Document:

8-K

Exhibit 10.1  

SECURITIES PURCHASE
AGREEMENT 

        This
Agreement (this “Agreement”) is dated September 10, 2008, and is between
Pluristem Therapeutics Inc., a Nevada corporation (the “Company”), and
Bangor Holdings Ltd. and assignees, a British Virgin Islands company (the
“Purchaser”). 

        The
Company and the Purchaser agree as follows: 

ARTICLE 1 
PURCHASE AND SALE 

        1.1
Closing.  

	 	        (a)
Securities Purchased. At the closing of the transactions contemplated
               hereby (the “Closing”), the Company will sell and the
Purchaser                will purchase the following securities of the Company for an
aggregate purchase                price of up to US$2,000,000 (the “Purchase Price”):  

	 	        (i)
               900,000 shares of Common Stock at a price of $1.15 per share, or an
aggregate                purchase price of $1,035,000 (the “Registered Shares”);  

	 	        (ii)
               The Purchaser has the option, to notify the Company no later than
September 19,                2008 of its intent to purchase additional 643,333 shares of
Common Stock at a                purchase price of $1.50 per share, or an aggregate
purchase price of $965,000                (the “Unregistered Shares”);
and  

	 	        (iii) –
warrants to purchase 675,000 shares of Common Stock. In the event that Purchaser
exercises the option mentioned in (ii) above, the Company will sell additional warrants
to purchase 643,333 shares of Common Stock, so the aggregate number of warrants shall be
1,318,333, each at an exercise price of $1.90 per share, no separate consideration being
paid for such warrants (the “Warrants”). (The Registered Shares and the
Unregistered Shares are referred to as the “Shares”, the shares issuable
upon exercise of the Warrants are referred to as the “Warrant Shares” and
all of the foregoing are referred to as the “Securities”.) 

	 	        (b)
Closing Deliveries. The Closing shall take place on no less than five
               days notice from the Company to the Purchaser, with the Closing to be held
no                later than September 22, 2008. At the Closing, the Purchaser shall
deliver to                the Company immediately available funds equal to the Purchase
Price, and the                Company shall deliver to the Purchaser the Securities,
effected by delivering to                the Purchaser a copy of the irrevocable
instructions to the Company’s                transfer agent instructing the transfer
agent to deliver the Shares via                overnight courier share certificates or
via the Depository Trust Company Deposit                Withdrawal Agent Commission
System, and delivery of the Warrants (which may                initially be an electronic
copy, to be followed immediately by the original                executed Warrants), in
each case in the name of the Purchaser. The Warrants are                five-year
warrants and shall be in the form previously provided to the                Purchaser.
The obligations of the Company and the Purchaser to effect the                Closing are
unconditional.  

1

ARTICLE 2 
REPRESENTATIONS AND
WARRANTIES 

        2.1
Representations and Warranties of the Company.  

	 	        (a)
Organization and Qualification. The Company is a corporation duly
               incorporated, validly existing and in good standing under the laws of the
State                of Nevada, with the requisite power and authority to own and use its
properties                and assets and to carry on its business as currently conducted.  

	 	        (b)
Authorization; Enforcement. The Company has the requisite corporate power
               and authority to enter into and to consummate the transactions
contemplated                hereby. The execution and delivery of this Agreement by the
Company and the                consummation by it of the transactions contemplated
hereby, including the                issuance of the Securities, has been duly authorized
by all necessary action on                the part of the Company. This Agreement is the
valid and binding obligation of                the Company enforceable against the
Company in accordance with its terms.  

	 	        (c)
Issuance of the Securities; Registration. The Securities are duly
               authorized and, when issued and paid for in accordance with this
Agreement, will                be duly and validly issued, fully paid and nonassessable.
The Warrant Shares,                when issued in accordance with the terms of the
Warrants, will be validly                issued, fully paid and nonassessable. The
Registered Shares have been duly                registered under the Securities Act of
1933 (the “Securities                Act”).  

	 	        (d)
SEC Reports. The Company has timely filed all reports, schedules, forms,
               statements and other documents required to be filed by the Company under
the                Securities Exchange Act of 1934 (the “Exchange Act”)
for at                least the one year preceding the date hereof (or such shorter
period as the                Company was required to do so) (the “SEC Reports”).
As of their                respective dates, the SEC Reports complied in all material
respects with the                requirements of the Exchange Act, as applicable, and
none of the SEC Reports,                when filed, contained any untrue statement of a
material fact or omitted to                state a material fact required to be stated
therein or necessary in order to                make the statements therein, in light of
the circumstances under which they were                made, not misleading.  

