Document:

Exhibit 10.9
Y-MABS THERAPEUTICS, INC. 
2018 EQUITY INCENTIVE PLAN 
STOCK OPTION GRANT NOTICE 
Y-mAbs Therapeutics, Inc. a Delaware corporation, (the “Company”), pursuant to its 2018 Equity Incentive Plan, as may be amended from time to time (the “Plan”), hereby grants to the holder listed below (“Participant”), an option to purchase the number of shares of the Company’s Common Stock (the “Shares”), set forth below (the “Option”). This Option is subject to all of the terms and conditions set forth herein, as well as in the Plan and the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement”), each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Stock Option Agreement. 
 
	Participant:
	  
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	Grant Date:
	  
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	Vesting Commencement Date:
	  
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	Exercise Price per Share:
	  
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	Total Exercise Price:
	  
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	Total Number of Shares
Subject to the Option:
	  
	(          ) shares
	  
	
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	Expiration Date:
	  
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	Vesting Schedule:
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[USE THIS IS IF FIRST TIME GRANT:
One thirty-sixth (1/36th) of the Shares subject to the Option shall vest each month over the next three (3) years from the Vesting Commencement Date on the same day of the month as the Vesting Commencement Date (and if there is no corresponding day, on the last day of the month) subject to Participant continuing to be a Service Provider through each such date; provided, however, that upon the occurrence of an event constituting a Change of Control, the all Shares (100%) subject to the Option shall become immediately exercisable in full if at such date the Participant is still a Service Provider; and if at such date the Participant is no longer a Service Provider, the Option will be exercisable only for such amount of Shares subject to the Option which have vested.]
[OR DELETE ABOVE AND USE INSTEAD THIS TEXT IF ANNUAL GRANT:
1/12th  of the Shares subject to the Option shall vest each month over the next 12 months from the Vesting Commencement Date on the same day of the month as the Vesting Commencement Date (and if there is no corresponding day, on the last day of the month) subject to Participant continuing to be a Service Provider through each such date; provided, however, that upon the occurrence of an event constituting a Change of Control, all Shares (100%) subject to the Option shall become immediately exercisable in full if at such date the Participant is still a Service Provider; and if at such date the Participant is no longer a Service 

Provider, the Option will be exercisable only for such amount of Shares subject to the Option which have vested.]  
This Option will be exercisable with respect to the Shares which have vested as per the above vesting schedule until a date no later than the earlier of (1) the Option's original Term/Expiration Date set forth above, or (2) the 10th anniversary of the original Date of Grant set forth above. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided above and may be subject to earlier termination as provided in the Plan
Section 3.3 (c) and (d) of the Stock Option Agreement shall not apply to this Option.
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Type of Option:          ☐    Incentive Stock Option                 ☐    Nonqualified Stock Option 
By his or her signature and the Company’s signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Stock Option Agreement, and this Grant Notice. Participant has reviewed the Stock Option Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Stock Option Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Stock Option Agreement. 
 
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	Y-MABS THERAPEUTICS, INC.:
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	PARTICIPANT:

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	By:
	 
	    
	By:
	 

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	Print Name:
	 
		Print Name:
	 

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	Title:
	 
			 

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	Address:
	 
		Address:
	 

		 
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EXHIBIT A
STOCK OPTION AGREEMENT
Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option Agreement (this “Agreement”) is attached, Y-mAbs Therapeutics, Inc., a Delaware corporation (the “Company”), has granted to the Participant an Option under the Company’s 2018 Equity Incentive Plan, as may be amended from time to time (the “Plan”), to purchase the number of Shares indicated in the Grant Notice. 
ARTICLE 1.
GENERAL 
1.1 Defined Terms. Wherever the following terms are used in this Agreement they shall have the meanings specified below, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 
1.2 Incorporation of Terms of Plan. The Option is subject to the terms and conditions of the Plan which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 
ARTICLE 2.
GRANT OF OPTION 
2.1 Grant of Option. In consideration of the Participant’s past and/or continued employment with or service to the Company or any Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company irrevocably grants to the Participant the Option to purchase any part or all of an aggregate of the number of Shares set forth in the Grant Notice, upon the terms and conditions set forth in the Plan and this Agreement, subject to adjustments as provided in Article IX of the Plan. Unless designated as a Nonqualified Stock Option in the Grant Notice, the Option shall be an Incentive Stock Option to the maximum extent permitted by law. 
2.2 Exercise Price. The exercise price of the Shares subject to the Option shall be as set forth in the Grant Notice, without commission or other charge; provided, however, that the price per share of the Shares subject to the Option shall not be less than 100% of the Fair Market Value of a Share on the Grant Date. Notwithstanding the foregoing, if this Option is designated as an Incentive Stock Option and the Participant is a Greater Than 10% Stockholder as of the Date of Grant, the exercise price per share of the Shares subject to the Option shall not be less than 110% of the Fair Market Value of a Share on the Grant Date. 
2.3 Consideration to the Company. In consideration of the grant of the Option by the Company, the Participant agrees to render faithful and efficient services to the Company or any Subsidiary. Nothing in the Plan or this Agreement shall confer upon the Participant any right to continue in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and the Participant. 
 
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ARTICLE 3.
PERIOD OF EXERCISABILITY 
3.1 Commencement of Exercisability. 
(a) Subject to Sections 3.2, 3.3, 5.11 and 5.17 hereof, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice. 
(b) No portion of the Option which has not become vested and exercisable at the date of the Participant’s Termination of Service shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and the Participant. 
(c) Notwithstanding Section 3.1(a) hereof and the Grant Notice, but subject to Section 3.1(b) hereof, in the event of a Change in Control the Option shall be treated pursuant to Sections 9.2 and 9.3 of the Plan. 
3.2 Duration of Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under Section 3.3 hereof. 
3.3 Expiration of Option. The Option may not be exercised to any extent by anyone after the first to occur of the following events: 
(a) The Expiration Date set forth in the Grant Notice, which shall in no event be more than ten (10) years from the Grant Date; 
(b) If this Option is designated as an Incentive Stock Option and the Participant, at the time the Option was granted, was a Greater Than 10% Stockholder, the expiration of five (5) years from the Grant Date; 
(c) The expiration of three (3) months from the date of the Participant’s Termination of Service, unless such termination occurs by reason of the Participant’s death or disability; or 
(d) The expiration of one (1) year from the date of the Participant’s Termination of Service by reason of the Participant’s death or disability. 
3.4 Special Tax Consequences. The Participant acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Stock Options, including the Option (if applicable), are exercisable for the first time by the Participant in any calendar year exceeds $100,000, the Option and such other options shall be Nonqualified Stock Options to the extent necessary to comply with the limitations imposed by Section 422(d) of the Code. The Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other “incentive stock options” into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder. The Participant also acknowledges that an Incentive Stock Option exercised more than three (3) months after the Participant’s Termination of Employment, other than by reason of death or disability, will be taxed as a Nonqualified Stock Option. 
 

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3.5 Tax Indemnity. 
(a) The Participant agrees to indemnify and keep indemnified the Company, any Subsidiary and the Participant’s employing company, if different, from and against any liability for or obligation to pay any Tax Liability (a “Tax Liability” being any liability for income tax, withholding tax and any other employment related taxes or social security contributions in any jurisdiction) that is attributable to (1) the grant or exercise of, or any benefit derived by the Participant from, the Option, (2) the acquisition by the Participant of the Shares on exercise of the Option or (3) the disposal of any Shares. 
(b) The Option cannot be exercised until the Participant has made such arrangements as the Company may require for the satisfaction of any Tax Liability that may arise in connection with the exercise of the Option and/or the acquisition of the Shares by the Participant. The Company shall not be required to issue, allot or transfer Shares until the Participant has satisfied this obligation. 
(c) The Participant hereby acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax Liabilities in connection with any aspect of the Option and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of any Award, including the Option, to reduce or eliminate the Participant’s liability for Tax Liabilities or achieve any particular tax result. Furthermore, if the Participant becomes subject to tax in more than one jurisdiction between the date of grant of an Award, including the Option, and the date of any relevant taxable event, the Participant acknowledges that the Company may be required to withhold or account for Tax Liabilities in more than one jurisdiction. 
ARTICLE 4.
EXERCISE OF OPTION 
4.1 Person Eligible to Exercise. Except as provided in Section 5.3 hereof, during the lifetime of the Participant, only the Participant may exercise the Option or any portion thereof, unless it has been disposed of pursuant to a DRO. After the death of the Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.3 hereof, be exercised by the deceased the Participant’s personal representative or by any person empowered to do so under the deceased the Participant’s will or under the then applicable laws of descent and distribution. 
4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3 hereof. However, the Option shall not be exercisable with respect to fractional Shares. 
4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company (or any third party administrator or other person or entity designated by the Company; for the avoidance of doubt, delivery shall include electronic delivery), during regular business hours, of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.3 hereof: 
(a) An exercise notice in a form specified by the Administrator, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator. The notice shall be signed by the Participant or other person then entitled to exercise the Option or such portion of the Option; 
 

