Document:

Orgenesis Inc. - Exhibit 4.2 - Filed by newsfilecorp.com

EXHIBIT C 

FORM OF NOTE 

THIS CONVERTIBLE NOTE (THE “NOTE”) AND THE SECURITIES
ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), NOR UNDER ANY
STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, PLEDGED, SOLD, ASSIGNED,
TRANSFERRED, OR OTHERWISE DISPOSED OF UNLESS AN EXEMPTION EXISTS OR UNLESS SUCH
DISPOSITION IS NOT SUBJECT TO THE SECURITIES ACT OR STATE SECURITIES LAWS, AND
THE AVAILABILITY OF ANY EXEMPTION OR THE INAPPLICABILITY OF SUCH SECURITIES LAWS
MUST BE ESTABLISHED BY AN OPINION OF COUNSEL, WHICH OPINION OF COUNSEL WILL BE
REASONABLY SATISFACTORY TO THE COMPANY. 

Issue Date: November 13, 2018 

$ 250,000 

TWO PERCENT (2%) UNSECURED CONVERTIBLE NOTE 

1.         
General 

FOR VALUE RECEIVED, Orgenesis Inc. (the
“Company”) promises to pay to the order of Avner Sonnino
(the “Holder”) the principal sum of Two Hundred Fifty Thousand
Dollars ($250,000) in lawful currency of the United States (the
“Principal Amount”) and to pay interest to the Holder on the aggregate
unconverted and then outstanding Principal Amount at the rate of two percent
(2.0%) per annum, on November 13, 2021 (the “Maturity Date”). 

This Note has been entered into pursuant to the terms of a
subscription agreement between the Company and the Holder, dated of even date
herewith (the “Subscription Agreement”), and shall be governed by the
terms of such Subscription Agreement. Unless otherwise separately defined
herein, all capitalized terms used in this Note shall have the same meaning as
is set forth in the Subscription Agreement. 

Interest payable on this Note shall accrue on the outstanding
Principal Amount at a rate per annum of two percent (2%) computed on the basis
of the actual number of days elapsed and a year of 365 days. Interest shall be
payable in arrears together with, at the same time and in the same manner as
payment of Principal Amount, on the Maturity Date, whether by acceleration or
otherwise. 

Payment of this Note shall be paid to the Holder by the Company
by wire transfer in accordance with the wiring instructions set out by Holder at
time of payment (or such other instructions as the Holder may give the Company
of from time to time) (or such other method as may be mutually agreed to by the
Holder and the Company from time to time). THIS NOTE MAY NOT BE TRANSFERRED
OR EXCHANGED. 

2.        
 Event of Default For the purposes of this Note, the Company
shall be in default upon the occurrence of any one or more of the following
events (each such event being an “Event of Default”): 

            (a)       
default shall be made in the payment of any installment of principal or interest
on this Note or any other sum secured hereby when due and the Company fails to
cure such default within ten (10) days after written notice of default is sent
to the Company; 

            (b)       
there is a material default by the Company in the observance or performance of
any non-monetary covenant or agreement contained herein and the Company fails to
cure such default within thirty (30) days after written notice of default is
sent to the Company (or within such other time period as may be therein
specifically provided); 

            (c)       
there is a breach by the Company of any material representation or warranty
contained herein; 

            (d)       
the Company shall file a voluntary petition in bankruptcy or shall be
adjudicated bankrupt or insolvent, or shall file any petition or answer seeking
or acquiescing in any reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief for itself under any present or
future federal, state or other statute, law or regulation relating to
bankruptcy, insolvency or other relief for debtors; or shall seek, consent to,
or acquiesce in, the appointment of any trustee, receiver or liquidator of the
Company or of all or substantially all of the assets of the Company (the
“Assets”), or of any or all of the royalties, revenues, rents, issues or
profits thereof, or shall make any general assignment for the benefit of
creditors, or shall admit in writing its inability to pay its debts generally as
they become due; 

            (e)       
a petition to a court of competent jurisdiction shall be filed for the entry of
an order, judgment or decree approving a petition filed against the Company
seeking any reorganization, dissolution or similar relief under any present or
future federal, state or other statute, law or regulation relating to
bankruptcy, insolvency or other relief for debtors, and such petition shall
remain unvacated or not removed for an aggregate of sixty (60) days (whether or
not consecutive) from the first date of entry thereof or rejected by such court;
or any trustee, receiver or liquidator of the Company or of all or any part of
the Assets, or of any or all of the royalties, revenues, rents, issues or
profits thereof, shall be appointed without the consent or acquiescence of the
Company and such appointment shall remain unvacated and unstayed for an
aggregate of sixty (60) days (whether or not consecutive); 

            (f)       
a writ of execution or attachment or any similar process shall be issued or
levied against all or any part of or interest in the Assets, or any judgment
involving monetary damages shall be entered against the Company which shall
become a lien on the Assets or any portion thereof or interest therein and such
execution, attachment or similar process or judgment is not released, bonded,
satisfied, vacated or stayed within sixty (60) days after its entry or levy; or

            (g)       
the Company ceases or threatens to cease to carry on its business; or 

            (h)       
the Company admits its inability to pay its debts upon their falling due. 

