Document:

ex10-1.htm

Exhibit 10.1

 

Westergaard Holdings Ltd.

 

12757 54th Avenue, Surrey, BC V3X 3C1 (604) 970-4992

 

December 31, 2015

 

Robert C. Silzer

DSG Global Inc.

5455 - 152 Street

Suite 214

Surrey, BC V3S 5A5

 

Dear Mr. Silzer:

RE: Westergaard Holdings Ltd. — Subscription Agreement/Debt Settlement & Addendums

 

As per your request, Westergaard Holdings Ltd. hereby extends redemption dates as set out in a Letter Agreement addressed to yourself and dated November 10, 2015 as follows:

 

	
1.  

	
I hereby agree to extend the December 15, 2015 redemption date to May 1, 2016.

	
2.  

	
I hereby agree to extend the January 15, 2016 redemption date to June 1, 2016.

	
3.  

	
I hereby agree to extend the February IS, 2016 redemption date to July 1, 2016.

 

I trust the extension of redemption dates as set out above will provide yourself and the company ample time to raise sufficient capital to redeem all of the Series A Convertible Preferred Shares owned by Westergaard Holdings Ltd. and to provide DSG Global Inc. with working capital as required to move forward.

 

Yours very truly,

 

Westergaard Holdings Ltd.

/s/ Keith Westergaard            

Keith B. Westergaard

keith.westergaard@gmail.comExhibit 10.11

 

AMENDMENT NO. 2

TO SECOND AMENDED AND RESTATED
RESEARCH AND LICENSE

AGREEMENT

 

This
amendment no. 2 to the Second Amended and Restated Research and License Agreement (this “Amendment”) is
entered into as of April 30, 2014 (the “Amendment Effective Date”), by and between Ramot at Tel Aviv
University Ltd., a company organized under the laws of Israel with offices at Tel Aviv University, Tel Aviv, Israel (“Ramot”)
and Brainstorm Cell Therapeutics Ltd., a limited liability company incorporated under the laws of Israel with offices at 12 Bazel
Street, Petach Tikva, Israel 49170 (the “Company”).

 

WHEREAS,
Ramot and Brainstorm Cell Therapeutics Inc. executed a Second Amended and Restated Research and License Agreement dated July 26,
2007, as amended on December 24, 2009 which was assigned from Brainstorm Cell Therapeutics Inc. to the Company on December 20,
2011 (the “Agreement”); and

 

WHEREAS, the
Company and Ramot wish to have the TAU Team perform additional research under the Agreement as set forth herein.

 

NOW, THEREFORE,
the parties hereto, intending to be legally bound, hereby agree as follows:

 

		1.	Definitions.

 

All terms used
in this Amendment with an initial capital letter shall have the meanings ascribed to them in the Agreement, unless otherwised specified
herein.

 

		2.	New Research Period.

 

Although
the parties agreed that the Research Period ended on July 11, 2007, the parties wish to conduct additional research commencing
on the Amendment Effective Date, for a period of 6 months (the “New Research Period”).

 

		3.	New Research Plan.

 

The new Research
Plan is attached hereto as Exhibit A.

 

		4.	New Research Funding.

 

The Company
shall fund the new Research performed during the New Research Period in the total amount of $25,000 plus value added tax, which
shall be paid to Ramot as follows:

		-	$12,500 plus value added tax within 10 days of the Amendment Effective Date.

		-	$12,500 plus value added tax within 60 days of the Amendment Effective Date.

 

    	 	 	 

     

    

  

		5.	Principal Investigator.

 

For the purposes of Section 2
of the Agreement, the “Principal Investigator” shall be “Dr. Daniel Offen, or such other proncipal investigator
who may replace him pursuant to Section 2.”

 

		6.	General.

 

Except for the terms revised herein,
all other terms and conditions of the Agreement shall continue to apply and shall remain in full force and effect.

 

IN WITNESS HEREOF, the parties
have caused this Amendment to be executed by their duly authorized representatives as of the date first written above.

