Document:

Exhibit 10.1

 

[MEDGENICS LETTERHEAD]

 

 

 

November 27, 2013

 

 

 

Mr. Clarence L. Dellio

Dear Butch:

 

Reference is made
to that certain Employment Agreement dated July 1, 2011 between Medgenics, Inc., a Delaware corporation (the “Company”),
and you, as amended by that certain First Amendment to Employment Agreement dated October 13, 2011between the Company and you (as
so amended, the “Employment Agreement”). Pursuant to Section 6.1 of the Employment Agreement, the Company hereby
exercises it right to terminate the Employment Agreement effective December 31, 2013 (the “Effective Date”)
and this letter shall constitute the advance written notice required thereunder. As provided in Section 6.4 of the Employment Agreement,
the Company shall pay to you on the Effective Date an amount equal to all wages and benefits owing to you through the Effective
Date. As provided in Section 6.5 of the Employment Agreement, the Company shall continue to pay salary (as defined in the Employment
Agreement) to you for the period commencing on January 1, 2014 and ending on June 30, 2014.

 

As set forth in the
Employment Agreement and in consideration for the benefits provided to you by the Company pursuant to the following paragraph,
you reconfirm your agreement to faithfully and fully honor the terms and conditions of Sections 7, 8 and 9 of the Employment Agreement
regarding the obligations of confidentiality, non-solicitation, disclosure and assignment of inventions, which shall continue as
provided in the Employment Agreement and according to all applicable laws, notwithstanding the termination of the Employment Agreement
and the termination of your employment with the Company.

 

In consideration for
your signing and delivering a General Release and Waiver on the Effective Date in the form attached hereto as Exhibit A,
the Company shall cause (i) you to become fully vested as of the Effective Date in all unvested outstanding stock options under
the grant originally made to you on July 1, 2011, and (ii) all outstanding options which are vested as of the Effective Date to
continue to be exercisable through December 31, 2014 and otherwise in accordance with the terms of the Medgenics, Inc. Stock Incentive
Plan and applicable award documents.

 

    	 

    	 

    

 

You further acknowledge
receipt of the Notice to Employee as to Change in Relationship issued pursuant to Section 1089 of the California Unemployment Insurance
Code, a copy of which is attached hereto as Exhibit B. You also acknowledge that you have received from the Company a copy
of the “California’s Programs for the Unemployed” published by the Employment Development Department of the State
of California.

 

	 	Sincerely,
	 	 	 
	 	MEDGENICS, INC.
	 	 	 
	 	By:	 	/s/ John Leaman	 
	 	Name:	John Leaman
	 	Title:	Chief Financial Officer

 

 

By signing this letter,
I acknowledge and I have had the opportunity to review this letter carefully with an attorney of my choice; that I have read this
letter and understand its terms; and that I voluntarily agree to all of the terms and conditions of this letter.

 

Dated:November 27,
2013

	 	/s/ Clarence L. Dellio	 
	 	Clarence L. DellioExhibit 10.1

THE SECURITIES  REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933,  AS AMENDED  ("ACT"),  OR UNDER THE  SECURITIES  LAWS OF ANY STATE.
THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON  TRANSFERABILITY  AND RESALE AND
MAY NOT BE  TRANSFERRED  OR  RESOLD  EXCEPT AS  PERMITTED  UNDER THE ACT AND THE
APPLICABLE  STATE  SECURITIES  LAWS,   PURSUANT  TO  REGISTRATION  OR  EXEMPTION
THEREFROM.  THE ISSUER OF THESE  SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN
FORM AND  SUBSTANCE  SATISFACTORY  TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED
TRANSFER  OR  RESALE  IS IN  COMPLIANCE  WITH THE ACT AND ANY  APPLICABLE  STATE
SECURITIES LAWS.

GLOBAL EQUITY INTERNATIONAL, INC.