If any Event of Default occurs, subject to any cure period, the
full Principal Amount, together with interest and other amounts owing in respect
thereof to the date of acceleration shall become, at the Holder’s election,
immediately due and payable in cash. Upon payment of the full Principal Amount,
together with interest and a default interest at the rate of 12% per annum
(accruing as from the time of occurrence of the Event of Default) and other
amounts owing in respect thereof, in accordance herewith, this Note shall
promptly be surrendered to or as directed by the Company. The Holder need not
provide, and the Company hereby waives any presentment, demand, protest or other
notice of any kind, and the Holder may immediately and without expiration of any
grace period enforce any and all of its rights and remedies hereunder and all
other remedies available to it under applicable law. Such declaration may be
rescinded and annulled by the Holder at any time prior to payment hereunder and
the Holder shall have all rights as a Note holder until such time, if any, as
the full payment under this Section 2 shall have been received by it. No such rescission or annulment shall affect
any subsequent Event of Default or impair any right consequent thereon. 

2

3.        
 Conversion. This Note, all or any part of the
Principal Amount of the Note, plus accrued and unpaid interest thereon, shall be
convertible into either of the following in the sole discretion of the Holder:
(i) Units consisting of (1) Conversion Shares and one (1) Warrant Share (such
Warrant Shares to be issued at the Exercise Price pursuant to the terms of the
Warrant) or (ii) the Hemogenyx Securities. 

            3.1       
Conversion Price; Conversion Shares. The conversion price for the
Principal Amount and interest under this Note shall be either of the following:
(i) $7.00 in the event the Holder elects to convert the Principal Amount and
interest under this Note into Units or (ii) a price per share based on a
pre-money valuation of Hemogenyx of US$12,000,000 in the event the Holder elects
to convert the Principal Amount and interest under this Note into the Hemogenyx
Securities (each applicable price being referred to as the “Conversion
Price”). The number of Units or Hemogenyx Securities (as applicable)
issuable upon a conversion hereunder shall be determined by the quotient
obtained by dividing (x) the outstanding Principal Amount of this Note, plus
accrued and unpaid interest thereon, to be converted by (y) the applicable
Conversion Price. 

            3.2       
Mandatory Conversion. At any time after the first two (2) years of this
Agreement, the entire Principal Amount under this Note, plus accrued and unpaid
interest thereon, shall automatically convert into Units if at any time from and
after the date hereof, the closing price of the Company’s Common Stock on the
Nasdaq Capital Market (or other national stock exchange or market on which the
Common Stock is then listed or quoted) equals or exceeds $20.00 per share (which
amount may be adjusted for certain capital events, such as stock splits, as
described herein) for thirty (30) consecutive Trading Days (a “Conversion
Event”). The Principal Amount under this Note, plus accrued and unpaid
interest thereon, shall convert at $7.00 per share. Within five (5) Business
Days after such Conversion Event, the Company shall notify the Holder that the
Note must be automatically converted pursuant to this Section 3.2 and specify
the Principal Amount of the Note and accrued interest that will automatically
converted and the date on which such conversion was effected.

            3.2       
Voluntary Conversion. During the Converison Period (as may be extended
pursuant to the terms of the Subscription Agreement), this Note shall be
convertible (pursuant to Section 1.2 and 1.3 of the Subscription Agreement), in
whole or in part, into Units or Hemogenyx Securities at the option of the
Holder, at any time and from time to time, at the applicable Conversion Price.
The Holder shall effect conversions by delivering to the Company a Notice of
Conversion, the forms of which is attached hereto as Annex A for
conversion into the Units and Annex B for the conversion into Hemogenyx
Securities (each, a “Notice of Conversion”), specifying therein the
Principal Amount of this Note and accrued interest, if any, to be converted, and
the date on which such conversion shall be effected (such date, the
“Conversion Date”). If no Conversion Date is specified in a Notice of
Conversion, the Conversion Date shall be the date that such Notice of Conversion
is deemed delivered hereunder. To effect conversions hereunder, the Holder shall
not be required to physically surrender this Note to the Company unless the
entire Principal Amount of this Note, plus all accrued and unpaid interest
thereon, has been so converted in which case the Holder shall surrender this
Note as promptly as is reasonably practicable after such conversion without
delaying the Company’s obligation to deliver the Units otherwise pursuant to the
terms of this Note. Conversions hereunder shall have the effect of lowering the
outstanding Principal Amount of this Note in an amount equal to the applicable
conversion. The Holder and the Company shall maintain records showing the
Principal Amount(s) converted and the date of such conversion(s). The Company
may deliver an objection to any Notice of Conversion within five (5) Business
Days of delivery of such Notice of Conversion. The Holder, and any assignee by
acceptance of this Note, acknowledge and agree that, by reason of the provisions
of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note
may be less than the amount stated on the face hereof.

3

            3.3       
Reservation of Common Stock. The Company shall reserve and keep available
out of its authorized but unissued shares of Common Stock, solely for the
purpose of effecting the conversion of this Note and the exercise of the
Warrants, that number of shares of Common Stock equal to sum of (i) the number
of shares of Common Stock into which the Note is convertible from time to time
based upon the Conversion Price, plus (ii) the number of shares of Common Stock
for which the Warrants are exercisable from time to time based upon the Exercise
Price.In the event the Holder elects to convert the Principal Amount and
interest owed under the Note into Hemogenyx Securities, the Company makes no
representation or warranties of any kind with respect to the Hemogenyx
Securities and the reservation and availability thereof pursuant to the terms of
this Note and the Subscription Agreement.

