Office of the Chief Scientist. It is aware that the Company has received financing for certain research and development projects through the OCS and it is aware, and agrees to the application, of the provisions of the Law for the Encouragement of Industrial Research and Development, 5744-1984 and of Regulations promulgated thereunder, to the Company, including, inter alia:
(a) the Company’s obligation to pay royalties to the State of Israel;
(b) that the manufacture of any product developed as a result of any project so funded take place in the State of Israel unless the Research Committee of the OCS pursuant to the above law otherwise determines, subject to and pursuant to the above law; and
(c) that know-how derived from any project so funded may not be transferred to third parties without the approval of the Research Committee of the OCS subject to and pursuant to the above law.
Office of the Chief Scientist. On April 18, 2000 the OCS approved a grant in the amount of NIS 4,262,066 which was fully provided to the Company. On April 3, 2001, the OCS approved an additional grant in the amount of NIS 9,972,714 which was fully provided to the Company. On July 15, 2002, the OCS approved an additional grant in the amount of NIS 10,217,368 which was fully provided to the Company. On June 10, 2003, the OCS approved an additional grant in the amount of NIS 9,499,968 which was fully provided to the Company. On June 13, 2004, the OCS approved an additional grant in the amount of NIS 9,000,000 which was fully provided to the Company. On May 2, 2005, the OCS approved an additional grant in the amount of NIS 6,800,000 out of which an amount of NIS 2,173,806 was provided to the Company. On January 31 ,2006 two new requests were filed for 2006 project, that are still in process.
Office of the Chief Scientist. The Public Company shall have delivered to Otic Pharma an executed copy of an undertaking in the standard form required by the OCS from non-Israeli residents investing in Israeli companies which have received support from the OCS, substantially in the form attached hereto as Exhibit C (the “OCS Undertaking”).
Office of the Chief Scientist. On May 20, 1992, prior to the Company's incorporation, the Company's predecessor, a division of Digital Equipment (DEC) Ltd., received 26 authorization to receive funding from the Office of the Chief Scientist of the Ministry of Trade and Industry (the "Chief Scientist") with regard to research and development of earlier versions of certain components of its program and in fact received such funding. The Company assumed the liabilities of the Company's predecessor towards the office of the Chief Scientist with regard to such funding. The Company is in conformance in all material respects with the condition of its certifications from the Chief Scientist and of the law governing companies which have received funding from the Chief Scientist, including reporting obligations, and owes royalties in accordance with the law up to a maximum of US $162,000.
Office of the Chief Scientist. Promptly following the execution of this Agreement, M-CO, in consultation with Leap, shall: (i) submit an application to the Tmura Fund at the OCS to close File No. 41846 at the OCS, (ii) submit such forms and undertakings as required by the OCS and/or under the OCS Directive 200-04 in connection with such application and (iii) shall cooperate with the OCS as may be reasonably required by the OCS in connection with its review of such application. M-CO does not provide any representation or warranty that such application will indeed be approved and Leap confirms that such approval is not a condition to Closing under this Agreement.
Office of the Chief Scientist. Purchaser has been informed that the Company has financed its research and development in part, by way of funding granted by the Office of the Chief Scientist in Israel. Purchaser shall sign a standard undertaking towards the Office of the Chief Scientist to the effect that it shall cause the Company to comply with the statutory, regulatory and financial obligations to which the Company is obligated.
Office of the Chief Scientist. As soon as practicable and in any event prior to the Closing, ECI Telecom shall file an application for the approval of the Office of the Chief Scientist and of any other regulatory authority (to the extent required) with respect to the transactions contemplated by this Agreement.
Office of the Chief Scientist. The Company has repaid in full the principal amount of those funds and grants that it has received from Israel’s Office of the Chief Scientist of the Ministry of Industry, Trade and Labor (the “Chief Scientist”), together with any interest owed with respect thereto. Neither the Company nor any of its subsidiaries is in violation of any condition or requirement stipulated (A) by any instruments of approval, granted to it by the Chief Scientist, or the Law for Encouragement of Industrial Research and Development, 5744-1984, with respect to any research and development grants or benefits given to the Company by the Chief Scientist or (B) with respect to any instrument of approval granted to it by the Investment Center of the Ministry of Industry, Trade and Labor of the State of Israel with respect to grants or benefits given to the Company. The Company has not received any notice denying, revoking or modifying any “approved enterprise” or “benefited enterprise” status with respect to any of the Company’s facilities or operations or with respect to any grants or benefits from the Chief Scientist or the Investment Center (including, in all such cases, notice of proceedings or investigations related thereto). All information supplied by the Company with respect to the applications or notifications relating to such “approved enterprise” status and “benefitted enterprise” status and to grants and benefits from the Chief Scientist and/or the Investment Center was true, correct and complete in all material respects when supplied to the appropriate authorities.
Office of the Chief Scientist. IGPAC is aware that Parent has received financing for certain research and development projects through the OCS and is aware, and agrees to the application of the provisions of the Law for the Encouragement of Industrial Research and Development, 5744-1984 and the regulations promulgated thereunder and their applicability to Parent including, inter alia:
a. Parent’s obligation to pay royalties to the State of Israel;
b. that the manufacture of any product developed as a result of any project so funded takes place in the State of Israel unless the Research Committee of the OCS pursuant to the above law otherwise determines, subject to and pursuant to the above law; and
c. that know how derived for any project so funded may not be transferred to third parties without the approval of the Research Committee of the OCS subject to and pursuant to the above law.
Office of the Chief Scientist. The Company has repaid in full the principal amount of those funds and grants that it has received from Israel’s Office of the Chief Scientist of the Ministry of Industry, Trade and Labor, together with any interest owed with respect thereto.