	 	        (e)
Material Adverse Change. Since the date of the latest SEC Report, there
               has been no material adverse change in the business or financial condition
of                the Company.  

        2.2
Representations and Warranties of the Purchaser. The Purchaser hereby
represents and warrants as follows:  

	 	        (a)
Organization; Authority. The Purchaser is an entity duly organized,
               validly existing and in good standing under the laws of the jurisdiction
of its                organization with full right, corporate or partnership power and
authority to                enter into and to consummate the transactions contemplated by
this Agreement and                otherwise to carry out its obligations hereunder and
thereunder. The execution                and delivery of this Agreement and performance
by the Purchaser of the                transactions contemplated by this Agreement have
been duly authorized by all                necessary corporate or similar action on the
part of the Purchaser. This                Agreement has been duly executed by the
Purchaser, and is the valid and legally                binding obligation of the
Purchaser, enforceable against it in accordance with                its terms.  

	 	        (b)
Own Account. The Purchaser is acquiring the Securities as principal for
               its own account and not and will not acquire the Unregistered Shares, the
               Warrants or the Warrant Shares with a view to or for distributing or
reselling                them in violation of the Securities Act or any applicable state
securities law,                has no present intention of distributing any of them in
violation of the                Securities Act or any applicable state securities law and
has no direct or                indirect arrangement or understandings with any other
persons to distribute or                regarding their distribution of such Securities.  

2

	 	        (c)
Regulation S. The Purchaser makes the following representations related
               to Regulation S under the Securities Act: (i) it is not a “U.S.
               Person” as that term is defined in Rule 902 of Regulation S under the
               Securities Act; and received all communications relating to the issuance
of the                Shares, and executed all documents relating thereto, outside the
United States;                and (ii) it agrees to resell the Unregistered Shares, the
Warrants and the                Warrant Shares only in accordance with the provisions of
Regulation S, or                pursuant to an available exemption from the registration
requirements of the                Securities Act, and further agrees not to engage in
hedging transactions with                regard to such securities unless in compliance
with the Securities Act.  

ARTICLE 3
OTHER AGREEMENTS OF THE
PARTIES 

        3.1
Publicity. The parties agree that this Agreement and the transactions contemplated
hereby will remain confidential until the Company files a Form 8-K with the Securities and
Exchange Commission disclosing this Agreement. The Purchaser agrees not to effect any
purchase or sale of the securities of the Company until after such filing is made. 

        3.2
Registration Rights. The Company undertakes to register the resale of the
Unregistered Shares (if the Purchaser exercised the option in Section 1. (a)(ii) above)
and the Warrant shares under the Securities Act. The Company will file a registration
statement with respect thereto within 120 days after the date hereof and will use its best
efforts to cause the registration to be declared effective as soon as practical
thereafter. The Company also agrees to deliver to the Purchaser prior to the filing of the
registration statement an agreement providing customary indemnification to the Purchaser
in respect of any material misstatements or material omissions from the registration
statement. 

ARTICLE 4
SMISCELLANEOUS 

        4.1
Fees and Expenses. Each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such
party in connection with this Agreement. Purchaser acknowledge that the Company shall pay
a transaction fee to finders equal to 6% of the actual Purchase Price and five-year
warrants at an exercise price of $1.50 per share to purchase such number of the
Company’s shares of Common Stock that equals 6% of the actual Purchase Price divided
by $1.50. 

        4.2
Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of: (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or by email to the email
address set forth on the signature page or (c) upon actual receipt by the party to whom
such notice is required to be given. 

        4.3
Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties and their successors. This Agreement is not assignable by either
party. 

        4.4
Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of New York. Each party agrees that all
legal proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement (whether brought against a party hereto or its
respective affiliates, directors, officers, shareholders, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of New York, borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein (including with respect to the enforcement of this Agreement). 

[Signature page
immediately follows.] 

3

        IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated
above. 

		
	PLURISTEM THERAPEUTICS INC.	BANGOR HOLDINGS LTD.