 

	Ramot at Tel Aviv University, Ltd.	 	Brainstorm Cell Therapeutics Ltd.
	 	 	 	 	 
	By:	/s/ Shlomo Nimrodi	 	By:	/s/ Liat Sossover
	Name:	Shlomo Nimrodi	 	Name:	Liat Sossover
	Title:	CEO	 	Title:	CFO
	By:	/s/ Avi Nataneli	 	
         

         

	Name:	Avi Nataneli	 
	Title:	Chief Financial Officer	 

  

    	 	 	 

     

    

  

Dani Offen PhD

 

Neurotrophic factors secreting cells
for the treatment of Autism Spectrum Disorders (ASD)

 

Rationale for the study

 

In the Neuroscience Laboratory,
FMRC (Tel Aviv Uni.) we have vast experience using mesenchymal stem cells (MSCs) transplantation as a tool for treating brain diseases.
In the current project, we plan to further explore this therapeutic strategy towards a clinical tool for the treatment of ASD by
transplantation of MSC-NTF cells (Brainstorm protocol) to the brain through intraventricular transplantation in animal models relevant
to autism.

 

In a translational perspective,
this technology will be presented as a novel therapy for ASD. Importantly, our preliminary study involved transplantation into
the brain ventricles, which may be translatable to intrathecal transplantation in ASD patients.

 

Scientific background

 

Autism
is a debilitating neuropsychiatric developmental condition affecting 1% of the population. Current available treatments
offer no cure for patients affected with ASD. The mainstay of treatment includes behavioral interventions and the use of
psychiatric medications to control symptoms often associated with ASD, such as aggression and agitation. Therefore, ASD research
is focused on the search for novel therapeutic approaches.

 

To date, few studies have reported
beneficial pharmacological interventions in ASD animal models which were described to improve some aspects of disease but not all
the behavior features.

 

The difficulty of finding therapeutic
agents capable of reducing the three symptoms (repetitive, cognitive and social behavior) emphasizes the beneficial potential of
MSC implantation, since our preliminary experiments showed that MSCs-treated mice demonstrated improved function in all criteria
tested. Mechanistically, stem cell based regenerative approaches have the potential to enhance repair to an ill-developing
brain and perhaps be more effective in presenting a cure rather than pharmacological control of symptoms. Our previous studies
have shown that MSCs transplantation indeed enhance the brain regenerative capacity (neurogenesis), a process that is known to
be induced by the neurotrophic factors we plan to deliver in this study.

 

Preliminary results

 

In a proof of concept study, we
have shown that transplantation of MSCs diminishes core autistic symptoms in a mouse model relevant to autism (the BTBR mice) as
manifested by the reduction of repetitive and stereotypical behavior (Figure 1) and improved cognitive flexibility (Figure 2) and
social behavior (Figure 3). The behavioral effect of the cell therapy was accompanied by a significant increase in brain derived
neurotrophic (BDNF) levels in the hippocampus of mice. Also, there was a significant enhancement of neurogenesis in the hippocampus
of stem cells-treated mice.

 

Study aim: To evaluate the effect of transplantation
of NTF-MSC compared to MSC on autistic behaviors of the BTBR mouse model of ASD

 

Specific aims:

 

		•	To evaluate transplantation outcome as observed in various behavioral tests representing core autistic behaviors including
(1) repetitive behavior (2) social behavior (3) cognitive flexibility (2 months).

		•	To evaluate the regenerative effect of transplantation on the brain as observed by measurements of neurotrophic factors levels
in situ (one month).

 

    	 	 	 

     

    

  

Dani Often PhD

 

We will include three treatment
groups:

(1)intraventricular transplantation
sham surgery (n=15)

(2)intraventricular transplantation
human MSCs transplantation (n=15)

(3)intraventricular transplantation
human MSC-NTFCs transplantation (n=15)

The cells will be provided by Brainstorm. ELISA tests
will be performed in collaboration with Brainstorm.