            3.4       
Delivery. In the event the Holder elects to convert the Principal Amount
and interest owed under this Note into Units, then not later than ten Business
Days after any Conversion Date, the Company will deliver to the Holder, either
by overnight courier service to the address of the Holder set out on page 1 of
this Note (or such other address as the Holder may notify the Company of from
time to time in accordance with Section 5 hereof) or electronically, at the
discretion of the Holder, certificates representing the Conversion Shares and
Warrants (bearing such legends as may be required by applicable law)
representing the aggregate number of Conversion Shares and Warrants being
acquired upon conversion. In the event the Holder elects to convert the
Principal Amount and interest owed under this Note into the Hemogenyx
Securities, the Company undertakes to use reasonable efforts to have Hemogenyx
issue the Hemogenyx Securities in the name of the Holder in a timely manner.

            3.5       
Fractional Shares and Warrants. Upon a conversion hereunder, the Company
shall not be required to issue certificates representing fractions of any
Conversion Shares or Warrants, and the number of Conversion Shares and Warrants
shall be rounded down to the nearest whole number. 

            3.6        Issuance of
Replacement Note. Upon any partial conversion of this Note, a replacement
Note containing the same date and provisions of this Note shall, at the written
request of the Holder, be issued by the Company to the Holder for the
outstanding Principal Amount of this Note and accrued interest which shall not
have been converted or paid, provided Holder has surrendered an original Note to
the Company. In the event that the Holder elects not to surrender a Note for
reissuance upon partial payment or conversion, the Holder hereby indemnifies the
Company against any and all loss or damage attributable to a third-party claim
in an amount in excess of the actual amount then due under the Note.

4.        
 Adjustments 

4.1        If, at any time
while any portion of this Note remains outstanding, the Company effectuates a
stock split or reverse stock split of its Common Stock or issues a dividend on
Common Stock consisting of shares of Common Stock, the Conversion Price and any
other amounts calculated as contemplated hereby or by any of the other
Agreements shall be equitably adjusted to reflect such action. By way of
illustration, and not in limitation, of the foregoing, (i) if the Company
effectuates a 2:1 split of its Common Stock, thereafter, with respect to any
conversion for which the Company issues shares after the record date of such
split, the Conversion Price shall be deemed to be one-half of what it had been
immediately prior to such split; (ii) if the Company effectuates a 1:10 reverse
split of its Common Stock, thereafter, with respect to any conversion for which
the Company issues shares after the record date of such reverse split, the
Conversion Price shall be deemed to be ten times what it had been calculated to
be immediately prior to such split; and (iii) if the Company declares a stock
dividend of one share of Common Stock for every 10 shares outstanding,
thereafter, with respect to any conversion for which the Company issues shares
after the record date of such dividend, the Conversion Price shall be deemed to
be such amount multiplied by a fraction, of which the numerator is
the number of shares (10 in the example) for which a dividend share will be
issued and the denominator is such number of shares plus the dividend share(s)
issuable or issued thereon (11 in the example). 

4

4.2        In case of any
capital reorganization or of any reclassification of the capital of the Company
or in case of the consolidation, merger or amalgamation of the Company with or
into any other company or of the sale of the assets of the Company as or
substantially as an entirety or of any other company, this Note shall, after
such capital reorganization, reclassification of capital, consolidation, merger,
amalgamation or sale, confer the right to convert into that number of shares or
other securities or property of the Company or of the company resulting from
such capital reorganization, reclassification, consolidation, merger,
amalgamation or to which such sale shall be made, as the case may be, to which
the Holder of the shares deliverable at the time of such capital reorganization,
reclassification of capital, consolidation, merger, amalgamation or sale had the
Note been converted would have been entitled on such capital reorganization,
reclassification, consolidation, merger, amalgamation or sale and in any such
case, if necessary, appropriate adjustments shall be made in the application of
the provisions set forth herein with respect to the rights and interest
thereafter of the Holders of the Notes to the end that the provisions set forth
herein shall thereafter correspondingly be made applicable as nearly as may
reasonable be expected in relation to any shares or other securities or property
thereafter deliverable on the exercise of the Warrants. The subdivision or
consolidation of the shares at any time outstanding into a greater or lesser
number of shares (whether with or without par value) shall not be deemed to be a
capital reorganization or a reclassification of the capital of the Company for
the purposes of this Section. 

5.         
Notices

5.1        Any and all
notices or other communications or deliveries to be provided by the Holder
hereunder, including, without limitation, any Conversion Notice, shall be in
writing, sent by a nationally recognized overnight courier service or by
electronic mail, addressed to the Company: Orgenesis Inc., Attn: Neil
Reithinger, CFO, 14201 N. Hayden Road, Suite A-1, Scottsdale, AZ 85260, Email:
neil.r@orgenesis.com or such other address as the Company may specify for such
purposes by notice to the Holder delivered in accordance with this Section 5.
The address of the Holder is: _____________________, Attention:
___________________Email: ______________________. 

