Document:

Orgenesis, Inc. - Exhibit 10.1 - Filed by newsfilecorp.com

Joint Venture Agreement 

This Joint Venture Agreement (“Agreement”) is
entered into this 12th day of March, 2019 (the “Effective
Date”), by and between Orgenesis, Inc., incorporated in Nevada, USA,
20271 Goldenrod Lane, Germantown, MD 20876, USA (“Orgenesis”) and
First Choice International Company, Inc., incorporated in Delaware, USA, 625 N.
Flagler Drive, Ste. 600, West Palm Beach, FL 33401 (“First
Choice”). Orgenesis and First Choice may each be referred to herein as a
“Party,” and collectively as the “Parties.” 

WHEREAS, Orgenesis is engaged, inter alia, in the
development and commercialization of cell regeneration and gene therapeutic
products, including, without limitation, as described on Exhibit A
attached hereto (“Orgenesis Products”) and is the owner of or
holds the rights to related know how and other intellectual property, including,
without limitation, as set forth in Exhibit B (“Orgenesis
Background IP”); 

WHEREAS, First Choice is engaged, inter alia, in
life sciences and biotechnology investment and has been working in support of
advancement of regeneration and gene therapeutics; 

WHEREAS, First Choice wishes to collaborate with
Orgenesis in clinical development and commercialization of the Orgenesis
Products beginning in the Country of Panama and the Parties will agree to
certain additional development and commercialization countries in Latin America
in a writing to form Exhibit C of this Agreement
(“Territory”); and Orgenesis wishes to collaborate with First
Choice in clinical development and commercialization of the Orgenesis products
to be offered within the Territory by First Choice and First Choice intends to
introduce its own products, (“First Choice Products”) which will
be offered for sale by Orgenesis globally outside of the Territory; and 

WHEREAS, the Parties wish to set forth the terms for the
collaboration between the Parties providing Services through a joint venture;

NOW THEREFORE, the Parties hereby agree as follows:

	1. 	
      PURPOSE AND OBJECT OF THE
  JV

	 	1.1. 	
      The Parties agree to form the Joint Venture (the
      “JV”), subject to the terms and conditions of this
      Agreement, for the clinical development and commercialization of the
      Orgenesis Products within the Territory and for the clinical development
      and commercialization of the First Choice Products, which will be offered
      for sale by Orgenesis globally outside of the Territory
      (“Project”).

	 	 	 
	 	1.2. 	
      The JV shall be established for the exclusive purpose
      carrying out the Project.

	 	 	 
	 	1.3. 	
      Nothing in this Agreement shall be considered as a
      limitation of the powers or rights of any of the Parties to carry on its
      independent business for its sole benefit in addition to the Project,
      except that the Parties undertake to use commercially reasonable efforts
      to safeguard and further their common interests in relation to the
      Project.

	 	 	 
	 	1.4. 	
      The Parties may carry out their obligations under this
      Agreement, in whole or in part, through
Affiliate(s).

For the purpose of this Agreement the
term “Affiliate” shall mean any entity which directly or
indirectly controls, is controlled by or is under common control of a Party to
this Agreement; the term “control” as used herein shall mean the
possession of the power to direct or cause the direction of the management and
the policies of an entity, whether through the ownership of a majority of the
outstanding voting rights or by contract or otherwise. 

	2. 	
      PARTICIPATION SHARES AND ROLES;
      FINANCING

	 	 	 
		2.1. 	
      The JV shall be carried out through a company to be
      established by the Parties (“JV Entity”). Initially, the JV
      Entity shall be 100% owned by First Choice. Until such JV Entity is
      established, all activities in the Territory will be carried out through
      First Choice. First Choice commits to transfer all activities, and
      results, data, information, material, IP, know-how, contracts, licenses,
      authorizations, permissions, grants, obligations and assets related to
      such activities to the JV Entity upon Orgenesis’ request.

	 	 	 
		2.2. 	
      The relative shareholdings of each Party in the JV Entity
      will be based on the following participating interests of each Party (each
      a “Participating Interest”):

Orgenesis - 50% 
First Choice - 50%

	 	2.3. 	
      First Choice herby agrees that, upon Orgenesis’ request
      that an Affiliate and/or any other partner of Orgenesis (an
      “Orgenesis Designated Third Party”) shall have the right to
      join as a partner in the JV or shareholder in the JV Entity (as
      applicable), in which case the Orgenesis Designated Third Party shall be
      entitled to a portion of or the entirety of Orgenesis’ Participating
      Interest as shall be agreed between Orgenesis and such Orgenesis
      Designated Third Party, subject to such Orgenesis Designated Third Party
      agreeing to be subject to the applicable terms and conditions of this
      Agreement, mutatis mutandis.

	 	 	 
	 	2.4. 	
      Orgenesis hereby agrees that upon First Choice’s request
      that an Affiliate and/or any other partner of First Choice (a “First
      Choice Designated Third Party”) shall have the right to join as a
      partner in the JV or shareholder in the JV Entity (as applicable), in
      which case the First Choice Designated Third Party shall be entitled to a
      portion of or the entirety of First Choice’s Participating Interest as
      shall be agreed between First Choice and such First Choice Designated
      Third Party, subject to such First Choice Designated Third Party agreeing
      to be subject to the applicable terms and conditions of this Agreement,
      mutatis mutandis.

	 	 	 
	 	2.5. 	
      To establish the JV Entity, First Choice shall prepare,
      for Orgenesis’ review, comment, approval and signature, appropriate
      formation documents and shareholder rights agreements (collectively, the
      “JV Entity Agreements”). At minimum, the JV Entity
      Agreements shall include the following terms and
  conditions:

	 	2.5.1. 	
      After formation of the JV Entity, no new JV Entity shares
      will be issued without each Party’s prior written consent;

	 	2.5.2. 	
      Neither Party shall sell its shares in the JV Entity
      without the other Party’s prior written consent, other than as provided in
      Sections 2.3 and 2.4.

Each of Orgenesis and First Choice
shall endeavor to provide to the JV Entity up to USD $5,000,000 for an aggregate
total value of USD $10,000,000 in funding within three (3) years from the date
of this Joint Venture Agreement to be used to complete all Development (as
defined below) activities until Development Completion (as defined below),
including without limitation, all regulatory and management expenses for the
development of the Orgenesis Products and First Choice Products in the
Territory. Funding may be provided in part in the form of convertible loans,
in-kind contributions, including Intellectual Property (“IP”), and
services related to advancement of the JV. 

In order to compensate First Choice
for the work that it has completed in advancement of this JV to date, upon
execution of this Agreement by the Parties, Orgenesis shall immediately and
irrevocably (i) wire Fifty Thousand United States Dollars (USD $50,000) of One
Hundred Thousand United States Dollars (USD $100,000) (the
“Cash Fee”) to First Choice and (ii) issue to
First Choice 375,000 shares of Orgenesis common stock (the
“Shares”). Thirty (30) days following signing, Orgenesis shall
immediately and irrevocably wire the Fifty Thousand United States Dollars (USD
$50,000) balance of the Cash Fee. The Cash Fee and Shares are deemed and agreed
to be a commencement incentive and consideration now due and owing for First
Choice entering into this Agreement. Orgenesis acknowledges that First Choice
has foregone other opportunities to enter into this Agreement (including
preliminary research, diligence and infrastructure set up for Orgenesis’
account) and that Orgenesis therefore derives immediate benefit as a result of
these actions taken by First Choice hereunder. 

Upon the six (6) month anniversary of
this Agreement, Orgenesis will issue to First Choice an additional 150,000
shares of Orgenesis common stock (the “Additional Shares”), which
will have no impact on the relative Participating Interests as set forth in
Section 2.2 above and are further negotiated consideration for First Choice
entering into this Agreement. 

Each of Orgenesis and First Choice
shall provide strategic guidance and Orgenesis shall provide hospital
(management) services to the JV Entity, among other services to be set forth in
the Work Plan, and as shall be set forth in a Master Services Agreement to be
negotiated in good faith and entered into by the Parties. For the purposes of
this Agreement, “Development” shall mean clinical and regulatory
activities, including, without limitation, pre-clinical and clinical trials
(“Clinical Trials”), as required for obtaining all required
regulatory approval(s) and/or reimbursement approval for commercialization of
the Orgenesis Products in the Territory or First Choice Products globally
outside the Territory (as applicable). 

For the purposes of this Agreement,
Development shall be considered to be successfully completed upon receipt of all
applicable approvals and/or permits required under applicable laws, regulations,
standards and guidelines for the marketing and sale of the Orgenesis Products
within the Territory or the First Choice Products globally (as applicable), subject to Orgenesis’ written
      confirmation of such completion (which such confirmation will not be
      unreasonably withheld) (the “Development
  Completion”).

	 	2.6. 	
      First Choice will cause the JV Entity to maintain an
      accounting records of all expenses incurred by the JV Entity, and of all
      financing provided to the JV, and will provide the Steering Committee (as
      defined below) and Orgenesis with a quarterly report detailing the use of
      such financing and shall further provide Steering Committee and Orgenesis
      full access to any and all records.

	 	 	 
	 	2.7. 	
      At the request of either Party, the Parties shall discuss
      between them in good faith the terms upon which the requesting Party may
      convert its Participating Interests in the JV Entity into streaming
      royalties based on the JV Entity’s revenues.

	 	 	 
	 	2.8. 	
      Each Party shall have full information and access rights
      in respect to the JV and the JV Entity.

	 	 	 
	 	2.9. 	
      Prior to and as a condition to the JV Entity being sold
      (the “Exit”) to a third-party acquirer (the
      “Acquirer”), First Choice and Orgenesis shall agree on the
      financial terms of such Exit and the compensation due to Orgenesis and
      First Choice upon such event.

	 	 	 
	 		
      JV Entity and/or Acquirer (as applicable) shall negotiate
      in good faith the engagement of Orgenesis and/or its designated Affiliates
      as their exclusive external manufacturer and supplier of their entire
      requirements for units of the First Choice Products; as well as the
      Orgenesis Products in the Territory, for the purpose of carrying out
      Development activities and/or commercialization activities.

	 	 	 
	 		
      JV Entity and/or Acquirer (as applicable) shall negotiate
      in good faith the engagement of First Choice and/or its designated
      Affiliates as their exclusive service provider for the purpose of carrying
      out clinical and regulatory Development activities and/or
      commercialization activities in respect of the
Project.