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(b) The receipt by the Company of full payment for the Shares with respect to which the Option or portion thereof is exercised, including payment of any applicable withholding tax, which shall be made by deduction from other compensation payable to the Participant or in such other form of consideration permitted under Section 4.4 hereof that is acceptable to the Company; 
(c) Any other written representations or documents as may be required in the Administrator’s sole discretion to evidence compliance with the Securities Act, the Exchange Act or any other applicable law, rule or regulation; and 
(d) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 hereof by any person or persons other than the Participant, appropriate proof of the right of such person or persons to exercise the Option. 
Notwithstanding any of the foregoing, the Company shall have the right to specify all conditions of the manner of exercise, which conditions may vary by country and which may be subject to change from time to time. 
4.4 Method of Payment. Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of the Participant: 
(a) Cash or check; 
(b) With the consent of the Administrator, surrender of Shares (including, without limitation, Shares otherwise issuable upon exercise of the Option) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof; or 
(c) Other legal consideration acceptable to the Administrator (including, without limitation, through the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the settlement of such sale). 
4.5 Conditions to Issuance of Shares. The Shares deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued Shares or issued Shares which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any Shares purchased upon the exercise of the Option or portion thereof prior to fulfillment of all of the conditions in Section 10.7 of the Plan and following conditions: 
(a) The admission of such Shares to listing on all stock exchanges on which such Shares are then listed; 
(b) The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 
 
(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 
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(d) The receipt by the Company of full payment for such Shares, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 4.4 hereof; and 
(e) The lapse of such reasonable period of time following the exercise of the Option as the Administrator may from time to time establish for reasons of administrative convenience. 
4.6 Rights as Stockholder. The holder of the Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of any Shares purchasable upon the exercise of any part of the Option unless and until such Shares shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Article IX of the Plan. 
ARTICLE 5.
OTHER PROVISIONS 
5.1 Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon the Participant, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the Option. 
5.2 Whole Shares. The Option may only be exercised for whole Shares. 
5.3 Option Not Transferable. 
(a) Subject to Section 4.1 hereof, the Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, pursuant to a DRO, unless and until the Option has been exercised and the Shares underlying the Option have been issued, and all restrictions applicable to such Shares have lapsed. Neither the Option nor any interest or right therein shall be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) unless and until the Option has been exercised, and any attempted disposition thereof prior to exercise shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
(b) During the lifetime of the Participant, only the Participant may exercise the Option (or any portion thereof), unless it has been disposed of pursuant to a DRO; after the death of the Participant, any exercisable portion of the Option may, prior to the time when such portion becomes unexercisable under the Plan or this Agreement, be exercised by the Participant’s personal representative or by any person empowered to do so under the deceased the Participant’s will or under the then-applicable laws of descent and distribution. 
 

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 (c) Notwithstanding any other provision in this Agreement, the Participant may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to the Option upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and this Agreement, except to the extent the Plan and this Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Administrator. If the Participant is married or a domestic partner in a domestic partnership qualified under Applicable Law and resides in a community property state, a designation of a person other than the Participant’s spouse or domestic partner, as applicable, as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Option shall not be effective without the prior written consent of the Participant’s spouse or domestic partner. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by the Participant at any time provided the change or revocation is filed with the Administrator prior to the Participant’s death. 
5.4 Tax Consultation. The Participant understands that the Participant may suffer adverse tax consequences as a result of the grant, vesting and/or exercise of the Option, and/or with the purchase or disposition of the Shares subject to the Option. The Participant represents that the Participant has consulted with any tax consultants the Participant deems advisable in connection with the purchase or disposition of such Shares and that the Participant is not relying on the Company for any tax advice. 
5.5 Binding Agreement. Subject to the limitation on the transferability of the Option contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
5.6 Adjustments Upon Specified Events. The Administrator may accelerate the vesting of the Option in such circumstances as it, in its sole discretion, may determine. In addition, upon the occurrence of certain events relating to the Shares contemplated by Article IX of the Plan (including, without limitation, an extraordinary cash dividend on such Shares), the Administrator shall make such adjustments the Administrator deems appropriate in the number of Shares subject to the Option, the exercise price of the Option and the kind of securities that may be issued upon exercise of the Option. The Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and Article IX of the Plan. 
5.7 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on the Company’s records. By a notice given pursuant to this Section 5.7, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to the Participant shall, if the Participant is then deceased, be given to the person entitled to exercise his or her Option pursuant to Section 4.1 hereof by written notice under this Section 5.7. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 
5.8 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 
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5.9 Governing Law. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 
5.10 Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all Applicable Law and regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such Applicable Law. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such Applicable Law. 
5.11 Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Option in any material way without the prior written consent of the Participant.
5.12 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5.3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns. 
5.13 Notification of Disposition. If this Option is designated as an Incentive Stock Option, the Participant shall give prompt notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or transfer is made (a) within two (2) years from the Grant Date with respect to such Shares or (b) within one (1) year after the transfer of such Shares to the Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. 
5.14 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
5.15 Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of the Company or any of its Subsidiaries or interfere with or restrict in any way with the right of the Company or any of its Subsidiaries, which rights are hereby expressly reserved, to discharge or to terminate for any reason whatsoever, with or without cause, the services of the Participant’s at any time. 
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5.16 Entire Agreement. The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof. 
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5.17 Section 409A. This Option is not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that the Option (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify the Participant or any other person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for the Option to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.
5.18 Limitation on the Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to options, as and when exercised pursuant to the terms hereof. 
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A-8Exhibit 10.1

 

	 	Contract number (FI No): 92335
	 	Contract number (FI No): 91870
	 	Serapis No: 2019-0880

 

Innovative
Cell Therapies (EGFF)

 

Guarantee
Agreement

 

between
the

 

European
Investment Bank

 

and

 

Pluristem
Therapeutics Inc.

 

and

 

Pluristem
GmbH

 

30
September, 2020

 

     

     

    

 

	Article
    1 INTERPRETATION AND DEFINITIONS	2
	 	 
	1.01	Interpretation	2
	 	 	 
	1.02	Definitions	3
	 	 	 
	Article
    2 FINANCE DOCUMENTS	5
	 	 
	Article
    3 GUARANTEE	5
	 	 
	3.01	Guarantee
    (Garantie) and Indemnity (Ausfallhaftung)	5
	 	 	 
	3.02	Demands
    and payments	5
	 	 	 
	3.03	Independent
    payment obligation	6
	 	 	 
	3.04	No
    defences	6
	 	 	 
	3.05	Immediate
    recourse	7
	 	 	 
	3.06	Appropriations	7
	 	 	 
	3.07	Deferral
    of Guarantor’s rights	8
	 	 	 
	3.08	Additional
    Security	8
	 	 	 
	Article
    4 TERM OF THE GUARANTEE	8
	 	 
	4.01	Term	8
	 	 	 
	4.02	Reinstatement	9
	 	 	 
	Article
    5 REPRESENTATIONS AND WARRANTIES	9
	 	 
	5.01	Representations
    and Warranties of the Guarantor	9
	 	 	 
	5.02	Undertakings
    of the Guarantor	13
	 	 	 
	Article
    6 INFORMATION TO THE BANK	14
	 	 
	6.01	Financial
    Information	14
	 	 	 
	6.02	Information
    duties	14
	 	 	 
	Article
    7 DEFAULT INTEREST AND TAXES	15
	 	 
	7.01	Taxes	15
	 	 	 
	7.02	Interest
    on overdue sums	15
	 	 	 
	7.03	Currency
    conversion	15
	 	 	 
	7.04	Set-off	15
	 	 	 
	Article
    8 CONTINUING OBLIGATIONS	16

 

    i

     

    

 

