522 NIS plus VAT (about $26,663), subject to invoicing. All other terms of the original agreement remain unchanged and in effect. Both parties confirm there are no outstanding claims regarding payments made before May 2008.
Exhibit 10.1
AGREEMENT AND AMENDMENT NO. 6
This AGREEMENT AND AMENDMENT NO. 6 (this “Sixth Amendment”) is made this 10th day of January, 2020 by and between ORAMED Ltd., a company incorporated under the laws of the State of Israel, with company registration number ###-###-#### and with an address at High-Tech Park 2/4, Givat Ram, Jerusalem, Israel ###-###-#### (the “Company”), and KNRY, Ltd., a company incorporated under the laws of the State of Israel, with company registration number ###-###-#### and with an address at 2 Elza Street, Jerusalem, Israel ###-###-#### (the “Consultant”).
WHEREAS:
A. The Company and the Consultant are parties to the Agreement dated as of July 1, 2008 (the “Original Agreement”), as amended on July 17, 2013 (the “First Amendment”), on November 13, 2014 (the “Second Amendment”), on July 21, 2015 (the “Third Amendment”) and on June 27, 2016 (the “Fourth Amendment”) and on June 30, 2017 (the “Fifth Amendment” and together with the Original Agreement, and all its amendments - the “Consulting Agreement”), for services to be provided by Dr. Miriam Kidron Israeli I.D. number ###-###-#### (“Miriam”); and
B. The Company and the Consultant wish to amend the Consulting Agreement to revise the terms of the Consultant’s compensation thereunder.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:
| 1. | Amendment to Section 6. Section 6 of the Original Agreement is hereby amended and restated in its entirety to read as follows: |
“Compensation. Effective from January 2020 (inclusive), the Company shall pay to the Consultant in consideration for the performance of the Consulting Services, a gross monthly amount of 92,522 + VAT (approximately $26,663) (the “Consideration”), subject to the receipt by the Company of an invoice from the Consultant. Each of the Consultant and Miriam hereby declares that neither of them has, nor shall have in the future, any claims or demands in respect of amounts paid prior to May 2008.”
| 2. | Ratification. As amended hereby, the Consulting Agreement is ratified and confirmed and all other terms and conditions remain in full force and effect. |
[Signature page follows.]
IN WITNESS WHEREOF the parties hereto have executed this Sixth Amendment effective as of the date and year first above written.
| ORAMED LTD. | KNRY LTD. | |||
| Per: | /s/ Avraham Gabay | Per: | /s/ Miriam Kidron | |
| Name: | Avraham Gabay | Name: | Miriam Kidron | |
| Title: | Chief Financial Officer and Secretary | |||
