Document:

Orgenesis Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

CONVERTIBLE LOAN AND WARRANT SUBSCRIPTION AGREEMENT 

THIS AGREEMENT dated for
reference the ______ day of March, 2013 and made, 

BETWEEN: 

ORGENESIS INC. , a company incorporated under the
laws of the State of Nevada, having an office at 21 Sparrow Circle, White Plains
NY 10605; 

(the “Borrower”) 

AND: 

Those parties listed on Schedule A hereto who
have advanced funds pursuant to this Agreement; 

(the “Lenders” ) 

WITNESSES THAT WHEREAS:

A.     The Borrower has applied to the Lenders for an unsecured
loan in the aggregate principal amount of $250,000 US (the “Loan”) to be
utilized by the Borrower for the purposes described in Section 3. 

B.     The Borrower will issue to the Lenders Warrants in a number equalling the amount of each Lender’s Loan divided by $2.50; and

C.     The parties wish to provide for the terms and conditions
upon which the Loan will be made available to the Borrower. 

    THEREFORE in consideration of the premises and of the
mutual covenants and agreements hereinafter set forth, the Lenders and the
Borrower warrant and represent to and covenant and agree with each other as set
forth below. 

1.     DEFINITIONS; INTERPRETATION

1.1     For the purpose of this Agreement, the following words and
phrases will have meanings set forth below unless the parties or the context
otherwise require(s): 

	 	(a) 	
      “Accredited Investor” means an accredited investor
      as that term is defined by Regulation D promulgated under the Securities
      Act and /or Canadian Securities Administrators’ National Instrument 45-106
      (“NI 45-106”), as applicable;

	 	 	 
	 	(b) 	
      “Affiliate” has the meaning given to it in the
      Securities Act;

	 	 	 
	 	(c) 	
      “Agreement” and “this Agreement” means this
      agreement and all schedules hereto as the same may be amended, modified,
      replaced or restated from time to time;

- 2 - 

	 	(d) 	
      “Borrower’s Indebtedness” means all present and
      future indebtedness and liability, direct and indirect, of the Borrower to
      the Lenders arising under and pursuant to the Loan (including, without
      limitation, at any point in time the principal amount outstanding under
      the Loan, all unpaid accrued interest thereon, liquidated damages, and all
      fees and costs and expenses then payable in connection
  therewith);

	 	 	 
	 	(e) 	
      “Business Day” means any day, other than a
      Saturday or a Sunday, on which commercial banks in New York are required
      to be open for business;

	 	 	 
	 	(f) 	
      “Common Shares” means fully paid non assessable
      common shares par value of $0.0001 in the capital of the
  Borrower;

	 	 	 
	 	(g) 	
      “Conversion” means the right of the Lenders to
      convert any portion of the outstanding Loan as set out in section
  8;

	 	 	 
	 	(h) 	
      “Event of Default” means any of the events
      specified in Section 11, and “Default” mean any of such events,
      whether or not any such requirement has been satisfied;

	 	 	 
	 	(i) 	
      “GAAP” means United States generally accepted
      accounting principles, or International Financing Reporting System
      (“IFRS”), as utilized by the Borrower and applied on a consistent
      basis;

	 	 	 
	 	(j) 	
      “Interest Payment Date” means the Maturity
      Date;

	 	 	 
	 	(k) 	
      “Interest Rate” means eight percent (8%) per annum
      calculated as herein provided;

	 	 	 
	 	(l) 	
      “Lien” means, with respect to any Person, any
      mortgage, lien, pledge, hypothecation, charge (whether fixed or floating),
      security interest (including, without limitation, any assignment, notice
      or security interest filed pursuant to applicable federal, state or other
      laws) or other encumbrance, or any interest or title of any vendor,
      lessor, or Lenders to or other secured party of such Person under any
      conditional sale or other title retention agreement, upon or with respect
      to any property, asset or undertaking of such Person, including any
      agreement to create any of the foregoing, and whether arising under any
      statute, law, contract or otherwise;

	 	 	 
	 	(m) 	
      “Loan” means the convertible loan of US$250,000
      established by the Lenders in favour of the Borrower pursuant to this
      Agreement;