 

Budget: $25,000

 

The costs include BTBR mice (45), cell transplantation,
animal maintenance, behavioral tests, tissue analysis and Ramot overheads (35%)

  

	 	 	 
	 	 	 
	Figure. 1. MSCs transplantation reduce the repetitive behaviors (total duration of digging and self-grooming).	 	Figure. 2. Effect of MSCs transplantation on cognitive rigidity (time of reversal learning after the platform was moved to the other arm).

  

 

 

Figure. 3. MSCs
transplantation improve sociability (sniffing durations in cage contained a stranger mouse).Exhibit 10.12

 

AMENDMENT NO. 3

TO SECOND AMENDED AND RESTATED RESEARCH AND
LICENSE

AGREEMENT

 

This amendment no. 3
to the Second Amended and Restated Research and License Agreement (this “Amendment”) is entered into as of
February 18, 2016 by and between Ramot at Tel Aviv University Ltd., a company organized under the laws of Israel with offices
at Tel Aviv University, Tel Aviv, Israel (“Ramot”) and Brainstorm Cell Therapeutics Ltd., a limited liability
company incorporated under the laws of Israel with offices at 12 Bazel Street, Petach Tikva, Israel 49170 (the “Company”).

 

WHEREAS, Ramot and Brainstorm
Cell Therapeutics Inc. executed a Second Amended and Restated Research and License Agreement dated July 26, 2007, as amended on
December 24, 2009, which was assigned from Brainstorm Cell Therapeutics Inc. to the Company on December 20, 2011, and further
amended on April 30, 2104 (the “Second Amendment”) (collectively, the “Agreement”); and

 

WHEREAS, Ramot agrees
to assign to the Company all of the results of the Research performed during the New Research Period in the framework of the Second
Amendment, as set forth herein.

 

NOW, THEREFORE,
the parties hereto, intending to be legally bound, hereby agree as follows:

 

		1.	Definitions.

 

All terms used in
this Amendment with an initial capital letter shall have the meanings ascribed to them in the Agreement, unless otherwised specified
herein.

 

		2.	Assignment.

 

2.1   Subject
to the terms and conditions set forth in this Amendment and in the Agreement, Ramot hereby transfers to the Company its worldwide
right, title and interest in and to the results of the Research performed during the New Research Period in the framework of the
Second Amendment (“Assigned Rights”).

 

2.2   Ramot
agrees, at the Company’s request and expense, to assist and cooperate in all respects, to execute documents and take such further
acts as may reasonably be requested by the Company to acquire, transfer, maintain, perfect and enforce patent and other legal
protection for the Assigned Rights.

 

2.3   The
assignment procedure shall be handled by the Company which shall be in direct contact with the relevant patent attorneys and patent
offices. Ramot shall be kept updated at all times with respect to the status of such actions.

 

     

     

    

 

		3.	“Ramot Results”, “Ramot Technology”.

 

Wherever reference is
made in the Agreement to the “Ramot Results” and “Ramot Technology”, such reference shall be deemed to include
the Assigned Rights, except as specifically set forth below:

 

3.1   Section
3.1 of the Agreement (Title, Ramot Technology) shall not apply with respect to the Assigned Rights. Instead, all rights, title
and interest in and to the Assigned Rights, and in and to any drawings, plans, diagrams, specifications and other documents containing
any of the Assigned Rights shall be owned solely and exclusively by the Company.

 

3.2   Section
5.1 of the Agreement (License) shall not apply with respect to the Assigned Rights. However, it is clarified that use of the Assigned
Rights by the Company is subject to provisions of the Agreement, unless specifically stated otherwise in this Amendment, including
the consideration sections of the Agreement.

 

3.3   Section
13.4.1 of the Agreement (Termination of Rights) shall not apply with respect to the Assigned Rights. Instead, upon termination
by the Company pursuant to Sections 13.3.1, 13.3.2 or 13.3.3 of the Agreement or by Ramot pursuant to Sections 6.4, 13.3.2 or
13.3.3 of the Agreement, the assignment attached to this Amendment as Exhibit A entered into on the date hereof
shall automatically enter into effect, and all rights in and to and under the Assigned Rights shall be automatically transferred
back to Ramot, at the Company’s complete expense.