	3. 	
      ADDITIONAL INVESTMENT; CALL
OPTION

	 	 	 
		3.1. 	
      Each Party shall have the right to invest in the JV
      Entity (which such investment(s) may also be in the form of a convertible
      loan) (the “Additional Investment”), (a) if required by the
      Steering Committee, including the Chairman, in order to maintain the
      activity of the JV Entity, or (b) to maintain such Party’s then
      Participating Interest percentage in any future financing round. The terms
      of such Additional Investment shall be negotiated in good faith and shall
      be mutually agreed to by the Parties.

	 	 	 
		3.2. 	
      At the request of Orgenesis, the Parties shall discuss
      between them in good faith the terms upon which Orgenesis may convert its
      Participating Interests in the JV Entity into streaming royalties based on
      JV Entity’s revenues (in addition to royalties to be paid to Orgenesis
      under Section 6.3 below).

	 	3.3. 	
      At any time subject to the Trigger Event (as defined
      below), Orgenesis shall have the option, but not the obligation,
      exercisable at its sole discretion and subject to all rules and
      regulations to which it is then subject, including without limitation, the
      rules of any U.S. national securities exchange (“Call
      Option”), to require First Choice and/or the Orgenesis Designated
      Third Party (if applicable) to transfer to Orgenesis the entirety of each
      such Party’s equity interest in the JV Entity for the Consideration (as
      defined below) specified below (“Sale Transaction”). The
      exercise of the Call Option shall be upon written notice by Orgenesis and
      shall be subject further to an appropriate exemption from the registration
      requirements under U.S. securities laws. The number of shares of common
      stock of Orgenesis issuable to each of First Choice and/or the Orgenesis
      Designated Third Party (if applicable) as consideration in such Sale
      Transaction (the “Consideration”) shall be determined by
      dividing the agreed upon valuation of the JV Entity and/or the Orgenesis
      Designated Third Party (if applicable) immediately prior to the closing of
      the Sale Transaction by the weighted average price of Orgenesis’ common
      stock during the three (3) trading day preceding the closing of the Sale
      Transaction. The legal form of Sale Transaction shall be determined by
      Orgenesis, and may include, inter alia, a share purchase
      transaction, an asset purchase transaction or a merger and be evidenced by
      legally binding agreement reflecting mutually agreeable terms and
      representations appropriate for transactions of this type. Additionally,
      the Sale Transaction shall close within sixty (60) days of the giving of
      notice by Orgenesis or Orgenesis shall be required to reinitiate the Call
      Option under this Section 3.3.

	 	 	 
	 		
      The JV Entity’s valuation will be defined as the higher
      of the following: (i) the latest Additional Investment round valuation as
      defined in Section 3.1 above; or (ii) an amount equal to two (2) times the
      revenues of the JV Entity (if applicable); or (iii) an amount equal to
      four (4) times the EBIDA of the JV Entity.

	 	 	 
	 		
      The “Trigger Event” shall mean the
      continued quotation of the common stock of Orgenesis, Inc. on a U.S
      National Exchange.

	4. 	
      WORK PLAN; DEVELOPMENT AND
      COMMERCIALIZATION

	 	 	 
		4.1. 	
      Within sixty (60) days following the Effective Date, each
      of Orgenesis and First Choice shall prepare and submit to the approval of
      the “Steering Committee” (as defined below), a detailed work
      plan for carrying out the Development, which shall include, inter alia, a
      description of the respective tasks to be carried out by each of the
      Parties, the timetable for carrying out such tasks and an estimated budget
      (collectively, the “Work Plan”).

	 	 	 
		4.2. 	
      Any change to the Work Plan shall be approved in advance
      by the Steering Committee (as defined below).

	 	 	 
		4.3. 	
      Each Party shall exert its best commercial efforts to
      carry out its respective tasks in a timely and professional manner in
      accordance with the Work Plan and shall work together in concert to
      co-develop the Orgenesis Products and First Choice Products, as
      applicable, under the Work Plan.

	 	4.4. 	
      Notwithstanding anything to the contrary that may be
      inferred by any provision of this Agreement, no Party shall have the
      authority or right, nor shall any Party hold itself out as having the
      authority or right to assume, create or undertake any obligation of any
      kind whatsoever, expressed or implied, on behalf or in the name of the
      other Party and/or of the JV Entity unless otherwise agreed by the Parties
      in writing, and/or as set forth in this Agreement and/or under any of the
      JV Entity Agreements.

	 	 	 
	 	4.5. 	
      The Development shall be conducted in accordance with and
      subject to the Work Plan as shall be approved by the Steering Committee.
      Any deviation from the Work Plan will require the prior written approval
      of Orgenesis, which such approval shall not be unreasonably
    withheld.

	 	 	 
	 	4.6. 	
      The Clinical Trials and any approvals required for
      conducting such Clinical Trials shall be performed and/or obtained (as
      applicable) in accordance with and subject to the then applicable protocol
      and the Work Plan and all applicable laws, regulations and standards
      including, without limitation, the requirements of the laws and relevant
      regulatory authorities of the applicable country within the
    Territory.

	 	 	 
	 	4.7. 	
      Any decision and/or any action to be made, conducted
      and/or taken (as applicable) with respect to the Development, including,
      without limitation, (i) each stage of the Clinical Trials defined in the
      then applicable protocol; (ii) the choice of clinicians and facilities for
      the performance of the Clinical Trials, and (iii) any deviation from the
      pre-approved pre-clinical and/or clinical testing procedures shall be
      subject to and require the prior written approval of Orgenesis, which such
      approval shall not be unreasonably withheld. Without limiting the
      foregoing, Orgenesis, through any of its authorized representatives, shall
      be entitled to be present and have required access to be present at all
      stages of the Clinical Trials and to examine and inspect the facilities
      required for performance of the Clinical Trials and/or Development, and
      all data and work product associated with the Clinical Trials and/or the
      pre-marketing development.

	 	 	 
	 	4.8. 	
      First Choice shall ensure that the JV Entity is informed,
      immediately upon it becoming aware of the occurrence of any abnormal
      and/or adverse event or any other substantial development relating to
      and/or resulting from the performance of the Clinical Trials and/or which
      is inconsistent with the Work Plan and/or the clinical testing procedures
      approved by Orgenesis and/or which may have a material impact on the
      success or failure of the Clinical Trials.

	5. 	
      STEERING COMMITTEE

	 	 	 
		5.1. 	
      The Parties shall set up a steering committee for the
      management of the JV, which shall also serve as the Board of Directors of
      the JV Entity (“Steering Committee”).

	 	 	 
		5.2. 	
      The Steering Committee shall be composed of a total of
      five (5) members: Each Party shall have the right to appoint and replace
      two (2) members, which shall be fully authorized by such Party to act and
      decide on its behalf and one (1) member shall be an independent industry
      expert to be appointed and replaced by mutual agreement
  of the Parties. Each Party shall be entitled to replace its
      members after informing the other Party in writing. Each Party will
      appoint by written notice to the other Parties the said members. The
      members shall be appointed by the Parties prior to the first Steering
      Committee meeting.

	 	5.3. 	
      All decisions shall be taken by the majority of the
      members of the Steering Committee.

	 	 	 
	 	5.4. 	
      The Parties shall be deemed to have delegated to the
      members of the Steering Committee full authority to represent and bind the
      Parties in regard to all of their respective responsibilities regarding
      the JV Entity and/or the Project.

	 	 	 
	 	5.5. 	
      The Steering Committee, as the supreme and highest
      decision-making body of the JV, shall take all major decisions on any
      matter concerning the performance of the Project.

	 	 	 
	 	5.6. 	
      As a general rule, the Steering Committee shall meet (in
      person and/or via phone or video conference) at least once in every two
      (2) months, unless agreed otherwise. Any Party who wishes to summon a
      Steering Committee meeting, shall give the other members of the Steering
      Committee at least five (5) business day’s prior written notice of such
      meeting. Such notice shall set the date, time, place and agenda of the
      meeting and shall be accompanied by the relevant data and documents to be
      approved in such meeting.

	 	 	 
	 	5.7. 	
      At the meeting of the Steering Committee other
      representatives of the Parties and/or their legal counsel may be present
      without a voting right, so that information is more complete and taking
      resolutions is more constructive, provided their attendance is
      communicated in advance or reasonable.

	 	 	 
	 	5.8. 	
      Unless Agreed otherwise by the Parties, one member
      appointed by Orgenesis shall serve as chairman of the Steering Committee
      (“Chairman”).

	 	 	 
	 	5.9. 	
      Each member of the Steering Committee has one (1)
      vote.

	 	5.10. 	
      The resolutions of the Steering Committee shall be
      recorded in minutes and will be sent (by email) to all members of the
      Steering Committee within one (1) week following the meeting. Such minutes
      shall be deemed to have been approved by the Steering Committee if no
      objections are raised within a period of fourteen (14) calendar days after
      receipt thereof.

	 	5.11. 	
      In urgent cases, a unanimous decision of the Steering
      Committee may also be reached by e-mail and on the occasion of the
      following Steering Committee meeting such decision shall be ratified and
      included in the minutes;

	 	 	 
	 	5.12. 	
      The members of the Steering Committee will not receive
      any remuneration, except as may otherwise be agreed in writing by the
      Parties.

	 	 	 
	 	5.13. 	
      If the JV Entity is consolidated into another entity,
      then the new Board of Directors will be according to the shareholders’
      holding ratio.

	
6. 		
OWNERSHIP AND LICENSES

	
	 	 	 
		
6.1. 		
As between the Parties, Orgenesis is and shall remain the exclusive owner of all Orgenesis Background IP, and of any improvements thereon, modification thereto and/or derivatives thereof.

	
	 	 	 
		
6.2. 		
During the Term (as defined below), Orgenesis shall, subject to the fulfillment of First Choice’s obligations under this Agreement as determined in Orgenesis’ reasonable discretion, grant to the JV Entity an exclusive,
royalty-bearing, sublicensable right and license to certain of the Orgenesis Background IP to develop and commercialize the Orgenesis Products within the Territory during the Term (the “Orgenesis License”), subject to and
in accordance with the terms of the a separate license agreement to be signed between Orgenesis and the JV Entity (“Orgenesis License Agreement”) (although such Orgenesis License may initially signed by Orgenesis and First
Choice and then later assigned by the Parties to the JV Entity). Such Orgenesis License Agreement will contain, among other matters, minimum sales requirements in order to maintain the Orgenesis License according to the proposed business plan to be
agreed between the Parties, quality and reporting standards and other standard rights, and obligations and representations and warranties which are common in licensing agreements for international biotech licensing agreements.

