Document:

Exhibit 10.3

 

Execution Copy

 

AMENDMENT NO. 1 TO LICENSE AGREEMENT

 

This Amendment
No. 1 to License
Agreement (this “Amendment”) is made and entered
into as of March 29, 2019 (the “Amendment Date”), by and between Neurofix
LLC (“Licensee”), a limited liability company and wholly owned subsidiary
of Aevi Genomic Medicine, Inc. (“Aevi”), a Delaware corporation, and The
Children’s Hospital
of Philadelphia, a non-profit entity organized and existing under the
laws of Pennsylvania (“CHOP”). CHOP and Licensee are sometimes referred to in this Amendment individually
as a “Party” and collectively as the “Parties.”

 

Whereas,
CHOP and Licensee are parties to that certain License Agreement dated September 9, 2015, as amended to date (the “License
Agreement”);

 

Whereas,
CHOP and Aevi have entered into that certain Agreement dated March 25, 2019 (the “CHOP-Aevi Agreement”),
pursuant to which CHOP and Aevi agreed to amend the License Agreement to adjust Licensee’s option, assignment, and sublicensing
rights under the LicenseAgreement.

 

Now,
Therefore, in consideration of the foregoing premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties mutually agree as follows:

 

		1.	Amendment Of Article 1 (Definitions)

 

Effective as of the Amendment Date, the
following definitions are included at the end of Article 1 of the License Agreement. Capitalized terms used but not otherwise defined
in this Amendment have the meanings provided in the License Agreement.

 

“1.45      “Change of Control”
means, with respect to Licensee or Aevi, the occurrence of any of the following:

 

i.       any
 “person” or “group” (as such terms are defined below): (a) is or becomes the “beneficial
owner” (as defined below), directly or indirectly, of shares of capital stock or other interests (including partnership
interests) of Licensee or Aevi then outstanding and normally entitled (without regard to the occurrence of any contingency)
to vote in the election of the directors, managers or similar supervisory positions (“Voting Stock”) of
Licensee or Aevi representing fifty percent (50%) or more of the total voting power of all outstanding classes of Voting
Stock of Licensee or Aevi; or (b) has the power, directly or indirectly, to elect at least one-half of the members of
Licensee’s or Aevi’s board of directors, or similar governing body (“Board of Directors”);
or

 

ii.       Licensee
or Aevi enters into a merger, consolidation or similar transaction with another person (whether or not Licensee or Aevi is
the surviving entity) and as a result of such merger, consolidation or similar transaction (a) the members of the Board of
Directors of Licensee immediately prior to such transaction constitute less than a majority of the members of the Board of
Directors of Licensee, Aevi, or such surviving person immediately following such transaction; or (b) the persons that
beneficially owned, directly or indirectly, the shares of Voting Stock of Licensee or Aevi immediately prior to such
transaction cease to beneficially own, directly or indirectly, shares of Voting Stock of Licensee or Aevi representing at
least a majority of the total voting power of all outstanding classes of Voting Stock of the surviving person; or

 

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iii.       Licensee
or Aevi sells, licenses, assigns or otherwise transfers to any Third Party, in one or more related transactions, properties or
assets representing all or substantially all of Licensee’s or Aevi’s consolidated total assets or all of Licensee’sassets
licensed under this Agreement; or

 

iv.       the
holders of capital stock of Licensee or Aevi approve a plan or proposal for the liquidation or dissolution of Licensee or
Aevi.

 

For
the purpose of this definition of “Change of Control,” (a) “person” and “group” have
the meanings given such terms under Section 13(d) and 14(d) of the Securities Exchange Act of 1934 and the
term “group” includes any group acting for the purpose of acquiring, holding or disposing of securities within
the meaning of Rule 13d-5(b)(1) under the said Act; (b) a “beneficial owner” will be determined in accordance
with Rule 13d-3 under the aforesaid Act; and (c) the terms “beneficially owned” and “beneficially
own” will have meanings correlative to that of “beneficial owner.”

