Document:

AMENDED AND RESTATED

 

ADMINISTRATION AGREEMENT

 

This Amended and Restated
Administration Agreement (this “Agreement”) is made as of March 8, 2013 by and between GSV CAPITAL
CORP. (formerly known as NEXT INNOVATION CORP.), a Maryland corporation (the “Company”), and GSV
Capital Service Company, LLC (formerly known as NeXt Innovation Service Company,
LLC), a Delaware limited liability company (the “Administrator”).

 

WITNESSETH:

 

WHEREAS, the Company
is a closed-end management investment fund that has elected to be treated as a business development company (“BDC”)
under the Investment Company Act of 1940 (the “Investment Company Act”); and

 

WHEREAS, on April 11,
2011, the Company and the Administrator entered into an Administration Agreement pursuant to which the Administrator agreed to
provide administrative services to the Company (the “Initial Administration Agreement”); and

 

WHEREAS, each of the
Company and the Administrator desires to amend and restate the Initial Administration Agreement in its entirety solely for the
purpose of reflecting the current legal names of each of the Company and the Administrator.

 

NOW, THEREFORE, in
consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt
and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

 

1.            Duties
of the Administrator

 

(a)          Employment
of Administrator. The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange
for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall
control of the Board of Directors of the Company (the “Board”), for the period and on the terms and conditions
set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange
for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses
provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and
shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way
or otherwise be deemed agents of the Company.

 

    	

    	 

    

 

 

 

(b)          Services.
The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the
operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office
facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator,
subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this
Agreement. The Administrator shall also, on behalf of the Company, conduct relations with custodians, depositories, transfer agents,
dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate
fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator
shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect
to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein
shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating
to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to
the Company. The Administrator shall be responsible for the financial and other records that the Company is required to maintain,
and under the Investment Company Act, shall prepare, print and disseminate reports to stockholders, and reports and other materials
filed with the Securities and Exchange Commission (the “SEC”). The Administrator will provide on the
Company’s behalf significant managerial assistance to those portfolio companies to which the Company is required to provide
such assistance. In addition, the Administrator will assist the Company in determining and publishing the Company’s net asset
value, overseeing the preparation and filing of the Company’s tax returns, and generally overseeing the payment of the Company’s
expenses and the performance of administrative and professional services rendered to the Company by others.

 

2.            Records

 

The Administrator agrees
to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator
hereunder and will maintain and keep such books, accounts and records in accordance with the Investment Company Act. In compliance
with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it maintains
for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours,
and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further
agrees that all records which it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved
for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided
above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of
such records subject to observance of its confidentiality obligations under this Agreement.

 

3.            Confidentiality

 

The parties hereto
agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party
to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic
personal information (regulated pursuant to Regulation S-P and S-AM), shall be used by any other party hereto solely for the purpose
of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed
to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information
that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement,
or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial
or administrative process or otherwise by applicable law or regulation.

 

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4.            Compensation;
Allocation of Costs and Expenses

 

In full consideration
of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses
incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder. The amount and nature
of such reimbursements shall be presented for review, on not less than a quarterly basis, to the members of the audit committee
of the Board, or in lieu thereof, to a committee of the Board, all of the members of which are not “interested persons”
of the Company, as such term is defined under the Investment Company Act. The Company will bear all costs and expenses that are
incurred in its operation, administration and transactions and not specifically assumed by GSV Asset Management, LLC (formerly
known as NeXt Asset Management, LLC) (the “Adviser”), pursuant to that certain Investment Advisory Agreement,
dated as of April 11, 2011 by and between the Company and the Adviser, and the amendment and restatement thereof, dated as of March
8, 2013. Costs and expenses to be borne by the Company include, but are not limited to, those relating to: organization and offering;
calculating the Company’s net asset value (including the cost and expenses of any independent valuation firm); expenses incurred
by the Adviser payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs
for the Company and in providing administrative services, monitoring the Company’s investments and performing due diligence
on its prospective portfolio companies; interest payable on debt, if any, incurred to finance the Company’s investments;
sales and purchases of the Company’s common stock and other securities; investment advisory and management fees; administration
fees, if any, payable under this Agreement; fees payable to third parties, including agents, consultants or other advisors, relating
to, or associated with, evaluating and making investments; transfer agent and custodial fees; federal and state registration fees;
all costs of registration and listing the Company’s shares on any securities exchange; federal, state and local taxes; independent
Directors’ fees and expenses; costs of preparing and filing reports or other documents required by the Securities and Exchange
Commission; costs of any reports, proxy statements or other notices to stockholders, including printing costs; the Company’s
allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance
premiums; direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial
and other staff, independent auditors and outside legal costs; and all other expenses incurred by the Company or the Administrator
in connection with administering the Company’s business, including payments under this Agreement based upon the Company’s
allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including
rent and the allocable portion of the cost of the Company’s chief compliance officer and chief financial officer and their
respective staffs.