	
	 	 	 
		
6.3. 		
In consideration of the rights and the Orgenesis License to be granted to the JV Entity (or initially to First Choice, as applicable) during the Term under the Orgenesis License Agreement, Orgenesis shall receive royalty in an
amount of fifteen percent (15%) of the net sales generated by the JV Entity (or initially to First Choice, as applicable) and/or its sublicensees (as applicable) with respect to the Orgenesis Products, as to be more fully stipulated and set forth
under the Orgenesis License Agreement.

	
	 	 	 
		
6.4. 		
During the Term, First Choice shall, subject to the fulfillment of Orgenesis’ obligations under this Agreement, grant to the JV Entity an exclusive, royalty-bearing, sublicensable right and license to any and all know how
and other intellectual property relating to the First Choice Products owned or controlled by First Choice (“First Choice Background IP”) as required to develop and commercialize the First Choice Products during the
Term (the “First Choice License”), subject to and in accordance with the terms of a separate license agreement to be signed between First Choice and the JV Entity (“First Choice License
Agreement”). Such First Choice License Agreement will contain, among other matters, minimum sales requirements in order to maintain the First Choice License according to the proposed business plan to be agreed between the Parties,
quality and reporting standards and other standard rights, and obligations and representations and warranties that are usual and customary in international biotech licensing agreements.

	
	 	 	 
		
6.5. 		
In consideration of the rights and the First Choice License to be granted to the JV Entity during the Term under the First Choice License Agreement, First Choice shall receive royalty in an amount of fifteen percent (15%) of the
net sales generated by the JV Entity and/or its sublicensees (as applicable) with respect to the First Choice Products, as to be more fully stipulated and set forth under the First Choice License Agreement.

	

	 	6.6. 	
      Additionally, and for separate consideration, First
      Choice shall be granted a limited, non-exclusive license to certain rights
      relating to the Human Papilloma Virus (“HPV),” which shall
      be negotiated in good faith and specified in a writing between Orgenesis
      and First Choice. These rights may be assigned by First Choice by written
      notice to Orgenesis, which will not unreasonably withhold
  consent.

	 	 	 
	 	6.7. 	
      Any and all new inventions, discoveries, data rights,
      information, know how, new-uses, compounds, formulas, processes,
      manufacturing protocols, clinical results, methods, techniques, products,
      treatments, materials, and any other intellectual property which is
      generated, conceived, developed and/or reduced to practice by and/or on
      behalf of the JV Entity and/or any of its sublicensees (as applicable),
      alone or together with others, subject to Section 6.1, resulting from the
      performance of the Project, (collectively “Project IP”)
      shall be owned by the JV Entity.

	 	 	 
	 	6.8. 	
      As part of and as a condition to the Orgenesis License
      Agreement, the JV Entity will grant Orgenesis and its Affiliates a
      non-exclusive, worldwide (other than in the Territory), sublicensable
      royalty free and fully-paid up license, to make use of the Project IP for
      any and all lawful purposes (outside of the Territory), including without
      limitation, for their respective worldwide operations, without any charge
      to Orgenesis or any of its Affiliates.

	7. 	
      REPRESENTATIONS; DISCLAIMERS

	 	 	 
		7.1. 	
      Each Party hereby represents and warrants that it has the
      requisite power and authority to enter into and carry out the terms of
      this Agreement and that its performance under this Agreement will not
      conflict with any other obligation it may have to any other
  party.

	 	 	 
		7.2. 	
      Each Party represents and warrants that it is permitted
      to grant to the JV Entity the rights and licenses herein under its
      respective IP as provided herein (i.e., the Orgenesis Background IP and
      the First Choice Background IP).

	 	7.3. 	
      THE FOREGOING REPRESENTATIONS AND WARRANTIES ARE IN LIEU
      OF ALL OTHER REPRESENTATIONS OR WARRANTIES OR WARRANTY PERIODS, EXPRESS,
      IMPLIED, STATUTORY OR OTHERWISE WITH RESPECT TO THE ORGENESIS BACKGROUND
      IP. THE ORGENESIS BACKGROUND IP IS PROVIDED "AS-IS" AND "AS AVAILABLE".
      ORGENESIS SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES REGARDING THE
      ORGENESIS BACKGROUND IP AND/OR ORGENESIS PRODUCTS, INCLUDING WITHOUT
      LIMITATION, ALL IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY OR
      FITNESS FOR ANY PARTICULAR PURPOSE OR ANY SIMILAR LAWS THAT MAY EXIST IN
      ANY JURISDICTION FROM TIME TO TIME.

	8. 	
      INDEMNIFICATION

	 	
      8.1. 
	
      Each Party (“Indemnifying Party”) agrees to
      indemnify, defend and hold harmless the other Party, and its respective
      officers, directors, shareholders, employees, accountants, attorneys,
      agents, Affiliates, subsidiaries, successors and assigns
      (“Indemnified Party”) from and against any and all third
      party claims, damages, liabilities, costs and out of pocket expenses,
      including reasonable legal fees and expenses (collectively
      “Losses”), arising out of any third party claim resulting
      from: (i) any breach of any express warranty, representation, covenant or
      obligation made by the Indemnifying Party in this Agreement; and/or (ii)
      the negligence or willful misconduct of the Indemnifying Party, except to
      the extent that such Losses arise from: (a) any breach of any express
      warranty, representation, covenant or obligation made by any of the
      Indemnified Parties in this Agreement; and/or (b) the negligence or
      willful misconduct of any of Indemnified Parties.

	 	 	 
	 	8.2. 	The foregoing indemnity is conditioned upon (i) prompt
      written notice by the Indemnified Party to the Indemnifying Party of any
      claim, action or demand for which indemnity is claimed, provided that the
      failure to provide such notice shall not relieve the Indemnifying Party
      form its indemnification obligations, except if the Indemnifying Party was
      prejudiced by such failure; (ii) the opportunity to take control over the
      defense and settlement thereof by the Indemnifying Party; (iii) the
      Indemnified Party's right to be represented by separate counsel at its own
      expense, provided that if the Indemnifying Party fails to assume the
      defense or settle of any claim giving rise to the indemnification
      obligation within a relabeled period, the Indemnified Party shall have the
      right to defend the claim using counsel of its choice at the expense of
      the Indemnifying Party and (iii) such reasonable cooperation by the
      indemnified party in the defense as the indemnifying party may request.
      Neither Party shall, without the prior written consent of the other Party,
      settle, compromise or consent to the entry of any judgment with respect to
      any pending or threatened claim, such consent not to be unreasonably
      withheld or delayed. The indemnification provided for under this Section 8
      shall remain subject to the limitation of liability described in Section 9
      below.

	9. 	
      LIMITATIONS OF
LIABILITY

	 	9.1. 	
      EXCEPT FOR A BREACH OF SECTION 11 BELOW [CONFIDENTIALITY;
      OWNERSHIP] OR ANY LABILITY WITH RESPECT TO HUMAN INJURY AND/OR DEATH,
      UNDER NO CIRCUMSTANCES SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR
      INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR EXEMPLARY DAMAGES (EVEN IF
      THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), ARISING
      FROM PERFORMANCE UNDER OR FAILURE OF PERFORMANCE OF ANY PROVISION OF THIS
      AGREEMENT (INCLUDING SUCH DAMAGES INCURRED BY THIRD PARTIES), SUCH AS, BUT
      NOT LIMITED TO, LOSS OF REVENUE OR ANTICIPATED PROFITS OR LOST
      BUSINESS.

	 	 	 
	 	9.2. 	
      WITHOUT DEROGATING FROM THE FORGOING, IN NO EVENT SHALL
      ORGENESIS BE LIABLE FOR ANY ACTIONS OR CLAIMS OR THE LIKE BY FIRST CHOICE,
      THE JV ENTITY AND/OR ANY THIRD PARTY THAT THE ORGENESIS BACKGROUND IP
      AND/OR THE PROJECT IP RESULTS OR MAY RESULT IN ANY INFRINGEMENT,
      DEPRAVATION, MISAPPROPRIATION AND/OR VIOLATING OF THE INTELLECTUAL
PROPERTY OR OTHER RIGHTS OF ANY PERSON OR ENTITY AND VICE-VERSA. 

	 	
       
	10. 	
      TERM AND TERMINATION

	 	 	 
		10.1. 	
      This Agreement shall enter into effect on the Effective
      Date and shall remain in effect thereafter until terminated pursuant to
      this Section 10 (the “Term”).

	 	 	 
		10.2. 	
      This Agreement may be terminated as
  follows:

	 	10.2.1. 	
      by written agreement by both Parties;

	 	 	 
	 	10.2.2. 	
      by either Party upon written notice to another Party
      (with immediate effect), In the event of insolvency, bankruptcy, or
      voluntary dissolution of the other Party during the Term or in the event
      of a Party’s assignment of its assets for the benefit of creditors, and
      the Parties hereto shall have the rights as provided by applicable
    law;

	 	 	 
	 	10.2.3. 	
      by either Party upon written notice to the other Party
      (with immediate effect), in the event of a force majeure event, including,
      but not limited to, delay or failure in performance of this Agreement the
      other Party due to unforeseeable acts of God, acts of governments, wars,
      riots, strikes, accidents in transportation, or other causes beyond the
      reasonable control or foresight of the other Party that continues for
      longer than ninety (90) days;

	 	 	 
	 	10.2.4. 	
      by either Party upon written notice to the other Party
      (with immediate effect), in the event that such other Party has committed
      a material breach of any of the terms and conditions of this Agreement or
      has materially defaulted in the performance of any of its obligations
      under this Agreement, (provided that the non-breaching/non-defaulting
      Party has first given the other Party written notice of the grounds
      supporting the material breach or default and the breaching/defaulting
      Party has not cured the material breach or default within thirty (30) days
      of receipt of such notice) without derogating from non-other legal and
      equitable remedies available to the breaching/non-defaulting Party as
      provided by law, equity and/or this Agreement; or

	 	 	 
	 	10.2.5. 	
      by Orgenesis upon written notice to First Choice upon the
      occurrence of one or more of the following: (i) Clinical Trials are not
      carried out in accordance with the Work Plan; or (ii) the Development
      Completion is not achieved according to the Work Plan, which such
      occurrence shall be confirmed by the Steering
Committee.

	 	10.3. 	
      Sections 2.7, 2.9, 3, 5, 6, 7, 8, 9, 10.3 through 10.6,
      11, 12, 13 and14 hereof shall survive the expiration or termination of
      this Agreement for any reason and shall remain in full force and effect
      thereafter.