 

Notwithstanding the foregoing, in
no event shall a Change of Control result from CHOP and/or any of its Affiliates (including the CHOP Foundation) acquiring or having
the right to acquire additional equity of or voting power over Licensee or Aevi or otherwise increasing its beneficial ownership
of Licensee or Aevi, whether alone or as part of a group, or acquiring control through contract, representation on a governing
body or otherwise.

 

1.46       “CHOP
Agreements” means: (i) that certain Sponsored Research Agreement, dated November 12, 2014, as amended to date, by and
between Medgenics Medical Israel, Ltd. (“Medgenics”) and CHOP; (ii) that certain License Agreement, dated
November 12, 2014, by and between Medgenics and CHOP, as amended to date; (iii) the License Agreement as amended to date; (iv)
that certain License Agreement, dated December 18, 2017, by and between Aevi and CHOP; (v) that certain License Agreement, dated
October 3, 2016, by and between Aevi (as successor in interest to Medgenics, Inc.) and CHOP; (vi) that certain License Agreement,
dated October 20, 2016, by and between Aevi (as successor in interest to Medgenics, Inc.) and CHOP; and (vii)
that certain Sponsored Research Agreement, dated October 1, 2015, by and between Aevi (as successor in interest to Medgenics,
Inc.) and CHOP, as amended to date.

 

1.47       “CHOP
Foundation” means The Children’s Hospital of Philadelphia Foundation, a non-profit entity organized and existing
under the laws of Pennsylvania, located at 3401 Civic Center Blvd., Philadelphia, PA 19104.

 

1.48       “Core
Services Agreement” means that certain Core Services Agreement by and among CHOP and Licensee, dated March 19, 2015,
as amended to date.

 

    	 	2	 

    

    

 

1.49       “Note”
means that certain convertible secured note issued by Aevi to CHOP in the amount of three million one hundred sixty-six thousand
six hundred sixty-six dollars and sixty-four cents ($3,166,666.64) on March 29, 2019.

 

1.50       “Suspension Period”
means March 29, 2019 until the date of repayment in full of the Note.”

 

		2.	Amendment
                                                                   of Article 2 (Licenses
                                                                   and Other Rights)

 

(a)       Amendment
of Section 2.2, Future CHOP IP. Effective as of the Amendment Date, Section 2.2 of the License Agreement is hereby amended
and restated to read in its entirety as follows:

 

“Future
CHOP IP. Subject to the terms and conditions of this Agreement, CHOP hereby grants to Licensee an exclusive option during
the Term to negotiate an exclusive license to Future CHOP IP (the “Option”). Licensee may elect to
exercise its Option for Future CHOP IP by giving written notice to CHOP no later than two (2) months after the date
CHOP’s Office of Technology Transfer provides a copy of the invention disclosure for such Future CHOP IP to Licensee.
Upon exercise of the Option by Licensee with respect to a particular Future CHOP IP, for a period ending on the date that is
two (2) months after the date that the Licensee exercises its Option over such Future CHOP IP, the Parties shall negotiate in
good faith for a license agreement for such Future CHOP IP. After such time, if the Parties do not enter into a license
agreement, all rights of Licensee relating to such Future CHOP IP under this Agreement shall automatically terminate.

 

Notwithstanding the foregoing, during
the Suspension Period: (i) Licensee’s right to exercise the Option (and the associated exercise period for such Option) will
be suspended; and (ii) CHOP shall not grant an option or license to any Third Party for any intellectual property that is subject
to Licensee’s suspended right to exercise the Option. For any particular Future CHOP IP that CHOP discloses to Licensee during
the Suspension Period, Licensee may elect to exercise the Option over such Future CHOP IP no more than thirty (30) days following
the expiration of the Suspension Period. Upon exercise of the Option by Licensee within thirty (30) days following the expiration
of the Suspension Period, for a period ending on the date that is two (2) months after the date that the Licensee exercises the
Option, the Parties shall negotiate in good faith for a license agreement for such Future CHOP IP. After such time, if the Parties
do not enter into a license agreement, all rights of Licensee relating to such Future CHOP IP under this Agreement shall automatically
terminate.