 

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5.            Limitation
of Liability of the Administrator; Indemnification

 

The Administrator (and
its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with
the Administrator, including without limitation its sole member, the Adviser to the extent that they are providing services for
or otherwise acting on behalf of the Administrator, Adviser or the Company) shall not be liable to the Company for any action taken
or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement
or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers,
managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator,
including without limitation the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified
Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable
attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending,
threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the
Company or its security holders) arising out of or otherwise based upon the performance of any of the Administrator’s duties
or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this
Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle
or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security
holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence
in the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties
and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment
Company Act and any interpretations or guidance by the SEC or its staff thereunder).

 

6.            Activities
of the Administrator

 

The services of the
Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services
to others. It is understood that directors, officers, employees and stockholders of the Company are or may become interested in
the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise,
and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator
and its affiliates are or may become similarly interested in the Company as stockholders or otherwise.

 

7.            Duration
and Termination of this Agreement

 

(a)          This
Agreement shall become effective as of the first date above written. The provisions of Section 5 of this Agreement shall remain
in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination
of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall
be entitled to any amounts owed under Section 4 through the date of termination or expiration and Section 5 shall continue in force
and effect and apply to the Administrator and its representatives as and to the extent applicable. This Agreement shall continue
in effect for two years from the date of the Initial Administration Agreement, and thereafter shall continue automatically for
successive annual periods, provided that such continuance is specifically approved at least annually by:

 

(i)          the
vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company; and

 

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(ii)         the
vote of a majority of the Company’s Directors who are not parties to this Agreement or “interested persons” (as
such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements
of the Investment Company Act.

 

(b)          The
Agreement may be terminated at any time, without the payment of any penalty, upon not more than 60 days’ written notice,
by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Board or by the Administrator.

 

(c)          This
Agreement may not be assigned by a party without the consent of the other party. The provisions of Section 5 of this Agreement
shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any
termination of this Agreement.

 

8.            Amendments
of this Agreement 

 

This Agreement may
be amended pursuant to a written instrument by mutual consent of the parties.

 

9.            Governing
Law

 

This Agreement shall
be construed in accordance with the laws of the State of New York and the applicable provisions of the Investment Company Act.
To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the
Investment Company Act, the latter shall control.

 

10.          Entire
Agreement

 

This Agreement contains
the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject
matter hereof.

 

11.          Notices

 

Any notice under this
Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

 

[Remainder of Page Intentionally
Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have
executed and delivered this Agreement as of the date first above written.

 

	 	GSV CAPITAL CORP.
	 	 
	 	By:	 
	 	 	Name: Michael T. Moe
	 	 	Title:  Chief Executive Officer and President
	 	 	 
	 	GSV CAPITAL SERVICE COMPANY, LLC
	 	 
	 	By:	 
	 	 	Name:  Michael T. Moe
	 	 	Title:  Managing Member

 

[Administration Agreement]

 

    	6March 8, 2013

 

RE: Medgenics, Inc. (the “Company”)

 

Dear Joe,

 

I am writing to you on behalf of the board of directors of the
Company to confirm arrangements with regard to the terms of appointment to office as a director of the Company effective March
15, 2013.

 

		1	Definitions

 

For the purposes of this Letter, the following words or expressions
shall have the following meanings respectively:

 

		“AIM”	means the AIM Market of London
Stock Exchange plc;

 

		“Biopump”	means a micro organ which has undergone ex-vivo
transduction with a vector such that it produces and secretes a desired therapeutic protein;

 

		“Board”	means the board of directors of the Company,
including any committee of the Board duly constituted by it;

 

		“Businesses”	means:

 

		(a)	the business of the research, development, design, production,
manufacturing, marketing, sale, distribution and other commercial activities of any Group Company in relation to the Group’s
proprietary and/or licensed technology concerning a platform technology for the treatment of various
diseases and/or chronic disorders and conditions whereby a sliver of human dermal tissue is converted
into an internal protein production plant, through ex vivo transduction with a viral or non-viral vector, and the processed
tissue is re-implanted under the human donor’s skin to provide therapeutic levels of protein delivery; and