	 	 	 
	 	10.4. 	
      Upon termination of this Agreement, (i) JV Entity’s
      rights and licenses with respect to Orgenesis Background IP under this Agreement and under
      any related license agreement shall terminate and shall revert back to
      Orgenesis, (ii) JV Entity’s rights and licenses with respect to First
      Choice Background IP under this Agreement and under any related license
      agreement shall terminate and shall revert back to First Choice, and (iii)
      in the event that the Parties elect to dissolve the JV Entity, then the
      license granted to Orgenesis with respect to the Project IP, as set forth
      under Section 6.8 above, shall terminate, and the Project IP shall become
      to be owned by the Parties in equal shares (i.e., 50-50) with a right of
      Orgenesis to license the Project IP held by First Choice on terms
      (including payment terms) to be set forth in Orgenesis License
      Agreement.

	 	10.5. 	
      Termination of this Agreement shall not relieve either
      Party of any liability which accrued hereunder prior to the effective date
      of such termination, nor preclude either Party from pursuing all rights
      and remedies it may have hereunder or at law or in equity with respect to
      any breach of this Agreement, nor prejudice either Party’s right to obtain
      performance of any obligation. The remedies provided under this Agreement
      are cumulative and are not exclusive of other remedies available to a
      Party in law or equity.

	 	 	 
	 	10.6. 	
      Upon and notwithstanding the termination of this
      Agreement for any reason, Orgenesis shall have the right to exercise the
      Call Option under Section 3, regardless of whether or not the “Trigger
      Event” has already occurred at such time.

	11. 	
      CONFIDENTIALITY

	 	 	 
		11.1. 	
      Under this Agreement, Orgenesis may disclose or reveal to
      First Choice and/or the Orgenesis Designated Third Party and/or the JV
      Entity and/or any other entity mentioned in this Agreement and/or their
      respective Affiliates, Orgenesis’ confidential or proprietary information
      (“Confidential Information”). All Orgenesis Background IP
      and any improvements and discoveries shall be part of the Confidential
      Information of Orgenesis. First Choice shall take all steps and shall
      ensure that the JV Entity shall take all steps necessary to hold such
      Confidential Information of Orgenesis in strict confidence and secrecy and
      will not and shall ensure that the JV Entity will not use or disclose,
      transfer and/or publish such Confidential Information of Orgenesis in any
      manner or for any purposes not expressly contemplated by this Agreement.
      First Choice shall not disclose and shall cause the JV Entity not to
      disclose any Confidential Information except to its employees who have a
      need to know such Confidential Information for the purposes of this
      Agreement and who are subject to written agreements containing non-
      disclosure and non-use obligations no less restrictive than those set
      forth herein.

	 	 	 
		11.2. 	
      Upon Orgenesis’ request, at any time, all or any
      requested portion of Orgenesis’ Confidential Information (including, but
      not limited to, tangible and electronic copies, notes, summaries or
      extracts of any such information) will be promptly returned to Orgenesis
      or, if so directed by of Orgenesis, destroyed, and First Choice and/or the
      JV Entity (as applicable) will provide Orgenesis with written
      certification stating that such Confidential Information has been returned
      or destroyed, as applicable.

	 	11.3. 	
      Each of the Parties will, and will cause its Affiliates
      and representatives to, maintain in strict confidentiality this document
      and any transactions contemplated hereunder, the terms set forth herein
      and any discussions between the Parties in such respect except for any
      mention in any applications to official authorities for regulatory
      approval, or in the fulfillment of any duty owed to any competent
      authority (including a duty to make regulatory filings and/or reports
      and/or reporting under the requirements of any securities
  exchange).

	 	 	 
	 	11.4. 	
      The Parties shall consult and coordinate with each other
      respecting the timing and content of any publicity, press or news releases
      or other public announcements regarding this Agreement and the
      transactions contemplated hereby and neither Party shall use the name of
      the other for marketing, advertising or promotional purposes without the
      prior written consent of the other Party, all except for any mention in
      any applications to official authorities for regulatory approval, or in
      the fulfillment of any duty owed to any competent authority (including a
      duty to make regulatory filings and/or reports and/or reporting under the
      requirements of any securities exchange) or, in the case of the Orgenesis,
      in the presentation of activities to its potential investors business
      partners and/or collaborators.

	 	 	 
	 	11.5. 	
      Without derogating from any of the forgoing, First Choice
      specifically acknowledges and agrees that Orgenesis is a publicly traded
      company and that in the course of disclosure, First Choice may receive
      certain material non-public information (financial, commercial or other).
      First Choice is aware that the United States securities laws impose
      restrictions on trading in securities when in possession of such
      information. First Choice further acknowledges and agrees that using such
      information and utilizing it to its benefit may cause Orgenesis to be in
      violation of the applicable securities laws. First Choice agrees that
      neither it nor anyone acting on its behalf, shall, directly or indirectly,
      utilize such information in a way which may be considered ‘inside trading’
      or in any way which may be considered prohibited, restricted
      misappropriate or otherwise in violation of the applicable securities
      laws. Orgenesis shall not share any non-public information with First
      Choice unless it identifies the information as such and first give First
      Choice and opportunity to refuse acceptance of such
  information.

	12. 	
      GOVERNING LAW; JURISDICTION

	 	 
		
      This Agreement shall be governed by and construed and
      enforced in accordance with the laws of the State of Florida without
      giving effect to any choice or conflict of law provision or rule. The
      state and federal courts located in Palm Beach County, Florida shall have
      exclusive jurisdiction over any dispute, controversy or claim arising out
      of or relating to this Agreement, including the validity, invalidity,
      breach or termination thereof, and the parties hereby submit to the
      personal jurisdiction of such courts. The application of the 1980 UN
      Convention on Contracts for The International Sale of Goods to any
      transaction hereunder is hereby expressly excluded.

	 	 
	13. 	
      RULING LANGUAGE

	 	 
		
      The ruling language of this Agreement and the JV is
      English. To the extent practicable with third Parties, English shall be
      the language used for all purposes in connection with the
  JV and this Agreement. 

	 	
       
	14. 	
      MISCELLANEOUS

	 	 	 
		14.1. 	
      This Agreement shall not be assigned by either Party to
      any third party without the written consent of the other Party which
      consent shall not be unreasonably withheld; except that either Party may
      assign this Agreement, without such consent upon written notice to the
      other Party, to: (i) an Affiliate of such Party, or (ii) an entity that
      acquires all or substantially all of its business or assets to which this
      Agreement pertains, whether by merger, reorganization, acquisition, sale
      or otherwise. This Agreement shall be binding upon and inure to the
      benefit of the Parties and their respective successors and permitted
      assigns.

	 	 	 
		14.2. 	
      This Agreement (including the exhibits hereto) sets forth
      the entire agreement and understanding between the Parties relative to the
      subject matter contained herein and supersedes all other agreements, oral
      and written, heretofore made between the Parties. Only a writing signed by
      the Parties may amend this Agreement or any exhibits. Such Amendment shall
      become binding as of the date indicated in the amendment or the date last
      signed by the authorized representatives of both Parties, if not otherwise
      provided for. If any one or more of the terms of this Agreement shall for
      any reason be held to be invalid or unenforceable, such term shall be
      construed in a manner to enable it to be enforced to the extent compatible
      with applicable law. Any determination of the invalidity or
      unenforceability of any provision of the Agreement shall not affect the
      remaining provisions hereof unless the business purpose of this Agreement
      is substantially frustrated thereby.

	 	 	 
		14.3. 	
      Except as otherwise provided in this Agreement, all
      notices permitted or required by this Agreement shall be in writing and
      shall be deemed to have been duly served (i) upon personal delivery (ii)
      upon electronic e-mail transmission (receipt of which has been confirmed
      by the recipient) or (iii) three (3) business days after deposit, postage
      prepaid, return receipt requested, if sent by overnight international
      courier service and addressed to the Parties as set forth below or in
      accordance with such other address information as the Party to receive
      notice may provide in writing to the other Party in accordance with the
      above notice provisions. Any notice given by any other method will be
      deemed to have been duly served upon receipt
thereof:

	 	To Orgenesis at: 
	 	  
	 	Orgenesis, Inc. 
	 	at 20271 Goldenrod Lane,
      Germantown, MD 20876 
	 	Email (to be designated) 
	 	  
	 	With Copy to (which shall not
      constitute a notice): 
	 	Mark Cohen, Adv. 
	 	Pearl Cohen Zedek Latzer Baratz
      LLP 
	 	1500 Broadway, 
	 	New York, New York 10036 
	 	USA 
	 	Email: MCohen@PearlCohen.com
  

	 		
      To First Choice at:

	 	 	 
	 		
      First Choice International Company, Inc.

	 		
      625 N. Flagler Drive, Ste. 600, West Palm Beach, FL 33401
      
Email (to be designated)

	 	 	 
	 	14.4. 	
      Each Party represents that it has been represented by
      legal counsel in connection with this Agreement and acknowledges that it
      has participated in drafting this Agreement. In interpreting and applying
      the terms and provisions of this Agreement, the Parties agree that no
      presumption shall exist or be implied against the Party which drafted such
      terms and provisions.

	 	 	 
	 	14.5. 	
      No waiver by any party, whether express or implied, of
      its rights under any provision of this Agreement shall constitute a waiver
      of such party’s rights under such provisions at any other time or a waiver
      of such Party’s rights under any other provision of this Agreement. The
      failure or delay of a party to claim the performance of an obligation of
      another party shall not be deemed a waiver of the performance of such
      obligation or of any future obligations of a similar nature.

	 	 	 
	 	14.6. 	
      The Parties agree to execute such further documents and
      instruments and to take such further actions as may be reasonably
      necessary to carry out the purposes and intent of this
Agreement.

	 	 	 
	 	14.7. 	
      It is hereby agreed and declared between the parties that
      they shall act in all respects relating to this Agreement (except to the
      extent relating to the JV Entity) as independent contractors and there
      neither is nor shall there be any employer- employee or principal-agent
      relationship between the Parties. Each party will be responsible for
      payment of all salaries and taxes and social welfare benefits and any
      other payments of any kind in respect of its own employees and officers,
      regardless of the location of the performance of their duties, or the
      source of the directions for the performance thereof.

