Document:

Exhibit
10.27(i)

         

      

      FIRST
AMENDMENT TO STANDSTILL AND OPTION AGREEMENT

       

      This
FIRST AMENDMENT TO STANDSTILL AND OPTION AGREEMENT (this “Amendment”) effective
22nd
day of October, 2009 (the “Effective
Date”), is made and entered into by and among Baxter Healthcare
Corporation, a Delaware Corporation with a place of business at One Baxter
Parkway, Deerficld, IL 60015 (“BHC”), Baxter Healthcare S.A., a
corporation organized under the laws of Switzerland with a place of business at
Thurgauerstrasse 130, 8152 Glattpark (Opfikon) Switzerland (“BHSA”), Baxter Innovations GmbH, a
corporation organized under the laws of Austria with a place of business at
Industriestrasse 67, 1221 Vienna, Austria (“Innovations” and,
together with BHC and BHSA, “Baxter”) and Medgenics, Inc., a Delaware
corporation with a place of business at Teradion Business Park, P.O. Box 14,
Misgav 20179 Israel (“Medgenics”). Baxter and Medgenics are
each sometimes referred to herein as a “Party” and, collectively, as the
“Parties”.

       

      BACKGROUND

       

      WHEREAS,
BHC and Medgenics entered into that certain Standstill and Option Agreement
dated October 22, 2009 (the “Agreement”) pursuant
to which inter alia
Baxter agreed to fund certain research and development activities to be
conducted by Medgenics relating to the application of Medgenics' Biopump
Technology to produce human Factor VIII (hFVIII) protein; and

       

      WHEREAS,
as the Agreement relates to activities typically conducted by Baxter through
certain of its European affiliates, BHC desires to include BHSA and Innovations
as Parties to the Agreement and BHSA and Innovations are willing to become
Parties to the Agreement.

       

      NOW,
THEREFORE, in consideration of the foregoing and such other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Parties agree as follows:

       

      AGREEMENT

       

      1.      Incorporation of the
Agreement. All capitalized terms which are not defined herein shall have
the same meanings as set forth in the Agreement, and the Agreement, to the
extent not inconsistent with this Amendment, is incorporated herein by this
reference as though the same was set forth in its entirety. To the extent any
terms and provisions of the Agreement are inconsistent with the amendments set
forth in Paragraph 2 below, such terms and provisions shall be deemed superseded
hereby. Except as specifically set forth herein, the Agreement shall remain in
full force and effect and its provisions shall be binding on the Parties
hereto.

       

      
        	
                 
      

              	
                2.

              	
                Amendment of the
      Agreement. The Agreement is hereby amended by deleting the preamble
      in its entirety and inserting the following in its
  place:

              

      

      

       

      “ THIS
STANDSTILL AND OPTION AGREEMENT (this “Agreement”) is made
and entered into this 22nd day of
October, 2009 (the “Effective Date”), by
and among Baxter Healthcare Corporation, a Delaware Corporation with a place of
business at One Baxter Parkway, Deerfield, IL 60015 (“BHC”), Baxter Healthcare
S.A., a corporation organized under the laws of Switzerland with a place of
business at Thurgauerstrasse 130, 8152 Glattpark (Opfikon) Switzerland (“BHSA”), Baxter
Innovations AG, a corporation organized under the laws of Austria with a place
of business at Industriestrasse 67, 1221 Vienna, Austria (“Innovations” and,
together with BHC and BHSA,
“Baxter”) and
Mcdgenics, Inc., a Delaware corporation with a place of business at Teradion
Business Park, P.O. Box 14, Misgav 20179 Israel (“Medgenics”). Baxter
and Medgenics arc each sometimes referred to herein as a “Party” and,
collectively, as the “Parties”.”

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                3.

              	
                Effectuation.
      The amendment to the Agreement contemplated by this Amendment shall be
      deemed effective as of the date first written above upon the full
      execution of this Amendment and without any further action required by the
      Parties hereto. There arc no conditions precedent or subsequent to the
      effectiveness of this Amendment.

              

      

       

      
        	
                 
      

              	
                4.

              	
                Counterparts.
      This Amendment may be executed in two or more counterparts, each of which
      shall be deemed to be an original, but all of which together shall
      constitute one and the same instrument. One or more counterparts of this
      Amendment may be delivered by facsimile, with the intention that delivery
      by such means shall have the same effect as delivery of an original
      counterpart thereof.

              

      

      

      IN
WITNESS WHEREOF, the Parties hereto have duly executed this First Amendment as
of the date first above written.

      
         

      

      
        
          
            
              
                
                  
                    
                      
                        	
                                BAXTER
      HEALTHCARE CORPORATION

                              	 
      	
                                MEDGENICS,
      INC

                              
	 	 	 	 	 
	
                                By:

                              	/s/
      Joy A. Amundson	 
      	
                                By:

                              	
                                /s/
      Andrew L. Pearlman

                              
	
                                Name:

                              	
                                
                                  Joy
      A. Amundson

                                

                              	 
      	
                                Name:

                              	Andrew L. Pearlman
	
                                Title:

                              	
                                
                                  CVP/President
      Bioscience

                                

                              	 
      	
                                Title:

                              	CEO
	 
      	 
      	 
      	 
      	 
      
	
                                BAXTER
      HEALTHCARE S.A.

