Document:

Exhibit 4.7

 

MEDGENICS,
INC.

 

Form
of Non-Qualified Stock Option Award Terms

 

Pursuant to the employment
inducement grant exception to the shareholder approval requirements contained in Section 711 of the NYSE MKT Rules, the Participant
specified below has been granted an Option by Medgenics, Inc., a Delaware
corporation (the “Company”), it being understood that such grant has not been made pursuant to the Medgenics,
Inc. Stock Incentive Plan, as amended from time to time (the “Incentive
Plan”) or any other equity-based incentive plan of the Company or its Affiliates; provided that, other than as
is inconsistent with the Option Terms, the Option Terms shall be administered consistent with the provisions of the Incentive Plan,
the terms of which are incorporated herein by reference. The Option shall be subject to the following terms and conditions (the
“Option Terms”):

 

Section
1.          Terms of Award. The following words and phrases
relating to the grant of the Option shall have the following meanings:

 

(a)          The
“Participant” is ______________.

 

(b)          The
“Date of Grant” is ____________, 20__.

 

(c)          The
number of “Covered Shares” is _________ shares of Common Stock.

 

(d)          The
“Exercise Price” is $____________________ per share of Common Stock (the closing sales price on the NYSE MKT
of the Common Stock on the Date of Grant).

 

(e)          Except
for terms otherwise defined in the Option Terms, any capitalized term in the Option Terms shall have the meaning ascribed to that
term under the Incentive Plan.

 

Section
2.          Non-Qualified Stock Option. The Option is not
intended to constitute an “incentive stock option” as that term is used in Code Section 422.

 

Section
3.          Date of Exercise. Each installment of Covered
Shares of the Option (“Installment”) shall become vested and exercisable on and after the “Vesting
Date” for such Installment as described in the following schedule (but only if the Participant’s Termination of
Service has not occurred before the Vesting Date):

 

	INSTALLMENT(S)	VESTING DATE(S)

APPLICABLE TO INSTALLMENT(S)
	 	 
	 	 
	 	 

  

    	 

    	 

    

 

(a)          Notwithstanding
the foregoing provisions of this Section 3, the Option shall become fully exercisable upon the following: (i) a Change in
Control that occurs on or before the Participant’s Termination of Service; (ii) the Participant’s Termination of Service
by the Participant for Good Reason (as defined in that certain Employment Agreement between the Company and the Participant, dated
__________, 20__, as may be amended from time to time (the “Employment Agreement”)); or (iii) the Participant’s
Termination of Service by the Company other than for Cause (as defined in the Employment Agreement).

 

(b)          Further
notwithstanding the foregoing provisions of this Section 3, upon the Participant’s Termination of Service due to the
Participant’s death or Disability (as defined in the Employment Agreement), the Option shall become exercisable immediately
with respect to those Installments that would have vested in the 12-month period immediately following such Termination of Service
had the Participant not incurred the Termination of Service.

 

(c)          The
Option may be exercised on or after the Participant’s Termination of Service only as to that portion of the Covered Shares
for which it was exercisable immediately prior to the Participant’s Termination of Service, or became exercisable on the
date of the Participant’s Termination of Service.

 

Section
4.          Expiration. The Option shall not be exercisable
after the Company’s close of business on the last business day that occurs prior to the Expiration Date. The “Expiration
Date” shall be the earliest to occur of:

 

(a)          10
years following the Date of Grant; or

 

(b)          the
24-month anniversary of the Participant’s Termination of Service if such termination occurs due to (i) death, (ii) Disability,
(iii) termination by the Participant for Good Reason, or (iv) termination by the Company other than for Cause; or

 

(c)          the
90th day following the Participant’s Termination of Service if such termination is a termination by the Participant
other than for Good Reason; or

 

(d)          the
effective date of a Termination of Service where such Termination of Service is for Cause.