 

Any such exclusive license agreement
shall include objective diligence obligations contained in Section 3. Within one (1) year after the date that Licensee exercises
its Option, Licensee shall negotiate in good faith and execute a bona fide term sheet with a Third Party for a viable molecule
to address the target that is the subject of the Future CHOP IP. Licensee shall provide CHOP with a copy of such term sheet within
five (5) days after execution of such term sheet. Within two (2) years after the date that Licensee executes such term sheet with
a Third Party, Licensee shall initiate clinical trials (i.e., first dosing of first patient) for such molecule. If Licensee fails
to meet either of the foregoing milestones (i.e., execution of term sheet or initiation of clinical trials), then the definitive
license agreement executed by the Parties with respect to the Future CHOP IP for which Licensee exercised its Option will automatically
terminate.”

 

    	 	3	 

    

    

 

(b)       Amendment
of Section 2.4, Grant of Sublicense by Licensee.

 

(i)       Effective
as of the Amendment Date, Section 2.4.1 of the License Agreement is hereby amended and restated to read in its entirety as follows:

 

“Licensee shall not grant any
sublicenses under the License (each, a “Sublicense”) without prior written approval from CHOP. CHOP shall respond
to each sublicensing request made by Licensee pursuant to this Section 2.4.1 within two (2) weeks of receipt of such request. Any
Sublicense approved by CHOP shall be on terms and conditions in compliance with, and not inconsistent with, the terms of this Agreement
and specifically this Section 2.4, including any amendments hereto. If Licensee grants a Sublicense without CHOP’s prior
written consent, this Agreement (including the License granted by CHOP to Licensee pursuant to Section 2.1 and any permitted sublicenses
pursuant to Section 2.4) will automatically terminate.”

 

(ii) Effective as of the Amendment Date, Section
2.4.2(b) of the License Agreement is hereby amended and restated to read in its entirety as follows:

 

“A provision prohibiting
the Sublicensee from granting further sublicenses under the Sublicense agreement or assigning the Sublicense agreement, in each
case without the prior written consent of CHOP.”

 

		3.	Amendment
of Article 8 (Term and Termination)

 

Effective as of the Amendment Date, the
following text is hereby added as Section 8.3.6 of the License Agreement.

 

“Termination
for Default. If the Licensee or an Affiliate of Licensee, including Aevi, fails to make any payment due under any of the CHOP
Agreements or under the Core Services Agreement, then this Agreement (including the License granted by CHOP to Licensee pursuant
to Section 2.1 and any permitted sublicenses pursuant to Section 2.4) will automatically terminate; provided that
this Section 8.3.6 will not apply to any payment deferral or cancellation under the SRA to which the Parties mutually agree in
writing.”

 

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		4.	Amendment
of Article 9 (Additional Provisions)

 

(a)       Amendment
of Section 9.5, Successors and Assignment.

 

(i)       Effective
as of the Amendment Date, Section 9.5.2 of the License Agreement is hereby amended and restated to read in its entirety as follows:

 

“This Agreement shall not be
assigned or otherwise transferred by Licensee except with the prior written consent of CHOP. CHOP shall respond to each assignment
or transfer request made by Licensee pursuant to this Section 9.5.2 within two (2) weeks of receipt of such request. Assignment
shall not relieve Licensee of its obligations under this Agreement.”

 

(ii) Effective as of the Amendment Date, Section
9.5.3 of the License Agreement is hereby amended and restated to read in its entirety as follows:

 

“Any purported assignment not
in accordance with this Section 9.5 shall be null and void and of no effect and, upon such purported assignment, this Agreement
(including the License granted by CHOP to Licensee pursuant to Section 2.1 and any permitted sublicenses pursuant to Section 2.4)
will automatically terminate.”