5.2        Any and all
notices or other communications or deliveries to be provided by the Company
hereunder shall be in writing and delivered personally, by facsimile, sent by a
nationally recognized overnight courier service addressed to the Holder at the
Email or street address of the Holder appearing on page 1 of this Note (or such
other address as the Holder may notify the Company of from time to time in
accordance with this Section 5), or if no such email or street address appears,
at the address of the Holder to which this Note was delivered. 

5.3        Any notice or
other communication or deliveries hereunder shall be deemed given and effective
on the earliest of (a) the date of transmission, if such notice or communication
is delivered via electronic mail at the address specified in this Section 5
prior to 5:30 p.m. (U.S. Eastern Time), (b) the date after the date of
transmission, if such notice or communication is delivered via electronic mail
at the Email address specified in this Section 5 later than 5:30 p.m. (U.S.
Eastern Time) on any date and earlier than 11:59 p.m. (U.S. Eastern Time) on
such date, (c) the second Business Day following the date of mailing, if sent by
nationally recognized overnight courier service, or (d) upon actual receipt by
the party to whom such notice is required to be given. 

6.        
 Definitions

5

For the purposes hereof, in addition to the terms defined
elsewhere in this Note, the following terms shall have the following meanings:

            (a)       
“Business Day” means any day on which banking institutions in New York
are open for business; and 

            (b)       
“Person” means a corporation, an association, a partnership,
organization, a business, an individual, a government or political subdivision
thereof or a governmental agency. 

            (c)       
“Trading Day” means any day on which the Common Stock is traded on The
Nasdaq Capital Market, or, if The Nasdaq Capital Market is not the principal
trading market for the Common Stock, then on the principal securities exchange
or securities market on which the Common Stock is then traded. 

7.         
Replacement of Note if Lost or Destroyed 

If this Note shall be mutilated, lost, stolen or destroyed, the
Company shall execute and deliver, in exchange and substitution for and upon
cancellation of a mutilated Note, or in lieu of or in substitution for a lost,
stolen or destroyed Note, a new Note for the balance outstanding at such time
with respect to the Principal Amount, but only upon receipt of evidence of such
loss, theft or destruction of such Note, and of the ownership hereof, and
indemnity, if requested, all reasonably satisfactory to the Company. 

8.        
 Governing Law 

All questions concerning the construction, validity,
enforcement and interpretation of this Note shall be governed by and construed
and enforced in accordance with the internal laws of New York, without regard to
the principles of conflicts of law thereof. Any dispute arising under or in
relation to this Note shall be resolved exclusively in the competent courts in
New York, and each of the parties hereby submits irrevocably to the jurisdiction
of such court. 

9.         
Waivers 

Any waiver by the Company or the Holder of a breach of any
provision of this Note shall not operate as or be construed to be a waiver of
any other breach of such provision or of any breach of any other provision of
this Note. The failure of the Company or the Holder to insist upon strict
adherence to any term of this Note on one or more occasions shall not be
considered a waiver or deprive that party of the right thereafter to insist upon
strict adherence to that term or any other term of this Note. Any waiver must be
in writing. 

10.        Next
Business Day 

Whenever any payment or other obligation hereunder shall be due
on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day. 

IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed by a duly authorized officer as of the date first above indicated. 

ORGENESIS INC.

	By:	  	 
	 	Authorized Signatory 	 
	 	Name: Neil Reithinger 	 
	 	Title: Chief Financial Officer
	 

6

ANNEX A 

NOTICE OF CONVERSION FOR ORGENESIS UNITS 

            The
undersigned hereby irrevocably elects to convert $_______________of the
Principal Amount of the above Note into Conversion Shares and Warrant Shares of
Orgenesis Inc., according to the terms and conditions stated therein, as of the
Conversion Date written below. 

Conversion calculations: 

	 	Date to Effect Conversion:
      _____________________________________
	 	 
	 	Principal Amount of Note to be Converted:
      $__________________ 
	 	 
	 	Accrued Interest to be Converted, if any:
      $______________ 
	 	 
	 	Conversion Price: $_________________ 
	 	 
	 	 
	 	Number of Conversion Shares to be issued:
      ________________________
	 	 
	 	Number of shares of Warrants to be issued:
      ________________________
	 	 
	 	Signature:
      __________________________________________________
	 	 
	 	Name:
      _____________________________________________________
	 	 
	 	Address for Delivery of Securities:
      ________________________________
	 	 
	 	 
	 	 
	 	 
	 	Or, if eligible: 
	 	 
	 	DWAC Instructions:
      ___________________________________________
	 	 
	 	Broker No:_____________ 
	 	Account No: _____________

7

ANNEX B 

NOTICE OF CONVERSION FOR IMMUNGENYX SECURITIES 

      
     The undersigned hereby irrevocably elects to
convert $_______________of the Principal Amount of the above Note into Hemogenyx
Securities, according to the terms and conditions stated therein, as of the
Conversion Date written below. 