	Article
    9 NON WAIVER	16
	 	 
	Article
    10 LAW AND JURISDICTION, miscellaneous	16
	 	 
	10.01	Governing
    Law	16
	 	 	 
	10.02	Jurisdiction	16
	 	 	 
	10.03	Service
    of process	17
	 	 	 
	10.04	Place
    of performance	17
	 	 	 
	10.05	Evidence
    of sums due	17
	 	 	 
	10.06	Entire
    Agreement	17
	 	 	 
	10.07	Invalidity	17
	 	 	 
	10.08	Amendments	18
	 	 	 
	10.09	Counterparts	18
	 	 	 
	10.10	Assignment
    and transfer by the Bank	18
	 	 	 
	Article
    11 Final Articles	19
	 	 
	11.01	Form
    of notice	19
	 	 	 
	11.02	Addresses	20
	 	 	 
	11.03	Demand
    after notice to remedy	20
	 	 	 
	11.04	English
    language	20
	 	 	 
	11.05	CONCLUSION
    OF THIS GUARANTEE AGREEMENT (VERTRAGSSCHLUSS)	21

 

    ii

     

    

 

THIS
GUARANTEE AGREEMENT IS MADE ON 30 

SEPTEMBER, 2020 BETWEEN:

 

	The
European Investment Bank having its seat at 100 blvd Konrad Adenauer, Luxembourg, L-2950 Luxembourg, represented by Donald
Fitzpatrick, Head of Division, and Mariana Duarte Silva, Counsel;	 	(the “Bank”)
	 	 	 
	and  	 	 
	 	 	 
	Pluristem Therapeutics Inc., a Nevada corporation incorporated under the laws of Nevada, whose registered office is at MATAM Advanced Technology Park, Building No. 5, Haifa, Israel 3508409, registered with the Nevada Secretary of State Office under Entity Number - C12337-2001, and NV business ID - NV20011300167, represented by Chen Franco-Yehuda and Yaacob Yanay;	 	(the “Guarantor”)
	and  	 	 
	 	 	 
	Pluristem GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung) incorporated in Germany, having its office at Brentanoweg 9, 14469 Potsdam, Germany and registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Berlin (Charlottenburg) under HRB 213655, represented by Chen Franco-Yehuda, Yaacob Yanay and Zalman Aberman.	 	(the “Borrower”)

 

     

     

    

 

WHEREAS:

 

		(A)	Pursuant
                                         to a finance contract dated 29 April 2020 and entered into between the Bank as lender
                                         and the Borrower as borrower, the Bank has agreed to grant in favour of the Borrower
                                         a credit in the amount of up to EUR 50,000,000 (fifty million euro) (the “Finance
                                         Contract”).

 

		(B)	As
                                         a condition precedent to any disbursement under the Finance Contract, the Borrower has
                                         undertaken that the Guarantor shall, and the Guarantor has agreed to, grant a guarantee
                                         (Garantie) in favour of the Bank pursuant to the terms of this guarantee agreement
                                         (the “Guarantee Agreement”).

 

		(C)	The
                                         parties to this Guarantee Agreement expressly agree that any reference in this Guarantee
                                         Agreement to the Finance Contract shall under no circumstances be construed as affecting
                                         the independent, unconditional and irrevocable nature of the guarantee (Garantie)
                                         granted pursuant to this Guarantee Agreement.

 

NOW
THEREFORE it is hereby agreed as follows:

 

Article
1

INTERPRETATION AND DEFINITIONS

 

		1.01	Interpretation

 

		(a)	In
                                         this Guarantee Agreement, unless a contrary indication appears:

 

		(i)	“Guarantor”,
                                         the “Bank” and the “Borrower” shall be construed as to include
                                         its and any subsequent successors in title, permitted assigns and permitted transferees;

 

		(ii)	references
                                         to Articles, Recitals, Schedules and (Sub-)Paragraphs are, save if explicitly stipulated
                                         otherwise, references respectively to articles of, and recitals, schedules and (sub-)paragraphs
                                         of schedules to, this Guarantee Agreement. All Recitals and Schedules form part of this
                                         Guarantee Agreement;

 

		(iii)	references
                                         to “law” or “laws” mean (i) any applicable law and any applicable
                                         treaty, constitution, statute, legislation, decree, normative act, rule, regulation,
                                         judgement, order, writ, injunction, determination, award or other legislative or administrative
                                         measure or judicial or arbitral decision in any jurisdiction which is binding or applicable
                                         case law, and (ii) EU Law;

 

		(iv)	references
                                         to applicable law, applicable laws or applicable jurisdiction means (i) respectively
                                         a law or jurisdiction applicable to the Guarantor, its respective rights and/or obligations
                                         (in each case arising out of or in connection with the Finance Documents), its capacity
                                         and/or assets, and/or, as applicable, (ii) a law or jurisdiction (including in each case
                                         the Bank’s statute) applicable to the Bank, its rights, obligations, capacity and/or
                                         assets;

 

		(v)	references
                                         to a provision of law are references to that provision as amended or re-enacted;

 

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		(vi)	references
                                         to this Guarantee Agreement and any other Finance Document or other agreement or instrument
                                         are references to this Guarantee Agreement or that Finance Document or other agreement
                                         or instrument as amended, novated, supplemented, extended or restated;

 

		(vii)	words
                                         and expressions in plural shall include singular and vice versa;

 

		(viii)	a
                                         “person” includes any person, firm, company, corporation, government, state
                                         or agency of a state or any association, trust or partnership (whether having separate
                                         legal personality or not); and

 

		(ix)	a
                                         Default (other than an Event of Default) is “continuing” if it has not been
                                         remedied or waived and an Event of Default is “continuing” if it has not
                                         been waived.

 

		(b)	A
                                         term used in any notice given under or in connection with this Guarantee Agreement has
                                         the same meaning as ascribed to it in this Guarantee Agreement.

 

		(c)	This
                                         Guarantee Agreement is made in the English language. For the avoidance of doubt, the
                                         English language version of this Guarantee Agreement shall prevail over any translation
                                         of this Guarantee Agreement. However, where a German translation of a word or phrase
                                         appears in the text of this Guarantee Agreement, the German translation of such word
                                         or phrase shall prevail.

 

		1.02	Definitions

 

A
reference to a term defined in the Finance Contract has the same meaning in this Guarantee Agreement, unless otherwise defined
herein. In this Guarantee Agreement:

 

“Bank’s
Account” has the meaning ascribed to such term in Article 3.02(a)(iii) (Demands and payments).

 

“BGB”
means the German Civil Code (Bürgerliches Gesetzbuch).

 

“Demand”
has the meaning ascribed to such term in Article 3.02(a) (Demands and payments).

 

“EUR”
or “euro” means the lawful currency of the Member States of the European Union which adopt or have adopted
it as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning
of the European Union or their succeeding treaties.

 

“Fee
Letters” means the Luxembourg law governed letters from the Bank to the Borrower dated 6 January 2020 and dated 29 April
2020.

 

“Finance
Documents” means this Guarantee Agreement, the Finance Contract, the Fee Letters, any other guarantee agreements in
relation to the Finance Contract, any side letters in relation to the Finance Contract and any other document designated a “Finance
Document” by the Borrower and the Bank.

 

“GAAP”
means generally accepted accounting principles in the jurisdiction of incorporation of the respective Obligor, including IFRS.

 

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“Guarantee”
means the guarantee and indemnity granted pursuant to Article 3.01 (Guarantee (Garantie) and Indemnity (Ausfallhaftung)).

 

“InsO”
means the German Insolvency Code (Insolvenzordnung).

 

“Notification”
has the meaning ascribed to such term in Article 3.02(a) (Demands and payments).

 

“Obligor”
means the Borrower and each “Guarantor” stated in the Finance Contract.

 

“Payment
Period” has the meaning ascribed to such term in Article 3.02(b) (Demands and payments).

 

“Security”
means any mortgage, land charge (Grundschuld), pledge, lien, charge, assignment, security transfer (Sicherungsübereignung),
retention of title arrangements, hypothecation, or other security interest securing any obligation of any person or any other
agreement or arrangement having a similar effect.

 

“Tax”
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable
in connection with any failure to pay or any delay in paying any of the same).

 

“ZPO”
means the German Code of Civil Procedure (Zivilprozessordnung).

 

    4

     

    

 

Article
2

FINANCE DOCUMENTS

 

The
Guarantor hereby confirms that it has received a copy of the Finance Documents and that it is aware of the contents of the Finance
Documents and the transactions contemplated thereby. The Guarantor further confirms that, to the extent the Finance Documents
are in the English language, it is in command of the English language or has obtained a translation thereof, and to the extent
necessary, has made itself familiar with the contents of the Finance Documents and the transactions contemplated thereby.