	 	 	 
	 	14.8. 	
      This Agreement may be executed in any number of
      counterparts (including counterparts transmitted by facsimile and by
      electronic mail), each of which shall be deemed an original, but all of
      which taken together shall be deemed to constitute one and the same
      instrument.

[signature page immediately follows]Orgenesis, Inc. - Exhibit 10.3 - Filed by newsfilecorp.com

Joint Venture Agreement

This Joint Venture Agreement (“Agreement”) is entered
into this 6th day of May, 2019 (the “Effective Date”), by and between
Orgenesis, Inc., incorporated in Nevada, USA, 20271 Goldenrod Lane, Germantown,
MD 20876, USA (“Orgenesis”) and KinerjaPay Corp., incorporated in
Delaware, (“KinerjaPay”). Orgenesis and KinerjaPay may each be referred
to herein as a “Party,” and collectively as the “Parties.”

WHEREAS, Orgenesis is engaged, inter alia, in the
development and commercialization of cell regeneration and gene therapeutic
products, including, without limitation, as described on Exhibit A
attached hereto (“Orgenesis Products”) and is the owner of or holds
the rights to related know how and other intellectual property, including,
without limitation, as set forth in Exhibit B (“Orgenesis Background
IP”);

WHEREAS, KinerjaPay is engaged, inter alia, in life
sciences and biotechnology investment and has been working in support of
advancement of regeneration and gene therapeutics;

WHEREAS, KinerjaPay wishes to collaborate with Orgenesis
in clinical development and commercialization of the Orgenesis Products
beginning in Singapore (“Territory”); and Orgenesis wishes to collaborate
with KinerjaPay in clinical development and commercialization of the Orgenesis
products to be offered within the Territory by KinerjaPay and KinerjaPay intends
to introduce its own products, (“KinerjaPay Products”) which will be
offered for sale by Orgenesis globally outside of the Territory; and

WHEREAS, the Parties wish to set forth the terms for the
collaboration between the Parties providing Services through a joint
venture;

NOW THEREFORE, the Parties hereby agree as follows:

	1. 	
      PURPOSE AND OBJECT OF THE JV

	 	 	 
		1.1. 	
      KinerjaPay agrees to form the Joint Venture (the
      “JV”), subject to the terms and conditions of this Agreement, for
      the clinical development and commercialization of the Orgenesis Products
      within the Territory and for the clinical development and
      commercialization of KinerjaPay Products, which will be offered for sale
      by Orgenesis globally outside of the Territory
  (“Project”).

	 	 	 
		1.2. 	
      The JV shall be established for the exclusive purpose
      carrying out the Project.

	 	 	 
		1.3. 	
      Nothing in this Agreement shall be considered as a
      limitation of the powers or rights of any of the Parties to carry on its
      independent business for its sole benefit in addition to the Project,
      except that the Parties undertake to use commercially reasonable efforts
      to safeguard and further their common interests in relation to the
      Project.

	 	 	 
		1.4. 	
      The Parties may carry out their obligations under this
      Agreement, in whole or in part, through
Affiliate(s).

For the purpose of this Agreement the
term “Affiliate” shall mean any entity which directly or indirectly
controls, is controlled by or is under common control of a Party to this
Agreement; the term “control” as used herein shall mean the possession of
the power to direct or cause the direction of the management and the policies of
an entity, whether through the ownership of a majority of the outstanding voting
rights or by contract or otherwise. 

	2. 	
      PARTICIPATION SHARES AND ROLES;
FINANCING

	 	 	 
		2.1. 	
      Until such JV Entity is established, all activities in
      the Territory will be carried out through KinerjaPay. KinerjaPay commits
      to transfer all activities, and results, data, information, material, IP,
      know-how, contracts, licenses, authorizations, permissions, grants,
      obligations and assets related to such activities to the JV Entity upon
      Orgenesis' request.

	 	 	 
		2.2. 	
      The JV shall be carried out through a company to be
      established by the Parties (“JV Entity”). Initially, after
      formation, the JV Entity shall be 100% owned by KinerjaPay.

	 	 	 
		2.3. 	
      Promptly after formation of the JV, KinerjaPay will take
      action to cause the relative shareholdings of each Party in the JV Entity
      will be based on the following participating interests of each Party (each
      a “Participating Interest”):

Orgenesis - 51%
KinerjaPay -
49%

	 	2.4. 	
      KinerjaPay herby agrees that, upon Orgenesis' request
      that an Affiliate and/or any other partner of Orgenesis (an “Orgenesis
      Designated Third Party”) shall have the right to join as a partner in
      the JV or shareholder in the JV Entity (as applicable), in which case the
      Orgenesis Designated Third Party shall be entitled to a portion of or the
      entirety of Orgenesis' Participating Interest as shall be agreed between
      Orgenesis and such Orgenesis Designated Third Party, subject to such
      Orgenesis Designated Third Party agreeing to be subject to the applicable
      terms and conditions of this Agreement, mutatis mutandis.

	 	 	 
	 	2.5. 	
      Orgenesis hereby agrees that upon KinerjaPay's request
      that an Affiliate and/or any other partner of KinerjaPay (a “KinerjaPay
      Designated Third Party”) shall have the right to join as a partner in
      the JV or shareholder in the JV Entity (as applicable), in which case the
      KinerjaPay Designated Third Party shall be entitled to a portion of or the
      entirety of KinerjaPay's Participating Interest as shall be agreed between
      KinerjaPay and such KinerjaPay Designated Third Party, subject to such
      KinerjaPay Designated Third Party agreeing to be subject to the applicable
      terms and conditions of this Agreement, mutatis mutandis.

	 	 	 
	 	2.6. 	
      To establish the JV Entity, KinerjaPay shall prepare, for
      Orgenesis' review, comment, approval and signature, appropriate formation
      documents and shareholder rights agreements (collectively, the “JV
      Entity Agreements”). At minimum, the JV Entity Agreements shall
      include the following terms and conditions:

	 	2.6.1. 	
      After formation of the JV Entity, no new JV Entity shares
      will be issued without each Party's prior written consent; and

	 	 	 
	 	2.6.2. 	
      Neither Party shall sell its shares in the JV Entity
      without the other Party's prior written consent, other than as provided in
      Sections 2.4 and 2.5.

	 		
      Each of Orgenesis and KinerjaPay shall endeavor to
      provide to the JV Entity up to USD $5,000,000 for an aggregate total value
      of USD $10,000,000 in funding within three (3) years from the date of this
      Joint Venture Agreement to be used to complete all Development (as defined
      below) activities until Development Completion (as defined below),
      including without limitation, all regulatory and management expenses for
      the development of the Orgenesis Products and KinerjaPay Products in the
      Territory. Funding may be provided in part in the form of convertible
      loans, in-kind contributions, including Intellectual Property
      (“IP”), and services related to advancement of the JV.

	 	 	 
	 		
      It is hereby agreed that Orgenesis’ in-kind contribution
      may be in the form of 250,000 shares of Orgenesis restricted stock,
      issuable to KinerjaPay or KinerjaPay Designated Third Party (instead of to
      the JV Entity) on the Effective Date and to be held in escrow by Orgenesis
      to be released to KinerjaPay in accordance with terms and conditions in
      return for services to be provided by KinerjaPay or KinerjaPay Designated
      Third Party as will be mutually agreed between the Parties.

	 	 	 
	 		
      Each of Orgenesis and KinerjaPay shall provide strategic
      guidance and Orgenesis shall provide hospital (management) services to the
      JV Entity, among other services to be set forth in the Work Plan, and as
      shall be set forth in a Master Services Agreement to be negotiated in good
      faith and entered into by the Parties. For the purposes of this Agreement,
      “Development” shall mean clinical and regulatory activities,
      including, without limitation, pre-clinical and clinical trials
      (“Clinical Trials”), as required for obtaining all required
      regulatory approval(s) and/or reimbursement approval for commercialization
      of the Orgenesis Products in the Territory or KinerjaPay Products globally
      outside the Territory (as applicable).

	 	 	 
	 	2.7. 	
      For the purposes of this Agreement, Development shall be
      considered to be successfully completed upon receipt of all applicable
      approvals and/or permits required under applicable laws, regulations,
      standards and guidelines for the marketing and sale of the Orgenesis
      Products within the Territory or KinerjaPay Products globally (as
      applicable), subject to Orgenesis' written confirmation of such completion
      (which such confirmation will not be unreasonably withheld) (the
      “Development Completion”).

	 	 	 
	 	2.8. 	
      KinerjaPay will cause the JV Entity to maintain an
      accounting records of all expenses incurred by the JV Entity, and of all
      financing provided to the JV, and will provide the Steering Committee (as
      defined below) and Orgenesis with a quarterly report detailing the use of
      such financing and shall further provide Steering Committee and Orgenesis
      full access to any and all records.

	 	 	 
	 	2.9. 	
      At the request of either Party, the Parties shall discuss
      between them in good faith the terms upon which the requesting Party may
      convert its Participating Interests in the JV Entity into streaming royalties based on the JV
      Entity's revenues.

	 	2.10. 	
      Each Party shall have full information and access rights
      in respect to the JV and the JV Entity.

	 	 	 
	 	2.11. 	
      Prior to and as a condition to the JV Entity being sold
      (the “Exit”) to a third-party acquirer (the “Acquirer”),
      KinerjaPay and Orgenesis shall agree on the financial terms of such Exit
      and the compensation due to Orgenesis and KinerjaPay upon such
    event.

	 	 	 
	 		
      JV Entity and/or Acquirer (as applicable) shall negotiate
      in good faith the engagement of Orgenesis and/or its designated Affiliates
      as their exclusive external manufacturer and supplier of their entire
      requirements for units of KinerjaPay Products; as well as the Orgenesis
      Products in the Territory, for the purpose of carrying out Development
      activities and/or commercialization activities.

	 	 	 
	 		
      JV Entity and/or Acquirer (as applicable) shall negotiate
      in good faith the engagement of KinerjaPay and/or its designated
      Affiliates as their exclusive service provider for the purpose of carrying
      out clinical and regulatory Development activities and/or
      commercialization activities in respect of the
Project.

	3. 	
      ADDITIONAL INVESTMENT; CALL OPTION

	 	 	 
		3.1. 	
      Each Party shall have the right to invest in the JV
      Entity (which such investment(s) may also be in the form of a convertible
      loan) (the “Additional Investment”), (a) if required by the
      Steering Committee, including the Chairman, in order to maintain the
      activity of the JV Entity, or (b) to maintain such Party's then
      Participating Interest percentage in any future financing round. The terms
      of such Additional Investment shall be negotiated in good faith and shall
      be mutually agreed to by the Parties.