	By: /s/ Zami Aberman
——————————————

   Name:  Zami Aberman
   Title:   President & CEO 	
By: /s/ Michael A, BARTH
——————————————

   Name:  Michael A, BARTH
   Title:   Director

	Office Address: Matam Advanced
                             ——————————————
        
                   Technology Park, Bld 20
                             ——————————————
	
Office Address: Wickham`s Cay, Road Town,
                            ——————————————
         
                  Tortols British Virgin Islands
                            ——————————————

	Fax No. +972-74-7107173
——————————————
	
Fax No. +1 284 494 4980
——————————————

	Email Address: yaky@Pluristem.com
——————————————
	
Email Address: bvi@arifa.com
——————————————

Dated: 22.09.08 

4ex4-1.htm

    
      
        

      

    

    Exhibit
4.1

     

    STOCK
OPTION CERTIFICATE

    (Incentive
Stock Option)

    

    

    This
Incentive Stock Option is granted by

    

    DIALYSIS
CORPORATION OF AMERICA

     

    to:

     

    
      	
              CERTIFICATE

            	 	
              SHARES:

            
	
              No.

            	 	 
      

    

    

    

    
      	 
      	
               

            	
              (“Optionee”)

            
	 
      	
              Address:

            	
              c/o Dialysis
      Corporation of America, 1302 Concourse Drive, Suite 204, Linthicum, MD
      21090

            

    

    

    in
accordance with and pursuant to the terms of the 1999 Stock Incentive Plan, as
amended (the “Plan”) of Dialysis Corporation of America, a Florida corporation
(the “Company”).

    

    The terms of the Plan are incorporated
by reference and shall be considered to be a part of this Stock Option
Certificate (the “Option”).  A copy of the Plan has been provided to
the Optionee.

    

    The terms of the Option
granted:

     

    1.           Grant.  The
board of directors of the Company approved the recommendation of the
Compensation Committee, and has granted the Optionee this Option to purchase an
aggregate of _______ shares of common stock, $.0l par value (the “Shares”), of
the Company at the exercise price of $_____ per share (“Exercise Price”) which
was in excess of the closing price of the common stock on the date of grant,
____________, subject to (i) adjustment in accordance with the terms and
conditions set forth in the Plan, and (ii) the vesting schedule for the Option
as set forth below in Section 3.

     

    2.           Expiration.  This
Option shall expire at 5:00 p.m., local time, on _____________, subject to
earlier termination as provided in this Option and in the Plan.

     

    3.           Vesting.  This
Option vests in equal amounts of _______ Shares commencing on _____________, and
thereafter on _________ of each of the immediately succeeding three years,
subject to Sections 5 and 6 of this Option, and may be exercised at the Exercise
Price only up to the extent the Option has then vested; and to the extent the
Option has not vested, no exercise for the non-vested portion of the Option may
be effected.

    

    4.           Exercise.  This
Option may be exercised by giving written notice to the Company in the form
attached as Exhibit A stating the number of Shares of vested Options to be
purchased and (i) by concurrently tendering payment by cash (U.S. dollars) or
check equal to the Exercise Price for the Shares being purchased upon such
exercise, or (ii) at the discretion of the board of directors, (a) through
delivery of Shares
having a Fair Market Value equal as of the date of the exercise to the cash
Exercise Price of the Option, or (b) by delivery of the Optionee's personal
non-recourse note bearing interest payable not less than annually at not less
than 100% of the lowest applicable Federal rate, as defined in Section 1274(d)
of the Internal Revenue Code (the “Code”) or any successor section of the Code,
or (c) consistent with applicable law, through the delivery of an assignment to
the Company of a sufficient amount of the proceeds representing the Exercise
Price from the sale of the Shares acquired upon exercise of the Option and an
authorization to the broker or selling agent to pay that amount representing the
Exercise Price to the Company, which sale shall be at the Optionee’s direction
at the time of exercise, or (iii) by any combination of the above
alternatives.

     

    
      
        
        

      

      
        II-8

        
          

        

      

      
        
        

      

    

     

    This Option shall not be exercisable if
the exercise will involve a violation of any federal or state securities law or
a violation of any of the rules of the national securities exchanges or
associations upon which the Company’s securities are listed and trading,
currently the NASDAQ Stock Market.

    

    This Option is exercisable only by the
Optionee, subject to certain rights of the Optionee’s legal representative, as
provided in the Plan.

     

    5.           Termination of
Exercisability.  Should your Affiliation with the Company
terminate for any reason, voluntary or involuntary, for cause or otherwise, or
due to death, retirement or disability, the exercisability of the Option and the
availability of the Shares shall be governed by Sections 6.2, 6.3, and 6.4 of
the Plan.