	 	 	 
	 	(n) 	
      “material adverse effect” in respect of the
      Borrower means a material adverse effect on the business, operations,
      affairs, financial condition, property, assets or undertakings of the
      Borrower;

	 	 	 
	 	(o) 	
      “material” means, in respect of the Borrower,
      material in relation to the business, operations, affairs, financial
      condition, assets, properties, or prospects of the Borrower;

	 	 	 
	 	(p) 	
      “Maturity Date” has the meaning set out in Section
      5 of this Agreement;

	 	 	 
	 	(q) 	
      “Person” means and includes an individual, a
      partnership, a joint venture, a corporation, a limited liability company,
      a trust, an unincorporated organization and a government or any department
      or agency thereof;

- 3 - 

	 	(r) 	
      “Securities” means the Loan, the Warrants, the
      Warrant Shares and the Common Shares;

	 	 	 
	 	(s) 	
      “Securities Act” means the United States
      Securities Act of 1933, as amended or replaced from time to
time;

	 	 	 
	 	(t) 	
      “Subsidiary” has the meaning given to it in the
      Securities Act;

	 	 	 
	 	(u) 	
      “VWAP” means the volume-weighted average price
      being equal to the ratio of the Borrower’s total dollar value of stock
      traded divided by the total number of shares traded used in calculating
      that value during a defined period.

	 	 	 
	 	(v) 	
      “Warrant” means a warrant to purchase a Common
      Share for a period of twenty four months from issuance. One whole warrant
      may be exercised at a price US$0.50 per Common Share; and

	 	 	 
	 	(w) 	
      “Warrant Shares” means the Common Shares issueable
      upon exercise of the Warrants.

1.2     All dollar figures refer to United States dollars.

2.     LOAN AND WARRANTS 

2.1     Subject to the terms and conditions of this Agreement, the
Lenders hereby establish and agree to advance the Loan to the Borrower in the
sums as set out in Schedule A attached. Each Lender may sign a separate Schedule
A and each such Schedule A taken together will form one unified Schedule A.

2.2     Each Lender and its beneficial owner represents that if it
resides in the United States or Canada, it is an Accredited Investor as that
term is defined in applicable United States or Canadian securities rules, and
the Borrower will provide an additional questionnaire for the Lender to fill in
to determine whether the Lender qualifies as an Accredited Investor.

2.3     The amount due and owing to each Lender will be established
by the Borrower in records, which records will be prima facie evidence of the
amount owed. In case of a dispute as to the amount owed to a Lender, the
auditors of the Borrower will determine the amount owed and such determination
by the auditors will be conclusive.

2.4     Each Lender agrees and acknowledges that all payments made
by the Borrower will be made in proportion to the relative amounts of the
indebtedness of the Borrower to each Lender as at the date of such payment.

2.5     On closing, the Borrower will issue to each Lender a
Warrant Certificate representing a number of Warrants equal to the amount of the
Loan acquired by such Lender divided by $2.50. The Warrants will contain
anti-dilution provisions that reduce the exercise price of the Warrants to equal
any lower price that the Borrower issues shares or securities convertible into
shares while the Warrants are outstanding. 

3.     PURPOSE 

3.1     The Loan will be made available to the Borrower for its
research, development, marketing and its general corporate purposes. 

- 4 - 

4.     AVAILABILITY

4.1     The Loan will be available on the day of closing of this
Agreement. Closing will occur immediately upon execution of the Loan Documents,
issuance of the Warrants and advance of the Loan to the Borrower or its
attorneys for closing.

4.2     Funds may be wired to Borrower’s attorneys, Clark Wilson LLP as per wire instructions to be provided. In such event, Clark Wilson LLP are
authorized to immediately deliver the funds to the Borrower. Lenders acknowledge
that Clark Wilson LLP acts only for the Borrower and not for the Lender in
respect of this transaction.