 

		(b)	any other business that any Group Company shall at the relevant date;

 

		(i)	be engaged in and with which you shall have been concerned or involved to any material extent at any time during Your Appointment;
or

 

		(ii)	have determined to carry on with a view to developing any other biotechnical technology for commercial exploitation in the
future and in relation to which determination you shall at the Termination Date possess any material Confidential Business Information;

 

		“Confidential Business Information” 	means all and any Corporate Information,
Marketing Information, Technical Information and other information (whether or not recorded in documentary form or on computer
disk or tape) which the Company or any Group Company treats as confidential or in respect of which it owes an obligation of confidentiality
to any third party, which is not in the public domain:

 

 

    	Medgenics, Inc.

555 California Street - Suite 365

San Francisco, CA 94101

    	 

    

 

 

 

 

		(a)	which you shall have acquired or shall hereafter acquire at any time during Your Appointment but which does not form part of
your own stock in trade; and

 

		(b)	which is not readily ascertainable to persons not connected with the Company or any Group Company;

 

		“Corporate Information”	means all and any information (whether
or not recorded in documentary form or on computer disk or tape) relating to the business methods, corporate plans, management
systems, finances, maturing new business opportunities or research and development projects of the Company or any Group Company;

 

		“DGCL”	means Delaware General Corporation Law;

 

		“Group”	means
the Company and its affiliates, including any company that controls, is controlled by, or is under common control with the Company,
as defined in Rule 3b-18 of the Securities Exchange Act of 1934, as amended from time to time, including, without limitation to
the generality of the foregoing, Medgenics Medical (Israel) Limited;

 

		“Group Company”	means a
member of the Group and “Group Companies” shall be interpreted accordingly;

 

		“Marketing Information”	means all and any information (whether or
not recorded in documentary form or on computer disk or tape) relating to the marketing or sales of any past present or future
product or service of the Company or any Group Company including, without limitation, sales targets and statistics, market share
and pricing statistics, marketing surveys and plans, market research reports, sales techniques, price lists, discount structures,
advertising and promotional material, the names, addresses, telephone numbers, contact names and identities of customers and potential
customers of and suppliers and potential suppliers to the Company or any Group Company, the nature of their business operations,
their requirements for any product or service sold to or purchased by the Company or any Group Company and all confidential aspects
of their business relationship with the Company or any Group Company;

 

		“Material Interest”	means:

 

		(a)	the holding of any position as director, officer, employee, consultant, partner, principal or agent;

 

		(b)	the direct or indirect control or ownership (whether jointly or alone) of any shares (or any voting rights attached to them)
or debentures save for the ownership for investment purposes only of not more than five percent (5%) of the issued shares of any
company whose shares are listed on any national securities exchange (as defined in Section 3(a)(1) of the Securities Exchange Act
of 1934, as amended from time to time), or any similar exchange in jurisdictions outside the United States, including AIM; or

 

 

    	Medgenics, Inc.

555 California Street - Suite 365

San Francisco, CA 94101

    	 

    

 

 

 

 

		(c)	the direct or indirect provision of any finance;

 

other
than on behalf of any Group Company for the legitimate purposes of that Group Company;

 

		“Technical Information”	means all and any trade secrets, secret
formulae, processes, inventions, designs, know-how discoveries, technical specifications and other technical information (whether
or not recorded in documentary form or on computer disk or tape) relating to the creation, production or supply of any past, present
or future product or service of the Company or any Group Company;

 

		“Termination Date” 	means the date of the termination of Your
Appointment; and

 

		“Your Appointment”	means your appointment to and holding of
office as a director of the Company as confirmed by this letter effective March 15, 2013.

 

		2	Duties

 

		2.1	As a director of the Company you will be expected to exercise the general fiduciary duties and duties of care and loyalty as
provided under the DGCL and provide such advice and services as the Board may reasonably require.

 

		2.2	The Board as a whole is collectively responsible for the success of the Company. The Board’s role is to:

 

		2.2.1	provide entrepreneurial leadership of the Company within a framework of prudent and effective controls, which enable risk to
be assessed and managed;

 

		2.2.2	set the Group’s strategic aims, ensure that the necessary financial and human resources are in place for the Company
to meet its objectives and review management performance; and

 

		2.2.3	set the Company’s values and standards and ensure that its obligations to its shareholders and others are understood
and met.