                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                By:

                              	
                                /s/
      Ignacio Martinez de Lecea

                              	 
      	 
      	 
      
	
                                Name:

                              	
                                Ignacio
      Martinez de Lecea

                              	 
      	 
      	 
      
	
                                Title:

                              	
                                Corporate
      Counsel

                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                By:

                              	
                                /s/
      Paulin Noisel

                              	 
      	 
      	 
      
	
                                Name:

                              	
                                Paulin
      Noisel

                              	 
      	 
      	 
      
	
                                Title:

                              	
                                Corporate
      Counsel

                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                BAXTER
      INNOVATIONS GmbH

                              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                By:

                              	
                                /s/
      Christian Hrobar

                              	 
      	 
      	 
      
	
                                Name:

                              	
                                Christian
      Hrobar

                              	 
      	 
      	 
      
	
                                Title:

                              	
                                Corporate
      CounselExhibit
10.27(ii)

    

     

    SECOND
AMENDMENT TO STANDSTILL AND OPTION AGREEMENT

     

    This
SECOND AMENDMENT TO STANDSTILL AND OPTION AGREEMENT (this “Second Amendment”) effective this 29th
day of December, 2009 (the “Effective Date”), is
made and entered into by and among Baxter Healthcare Corporation, a Delaware
Corporation with a place of business at One Baxter Parkway, Deerfield, IL 60015
(“BHC”), Baxter Healthcare S.A.,
a corporation organized under the laws of Switzerland with a place of business
at Thurgauerstrasse 130, 8152 Glattpark (Opfikon) Switzerland (“BHSA”), Baxter
Innovations GmbH, a corporation organized under the laws of Austria with a place
of business at Industriestrasse 67, 1221 Vienna, Austria (“Innovations” and,
together with BHC and BHSA, “Baxter”) and Medgenics, Inc., a Delaware
corporation with a place of business at Tcradion Business Park, P.O. Box 14,
Misgav 20179 Israel (“Medgenics”). Baxter and Medgenics are
each sometimes referred to herein as a “Party” and, collectively, as the
“Parties”.

     

    BACKGROUND

     

    WHEREAS,
Baxter and Medgenics entered into that certain Standstill and Option Agreement
dated October 22, 2009 as amended by that certain First Amendment to Standstill
and Option Agreement dated October 22, 2009 (as amended, the “Agreement”) pursuant
to which inter alia
Baxter agreed to fund certain research and development activities to be
conducted by Medgenics relating to the application of Medgenics’ Biopump
Technology to produce human Factor VIII (hFVIII) protein; and

     

    WHEREAS,
the parties wish to restructure the payments under the Agreement to provide for
earlier payment, by Baxter, of the Initial Milestone Payment and the
modification of the Standstill Period (as such term is defined in the
Agreement).

     

    NOW,
THEREFORE, in consideration of the foregoing and such other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Parties agree as follows:

     

    AGREEMENT

     

    1.   Incorporation of the
Agreement. All capitalized terms
which are not defined herein shall have the same meanings as set forth in the
Agreement, and the Agreement, to the extent not inconsistent with this Second
Amendment, is incorporated herein by this reference as though the same was set
forth in its entirety. To the extent
any terms and provisions of the Agreement are inconsistent with the amendments
set forth in Paragraph 2 below, such terms and provisions shall be deemed
superseded hereby. Except as specifically set forth herein, the Agreement shall
remain in full force and effect and its provisions shall be binding on the
Parties hereto.

     

    2.   Amendment of the
Agreement. The Agreement is hereby amended as follows:

     

    
      
        	
              	
                a.

              	
                Section 1 is hereby amended by
      deleting the section in its entirety and replacing it with the following
      language:

              

      

    

     

    “1. Financial Considerations. Baxter shall pay
to Medgenics an amount equal to Two Million Six Hundred Thousand Dollars
($2,600,000). Of this amount, One Million Five Hundred Thousand Dollars
($1,500,000) shall be allocated to the obligations of Medgenics pursuant to
Section 2 (the
“Standstill
Payment”) and the remaining One
Million One Hundred Thousand Dollars ($1,100,000) of this amount shall be
considered Prepaid Development Funding (as such term is hereinafter
defined).”

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	
              	
                b.

              	
                Section 2.b. is
      hereby amended by deleting the section in its entirety and replacing it
      with the
      following language:

              

      

    

     

    “b.     
For purposes of this Agreement, the term “Standstill Period” shall mean the period
of time commencing on the Effective Date and ending on the one (1) year
anniversary of the Effective Date; provided, however, that the parties may
mutually agree to extend the Standstill Period for up to an additional six (6)
months in the event that the In Vitro Milestones and/or the Animal Milestone
(each as defined below) have not been met prior to the one (1) year anniversary
of the Effective Date. ”

     

    
      
        	
              	
                c.