5.     TERM 

5.1     Subject to the provisions of Section 7, the Borrower will
pay the Borrower’s Indebtedness to the Lenders in full on June 30, 2013, unless
sooner prepaid or accelerated upon the occurrence and during the continuance of
an Event of Default (the “Maturity Date”). Borrower may in its discretion
extend the Maturity Date for a period of up to 90 days provided it issues an
additional equal number of Warrants to the number issued to Lender on initial
closing (ie, if $250,000 extended, 100,000 additional Warrants). 

6.     INTEREST 

6.1     The outstanding principal balance of the Loan will bear
interest at the Interest Rate. 

6.2     Interest at the Interest Rate will be calculated quarterly,
not in advance, as well as before maturity, default, demand and judgment. 

6.3     All overdue and unpaid interest and all fees, costs, and
other amounts payable by the Borrower hereunder or under any of the Loan
Documents will be added to the principal balance of the Loan and will bear
interest at the Interest Rate until paid in full. 

7.     REPAYMENT 

7.1     On the Maturity Date the Borrower will pay to the Lenders
the Borrower’s Indebtedness then outstanding in full. 

7.2     The Borrower will be entitled to prepay the whole or any
portion of the Borrower’s Indebtedness at any time and from time to time, with
one weeks’ notice. 

7.3     All amounts payable by the Borrower under this Agreement
will be paid without set-off or counterclaim, and without any deductions or
withholdings whatsoever. 

7.4     Subject to the provisions hereof, all payments received by
the Lenders on account of the Borrower’s Indebtedness will be applied first in
payment of outstanding interest and secondly in reduction of the principal
balance of the Loan then outstanding. If any payment is received at any time
while an Event of Default remains outstanding or after demand has been made for
the repayment of the Borrower’s Indebtedness, the Lenders may appropriate such
payment to such part or parts of the Borrower’s Indebtedness as the Lenders in
its sole discretion may determine and the Lenders may from time to time revoke
and change any such appropriation. 

- 5 - 

7.5     The Borrower is hereby authorized to open and maintain
books of account and other books and records evidencing all advances under the
Loan, interest accruing thereon, fees, charges, and other amounts from time to
time charged to the Borrower under the Loan Documents; and amounts from time to
time owing, paid, or repaid by the Borrower under this Agreement. All such
books, accounts, and records will constitute prima facie evidence of the amount
owing by the Borrower under the Loan Documents; but the failure to make any
entry or recording in such books, accounts, and records will not limit or
otherwise affect the obligations of the Borrower under the Loan Documents. Any
dispute regarding the amount outstanding will be finally determined by the
auditors of the Borrower.

7.6     Notwithstanding anything in this Agreement to the contrary,
any payment of principal of or interest on the Borrower’s Indebtedness that is
due on a date other than a Business Day will be made on the next succeeding
Business Day. If the date for any payment on the Borrower’s Indebtedness is
extended to the next succeeding Business Day by reason of the preceding
sentence, the period of such extension will not be included in the computation
of the interest payable on such Business Day. 

8.     CONVERSION TO SHARES 

8.1     If the Borrower has not paid the Loan in full on the
Maturity Date, (or, if extended, the extended Maturity Date), the Lenders or any
of them may after the Maturity Date by written notice (the "Notice") to
the Borrower, exercise its rights of Conversion in respect of either a portion
of or the total outstanding amount of the Loan and including accrued Interest as
of that date into Common Shares, at a price per Common Share equal to the lower
of (i) of US$0.75 and (ii) the VWAP for the 5 trading days immediately prior to
the date of delivery of the Notice to the Borrower.

8.2     Within seven (7) days of Notice by a Lender exercising its
rights of Conversion hereunder, the Borrower shall deliver a Share Certificate
to the Lender representing the number of Shares acquired by the Lender pursuant
to the calculation set out in subparagraph 8.1 of this Agreement. 