 

(b)       Addition
of Section 9.15, Change of Control. Effective as of the Amendment Date, the following text is hereby added as Section 9.15
of the License Agreement:

 

“Change of Control. Licensee
shall obtain CHOP’s written consent at least five (5) business days prior to the anticipated date of consummation of any
Change of Control. Upon the consummation of any Change of Control by Licensee without CHOP’s prior written consent this Agreement
(including the License granted by CHOP to Licensee pursuant to Section 2.1 and any permitted sublicenses pursuant to Section 2.4)
will automatically terminate.”

 

		5.	Single
                                         Instrument.

 

This Amendment and
the License Agreement, as amended and modified by this Amendment, shall constitute and shall be construed as a single instrument.
The provisions of the License Agreement, as amended and modified by the provisions of this Amendment, are incorporated herein by
this reference and are hereby ratified and reaffirmed.

 

		6.	Counterparts.

 

This Amendment
may be executed in counterparts, each of which shall be deemed an original document, and all of which, together with this
writing, shall be deemed one instrument. This Amendment may be executed by electronic, facsimile or PDF signatures, which
signatures shall have the same force and effect as original signatures.

 

Signature Page to Follow

 

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In Witness Whereof,
the Parties have executed and delivered this Amendment as of the Amendment Date.

 

	THE CHILDREN’S HOSPITAL OF PHILADELPHIA	 	NEUROFIX, LLC
	 	 	 
	By:	/s/ Thomas Todorow	 	By:	/s/ Michael Cola
	 	 	 	 	 
	Name:	Thomas Todorow	 	Name:	Michael Cola
	 	 	 	 	 
	Title:	EVP + Cheif Financial Officer	 	Title:	CFO

 

[Signature page to amendment to September 9, 2015 neuroFix,
LLC Agreement]Exhibit 10.4

 

Execution Copy

 

AMENDMENT NO. 2 TO LICENSE AGREEMENT 

 

This Amendment
No. 2 to License
Agreement (this “Amendment”) is made and entered
into as of March 29, 2019 (the “Amendment Date”), by and between Medgenics
Medical Israel Ltd.
(“Licensee”) , a company organized under the
laws of the State of Israel and wholly owned subsidiary of Aevi Genomic Medicine, Inc., a Delaware corporation (“Aevi”),
and The Children’s
Hospital of Philadelphia, a non-profit
entity organized and existing under the laws of Pennsylvania (“CHOP”). CHOP and Licensee are sometimes
referred to in this Amendment individually as a “Party” and collectively as the “Parties.”

 

Whereas,
CHOP and Licensee are parties to that certain License Agreement dated November 12, 2014, as amended by Amendment No. 1 to
License Agreement effective on February 14, 2017 (the “License Agreement”);

 

Whereas,
CHOP and Aevi have entered into that certain Agreement dated March 25, 2019 (the “CHOP-Aevi Agreement”),
pursuant to which CHOP and Aevi agreed to amend the License Agreement to adjust Licensee’s option, assignment, and sublicensing
rights under the License Agreement.

 

Now,
Therefore, in consideration of the foregoing premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties mutually agree as follows:

 

		1.	Amendment
                                         of Section 2 (Definitions)

 

Effective as of the
Amendment Date, the following definitions are included at the end of Section 2 of the License Agreement. Capitalized terms used
but not otherwise defined in this Amendment have the meanings provided in the License Agreement.