    

    
      	 
      	
              ●

            	
              Section
      6.2 of the Plan – termination due to death, disability or retirement at or
      after age 65, the Option is exercisable for nine (9) months from such
      occurrence

            
	 
      	 
      	
              −

            	
              upon
      retirement, any vesting period continues during such nine (9) month
      period

            
	 
      	 
      	
              −

            	
              upon
      death or permanent disability, the Option becomes fully
      exercisable

            
	 
      	
              ●

            	
              Section
      6.3 of the Plan –

            
	 
      	 
      	
              (a)

            	
              voluntary
      or involuntary termination: the Option is exercisable for thirty (30) days
      from such termination; Shares not vested are forfeited

            
	 
      	 
      	
              (b)

            	
              involuntary
      termination “for cause” (as defined in Section 6.3(b) of the Plan): the
      Option is not
      exercisable and terminates immediately; provided, the board has opted to
      give the Optionee seven (7) calendar days from such termination to
      exercise the Option to the extent vested

            
	 
      	 
      	
              (c)

            	
              Exercisability
      of the Option continues with Successor Entity upon Change In Control as
      provided in Section 6.3 of the
Plan.

            

    

     

    6.           Acceleration.  Notwithstanding
the vesting schedule of Section 3, the vesting of the Option shall accelerate
and the Option shall be fully exercisable upon the occurrence of any of the
following events: (i) termination of Affiliation due to death or permanent
disability; (ii) a Change in Control as provided in Section 8 of the Plan; or
(iii) any other determination of the board to accelerate the vesting of this
Option.

     

    Upon a Change of Control, the Company
or Successor Entity shall redeem the Option for cash in an amount as delineated
in Section 8 of the Plan; provided, the Optionee has the right to keep the
Option by written notification to the Company, Acquiring Person or Successor
Entity, as the case may be, within five (5) business days of the redemption
notification as provided in Section 8 of the Plan, or if no redemption notice is
issued, then within five (5) business days of the Change of
Control.  If the Optionee elects to keep the Option, it shall continue
in effect, even if the Optionee’s Affiliation with the Company or Successor
Entity ceases by virtue of such Change in Control.

     

    
      
        
        

      

      
        II-9

        
          

        

      

      
        
        

      

    

     

    7.           Transfer
Restrictions.  Neither this Option nor any Shares obtained upon
valid exercise of the Option are transferable by the Optionee, otherwise than by
will or the laws of descent and distribution, provided the Shares issuable upon
valid exercise of the Option may become transferable if such Shares have been
included in an effective registration statement, whether in a Form S-8 or other
applicable registration statement under the Securities Act of 1933, as amended,
and similar state securities laws.  Nothing in this Option or the Plan
shall be considered as providing any rights of the Optionee to any registration,
direct or indirect, contractual or otherwise, of the Option or the
Shares.

    

    Any transfer in violation of this
Section shall cause termination of the Option.

     

    8.           Tax
Benefits.  In order to obtain tax benefits of an Incentive
Stock Option under present federal tax law, the Shares acquired upon exercise of
this Option may not be sold within two (2) years of grant, nor one (1) year from
exercise of the Option.  Please discuss this with your tax counsel or
advisor.

     

    9.           Proper Qualification Before
Issuance of Shares.  The Company shall not be obligated to take
any other affirmative action in order to cause or facilitate the exercise of the
Option or the issuance of Shares to comply with any state or federal law, rule
or regulation.  The Company shall not be obligated to deliver any
Shares until it is satisfied all conditions of Section 16 of the Plan are
satisfied; and no delay in satisfying those conditions shall in any way extend
the terms of this Option.

     

    10.           Binding.  This
Option shall be subject to exercise as provided by the terms of the Plan and
this Option, and shall, in accordance with such terms, be binding upon the
Company and the Optionee.

    

    11.           Applicable
Law.  This Option shall be governed by and construed in
accordance with the laws of the State of Florida.

     

    12.           No Rights as
Shareholder.  The Optionee shall not have any of the rights and
privileges of a shareholder of the Company in respect of any of the Shares,
unless and until and only to the extent he shall have properly exercised the
Option and paid for the Shares in accordance with the terms and provisions of
this Option and the Plan.  This Option shall be considered exercised
on the date the notice and payment are received by the Secretary of the Company;
provided if payment is by check, the exercise date shall be the date such check
clears payment.  The Optionee shall have no rights with respect to
such Shares not expressly conferred by this Option or the Plan.