9.     REPRESENTATIONS AND
WARRANTIES 

9.1     The Borrower represents and warrants as follows:

	 	(a) 	
      it is a corporation duly organized, validly existing and
      in good standing under the laws of Nevada;

	 	 	 
	 	(b) 	
      it has the corporate power and capacity to carry on
      business as currently conducted by it, own property or interests therein,
      borrow and lend money, grant security, make, keep, observe and perform
      representations, warranties, covenants and agreements and incur
      obligations and liabilities, all as contemplated hereby;

	 	 	 
	 	(c) 	
      there is no action, suit, investigation or proceeding
      outstanding or pending or, to the knowledge of the Borrower, threatened
      against it or any of its property, assets or undertakings by or before any
      court, arbitrator or administrative or governmental body which would
      reasonably be expected to have a material adverse effect;

	 	 	 
	 	(d) 	
      all material information regarding the Borrower is
      disclosed by the Borrower on EDGAR, and such public information contains
      no material misstatements and is up to date;

- 6 - 

	 	(e) 	
      it has not agreed or consented to, nor has it agreed to
      cause or permit in the future (upon the happening of a contingency or
      otherwise), any of its property, whether now owned or hereafter acquired,
      to be subject to a Lien; and

	 	 	 
	 	(f) 	
      the execution and delivery by it of this Agreement and
      the Security Documents and the performance by it of its obligations
      hereunder and thereunder, do not and will not conflict with or result in a
      material breach of any of the terms, conditions, or provisions
  of:

	 	(i) 	
      its organizational documents,

	 	 	 
	 	(ii) 	
      any law, regulation, or decree applicable or binding on
      it or any of its property, assets and undertaking, or

	 	 	 
	 	(iii) 	
      any material agreement or instrument binding to which it
      or any of its property assets or undertakings is a party or bound, the
      breach of which could reasonably be expected to have a material adverse
      effect or result in, or require or permit the imposition of any Lien in or
      with respect to the property, assets and undertakings now owned or
      hereafter acquired by it.

10.     COVENANTS 

10.1     The Borrower will: 

	 	(a) 	
      comply with all applicable laws, ordinances or
      governmental rules or regulations to which it or any of its property,
      assets and undertaking are subject;

	 	 	 
	 	(b) 	
      obtain and maintain in effect all licenses, certificates,
      permits, franchises and other governmental authorizations necessary to the
      ownership of its property, assets and undertakings or to the conduct of
      its businesses, in each case to the extent necessary to ensure that
      non-compliance with such applicable laws, ordinances or governmental rules
      or regulations or failures to obtain or maintain in effect such licenses,
      certificates, permits, franchises and other governmental authorizations
      could not, individually or in the aggregate, reasonably be expected to
      have a material adverse effect; and

	 	 	 
	 	(c) 	
      maintain and keep, or cause to be maintained and kept,
      its property, assets and undertakings in good repair, working order and
      condition (other than ordinary wear and tear), so that the business
      carried on by it may be properly conducted at all times, provided that
      this section will not prevent the Borrower from discontinuing the
      operation and the maintenance of any of its property, assets and
      undertakings if such discontinuance is desirable in the conduct of its
      business and such the Borrower has concluded that such discontinuance
      could not, individually or in the aggregate, reasonably be expected to
      have a material adverse effect.

10.2     So long as this Agreement remains in effect, the Borrower
will not, without the prior written consent of the Lenders, which consent will
not be unreasonably withheld: 

	 	(a) 	
      materially alter any of its organizational documents or
      its corporate organization;

	 	 	 
	 	(b) 	
      amalgamate, consolidate or merge with any other
      Person;

	 	 	 
	 	(c) 	
      redeem any of its redeemable
shares;

- 7 - 

	 	(d) 	
      incur any further indebtedness of either a direct or
      indirect nature to any party except in the normal course of
    business;

	 	 	 
	 	(g) 	
      make any advances or loan to, or any investment in, or
      provide any guarantees on behalf of, any Person, other than in the
      ordinary course;

	 	 	 
	 	(h) 	
      become a party to any transaction whereby all or a
      substantial part of its property assets and undertakings or of any of its
      subsidiaries would become the property of any other Person, whether by way
      of reconstruction, reorganization, amalgamation, merger, transfer, sale,
      lease or otherwise, except in the ordinary course;

	 	 	 
	 	(i) 	
      in any fiscal year of the Borrower or any of its
      subsidiaries, pay dividends on any class or kind of its shares, repurchase
      or redeem any of its shares, or reduce its capital in any way
      whatsoever.