 

“2.83 “Change
of Control” means, with respect to Licensee or Aevi, the occurrence of any of the following:

 

i.       any
 “person” or “group” (as such terms are defined below): (a) is or becomes the “beneficial
owner” (as defined below), directly or indirectly, of shares of capital stock or other interests (including partnership
interests) of Licensee or Aevi then outstanding and normally entitled (without regard to the occurrence of any contingency)
to vote in the election of the directors, managers or similar supervisory positions (“Voting Stock”) of
Licensee or Aevi representing fifty percent (50%) or more of the total voting power of all outstanding classes of Voting
Stock of Licensee or Aevi; or (b) has the power, directly or indirectly, to elect at least one-half of the members of
Licensee’s or Aevi’s board of directors, or similar governing body (“Board of Directors”);
or

 

ii.       Licensee
or Aevi enters into a merger, consolidation or similar transaction with another person (whether or not Licensee or Aevi is
the surviving entity) and as a result of such merger, consolidation or similar transaction (a) the members of the Board of
Directors of Licensee immediately prior to such transaction constitute less than a majority of the members of the Board of
Directors of Licensee, Aevi, or such surviving person immediately following such transaction; or (b) the persons that
beneficially owned, directly or indirectly, the shares of Voting Stock of Licensee or Aevi immediately prior to such
transaction cease to beneficially own, directly or indirectly, shares of Voting Stock of Licensee or Aevi representing at
least a majority of the total voting power of all outstanding classes of Voting Stock of the surviving person; or

 

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iii.       Licensee
or Aevi sells, licenses, assigns or otherwise transfers to any Third Party, in one or more related transactions, properties or
assets representing all or substantially all of Licensee’s or Aevi’s consolidated total assets or all of Licensee’sassets
licensed under this Agreement; or

 

iv.       the
holders of capital stock of Licensee or Aevi approve a plan or proposal for the liquidation or dissolution of Licenseeor Aevi.

 

For the
purpose of this definition of “Change of Control,” (a) “person” and “group” have the
meanings given such terms under Section 13(d) and 14(d) of the Securities Exchange Act of 1934 and the term
 “group” includes any group acting for the purpose of acquiring, holding or disposing of securities within the
meaning of Rule 13d-5(b)(1) under the said Act; (b) a “beneficial owner” will be determined in accordance with
Rule 13d -3 under the aforesaid Act; and (c) the terms “beneficially owned” and “beneficially own”
will have meanings correlative to that of “beneficial owner.”

 

Notwithstanding
the foregoing, in no event shall a Change of Control result from CHOP and/or any of its Affiliates (including the CHOP Foundation)
acquiring or having the right to acquire additional equity of or voting power over Licensee or Aevi or otherwise increasing its
beneficial ownership of Licensee or Aevi, whether alone or as part of a group, or acquiring control through contract, representation
on a governing body or otherwise.

 

2.84 “CHOP
Agreements” means: (i) that certain Sponsored Research Agreement, dated November 12, 2014, as amended to date, by and
between Licensee and CHOP; (ii) this License Agreement as amended to date; (iii) that certain License Agreement, dated September
9, 2015, by and between neuroFix, LLC (“neuroFix”) and CHOP, as amended to date; (iv) that certain License Agreement,
dated December 18, 2017, by and between Aevi and CHOP; (v) that certain License Agreement, dated October 3, 2016, by and between
Aevi (as successor in interest to Medgenics, Inc.) and CHOP; (vi) that certain License Agreement, dated October 20, 2016, by and
between Aevi (as successor in interest to Medgenics, Inc.) and CHOP; and (vii) that certain Sponsored Research Agreement, dated
October 1, 2015, by and between Aevi (as successor in interest to Medgenics, Inc.) and CHOP, as amended to date.

 

2.85 “CHOP
Foundation” means The Children’s Hospital of Philadelphia Foundation, a non-profit entity organized and existing
under the laws of Pennsylvania, located at 3401 Civic Center Blvd., Philadelphia, PA 19104.

 

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2.86 “Core Services Agreement”
means that certain Core Services Agreement by and among CHOP and neuroFix, dated March 19, 2015, as amended to date.

 

2.87 “Note” means that certain
convertible secured note issued by Aevi to CHOP in the amount of three million one hundred sixty-six thousand six hundred sixty-six
dollars and sixty-four cents ($3,166,666.64) on March 29, 2019.

 

2.88 “Suspension Period” means
from March 29, 2019 and until the date of repayment in full of the Note.”