 

Section
5.          Method of Option Exercise. Subject to the Option
Terms, the Option may be exercised in whole or in part by filing a written notice with the Secretary of the Company at its corporate
headquarters prior to the Company’s close of business on the last business day that occurs prior to the Expiration Date,
together with a signed Investment Representation Statement in a form substantially similar to the form attached hereto as Exhibit A
in the event that the Common Stock to be issued to the holder will not be registered under the Securities Act of 1933, as amended.
Such notice shall specify the number of shares of Common Stock which the Participant elects to purchase, and shall be accompanied
by payment of the Exercise Price for such shares of Common Stock indicated by the Participant’s election. Payment may be
by cash or, subject to limitations imposed by applicable law, by such means as the Committee from time to time may permit, provided
that payment may be made by a net exercise such that, without the payment of any funds, the Participant may exercise the Option
and receive the net number of shares of Common Stock equal in value to (a) the number of shares as to which the Option is being
exercised, multiplied by (b) a fraction, the numerator of which is the closing sales price of a share of Common Stock on the NYSE
MKT on the date of exercise less the Exercise Price, and the denominator of which is such closing sales price (the number of net
shares to be received shall be rounded down to the nearest whole number of shares). Notwithstanding anything in the Option Terms
to the contrary, the Option shall not be exercisable if and to the extent the Company determines that such exercise would violate
applicable state or federal securities laws or the rules and regulations of any securities exchange on which the Common Stock is
traded, including without limitation, the rule requiring approval by the NYSE MKT of an additional listing application for the
issuance of the Covered Shares, and shall not be exercisable during any blackout period established by the Company from time to
time. The Company shall, within 90 days of the Date of Grant, file a registration statement on Form S-8 with the United States
Securities and Exchange Commission with respect to the Covered Shares.

 

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Section
6.          Withholding. The exercise of the Option, and
the Company’s obligation to issue shares of Common Stock upon exercise, is subject to withholding of all applicable taxes.
As permitted by the Committee from time to time, such withholding obligations may be satisfied at the election of the Participant:
(a) through cash payment or wire transfer of immediately available funds by the Participant; (b) through the surrender of shares
of Common Stock that the Participant already owns; or (c) through the surrender of shares of Common Stock to which the Participant
is otherwise entitled under the Option Terms; provided, however, that except as otherwise specifically provided by
the Committee, such shares under clause (c) may not be used to satisfy more than the Company’s minimum statutory withholding
obligation.

 

Section
7.          Transferability. Without the prior approval
of the Company, the Option is not transferable by the Participant other than by will or by the laws of descent and distribution
or to a “family member” (as defined in the general instructions to Form S-8), subject in all events to the withholding
and other provisions of Section 6 above. Without the prior approval of the Company, the Option may not be assigned, transferred
(except as aforesaid), pledged or hypothecated by the Participant in any way whether by operation of law or otherwise, and shall
not be subject to execution, attachment or similar process. Any attempt at assignment, transfer, pledge or hypothecation, or other
disposition of the Option contrary to the provisions hereof, and the levy of any attachment or similar process upon the Option,
shall be null and void and without effect.

 

Section
8.          Heirs and Successors. The Option Terms shall
be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether
by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.
If any rights of the Participant or benefits distributable to the Participant under the Option Terms have not been exercised or
distributed, respectively, at the time of the Participant’s death, such rights shall be exercisable by the Designated Beneficiary,
and such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions of the Option Terms and
the Incentive Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the
Participant in a writing filed with the Committee in such form and at such time as the Committee shall require. If a Participant
fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have
been exercisable by the Participant and any benefits distributable to the Participant shall be exercised by or distributed to the
legal representative of the estate of the Participant. If a Participant designates a beneficiary and the Designated Beneficiary
survives the Participant but dies before the Designated Beneficiary’s exercise of all rights under the Option Terms or before
the complete distribution of benefits to the Designated Beneficiary under the Option Terms, then any rights that would have been
exercisable by the Designated Beneficiary shall be exercised by the legal representative of the estate of the Designated Beneficiary,
and any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of
the Designated Beneficiary.

 

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Section
9.          Administration. The authority to manage and
control the operation and administration of the Option Terms and the Incentive Plan shall be vested in the Committee, and the Committee
shall have all powers with respect to the Option Terms as it has with respect to the Incentive Plan. Any interpretation of the
Option Terms or the Incentive Plan by the Committee and any decision made by it with respect to the Option Terms or the Incentive
Plan are final and binding on all persons.

 

Section
10.         Incentive Plan Governs. Notwithstanding that the
Option has not been granted pursuant to the Incentive Plan, the Option shall be treated in a manner consistent as if the Option
were granted pursuant to the Incentive Plan for purposes of Sections 9.04, 9.05, 9.07, 9.08, 9.09, 9.10, 9.11, 9.14(c), 9.15, 9.16,
9.17, 9.20, and 9.21 of the Incentive Plan. Notwithstanding anything in the Option Terms to the contrary, in the event of any discrepancy
between the corporate records of the Company and the Option Terms, the corporate records of the Company shall control.