10.3     So long as the Loan remains outstanding, the Borrower will
provide the Lenders with the following information: 

	 	(a) 	
      within 30 days of each calendar month end, management
      prepared monthly financial statements and aged payables and receivables
      for the Borrower; and

	 	 	 
	 	(b) 	
      at the written request of the Lenders, such other
      reports, certificates, projections of income and cash flow or other
      matters affecting its business affairs or financial condition as the
      Lenders may reasonably request from time to time.

11.     EVENTS OF DEFAULT 

11.1     Notwithstanding and without prejudice to the Maturity
Date, at the option of the Lenders, the Borrower’s Indebtedness will immediately
become due and payable and this Agreement will become enforceable upon the
happening of any one or more of the following events: 

	 	(a) 	
      if the Borrower:

	 	(i) 	
      fails to make any payment of principal, interest, or
      other money payable by it hereunder or under this Agreement when the same
      becomes due hereunder or thereunder which failure continues unremediated
      for more than Five (5) days, or

	 	 	 
	 	(ii) 	
      fails to observe or perform any covenant contained in
      this Agreement and upon notice by the Lenders, the Borrower fails to cure
      the same within Thirty (30) days of the Borrower’s receipt of such
      notice;

	 	(b) 	
      if any representation or warranty given by or on behalf
      of the Borrower is untrue in any material respect;

	 	 	 
	 	(c) 	
      if an order is made or a resolution is passed for the
      winding-up of the Borrower, or if a petition is filed for the winding-up
      of the Borrower;

	 	 	 
	 	(d) 	
      if the Borrower commits or threatens to commit any act of
      bankruptcy; becomes insolvent; or makes an assignment or proposal under
      applicable law in any jurisdiction, a general assignment in favour of its
      creditors, or a bulk sale of its assets; or if a
  bankruptcy petition is filed or presented against the Borrower which
      the Borrower does not vigorously oppose;

- 8 - 

	 	(e) 	
      if a receiver, receiver and manager, or receiver-manager,
      or any person with like powers, is appointed for all or any of the
      property, assets and undertakings of the Borrower;

	 	 	 
	 	(f) 	
      if the Borrower ceases to carry on any material aspect of
      its business;

	 	 	 
	 	(g) 	
      if the holder of any Lien against the property, assets
      and undertakings of the Borrower, any subsidiary of the Borrower, does
      anything to enforce or realize on such Lien, and if, in the reasonable
      opinion of the Lenders, such enforcement or realization would have a
      material adverse effect on the Borrower’s ability to repay the Borrower’s
      Indebtedness;

	 	 	 
	 	(h) 	
      if, without the prior written consent of the Lenders and
      outside of the ordinary course of its business, the Borrower transfers its
      property, assets or undertakings or any material part thereof to any other
      Person;

	 	 	 
	 	(i) 	
      if any execution, sequestration, extent, or any other
      process of any kind is levied upon or enforced against any part of the
      property, assets or undertakings of the Borrower, any subsidiary of the
      Borrower and remains unsatisfied for a period of thirty (30) days as to
      personal property, unless such process is disputed in good faith and, in
      the reasonable opinion of the Lenders, does not jeopardize or impair the
      Loan repayment in any material way; and

	 	 	 
	 	(j) 	
      if a distress or analogous process is levied upon the any
      of the property, assets or undertakings of the Borrower, any subsidiary of
      the Borrower, or any part thereof, unless the process is disputed in good
      faith and adequate security is given to pay the amount claimed in
    full.

12.     SECURITIES ISSUED 

12.1     The Lenders each represent and warrant to, and covenants
and agrees with the Borrower that: 

	 	(a) 	
      each Lender makes the Loan to the Borrower and acquires
      the Loan, the Conversion right and the Warrants in reliance upon the
      Exemption from registration provided by Section 506 of Regulation D of the
      Securities Act or as an offshore investor under Regulation S;

	 	 	 
	 	(b) 	
      each Lender is eligible to make the Loan to the Borrower
      and acquire the Securities in the Borrower;

	 	 	 
	 	(c) 	
      each Lender is aware of the significant economic and
      other risks involved in making the Loan to the Borrower and in acquiring
      and/or exercising the Conversion right and Warrants;