              	
                Section 3.a. is
      hereby amended by deleting the term “Initial Standstill Payment” from the
      third
      sentence and replacing it with the term “Standstill
    Payment”.

              

      

    

     

    
      
        	
              	
                d.

              	
                Section 3.d. is
      hereby amended by deleting the first sentence of such Section 3.d. in
      its entirety.

              

      

    

     

    
      	
              3.

            	
              Payments.
      Medgenics acknowledges that it has, prior to the date of this Second
      Amendment, received from Baxter a payment in the amount of $1,200,000 (the
      “Initial
      Payment”). Medgenics further agrees that the Initial Payment
      represents and was made in full satisfaction of the amounts required under
      Section
      1.a. of the Agreement prior to
      giving effect to the revisions contemplated by this Second
      Amendment. Within thirty (30) days of the execution of this Second
      Amendment, Baxter shall pay to Medgenics an additional payment of One
      Million Four Hundred Thousand Dollars ($1,400,000) (the “Second
      Payment”). Such Second Payment, when combined with the Initial
      Payment, shall represent and shall be in full satisfaction of all amounts
      required under Section 1
      of the Agreement after
      giving effect to the amendments contemplated by this Second
      Amendment.

            

    

     

    
      	
              4.

            	
              Effectuation.
      The amendment to the Agreement contemplated by this Second Amendment shall
      be deemed effective as of the date first written above upon the full
      execution of this Second Amendment and without any further action required
      by the Parties hereto. There are no conditions precedent or subsequent to
      the effectiveness of this Second
Amendment.

            

    

     

    
      	
              5.

            	
              Counterparts.
      This Second Amendment may be executed in two or more counterparts, each of
      which shall be deemed to be an original, but all of which together shall
      constitute one and the same instrument. One or more counterparts of this
      Second Amendment may be delivered by facsimile, with the intention that
      delivery by such means shall have the same effect as delivery of an
      original counterpart thereof.

            

    

     

    [Signature
Page Follows]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    [Signature
Page to Second Amendment]

     

    IN
WITNESS WHEREOF, the Parties hereto have duly executed this Second
Amendment, as of the date first above written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    BAXTER
      HEALTHCARE CORPORATION

                                                  	 
      	
                                                    MEDGENICS,
      INC.

                                                  
	 
      	 
      	 
      
	
                                                    By:

                                                  	
                                                    /s/
      Joy A. Amundson

                                                  	 
      	
                                                    By:

                                                  	
                                                    /s/
      Phyllis R. Bellin

                                                  
	
                                                    Name:

                                                  	
                                                    Joy
      A. Amundson

                                                  	 
      	
                                                    Name:

                                                  	
                                                    Phyllis
      R. Bellin

                                                  
	
                                                    Title:

                                                  	
                                                    CVP/President
      BioScience

                                                  	 
      	
                                                    Title:

                                                  	
                                                    Director
      Finance

                                                  
	 
      	 
      	 
      	 
      	 
      
	
                                                    BAXTER
      HEALTHCARE S.A.

                                                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                    By:

                                                  	
                                                    /s/
      Sarah Byrne-Quinn

                                                  	 
      	 
      	 
      
	
                                                    Name:

                                                  	
                                                    Sarah
      Byrne-Quinn

                                                  	 
      	 
      	 
      
	
                                                    Title:

                                                  	
                                                    VP
      Business Development

                                                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                    By:

                                                  	
                                                    /s/
      Yvo Aobli

                                                  	 
      	 
      	 
      
	
                                                    Name:

                                                  	
                                                    Yvo
      Aobli

                                                  	 
      	 
      	 
      
	
                                                    Title:

                                                  	
                                                    Director,
      Finance

                                                    Baxter
      Healthcare SA

                                                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                    BAXTER
      INNOVATIONS GmbH

                                                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                    By:

                                                  	
                                                    /s/
      Hartmut J. Ehrlich, M.D.

                                                  	 
      	 
      	 
      
	
                                                    Name:

                                                  	
                                                    Hartmut
      J. Ehrlich, M.D.

                                                  	 
      	 
      	 
      
	
                                                    Title:

                                                  	
                                                    VP,
      Global R&D, Baxter BioScience 29/12/09

                                                    Managing
      Director, Baxter Innovations GmbH

                                                    Member
      of the Board of Directors, Baxter AG

                                                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                    BAXTER
      INNOVATIONS GmbH

                                                  	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                    By:

                                                  	
                                                    /s/
      Markus Reinhard 29/12/09

                                                  	 
      	 
      	 
      
	
                                                    Name:

                                                  	Markus Reinhard	 
      	 
      	 
      
	
                                                    Title:

                                                  	
                                                    VP
      Human Resources and Ops. Support

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