 

Section
11.         Not An Employment Contract. The Option shall not
confer on the Participant any right with respect to continuance of employment or other service with the Company or any Affiliate,
nor shall it interfere in any way with any right the Company or any Affiliate would otherwise have to terminate or modify the terms
of such Participant’s employment or other service at any time.

 

Section
12.         No Rights As Shareholder. The Participant shall not
have any rights of a shareholder with respect to the Covered Shares subject to the Option until the Participant becomes the holder
of record of such Covered Shares.

 

Section
13.         Amendment. The Option Terms may be amended in accordance
with the provisions of the Incentive Plan as applicable to awards granted under the Incentive Plan, and may otherwise be amended
by written agreement of the Participant and the Company without the consent of any other person.

 

Section 14.         Validity.
If any provision of the Option Terms is determined to be illegal or invalid for any reason, said illegality or invalidity shall
not affect the remaining parts hereof, but the Option Terms shall be construed and enforced as if such illegal or invalid provision
had never been included herein.

 

Section 15
        Section 409A Amendment. The Committee reserves the right (including the right to delegate such right)
to unilaterally amend the Option Terms without the consent of the Participant to maintain compliance with Code Section 409A.
The Participant’s acceptance of the Option constitutes acknowledgement and consent to such rights of the Committee.

 

Section 16.         Clawback.
The Option shall be subject to potential cancellation, recoupment, rescission, payback or other similar action in accordance
with the terms of any applicable Company clawback policy (the “Policy”) or any applicable law. The Participant’s
acceptance of the Option constitutes acknowledgement and consent to the Company’s application, implementation and enforcement
of (a) the Policy and (b) any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation,
as well as the Participant’s express agreement that the Company may take such actions as are necessary to effectuate the
Policy and applicable law, with respect to the Option, without further consideration or action.

 

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IN WITNESS WHEREOF,
the Company has caused the Option Terms to be executed in its name and on its behalf by a duly authorized officer, and the Participant
acknowledges understanding and acceptance of, and agrees to, the terms of the Option Terms, all as of the Date of Grant.

 

	PARTICIPANT	 	MEDGENICS, INC.
	 	 	 	 
	 	 	By:	 
	Signature	 	 	 
	 	 	 	 
	 	 	Its:	 
	Print Name	 	 	 

 

    	 

    	 

    

 

Exhibit
A

 

INVESTMENT REPRESENTATION STATEMENT

 

[This form is to be completed at the
time the Option is exercised, unless the stock to be issued upon exercise of the Option has been registered under the Securities
Act of 1933, as amended]

 

Effective as of ___________________
[insert date of option exercise] (the “Effective Date”), the undersigned (“Optionee”) has elected
to purchase ___________________ shares of the Common Stock (the “Shares”) of Medgenics, Inc. (the “Company”)
under and pursuant to the Non-Qualified Stock Option Terms dated ___________________ [insert grant date of option] (the
“Option Terms”). The Optionee hereby makes the following certifications, representations, warranties and agreements
with respect to the purchase of the Shares:

 

The Optionee acknowledges
that he or she is aware of the Company’s business affairs and financial condition and has acquired sufficient information
about the Company to reach an informed and knowledgeable decision to acquire the Shares. The Optionee represents and warrants to
the Company that he or she is acquiring these Shares for investment for the Optionee’s own account only and not with a view
to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933,
as amended (the “Securities Act”).

 

The Optionee further
acknowledges that the Shares have not been registered under the Securities Act, are deemed to constitute “restricted securities”
under Rule 701 and Rule 144 promulgated under the Securities Act and must be held indefinitely unless they are subsequently registered
under the Securities Act and qualified under any applicable state securities laws or an exemption from such registration and qualification
is available. The Optionee further acknowledges that the Company is under no obligation to register the Shares.

 

The Optionee further
acknowledges that he or she is familiar with the provisions of Rule 144, which, in substance, permits limited public resale of
“restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject
to the satisfaction of certain conditions. The Optionee further acknowledges that in the event all of the applicable requirements
of Rule 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration
exemption will be required in order to resell the Shares. The Optionee understands that no assurances can be given that any such
registration will be made or any such exemption will be available in such event.