 

		2.3	In your role as a non-executive director, you shall be
required to:

 

		2.3.1	constructively challenge and contribute to the development of the Group’s strategy;

 

		2.3.2	scrutinize the performance of management in meeting agreed goals and objectives and monitor the reporting of performance;

 

		2.3.3	satisfy yourself that financial information is accurate and that financial controls and systems of risk management are appropriate,
robust and defensible;

 

		2.3.4	endeavor to attend all meetings of the Board and the annual and all other meetings of the shareholders of the Company;

 

		2.3.5	at all times comply with the certificate of incorporation and bylaws of the Company, each as the same may be amended or restated
from time to time;

 

 

    	Medgenics, Inc.

555 California Street - Suite 365

San Francisco, CA 94101

    	 

    

 

 

 

 

		2.3.6	abide by your fiduciary duties as a director of the Company;

 

		2.3.7	diligently perform your duties;

 

		2.3.8	immediately report your own wrongdoing or the wrongdoing or proposed wrongdoing of any other employee or director of the Company
of which you become aware to the Chairman of the Company; and

 

		2.3.9	comply with the terms of the Code of Business Conduct and Ethics adopted by the Board ( a copy of which is annexed hereto)
and any other code of practice issued by the Company from time to time relating to dealing in the Company’s securities.

 

		2.4	In addition, your duties shall require that you shall:

 

		2.4.1	promote the highest standards of integrity, probity and corporate governance throughout the Company, particularly at Board
level;

 

		2.4.2	use your best endeavors to ensure that the Board receives accurate, timely and clear information;

 

		2.4.3	use your best endeavors to ensure effective communication with shareholders;

 

		2.4.4	use your best endeavors to facilitate the effective contribution of non-executive directors and to ensure constructive relations
are maintained between the executive and non-executive directors;

 

		2.4.5	ensure that the performance of the Chief Executive Officer (and of any other executive director(s) from time to time) is evaluated
at least once a year; and

 

		2.4.6	at the request of the Company, serve on committees of the Board as shall be agreed between you and the Chairman of the Company.

 

		3	Time Commitment

 

You shall work such hours per week over the term Your Appointment
as are necessary for the proper performance of your duties as a non-executive director of the Company.

 

		4	FEES

 

You will be entitled to certain cash fees in connection with
your services as set forth below:

 

	i.	Annual retainer fee	$ 15,000
	ii.	Per Meeting fee (including telephonic)	$  1,500
	iii.	Per Meeting fee (outside U.S.)	$   2,000
	iv.	Per Committee Meeting (if not associated with an on-site Board Meeting)	$  1,000
	v.	Annual retainer fee for director acting as Chairman of committee (per committee)	$  5,000

 

 

    	Medgenics, Inc.

555 California Street - Suite 365

San Francisco, CA 94101

    	 

    

 

 

 

 

The annual retainer fees described above are paid on a fiscal
year basis, and shall be prorated for any partial fiscal year of Board service. This fee and the terms prescribing the frequency
of payment shall be fixed for a period of one (1) year from the date of this Letter and thereafter shall be subject to review.
On termination of Your Appointment you will (if applicable) be paid your director’s fee on a pro-rata basis, to the extent
unpaid up to the Termination Date.

 

You will receive stock options to acquire 300,000 shares of
common stock upon Your Appointment, subject to the approval by NYSE MKT of an additional listing application covering such shares
(the date of such approval shall be referred to as the “Approval Date”). Such options will be issued outside the Company’s
Stock Incentive Plan, as amended (the “Stock Plan”), and will vest in three equal installments, with the first 100,000
options vesting on the Approval Date, the second 100,000 options vesting on March 15, 2014 and the remaining options vesting on
March 15, 2015. You will be entitled to participate in any equity compensation program established for non-executive directors
beginning in 2014. Currently, the Company has established a plan to make annual restricted share and option grants under the Stock
Plan to be made on January 2nd of each year (or on the first business day thereafter or (as applicable) as soon as practical
thereafter when the Company is not in a close period) as follows (i) 7,000 shares of restricted stock with 50% vesting one day
after grant and the remaining 50% vesting on the first anniversary of grant; and (ii) options to purchase 15,000 shares, having
a 10 year term and vesting in equal installments over 3 years. You acknowledge that the Company may determine to change this equity
compensation program and this Letter shall in no way be deemed to be a guarantee of future option grants.