CONVERTIBLE NOTE DUE 2014

$450,000.00                                                    NOVEMBER 22, 2013

1. Principal and Interest.  GLOBAL EQUITY INTERNATIONAL INC., a corporation duly
organized and existing  under the laws of the State of Nevada  ("Company"),  for
value  received,  hereby  promises to pay to the order of MR.  JASON ST.  PIERRE
("Holder"),  in lawful  money of the United  States at the address of the Holder
set forth below, the principal sum of FOUR HUNDRED AND FIFTY THOUSAND AND 00/100
DOLLARS  ($450,000)  ON  NOVEMBER  21, 2014  ("Maturity  Date")  unless  earlier
converted into shares of Common Stock (as hereinafter  defined,  as described in
Section 2. Holder shall wire transfer said $450,000 to the escrow/IOLTA  account
of David E. Wise,  Esq. at Bank of America.  Mr. Wise shall cause the  original,
executed  Convertible  Note to be  delivered  to  Holder  immediately  following
receipt of the $450,000 in his escrow/IOLTA account.

Upon  payment in full of all  principal  and  interest  (10%  equaling  $45,000)
payable  hereunder  or  conversion  as provided in Section 2, this Note shall be
surrendered to the Company for cancellation.

If the Note is not paid in full or converted  into stock by the  Maturity  Date,
then  the Note  shall  accrue  simple  interest,  at a rate of 4.5%  per  annum,
beginning on the Maturity Date until paid in full,  such interest to be computed
on the  basis of a 360-day  year of twelve  30-day  months in  arrears  from the
Maturity Date.

2. Conversion.

     (a)  Holder's  Right to Convert.  Subject to and upon  compliance  with the
Subject to the  provisions  of this  Section 2, the Holder of this Note shall be
entitled,  at his option,  to convert the entire  principal  amount of this Note
into shares of the Company's  common stock  ("Common  Stock") at the  conversion

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price ("Conversion Price") of $.50 for each share of Common Stock (appropriately
adjusted   for  any   combination,   consolidation,   stock   split   or   other
recapitalization).

     (b) Automatic Conversion.  This Note shall be automatically  converted into
shares of Common Stock at the Conversion Price immediately upon the closing of a
merger with or into any other  corporation,  or a  reorganization,  or a sale or
conveyance  of all or  substantially  all of its assets to any other entity in a
transaction  in which the  stockholders  of the Company  immediately  before the
transaction  own immediately  after the transaction  less than a majority of the
outstanding voting securities of the surviving entity (or its parent).

     (c)  Mechanics  of  Conversion.  Before  any  Holder of this Note  shall be
entitled  to convert the same into shares of Common  Stock,  he shall  surrender
this Note at the office of the Company or of any  transfer or  conversion  agent
for this Note and shall  deliver the  conversion  notice to the  Company  (which
shall be  irrevocable)  at such office that he elects to convert the same. If so
required  by the  Company,  this Note and the  Conversion  Notice  shall also be
accompanied  by  proper  assignments  thereof  to the  Company  or in blank  for
transfer and any requisite  federal and state transfer taxes. The Company shall,
as soon as  practicable  thereafter,  issue and  deliver at such  office to such
Holder of this Note certificate(s) for the number of full shares of Common Stock
to which such  Holder  shall be  entitled  as  aforesaid  and a check or cash in
respect  of  any  fraction  of a  share  of  Common  Stock  issuable  upon  such
conversion.  Such conversion shall be deemed to have been made immediately prior
to the  close of  business  on the  date of such  surrender  of this  Note to be
converted.

     (d) Reservation of Stock Issuable Upon Conversion. The Company shall at all
times reserve and keep available out of its  authorized  but unissued  shares of
Common  Stock solely for the purpose of effecting  the  conversion  of this Note
such  number  of its  shares  of  Common  Stock  as shall  from  time to time be
sufficient to effect the conversion in full of this Note; and if at any time the
number of authorized but unissued shares of Common Stock shall not be sufficient
to effect  the  conversion  in full of this  Note,  the  Company  will take such
corporate action as may, in the opinion of its counsel, be necessary to increase
its authorized  but unissued  shares of Common Stock to such number of shares as
shall be sufficient for such purpose.

     (e) No Rights as Stockholder.  This Note does not entitle the Holder to any
voting  rights or other  rights as a  stockholder  of the  Company  prior to the
conversion hereof.

3. Place of Payment.  All payments due to the Holder  hereunder shall be paid to
the Holder at the address  which the Holder shall have given  written  notice to
the Company.