	 	 	 
	 	(d) 	
      each Lender has consulted with its own securities advisor
      as to its eligibility to acquire the Securities under the laws of its home
      jurisdiction and acknowledges that the Borrower has made no effort and
      takes no responsibility for the consequences to the Lender as a foreign
      investor acquiring the Securities;

- 9 - 

	 	(e) 	
      no governmental agency has passed upon, or make any
      finding or determination as to the fairness of this investment, and that
      there have been no governmental agency recommendations or endorsements of
      the investment made hereunder;

	 	 	 
	 	(f) 	
      each Lender acknowledges
that:

	 	(i) 	
      there are substantial restrictions on the sale or
      transferability of any Securities and the Lender is purchasing
      unregistered securities;

	 	 	 
	 	(ii) 	
      although the Borrower’s shares are currently listed for
      trading on the OTC Bulletin Board, there are substantial risks respecting
      the trading market;

	 	 	 
	 	(iii) 	
      there has been no general solicitation by the Borrower
      respecting the Loan and the Securities; and

	 	 	 
	 	(iv) 	
      the Lender has made its decision to acquire the
      Securities based solely on the information filed by the Borrower on
      EDGAR.

	 	(g) 	
      each Lender has received all information and
      documentation and has asked all questions of Borrower representatives that
      it or its advisor deems necessary or desirable so that it can make an
      informed decision regarding the investment made hereunder;

	 	 	 
	 	(h) 	
      each Lender, alone or with its advisor, has enough
      knowledge and experience in financial and business matters to make it
      capable of evaluating the merits and risks of investing in the
      Borrower.

12.2     Each Lender makes the Loan to the Borrower and acquires
the Conversion right as principal for its own account and not for the benefit of
any other person. 

13.     SECURITIES EXEMPTION

13.1     The Lenders acknowledge that any Securities issued
pursuant hereto will have such hold periods as are required under applicable
securities laws and as a result may not be sold, transferred or otherwise
disposed, except pursuant to an effective registration statement under the
Securities Act, or pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and in each case
only in accordance with all applicable securities laws.

13.2     Each certificate representing the Securities of the
Lenders shall bear a restrictive legend respecting resale as required under
Securities and Exchange Commission and other applicable laws. 

14.     WAIVER 

14.1     The Lenders may waive any breach by the Borrower of any of
the provisions contained in this Agreement or any default by the Borrower in the
observance or performance of any covenant or condition required to be observed
or performed by the Borrower under the terms of this Agreement, but any waiver
by the Lenders of such breach or default, or any failure to take any action to
enforce its rights hereunder or under ths Agreement will not extend to or be
taken in any manner whatsoever to affect any subsequent breach or default or the
rights resulting therefrom.

- 10 - 

15.     MISCELLANEOUS

15.1     Each of the parties hereto will forthwith at all times,
and from time to time, at the Borrower’s sole cost and expense, do, execute,
acknowledge and deliver, or cause to be done, executed, acknowledged and
delivered, all such further acts, deeds, documents and assurances which, in the
opinion of a Lenders, acting reasonably, are necessary or advisable for the
better accomplishing and effecting of the intent of this Agreement. 

15.2     Neither this Agreement nor any benefits hereunder may be
transferred, assigned or otherwise disposed of by the Borrower to any Person
without the prior written consent of the Lenders. 

15.3     No amendment, waiver or modification of, or agreement
collateral to, this Agreement will be enforceable against the Lenders unless it
is by a formal instrument in writing expressed to be a modification of this
Agreement, and executed in the same fashion as this Agreement. 

15.4     All covenants and other agreements in this Agreement
contained by or on behalf of any of the parties hereto will bind and enure to
the benefit of the respective successors and assigns of the parties hereto
(including, without limitation, any transferee) whether so expressed or not;
provided, however, that the Borrower may not assign its rights or obligations
hereunder to any Person. 