 

		5	Term of office

 

Your Appointment will commence on March 15, 2013 and shall continue
unless or until your successor is elected and qualified or until your earlier resignation or removal. You agree that you will give
not less than sixty (60) days’ (or such lesser period if agreed by the Board) prior notice in writing to the Company in the
event you wish to resign prior to the expiration of your term or in the event you do not wish to stand for re-election at the Company’s
annual meeting of stockholders.

 

For the avoidance of doubt, by your
counter-signature hereto, you acknowledge that your continuation in office is subject to the DGCL and the certificate of
incorporation and bylaws of the Company, each as the same may be amended or restated from time to time.

 

On termination of Your Appointment for whatever reason you will
promptly return to the Company all documents, records, keys, correspondence or other items in your possession or under your control
which relate in any way to the business or affairs of, or are the property of, the Company or any Group Company and all copies
thereof, regardless of the medium upon or in which such copies are stored or held. In addition, you will cease to use the Company’s
facilities and cease to hold yourself out as being a director of the Company.

 

		6	Expenses

 

The Company shall reimburse you in respect of all reasonable
travelling, hotel, entertainment and other out of pocket expenses properly and necessarily incurred by you in or about the performance
of your duties under this Agreement, subject to the production (if requested) of any receipts, vouchers and other supporting documentation
that the Company shall reasonably require.

 

 

    	Medgenics, Inc.

555 California Street - Suite 365

San Francisco, CA 94101

    	 

    

 

 

 

 

		7	Confidentiality

 

		7.1	Both during the currency and after the Termination Date, you will treat all Confidential Business Information as confidential
and not use or disclose the same to any other party except:

 

		7.1.1	insofar as may be necessary for the proper and effective performance of your duties as a director of the Company and then only
to a person who shall be subject to equivalent, express, written confidentiality obligations to the Company or a Group Company;

 

		7.1.2	to the extent that such information is or (without default of your part) becomes generally available to the public; or

 

		7.1.3	to the extent that you shall be required to disclose the same by any applicable law or legally binding order of any court,
government, semi-governmental authority, administrative or judicial body, or a legally binding requirement of a stock exchange
or regulator.

 

		7.2	If you are required to make a disclosure as contemplated in clause 7.1.3:

 

		7.2.1	you must disclose only the minimum Confidential Business Information required to comply with the applicable law, order
or requirement; and

 

		7.2.2	before making such disclosure, you must:

 

		(a)	give the Company reasonable written notice of:

 

		(i)	the full circumstances of the requirement for disclosure arising; and

 

		(ii)	the Confidential Business Information which you propose to disclose; and

 

		(b)	consult with the Company as to the form of the disclosure.

 

		7.3	By your counter-signature hereto, you acknowledge that:

 

		7.3.1	the Company and each Group Company possess a valuable body of Confidential Business Information;

 

		7.3.2	the Company has given and will continue to give you access to Confidential Business Information in order that you may carry
out your duties hereunder;

 

		7.3.3	your duties include, without limitation, a duty of care and a duty of loyalty as provided under the DGCL; and

 

		7.3.4	the disclosure of any Confidential Business Information other than for the legitimate business purposes of the Company or any
Group Company, including (without limitation) to an actual or potential competitor of the Company or any Group Company could place
such company at a serious competitive disadvantage and could cause immeasurable (financial and other) damage to the Businesses

 

			and that the obligations of confidentiality assumed under the provisions of this clause 7 are reasonable and necessary for
the protection of the Group, the Businesses and the Confidential Business Information.

 

 

    	Medgenics, Inc.

555 California Street - Suite 365

San Francisco, CA 94101

    	 

    

 

 

 

 

		8	Other Interests and Restrictions

 

		8.1	It is accepted and acknowledged that you have business interests other than those of the Company and that you have declared
any potential conflicts that are apparent at present. If you become aware of any potential conflicts of interest after the date
hereof, these should be disclosed to the Chairman of the Company and company secretary as soon as you become aware thereof.

 

		8.2	By your counter-signature hereto, you agree and undertake that, during the term of Your Appointment,
you shall not, without the Company’s written permission, assume or hold any Material Interest in any person, firm or company which:

 

		8.2.1	impairs or might reasonably be thought by the Board to impair your ability to act at all times in the best interests of the
Company; or

 

		8.2.2	requires or might reasonably be thought by the Board to require you to disclose any Confidential Business Information in order
properly to discharge your duties to or to further your interest in such person, firm or company.

