Document:

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

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
"SUBSCRIPTION AGREEMENT") RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE
TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"1933 ACT").

NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT
RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT OR ANY U.S. STATE SECURITIES
LAWS AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. 

PRIVATE PLACEMENT SUBSCRIPTION 

OFFSHORE SUBSCRIBERS OUTSIDE THE UNITED STATES ONLY 

ORGENESIS INC. 

INSTRUCTIONS TO SUBSCRIBER: 

	1. 	
      COMPLETE the information on Page 2 of this
      Subscription Agreement. You must reside outside North America to use
      this form.

	 	 
	2. 	
      DELIVER the Subscription Proceeds, in the form of
      bank draft or wire transfer (wire transfer instructions will be provided
      upon request), together with one originally executed copy of this entire
      Subscription Agreement to Orgenesis Inc., at

21 Sparrow Circle 
White Plains NY
10605 

	3. 	
      EMAIL a copy of Page 2 of this Subscription
      Agreement to dov.w@orgenesis.com, to Jacob.b@orgenesis.com and to Clark
      Wilson LLP, counsel for Orgenesis Inc., attention Bernard Pinsky
      bip@cwilson.com

Clark Wilson LLP are authorized to release any funds
received to Orgenesis Inc. immediately upon receipt.

ORGENESIS INC. 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT 

The undersigned (the “Subscriber”) hereby irrevocably
subscribes for and agrees to purchase from Orgenesis Inc. (the “Issuer”)
that number of units of the Issuer (the “Units”) set out below at a price
of $0.52 per Unit. Each Unit is comprised of one share of common stock in the
capital of the Issuer (each, a “Share”) and one non-transferable common
stock share purchase warrant (each, a “Warrant”). Each Warrant shall
entitle the holder thereof to acquire one additional Share (each, a “Warrant
Share”) at a price of $0.52 per Warrant Share until 5:00 p.m. (Pacific time)
on the date of expiration of the Warrant, which is three years following the
Closing Date (as defined herein), as set forth in the warrant certificate, a
form of which is attached as Schedule “A” (the “Warrant Certificate”). The
Subscriber agrees to be bound by the terms and conditions set forth in the
attached “Terms and Conditions of Subscription for Units”. 

	Subscriber Information 	 	Units to be Purchased 
	 	 	 
	 	 	Number of Units:
                                                                                     x
      $0.52 
	(Name of Subscriber) 	 	 
	 	 	= 
	 	 	 
	Account Reference (if applicable): _________________________	 	 
	 	 	Aggregate Subscription Price:
      ____________________________
	 	 	(the “Subscription Amount”) 
	X 	 	  
	(Signature of Subscriber – if the Subscriber is an Individual)
    	 	 
	 	 	 
	 	 	 
	X 	 	 
	(Signature of Authorized Signatory – if the Subscriber is not
      an Individual) 	 	Please complete if purchasing as agent or
      trustee for a principal (beneficial 
	 	 	purchaser) (a “Disclosed Principal”) and not
      purchasing as trustee or agent 
	 	 	for accounts fully managed by it. 
	 	 	 
	 	 	 
	(Name and Title of Authorized Signatory – if the Subscriber is
      not an Individual) 	 	(Name of Disclosed Principal) 
	 	 	 
	 	 	 
	(SIN, SSN, or other Tax Identification Number of the
      Subscriber) 	 	(Address of Disclosed Principal) 
	  	 	 
	 	 	 
	(Subscriber’s Address, including city and province or state or
      residence)  	 	(Account Reference, if applicable) 
	 	 	 
	 	 	 
	 	 	(SIN, SSN, or other Tax Identification Number of
      Disclosed Principal) 
	(Telephone Number)      (Email Address) 	 	 
	 	 	 
	Register the Shares, Warrants and Warrant Shares as set
      forth below: 	 	Deliver the Shares, Warrants and Warrant
      Shares as set forth below: 
	 	 	 
	 	 	 
	(Name to Appear on Share and Warrant Certificate) 	 	(Attention - Name) 
	 	 	 
	 	 	 
	(Account Reference, if applicable) 	 	(Account Reference, if applicable) 
	 	 	 
	 	 	 
	(Address, including Postal Code) 	 	(Address, including Postal Code) 
	 	 	 
	  	 	 
	 	 	(Telephone Number) 

ACCEPTANCE 

The Issuer hereby accepts the subscription as set forth above
on the terms and conditions contained in this Subscription Agreement. as of the
_____day of _______________, 2014. 

ORGENESIS INC.

	Per:     
      _________________________________
	             Authorized
      Signatory 

- 2 - 

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
"SUBSCRIPTION AGREEMENT") RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE
TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"1933 ACT").

NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT
RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT OR ANY U.S. STATE SECURITIES
LAWS AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. 

PRIVATE PLACEMENT SUBSCRIPTION 
(Offshore Subscribers
Only Outside North America) 

	TO: 	ORGENESIS INC. (the "Company")
  
	  	21 Sparrow Circle 
	  	White Plains NY 10605
  

Purchase of Units 

	1. 	
      SUBSCRIPTION

	 	 
	1.1 	
      The undersigned (the "Subscriber") hereby
      irrevocably subscribes for and agrees to purchase units (the
      "Units") in the amount set out on Page 2 of this Subscription
      Agreement, at a price of US $0.52 per Unit (such subscription and
      agreement to purchase being the "Subscription"), for the total
      subscription price as set out on Page 2 of this Subscription Agreement
      (the "Subscription Proceeds"), which Subscription Proceeds are
      tendered herewith, on the basis of the representations and warranties and
      subject to the terms and conditions set forth herein.

	 	 
	1.2 	
      Each Unit consists of one Share and one warrant (together
      or individually, the "Securities").

	 	 
	1.3 	
      The Company hereby agrees to sell the Units to the
      Subscriber on the basis of the representations and warranties and subject
      to the terms and conditions set forth herein. Subject to the terms hereof,
      the Subscription Agreement will be effective upon its acceptance by the
      Company. The Subscriber acknowledges that the offering of Units
      contemplated hereby is not subject to any minimum aggregate subscription
      level.

	 	 
	1.4 	
      Unless otherwise provided, all dollar amounts referred to
      in this Subscription Agreement are in lawful money of the United States of
      America.

	 	 
	2. 	
      PAYMENT

	 	 
	2.1 	
      The Subscription Proceeds must accompany this
      Subscription Agreement or they must be wired directly to the Company in
      accordance with wire instructions that will be provided by the Company on
      request. Alternatively the Subscription Proceeds may be wired to Clark
      Wilson LLP, attorneys for the Company, and Clark Wilson LLP are authorized
      and instructed to immediately deliver the Subscription Proceeds to the
      Company.

- 2 - 

	2.2 	
      The Company may treat the Subscription Proceeds as a
      non-interest bearing loan and may use the Subscription Proceeds prior to
      this Subscription Agreement being accepted by the Company and the
      certificates representing the Securities have been issued to the
      Subscriber.

	 	 
	2.3 	
      The Subscriber must complete, sign and return to the
      Company an executed copy of this Subscription Agreement.

	 	 
	2.4 	
      The Subscriber shall complete, sign and return to the
      Company as soon as possible, on request by the Company, any documents,
      questionnaires, notices and undertakings as may be required by regulatory
      authorities, stock exchanges and/or applicable
law.

3.         
CLOSING 

Closing of the purchase and sale of the Units shall occur on or
before April 18, 2014, or on such other date or dates as may be
determined by the Company in its sole discretion (the "Closing Date"),
but there is no minimum number of Units being offered. The Subscriber
acknowledges that Units may be issued to other subscribers under this offering
(the "Offering"), and that these may close before, on or after the
Closing Date. The Offering may close in several tranches.

4.         
ACKNOWLEDGEMENTS OF SUBSCRIBER 

The Subscriber acknowledges and agrees that: 

	 	(a) 	
      the Securities have not been registered under the U.S.
      Securities Act of 1933, as amended (the "1933 Act"), or under any
      securities or "blue sky" laws of any state of the United States and are
      being offered only in a transaction not involving any public offering
      within the meaning of the 1933 Act, and, unless so registered, may not be
      offered or sold in the United States or to a U.S. Person, as that term is
      defined in Regulation “S” (“Regulation “S”) promulgated by the
      Securities and Exchange Commission (the “SEC”) pursuant to the 1933
      Act, except in accordance with the provisions of Regulation "S", pursuant
      to an effective registration statement under the 1933 Act, or pursuant to
      an exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act, and in each case only in accordance with
      applicable state securities laws;

	 	 	 
	 	(b) 	
      the Company will refuse to register any transfer of any
      of the Securities and shares issued upon exercise of the Warrants
      (collectively, the "Total Securities") not made in accordance with
      the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from,
      or in a transaction not subject to, the registration requirements of the
      1933 Act;

	 	 	 
	 	(c) 	
      the decision to execute this Subscription Agreement and
      purchase the Units has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the Company
      and such decision is based solely upon information provided by the Company
      in this Subscription Agreement (the "Company
  Information").

	 	 	 
	 	(d) 	
      the Subscriber and the Subscriber's advisor(s) have had a
      reasonable opportunity to review the Company Information and to ask
      questions of and receive answers from the Company regarding the Offering,
      and to obtain additional information, to the extent possessed or
      obtainable without unreasonable effort or expense, necessary to verify the
      accuracy of the information contained in the Company Information, or any
      other document provided to the Subscriber;

	 	 	 
	 	(e) 	
      by execution hereof the Subscriber has waived the need
      for the Company to communicate its acceptance of the purchase of the
      Securities pursuant to this Subscription
Agreement;

- 3 - 

	 	(f) 	
      the Company is entitled to rely on the representations
      and warranties and the statements and answers of the Subscriber contained
      in this Subscription Agreement and the Subscriber will hold harmless the
      Company from any loss or damage it may suffer as a result of the
      Subscriber's failure to correctly complete this Subscription
    Agreement;

	 	 	 	 
	 	(g) 	
      the Subscriber will indemnify and hold harmless the
      Company and, where applicable, its respective directors, officers,
      employees, agents, advisors and shareholders from and against any and all
      loss, liability, claim, damage and expense whatsoever (including, but not
      limited to, any and all fees, costs and expenses whatsoever reasonably
      incurred in investigating, preparing or defending against any claim,
      lawsuit, administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any acknowledgment,
      representation or warranty of the Subscriber contained herein or in any
      other document furnished by the Subscriber to the Company in connection
      herewith, being untrue in any material respect or any breach or failure by
      the Subscriber to comply with any covenant or agreement made by the
      Subscriber to the Company in connection therewith;

	 	 	 	 
	 	(h) 	
      the issuance and sale of the Units to the Subscriber will
      not be completed if it would be unlawful or if, in the discretion of the
      Company acting reasonably, it is not in the best interests of the
      Company;

	 	 	 	 
	 	(i) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Total Securities and with respect to the
      applicable resale restrictions, and it is solely responsible (and the
      Company is not in any way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the Total
      Securities hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions.