	 	 	 
		3.2. 	
      At the request of Orgenesis, the Parties shall discuss
      between them in good faith the terms upon which Orgenesis may convert its
      Participating Interests in the JV Entity into streaming royalties based on
      JV Entity's revenues (in addition to royalties to be paid to Orgenesis
      under Section 6.3 below).

	 	 	 
		3.3. 	
      At any time subject to the Trigger Event (as defined
      below), Orgenesis shall have the option, but not the obligation,
      exercisable at its sole discretion and subject to all rules and
      regulations to which it is then subject, including without limitation, the
      rules of any U.S. national securities exchange (“Call Option”), to
      require KinerjaPay and/or the Orgenesis Designated Third Party (if
      applicable) to transfer to Orgenesis the entirety of each such Party's
      equity interest in the JV Entity for the Consideration (as defined below)
      specified below (“Sale Transaction”). The exercise of the Call
      Option shall be upon written notice by Orgenesis and shall be subject
      further to an appropriate exemption from the registration requirements
      under U.S. securities laws. The number of shares of common stock of
      Orgenesis issuable to each of KinerjaPay and/or the Orgenesis Designated
      Third Party (if applicable) as consideration in such Sale Transaction (the
      “Consideration”) shall be determined by dividing the agreed upon
      valuation of the JV Entity and/or the Orgenesis Designated Third Party (if
applicable) immediately prior to the closing of the Sale Transaction by the
weighted average price of Orgenesis' common stock during the three (3) trading
day preceding the closing of the Sale Transaction. The legal form of Sale
Transaction shall be determined by Orgenesis, and may include, inter
alia, a share purchase transaction, an asset purchase transaction or a
merger and be evidenced by legally binding agreement reflecting mutually
agreeable terms and representations appropriate for transactions of this type.
Additionally, the Sale Transaction shall close within sixty (60) days of the
giving of notice by Orgenesis or Orgenesis shall be required to reinitiate the
Call Option under this Section 3.3. 

The JV Entity's valuation will be
defined as the higher of the following: (i) the latest Additional Investment
round valuation as defined in Section 3.1 above; or (ii) an amount equal to two
(2) times the revenues of the JV Entity (if applicable); or (iii) an amount
equal to four (4) times the EBIDA of the JV Entity. 

The “Trigger Event” shall mean
the continued quotation of the common stock of Orgenesis, Inc. on a U.S National
Exchange. 

	4. 	
      WORK PLAN; DEVELOPMENT AND
  COMMERCIALIZATION

	 	 	 
		4.1. 	
      Within sixty (60) days following the Effective Date, each
      of Orgenesis and KinerjaPay shall prepare and submit to the approval of
      the “Steering Committee” (as defined below), a detailed work plan
      for carrying out the Development, which shall include, inter alia, a
      description of the respective tasks to be carried out by each of the
      Parties, the timetable for carrying out such tasks and an estimated budget
      (collectively, the “Work Plan”).

	 	 	 
		4.2. 	
      Any change to the Work Plan shall be approved in advance
      by the Steering Committee (as defined below).

	 	 	 
		4.3. 	
      Each Party shall exert its best commercial efforts to
      carry out its respective tasks in a timely and professional manner in
      accordance with the Work Plan and shall work together in concert to
      co-develop the Orgenesis Products and KinerjaPay Products, as applicable,
      under the Work Plan.

	 	 	 
		4.4. 	
      Notwithstanding anything to the contrary that may be
      inferred by any provision of this Agreement, no Party shall have the
      authority or right, nor shall any Party hold itself out as having the
      authority or right to assume, create or undertake any obligation of any
      kind whatsoever, expressed or implied, on behalf or in the name of the
      other Party and/or of the JV Entity unless otherwise agreed by the Parties
      in writing, and/or as set forth in this Agreement and/or under any of the
      JV Entity Agreements.

	 	 	 
		4.5. 	
      The Development shall be conducted in accordance with and
      subject to the Work Plan as shall be approved by the Steering Committee.
      Any deviation from the Work Plan will require the prior written approval
      of Orgenesis, which such approval shall not be unreasonably
    withheld.

	 	4.6. 	
      The Clinical Trials and any approvals required for
      conducting such Clinical Trials shall be performed and/or obtained (as
      applicable) in accordance with and subject to the then applicable protocol
      and the Work Plan and all applicable laws, regulations and standards
      including, without limitation, the requirements of the laws and relevant
      regulatory authorities of the applicable country within the
    Territory.

	 	 	 
	 	4.7. 	
      Any decision and/or any action to be made, conducted
      and/or taken (as applicable) with respect to the Development, including,
      without limitation, (i) each stage of the Clinical Trials defined in the
      then applicable protocol; (ii) the choice of clinicians and facilities for
      the performance of the Clinical Trials, and (iii) any deviation from the
      pre-approved pre-clinical and/or clinical testing procedures shall be
      subject to and require the prior written approval of Orgenesis, which such
      approval shall not be unreasonably withheld. Without limiting the
      foregoing, Orgenesis, through any of its authorized representatives, shall
      be entitled to be present and have required access to be present at all
      stages of the Clinical Trials and to examine and inspect the facilities
      required for performance of the Clinical Trials and/or Development, and
      all data and work product associated with the Clinical Trials and/or the
      pre- marketing development.

	 	 	 
	 	4.8. 	
      KinerjaPay shall ensure that the JV Entity is informed,
      immediately upon it becoming aware of the occurrence of any abnormal
      and/or adverse event or any other substantial development relating to
      and/or resulting from the performance of the Clinical Trials and/or which
      is inconsistent with the Work Plan and/or the clinical testing procedures
      approved by Orgenesis and/or which may have a material impact on the
      success or failure of the Clinical Trials.

	5. 	
      STEERING COMMITTEE

	 	 	 
		5.1. 	
      The Parties shall set up a steering committee for the
      management of the JV, which shall also serve as the Board of Directors of
      the JV Entity (“Steering Committee”).

	 	 	 
		5.2. 	
      The Steering Committee shall be composed of a total of
      five (5) members: Each Party shall have the right to appoint and replace
      two (2) members, which shall be fully authorized by such Party to act and
      decide on its behalf and one (1) member shall be an independent industry
      expert to be appointed and replaced by Orgenesis. Each Party shall be
      entitled to replace its members after informing the other Party in
      writing. Each Party will appoint by written notice to the other Parties
      the said members. The members shall be appointed by the Parties prior to
      the first Steering Committee meeting.

	 	 	 
		5.3. 	
      All decisions shall be taken by the majority of the
      members of the Steering Committee.

	 	 	 
		5.4. 	
      The Parties shall be deemed to have delegated to the
      members of the Steering Committee full authority to represent and bind the
      Parties in regard to all of their respective responsibilities regarding
      the JV Entity and/or the Project.

	 	 	 
		5.5. 	
      The Steering Committee, as the supreme and highest
      decision-making body of the JV, shall take all major decisions on any
      matter concerning the performance of the Project.

	 	5.6. 	
      As a general rule, the Steering Committee shall meet (in
      person and/or via phone or video conference) at least once in every two
      (2) months, unless agreed otherwise. Any Party who wishes to summon a
      Steering Committee meeting, shall give the other members of the Steering
      Committee at least five (5) business day's prior written notice of such
      meeting. Such notice shall set the date, time, place and agenda of the
      meeting and shall be accompanied by the relevant data and documents to be
      approved in such meeting.

	 	 	 
	 	5.7. 	
      At the meeting of the Steering Committee other
      representatives of the Parties and/or their legal counsel may be present
      without a voting right, so that information is more complete and taking
      resolutions is more constructive, provided their attendance is
      communicated in advance or reasonable.

	 	 	 
	 	5.8. 	
      Unless Agreed otherwise by the Parties, one member
      appointed by Orgenesis shall serve as chairman of the Steering Committee
      (“Chairman”).

	 	 	 
	 	5.9. 	
      Each member of the Steering Committee has one (1)
      vote.

	 	5.10. 	
      The resolutions of the Steering Committee shall be
      recorded in minutes and will be sent (by email) to all members of the
      Steering Committee within one (1) week following the meeting. Such minutes
      shall be deemed to have been approved by the Steering Committee if no
      objections are raised within a period of fourteen (14) calendar days after
      receipt thereof.

	 	 	 
	 	5.11. 	
      In urgent cases, a unanimous decision of the Steering
      Committee may also be reached by e-mail and on the occasion of the
      following Steering Committee meeting such decision shall be ratified and
      included in the minutes;

	 	 	 
	 	5.12. 	
      The members of the Steering Committee will not receive
      any remuneration, except as may otherwise be agreed in writing by the
      Parties.

	 	 	 
	 	5.13. 	
      If the JV Entity is consolidated into another entity,
      then the new Board of Directors will be according to the shareholders'
      holding ratio.

	6. 	
      OWNERSHIP AND LICENSES

	 	 	 
		6.1. 	
      As between the Parties, Orgenesis is and shall remain the
      exclusive owner of all Orgenesis Background IP, and of any improvements
      thereon, modification thereto and/or derivatives thereof.

	 	 	 
		6.2. 	
      During the Term (as defined below), Orgenesis shall,
      subject to the fulfillment of KinerjaPay's obligations under this
      Agreement as determined in Orgenesis' reasonable discretion, grant to the
      JV Entity an exclusive, royalty-bearing, sublicensable right and license
      to certain of the Orgenesis Background IP to develop and commercialize the
      Orgenesis Products within the Territory during the Term (the “Orgenesis
      License”), subject to and in accordance with the terms of the a
      separate license agreement to be signed between Orgenesis and the JV
      Entity (“Orgenesis License Agreement”) (although such Orgenesis
      License may initially signed by Orgenesis and KinerjaPay and then later
      assigned by the Parties to the JV Entity). Such Orgenesis License
      Agreement will contain, among other matters, minimum sales requirements in
      order to maintain the Orgenesis License according to the proposed business
      plan to be agreed between the Parties, quality and reporting standards and
      other standard rights, and obligations and representations and warranties
      which are common in licensing agreements for international biotech
      licensing agreements.

	 	6.3. 	
      In consideration of the rights and the Orgenesis License
      to be granted to the JV Entity (or initially to KinerjaPay, as applicable)
      during the Term under the Orgenesis License Agreement, Orgenesis shall
      receive royalty in an amount of ten percent (10%) of the net sales
      generated by the JV Entity (or initially to KinerjaPay, as applicable)
      and/or its sublicensees (as applicable) with respect to the Orgenesis
      Products, as to be more fully stipulated and set forth under the Orgenesis
      License Agreement.