 

		8.3	By your counter-signature hereto, you agree and undertake that you will not, without the Company’s written permission,
during the term of Your Appointment and for the period of 12 months after the Termination Date, in any part of the world, whether
directly or indirectly:

 

		8.3.1	assume or hold a Material Interest in a business which manufactures, distributes or utilizes the Group’s Biopump technology
using Biopumps;

 

		8.3.2	solicit, or by any other means induce or seek to induce, any person, firm or company with whom or which any Group Company transacts
business (whether as customer, supplier, contractor, licensor, adviser or otherwise in relation to the Business) to cease dealing
with such Group Company or to restrict or vary the terms upon which it deals with such Group Company;

 

		8.3.3	solicit or entice away or employ or engage or seek to entice away from any Group Company any person who is and was at the Termination
Date or at any time during the six (6) months prior to the Termination Date a director, scientific adviser, regulatory adviser,
bioscience engineer or other scientific, program, product development, marketing, sales, licensing, research and development and/or
other senior manager, key salesperson or secretary (if any) assigned to you; and

 

		8.3.4	enter into a license with Yissum Research Development Company of the Hebrew University of Jerusalem (“Yissum”)
for any of the technologies that are currently expressly excluded from the “Scope” of the Agreement between Yissum
and the Company dated November 23, 2005 (the “Yissum License”), as set forth on Appendix A of the Yissum License.

 

		8.4	By your counter-signature hereto, you agree and undertake that you will not at any time after the Termination Date, represent
or hold yourself out or permit yourself to be represented or held out by any person, firm or company as being in any way then currently
connected with or interested in the Company or any Group Company other than (if such be the case) as the holder of shares, options
and/or warrants in the Company.

 

 

    	Medgenics, Inc.

555 California Street - Suite 365

San Francisco, CA 94101

    	 

    

 

 

 

 

		8.5	Each of the provisions of clauses 8.2, 8.3 and 8.4 and
(where applicable) the sub-clauses thereof is independent and severable from the remaining provisions and enforceable accordingly.
If any provision of the said clauses/sub-clauses shall be unenforceable for any reason but would be enforceable if part of the
wording thereof were deleted, it shall apply with such deletions as may be necessary to make it enforceable.

 

		8.6	You have given the undertakings contained in this clause
8 to the Company itself and to the Company as trustee for the benefit of each Group Company and will, at the request and cost
of the Company, promptly enter into direct undertakings with any Group Company which correspond to the undertakings in this clause
8.

 

		8.7	The Company agrees that each Material Interest that you
assume or hold as of the date hereof is hereby permitted.

 

		9	Independent Legal Advice

 

Occasions may arise when you consider that
you will need professional advice in connection with the performance of your duties as a director of the Company and you will be
able to consult the Company’s advisors for this purpose. Exceptional circumstances may occur when it may be appropriate for
you to seek such advice from independent advisors, at the Company’s expense. In such an event, you should, where reasonably
practical and not (in your reasonable judgment) prejudicial to the interests of the Company, consult with the Board or, if you
consider appropriate, the non-executive directors, prior to such advice being sought or expense being incurred.

 

		10	Governing law and jurisdiction

 

This Letter shall be governed by and shall be interpreted in
accordance with the DGCL. The parties irrevocably submit to the non-exclusive jurisdiction of the state courts of Delaware, USA
in relation to all matters arising out of or in connection with this appointment letter.

 

On a more personal note, I want to tell you how pleased I am
that you are joining the Medgenics Board of Directors. I know that I speak for the other directors in saying that we look forward
to your leadership and contributions as a director. As required by AIM rules, I should be grateful if you would please confirm
your acceptance of the terms of your appointment by signing and returning the duplicate of this Letter.

 

 

With kind regards,

 

 

/s/ Sol J. Barer

Sol J. Barer, Ph.D.

Duly authorized for and on behalf of the Board

 

 

I hereby acknowledge the above terms and agree and undertake
in the above terms.

 

 

    	Medgenics, Inc.

555 California Street - Suite 365

San Francisco, CA 94101

    	 

    

 

 

 

 

	SIGNED AS A DEED	)	 	 	 
	by Joseph J. Grano, Jr.	)	 	 	 
	in the presence of:-	)	 	/s/ Joseph J. Grano, Jr.	 
	 	 	 	Joseph J. Grano, Jr.	 

 

	Witness Signature	 	 	 
	Name:	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	Occupation:	 	 	 

 

 

    	Medgenics, Inc.

555 California Street - Suite 365

San Francisco, CA 94101

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