	 	 	 	 
	 	(j) 	
      the Subscriber has not acquired the Units as a result of,
      and will not itself engage in, any "directed selling efforts" (as defined
      in Regulation S) in the United States in respect of any of the Securities
      which would include any activities undertaken for the purpose of, or that
      could reasonably be expected to have the effect of, conditioning the
      market in the United States for the resale of any of the Total Securities;
      provided, however, that the Subscriber may sell or otherwise dispose of
      any of the Total Securities pursuant to registration of any of the Total
      Securities pursuant to the 1933 Act and any applicable state securities
      laws or under an exemption from such registration requirements and as
      otherwise provided herein;

	 	 	 	 
	 	(k) 	
      the Subscriber is not a U.S. Person (as defined in
      Regulation S), is outside the United States when receiving and executing
      this Subscription Agreement and is acquiring the Units as principal for
      its own account or for account of the Disclosed Principal, as applicable,
      for investment purposes only, and not with a view to, or for, resale,
      distribution or fractionalization thereof, in whole or in part, and no
      other person has a direct or indirect beneficial interest in such Units,
      other than the Disclosed Principal, if applicable; -

	 	 	 	 
	 	(l) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer and sale of the Units, although in technical
      compliance with Regulation S, would not be available if the offering is
      part of a plan or scheme to evade the registration provisions of the 1933
      Act;

- 4 - 

	 	(m) 	
      the Company has advised the Subscriber that the Company
      is relying on an exemption from the requirements to provide the Subscriber
      with a prospectus and to sell the Units through a person registered to
      sell securities and, as a consequence of acquiring the Securities pursuant
      to this exemption, certain protections, rights and remedies, including
      statutory rights of rescission or damages, will not be available to the
      Subscriber;

	 	 	 
	 	(n) 	
      the common stock of the Company is currently listed for
      trading on the OTCQB. an automated dealer quotation system;

	 	 	 
	 	(o) 	
      the Subscriber acknowledges that the Company has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act, except as set out in this Agreement;

	 	 	 
	 	(p) 	
      neither the SEC, nor any other securities regulatory
      authority has reviewed or passed on the merits of the
Securities;

	 	 	 
	 	(q) 	
      no documents in connection with this Offering have been
      reviewed by the SEC, nor by any other securities regulatory authority or
      state securities administrators;

	 	 	 
	 	(r) 	
      there is no government or other insurance covering any of
      the Securities; and

	 	 	 
	 	(s) 	
      this Subscription Agreement is not enforceable by the
      Subscriber unless it has been accepted by the Company, and the Subscriber
      acknowledges and agrees that the Company reserves the right to reject any
      subscription for any reason.

	5. 	
      REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
      SUBSCRIBER

	 	 
	5.1 	
      The Subscriber hereby represents and warrants to and
      covenants with the Company, as of the date of this Agreement and as of the
      Closing Date (which representations, warranties and covenants shall
      survive the Closing Date) that:

	 	(a) 	
      the Subscriber is outside the United States when
      receiving and executing this Subscription Agreement;

	 	 	 
	 	(b) 	
      the Subscriber is not a “U.S. Person”, as defined in
      Regulation S;

	 	 	 
	 	(c) 	
      the Subscriber is not acquiring the Units for the account
      or benefit of, directly or indirectly, any U.S. Person, as defined in
      Regulation S;

	 	 	 
	 	(d) 	
      the Subscriber is resident in the jurisdiction set out on
      Page 2 of this Subscription Agreement;

	 	 	 
	 	(e) 	
      the Subscriber:

	 	(i) 	
      is knowledgeable of, or has been independently advised as
      to, the applicable securities laws of the securities regulators having
      application in the jurisdiction in which the Subscriber is resident (the
      “International Jurisdiction”) which would apply to the acquisition
      of the Units,

	 	 	 
	 	(ii) 	
      is purchasing the Units pursuant to exemptions from
      prospectus or equivalent requirements under applicable securities laws or,
      if such is not applicable, the Subscriber is permitted to purchase the
      Units under the applicable securities laws of the securities regulators in
      the International Jurisdiction without the need to rely on any
      exemptions,

- 5 - 

	 	(iii) 	
      acknowledges that the applicable securities laws of the
      authorities in the International Jurisdiction do not require the Company
      to make any filings or seek any approvals of any kind whatsoever from any
      securities regulator of any kind whatsoever in the International
      Jurisdiction in connection with the issue and sale or resale of the Units
      and Securities, and

	 	 	 
	 	(iv) 	
      represents and warrants that the acquisition of the Units
      by the Subscriber does not trigger:

	 	A. 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction, or

	 	 	 
	 	B. 	
      any continuous disclosure reporting obligation of the
      Company in the International Jurisdiction, and

	 	 	 
	 	C. 	
      the Subscriber will, if requested by the Company, deliver
      to the Company a certificate or opinion of local counsel from the
      International Jurisdiction which will confirm the matters referred to in
      subparagraphs (ii), (iii) and (iv) above to the satisfaction of the
      Company, acting reasonably;

	 	(f) 	
      the Subscriber is acquiring the Units as principal, or
      for account of the Disclosed Principal, as applicable, and for investment
      only and not with a view to, or for, resale, distribution or
      fractionalization thereof, in whole or in part, and, in particular, it, or
      the Disclosed Principal, has no intention to distribute either directly or
      indirectly any of the Securities in the United States or to U.S. Persons
      (as defined in Regulation S);

	 	 	 
	 	(g) 	
      the Subscriber acknowledges that it has not acquired the
      Units as a result of, and will not itself engage in, any "directed selling
      efforts" (as defined in Regulation S) in the United States in respect of
      any of the Total Securities which would include any activities undertaken
      for the purpose of, or that could reasonably be expected to have the
      effect of, conditioning the market in the United States for the resale of
      any of the Total Securities; provided, however, that the Subscriber may
      sell or otherwise dispose of any of the Total Securities pursuant to
      registration of any of the Securities pursuant to the 1933 Act and any
      applicable state securities laws or under an exemption from such
      registration requirements and as otherwise provided herein;

	 	 	 
	 	(h) 	
      the Subscriber has the legal capacity and competence to
      enter into and execute this Subscription Agreement and to take all actions
      required pursuant hereto and, if the Subscriber is a corporation, it is
      duly incorporated and validly subsisting under the laws of its
      jurisdiction of incorporation and all necessary approvals by its
      directors, shareholders and others have been obtained to authorize
      execution and performance of this Subscription Agreement on behalf of the
      Subscriber;

	 	 	 
	 	(i) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to, or, if applicable, the
      constating documents of, the Subscriber, or of any agreement, written or
      oral, to which the Subscriber may be a party or by which the Subscriber is
      or may be bound;

	 	 	 
	 	(j) 	
      the Subscriber has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Subscriber enforceable against the Subscriber;

	 	 	 
	 	(k) 	
      the Subscriber has received and carefully read this
      Subscription Agreement;

- 6 - 

	 	(l) 	
      the Subscriber (i) has adequate net worth and means of
      providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the Units for
      an indefinite period of time, and can afford the complete loss of such
      investment;

	 	 	 	 
	 	(m) 	
      the Subscriber is able to fend for itself in the
      subscription, has the degree of knowledge, education and experience in
      financial and business matters as to enable the Subscriber to evaluate the
      merits and risks of the investment in the Units and the Company;

	 	 	 	 
	 	(n) 	
      the Subscriber understands and agrees that the Company
      and others will rely upon the truth and accuracy of the acknowledgements,
      representations, warranties, covenants and agreements contained in this
      Subscription Agreement, and agrees that if any of such acknowledgements,
      representations and agreements are no longer accurate or have been
      breached, the Subscriber shall promptly notify the Company;

	 	 	 	 
	 	(o) 	
      the Subscriber is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the investment;

	 	 	 	 
	 	(p) 	
      the Subscriber is not an underwriter of, or dealer in,
      the Company's Securities, nor is the Subscriber participating, pursuant to
      a contractual agreement or otherwise, in the distribution of the
    Units;

	 	 	 	 
	 	(q) 	
      the Subscriber has made an independent examination and
      investigation of an investment in the Units and the Company and has
      depended on the advice of its legal and financial advisors and agrees that
      the Company will not be responsible in anyway whatsoever for the
      Subscriber's decision to invest in the Units and the Company;

	 	 	 	 
	 	(r) 	
      if the Subscriber is acquiring the Units as a fiduciary
      or agent for one or more investor accounts, the Subscriber has sole
      investment discretion with respect to each such account, and the
      Subscriber has full power to make the foregoing acknowledgements,
      representations and agreements on behalf of such account;

	 	 	 	 
	 	(s) 	
      the Subscriber is not aware of any advertisement of any
      of the Securities and is not acquiring the Units as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising; and

	 	 	 	 
	 	(t) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities, or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the
      Securities.

	5.2 	
      In this Subscription Agreement, the term "U.S. Person"
      shall have the meaning ascribed thereto in Regulation S promulgated under
      the 1933 Act and for the purpose of the Subscription Agreement includes
      any person in the United States.

- 7 - 

6.          ACKNOWLEDGEMENT AND WAIVER

The Subscriber has acknowledged that the decision to purchase
the Units was made based solely on the Company Information. The Subscriber
hereby waives, to the fullest extent permitted by law, any rights of withdrawal,
rescission or compensation for damages to which the Subscriber might be entitled
in connection with the distribution of any of the Securities. Because the
Subscriber is not purchasing the Units under a prospectus, the Subscriber will
not have the civil protections, rights and remedies that would otherwise be
available to the Subscriber under the securities laws in United States,
including statutory rights of rescission or damages. 

7.          REPRESENTATIONS AND WARRANTIES WILL BE RELIED UPON BY THE
COMPANY

The Subscriber acknowledges that the acknowledgements,
representations and warranties contained herein are made by it with the
intention that they may be relied upon by the Company and its legal counsel in
determining the Subscriber's eligibility to purchase the Units under applicable
securities legislation, or (if applicable) the eligibility of others on whose
behalf it is contracting hereunder to purchase the Shares under applicable
securities legislation. The Subscriber further agrees that by accepting delivery
of the certificates representing the Securities, it will be representing and
warranting that the acknowledgements representations and warranties contained
herein are true and correct as of the date hereof and the date of delivery and
will continue in full force and effect notwithstanding any subsequent
disposition by the Subscriber of all of the Securities. 