 

		2.	Amendment
                                         of Section 3 (Grant
                                         of Rights)

 

(a)       Amendment
of Section 3.2.2, Option Exercise. Effective as of the Amendment Date, Section 3.2.2 of the License Agreement is hereby amended
and restated to read in its entirety as follows:

 

“Option Exercise.
Licensee may elect to exercise its option granted in Section 3.2.1 over a particular Invention by giving written notice to CHOP
no later than two (2) months after the date CHOP’s Office of Technology Transfer provides a copy of the invention disclosure
for such Invention to Licensee. Upon exercise of the option by Licensee with respect to an Invention, for a period ending on the
date that is two (2) months after the date that the Licensee exercises its option over such Invention, the Parties shall negotiate
in good faith for a license agreement for such Invention. After such time, if the Parties do not enter into a license agreement,
all rights of Licensee relating to such Invention under this Agreement shallautomatically terminate.

 

Notwithstanding the foregoing,
during the Suspension Period: (i) Licensee’s right to exercise the option granted to Licensee in Section 3.2.1 (and the associated
exercise period for such option) will be suspended; and (ii) CHOP shall not grant an option or license to any Third Party for any
intellectual property that is subject to Licensee’s suspended right to exercise the option granted in Section 3.2.1. For
any Invention CHOP discloses to Licensee during the Suspension Period, Licensee may elect to exercise its option granted in Section
3.2.1 over such Invention no more than thirty (30) days following the expiration of the Suspension Period. Upon exercise of such
option by Licensee within thirty (30) days following the expiration of the Suspension Period, for a period ending on the date that
is two (2) months after the date that the Licensee exercises its option, the Parties shall negotiate in good faith for a license
agreement for such Invention. After such time, if the Parties do not enter into a license agreement, all rights of Licensee relating
to such Invention under this Agreement shall automatically terminate.”

 

(b)       Addition
of Section 3.2.3, Mandatory Diligence Obligations. Effective as of the Amendment Date, the following text is hereby added
as Section 3.2.3 of the License Agreement.

 

    	 	3	 

    

    

 

“Mandatory Diligence Obligations.
Any such exclusive license agreement shall include the objective diligence obligations contained in this Section 3.2.3. Within
one (1) year after the date that Licensee exercises its option granted in Section 3.2, Licensee shall negotiate in good faith and
execute a bona fide term sheet with a Third Party for a viable molecule to address the target that is the subject of the
Invention. Licensee shall provide CHOP with a copy of such term sheet within five (5) days after execution of such term sheet.
Within two (2) years after the date that Licensee executes such term sheet with a Third Party, Licensee shall initiate clinical
trials (i.e., first dosing of first patient) for such molecule. If Licensee fails to meet either of the foregoing milestones (i.e.,
execution of term sheet or initiation of clinical trials within the required time period), then the definitive license agreement
executed by the Parties with respect to the Invention for which Licensee exercised its option under Section 3.2.1 will automatically
terminate.”

 

		3.	Amendment
                                         of Section 4 (Sublicensing)

 

(a)       Amendment
of Section 4.1, General. Effective as of the Amendment Date, Section 4.1 of the License Agreement is hereby amended and restated
to read in its entirety as follows:

 

“General. Licensee
shall not grant any Sublicenses under the Licensed Rights without prior written approval from CHOP. CHOP shall respond to each
sublicensing request made by Licensee pursuant to this Section 4.1 within two (2) weeks of receipt of such request. Any Sublicense
approved by CHOP shall be on terms and conditions in compliance with, and not inconsistent with, the terms of this Agreement,
including any amendments hereto. If Licensee grants a Sublicense without CHOP’s prior written consent, this Agreement (including
the licenses granted by CHOP to Licensee pursuant to Section 3.1 and any permitted sublicenses pursuant to Section 4.1) will automatically
terminate.”