15.5     Any notice required or permitted to be given under this
Agreement will be in writing and may be given by delivering, sending by
electronic facsimile transmission or other means of electronic communication
capable of producing a printed copy, or sending by prepaid registered mail
posted in Canada or the United States, as the case may be, the notice to the
following address or number: 

	 	(a) 	If to the Borrower:
	 	 	 
	 		ORGENESIS INC.
21 Sparrow Circle,
White Plains
      NY 10605
	 	 	 
	 		Attention: Sav DiPasquale
	 	 	 
	 		email: sav.dipasquale@gmail.com
	 	 	 
	 		with a copy to (which does not constitute notice):
	 	 	 
	 		CLARK WILSON LLP 
800 – 885 West Georgia Street
      
Vancouver, BC V6C 3H1 
Canada
	 	 	 
	 		Attention: Bernard Pinsky
	 	 	 
	 		Facsimile No.: (604) 687-6314 
email:
  bip@cwilson.com

- 11 - 

	 	(b) 	
      If to the Lenders:

	 	 	 
	 		
      To the address as set out for each Lender on Schedule
      A,

    (or to such other address or number as any party may specify by
notice in writing to another party). 

    Any notice delivered or sent by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy on a business day will be deemed conclusively to have been
effectively given on the day the notice was delivered, or the transmission was
sent successfully to the number set out above, as the case may be. Any notice
sent by prepaid registered mail will be deemed conclusively to have been
effectively given on the third business day after posting; but if at the time of
posting or between the time of posting 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.

15.6     This Agreement will be construed and enforced in
accordance with, and the rights of the parties will be governed by the laws of
the State of New York and applicable federal laws thereto. The Lenders and the
Borrower hereby attorn to the courts of competent jurisdiction located in the
City of New York, State of New York in any proceedings hereunder. 

15.7     The Lenders acknowledge that they have consulted with and
are represented by legal counsel which is independent of Borrower’s counsel,
Clark Wilson LLP.

15.8     This Agreement may be executed simultaneously in two or
more counterparts, each of which will be deemed an original, and it will not be
necessary in making proof of this Agreement to produce or account for more than
one such counterpart. This Agreement may be executed by delivery of executed
signature pages by fax or other form of electronic transmission and such
transmission will be effective for all purposes. 

15.9     This Agreement, the schedules attached hereto contain the
entire agreement between the parties with respect to the subject matter hereof
and supersede all prior arrangements and understandings, both written and oral,
expressed or implied, with respect thereto. Any preceding correspondence is
expressly superseded and terminated by this Agreement. 

15.10     Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Agreement, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law)
not invalidate or render unenforceable such provision in any other jurisdiction.

    IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized on the ____ day of __________________, 2013. 

ORGENESIS INC. 

Per:
_____________________
       Authorized
Signatory 

SCHEDULE A 

LENDER 

	Lender 	Principal Amount 	Signature of Authorized
      Signatory 
	  	  	  
	  	  	  
	Include name, address, telephone, email and SSN, SIN or
      Business Number, as applicable 		
	  	  	  
	  	  	  
	  	$________________	Per:
    ___________________________________
	  	  	        Authorized
      Signatory 
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	$________________	Per:
    ___________________________________
	  	  	        Authorized
      SignatoryOrgenesis Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

WARRANT CERTIFICATE 

THESE WARRANTS ARE NOT TRANSFERABLE 

	
      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. 

ORGENESIS INC. 
(A Nevada Corporation) 

NON-TRANSFERABLE 
WARRANT CERTIFICATE 

	CERTIFICATE NO. 2013-03-22 	  
	NUMBER OF WARRANTS: 100,000 	RIGHT TO PURCHASE 100,000 SHARES
    

THESE NON-TRANSFERABLE WARRANTS WILL EXPIRE AND BECOME NULL AND
VOID AT 4:30 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 REPRESENTED BY THIS CERTIFICATE 

This is to certify that, for value received, • of • (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 March 22, 2013 to 4:30 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. (formerly
known as Business Outsourcing Services Inc.) (the “Company”) set out
above, by surrendering to the Company, at its offices at 21 Sparrow Circle,
White Plains, New York, U.S.A. 10605, 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 $0.50
per Share (the “Purchase Price”). . 

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.