8.         
RESALE RESTRICTIONS

	8.1 	
      The Subscriber acknowledges that any resale of any of the
      Securities will be subject to resale restrictions contained in the
      securities legislation applicable to the Subscriber or proposed
      transferee. The Subscriber acknowledges that none of the Securities have
      been registered under the 1933 Act or the securities laws of any state of
      the United States. The Securities may not be offered or sold in the United
      States unless registered in accordance with federal securities laws and
      all applicable state securities laws or exemptions from such registration
      requirements are available.

	 	 
	8.2 	
      The Subscriber acknowledges that restrictions on the
      transfer, sale or other subsequent disposition of the Securities by the
      Subscriber may be imposed by securities laws in addition to any
      restrictions referred to in Section above, and, in particular, the
      Subscriber acknowledges and agrees that none of the Securities may be
      offered or sold to a U.S. Person or for the account or benefit of a U.S.
      Person (other than a distributor) prior to the end of the Distribution
      Compliance Period.

9.         
ACKNOWLEDGEMENT AND WAIVER 

The Subscriber has acknowledged that the decision to purchase
the Securities was solely made on the basis of information concerning the
Company that was available to the Subscriber on the EDGAR database maintained by
the SEC at www.sec.gov 

10.        LEGENDING
OF SUBJECT SECURITIES AND REGISTATION

	10.1 	
      The Subscriber hereby acknowledges that that upon the
      issuance thereof, and until such time as the same is no longer required
      under the applicable securities laws and regulations, the certificates
      representing any of the Securities will bear a legend in substantially the
      following form:

- 8 - 

  
    
      
        “THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO
          PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE 1933 ACT)
          PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
          AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS
          CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE
          SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE
          UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT IN ACCORDANCE
          WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
          REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
          SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
          IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
          TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
          WITH THE 1933 ACT.” 

      

    

  

	10.2 	
      The Subscriber hereby acknowledges and agrees to the
      Company making a notation on its records or giving instructions to the
      registrar and transfer agent of the Company in order to implement the
      restrictions on transfer set forth and described in this Subscription
      Agreement.

	 	 
	10.3 	
      Within nine (9) months of the closing of the last tranche
      of the Offering, the Company will use its reasonable best efforts to file
      with the SEC a registration statement to register the resale of the Shares
      and Shares issuable on exercise of the Warrants held by the Subscriber
      that have not yet been sold under Rule 144. The Subscriber will cooperate
      in the preparation of the registration statement and provide such
      information as the Company may reasonably require in this
  regard.

11.        COSTS

The Subscriber acknowledges and agrees that all costs and
expenses incurred by the Subscriber (including any fees and disbursements of any
special counsel retained by the Subscriber) relating to the purchase of the
Units shall be borne by the Subscriber. 

12.        GOVERNING
LAW

This Subscription Agreement is governed by the laws of the
State of Nevada. The Subscriber, in its personal or corporate capacity and, if
applicable, on behalf of each beneficial purchaser for whom it is acting,
irrevocably attorns to the exclusive jurisdiction of the Courts of the State of
Nevada. 

13.       
SURVIVAL

This Subscription Agreement, including without limitation the
representations, warranties and covenants contained herein, shall survive and
continue in full force and effect and be binding upon the parties hereto
notwithstanding the completion of the purchase of the Units by the Subscriber
pursuant hereto. 

14.       
ASSIGNMENT

This Subscription Agreement is not transferable or assignable.

- 9 - 

15.        SEVERABILITY

The invalidity or unenforceability of any particular provision
of this Subscription Agreement shall not affect or limit the validity or
enforceability of the remaining provisions of this Subscription Agreement. 

16.        ENTIRE
AGREEMENT

Except as expressly provided in this Subscription Agreement and
in the agreements, instruments and other documents contemplated or provided for
herein, this Subscription Agreement contains the entire agreement between the
parties with respect to the sale of the Units and there are no other terms,
conditions, representations or warranties, whether expressed, implied, oral or
written, by statute or common law, by the Company or by anyone else. 

17.       
NOTICES

All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given if mailed or transmitted by
any standard form of telecommunication. Notices to the Subscriber shall be
directed to the delivery address on Page 2 and notices to the Company shall be
directed to it at the address stated on the first page of this Subscription
Agreement. 

18.      
 COUNTERPARTS AND ELECTRONIC MEANS

This Subscription Agreement may be executed in any number of
counterparts, each of which, when so executed and delivered, shall constitute an
original and all of which together shall constitute one instrument. Delivery of
an executed copy of this Subscription Agreement by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy will be deemed to be execution and delivery of this Subscription
Agreement as of the date hereinafter set forth. 

- 10 - 

Schedule “A” 
Form of Warrant 

THESE WARRANTS ARE NOT TRANSFERABLE 

THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO
PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE 1933 ACT)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS
CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE
SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE
UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT IN ACCORDANCE
WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
WITH THE 1933 ACT. 

ORGENESIS INC. 
(A Nevada Corporation) 

NON-TRANSFERABLE 
WARRANT CERTIFICATE 

	CERTIFICATE NO. 2014 _____ 	 
	NUMBER OF WARRANTS: ___________	RIGHT TO PURCHASE
      __________SHARES 

THESE NON-TRANSFERABLE WARRANTS WILL EXPIRE AND BECOME NULL AND
VOID 
AT 5:00 P.M. (PACIFIC TIME) ON THE EXPIRY DATE (AS DEFINED IN THE TERMS
AND CONDITIONS 
ATTACHED TO THIS WARRANT CERTIFICATE. 

NON-TRANSFERABLE SHARE PURCHASE WARRANTS 
TO PURCHASE COMMON
SHARES OF ORGENESIS INC. 

THE WARRANTS REPRESENTED BY THIS CERTIFICATE 

This is to certify that, for value received, __________ of
_______________ (the “Holder”) has the right to purchase, upon and
subject to the terms and conditions attached hereto as Appendix “A” (the
“Terms and Conditions”) from _______________, 2014 to 5:00 p.m.
(Pacific Time) on the Expiry Date (as defined in the attached Terms and
Conditions), the number of fully paid and non-assessable common shares (the
“Shares”) of Orgenesis Inc. (the “Company”) set out above, by
surrendering to the Company, at its offices at 21 Sparrow Circle, White Plains
NY 10605, this Warrant Certificate with a Subscription in the form attached
hereto as Appendix “B”, duly completed and executed, and cash, bank draft,
certified cheque or money order in lawful money of the United States of America,
payable to the order of the Company in an amount equal to the purchase price per
Share multiplied by the number of Shares being purchased (the “Aggregate
Purchase Price”). Subject to adjustment thereof in the events and in the
manner set forth in the Terms and Conditions, the purchase price per Share on
the exercise of each Non-Transferable Share Purchase Warrant (“Warrant”)
evidenced hereby shall be US $0.52 per Share. 

These Warrants are issued subject to the Terms and Conditions,
and the Holder may exercise the right to purchase Shares only in accordance with
the Terms and Conditions. 

- 11 - 

Nothing contained herein or in the Terms and Conditions will
confer any right upon the Holder or any other person to subscribe for or
purchase any Shares at any time subsequent to the Expiry Date and from and after
such time, these Warrants and all rights hereunder will be void and of no value.

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

DATED at the City of _______________, in the State of
_______________, as of the __________ day of _______________, 2014. 

ORGENESIS INC. 

 

	Per:            
      _____________________________________________________________________
	               
         Name 
	               
         Title 

  
    
      
        PLEASE NOTE THAT ALL SHARE CERTIFICATES ISSUED UPON EXERCISE
          HEREOF MUST BE LEGENDED AS FOLLOWS: 

        “THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO
          PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE 1933 ACT)
          PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
          AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS
          CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE
          SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE
          UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT IN ACCORDANCE
          WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
          REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
          SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
          IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
          TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
          WITH THE 1933 ACT.” 

      

    

  

APPENDIX “A” 

TERMS AND CONDITIONS dated as of __________, 2014 (the
“Terms and Conditions”), attached to the Non-Transferable Share Purchase
Warrants issued by Orgenesis Inc. 

1.         
DEFINITIONS

In these Terms and Conditions, unless there is something in the
subject matter or context inconsistent therewith: 

	 	(a) 	
      “Business Days” means any day other than a Saturday,
      Sunday, or a day on which banking institutions in the State of Nevada are
      authorized or obligated by law or executive order to close.

	 	 	 
	 	(b) 	
      “Company” means Orgenesis Inc., a Nevada corporation. If
      a successor corporation will have become such as a result of
      consolidation, amalgamation or merger with or into any other corporation
      or corporations, or as a result of the conveyance or transfer of all or
      substantially all of the properties and estates of the Company as an
      entirety to any other corporation and thereafter “Company” will mean such
      successor corporation;

	 	 	 
	 	(c) 	
      “Company’s Auditors” means an independent firm of
      accountants duly appointed as auditors of the Company;

	 	 	 
	 	(d) 	
      “Exercise Price” means US $0.52 per Share, subject to
      adjustment as provided in the Terms and Conditions;

	 	 	 
	 	(e) 	
      “Expiry Date” means ____________, 201__;

	 	 	 
	 	(f) 	
      “herein”, “hereby” and similar expressions refer to these
      Terms and Conditions as the same may be amended or modified from time to
      time; and the expression “Section” followed by a number refer to the
      specified Section of these Terms and Conditions;

	 	 	 
	 	(g) 	
      “person” means an individual, corporation, partnership,
      trustee or any unincorporated organization and words importing persons
      have a similar meaning;

	 	 	 
	 	(h) 	
      “Holder” or “Holders” means the holder of the Warrants
      and its heirs, executors, administrators, successors, legal
      representatives and assigns;

	 	 	 
	 	(i) 	
      “Shares” means the shares of common stock in the capital
      of the Company as constituted at the date hereof and any shares resulting
      from any subdivision or consolidation of such shares, issued upon exercise
      of the Warrants;

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

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

2.        
 INTERPRETATION 

The division of these Terms and Conditions into sections and
the insertion of headings are for convenience of reference only and shall not
affect the construction or interpretation thereof. Words importing the singular
number include the plural and vice versa and words importing the masculine
gender include the feminine and neuter genders. 