 

(b)       Amendment
of Section 4.2.1.5. Effective as of the Amendment Date, Section 4.2.1.5 of the License Agreement is hereby amended and
restated to read in its entirety as follows:

 

“a provision prohibiting
the Sublicensee from granting further sublicenses under the Sublicense agreement or assigning the Sublicense agreement, in each
case without the prior written consent of CHOP.”

 

		4.	Amendment
                                         of Section 13 (Term
                                         Termination, and
                                         Modification of Rights)

 

Effective as of the Amendment Date, the
following text is hereby added as Section 13.8 of the License Agreement.

 

“Termination by CHOP
for Default. If the Licensee or an Affiliate of Licensee, including Aevi, fails to make any payment due under any of the CHOP
Agreements or under the Core Services Agreement, then this Agreement (including the licenses granted by CHOP to Licensee pursuant
to Section 3.1 and any permitted sublicenses pursuant to Section 4.1) will automatically terminate; provided that
this Section 13.8 will not apply to any payment deferral or cancellation under the SRA to which the Parties mutually agree in
writing. For clarity, Section 13.6 will apply to any termination of this Agreement pursuant to this Section 13.8.”

 

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		5.	Amendment
                                         of Section 15 (General
                                         Provisions)

 

(a)       Amendment
of Section 15.7, Assignment. Effective as of the Amendment Date, Section 15.7 of the License Agreement is hereby amended and
restated to read in its entirety as follows:

 

“Assignment.
This Agreement shall not be assigned or otherwise transferred by Licensee except with the prior written consent of CHOP. CHOP
shall respond to each assignment or transfer request made by Licensee pursuant to this Section 15.7 within two (2) weeks of
receipt of such request. Any purported assignment or transfer in contravention of this Section 15.7 shall be null and void
and of no effectand, upon such purported assignment, this Agreement (including the licenses granted by CHOP to Licensee
pursuant to Section 3.1 and any permitted sublicenses pursuant to Section 4.1) will automatically terminate. Assignment shall
not relieve Licensee of its obligations under this Agreement, including, without limitation, the Guarantee contained on the
Signature Page hereto.”

 

(b)       Addition
of Section 15.22, Change of Control. Effective as of the Amendment Date, the following text is hereby added as Section 15.22
of the License Agreement.

 

“Change of Control.
Licensee shall obtain CHOP’s written consent at least five (5) business days prior to the anticipated date of consummation
of any Change of Control. Upon the consummation of any Change of Control by Licensee without CHOP’s prior written consent,
this Agreement (including the licenses granted by CHOP to Licensee pursuant to Section 3.1 and any permitted sublicenses pursuant
to Section 4.1) will automatically terminate.”

 

		6.	Single
                                         Instrument. 

 

This Amendment and
the License Agreement, as amended and modified by this Amendment, shall constitute and shall be construed as a single instrument.
The provisions of the License Agreement, as amended and modified by the provisions of this Amendment, are incorporated herein by
this reference and are hereby ratified and reaffirmed.

 

		7.	Counterparts.
                                         

 

This Amendment
may be executed in counterparts, each of which shall be deemed an original document, and all of which, together with this
writing, shall be deemed one instrument. This Amendment may be executed by electronic, facsimile or PDF signatures, which
signatures shall have the same force and effect as original signatures.

 

Signature Page to Follow

 

    	 	5	 

    

    

 

In Witness Whereof,
the Parties have executed and delivered this Amendment as of the Amendment Date.

 

	THE CHILDREN’S HOSPITAL OF PHILADELPHIA	 	MEDGENICS MEDICAL ISRAEL, LTD.
	 	 	 
	By:	/s/ Thomas Todorow	 	By:	/s/ Michael Cola
	 	 	 	 	 
	Name:	Thomas Todorow	 	Name:	Michael Cola
	 	 	 	 	 
	Title:	EVP + Chief Financial Officer	 	Title:	CEO

 

[Signature page to November 12, 2014 Medgenics Medical Israel,
Ltd. License Agreement]

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