 

		4.	Product.

 

The definition of “Product”
in Section 1.19 of the Agreement shall be replaced with the following definition:

 

“Product” shall
mean: (i) any product or service that incorporates differentiation factors and other materials which is capable of inducing bone
marrow or cord blood stem cells to differentiate into neuron-like or glial-like cells that can be transplanted into patients for
the treatment of neurological and ophthalmic diseases in humans, including autism; or (ii) and neuron-like or glial-like
cell generated through use of a product described in clause (i) of this Section 1.19.”

 

		5.	Valid Claim.

 

The definition of “Valid
Claim” in Section 1.33 of the Agreement shall be replaced with the following definition:

 

“Valid Claim”
shall mean a claim of a Ramot Patent Right or joint Patent Right or patent application or granted patent owned or controlled
by the Company that includes, is supported by or makes use of the Assigned Rights, so long as such claim shall not have been
held invalid in a final non-appealable court judgment or patent office decision, in the relevant jurisdiction.

 

     

     

    

 

		6.	Sublicenses

 

Wherever reference is
made in the Agreement to a “Sublicense”, such reference shall be deemed to mean, with respect to the Assigned Rights,
any right granted, or license given, or agreement entered into (including assignment), by the Company or (to the extent permitted
by Section 5.2.2.3) by a licensee of the Company, to or with any other person or entity, under or permitting any use of any of
the Assigned Rights or otherwise permitting the development, manufacture, marketing, distribution and/or sale of Licensed Products
(regardless of whether such grant of rights or license given or agreement entered into is referred to or is described as a license
or as an agreement with respect to the development and/or manufacture and/or sale and/or distribution and/or marketing of Licensed
Products), and any option to obtain such right or license or agreement.

 

		7.	General.

 

Except for the terms
revised herein, all other terms and conditions of the Agreement shall continue to apply and shall remain in full force and effect.

 

IN WITNESS WHEREOF, the parties have caused
this Amendment to be executed by their duly authorized representatives as of the date first written above.

  

	Ramot at Tel Aviv University, Ltd.	 	Brainstorm Cell Therapeutics Ltd.
	 	 	 	 	 
	By:	/s/ Avi Nataneli	 	By:	/s/ Uri Yablonka
	Name:	Avi Nataneli	 	Name: Uri Yablonka
	Title:	Chief Financial Officer	 	Title: COO
	By:	/s/ Keren Primor Cohen	 	
	Name:	Keren Primor Cohen	 
	Title:	VP General Counsel and Business Affairs	 

 

     

     

    

 

Exhibit A

 

ASSIGNMENT

 

Date: February 18, 2016

 

		1.	Brainstorm Cell Therapeutics Ltd., having a place of business at 71 HaNadiv St. (5th
floor), Herzelia, Israel 12 Bazel St., POB 10019 Kiryat Aryeh, Petach Tikva, Israel 4900101 (“Brainstorm”), for good
and valuable consideration, hereby transfers and assigns to Ramot at Tel Aviv University Ltd., having a place of business at Tel
Aviv University in Ramat-Aviv, Tel Aviv 61392, Israel (“Ramot”), at Brainstorm’s complete expense, Brainstorm’s complete
and total worldwide right, title and interest in and to the Assigned Rights (as defined in amendment no. 3 to the Second Amended
and Restated Research and License Agreement executed by Brainstorm and Ramot on February 18, 2016) (“Assigned Rights”).

 

		2.	Brainstorm agrees, at Ramot’s request and Brainstorm’s expense, to assist and cooperate in
all respects to execute documents and take such further acts as may reasonably be requested by Ramot to acquire, transfer, maintain,
perfect and enforce patent and other legal protection for the Assigned Rights.

 

	
        BRAINSTROM CELL THERAPEUTICS LTD

        
	 
		 
	 		 
	By:	/s/ Uri Yablonka	 
	Name: Uri Yablonka	 
	Title: COO

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