 

Article
3

GUARANTEE

 

		3.01	Guarantee
                                         (Garantie) and Indemnity (Ausfallhaftung)

 

The
Guarantor irrevocably and unconditionally:

 

		(a)	guarantees
                                         (garantiert) by way of an independent payment obligation (selbständiges
                                         Zahlungsversprechen) to the Bank to pay to the Bank any amount of principal, interest,
                                         costs, expenses or other amount under or in connection with the Finance Documents, including,
                                         without limitation, any amounts due under the Finance Contract including, for the avoidance
                                         of doubt, any Profit Participation Payments as more specifically defined therein, in
                                         each case that has not been fully and irrevocably paid by the Borrower or any other Obligor
                                         when due in accordance with the terms of any other Finance Document, in each case including,
                                         for the avoidance of doubt, any obligation arising out of damages (Schadenersatz),
                                         unjust enrichment (ungerechtfertigte Bereicherung), tort (unerlaubte Handlung)
                                         or any claims arising from the insolvency administrator’s discretion to perform
                                         obligations in agreements according to Section 103 InsO; and

 

		(b)	undertakes
                                         vis-à-vis the Bank to indemnify (schadlos halten) the Bank against any
                                         cost, loss or liability suffered by the Bank if any obligation of the Borrower under
                                         or in connection with any Finance Document or any obligation guaranteed by it is or becomes
                                         unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be
                                         equal to the amount which the Bank would otherwise have been entitled to recover (Ersatz
                                         des positiven Interesses).

 

For
the avoidance of doubt this Guarantee does not constitute a surety (Bürgschaft) or a guarantee upon first demand (Garantie
auf erstes Anfordern) and, in particular, receipt of such written demand shall not preclude any rights and/or defences the
Guarantor may have with respect to any payment requested by the Bank under this Guarantee.

 

		3.02	Demands
                                         and payments

 

		(a)	Any
                                         demand made by the Bank to the Guarantor under this Guarantee Agreement (each, a “Demand”)
                                         shall be made by way of a written notification addressed by the Bank to the Guarantor,
                                         sent in accordance with the provisions set forth in Article 11.01 (Form of notice)
                                         below and having the following content (each a “Notification”):

 

		(i)	specifying
                                         that the Bank is making a Demand under this Guarantee Agreement;

 

    5

     

    

 

		(ii)	specifying
                                         the amount due and payable by the Guarantor and that such amount is an amount of principal,
                                         interest, costs, expenses or other amount under or in connection with the Finance Documents
                                         that has not been fully and irrevocably paid by the Borrower or any other Obligor when
                                         due in accordance with the terms of any other Finance Document as well as the currency
                                         of payment of such sums; and

 

		(iii)	providing
                                         details of the relevant bank account into which payment should be made (the “Bank’s
                                         Account”) together with relevant instructions as to how payment should be made
                                         (if any),

 

it
being understood that:

 

		(iv)	the
                                         Bank shall be under no obligation to provide the Guarantor with any additional document
                                         nor to support its claim with any other justification or evidence, but shall reasonably
                                         consider a request reasonably made by the Guarantor to provide documentary support in
                                         order for the Guarantor to assess the relevant claim made; and

 

		(v)	the
                                         payment obligation of the Guarantor under this Guarantee Agreement is not subject to
                                         the accuracy or the merit of any statement, declaration or information contained in any
                                         Notification.

 

		(b)	The
                                         Guarantor shall make the payment requested in the Notification within five (5) Business
                                         Days as from the date of receipt (included) of the relevant Notification (the “Payment
                                         Period”) and in the currency as requested within the Notification.

 

		(c)	The
                                         Bank is entitled to request the payment of any amount in one or several instalments.

 

		3.03	Independent
                                         payment obligation

 

This
Guarantee:

 

		(a)	is
                                         independent and separate from the other obligations of the Borrower and is a continuing
                                         guarantee and indemnity which will extend to the ultimate balance of sums payable by
                                         the Borrower under the Finance Documents, regardless of any intermediate payment or discharge
                                         in whole or in part; and

 

		(b)	shall
                                         extend to any additional obligations of the Borrower resulting from any amendment, novation,
                                         supplement, extension, restatement or replacement of any Finance Document, including
                                         without limitation any extension of or increase in any Loan or the addition of a new
                                         loan or tranche under the Finance Contract.

 

		3.04	No
                                         defences

 

		(a)	The
                                         obligations of the Guarantor under this Guarantee Agreement will not be affected by an
                                         act, omission, matter or thing which relates to the principal obligation (or purported
                                         obligation) of the Borrower or any other guarantor under any other Finance Document and
                                         which would reduce, release or prejudice any of its obligations under this Guarantee
                                         Agreement, including any personal defences of the Borrower (Einreden des Hauptschuldners)
                                         or any right of revocation (Anfechtung) or set-off (Aufrechnung) of the
                                         Borrower. In particular, the Guarantor by its execution of this Guarantee Agreement:

 

    6

     

    

 

		(i)	consents
                                         (willigt ein), as required pursuant or analogue to Section 418 sub-section
                                         1 sentence 3 BGB, to any assumption of debt (Schuldübernahme) or assignment
                                         and transfer by assumption of contract (Vertragsübernahme) which relates
                                         to any such principal obligation (or purported obligation); and

 

		(ii)	waives
                                         (verzichtet auf) any defences (Einreden) to which the Borrower in its respective
                                         capacity as principal debtor (Hauptschuldner) of any such principal obligation
                                         (or purported obligation) may be entitled.

 

		(b)	The
                                         obligations of the Guarantor under this Guarantee Agreement are independent from any
                                         other security or guarantee which may have been or will be given to the Bank. In particular,
                                         the obligations of the Guarantor under this Guarantee Agreement will not be affected
                                         by any of the following:

 

		(i)	the
                                         release of, or any time (Stundung), waiver or consent granted to, the Borrower
                                         or any other guarantor under any other Finance Document from or in respect of its obligations
                                         under or in connection with any Finance Document,

 

		(ii)	the
                                         taking, variation, compromise, exchange, renewal or release of, or refusal or neglect
                                         to perfect, take up or enforce, any rights against, or Security over assets of, the Borrower
                                         or any other guarantor under any other Finance Document or any other person or any failure
                                         to realise the full value of any Security,

 

		(iii)	any
                                         incapacity or lack of power, authority or legal personality of or dissolution or a deterioration
                                         of the financial condition of the Borrower or any other guarantor under any other Finance
                                         Document, or

 

		(iv)	any
                                         unenforceability, illegality or invalidity of any obligation of the Borrower or any other
                                         guarantor under any other Finance Document.

 

		(c)	For
                                         the avoidance of doubt nothing in this Article 3.04 (No defences) shall preclude
                                         any defences that the Guarantor (in its capacity as Guarantor only) may have against
                                         the Bank that the Guarantee does not constitute its legal, valid, binding or enforceable
                                         obligations.

 

		3.05	Immediate
                                         recourse

 

The
Bank will not be required to proceed against or enforce any other rights or Security or claim payment from any person before claiming
from the Guarantor under this Guarantee. This applies irrespective of any law or provision of a Finance Document to the contrary.

 

		3.06	Appropriations

 

Until
all amounts which may be or become payable by the Borrower and the Guarantor under or in connection with the Finance Documents
have been unconditionally and irrevocably paid in full, the Bank may:

 

		(a)	refrain
                                         from applying or enforcing any other moneys, Security or rights held or received by the
                                         Bank in respect of those amounts, or apply and enforce the same in such manner and order
                                         as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not
                                         be entitled to the benefit of the same; and

 

    7

     

    

 

		(b)	hold
                                         in an account any moneys received from the Guarantor or on account of the Guarantor’s
                                         liability under this Guarantee.

 

		3.07	Deferral
                                         of Guarantor’s rights

 

		(a)	Until
                                         all amounts which may be or become payable by the Borrower and the Guarantor under or
                                         in connection with the Finance Documents have been irrevocably paid in full and unless
                                         the Bank otherwise directs, the Guarantor will not exercise any rights which it may have
                                         by reason of performance by it of its obligations under the Finance Documents or by reason
                                         of any amount being payable, or liability arising, under this Guarantee:

 

		(i)	to
                                         be indemnified by the Borrower or any other guarantor under any other Finance Document;

 

		(ii)	to
                                         claim any contribution from any other guarantor of the Borrower’s or the Guarantors
                                         obligations under the Finance Documents;

 

		(iii)	to
                                         exercise any right of set-off against the Borrower or any other guarantor under any other
                                         Finance Document; and/or

 

		(iv)	to
                                         take the benefit (in whole or in part and whether by way of legal subrogation or otherwise)
                                         of any rights of the Bank under the Finance Documents or of any other guarantee or Security
                                         taken pursuant to, or in connection with, the Finance Documents by the Bank.