- 2 - 

3.        
 APPLICABLE LAW

The rights and restrictions attached to the Warrants shall be
construed in accordance with the laws of the State of Nevada. 

4.        
 ADDITIONAL ISSUANCES OF SECURITIES

The Company may at any time and from time to time do further
equity or debt financing and may issue additional shares, warrants, convertible
securities, stock options or similar rights to purchase shares of its capital
stock. 

5.        
 REPLACEMENT OF LOST WARRANTS

	5.1 	
      In case this Warrant Certificate shall become mutilated,
      lost, destroyed or stolen, the Company in its discretion may issue and
      deliver a new Warrant Certificate of like date and tenure as the one
      mutilated, lost, destroyed or stolen, in exchange for and in place of and
      upon cancellation of such mutilated Warrant Certificate, or in lieu of,
      and in substitution for such lost, destroyed or stolen Warrant Certificate
      and the substituted Warrant Certificate shall be entitled to all benefits
      hereunder and rank equally in accordance with its terms with all other
      Warrants issued or to be issued by the Company.

	 	 
	5.2 	
      The applicant for the issue of a new Warrant Certificate
      pursuant hereto shall bear the cost of the issue thereof and in case of
      loss, destruction or theft shall furnish to the Company evidence of
      ownership and of loss, destruction or theft of the Warrant Certificate so
      lost, destroyed or stolen as shall be satisfactory to the Company and its
      transfer agent in accordance with its usual policies and procedures and
      such applicant may also be required to furnish indemnity in the amount and
      form satisfactory to the Company and its transfer agent in accordance with
      its usual policies and procedures, and shall pay the reasonable charges of
      the Company in connection therewith.

6.         
WARRANT HOLDER NOT A SHAREHOLDER 

The holding of a Warrant Certificate will not constitute the
Holder as a shareholder of the Company, nor entitle the Holder to any right or
interest in respect thereof except as is expressly provided in the Warrant
Certificate or these Terms and Conditions. 

7.        
 WARRANTS NOT TRANSFERABLE

The Warrants and all rights attached thereto are not
transferable. 

8.        
 NOTICE TO HOLDERS

Any notice required or permitted to be given to the Holder will
be in writing and may be given by prepaid registered post, electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy to the address of the Holder appearing on the Warrant Certificate
or to such other address as any Holder may specify by notice in writing to the
Company, and any such notice will be deemed to have been given and received by
the Holder to whom it was addressed if mailed, on the third day following the
mailing thereof, if by facsimile or other electronic communication, on
successful transmission, or, if delivered, on delivery; but if at the time of
mailing or between the time of mailing and the third Business Day thereafter
there is a strike, lockout, or other labour disturbance affecting postal
service, then the notice will not be effectively given until actually delivered.

- 3 - 

9.         
NOTICE TO THE COMPANY

Any notice required or permitted to be given to the Company
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Company set forth below or such
other address as the Company may specify by notice in writing to the Holder, and
any such notice will be deemed to have been given and received by the Company to
whom it was addressed if mailed, on the third day following the mailing thereof,
if by facsimile or other electronic communication, on successful transmission,
or, if delivered, on delivery; but if at the time or mailing or between the time
of mailing and the third Business Day thereafter there is a strike, lockout, or
other labour disturbance affecting postal service, then the notice will not be
effectively given until actually delivered: 

Orgenesis Inc. 
21 Sparrow Circle

White Plains NY 10605 

Attention: CFO

Email.: dov.w@orgenesis.com, and
jacob.b@orgenesis.com 

10.       
METHOD OF EXERCISE OF WARRANTS

The right to purchase Shares conferred by the Warrants may be
exercised by the Holder of such Warrant by surrendering it to the Company, with
a duly completed and executed subscription in the form attached as Appendix “B”
and cash, bank draft, certified cheque or money order payable to or to the order
of the Company for the Aggregate Purchase Price subscribed for in lawful money
of the United States of America. 

11.       
EFFECT OF EXERCISE OF WARRANTS

	11.1 	
      Upon surrender and payment as aforesaid, the Shares so
      subscribed for shall be deemed to have been issued and such Holder shall
      be deemed to have become the holder (or holders) of record of such Shares
      on the date of such surrender and payment and such Shares shall be issued
      at the Exercise Price in effect on the date of such surrender and
      payment.

	 	 
	11.2 	
      Within ten Business Days after surrender and payment as
      aforesaid, the Company shall forthwith cause to be delivered to the person
      or persons in whose name or names the Shares so subscribed for are to be
      issued as specified in such subscription or mailed to him or them at his
      or their respective addresses specified in such subscription, a
      certificate or certificates for the appropriate number of Shares not
      exceeding those which the Holder is entitled to purchase pursuant to the
      Warrant surrendered.

12.       
SUBSCRIPTION FOR LESS THAN ENTITLEMENT 

The Holder of any Warrant may subscribe for and purchase a
number of Shares less than the number which he is entitled to purchase pursuant
to the surrendered Warrant. In the event of any purchase of a number of Shares
less than the number which can be purchase pursuant to a Warrant, the Holder,
upon exercise thereof, shall be entitled to receive a new Warrant Certificate in
respect of the balance of the Shares which he was entitled to purchase pursuant
to the surrendered Warrant Certificate and which were not then purchased. 

13.      
 WARRANTS FOR FRACTIONS OF SHARES

To the extent that the Holder of any Warrant is entitled to
receive on the exercise or partial exercise thereof a fraction of a Share, such
right may be exercised in respect of such fraction only in combination with
another Warrant or other Warrants which in the aggregate entitle the Holder to
receive a whole number of such Shares. 

- 4 - 

14.       
EXPIRATION OF WARRANTS

After the expiration of the period within which a Warrant is
exercisable, all rights thereunder shall wholly cease and terminate and such
Warrants shall be void and of no further force and effect. 

15.      
 ADJUSTMENT OF EXERCISE PRICE

The Exercise Price and the number of Common Shares deliverable
upon the exercise of the Warrants shall be subject to adjustment in the event
and in the manner following: 

	15.1 	
      If and whenever the Shares at any time outstanding shall
      be subdivided into a greater or consolidated into a lesser number of
      Shares, the Exercise Price shall be decreased or increased
      proportionately, as the case may be, and upon any such subdivision or
      consolidation, the number of Shares deliverable upon the exercise of the
      Warrants shall be increased or decreased proportionately, as the case may
      be.

	 	 
	15.2 	
      In case of any capital reorganization or of any
      reclassification of the capital of the Company or in case of the
      consolidation, merger or amalgamation of the Company with or into any
      other company or of the sale of the assets of the Company as or
      substantially as an entirety or of any other company, each Warrant shall,
      after such capital reorganization, reclassification of capital,
      consolidation, merger, amalgamation or sale, confer the right to purchase
      that number of shares or other securities or property of the Company or of
      the company resulting from such capital reorganization, reclassification,
      consolidation, merger, amalgamation or to which such sale shall be made,
      as the case may be, to which the Holder of the shares deliverable at the
      time of such capital reorganization, reclassification of capital,
      consolidation, merger, amalgamation or sale had the Warrants been
      exercised, would have been entitled on such capital reorganization,
      reclassification, consolidation, merger, amalgamation or sale and in any
      such case, if necessary, appropriate adjustments shall be made in the
      application of the provisions set forth in Sections 12 to 19 hereof with
      respect to the rights and interest thereafter of the Holders of the
      Warrants to the end that the provisions set forth in Sections 12 to 19
      hereof shall thereafter correspondingly be made applicable as nearly as
      may reasonable be expected in relation to any shares or other securities
      or property thereafter deliverable on the exercise of the Warrants. The
      subdivision or consolidation of the Shares at any time outstanding into a
      greater or lesser number of Shares (whether with or without par value)
      shall not be deemed to be a capital reorganization or a reclassification
      of the capital of the Company for the purposes of this Section
    15(b).

	 	 
	15.3 	
      The adjustments provided for in this Section 15 pursuant
      to any Warrants are cumulative .and will become effective immediately
      after the record date for, or, if no record date is fixed, the effective
      date, of the event which results in such
adjustments.

16.       
DETERMINATION OF ADJUSTMENTS 

If any questions shall at any time arise with respect to the
Exercise Price or any adjustments provided for in this Warrant, such questions
shall be conclusively determined by the Company’s Auditors, from time to time,
or, if they decline to so act, any other firm of chartered accountants that the
Company may designate and who shall have access to all appropriate records and
such determination shall be binding upon the Company and the Holders. 

17.       
COVENANTS OF THE COMPANY

The Company will reserve and there will remain unissued out of
its authorized capital a sufficient number of Shares to satisfy the rights of
purchase provided for in the Warrants should the Holders of all the Warrants
from time to time outstanding determine to exercise such rights in respect of
all Shares which they are or may be entitled to purchase pursuant thereto. 

18.      
 IMMUNITY OF SHAREHOLDERS, ETC.

The Holder hereby waives and releases any right, cause of
action or remedy now or hereafter existing in any jurisdiction against any past,
present or future incorporator, shareholder, director or officer (as such) of
the Company for the issue of Shares pursuant to any Warrant or on any
covenant, agreement, representation or warranty by the Company herein contained.

- 5 - 

19.      
 MODIFICATION OF TERMS AND CONDITIONS FOR CERTAIN
PURPOSES

From time to time the Company may, subject to the provisions of
these presents, and it shall, when so directed by these presents, modify the
terms, and conditions hereof, for any one or more of any of the following
purposes: 

	 	(a) 	
      making such provisions not inconsistent herewith as may
      be necessary or desirable with respect to matters or questions arising
      hereunder or for the purpose of obtaining a listing or quotation of the
      Warrants on any stock exchange or quotation system;

	 	 	 
	 	(b) 	
      adding to or altering the provisions hereof in respect of
      the registration and transfer of Warrants making provisions for the
      exchange of Warrants of different denominations; and making any
      modification in the form of the Warrants which does not affect the
      substance thereof;

	 	 	 
	 	(c) 	
      for any other purpose not inconsistent with the terms
      hereof, including the correction or recertification of any ambiguities,
      defective provisions, errors or omissions herein; and

	 	 	 
	 	(d) 	
      to evidence any successions of any corporation and the
      assumption of any successor of the covenants of the Company herein and in
      the Warrants contained as provided herein.