Conversion calculations: 

	 	Date to Effect Conversion:
      _____________________________________
	 	 
	 	Principal Amount of Note to be Converted:
      $__________________ 
	 	 
	 	Accrued Interest to be Converted, if any:
      $______________ 
	 	 
	 	Conversion Price: $_________________ 
	 	 
	 	Number of Hemogenyx Securities to be issued:
      _____________________
	 	 
	 	 
	 	Signature:
      _________________________________________________
	 	 
	 	Name:
      ____________________________________________________

8Orgenesis Inc. - Exhibit 4.3 - Filed by newsfilecorp.com

EXHIBIT D 
FORM OF WARRANT

THESE WARRANTS ARE NOT TRANSFERABLE 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE
OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT,
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT
TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
SECURITIES LAWS. 

ORGENESIS INC. 
(A Nevada Corporation) 

NON-TRANSFERABLE 
WARRANT CERTIFICATE 

	CERTIFICATE NO. 2018 _____	 
	 	 
	NUMBER OF WARRANTS: ___________	RIGHT TO PURCHASE
      ________________Shares 

THESE NON-TRANSFERABLE WARRANTS WILL EXPIRE AND BECOME NULL AND
VOID 
AT 5:00 P.M. (PACIFIC TIME) ON THE EXPIRY DATE (AS DEFINED IN THE TERMS
AND 
CONDITIONS ATTACHED TO THIS WARRANT CERTIFICATE. 

NON-TRANSFERABLE SHARE PURCHASE WARRANTS 
TO PURCHASE COMMON
SHARES OF ORGENESIS INC. 

THE WARRANTS ARE REPRESENTED BY THIS CERTIFICATE. 

This is to certify that, for value received,
________________(the “Holder”) has the right to purchase, upon and
subject to the terms and conditions attached hereto as Appendix “A” (the
“Terms and Conditions”) from October __, 2018 to 5:00 p.m. (Pacific Time)
on the Expiry Date (as defined in the attached Terms and Conditions), the number
of fully paid and non-assessable common shares (the “Shares”) of
Orgenesis Inc. (the “Company”) set out above, by surrendering to the
Company, at its offices at 20271 Goldenrod Lane, Germantown, MD 20876, this
Warrant Certificate with a Subscription in the form attached hereto as Appendix
“B”, duly completed and executed, and cash, bank draft, certified cheque or
money order in lawful money of the United States of America, payable to the
order of the Company in an amount equal to the purchase price per Share
multiplied by the number of Shares being purchased (the “Aggregate Purchase
Price”). Subject to adjustment thereof in the events and in the manner set
forth in the Terms and Conditions, the purchase price per Share on the exercise
of each Non-Transferable Share Purchase Warrant (“Warrant”) evidenced
hereby shall be US $7.00 per Share (subject to adjustment as described in
the Terms and Conditions). 

These Warrants are issued subject to the Terms and Conditions,
and the Holder may exercise the right to purchase Shares only in accordance with
the Terms and Conditions. 

Nothing contained herein or in the Terms and Conditions will
confer any right upon the Holder or any other person to subscribe for or
purchase any Shares at any time subsequent to the Expiry Date and from and after
such time, these Warrants and all rights hereunder will be void and of no value.

IN WITNESS WHEREOF the Company has caused this Warrant
Certificate to be executed. 

DATED at the City of Scottsdale, in the __________, as of the
________day of _______, _______. 

ORGENESIS INC. 

	Per:	  	 
	 	Name: Neil Reithinger 	 
	 	Title: Chief Financial Officer
	 

PLEASE NOTE THAT ALL SHARE CERTIFICATES ISSUED TO NON-U.S.
PERSONS UPON EXERCISE HEREOF MUST BE LEGENDED AS FOLLOWS: 

“THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO
PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE 1933 ACT)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS
CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE
SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE
UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT IN ACCORDANCE
WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
WITH THE 1933 ACT.” 

PLEASE NOTE THAT ALL SHARE CERTIFICATES ISSUED TO U.S. PERSONS
UPON EXERCISE HEREOF MUST BE LEGENDED AS FOLLOWS: 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR
ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED
OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
SECURITIES LAWS. 

2

APPENDIX “A” 

TERMS AND CONDITIONS dated as of ____________, 2018 (the “Terms
and Conditions”), attached to the Non-Transferable Share Purchase Warrants
issued by Orgenesis Inc. 

1.         
Definitions

In these Terms and Conditions, unless there is something in the
subject matter or context inconsistent therewith: 

(a)        “Business Day”
means any day other than a Saturday, Sunday, or a day on which banking
institutions in the State of Nevada are authorized or obligated by law or
executive order to close. 