 

		(b)	If
                                         the Guarantor receives any benefit, payment or distribution in relation to such rights
                                         it shall hold that benefit, payment or distribution to the extent necessary to enable
                                         all amounts which may be or become payable to the Bank by the Borrower and any other
                                         guarantor under or in connection with the Finance Documents to be repaid in full on trust
                                         for the Bank and shall promptly pay or transfer the same to the Bank or as the Bank may
                                         direct.

 

		3.08	Additional
                                         Security

 

This
Guarantee is in addition to and is not in any way prejudiced by any other guarantee or Security now or subsequently held by the
Bank.

 

Article
4

TERM OF THE GUARANTEE

 

		4.01	Term

 

This
Guarantee shall take effect on the date of execution of this Guarantee Agreement and expires on the date on which all sums which
the Bank may claim under or in connection with any Finance Document have unconditionally and irrevocably been paid to the satisfaction
of the Bank. This also includes, for the avoidance of doubt, any Profit Participation Payments pursuant to the Finance Contract.

 

    8

     

    

 

		4.02	Reinstatement

 

		(a)	If
                                         any full or partial payment by the Borrower, the Guarantor, or any other guarantor under
                                         any other Finance Document is rescinded, invalidated, declared fraudulent, set aside,
                                         determined void or voidable as a preference, fraudulent conveyance, impermissible setoff,
                                         diversion of trust funds, avoided, reduced, or otherwise required to be returned by the
                                         Bank as a result of insolvency, bankruptcy, dissolution, liquidation, reorganization
                                         or any similar event involving the Borrower, the Guarantor, or any other guarantor under
                                         any other Finance Document, or upon or as a result of the appointment of a receiver,
                                         intervenor, custodian or conservator of a trustee or similar officer for Borrower, Guarantor,
                                         or any other guarantor under any other Finance Document, or any substantial part of its
                                         property, or otherwise:

 

		(i)	this
                                         Guarantee Agreement and the liability of the Guarantor or any other guarantor under any
                                         other Finance Document shall continue to be effective or shall be reinstated (as the
                                         case may be) as if the payment, discharge, avoidance or reduction had not occurred; and

 

		(ii)	the
                                         Bank shall be entitled to recover the value or amount of that security or payment from
                                         the Guarantor or any other guarantor under any other Finance Document, as if the payment,
                                         discharge, avoidance or reduction had not occurred.

 

		(b)	The
                                         Guarantor shall pay or reimburse the Bank for all expenses incurred by the Bank in the
                                         defence of any claim that a payment received by the Bank in respect of all or any part
                                         of the obligations under the Finance Documents must be refunded.

 

		(c)	The
                                         provisions of this Article 4.02 shall survive the termination of this Guarantee
                                         Agreement and any satisfaction and discharge of Borrower by virtue of any payment, court
                                         order, or law.

 

Article
5

REPRESENTATIONS AND WARRANTIES

 

		5.01	Representations
                                         and Warranties of the Guarantor

 

The
Guarantor hereby represent and warrant to the Bank that:

 

		(a)	Authorisations
                                         and Binding Obligations

 

		(i)	Its
                                         place of incorporation or establishment is not (a) a jurisdiction classified by any Lead
                                         Organisation as being weakly regulated and/or weakly supervised and/or non-transparent
                                         and/or uncooperative or any equivalent classification used by any Lead Organisation,
                                         in connection with activities such as money laundering, financing of terrorism, tax fraud
                                         and tax evasion or harmful tax practices, and/or (b) a jurisdiction that is blacklisted
                                         by any Lead Organisation in connection with such activities.1

 

 

1
Relevant jurisdictions may be identified on the basis of lists of Lead Organisations, as such lists are updated, amended or
supplemented from time to time, including: jurisdictions with strategic deficiencies in the area of AML-CFT as identified by
FATF (http://www.fatf-gafi.org/countries/#high-risk); jurisdictions listed “partially compliant”,
“provisionally partially compliant” or “non-compliant” in the OECD Global Forum progress reports/
Global Forum rating (http://www.oecd.org/tax/transparency/GFratings.pdf;
http://www.oecd.org/tax/transparency/exchange-of-information-on-request/ratings/); jurisdictions identified in EU delegated
regulation 2016/1675 of 14.7.2016 supplementing Directive (EU) 2015/849 as high-risk third countries with strategic
deficiencies (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32016R1675); and jurisdictions included in the EU
list of non-cooperative jurisdictions for tax purposes (https://ec.europa.eu/taxation_customs/tax-common-eu-list_en).

 

    9

     

    

 

		(ii)	The
                                         execution and delivery of the Guarantee Agreement and the performance and compliance
                                         with its respective duties under this Guarantee Agreement do not and will not cause any
                                         representations made pursuant to this Article 5.01 to be untrue.

 

		(iii)	It
                                         is receiving fair consideration and reasonably equivalent value for its execution and
                                         delivery of the Guarantee Agreement and the performance and compliance with its respective
                                         duties and under this Guarantee Agreement.

 

		(b)	No
                                         Insolvency

 

		(i)	It
                                         is not now insolvent, nor will the entering into of this Guarantee Agreement and the
                                         performance of its respective obligations hereunder render it insolvent.

 

		(ii)	The
                                         execution and delivery of the Guarantee Agreement and the performance and compliance
                                         with its respective duties under this Guarantee Agreement will not leave it with unreasonably
                                         small capital or assets in order to conduct its business as currently conducted.

 

		(iii)	The
                                         obligations incurred under this Guarantee Agreement have not been incurred with the intent
                                         to hinder, delay, or defraud present or future creditors.

 

		(iv)	It
                                         is able to pay its debts as they fall due and the entering into of this Guarantee Agreement
                                         and the performance of its respective obligations hereunder do not and will not cause
                                         it to be or to be deemed to be unable to pay its debts as they fall due.

 

		(v)	It
                                         has not taken any corporate action nor have any other steps been taken in relation to
                                         the suspension of payments, a moratorium of any indebtedness, dissolution, administration
                                         or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise)
                                         or legal proceedings been started or ,so far as the Guarantor is aware, threatened against
                                         it for its winding-up, dissolution, administration, reorganisation, or any analogous
                                         procedure or step or for the appointment of a liquidator, receiver, administrator, administrative
                                         receiver, trustee, compulsory manager or similar officer of it or of any or all of its
                                         assets or revenues.

 

		(c)	No
                                         Proceedings

 

		(i)	No
                                         litigation, arbitration, administrative proceedings or investigation is current or to
                                         its knowledge is threatened or pending before any court, arbitral body or agency which
                                         has resulted or if adversely determined is reasonably likely to result in a Material
                                         Adverse Change, nor is there subsisting against it any unsatisfied judgement or award.

 

    10

     

    

 

		(ii)	To
                                         the best of its respective knowledge and belief (having made due and careful enquiry)
                                         no material Environmental Claim has been commenced or is threatened against it.

 

		(iii)	As
                                         at the date of this Guarantee Agreement, it has not taken any action to commence proceedings
                                         for, nor have any other steps been taken or legal proceedings commenced or, so far as
                                         it is aware, threatened against it for its insolvency, winding up or dissolution, or
                                         for it to enter into any arrangement or compositions for the benefit of creditors, or
                                         for the appointment of an administrator, receiver, administrative receiver, examiner,
                                         trustee or similar officer.

 

		(d)	Ranking

 

		(i)	Its
                                         payment obligations under this Guarantee Agreement rank not less than pari passu
                                         in right of payment with all other present and future unsecured and unsubordinated obligations
                                         under any of its respective debt instruments except for obligations mandatorily preferred
                                         by law applying to companies generally.

 

		(ii)	No
                                         financial covenants have been concluded with any other of its creditors.

 

		(iii)	No
                                         Voluntary Non-EIB Prepayment has occurred.

 

		(e)	Accounting
                                         and Tax

 

		(i)	The
                                         latest of its available consolidated and unconsolidated audited accounts have been prepared
                                         on a basis consistent with previous years and have been approved by its auditors as representing
                                         a true and fair view of the results of its operations for that year and accurately disclose
                                         or reserve against all of its liabilities (actual or contingent).

 

		(ii)	The
                                         Accounting Reference Date of the Guarantor is 30 June.

 

		(iii)	It
                                         is not required to make any deduction for or on account of any Tax from any payment it
                                         may make under this Guarantee Agreement. (Non-repeating)

 

		(iv)	All
                                         Tax returns required to have been filed by it or on its behalf under any applicable law
                                         have been filed when due and contain the information required by applicable law to be
                                         contained in them.