20.       
UNITED STATES RESTRICTIONS 

These Warrants and the Shares issuable upon the exercise of
these Warrants have not been and will not be registered under the 1933 Act as
amended or any state securities laws. These Warrants may not be exercised in the
United States (as defined in Regulation S under the 1933 Act) unless these
Warrants and the Shares issuable upon exercise hereof have been registered under
the 1933 Act, and any applicable state securities laws or unless an exemption
from such registration is available. 

DATED as of the date first above written in these Terms and
Conditions. 

ORGENESIS INC. 

 

	Per:            
      _____________________________________________________________________
	               
         Name 
	               
         Title 

APPENDIX “B” 

SUBSCRIPTION FORM

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

	TO: 	ORGENESIS INC. 
	  	21 Sparrow Circle 
	  	White Plains NY 10605
  

The undersigned, bearer of the attached Non-Transferable Share
Purchase Warrants, hereby subscribes for _____________of shares of common stock
of Orgenesis Inc. (the “Company”) referred to in the Warrants according
to the conditions thereof and herewith makes payment of the purchase price in
full for the said number of shares at the price of U.S. $0.52 per share if
exercised on or before 5:00 p.m. (Pacific Time) on the Expiry Date (as that term
is defined in the Terms and Conditions attached to the Non-Transferable Share
Purchase Warrant). Cash, a certified cheque, bank draft or money order is
enclosed herewith for such amount. 

The undersigned hereby directs that the shares hereby
subscribed for be issued and delivered as follows: 

	Name(s) in Full 	 	Address(es) 	 	Number of Shares 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

(Please print full names in which share certificates are to be
issued. The Share must be issued in the name of the Holder.) 

DATED this ______day of ___________________, 20___ . (the
“Exercise Date”) 

	 	 	 
	Witness 	 	Signature 

Please print your name and address in full 

	 	 	Address 	 
	 	 	 	 
	 	 	 	 

TERMS AND CONDITIONS 

The Warrants are issued subject to the Terms and Conditions,
which are attached to the Warrant Certificate delivered to the Holder.

- 6 - 

- 7 - 

REPRESENTATIONS AND WARRANTIES

The undersigned represents and warrants that the undersigned is
not a “U.S. person”, as such term is defined in Regulation S as promulgated
under the United States Securities Act of 1933, as at the Exercise Date. The
undersigned represents and warrants that the representations and warranties in
the subscription agreement between the undersigned and the Company dated the
Holder are true and correct as of the date of the Exercise Date. 

LEGENDS

The certificates representing the shares acquired on the
exercise of the Warrants will bear a legend in substantially the following form:

  
    
      
        “THESE SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO A
          PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S
          UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).
          ACCORDINGLY, NONE OF THE SECURITIES TO WHICH THIS CERTIFICATE RELATES HAVE BEEN
          REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
          REGISTERED, NONE MAY BE OFFERED OR SOLD IN THE UNITED STATES (AS DEFINED HEREIN)
          OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
          PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
          REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
          SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
          IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
          TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
          WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY
          REGULATION S UNDER THE 1933 ACT.”Exhibit 10.1

 

SIMON PROPERTY GROUP
 AMENDED AND RESTATED SERIES 2012 LTIP UNIT AWARD AGREEMENT

 

This Amended and Restated Series 2012 LTIP Unit Award Agreement (“Agreement”) made as of April     , 2014, but effective as of March 5, 2012, among Simon Property Group, Inc., a Delaware corporation (the “Company”), its subsidiary, Simon Property Group, L.P., a Delaware limited partnership and the entity through which the Company conducts substantially all of its operations (the “Partnership”), and the person identified below as the grantee (the “Grantee”).

 

Recitals

 

A.                                    The Grantee is an employee of the Company or one of its affiliates and provides services to the Partnership.

 

B.                                    The Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) approved this award (this “Award”) pursuant to the Partnership’s 1998 Stock Incentive Plan (as further amended, restated or supplemented from time to time hereafter, the “Plan”) and the Eighth Amended and Restated Agreement of Limited Partnership of the Partnership, as amended, restated and supplemented from time to time hereafter (the “Partnership Agreement”), to provide officers of the Company or its affiliates, including the Grantee, in connection with their employment, with the incentive compensation described in this Agreement, and thereby provide additional incentive for them to promote the progress and success of the business of the Company and its affiliates, including the Partnership. This Award was approved by the Committee pursuant to authority delegated to it by the Board as set forth in the Plan and the Partnership Agreement to make grants of LTIP Units (as defined in the Partnership Agreement).

 

C.                                    The Company, the Partnership and the Grantee entered into a Simon Property Group Series 2011 LTIP Unit Award Agreement dated as of July 6, 2011 (“Prior Agreement”) evidencing an award of a series of LTIP Units that were designated as the Series 2011 LTIP Units pursuant to the Partnership Agreement and a Certificate of Designation of Series 2011 LTIP Units of the Partnership (the “Certificate of Designation”).

 

D.                                    The Prior Agreement evidenced an award of a series of LTIP Units that have been designated as the Series 2012 LTIP Units pursuant to the Partnership Agreement and the Certificate of Designation of Series 2012 LTIP Units of the Partnership (the “Certificate of Designation”).

 

E.                                     The Company, the Partnership and the Grantee have agreed to amend and restate in its entirety the Prior Agreement to, among other things, incorporate an executive compensation clawback provision, as well as certain changes to the disposition of the Award on a Change of Control, all as hereinafter described.

 

NOW, THEREFORE, the Company, the Partnership and the Grantee hereby agree to amend and restate the Prior Agreement in its entirety as follows:

 

1

 

1.                                      Administration.  This Award shall be administered by the Committee which has the powers and authority as set forth in the Plan.  Should there be any conflict between the terms of this Agreement and the Certificate of Designation, on the one hand, and the Plan and the Partnership Agreement, on the other hand, the terms of this Agreement and the Certificate of Designation shall prevail.

 

2.                                      Definitions.  Capitalized terms used herein without definitions shall have the meanings given to those terms in the Plan.  In addition, as used herein:

 

“Absolute TSR Goal” means the goal for TSR on an absolute basis as set forth on Exhibit A; provided, however, such goal shall be modified as provided in Section 4(d) in connection with a Change in Control.

 

“Annualized TSR Percentage” means the annualized equivalent of the TSR Percentage.

 

“Award Date” means the date that the Award LTIP Units were granted as set forth on Schedule A.

 

“Award LTIP Units” has the meaning set forth in the Recitals.

 

“Baseline Value” means $128.94, the per share closing price of the Common Stock reported by The New York Stock Exchange for the last trading date preceding January 1, 2012.  For purposes of the REIT Index and S&P Index measures used in determining the attainment of each of the respective Relative TSR Goals, the baseline value for each shall also be the ending value of the applicable index as of the last day of the year prior to the Effective Date.

 

“Cause” shall have the meaning specified in the Grantee’s Employment Agreement or, in the case the Grantee is not employed pursuant to an employment agreement or is party to an Employment Agreement that does not define the term, “Cause” shall mean any of the following acts by the Grantee: (i) embezzlement or misappropriation of corporate funds, (ii) any acts resulting in a conviction for, or plea of guilty or nolo contendere to, a charge of commission of a felony, (iii) misconduct resulting in injury to the Company or any affiliate, (iv) activities harmful to the reputation of the Company or any affiliate, (v) a material violation of Company or affiliate operating guidelines or policies, (vi) willful refusal to perform, or substantial disregard of, the duties properly assigned to the Grantee, or (vi) a violation of any contractual, statutory or common law duty of loyalty to the Company or any affiliate.

 

“Change of Control” means:

 

(i)                           Any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any of its subsidiaries, or the estate of Melvin Simon, Herbert Simon or David Simon (the “Simons”), or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the

 

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Company’s then outstanding voting securities entitled to vote generally in the election of directors; provided that for purposes of determining the “beneficial ownership” (as such term is defined in Rule 13d-3 under the Exchange Act) of any “group” of which the Simons or any of their affiliates or associates is a member (each such entity or individual, a “Related Party”), there shall not be attributed to the beneficial ownership of such group any shares beneficially owned by any Related Party;

 

(ii)                        Individuals who, as of the date hereof, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board of Directors;

 

(i)                           The consummation of a reorganization, merger or consolidation in which the Company and/or the Partnership is a party, or of the sale or other disposition of all or substantially all of the assets of the Company and/or the Partnership (any such reorganization, merger, consolidation or sale or other disposition of assets being referred to as a “Business Combination”), in each case unless, following such Business Combination, (A) more than sixty percent (60%) of the combined voting power of the then outstanding voting securities of the surviving or acquiring corporation resulting from the Business Combination entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Company’s outstanding voting securities immediately prior to such Business Combination in substantially the same proportions as their beneficial ownership, immediately prior to such Business Combination, of the Company’s outstanding voting securities, (B) no person (excluding the Company, the Simons, any employee benefit plan or related trust of the Company or such surviving or acquiring corporation resulting from the Business Combination and any person beneficially owning, immediately prior to such reorganization, merger or consolidation, directly or indirectly, twenty-five percent (25%) or more of the Company’s outstanding voting securities) beneficially owns, directly or indirectly, twenty-five percent (25%) or more of the combined voting power of the then outstanding voting securities of the surviving or acquiring corporation resulting from the Business Combination entitled to vote generally in the election of directors and (C) at least a majority of the members of the board of directors of the surviving or acquiring corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement providing for such Business Combination; or

 

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(ii)                        Approval by the stockholders of a complete liquidation or dissolution of the Company and/or the Partnership.

 

“Code” means the Internal Revenue Code of 1986, as amended.

 

“Common Stock” means the Company’s common stock, par value $0.0001 per share, either currently existing or authorized hereafter.

 

“Continuous Service” means the continuous service to the Company or any subsidiary or affiliate, without interruption or termination, in any capacity of employment. Continuous Service shall not be considered interrupted in the case of:  (A) any approved leave of absence; (B) transfers among the Company and any subsidiary or affiliate, in any capacity of employment; or (C) any change in status as long as the individual remains in the service of the Company and any subsidiary or affiliate in any capacity of employment. An approved leave of absence shall include sick leave (including, due to any mental or physical disability whether or not such condition rises to the level of a Disability), military leave, or any other authorized personal leave.  For purposes of determining Continuous Service, service with the Company includes service, following a Change in Control, with a surviving or successor entity (or its parent entity) that agrees to continue, assume or replace this Award, as contemplated by Section 4(d)(ii)(B).

 

“Designation” means the Certificate of Designation of Series 2012 LTIP Units of the Partnership approved by the Company as the general partner of the Partnership.