4. Events of Default and  Remedies.  If any of the  following  events of default
(individually, an "Event of Default") shall occur for any reason whatsoever (and

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whether  it shall be  voluntary  of  involuntary  or  occur  or be  affected  by
operation of law or otherwise):

     (a) The Company fails to make payment when due of any principal or interest
payable  under this Note,  and such failure  continues  for a period of ten days
after written notice that such payment is due and unpaid;

     (b) The Company  defaults in the  observance or performance of any material
agreement or condition under this Note, and such default  continues for a period
of 30 days after  written  notice or such default is given to the Company by the
Holder.

     (c) Any  representation  or  warranty  made by the  Company  to  Holder  or
Holder's  representative(s)  shall  prove to have  been  false  in any  material
respect on the date when made;

     (d) The Company  shall  default  under any material  agreement for borrowed
money which causes the other party thereto to accelerate such obligation;

     (e) The Company  shall:  (i) file, or consent by answer or otherwise to the
filing against it of a petition for relief or  reorganization  or arrangement or
any other  petition in bankruptcy or insolvency  law of any  jurisdiction;  (ii)
make an  assignment  for the  benefit  of its  creditors;  (iii)  consent to the
appointment  of a  custodian,  receiver,  trustee or other  officer with similar
powers of itself or of any substantial part of its property; (iv) be adjudicated
insolvent or be liquidated;  or (v) take  appropriate  action for the purpose of
any of the foregoing; or

     (f) A court or governmental authority of competent jurisdiction shall enter
an order appointing a custodian, receiver, trustee or other officer with similar
powers with respect to the Company or any substantial  amount of its properties,
or if an order for relief with  respect to the  Company  shall be entered in any
case of  proceeding  for  liquidation  or  reorganization  or  otherwise to take
advantage of any bankruptcy or insolvency law of any  jurisdiction,  or ordering
the  dissolution,  winding up of liquidation of the Company,  of if any petition
for any such  relief  shall be filed  against  the  Company,  and such  order or
petition  shall not be dismissed or stayed within 70 days after the date of such
filing,  then  automatically  upon the  occurrence  of such Event of Default the
entire unpaid  principal amount of, and the unpaid accrued interest on this Note
shall become immediately due and payable.

5. Additional  Remedies.  If any Event of Default hereunder shall have occurred,
the Holder may  proceed to protect  and  enforce  its rights  under this Note by
exercising  such  remedies as are  available to it in respect  thereof under the
terms of this Note or applicable  law,  either by suit in equity or by action at
law, or both,  whether for specific  performance  of any agreement  contained in
this Note or in aid of the exercise of any power granted in this Note. No remedy
is intended to be exclusive and each such remedy shall be cumulative.

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6.  Attorney  Fees.  If the  indebtedness  represented  by this Note or any part
thereof is collected in bankruptcy,  receivership or other judicial  proceedings
or if this  Note is  placed  in the  hands of  attorneys  for  collection  after
default,  the Company  agrees to pay, in addition to the  principal and interest
payable hereunder, reasonable attorneys' fees and costs incurred by the Holder.

7. Notice. All notices,  reports and other communications  required or permitted
hereunder  shall be in writing and may be  delivered  in person,  by e-mail with
written confirmation, overnight delivery service or U.S. mail, in which event it
may  be  mailed  by  first-class,  certified  or  registered,  postage  prepaid,
addressed  to the Holder at its  address as shown on the books of the Company or
to the Company at its  principal  address  listed on the  Company's  most recent
filing with the Securities and Exchange Commission.

Each such notice,  report or other  communication  shall for all purposes  under
this Note be treated as  effective  or having  been  given  when  delivered,  if
delivered  personally or, if sent by mail, at the earlier of its receipt or five
days after the same has been deposited in a regularly maintained  receptacle for
the deposit of the United States mail,  addressed and mailed as aforesaid or, if
sent by telecopier with written confirmation, at the earlier of:

     (i)  24 hours after  confirmation  transmission  by the sending  telecopier
          machine; or
     (ii) delivery of written confirmation.

9.  Governing  Law.  This Note is being  delivered  in and shall be construed in
accordance with the laws of the State of Nevada, without regard to the conflicts
of laws provisions thereof.

     IN WITNESS WHEREOF,  and intending to be legally bound hereby,  the Company
has  caused  this Note to be  executed  and  delivered  by its  proper  and duly
authorized officers as of the date first above written.

Global Equity International, Inc.

By: /s/ Peter Smith
   -------------------------------------
   Peter Smith, President and CEO

Date: November 22, 2013.

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