- 2 - 

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

DATED at the City of _______________, in the State of
_______________, as of the ________ day of March, 2013 

ORGENESIS INC. 

Per:
____________________________
       
Name 
        Title 

PLEASE NOTE THAT ALL SHARE CERTIFICATES ISSUED 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.” 

APPENDIX “A” 

TERMS AND CONDITIONS dated as of March 22, 2013(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 Days” 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 $0.50 per Share, subject to
      adjustment as provided in the Terms and Conditions;

	 	 	 
	 	(e) 	
      “Expiry Date” means March 22, 2015;

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

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

	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. 

- 2 - 

	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

	 	 
	5.1 	
      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.

	 	 
	5.2 	
      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. 	
      PIGGYBACK REGISTRATION

	 	 
	7.1 	
      Registration Statement. If the Company decides to file a
      registration statement (the “Registration Statement”) under the 1933 Act
      covering the distribution or sale of any securities of the Company other
      than the Shares issuable on exercise of the Warrants (other than a
      registration on Form S-8), it shall forthwith give written notice (the
      “Registration Notice”) to the Holders of such decision. The Holders shall
      have the right to elect, by written notice (the "Reply to Registration
      Notice") to be given to the Company not more than five (5) business days
      following receipt of the Registration Notice, to have the Registration
      Statement cover the sale of the Shares by the Holders.

	 	 
	7.2 	
      The obligations of the Company under this Agreement shall
      terminate and be of no further effect upon the earliest to occur of the
      following:

	 	(a) 	
      when all Shares shall have been sold pursuant to Rule 144
      (or any successor provision) under the 1933 Act;

	 	 	 
	 	(b) 	
      when all Shares shall have been otherwise transferred and
      a new certificate(s) for such Shares not bearing a legend restricting
      further transfer shall have been delivered by The Company; and

	 	 	 
	 	(c) 	
      that day that is two (2) years following the issue date
      of the last of the Shares issued upon exercise of the
  Warrants.

- 3 - 

	7.3 	
      In the event of a registration pursuant to the provisions
      of this Agreement, the Company shall use its best efforts to cause the
      Shares so registered to be registered or qualified for sale under the
      securities or blue sky laws of such jurisdictions as the Holders may
      reasonably request; provided, however, that The Company shall not by
      reason of this Agreement be required to qualify to do business in any
      state in which it is not otherwise required to qualify to do business or
      to file a general consent to service of process.

	 	 
	7.4 	
      The Company shall keep effective any registration or
      qualification contemplated by this Agreement and shall from time to time
      amend or supplement each applicable registration statement, preliminary
      prospectus, final prospectus, application, document, and communication for
      such period of time as shall be required to permit the Holders to complete
      the offer and sale of the Shares covered thereby.

	 	 
	8. 	
      WARRANTS NOT TRANSFERABLE

The Warrants and all rights attached thereto are not
transferable. 

	9. 	
      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 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.

	10. 	
      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. 
21 Sparrow Circle

White Plains, New York 10605 

Attention: • 

Email.: • 

	11. 	
      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. 

- 4 - 

	12. 	
      EFFECT OF EXERCISE OF WARRANTS

	 	 
	12.1 	
      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.

	 	 
	12.2 	
      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 period within which a Warrant is
exercisable, 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: 

	16.1 	
      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.

	 	 
	16.2 	
      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, 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,
      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 12 to 19 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 12 to 19
      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
  16.2.

- 5 - 

	16.3 	
      In the event the Company issues any common shares or
      securities convertible into common shares at a price less than the
      Purchase Price (the “New Issuance Price”) while any Warrants remain
      unexercised, the Purchase Price shall be reduced for any unexercised
      Warrants to the New Issuance Price.

	 	 
	16.4 	
      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;

	 	 	 
	 	(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.

- 6 - 

	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 
        Title 

APPENDIX “B” 

SUBSCRIPTION FORM 

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

	TO: 	ORGENESIS INC. 
	  	21 Sparrow Circle 
	  	White Plains, New York 
	 	U.S.A. 10605 

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. $0.50 per share if
exercised on or before 4:30 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  __________________, 2013 .
(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.

- 2 - 

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.”

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