 

“Disability” means, with respect to the Grantee, a “permanent and total disability” as defined in Section 22(e)(3) of the Code.

 

“Earned LTIP Units” means those Award LTIP Units that have been determined by the Committee to have been earned on the Valuation Date based on the extent to which the Absolute TSR Goal and the Relative TSR Goals have been achieved as set forth in Section 3(c) or have otherwise been earned under Section 4.

 

“Effective Date” means the close of business on January 1, 2012.

 

“Employment Agreement” means, as of a particular date, any employment or similar service agreement then in effect between the Grantee, on the one hand, and the Company or one of its Subsidiaries, on the other hand, as amended or supplemented through such date.

 

“Ending Common Stock Price” means, as of a particular date, the average of the closing prices of the Common Stock reported by The New York Stock Exchange for the twenty (20) consecutive trading days ending on (and including) such date; provided, however, that if such date is the date upon which a Change of Control occurs, the Ending Common Stock Price as of such date shall be equal to the fair value, as determined by the Committee, of the total consideration paid or payable in the transaction resulting in the Change of Control for one share of Common Stock.  For purposes of determining whether the Absolute TSR Goals and the Relative TSR Goals have been attained, an average of the closing measurements published for the twenty (20) consecutive trading days ending on (and including) Valuation Date shall be used for determining the ending REIT Index and S&P Index measures.

 

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“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Family Member” has the meaning set forth in Section 7.

 

“Good Reason” shall have the meaning specified in the Grantee’s Employment Agreement, or, if the Grantee is not employed pursuant to an employment agreement or is party to an Employment Agreement that does not define the term, “Good Reason” shall mean any of the following events that occurs without the Grantee’s prior consent:

 

(i)                                          the Grantee experiences a material diminution in title, employment duties, authority or responsibilities as compared to the title, duties, authority and responsibilities as in effect during the 90-day period immediately preceding the Change of Control;

 

(ii)                                       the Grantee experiences a material diminution in compensation and benefits as compared to the compensation and benefits as in effect during the 90-day period immediately preceding the Change of Control, other than (A) a reduction in compensation which is applied to all employees of the Company or affiliate in the same dollar amount or percentage, or (B) a reduction or modification of any employee benefit program covering substantially all of the employees of the Company or affiliate, which reduction or modification generally applies to all employees covered under such program; or

 

(iii)                                    the Grantee is required to be based at any office or location that is in excess of 50 miles from the principal location of the Grantee’s work during the 90-day period immediately preceding the Change of Control.

 

Before a resignation will constitute a resignation for Good Reason, the Grantee must give the Company or applicable affiliate a notice of resignation within 30 calendar days of the occurrence of the event alleged to constitute Good Reason.  The notice must set forth in reasonable detail the specific reason for the resignation and the facts and circumstances claimed to provide a basis for concluding that such resignation is for Good Reason.  Failure to provide such notice within such 30-day period shall be conclusive proof that the Grantee does not have Good Reason to terminate employment.  In addition, Good Reason shall exist only if the Company or applicable affiliate fails to remedy the event or events constituting Good Reason within 30 calendar days after receipt of the notice of resignation.

 

“LTIP Units” means the Series 2012 LTIP Units issued pursuant to the Designation.

 

“Partial Service Factor” means a factor carried out to the sixth decimal to be used in calculating the Earned LTIP Units pursuant to Section 4 in the event of a Qualified Termination, or pursuant to Section 4(d) in the event of a Change of Control prior to the Valuation Date, determined by dividing the number of calendar days that have elapsed since the Effective Date to and including the date of the Grantee’s Qualified Termination or a Change of Control, whichever is applicable, by 1,095.

 

“Partnership Units” or “Units” has the meaning provided in the Partnership Agreement.

 

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“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization, other entity or “group” (as defined in the Exchange Act).

 

“Per Unit Purchase Price” has the meaning set forth in Section 5.

 

“Plan” has the meaning set forth in the Recitals.

 

“Qualified Termination” has the meaning set forth in Section 4(b).

 

“REIT Index” means the MSCI REIT Total Return Index or any successor index.

 

“Relative TSR Goals” means the goals set for TSR on a relative basis as compared to the REIT Index and the S&P Index as set forth on Exhibit A.

 

“S&P Index” means the Standard & Poors 500 Total Return Index (Symbol: SPXT) of large capitalization U.S. stocks or any successor index.

 

“Securities Act” means the Securities Act of 1933, as amended.

 

“Total Stockholder Return” or “TSR” means, with respect to a share of Common Stock as of a particular date of determination, the sum of: (A) the difference, positive or negative, between the Ending Common Stock Price as of such date and the Baseline Value, plus (B) the total per-share dividends and other distributions (excluding distributions described in Section 7) with respect to the Common Stock declared between the Effective Date and such date of determination and assuming contemporaneous reinvestment in Common Stock of all such dividends and distributions, using as a re-investment price, the closing price per share of the Common Stock as of the most recent ex-dividend date so long as the “ex-dividend” date with respect thereto falls prior to such date of determination.

 

“Transfer” has the meaning set forth in Section 7.

 

“TSR Percentage” means the TSR achieved with respect to a share of Common Stock from the Effective Date to the Valuation Date determined by following quotient: (A) the TSR divided by (B) the Baseline Value.

 

“Valuation Date” means the earlier of (A) December 31, 2014, or (B) the date upon which a Change of Control shall occur.

 

“Vested LTIP Units” means those Earned LTIP Units that have fully vested in accordance with the time-based vesting conditions of Section 3(d) or have vested on an accelerated basis under Section 4.

 

3.                                      Award.

 

(a)                                 The Grantee is granted as of the Award Date, the number of Award LTIP Units set forth on Schedule A which are subject to forfeiture provided in this Section 3 and Section 4.  It is a condition of the effectiveness of this Award that the Grantee

 

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execute and deliver within ten (10) business days from the Award Date the Grantee executes and delivers a fully executed copy of this Agreement and such other documents that the Company and/or the Partnership reasonably request in order to comply with all applicable legal requirements, including, without limitation, federal and state securities laws, and the Grantee pays the Per Unit Purchase Price for each such Award LTIP Unit issued.

 

(b)                                 The Award LTIP Units are subject to forfeiture during a maximum of a five-year period based on a combination of (i) the extent to which the Absolute TSR Goal and the Relative TSR Goals are achieved and (ii) the passage of five years or a shorter period in certain circumstances as provided herein in Section 4.  Award LTIP Units may become Earned LTIP Units and Earned LTIP Units may become Vested LTIP Units in the amounts and upon the conditions set forth in this Section 3 and in Section 4, provided that, except as otherwise expressly set forth in this Agreement, with respect to a Qualified Termination, Change in Control, or as determined by the Committee, in its sole discretion, as provided in Section 4(f), the Continuous Service of the Grantee continues through and on each applicable vesting date.

 

(c)                                  As soon as practicable following the Valuation Date, but as of the Valuation Date, the Committee will determine:

 

(i)                                     the extent to which the Absolute TSR Goal has been achieved;

 

(ii)                                  the extent to which the Relative TSR Goals have been achieved;

 

(iii)                               using the payout matrix on Exhibit A, the number of Earned LTIP Units to which the Grantee is entitled; and

 

(iv)                              the calculation of the Partial Service Factor, if applicable to the Grantee.

 

If the number of Earned LTIP Units is smaller than the number of Award LTIP Units, then the Grantee, as of the Valuation Date, shall forfeit a number of Award LTIP Units equal to the difference without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5; thereafter the term LTIP Units will refer only to the Earned LTIP Units and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in the Award LTIP Units that were so forfeited.

 

(d)                                 The Earned LTIP Units shall become Vested LTIP Units in the following amounts and at the following times, provided that the Continuous Service of the Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 4, as applicable:

 

(i)                                     fifty percent (50%) of the Earned LTIP Units shall become Vested LTIP Units on January 1, 2016; and

 

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(ii)                                  fifty percent (50%) of the Earned LTIP Units shall become Vested LTIP Units on January 1, 2017.

 

(e)                                  Except as otherwise provided under Section 4, upon termination of Continuous Service before the applicable vesting date, any Earned LTIP Units that have not become Vested LTIP Units pursuant to Section 3(d) shall, without payment of any consideration to the Grantee other than as provided in the last sentence of Section 5, automatically and without notice be forfeited and be and become null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such Earned LTIP Units.

 

4.                                      Termination of Grantee’s Employment; Death and Disability; Change of Control.

 

(a)                                 If the Grantee’s Continuous Service terminates prior to the final scheduled vesting date in Section 3(d), the provisions of Sections 4(b) through Section 4(f) shall govern the treatment of the Grantee’s Award LTIP Units exclusively, unless the Grantee’s Employment Agreement contains provisions that expressly refer to this Section 4(a) and provides that those provisions of the Employment Agreement shall instead govern the treatment of the Grantee’s LTIP Units. In the event an entity of which the Grantee is an employee ceases to be a subsidiary or affiliate of the Company, such action shall be deemed to be a termination of employment of the Grantee for purposes of this Agreement, unless the Grantee promptly thereafter becomes an employee of the Company or any of its affiliates, provided that, the Committee or the Board, in its sole and absolute discretion, may make provision in such circumstances for lapse of forfeiture restrictions and/or accelerated vesting of some or all of the Grantee’s Award LTIP Units and Earned LTIP Units that have not previously been forfeited, effective immediately prior to such event. If a Change of Control occurs, Section 4(d) shall govern the treatment of the Grantee’s Award LTIP Units exclusively, notwithstanding the provisions of the Plan.

 

(b)                                 In the event of termination of the Grantee’s Continuous Service before the Valuation Date by Grantee’s death or Disability (each a “Qualified Termination”), the Grantee will not forfeit the Award LTIP Units upon such termination, but the following provisions of this Section 4(b) shall modify the treatment of the Award LTIP Units:

 

(i)                                     the calculations provided in Section 3(c) shall be performed as of the Valuation Date as if the Qualified Termination had not occurred;

 

(ii)                                  the number of Earned LTIP Units calculated pursuant to Section 3(c) shall be multiplied by the Partial Service/Performance Factor (with the resulting number being rounded to the nearest whole LTIP Unit or, in the case of 0.5 of a unit, up to the next whole unit), and such adjusted number of LTIP Units shall be deemed the Grantee’s Earned LTIP Units for all purposes under this Agreement; and

 

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(iii)                               the Grantee’s Earned LTIP Units as adjusted pursuant to Section 4(b)(ii) shall, as of the Valuation Date, become Vested LTIP Units and shall no longer be subject to forfeiture pursuant to Section 3(e).