 

The Optionee further
acknowledges and understands that all certificates representing any of the Shares shall have endorsed thereon appropriate legends
reflecting the foregoing limitations, as well as any legends reflecting any other restrictions pursuant to the Company’s
Articles of Incorporation, Bylaws, the Option Terms, the Medgenics, Inc. Stock Incentive Plan and/or applicable securities laws.

 

    	A-1

    	 

    

 

The Optionee further
agrees that, if so requested by the Company or any representative of the underwriters (the “Managing Underwriter”)
in connection with any registration of the offering of any securities of the Company under the Securities Act, the Optionee shall
not sell or otherwise transfer any Shares or other securities of the Company during the 180-day period, or such other period as
may be requested in writing by the Managing Underwriter and agreed to in writing by the Company (the “Market Standoff Period”),
following the effective date of a registration statement of the Company filed under the Securities Act. Such restriction shall
apply only to the first registration statement of the Company to become effective under the Securities Act that includes securities
to be sold on behalf of the Company to the public in an underwritten public offering under the Securities Act. The Company may
impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such Market
Standoff Period.

 

The Optionee further
acknowledges and agrees that the Company shall not be required (i) to transfer on its books any Shares that have been sold
or otherwise transferred in violation of any of the representations, warranties, agreements or other provisions contained in this
Investment Representation Statement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to
any purchaser or other transferee to whom such Shares shall have been so transferred.

 

	 	Submitted by Optionee:
	 	 
	 	 
	 	Signature

 

    	A-2NONSTATUTORY STOCK OPTION AGREEMENT

NON-EMPLOYEE DIRECTOR 

 

This NONSTATUTORY STOCK
OPTION AGREEMENT (this "Agreement"), made and entered into as of the 30th day of October, 2009, by and between Mr. Sean
Shao (the "Optionee") and China Recycling Energy Corporation, a Nevada corporation (the "Corporation"), sets
forth the terms and conditions of the stock option (the “Option”) granted by the Corporation to the Optionee as to
the number of shares of the Corporation’s Common Stock set forth below and its Board of Directors (“Board”) resolution
approving this stock option grant dated October 30, 2009 (“Grant Date”).

 

1.       Grant
of Option. Subject to the provisions of this Agreement, the Board grants to the Optionee an Option to purchase 50,000 shares of
Common Stock of the Corporation as of the Grant Date. The Option is not granted pursuant to the Corporation’s Nonstatutory
Stock Option Plan (the “Plan”), but is granted pursuant to the Board’s authority to grant such options to certain
persons, including non-employee directors of the Corporation. Notwithstanding the foregoing, all of the terms and conditions set
forth in the Plan, except those set forth in Sections 3, 4(a), 5(a), 5(b) (except for the paragraph titled “Medium and
Time of Payment” which shall be incorporated herein), 6, 7, 10, 11, and 17) of the Plan, are incorporated herein to the
extent applicable in the context of a non-Plan grant of stock options, and the Optionee hereby agrees that the Option and all rights
of the Optionee under this Agreement are subject to such terms and conditions. The Optionee agrees to be bound by the terms of
this Agreement, including all incorporated provisions. Any capitalized terms used but not defined herein shall have the meaning
prescribed in the incorporated provisions of the Plan.

 

2.       Exercise
Price. The exercise price for the granted shares of Common Stock subject to the Option shall equal the closing price per share
of the Common Stock on the Grant Date: $1.85.

 

3.       Vesting.
The Option shall vest and become exercisable on the six-month anniversary of the Grant Date. The Option may only be exercised to
the extent that the Option has become vested and exercisable. Vesting requires continued service through the vesting date as a
condition to the vesting of the Option and the rights and benefits under this Agreement. Service for only a portion of the vesting
period, even if a substantial portion, will not entitle the Optionee to any proportionate vesting or avoid or mitigate a termination
of rights and benefits upon or following a termination of service as provided in Section 4 below or under the incorporated provisions
of the Plan.

 

4.       Removal
from Service. In the event of the Optionee's resignation or removal as a director of the Corporation for any reason, any portion
of the Option that has not become vested and exercisable shall immediately be forfeited, and the Option, to the extent it has become
vested and exercisable, shall expire as set forth in Section 5 of this Agreement.

 

5.       Stock
Option Term. Unless an earlier date is provided herein, the Option shall expire on the fifth anniversary of the Grant Date.