(b)        “Company” means
Orgenesis Inc., a Nevada corporation. If a successor corporation will have
become such as a result of consolidation, amalgamation or merger with or into
any other corporation or corporations, or as a result of the conveyance or
transfer of all or substantially all of the properties and estates of the
Company as an entirety to any other corporation and thereafter “Company” will
mean such successor corporation; 

(c)        “Company’s
Auditors” means an independent firm of accountants duly appointed as auditors of
the Company; 

(d)        “Exercise Price”
means US $7.00 per Share, subject to adjustment as provided in the Terms and
Conditions; 

(e)        “Expiry
Date” means the third anniversary from the date of the issuance of the Note to
the Holder; 

(f)        “herein”,
“hereby” and similar expressions refer to these Terms and Conditions as the same
may be amended or modified from time to time; and the expression “Section”
followed by a number refer to the specified Section of these Terms and
Conditions; 

(g)        “person”
means an individual, corporation, partnership, trustee or any unincorporated
organization and words importing persons have a similar meaning; 

(h)        “Holder” or
“Holders” means the holder of the Warrants and its heirs, executors,
administrators, successors, legal representatives and assigns; 

(i)        “Shares” means
the shares of common stock in the capital of the Company as constituted at the
date hereof and any shares resulting from any subdivision or consolidation of
such shares, issued upon exercise of the Warrants; 

(j)        “Trading Day”
means any day on which the Common Stock is traded on The Nasdaq Capital Market,
or, if The Nasdaq Capital Market is not the principal trading market for the
Common Stock, then on the principal securities exchange or securities market on
which the Common Stock is then traded. 

(k)        “Warrants”
means the Non-Transferable Share Purchase Warrants of the Company issued and
presently authorized and for the time being outstanding; and

(l)        “1933 Act”
means the United States Securities Act of 1933. 

3

2.         
Interpretation 

The division of these Terms and Conditions into sections and
the insertion of headings are for convenience of reference only and shall not
affect the construction or interpretation thereof. Words importing the singular
number include the plural and vice versa and words importing the masculine
gender include the feminine and neuter genders. 

3.        
 Applicable Law

The rights and restrictions attached to the Warrants shall be
construed in accordance with the laws of the State of Nevada. 

4.         
Additional Issuances of Securities

The Company may at any time and from time to time do further
equity or debt financing and may issue additional shares, warrants, convertible
securities, stock options or similar rights to purchase shares of its capital
stock. 

5.         
Replacement of Lost Warrants

In case this Warrant Certificate shall become mutilated, lost,
destroyed or stolen, the Company in its discretion may issue and deliver a new
Warrant Certificate of like date and tenure as the one mutilated, lost,
destroyed or stolen, in exchange for and in place of and upon cancellation of
such mutilated Warrant Certificate, or in lieu of, and in substitution for such
lost, destroyed or stolen Warrant Certificate and the substituted Warrant
Certificate shall be entitled to all benefits hereunder and rank equally in
accordance with its terms with all other Warrants issued or to be issued by the
Company. 

The applicant for the issue of a new Warrant Certificate
pursuant hereto shall bear the cost of the issue thereof and in case of loss,
destruction or theft shall furnish to the Company evidence of ownership and of
loss, destruction or theft of the Warrant Certificate so lost, destroyed or
stolen as shall be satisfactory to the Company and its transfer agent in
accordance with its usual policies and procedures and such applicant may also be
required to furnish indemnity in the amount and form satisfactory to the Company
and its transfer agent in accordance with its usual policies and procedures, and
shall pay the reasonable charges of the Company in connection therewith. 

6.         
Warrant Holder Not a Shareholder

The holding of a Warrant Certificate will not constitute the
Holder as a shareholder of the Company, nor entitle the Holder to any right or
interest in respect thereof except as is expressly provided in the Warrant
Certificate or these Terms and Conditions. 

7.         
Warrants Not Transferable

The Warrants and all rights attached thereto are not
transferable. 

8.         
Notice to Holders

Any notice required or permitted to be given to the Holder will
be in writing and may be given by prepaid registered post, electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy to the address of the Holder appearing on the Warrant Certificate
or to such other address as any Holder may specify by notice in writing to the
Company, and any such notice will be 

4

deemed to have been given and received by the Holder to whom it
was addressed if mailed, on the third day following the mailing thereof, if by
facsimile or other electronic communication, on successful transmission, or, if
delivered, on delivery; but if at the time of mailing or between the time of
mailing and the third Business Day thereafter there is a strike, lockout, or
other labour disturbance affecting postal service, then the notice will not be
effectively given until actually delivered. 

9.        
 Notice to the Company

Any notice required or permitted to be given to the Company
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Company set forth below or such
other address as the Company may specify by notice in writing to the Holder, and
any such notice will be deemed to have been given and received by the Company to
whom it was addressed if mailed, on the third day following the mailing thereof,
if by facsimile or other electronic communication, on successful transmission,
or, if delivered, on delivery; but if at the time or mailing or between the time
of mailing and the third Business Day thereafter there is a strike, lockout, or
other labour disturbance affecting postal service, then the notice will not be
effectively given until actually delivered: 

Orgenesis Inc. 
c/o Eventus Advisory Group, LLC 
14201 N.
Hayden Road, Suite A-1 
Scottsdale, AZ 85260 
Attention: Neil Reithinger,
CFO 

10.        Method
of Exercise of Warrants 

The right to purchase Shares conferred by the Warrants may be
exercised by the Holder of such Warrant by surrendering it to the Company, with
a duly completed and executed subscription in the form attached as Appendix “B”
and cash, bank draft, certified cheque or money order payable to or to the order
of the Company for the Aggregate Purchase Price subscribed for in lawful money
of the United States of America. 