 

(c)                                  In the event of Qualified Termination after the Valuation Date, all Earned LTIP Units that have not previously been forfeited pursuant to the calculations set forth in Section 3(c) shall, as of the date of such Qualified Termination, become Vested LTIP Units and no longer be subject to forfeiture pursuant to Section 3(e); provided that, notwithstanding that no Continuous Service requirement pursuant to Section 3(d) will apply to the Grantee after the effective date of a Qualified Termination after the Valuation Date, the Grantee will not have the right to Transfer (as defined in Section 7) except by reason of the Grantee’s death or request conversion of his or her Vested LTIP Units under the Designation until such dates as of which his or her Earned LTIP Units would have become Vested LTIP Units pursuant to Section 3(d) absent a Qualified Termination.

 

(d)                                 If a Change of Control occurs prior to the final scheduled vesting date specified in Section 3(d), the provisions of this Section 4(d) shall apply:

 

(i)                                     If the Change of Control occurs prior to the Valuation Date, the calculation of the number of Earned LTIP Units as provided in Section 3(c) shall be performed as of the date of the Change in Control; provided however, the “Performance” percentages in the payout matrix in Exhibit A relating to the Absolute TSR Goal shall be reduced for purposes of this calculation by multiplying each such percentage by the Partial Service/Performance  Factor (with the resulting percentage being rounded to the nearest tenth of a whole percentage point or, in the case of 0.05 of a whole percentage point, up to the next tenth of a whole percentage point).  The number of LTIP Units resulting from the calculation described in this paragraph shall be deemed the Grantee’s Earned LTIP Units for all purposes under this Agreement, and the balance of any Award LTIP Units shall be forfeited as of the date of the Change of Control without payment of any consideration to Grantee other than as provided in the last sentence of Section 5.

 

(ii)                                  If, within 24 months after a Change of Control (A) described in clauses (i) or (ii) of the definition of Change of Control or (B) described in clause (iii) of the definition of Change of Control in connection with which the surviving or successor entity (or its parent entity) agrees to continue, assume or replace this Award, the Grantee’s Continuous Service terminates as the result of either an involuntary termination for reasons other than Cause or a resignation for Good Reason, then to the extent the Grantee’s Earned LTIP Units have not already become Vested LTIP Units, such Earned LTIP Units shall become Vested LTIP Units as of the termination of Continuous Service and shall no longer be subject to forfeiture pursuant to Section 3(e).

 

(iii)                               If this Award is not continued, assumed or replaced in connection with a Change of Control described in clause (iii) of the definition of Change of

 

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Control as contemplated by Section 4(d)(ii)(B), then to the extent the Grantee’s Earned LTIP Units have not already become Vested LTIP Units, such Earned LTIP Units shall become Vested LTIP Units as of the date of the Change of Control and shall no longer be subject to forfeiture pursuant to Section 3(e).  Unless the Committee provides otherwise in connection with a Change of Control described in clause (iv) of the definition of Change of Control, the Grantee’s Earned LTIP Units (as calculated pursuant to Section 4(d)(i) if the Change of Control occurs before the Valuation Date) shall, to the extent they have not already become Vested LTIP Units, become Vested LTIP Units immediately prior to the consummation of the liquidation, dissolution or sale of assets and shall no longer be subject to forfeiture pursuant to Section 3(e).

 

(iv)                              For purposes of this Section 4(d), this Award will be considered assumed or replaced if, in connection with the Change of Control transaction, either (A) the contractual obligations represented by this Award are expressly assumed by the surviving or successor entity (or its parent entity) with appropriate adjustments to the number and type of securities subject to this Award that preserves the economic or financial value of this Award existing at the time the Change of Control occurs, or (B) the Grantee has received a comparable LTIP Unit award that preserves the economic or financial value of this Award existing at the time of the Change of Control transaction and is subject to substantially similar terms and conditions as this Award.

 

(v)                                 Unless and until the Earned LTIP Units become Vested LTIP Units pursuant to Section 4(d)(ii) or Section 4(d)(iii), the Earned LTIP Units shall vest in accordance with Section 3(d).

 

(e)                                  Notwithstanding the foregoing, in the event any payment to be made hereunder after giving effect to this Section 4 is determined to constitute “nonqualified deferred compensation” subject to Section 409A of the Code, then, to the extent the Grantee is a “specified employee” under Section 409A of the Code subject to the six-month delay thereunder, any such payments to be made during the six-month period commencing on the Grantee’s “separation from service” (as defined in Section 409A of the Code) shall be delayed until the expiration of such six-month period.

 

(f)                                   In the event of a termination of the Grantee’s Continuous Service other than a Qualified Termination or a termination described in Section 4(d)(ii), all Award LTIP Units and Earned LTIP Units that have not theretofore become Vested LTIP Units shall, without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5, automatically and without notice terminate, be forfeited and be and become null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such Award LTIP Units or Earned LTIP Units, provided, however, in the event the termination of Grantee’s employment is due to Grantee’s retirement after age 55, the Committee may determine, in its sole discretion, that all or any portion of the Award LTIP Units or the Earned LTIP Units shall become Vested LTIP Units, together

 

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with the terms and conditions upon which any such Award LTIP Units or Earned LTIP Units shall become Vested LTIP Units.

 

5.                                      Payments by Award Recipients. The Grantee shall have no rights with respect to this Agreement (and the Award evidenced hereby) unless he or she shall have accepted this Agreement prior to the close of business on the date described in Section 3(a) by (a) making a contribution to the capital of the Partnership by certified or bank check, wire transfer or other instrument acceptable to the Committee (as defined in the Plan), of $0.25 (the “Per Unit Purchase  Price”), multiplied by the number of Award LTIP Units, (b) signing and delivering to the Partnership a copy of this Agreement and (c) unless the Grantee is already a Limited Partner (as defined in the Partnership Agreement), signing, as a Limited Partner, and delivering to the Partnership a counterpart signature page to the Partnership Agreement (attached as Exhibit B). The Per Unit Purchase Price paid by the Grantee shall be deemed a contribution to the capital of the Partnership upon the terms and conditions set forth herein and in the Partnership Agreement. Upon acceptance of this Agreement by the Grantee, the Partnership Agreement shall be amended to reflect the issuance to the Grantee of the LTIP Units so accepted. Thereupon, the Grantee shall have all the rights of a Limited Partner of the Partnership with respect to the number of Award LTIP Units, as set forth in the Designation and the Partnership Agreement, subject, however, to the restrictions and conditions specified herein. Award LTIP Units constitute and shall be treated for all purposes as the property of the Grantee, subject to the terms of this Agreement and the Partnership Agreement. In the event of the forfeiture of the Grantee’s Award LTIP Units pursuant to this Agreement, the Partnership will pay the Grantee an amount equal to the number of Award LTIP Units so forfeited multiplied by the lesser of the Per Unit Purchase Price or the fair market value of an Award LTIP Unit on the date of forfeiture as determined by the Committee.

 

6.                                      Distributions.

 

(a)                                 The holders of Award LTIP Units, Earned LTIP Units and Vested LTIP Units (until and unless forfeited pursuant to Section 3(e) or Section 4(g)), shall be entitled to receive the distributions to the extent provided for in the Designation and the Partnership Agreement.

 

(b)                                 All distributions paid with respect to LTIP Units shall be fully vested and non-forfeitable when paid.

 

7.                                      Restrictions on Transfer.

 

(a)                                 Except as otherwise permitted by the Committee in its sole discretion, none of the Award LTIP Units, Earned LTIP Units, Vested LTIP Units or Partnership Units into which Vested LTIP Units have been converted shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed or encumbered, whether voluntarily or by operation of law (each such action a “Transfer”); provided that Earned LTIP Units and Vested LTIP Units may be Transferred to the Grantee’s Family Members (as defined below) by gift, bequest or domestic relations order; and provided further that the transferee agrees in writing with the Company and the Partnership to be bound by all the terms and conditions of this Agreement and the

 

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Partnership Agreement and that subsequent transfers shall be prohibited except those in accordance with this Section 7.  Additionally, all such Transfers must be in compliance with all applicable securities laws (including, without limitation, the Securities Act) and the applicable terms and conditions of the Partnership Agreement. In connection with any such Transfer, the Partnership may require the Grantee to provide an opinion of counsel, satisfactory to the Partnership, that such Transfer is in compliance with all federal and state securities laws (including, without limitation, the Securities Act).  Any attempted Transfer not in accordance with the terms and conditions of this Section 7 shall be null and void, and neither the Partnership nor the Company shall reflect on its records any change in record ownership of any Earned LTIP Units or Vested LTIP Units as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such Transfer.  Except as provided in this Section 7, this Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.

 

(b)                                 For purposes of this Agreement, “Family Member” of a Grantee, means the Grantee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Grantee’s household (other than a tenant of the Grantee), a trust in which one or more of these persons (or the Grantee) own more than 50 percent of the beneficial interests, and a partnership or limited liability company in which one or more of these persons (or the Grantee) own more than 50 percent of the voting interests.

 

8.                                      Miscellaneous.

 

(a)                           Amendments. This Agreement may be amended or modified only with the consent of the Company and the Partnership acting through the Committee; provided that any such amendment or modification which materially adversely affects the rights of the Grantee hereunder must be consented to by the Grantee to be effective as against him or her. Notwithstanding the foregoing, this Agreement may be amended in writing signed only by the Company and the Partnership to correct any errors or ambiguities in this Agreement and/or to make such changes that do not materially adversely affect the Grantee’s rights hereunder. This Award shall in no way affect the Grantee’s participation or benefits under any other plan or benefit program maintained or provided by the Company or the Partnership or any of their subsidiaries or affiliates.

 

(b)                           Clawback.  The Company has adopted an “Executive Compensation Clawback Policy” (“Clawback Policy”) applicable to all performance-based compensation paid or to be paid to the executive officers of the Company.  Grantee hereby agrees that the series of Award LTIP Units which are awarded under terms of this Agreement and which may become Earned LTIP Units and Vested LTIP Units hereunder are and shall remain subject to the Clawback Policy, as the same may be hereafter amended, modified or supplemented with the approval of the Committee.  Further, Grantee agrees that should the Committee determine that any Earned LTIP

 

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Units or Vested LTIP Units hereunder must be forfeited by the Grantee pursuant to the Clawback Policy, Grantee shall tender repayment or forfeiture of the Earned LTIP Units or Vested LTIP Units, as the case may be, to the Company in amounts as may be determined from time-to-time by the Committee, all in accordance with the Clawback Policy.