 

		(v)	It
                                         has paid when due all Taxes payable by it under applicable law except to the extent that
                                         it is contesting payment in good faith and by appropriate means.

 

		(vi)	With
                                         respect to Taxes which have not fallen due or which it is contesting, each Obligor is
                                         maintaining reserves adequate for their payment and in accordance, where applicable,
                                         with GAAP.

 

		(vii)	Under
                                         the laws of the jurisdiction of incorporation of the Guarantor, it is not necessary that
                                         this Guarantee Agreement be filed, recorded or enrolled with any court or other authority,
                                         other than with the Securities and Exchange Commission, or that any stamp, registration
                                         or similar tax be paid on or in relation to this Guarantee Agreement, or the transactions
                                         contemplated by this Guarantee Agreement. (Non-repeating)

 

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		(f)	Information
                                         provided

 

Any
factual information provided by it for the purposes of entering into this Guarantee Agreement and any related documentation was
true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated and
continues to be true and accurate in all material respect as at the date of this Guarantee Agreement.

 

		(g)	Environment

 

It
is in compliance with Paragraph 5. (Environment) of Schedule H (General Undertakings) of the Finance Contract,
as if all references to the Borrower were to the Guarantor.

 

		(h)	Borrower
                                         Information

 

The
Guarantor has and will continue to have full and complete access to any and all information concerning the transactions contemplated
by the Finance Documents or referred to therein, the value of the assets owned or to be acquired by Borrower, Borrower’s
financial status, and Borrower’s ability to pay and perform any obligation under or in connection with any Finance Document.
So long as any obligation of the Borrower under or in connection with any Finance Document remains unsatisfied or owing to the
Bank, the Guarantor shall keep itself fully informed as to all aspects of the Borrower’s financial condition and ability
to pay and perform such obligations.

 

		(i)	Other

 

In
respect of this Guarantee Agreement and the transaction contemplated by, referred to in, provided for or effected by this Guarantee
Agreement, it has entered into this Guarantee Agreement (i) in good faith and for the purpose of carrying out its business, (ii)
on arms’ length commercial terms and (iii) without any intention to defraud or deprive of any legal benefit of any other
parties (such as third parties and in particular creditors other than the Bank) or to circumvent any applicable mandatory laws
or regulations of any jurisdiction. The granting of this Guarantee Agreement is not disproportionate to its financial means.

 

The
representations and warranties set out in this Article 5.01 – other than those paragraphs which are identified with
the words “(Non-repeating)” at the end of the Paragraphs - shall survive the execution of this Guarantee Agreement
and shall be repeated on each Disbursement Date Acceptance and each Disbursement Date, by reference to the facts and circumstances
then prevailing.

 

In
the event that, notwithstanding the representations and warranties of Guarantor contained in this Article 5.01, the incurring
of the obligations under this Guarantee Agreement is found, by a final, non-appealable judgment or order of a court of competent
jurisdiction, to constitute a fraudulent conveyance under the Uniform Fraudulent Transfer Act (Nevada Revised Statutes Chapter
112), the United States Bankruptcy Code, or any similar statutes, as a result of the insolvency of the Guarantor on the date hereof,
then the amount of the guaranty obligations of Guarantor pursuant to this Guaranty shall be reduced to €1.00 less than the
amount that would otherwise make this Guarantee Agreement a fraudulent conveyance. The limitation on the liability of Guarantor
contained in this paragraph shall not limit any right of the Bank against Guarantor available at law or in equity, including,
without limitation, rights of the Bank against Guarantor based upon any inaccuracy of, or the failure of Guarantor to comply with,
the provisions of Article 5.01 above.

 

    12

     

    

 

		5.02	Undertakings
                                         of the Guarantor

 

The
Guarantor acknowledges and agrees that during the subsistence of this Guarantee Agreement:

 

		(a)	Authorisations

 

It
shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals,
licences and consents required in or by the laws and regulations of its jurisdiction of incorporation to enable it lawfully to
enter into, exercise its rights and perform the obligations expressed to be assumed by it under this Guarantee Agreement and to
ensure the legality, validity, enforceability and admissibility in evidence of this Guarantee Agreement in its jurisdiction of
incorporation and in Germany.

 

		(b)	No
                                         Security

 

It
shall not create or permit to subsist any Security over any of its assets other than:

 

		(i)	any
                                         Permitted Security; and

 

		(ii)	any
                                         Security created with the prior approval of the Bank.

 

		(c)	Pari
                                         passu with other creditors

 

The
Guarantor shall ensure that its payment obligations under this Guarantee Agreement rank, and will rank not less than pari passu
in right and priority of payment with all other present and future unsecured and unsubordinated obligations under any of its
debt instruments except for obligations mandatorily preferred by law applying to companies generally.

 

		(d)	No
                                         action

 

It
shall not take any action which would cause any of the representations made in Article 5.01 above to be untrue at any time
during the continuation of this Guarantee Agreement.

 

		(e)	Know
                                         your Customer

 

The
Guarantor shall deliver to the Bank any such information or further document concerning customer due diligence matters of or for
the Guarantor as the Bank may reasonably require within a reasonable timeframe.

 

		(f)	Notification
                                         duty

 

It
shall notify the Bank of the occurrence of any event of which it becomes aware which results in or may reasonably be expected
to result in any of the representations made in Article 5.01 above being untrue.

 

    13

     

    

 

		(g)	Subordination
                                         of Debt

 

Any
debt of the Borrower now or hereafter held by the Guarantor is hereby subordinated to any obligation of the Borrower under or
in connection with any Finance Document. The Guarantor shall not seek, accept, or retain for its own account any payment from
the Borrower on account of any subordinated debt until all amounts which may be or become payable by the Borrower and the Guarantor
under or in connection with the Finance Documents have been unconditionally and irrevocably paid in full. Any payment of such
subordinated indebtedness by the Borrower to the Guarantor before payment in full of all amounts which may be or become payable
by the Borrower and the Guarantor under or in connection with the Finance Documents shall be collected, enforced and received
by the Guarantor as trustee for the Bank and promptly paid to the Bank in payment of the obligations of the Borrower under or
in connection with any Finance Document.

 

Article
6

INFORMATION TO THE BANK

 

		6.01	Financial
                                         Information

 

The
Guarantor shall deliver to the Bank:

 

		(a)	as
                                         soon as they become available but in any event within 120 (one hundred and twenty) days
                                         after the end of each of its financial years, a copy of its annual reports, balance sheets,
                                         cash flow statements, profit and loss accounts and auditors reports for that financial
                                         year together with all other such information as the Bank may reasonably require as to
                                         the Guarantor’s financial situation; and

 

		(b)	from
                                         time to time, such further information on its general financial position, business and
                                         operation as the Bank may reasonably request.

 

		6.02	Information
                                         duties

 

During
the subsistence of this Guarantee Agreement, the Guarantor shall immediately inform the Bank of:

 

		(a)	any
                                         material alteration to its constitutional documents and of any proposal or decision known
                                         to it which contemplates the introduction of such alteration as well as of any material
                                         change in its corporate status or powers, in each case in so far as such event could
                                         reasonably be expected to affect the validity and enforceability of this Guarantee Agreement
                                         or the ability of the Guarantor to perform the obligations expressed to be assumed by
                                         it under this Guarantee Agreement;

 

		(b)	a
                                         Change-of-Law Event with respect to the Guarantor; and

 

		(c)	deliver
                                         any other information on its financial position likely to have a detrimental effect on
                                         its ability to perform the obligations expressed to be assumed by it under this Guarantee
                                         Agreement, subject in each case to Paragraph 5. (Confidential Information) of
                                         Schedule I (Information and Visits) of the Finance Contract.

 

For
the purposes of this Article 6.02, “Change-of-Law Event” means the enactment, promulgation, execution or ratification
of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law,
rule or regulation) that occurs after the date of this Guarantee Agreement and which, in the opinion of the Bank, would materially
impair the Guarantor’s ability to perform its obligations under this Guarantee Agreement.

 

    14

     

    

 

Article
7

DEFAULT INTEREST AND TAXES

 

		7.01	Taxes

 

		(a)	All
                                         Taxes, charges, duties, fees as well as any other expenses or impositions of whatsoever
                                         nature, arising out or in connection with this Guarantee Agreement shall be borne by
                                         the Guarantor. The Guarantor shall make all payments under this Guarantee Agreement gross
                                         without withholding or deduction of any Tax, charges, duties, fees, expenses or impositions
                                         of whatsoever nature

 

		(b)	If
                                         any amount in respect of any applicable Taxes, charges, duties, fees as well as any other
                                         expenses or impositions must be deducted, withheld or retained from any amount due under
                                         this Guarantee Agreement, the Guarantor undertakes to pay such additional amount as may
                                         be necessary to ensure that the Bank receives a net amount equal to the full amount to
                                         which it is entitled under this Guarantee Agreement.