11.        Mandatory
Exercise of Warrants

If at any time from and after the date hereof, the closing
price of the Company’s Common Stock on the Nasdaq Capital Market (or other
national stock exchange or market on which the Common Stock is then listed or
quoted) equals or exceeds $20.00 per share (which amount may be adjusted for
certain capital events, such as stock splits, as described herein) for thirty
(30) consecutive Trading Days (the “Mandatory Exercise Measuring
Period”), then the Company shall have the right to require the Holder to
exercise all or any portion of this Warrant still unexercised for a cash
exercise, as designated in the Mandatory Exercise Notice on the Mandatory
Exercise Date (each as defined below) into fully paid, validly issued and
nonassessable shares of Common Stock in accordance with Section 10 hereof at the
Exercise Price as of the Mandatory Exercise Date (as defined below) (a
“Mandatory Exercise”). The Company may exercise its right to require
exercise under this Section 5 by delivering within not more than five (5)
Trading Days following the end of such Mandatory Exercise Measuring Period a
written notice thereof by electronic mail to the Holder (the “Mandatory
Exercise Notice” and the date that the Holder received such notice is
referred to as the “Mandatory Exercise Notice Date”). The Mandatory
Exercise Notice shall be irrevocable. The Mandatory Exercise Notice shall state
(I) the Trading Day on which the Mandatory Exercise shall occur, which shall be
the second (2nd) Trading Day following the Mandatory Exercise Notice Date (the
“Mandatory Exercise Date”) and (II) the aggregate number of 

5

Warrants which the Company has elected to be subject to such
Mandatory Exercise from the Holder (the “Mandatory Exercise Amount”)
pursuant to this Section 11.

6

12.        Effect
of Exercise of Warrants 

Upon surrender and payment as aforesaid, the Shares so
subscribed for shall be deemed to have been issued and such Holder shall be
deemed to have become the holder (or holders) of record of such Shares on the
date of such surrender and payment and such Shares shall be issued at the
Exercise Price in effect on the date of such surrender and payment. 

Within ten Business Days after surrender and payment as
aforesaid, the Company shall forthwith cause to be delivered to the person or
persons in whose name or names the Shares so subscribed for are to be issued as
specified in such subscription or mailed to him or them at his or their
respective addresses specified in such subscription, a certificate or
certificates for the appropriate number of Shares not exceeding those which the
Holder is entitled to purchase pursuant to the Warrant surrendered. 

13.        Subscription
for Less than Entitlement

The Holder of any Warrant may subscribe for and purchase a
number of Shares less than the number which he is entitled to purchase pursuant
to the surrendered Warrant. In the event of any purchase of a number of Shares
less than the number which can be purchase pursuant to a Warrant, the Holder,
upon exercise thereof, shall be entitled to receive a new Warrant Certificate in
respect of the balance of the Shares which he was entitled to purchase pursuant
to the surrendered Warrant Certificate and which were not then purchased. 

14.        Warrants
for Fractions of Shares

To the extent that the Holder of any Warrant is entitled to
receive on the exercise or partial exercise thereof a fraction of a Share, such
right may be exercised in respect of such fraction only in combination with
another Warrant or other Warrants which in the aggregate entitle the Holder to
receive a whole number of such Shares. 

15.        Expiration
of Warrants

After the expiration of the Expiry Period, all rights
thereunder shall wholly cease and terminate and such Warrants shall be void and
of no further force and effect. 

16.        Adjustment
of Exercise Price

The Exercise Price and the number of Common Shares deliverable
upon the exercise of the Warrants shall be subject to adjustment in the event
and in the manner following: 

(a)        If and
whenever the Shares at any time outstanding shall be subdivided into a greater
or consolidated into a lesser number of Shares, the Exercise Price shall be
decreased or increased proportionately, as the case may be, and upon any such
subdivision or consolidation, the number of Shares deliverable upon the exercise
of the Warrants shall be increased or decreased proportionately, as the case may
be; 

(b)        In case of any
capital reorganization or of any reclassification of the capital of the Company
or in case of the consolidation, merger or amalgamation of the Company with or
into any other company or of the sale of the assets of the Company as or
substantially as an entirety or of any other company, each Warrant shall, after
such capital reorganization, reclassification of capital, consolidation, merger,
amalgamation or sale, confer the right to purchase that number of shares or
other securities or property of the Company or of the company resulting from
such capital reorganization, reclassification, 

7

consolidation, merger, amalgamation or to which such sale shall
be made, as the case may be, to which the Holder of the shares deliverable at
the time of such capital reorganization, reclassification of capital,
consolidation, merger, amalgamation or sale had the Warrants been exercised,
would have been entitled on such capital reorganization, reclassification,
consolidation, merger, amalgamation or sale and in any such case, if necessary,
appropriate adjustments shall be made in the application of the provisions set
forth in Sections 13 to 20 hereof with respect to the rights and interest
thereafter of the Holders of the Warrants to the end that the provisions set
forth in Sections 13 to 20 hereof shall thereafter correspondingly be made
applicable as nearly as may reasonable be expected in relation to any shares or
other securities or property thereafter deliverable on the exercise of the
Warrants. The subdivision or consolidation of the Shares at any time outstanding
into a greater or lesser number of Shares (whether with or without par value)
shall not be deemed to be a capital reorganization or a reclassification of the
capital of the Company for the purposes of this Section 16(b). 