 

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6.       Method
of Stock Option Exercise. The Option may be exercised during its term, in whole or in part, to the extent it has become vested
and exercisable pursuant to Section 3 or 4 and has not yet been forfeited or expired, by giving written notice of exercise to the
Corporation (or to such other party as the Corporation may designate from time to time) specifying the number of shares of Stock
subject to the Option to be purchased. Such notice shall be accompanied by payment in full of the purchase price by certified or
bank check or such other instrument as the Corporation may accept. Options may also be exercised by any other means permitted by
the Plan that the Committee may designate from time to time. To the extent permitted by applicable law and to the extent permitted
by the Committee, the Optionee may discharge any withholding obligation in respect of this Agreement by directing the Corporation
or an Affiliate to withhold shares of Stock to be delivered upon exercise of the Option that have a Fair Market Value on the date
of exercise equal to the Corporation's or such Affiliate’s minimum withholding obligation.

 

7.       Transferability.
The Option shall not be transferable by the Optionee other than by will or by the laws of descent and distribution. The Option
shall be exercisable, subject to the incorporated terms of the Plan, only by the Optionee, the Optionee's estate or beneficiary,
the guardian or legal representative of the Optionee, or any person to whom such Option is transferred pursuant to this Section
7, it being understood that the term "Optionee" includes such guardian, legal representative and other permitted transferee.

 

8.       Successors,
Assigns and Transferees. Subject to the Corporation’s right to terminate the Option in accordance with the incorporated provisions
of Section 5(h) of the Plan, this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and each of
their respective successors and permitted transferees (including, upon the death of the Optionee, the Optionee's estate).

 

9.       Incorporation
of Plan. The Optionee acknowledges having read and understanding this Agreement. Unless otherwise expressly provided in other sections
of this Agreement, provisions of the Plan that are incorporated herein and that confer discretionary authority on the Board or
the Committee do not and shall not be deemed to create any rights in the Optionee unless such rights are expressly set forth herein
or are otherwise in the sole discretion of the Board or the Committee so conferred by appropriate action of the Board or the Committee
under the Plan after the date hereof. The Optionee may obtain a copy of the Plan from the Corporation.

 

10.     Not
an Employment Contract. Nothing contained in this Agreement or in the incorporated provisions of the Plan shall confer on the Optionee
any right with respect to continuance of service with the Corporation or an Affiliate, nor shall it interfere in any way with any
right the Corporation or an Affiliate would otherwise have to terminate or modify the terms of the Optionee's service at any time,
or affect the right of the Corporation or an Affiliate to increase or decrease the Optionee’s other compensation.

 

11.     Integration.
This Agreement and the other documents referred to herein or delivered pursuant hereto, which form a part hereof, contain the entire
understanding of the parties with respect to their subject matter. There are no restrictions, agreements, promises, representations,
warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This
Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter.

 

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12.     Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but which together constitute
one and the same instrument. Notwithstanding the foregoing, any duly authorized officer of the Corporation may execute this Agreement
by providing an appropriate facsimile signature, and any counterpart or amendment hereto containing such facsimile signature shall
for all purposes be deemed an original instrument duly executed by the Corporation.

 

13.     Modification;
Waiver. No provision of this Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in
writing and signed by the Optionee and by a duly authorized officer of the Corporation, and such waiver is set forth in writing
and signed by the party to be charged. No waiver by either party hereto at any time of any breach by the other party hereto of
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.

 

14.     Bonus
Designation. The Option is designated as a bonus that is in addition to the Optionee’s regular cash wages. By accepting the
Option, the Optionee acknowledges that this Award does not create a right or entitlement to future grants or awards.

 

15.     Data
Collection. By accepting the Option, the Optionee consents to the collection, holding, process, use, and transfer of Optionee’s
personal data across country borders that is necessary and needed to accomplish the full and complete implementation of the Option,
including the settlement of the granted shares of Stock. The Optionee can obtain a copy of the Corporation’s data processing
activities upon request by contacting the Human Resources representative.

 

IN WITNESS WHEREOF,
the Optionee has executed this Agreement on the Optionee's own behalf, thereby representing that the Optionee has carefully read
and understands this Agreement as of the day and year first written above, and the Corporation has caused this Agreement to be
executed in its name and on its behalf, all as of the date first written above.

 

	By:	 	 
	 	Mr. Sean Shao	 
	 	Optionee	 
	 	 	 
	By:	 	 
	 	Guohua Ku	 
	 	Chairman	 
	 	China Recycling Energy Corporation	 

 

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