 

		(c)	The
                                         Guarantor undertakes to pay and indemnify the Bank against any amount, cost or loss incurred
                                         by the Bank in relation to any stamp duty, registration or similar Tax or notarial fee
                                         payable in respect of the Guarantor.

 

		7.02	Interest
                                         on overdue sums

 

If
the Guarantor fails to pay any amount payable by it under this Guarantee Agreement within the relevant Payment Period in accordance
with Article 3.02 (Demands and payments), Article 4.4 (a) (Interest on overdue sums) of the Finance Contract
shall apply mutatis mutandis, provided that such amount is not already accruing interest pursuant to Article 4.4 (a) (Interest
on overdue sums) of the Finance Contract as an overdue obligation of the Borrower.

 

		7.03	Currency
                                         conversion

 

		(a)	Any
                                         payment to be made by the Guarantor under this Guarantee Agreement shall be made in the
                                         currency as set out in the relevant Notification. The Bank shall apply the exchange rate
                                         published by the European Central Bank in Frankfurt am Main for the purpose of any currency
                                         conversion.

 

		(b)	If
                                         the Bank has received a payment under this Guarantee Agreement in a currency other than
                                         the currency requested in the relevant Notification and must convert this payment, the
                                         Guarantor shall indemnify the Bank, upon first demand, for any loss resulting from the
                                         difference in exchange rates between the date of conversion and the date on which the
                                         payment is received in the other currency, as well as for any fees (including legal fees,
                                         Taxes and any other charges) connected with this conversion.

 

		7.04	Set-off

 

All
payments to be made by the Guarantor under this Guarantee Agreement shall be made without (and free and clear of any deduction
for) set-off or counterclaim unless the counterclaim is undisputed or has been confirmed in a final non-appealable judgement.

 

    15

     

    

 

Article
8

CONTINUING OBLIGATIONS

 

It
is hereby expressly agreed that any change, whatsoever, in the legal situation of the Guarantor shall not affect its obligations
under this Guarantee Agreement and that in particular, in case of merger, demerger or absorption, the absorbing new or beneficiary
company shall take over, under the merger treaty or agreement, the commitments of the Guarantor under this Guarantee Agreement
and in case of demerger, the demerger companies benefiting from the partial assignment of assets resulting from the split will
be bound to:

 

		(a)	take
                                         over with joint liability the commitments of the Guarantor under this Guarantee Agreement;
                                         and

 

		(b)	if
                                         requested by the Bank, grant additional security or guarantees.

 

Article
9

NON WAIVER

 

No
failure or delay or single or partial exercise by the Bank in exercising any of its rights or remedies under this Guarantee Agreement
shall be construed as a waiver of such right or remedy and the Bank shall not be liable for any such failure, delay or single
or partial exercise of any such right and remedy.

 

Article
10

LAW AND JURISDICTION, miscellaneous

 

		10.01	Governing
                                         Law

 

This
Guarantee Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by the laws
of Germany.

 

		10.02	Jurisdiction

 

		(a)	The
                                         courts of Frankfurt am Main, Germany, have exclusive jurisdiction to settle any matter
                                         or dispute (a “Dispute”) arising out of or in connection with this
                                         Guarantee Agreement (including a dispute regarding the existence, validity or termination
                                         of this Guarantee Agreement or the consequences of its nullity) or any non-contractual
                                         obligation arising out of or in connection with this Guarantee Agreement.

 

		(b)	The
                                         parties agree that the courts of Frankfurt am Main, Germany, are the most appropriate
                                         and convenient courts to settle Disputes between them and, accordingly, that they will
                                         not argue to the contrary.

 

		(c)	This
                                         Article 10.02 is for the benefit of the Bank only. As a result and notwithstanding Sub-Paragraph
                                         (a) above, it does not prevent the Bank from taking proceedings relating to a Dispute
                                         in any other courts with jurisdiction. To the extent allowed by law, the Bank may take
                                         concurrent proceedings in any number of jurisdictions.

 

    16

     

    

 

		10.03	Service
                                         of process

 

		(a)	Without
                                         prejudice to any other mode of service allowed under any relevant law, the Guarantor:

 

		(i)	irrevocably
                                         appoints the Borrower (the “Process Agent”) as its agent for service
                                         of process in relation to any proceedings before the German courts in connection with
                                         any Finance Document;

 

		(ii)	agrees
                                         that failure by the Process Agent to notify the Guarantor of the process will not invalidate
                                         the proceedings concerned; and

 

		(iii)	undertakes
                                         to deliver to the Process Agent within five Business Days upon request of the Bank a
                                         process agent appointment letter and to send a copy of such executed letter to the Bank.

 

		(b)	The
                                         Process Agent hereby accepts its appointment pursuant to Article 10.03(a) above. The
                                         Process Agent shall ensure that documents to be served to the Guarantor may validly be
                                         served by delivery to the Process Agent. The Process Agent shall notify the Bank of any
                                         change of address, accept any documents delivered to it on behalf of the Guarantor, fulfil
                                         any requirements of Section 171 ZPO and present the original process agent appointment
                                         letter to any person effecting the service of process as required pursuant to Section
                                         171 sentence 2 ZPO.

 

		10.04	Place
                                         of performance

 

Unless
otherwise specifically agreed by the Bank in writing, the place of performance under this Guarantee Agreement, shall be the seat
of the Bank.

 

		10.05	Evidence
                                         of sums due

 

In
any legal action arising out of this Guarantee Agreement the certificate of the Bank as to any amount or rate due to the Bank
under this Guarantee Agreement shall, in the absence of manifest error, be prima facie evidence of such amount or rate.

 

		10.06	Entire
                                         Agreement

 

This
Guarantee Agreement constitutes the entire agreement between the Bank and the Guarantor in relation to the provision of this Guarantee
Agreement hereunder, and supersedes any previous agreement, whether express or implied, on the same matter.

 

		10.07	Invalidity

 

		(a)	If
                                         at any time any term of this Guarantee Agreement is or becomes illegal (nichtig),
                                         invalid or unenforceable in any respect, or this Guarantee Agreement is or becomes ineffective
                                         (unwirksam) in any respect, under the laws of any jurisdiction, such illegality
                                         (Nichtigkeit), invalidity, unenforceability or ineffectiveness (Unwirksamkeit)
                                         shall indisputably (unwiderlegbar) not affect:

 

		(i)	the
                                         legality, validity or enforceability in that jurisdiction of any other term of this Guarantee
                                         Agreement or the effectiveness in any other respect of this Guarantee Agreement in that
                                         jurisdiction; or

 

    17

     

    

 

		(ii)	the
                                         legality, validity or enforceability in other jurisdictions of that or any other term
                                         of this Guarantee Agreement or the effectiveness of this Guarantee Agreement under the
                                         laws of such other jurisdictions,

 

without
any party to this Guarantee Agreement having to argue (darlegen) and prove (beweisen) such parties’ intent
to uphold this Guarantee Agreement even without the void, invalid or ineffective provisions.

 

		(b)	The
                                         illegal, invalid, unenforceable or ineffective provision shall be deemed replaced by
                                         such legal, valid, enforceable and effective provision that in legal and economic terms
                                         comes closest to what the parties to this Guarantee Agreement intended or would have
                                         intended in accordance with the purpose of this Guarantee Agreement if they had considered
                                         the point at the time of conclusion of this Guarantee Agreement. The same applies in
                                         the event that this Guarantee Agreement does not contain a provision which it needs to
                                         contain in order to achieve the economic purpose as expressed herein (Regelungslücke).

 

		10.08	Amendments

 

Any
amendment to this Guarantee Agreement (including this Article 10.08) shall be made in writing (or in notarial form, if required)
and shall be signed by the parties hereto.

 

		10.09	Counterparts

 

This
Guarantee Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.

 

		10.10	Assignment
                                         and transfer by the Bank

 

		(a)	Subject
                                         to sub-paragraph (b) of this Article 10.10(Assignment and transfer by the Bank),
                                         the consent of the Guarantor is required for an assignment or transfer (by way of assumption
                                         of contract (Vertragsübernahme), assignment, sub-participation or otherwise)
                                         by the Bank of all or part of its rights, benefits or obligations under this Guarantee
                                         Agreement, unless the assignment or transfer:

 

		(i)	is
                                         to a Bank Affiliate; or

 

		(ii)	is
                                         made at a time when an Event of Default has occurred and is continuing; or

 

		(iii)	is
                                         made in respect of a sub-participation or securitisation (or similar transaction of broadly
                                         equivalent economic effect) where the Bank remains the lender of record of the Loan.