The adjustments provided for in this Section 16 pursuant to any
Warrants are cumulative .and will become effective immediately after the record
date for, or, if no record date is fixed, the effective date, of the event which
results in such adjustments. 

17.       
Determination of Adjustments

If any questions shall at any time arise with respect to the
Exercise Price or any adjustments provided for in this Warrant, such questions
shall be conclusively determined by the Company’s Auditors, from time to time,
or, if they decline to so act, any other firm of chartered accountants that the
Company may designate and who shall have access to all appropriate records and
such determination shall be binding upon the Company and the Holders. 

18.        Covenants
of the Company

The Company will reserve and there will remain unissued out of
its authorized capital a sufficient number of Shares to satisfy the rights of
purchase provided for in the Warrants should the Holders of all the Warrants
from time to time outstanding determine to exercise such rights in respect of
all Shares which they are or may be entitled to purchase pursuant thereto. 

19.        Immunity of
Shareholders, etc.

The Holder hereby waives and releases any right, cause of
action or remedy now or hereafter existing in any jurisdiction against any past,
present or future incorporator, shareholder, director or officer (as such) of
the Company for the issue of Shares pursuant to any Warrant or on any covenant,
agreement, representation or warranty by the Company herein contained. 

20.        Modification
of Terms and Conditions for Certain Purposes

From time to time the Company may, subject to the provisions of
these presents, and it shall, when so directed by these presents, modify the
terms, and conditions hereof, for any one or more of any of the following
purposes: 

(a)        making such
provisions not inconsistent herewith as may be necessary or desirable with
respect to matters or questions arising hereunder or for the purpose of
obtaining a listing or quotation of the Warrants on any stock exchange or
quotation system; 

8

(b)        adding to or
altering the provisions hereof in respect of the registration and transfer of
Warrants making provisions for the exchange of Warrants of different
denominations; and making any modification in the form of the Warrants which
does not affect the substance thereof; 

(c)        for any other
purpose not inconsistent with the terms hereof, including the correction or
recertification of any ambiguities, defective provisions, errors or omissions
herein; and 

(d)        to evidence
any successions of any corporation and the assumption of any successor of the
covenants of the Company herein and in the Warrants contained as provided
herein. 

21.        United
States Restrictions

These Warrants and the Shares issuable upon the exercise of
these Warrants have not been and will not be registered under the 1933 Act as
amended or any state securities laws. These Warrants may not be exercised in the
United States (as defined in Regulation S under the 1933 Act) unless these
Warrants and the Shares issuable upon exercise hereof have been registered under
the 1933 Act, and any applicable state securities laws or unless an exemption
from such registration is available. 

DATED as of the date first above written in these Terms and
Conditions. 

ORGENESIS INC. 

	Per:	   	 
	 	Name: Neil Reithinger 	 
	 	Title: Chief Financial Officer
	 

9

APPENDIX “B” 

SUBSCRIPTION FORM

(ONE NON-TRANSFERABLE SHARE PURCHASE WARRANT IS 
REQUIRED TO
SUBSCRIBE FOR EACH COMMON SHARE) 

TO: ORGENESIS INC. 
20271 Goldenrod Lane

Germantown, MD 20876 

The undersigned, bearer of the attached Non-Transferable Share
Purchase Warrants, hereby subscribes for _____________ of shares of common stock
of Orgenesis Inc. (the “Company”) referred to in the Warrants according
to the conditions thereof and herewith makes payment of the purchase price in
full for the said number of shares at the price of U.S. $7.00 per share if
exercised on or before 5:00 p.m. (Pacific Time) on the Expiry Date (as that term
is defined in the Terms and Conditions attached to the Non-Transferable Share
Purchase Warrant). Cash, a certified cheque, bank draft or money order is
enclosed herewith for such amount. 

The undersigned hereby directs that the shares hereby
subscribed for be issued and delivered as follows: 

	Name(s) in Full 	 	Address(es) 	 	Number of Shares 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

(Please print full names in which share certificates are to be
issued. The Share must be issued in the name of the Holder.) 

DATED this ______ day of ___________________, 20___ . (the
“Exercise Date”) 

	 	 	 
	Witness 	 	Signature 
	Please print your name and address in full 	 	  
	  	 	  
	  	 	Address 
      _____________________________________
	 	 	 
	 	 	                
      _____________________________________

TERMS AND CONDITIONS 

The Warrants are issued subject to the Terms and Conditions,
which are attached to the Warrant Certificate delivered to the Holder.

10

[APPLIES TO NON-U.S. PERSONS ONLY:] 

REPRESENTATIONS AND WARRANTIES 

The undersigned represents and warrants that the undersigned is
not a “U.S. person”, as such term is defined in Regulation S as promulgated
under the United States Securities Act of 1933, as at the Exercise Date. The
undersigned represents and warrants that the representations and warranties in
the subscription agreement between the undersigned and the Company dated the
Holder are true and correct as of the date of the Exercise Date. 

LEGENDS

The certificates representing the shares acquired on the
exercise of the Warrants will bear a legend in substantially the following form:

“THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO A
PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).
ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS CERTIFICATE RELATES HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE UNITED STATES (AS DEFINED HEREIN)
OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY
REGULATION S UNDER THE 1933 ACT.” 

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]