	 	 	 
	 	6.4. 	
      During the Term, KinerjaPay shall, subject to the
      fulfillment of Orgenesis' obligations under this Agreement, grant to the
      JV Entity an exclusive, royalty- bearing, sublicensable right and license
      to any and all know how and other intellectual property relating to
      KinerjaPay Products owned or controlled by KinerjaPay (“KinerjaPay
      Background IP”) as required to develop and commercialize the
      KinerjaPay Products during the Term (the “KinerjaPay License”),
      subject to and in accordance with the terms of a separate license
      agreement to be signed between KinerjaPay and the JV Entity
      (“KinerjaPay License Agreement”). Such KinerjaPay License Agreement
      will contain, among other matters, minimum sales requirements in order to
      maintain the KinerjaPay License according to the proposed business plan to
      be agreed between the Parties, quality and reporting standards and other
      standard rights, and obligations and representations and warranties that
      are usual and customary in international biotech licensing
    agreements.

	 	 	 
	 	6.5. 	
      In consideration of the rights and the KinerjaPay License
      to be granted to the JV Entity during the Term under the KinerjaPay
      License Agreement, KinerjaPay shall receive royalty in an amount of
      fifteen percent (15%) of the net sales generated by the JV Entity and/or
      its sublicensees (as applicable) with respect to the KinerjaPay Products,
      as to be more fully stipulated and set forth under the KinerjaPay License
      Agreement.

	 	 	 
	 	6.6. 	
      Any and all new inventions, discoveries, data rights,
      information, know how, new- uses, compounds, formulas, processes,
      manufacturing protocols, clinical results, methods, techniques, products,
      treatments, materials, and any other intellectual property which is
      generated, conceived, developed and/or reduced to practice by and/or on
      behalf of the JV Entity and/or any of its sublicensees (as applicable),
      alone or together with others, subject to Section 6.1, resulting from the
      performance of the Project, (collectively “Project IP”) shall be
      owned by the JV Entity.

	 	 	 
	 	6.7. 	
      As part of and as a condition to the Orgenesis License
      Agreement, the JV Entity will grant Orgenesis and its Affiliates a
      non-exclusive, worldwide (other than in the Territory), sublicensable royalty free
and fully-paid up license, to make use of the Project IP for any and all lawful
purposes (outside of the Territory), including without limitation, for their
respective worldwide operations, without any charge to Orgenesis or any of its
Affiliates. 

	 	
       
	7. 	
      REPRESENTATIONS; DISCLAIMERS

	 	 	 
		7.1. 	
      Each Party hereby represents and warrants that it has the
      requisite power and authority to enter into and carry out the terms of
      this Agreement and that its performance under this Agreement will not
      conflict with any other obligation it may have to any other
  party.

	 	 	 
		7.2. 	
      Each Party represents and warrants that it is permitted
      to grant to the JV Entity the rights and licenses herein under its
      respective IP as provided herein (i.e., the Orgenesis Background IP and
      the KinerjaPay Background IP).

	 	7.3. 	
      THE FOREGOING REPRESENTATIONS AND WARRANTIES ARE IN LIEU
      OF ALL OTHER REPRESENTATIONS OR WARRANTIES OR WARRANTY PERIODS, EXPRESS,
      IMPLIED, STATUTORY OR OTHERWISE WITH RESPECT TO THE ORGENESIS BACKGROUND
      IP. THE ORGENESIS BACKGROUND IP IS PROVIDED "AS-IS" AND "AS AVAILABLE".
      ORGENESIS SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES REGARDING THE
      ORGENESIS BACKGROUND IP AND/OR ORGENESIS PRODUCTS, INCLUDING WITHOUT
      LIMITATION, ALL IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY OR
      FITNESS FOR ANY PARTICULAR PURPOSE OR ANY SIMILAR LAWS THAT MAY EXIST IN
      ANY JURISDICTION FROM TIME TO TIME.

	8. 	
      INDEMNIFICATION

	 	 	 
		8.1. 	
      Each Party (“Indemnifying Party”) agrees to
      indemnify, defend and hold harmless the other Party, and its respective
      officers, directors, shareholders, employees, accountants, attorneys,
      agents, Affiliates, subsidiaries, successors and assigns (“Indemnified
      Party”) from and against any and all third party claims, damages,
      liabilities, costs and out of pocket expenses, including reasonable legal
      fees and expenses (collectively “Losses”), arising out of any third
      party claim resulting from: (i) any breach of any express warranty,
      representation, covenant or obligation made by the Indemnifying Party in
      this Agreement; and/or (ii) the negligence or willful misconduct of the
      Indemnifying Party, except to the extent that such Losses arise from: (a)
      any breach of any express warranty, representation, covenant or obligation
      made by any of the Indemnified Parties in this Agreement; and/or (b) the
      negligence or willful misconduct of any of Indemnified Parties.

	 	 	 
		8.2. 	
      The foregoing indemnity is conditioned upon (i) prompt
      written notice by the Indemnified Party to the Indemnifying Party of any
      claim, action or demand for which indemnity is claimed, provided that the
      failure to provide such notice shall not relieve the Indemnifying Party
      form its indemnification obligations, except if the Indemnifying Party was
      prejudiced by such failure; (ii) the opportunity to take control over the
      defense and settlement thereof by the Indemnifying Party; (iii)
  the Indemnified Party's right to be
represented by separate counsel at its own expense, provided that if the
Indemnifying Party fails to assume the defense or settle of any claim giving
rise to the indemnification obligation within a relabeled period, the
Indemnified Party shall have the right to defend the claim using counsel of its
choice at the expense of the Indemnifying Party and (iii) such reasonable
cooperation by the indemnified party in the defense as the indemnifying party
may request. Neither Party shall, without the prior written consent of the other
Party, settle, compromise or consent to the entry of any judgment with respect
to any pending or threatened claim, such consent not to be unreasonably withheld
or delayed. The indemnification provided for under this Section 8 shall remain
subject to the limitation of liability described in Section 9 below. 

	 	
       
	9. 	
      LIMITATIONS OF
LIABILITY

	 	9.1. 	
      EXCEPT FOR A BREACH OF SECTION 11 BELOW [CONFIDENTIALITY;
      OWNERSHIP] OR ANY LABILITY WITH RESPECT TO HUMAN INJURY AND/OR DEATH,
      UNDER NO CIRCUMSTANCES SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR
      INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR EXEMPLARY DAMAGES (EVEN IF
      THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), ARISING
      FROM PERFORMANCE UNDER OR FAILURE OF PERFORMANCE OF ANY PROVISION OF THIS
      AGREEMENT (INCLUDING SUCH DAMAGES INCURRED BY THIRD PARTIES), SUCH AS, BUT
      NOT LIMITED TO, LOSS OF REVENUE OR ANTICIPATED PROFITS OR LOST BUSINESS.
      

	 	  	
       

	 	9.2. 	
      WITHOUT DEROGATING FROM THE FORGOING, IN NO EVENT SHALL
      ORGENESIS BE LIABLE FOR ANY ACTIONS OR CLAIMS OR THE LIKE BY KinerjaPay,
      THE JV ENTITY AND/OR ANY THIRD PARTY THAT THE ORGENESIS BACKGROUND IP
      AND/OR THE PROJECT IP RESULTS OR MAY RESULT IN ANY INFRINGEMENT,
      DEPRAVATION, MISAPPROPRIATION 

	 	  	
       

	 		
      AND/OR VIOLATING OF THE INTELLECTUAL PROPERTY OR OTHER
      RIGHTS OF ANY PERSON OR ENTITY AND VICE-VERSA.

	10. 	
      TERM AND TERMINATION

	 	 	 
		10.1. 	
      This Agreement shall enter into effect on the Effective
      Date and shall remain in effect thereafter until terminated pursuant to
      this Section 10 (the “Term”).

	 	 	 
		10.2. 	
      This Agreement may be terminated as
  follows:

	 	10.2.1. 	
      by written agreement by both Parties;

	 	 	 
	 	10.2.2. 	
      by either Party upon written notice to another Party
      (with immediate effect), In the event of insolvency, bankruptcy, or
      voluntary dissolution of the other Party during the Term or in the event
      of a Party's assignment of its assets for the benefit of creditors, and
      the Parties hereto shall have the rights as provided by applicable law;

	 	10.2.3. 	
      by either Party upon written notice to the other Party
      (with immediate effect), in the event of a force majeure event, including,
      but not limited to, delay or failure in performance of this Agreement the
      other Party due to unforeseeable acts of God, acts of governments, wars,
      riots, strikes, accidents in transportation, or other causes beyond the
      reasonable control or foresight of the other Party that continues for
      longer than ninety (90) days;

	 	 	 
	 	10.2.4. 	
      by either Party upon written notice to the other Party
      (with immediate effect), in the event that such other Party has committed
      a material breach of any of the terms and conditions of this Agreement or
      has materially defaulted in the performance of any of its obligations
      under this Agreement, (provided that the non-breaching/non-defaulting
      Party has first given the other Party written notice of the grounds
      supporting the material breach or default and the breaching/defaulting
      Party has not cured the material breach or default within thirty (30) days
      of receipt of such notice) without derogating from non-other legal and
      equitable remedies available to the breaching/non-defaulting Party as
      provided by law, equity and/or this Agreement; or

	 	 	 
	 	10.2.5. 	
      by Orgenesis upon written notice to KinerjaPay upon the
      occurrence of one or more of the following: (i) Clinical Trials are not
      carried out in accordance with the Work Plan; or (ii) the Development
      Completion is not achieved according to the Work Plan, which such
      occurrence shall be confirmed by the Steering
Committee.

	 	10.3. 	
      Sections 2.7, 2.9, 3, 5, 6, 7, 8, 9, 10.3 through 10.6,
      11, 12, 13 and14 hereof shall survive the expiration or termination of
      this Agreement for any reason and shall remain in full force and effect
      thereafter.

	 	 	 
	 	10.4. 	
      Upon termination of this Agreement, (i) JV Entity's
      rights and licenses with respect to Orgenesis Background IP under this
      Agreement and under any related license agreement shall terminate and
      shall revert back to Orgenesis, (ii) JV Entity's rights and licenses with
      respect to KinerjaPay Background IP under this Agreement and under any
      related license agreement shall terminate and shall revert back to
      KinerjaPay, and (iii) in the event that the Parties elect to dissolve the
      JV Entity, then the license granted to Orgenesis with respect to the
      Project IP, as set forth under Section 6.8 above, shall terminate, and the
      Project IP shall become to be owned by the Parties in equal shares (i.e.,
      50-50) with a right of Orgenesis to license the Project IP held by
      KinerjaPay on terms (including payment terms) to be set forth in Orgenesis
      License Agreement.