 

		(b)	The
                                         consent of the Guarantor to an assignment or transfer must not be unreasonably withheld
                                         or delayed. The Guarantor will be deemed to have given its consent five (5) Business
                                         Days after the Bank has requested such consent in written form unless consent is expressly
                                         refused by the Guarantor within that time.

 

    18

     

    

 

		(c)	Provided
                                         such disclosure is subject to confidentiality provisions at least as restrictive as set
                                         forth in the MAR Side Letter, the Bank shall have the right to confidentially disclose
                                         all information relating to or concerning the Guarantor, the Group, the Finance Documents
                                         and the Loan in connection with or in contemplation of any such assignment or transfer.

 

For
the purpose of this Article 10.10 (Assignment and transfer by the Bank):

 

“Affiliate”
means any entity directly or indirectly Controlling, Controlled by or under common Control with the Bank.

 

“Bank
Affiliate” means an Affiliate of the Bank and any other entity or platform initiated, managed or advised by the Bank.

 

Article
11

Final Articles

 

		11.01	Form
                                         of notice

 

		(a)	Any
                                         notice or other communication given under this Guarantee Agreement must be in writing
                                         and, unless otherwise stated, may be made by letter and electronic mail.

 

		(b)	Notices
                                         and other communications for which fixed periods are laid down in this Guarantee Agreement
                                         or which themselves fix periods binding on the addressee, may be made by hand delivery,
                                         registered letter or by electronic mail. Such notices and communications shall be deemed
                                         to have been received by the other party:

 

		(i)	on
                                         the date of delivery in relation to a hand-delivered or registered letter; or

 

		(ii)	in
                                         the case of any electronic mail, when the electronic mail is received in readable form.

 

		(c)	Any
                                         notice provided by the Guarantor to the Bank by electronic mail shall:

 

		(i)	mention
                                         the Contract Number in the subject line; and

 

		(ii)	be
                                         in the form of a non-editable electronic image (pdf, tif or other common non-editable
                                         file format agreed between the parties) of the notice signed by one or more Authorised
                                         Signatories of the Guarantor as appropriate, attached to the electronic mail.

 

		(d)	Notices
                                         issued by the Guarantor pursuant to any provision of this Guarantee Agreement shall,
                                         where required by the Bank, be delivered to the Bank together with satisfactory evidence
                                         of the authority of the person or persons authorised to sign such notice on behalf of
                                         the Guarantor and the authenticated specimen signature of such person or persons, unless
                                         such person is listed in the then current List of Authorised Signatories.

 

		(e)	Without
                                         affecting the validity of electronic mail or communication made in accordance with this
                                         Article 11 (Final Articles), the following notices, communications and documents
                                         shall also be sent by registered letter to the relevant party at the latest on the immediately
                                         following Business Day:

 

		(i)	Disbursement
                                         Acceptance;

 

    19

     

    

 

		(ii)	any
                                         notices and communication in respect of the cancellation of a disbursement of any Tranche,
                                         Prepayment Request, Prepayment Notice, Event of Default, any demand for prepayment, and

 

		(iii)	any
                                         other notice, communication or document required by the Bank.

 

		(f)	The
                                         parties agree that any above communication (including via electronic mail) is an accepted
                                         form of communication, shall constitute admissible evidence in court and shall have the
                                         same evidential value as an agreement under hand.

 

		(g)	Any
                                         communication or document made or delivered to the Guarantor in accordance with this
                                         Article 11 (Final Articles) will be deemed to have been made or delivered to each
                                         of the Obligors or any other member of the Group party to a Finance Document. Each Obligor
                                         incorporated in Germany, for this purpose, appoints the Borrower as its receipt agent
                                         (Empfangsboten).

 

		11.02	Addresses

 

The
address and electronic mail address (and the department or officer, if any, for whose attention the communication is to be made)
of each party for any communication to be made or document to be delivered under or in connection with this Guarantee Agreement
is:

 

	For
the Bank	Attention: OPS/ENPST/3-GC&IF

                                                                                 

                                                                                 98 - 100 boulevard Konrad Adenauer, L-2950 Luxembourg 

                                                                                 

                                                                                Email
address: [____________] 

	 	 
	For the Guarantor	Attention: Finance Department 

                                                                                 

                                                                                MATAM Advanced Technology Park, Building 5, Haifa 3508409, Israel 

                                                                                 

                                                                                Email address: [____________]  

 

		11.03	Demand
after notice to remedy

 

The
Bank and the Guarantor shall promptly notify the other party in writing of any change in their respective communication details.

 

		11.04	English
language

 

		(a)	Any
                                         notice or communication given under or in connection with this Guarantee Agreement must
                                         be in English.

 

    20

     

    

 

		(b)	All
                                         other documents provided under or in connection with this Guarantee Agreement must be:

 

		(i)	in
                                         English; or

 

		(ii)	if
                                         not in English, and if so required by the Bank, accompanied by a certified English translation
                                         and, in this case, the English translation will prevail.

 

		11.05	Conclusion
of this Guarantee Agreement (Vertragsschluss)

 

		(a)	The
                                         parties to this Guarantee Agreement may choose to conclude this Guarantee Agreement by
                                         an exchange of signed signature page(s), transmitted by any means of telecommunication
                                         (telekommunikative Übermittlung) such as by way of electronic photocopy or
                                         by way of qualified electronic signatures (qualifizierte elektronische Signatur)
                                         within the meaning of Section 126a BGB.

 

		(b)	If
                                         the parties to this Guarantee Agreement choose to conclude this Guarantee Agreement pursuant
                                         to this Article 11.05 (Conclusion of this Guarantee Agreement (Vertragsschluss)),
                                         they will transmit the signed signature page(s) of this Guarantee Agreement to the following
                                         attorneys of Noerr LLP (Börsenstr. 1, 60313 Frankfurt am Main, Germany) via email:
                                         Andreas Naujoks, Michael Schuhmacher and Dorian Legel (each a “Recipient”). The
                                         Guarantee Agreement will be considered concluded once a Recipient has actually received
                                         the signed signature page(s) (Zugang der Unterschriftsseite(n)) from all parties
                                         (whether electronic photocopy or other means of telecommunication and at the time of
                                         the receipt of the last outstanding signature page(s) by such one Recipient).

 

		(c)	For
                                         the purposes of this Article 11.05 (Conclusion of this Guarantee Agreement (Vertragsschluss))
                                         only, the parties to this Guarantee Agreement appoint each Recipient as their attorney
                                         (Empfangsvertreter) and expressly allow (gestatten) each Recipient to collect
                                         the signed signature page(s) from all and for all parties to this Guarantee Agreement.
                                         For the avoidance of doubt, each Recipient will have no further duties connected with
                                         its position as Recipient. For the purposes of proof and confirmation, each Obligor has
                                         to provide the Bank with original signature pages(s) or signature page(s) signed by way
                                         of qualified electronic signatures (qualifizierte elektronische Signatur) within
                                         the meaning of Section 126a BGB after signing this Guarantee Agreement.

 

    21

     

    

 

This
Guarantee Agreement has been entered into on the date stated at the beginning of this Guarantee Agreement.

 

	Signed for and on behalf of	 	 	 
	 	 	 	 
	EUROPEAN INVESTMENT BANK	 	 	 
	 	 	 	 	 
	By:	/s/ Donald Fitzpatrick	 	By:	/s/ Mariana Duarte Silva
	Name:  	Donald Fitzpatrick	 	Name:  	 Mariana Duarte Silva
	Title:	Head of Division	 	Title:	 Counsel

  

    22

     

    

 

	Signed for and on behalf of	 
	 	 
	Pluristem Therapeutics Inc.	 	 	 
	 	 	 	 
	By:  	/s/ Yaacob Yanay	 	By:	/s/ Chen Franco-Yehuda
	Name:  	Yaacob Yanay	 	Name:   	Chen Franco-Yehuda
	Title:	CEO	 	Title:	CFO
	 	 	 	 	 
	Pluristem GmbH	 	 	 
	 	 	 	 
	By:	/s/ Yaacob Yanay	 	By:	/s/ Chen Franco-Yehuda
	Name: 	Yaacob Yanay	 	Name:  	Chen Franco-Yehuda
	Title: 	Managing Director	 	Title: 	Managing Director

 

 

23

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