    

    13.           Adjustments.  Adjustments
to the Option and the rights of the Company to effect adjustments or other
reorganizations are governed by Section 15 of the Plan.

     

    14.           Affiliations.  Nothing
in this Option or in the Plan confers upon the Optionee the right to continue
Affiliation with the Company or affect any right which the Company may have to
terminate the Optionee’s Affiliation with the Company.

     

    15.           Capitalized
Terms.  All capitalized terms in this Option shall have the
meanings and definitions as provided in the Plan, other than as defined in this
Option.

     

    
      
        
        

      

      
        II-10

        
          

        

      

      
        
        

      

    

     

    16.           Section Headings,
Construction.  The headings of sections of this Option are
provided for convenience only, and will not affect its construction or
interpretation.  All words used in this Option will be construed to be
of such gender or number as the circumstances require.  Unless
otherwise expressly provided, the word “including” does not limit the preceding
words or terms.

    

    IN WITNESS WHEREOF, Dialysis
Corporation of America has hereunto set its hand as of the _____ day of
_________.

    

    
      	 
      	DIALYSIS
      CORPORATION OF AMERICA	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	
               

            	 
      
	 
      	 
      	
              STEPHEN
      W. EVERETT, President and CEO

            

    

     

    The Optionee hereby accepts this Option
and agrees to be bound by all its terms and conditions.

    

    
      	 
      	(Optionee)	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              Dated:

            	
              By:

            	
               

            	 
      

    

    

    
      
        
        

      

      
        II-11

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

    Exercise
Letter

    __________________,
200__

    Dialysis
Corporation of America

    1302
Concourse Drive, Suite 204

    Linthicum,
MD 21090

    

    Gentlemen:

    

    1.           Pursuant
to the terms of the Stock Option Certificate dated March 6, 2008 (the “Option”)
of Dialysis Corporation of America, a Florida corporation (the “Company”), the
undersigned elects to exercise the Option to the extent of purchasing _____
shares (the “Option Shares”) of common stock, $.0l par value (the “Common
Stock”), of the Company (giving effect to all adjustments since the date of the
Option) and hereby tenders payment of the Exercise Price by delivery to the
Treasurer of the Company (select appropriate manner of payment):

    

    
      	
               

            	 	
              (i)

            	
              a
      check payable to the order of the Company;

            
	 
      	 	 
      	 
      
	
               

            	 	
              (ii)

            	
              Shares
      having a Fair Market Value equal as of the date of exercise to the
      Exercise Price;

            
	 
      	 	 
      	 
      
	
               

            	 	
              (iii)

            	
              a
      personal non-recourse note with interest as per Section 4(ii)(b) of the
      Option;

            
	 
      	 	 
      	 
      
	
               

            	 	
              (iv)

            	
              an
      assignment of proceeds representing the Exercise Price from the sale of
      the Shares acquired upon the Option exercise and an authorization to the
      broker or other selling agent to pay the sale proceeds for the Exercise
      Price to the Company; or

            
	 
      	 	 
      	 
      
	
               

            	 	
              (v)

            	
              a
      combination of subparts (i) through (iv) above.

            
	 
      	 	 
      	 
      
	 
      	 	
               2.

            	
              The
      Option Shares purchased hereby should be registered as
      follows:

            

    

    

    
      	
               

            	 	
              (Name)

            	 
      
	 
      	 	 
      	 
      
	
               

            	 	
              (Street)

            	 
      
	 
      	 	 
      	 
      
	
               

            	 	
              (City,
      State)

            	 
      
	 
      	 	 
      	 
      
	
               

            	 	
              (Social
      Security or

            	 
      
	 
      	 	
              Tax
      Identification No.)

            	 
      

    

    

    3.           The
undersigned acknowledges that the Option Shares purchased hereby are subject to,
and the certificates representing such Option Shares may be legended to reflect,
certain resale restrictions under the Securities Act of 1933, as amended, and
agrees to comply with all such restrictions and to execute such documents,
including an investment letter, or take such other actions as the Company may
require in connection with such restrictions.

    

    
      	 
      	 	
              Very
      truly yours,

            	 
      
	 
      	 	 
      	 
      
	
               

            	 	
               

            	 
      
	
              Address

            	 	
              Signature

            	 
      
	 
      	 	 
      	 
      
	
               

            	 	
               

            	 
      
	 
      	 	
              Print
      Name

            	 
      

    

     

     

    II-12

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