	 	 	 
	 	10.5. 	
      Termination of this Agreement shall not relieve either
      Party of any liability which accrued hereunder prior to the effective date
      of such termination, nor preclude either Party from pursuing all rights and remedies it may
      have hereunder or at law or in equity with respect to any breach of this
      Agreement, nor prejudice either Party's right to obtain performance of any
      obligation. The remedies provided under this Agreement are cumulative and
      are not exclusive of other remedies available to a Party in law or
      equity.

	 	10.6. 	
      Upon and notwithstanding the termination of this
      Agreement for any reason, Orgenesis shall have the right to exercise the
      Call Option under Section 3, regardless of whether or not the “Trigger
      Event” has already occurred at such time.

	11. 	
      CONFIDENTIALITY

	 	 	 
		11.1. 	
      Under this Agreement, Orgenesis may disclose or reveal to
      KinerjaPay and/or the Orgenesis Designated Third Party and/or the JV
      Entity and/or any other entity mentioned in this Agreement and/or their
      respective Affiliates, Orgenesis' confidential or proprietary information
      (“Confidential Information”). All Orgenesis Background IP and any
      improvements and discoveries shall be part of the Confidential Information
      of Orgenesis. KinerjaPay shall take all steps and shall ensure that the JV
      Entity shall take all steps necessary to hold such Confidential
      Information of Orgenesis in strict confidence and secrecy and will not and
      shall ensure that the JV Entity will not use or disclose, transfer and/or
      publish such Confidential Information of Orgenesis in any manner or for
      any purposes not expressly contemplated by this Agreement. KinerjaPay
      shall not disclose and shall cause the JV Entity not to disclose any
      Confidential Information except to its employees who have a need to know
      such Confidential Information for the purposes of this Agreement and who
      are subject to written agreements containing nondisclosure and non-use
      obligations no less restrictive than those set forth herein.

	 	 	 
		11.2. 	
      Upon Orgenesis' request, at any time, all or any
      requested portion of Orgenesis' Confidential Information (including, but
      not limited to, tangible and electronic copies, notes, summaries or
      extracts of any such information) will be promptly returned to Orgenesis
      or, if so directed by of Orgenesis, destroyed, and KinerjaPay and/or the
      JV Entity (as applicable) will provide Orgenesis with written
      certification stating that such Confidential Information has been returned
      or destroyed, as applicable.

	 	 	 
		11.3. 	
      Each of the Parties will, and will cause its Affiliates
      and representatives to, maintain in strict confidentiality this document
      and any transactions contemplated hereunder, the terms set forth herein
      and any discussions between the Parties in such respect except for any
      mention in any applications to official authorities for regulatory
      approval, or in the fulfillment of any duty owed to any competent
      authority (including a duty to make regulatory filings and/or reports
      and/or reporting under the requirements of any securities
  exchange).

	 	 	 
		11.4. 	
      The Parties shall consult and coordinate with each other
      respecting the timing and content of any publicity, press or news releases
      or other public announcements regarding this Agreement and the
      transactions contemplated hereby and neither Party shall use the name of
      the other for marketing, advertising or
promotional purposes without the prior written consent of the other
      Party, all except for any mention in any applications to official
      authorities for regulatory approval, or in the fulfillment of any duty
      owed to any competent authority (including a duty to make regulatory
      filings and/or reports and/or reporting under the requirements of any
      securities exchange) or, in the case of the Orgenesis, in the presentation
      of activities to its potential investors business partners and/or
      collaborators.

	 	11.5. 	
      Without derogating from any of the forgoing, KinerjaPay
      specifically acknowledges and agrees that Orgenesis is a publicly traded
      company and that in the course of disclosure, KinerjaPay may receive
      certain material non-public information (financial, commercial or other).
      KinerjaPay is aware that the United States securities laws impose
      restrictions on trading in securities when in possession of such
      information. KinerjaPay further acknowledges and agrees that using such
      information and utilizing it to its benefit may cause Orgenesis to be in
      violation of the applicable securities laws. KinerjaPay agrees that
      neither it nor anyone acting on its behalf, shall, directly or indirectly,
      utilize such information in a way which may be considered ‘inside trading'
      or in any way which may be considered prohibited, restricted
      misappropriate or otherwise in violation of the applicable securities
      laws. Orgenesis shall not share any non-public information with KinerjaPay
      unless it identifies the information as such and first give KinerjaPay and
      opportunity to refuse acceptance of such
information.

	12. 	
      GOVERNING LAW; JURISDICTION

	 	 
		
      This Agreement shall be governed by and construed and
      enforced in accordance with the laws of the _________ without giving
      effect to any choice or conflict of law provision or rule. The state and
      federal courts located in ________ shall have exclusive jurisdiction over
      any dispute, controversy or claim arising out of or relating to this
      Agreement, including the validity, invalidity, breach or termination
      thereof, and the parties hereby submit to the personal jurisdiction of
      such courts. The application of the 1980 UN Convention on Contracts for
      The International Sale of Goods to any transaction hereunder is hereby
      expressly excluded.

	 	 
	13. 	
      RULING LANGUAGE

	 	 
		
      The ruling language of this Agreement and the JV is
      English. To the extent practicable with third Parties, English shall be
      the language used for all purposes in connection with the JV and this
      Agreement.

	 	 
	14. 	
      MISCELLANEOUS

	 	14.1. 	
      This Agreement shall not be assigned by either Party to
      any third party without the written consent of the other Party which
      consent shall not be unreasonably withheld; except that either Party may
      assign this Agreement, without such consent upon written notice to the
      other Party, to: (i) an Affiliate of such Party, or (ii) an entity that
      acquires all or substantially all of its business or assets to which this
      Agreement pertains, whether by merger, reorganization, acquisition, sale
      or otherwise. This Agreement shall be binding upon and inure to the
      benefit of the Parties and their respective successors and permitted
      assigns.

	 	14.2. 	
      This Agreement (including the exhibits hereto) sets forth
      the entire agreement and understanding between the Parties relative to the
      subject matter contained herein and supersedes all other agreements, oral
      and written, heretofore made between the Parties. Only a writing signed by
      the Parties may amend this Agreement or any exhibits. Such Amendment shall
      become binding as of the date indicated in the amendment or the date last
      signed by the authorized representatives of both Parties, if not otherwise
      provided for. If any one or more of the terms of this Agreement shall for
      any reason be held to be invalid or unenforceable, such term shall be
      construed in a manner to enable it to be enforced to the extent compatible
      with applicable law. Any determination of the invalidity or
      unenforceability of any provision of the Agreement shall not affect the
      remaining provisions hereof unless the business purpose of this Agreement
      is substantially frustrated thereby.

	 	 	 
	 	14.3. 	
      Except as otherwise provided in this Agreement, all
      notices permitted or required by this Agreement shall be in writing and
      shall be deemed to have been duly served (i) upon personal delivery (ii)
      upon electronic e-mail transmission (receipt of which has been confirmed
      by the recipient) or (iii) three (3) business days after deposit, postage
      prepaid, return receipt requested, if sent by overnight international
      courier service and addressed to the Parties as set forth below or in
      accordance with such other address information as the Party to receive
      notice may provide in writing to the other Party in accordance with the
      above notice provisions. Any notice given by any other method will be
      deemed to have been duly served upon receipt
thereof:

	 	To Orgenesis at: 
	 	  
	 	Orgenesis, Inc. 
	 	at 20271 Goldenrod Lane,
      Germantown, MD 20876, USA 
	 	Email: Joe.g@orgenesis.com 
	 	  
	 	With Copy to (which shall not
      constitute a notice): 
	 	Mark Cohen, Adv. 
	 	Pearl Cohen Zedek Latzer Baratz
      LLP 1500 Broadway, 
	 	New York, New York 10036 USA
  
	 	Email: MCohen@PearlCohen.com
  
	 	  
	 	To KinerjaPay at: 
	 	_____________________  
	 	_____________________  
	 	_____________________ 

	 	Email (to be designated)
  

	 	14.4. 	
      Each Party represents that it has been represented by
      legal counsel in connection with this Agreement and acknowledges that it
      has participated in drafting this Agreement. In interpreting and applying
      the terms and provisions of this Agreement, the Parties agree that no
      presumption shall exist or be implied against the Party which drafted such
      terms and provisions.

	 	14.5. 	
      No waiver by any party, whether express or implied, of
      its rights under any provision of this Agreement shall constitute a waiver
      of such party's rights under such provisions at any other time or a waiver
      of such Party's rights under any other provision of this Agreement. The
      failure or delay of a party to claim the performance of an obligation of
      another party shall not be deemed a waiver of the performance of such
      obligation or of any future obligations of a similar nature.

	 	 	 
	 	14.6. 	
      The Parties agree to execute such further documents and
      instruments and to take such further actions as may be reasonably
      necessary to carry out the purposes and intent of this
Agreement.

	 	 	 
	 	14.7. 	
      It is hereby agreed and declared between the parties that
      they shall act in all respects relating to this Agreement (except to the
      extent relating to the JV Entity) as independent contractors and there
      neither is nor shall there be any employer- employee or principal-agent
      relationship between the Parties. Each party will be responsible for
      payment of all salaries and taxes and social welfare benefits and any
      other payments of any kind in respect of its own employees and officers,
      regardless of the location of the performance of their duties, or the
      source of the directions for the performance thereof.

	 	 	 
	 	14.8. 	
      This Agreement may be executed in any number of
      counterparts (including counterparts transmitted by facsimile and by
      electronic mail), each of which shall be deemed an original, but all of
      which taken together shall be deemed to constitute one and the same
      instrument.

[signature page immediately follows] 

IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the date first above written. 

 

	Orgenesis Inc. 	 	KinerjaPay Corp. 
	  	 	  
	Name: Vered Caplan 	 	Name: Edwin Witarsa NG 
	  	 	  
	/s/ Vered
      Caplan 	 	/s/
      Edwin Witarsa NG 
	Signature 	 	Signature 
	Title: CEO 	 	Title: CEO 

 

Exhibit A: Orgenesis Products
Exhibit B: Orgenesis
Background IP

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