 

(c)                                  Incorporation of Plan and Designation; Committee Determinations. The provisions of the Plan and the Designation are hereby incorporated by reference as if set forth herein. The Committee will make the determinations and certifications required by this Award as promptly as reasonably practicable following the occurrence of the event or events necessitating such determinations or certifications. In the event of a Change of Control, the Committee will make such determinations within a period of time that enables the Company to make any payments due hereunder not later than the date of consummation of the Change of Control.

 

(d)                                 Status of LTIP Units; Plan Matters. This Award constitutes an incentive compensation award under the Plan. The LTIP Units are equity interests in the Partnership. The number of shares of Common Stock reserved for issuance under the Plan underlying outstanding Award LTIP Units will be determined by the Committee in light of all applicable circumstances, including calculations made or to be made under Section 3, vesting, capital account allocations and/or balances under the Partnership Agreement, and the exchange ratio in effect between Partnership Units and shares of Common Stock. The Company will have the right, at its option, as set forth in the Partnership Agreement, to issue shares of Common Stock in exchange for Partnership Units in accordance with the Partnership Agreement, subject to certain limitations set forth in the Partnership Agreement, and such shares of Common Stock, if issued, will be issued under the Plan. The Grantee acknowledges that the Grantee will have no right to approve or disapprove such determination by the Company.

 

(e)                                  Legend.  The records of the Partnership evidencing the LTIP Units shall bear an appropriate legend, as determined by the Partnership in its sole discretion, to the effect that such LTIP Units are subject to restrictions as set forth herein and in the Partnership Agreement.

 

(f)                                   Compliance With Law.  The Partnership and the Grantee will make reasonable efforts to comply with all applicable securities laws. In addition, notwithstanding any provision of this Agreement to the contrary, no LTIP Units will become Vested LTIP Units at a time that such vesting would result in a violation of any such law.

 

(g)                                  Grantee Representations; Registration.

 

(i)                                     The Grantee hereby represents and warrants that (A) he or she understands that he or she is responsible for consulting his or her own tax advisor with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to which the Grantee is or by reason of this Award may become subject, to his or her particular situation;

 

13

 

(B) the Grantee has not received or relied upon business or tax advice from the Company, the Partnership or any of their respective employees, agents, consultants or advisors, in their capacity as such; (C) the Grantee provides services to the Partnership on a regular basis and in such capacity has access to such information, and has such experience of and involvement in the business and operations of the Partnership, as the Grantee believes to be necessary and appropriate to make an informed decision to accept this Award; (D) LTIP Units are subject to substantial risks; (E) the Grantee has been furnished with, and has reviewed and understands, information relating to this Award; (F) the Grantee has been afforded the opportunity to obtain such additional information as he or she deemed necessary before accepting this Award; and (G) the Grantee has had an opportunity to ask questions of representatives of the Partnership and the Company, or persons acting on their behalf, concerning this Award.

 

(ii)                                  The Grantee hereby acknowledges that: (A) there is no public market for  LTIP Units or Partnership Units into which Vested LTIP Units may be converted and neither the Partnership nor the Company has any obligation or intention to create such a market; (B) sales of LTIP Units and Partnership Units are subject to restrictions under the Securities Act and applicable state securities laws; (C) because of the restrictions on transfer or assignment of LTIP Units and Partnership Units set forth in the Partnership Agreement and in this Agreement, the Grantee may have to bear the economic risk of his or her ownership of the LTIP Units covered by this Award for an indefinite period of time; (D) shares of Common Stock issued under the Plan in exchange for Partnership Units, if any, will be covered by a Registration Statement on Form S-8 (or a successor form under applicable rules and regulations of the Securities and Exchange Commission) under the Securities Act, to the extent that the Grantee is eligible to receive such shares under the Plan at the time of such issuance and such Registration Statement is then effective under the Securities Act; and (E) resales of shares of Common Stock issued under the Plan in exchange for Partnership Units, if any, shall only be made in compliance with all applicable restrictions (including in certain cases “blackout periods” forbidding sales of Company securities) set forth in the then applicable Company employee manual or insider trading policy and in compliance with the registration requirements of the Securities Act or pursuant to an applicable exemption therefrom.

 

(h)                                 Section 83(b) Election.  The Grantee hereby agrees to make an election to include the Award LTIP Units in gross income in the year in which the Award LTIP Units are issued pursuant to Section 83(b) of the Code substantially in the form attached as Exhibit C and to supply the necessary information in accordance with the regulations promulgated thereunder. The Grantee agrees to file such election (or to permit the Partnership to file such election on the Grantee’s behalf) within thirty (30) days after the Award Date with the IRS Service Center where the Grantee files his or her personal income tax returns, to provide a copy of such election to the Partnership and the Company, and to file a copy of such election with the Grantee’s U.S. federal income tax return for the taxable year in which the Award LTIP Units are issued to the Grantee. So long as the Grantee holds any Award LTIP Units, the Grantee shall disclose to the

 

14

 

Partnership in writing such information as may be reasonably requested with respect to ownership of LTIP Units as the Partnership may deem reasonably necessary to ascertain and to establish compliance with provisions of the Code applicable to the Partnership or to comply with requirements of any other appropriate taxing authority.

 

(i)                                     Tax Consequences.  The Grantee acknowledges that (i) neither the Company nor the Partnership has made any representations or given any advice with respect to the tax consequences of acquiring, holding, selling or converting LTIP Units or making any tax election (including the election pursuant to Section 83(b) of the Code) with respect to the LTIP Units and (ii) the Grantee is relying upon the advice of his or her own tax advisor in determining such tax consequences.

 

(j)                                    Severability.  If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect.

 

(k)                                 Governing Law.  This Agreement is made under, and will be construed in accordance with, the laws of the State of Delaware, without giving effect to the principles of conflict of laws of such state.

 

(l)                                     No Obligation to Continue Position as an Employee, Consultant or Advisor.  Neither the Company nor any affiliate is obligated by or as a result of this Agreement to continue to have the Grantee as an employee, consultant or advisor and this Agreement shall not interfere in any way with the right of the Company or any affiliate to terminate the Grantee’s employment at any time.

 

(m)                             Notices.  Any notice to be given to the Company shall be addressed to the Secretary of the Company at 225 West Washington Street, Indianapolis, Indiana 46204 and any notice to be given to the Grantee shall be addressed to the Grantee at the Grantee’s address as it appears on the employment records of the Company, or at such other address as the Company or the Grantee may hereafter designate in writing to the other.

 

(n)                                 Withholding and Taxes.  No later than the date as of which an amount first becomes includible in the gross income of the Grantee for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to this Award, the Grantee will pay to the Company or, if appropriate, any of its affiliates, or make arrangements satisfactory to the Committee regarding the payment of any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to such amount; provided, however, that if any LTIP Units or Partnership Units are withheld (or returned), the number of LTIP Units or Partnership Units so withheld (or returned) shall be limited to the number which have a fair market value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. The obligations of the Company under this Agreement will be conditional on such payment or arrangements,

 

15

 

and the Company and its affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Grantee.

 

(o)                                 Headings.  The headings of paragraphs of this Agreement are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

 

(p)                                 Counterparts.  This Agreement may be executed in multiple counterparts with the same effect as if each of the signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument.

 

(q)                                 Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and any successors to the Company and the Partnership, on the one hand, and any successors to the Grantee, on the other hand, by will or the laws of descent and distribution, but this Agreement shall not otherwise be assignable or otherwise subject to hypothecation by the Grantee.

 

(r)                                    Section 409A.  This Agreement shall be construed, administered and interpreted in accordance with a good faith interpretation of Section 409A of the Code, to the extent applicable. Any provision of this Agreement that is inconsistent with applicable provisions of Section 409A of the Code, or that may result in penalties under Section 409A of the Code, shall be amended, with the reasonable cooperation of the Grantee and the Company and the Partnership, to the extent necessary to exempt it from, or bring it into compliance with, Section 409A of the Code.

 

(s)                                   Delay in Effectiveness of Exchange.  The Grantee acknowledges that any exchange of Partnership Units for Common Stock or cash, as selected by the General Partner, may not become effective until six (6) months from the date the Vested LTIP Units that were converted into Partnership Units became fully vested.

 

[Remainder of page left intentionally blank]

 

16

 

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the 5th day of March, 2012.

 

	
 
    	
 
    	
SIMON   PROPERTY GROUP, INC., a Delaware corporation
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John Rulli
    
	
 
    	
 
    	
Name:
    	
John   Rulli
    
	
 
    	
 
    	
 
    	
Executive   Vice President and
    
	
 
    	
 
    	
 
    	
Chief   Administrative Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
SIMON   PROPERTY GROUP, L.P., a Delaware limited partnership
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: 
    	
Simon   Property Group, Inc., a
    
	
 
    	
 
    	
 
    	
Delaware   corporation, its general partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John Rulli
    
	
 
    	
 
    	
Name:
    	
John   Rulli
    
	
 
    	
 
    	
 
    	
Executive   Vice President and
    
	
 
    	
 
    	
 
    	
Chief   Administrative Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
GRANTEE
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    

 

17

 

EXHIBIT A

 

PAYOUT MATRIX

 

The Committee will determine the number of Award LTIP Units that become Earned LTIP Units by determining the extent to which the Absolute TSR Goal and the Relative TSR Goals have been achieved as set forth in the following payout matrix.

 

	
 
    	
 
    	
 
    	
 
    	
Relative TSR (TSR %-ile Rank)(2)
    	
 
    
	
Absolute TSR(1)
    	
 
    	
vs. MSCI REIT Index
    	
 
    	
vs. S&P 500 Index
    	
 
    
	
Weighted 20%
    	
 
    	
Weighted 60%
    	
 
    	
Weighted 20%
    	
 
    
	
Performance
    	
 
    	
Payout %
   of Target(3)
    	
 
    	
Performance
    	
 
    	
Payout %
   of Target(3)
    	
 
    	
Performance
    	
 
    	
Payout %
   of Target(3)
    	
 
    
	
<=20%
    	
 
    	
0.0
    	
%
    	
Index -1%
    	
 
    	
0.0
    	
%
    	
Index -2%
    	
 
    	
0.0
    	
%
    
	
24%
    	
 
    	
33.3
    	
%
    	
= Index
    	
 
    	
33.3
    	
%
    	
= Index
    	
 
    	
33.3
    	
%
    
	
27%
    	
 
    	
50.0
    	
%
    	
Index +1%
    	
 
    	
50.0
    	
%
    	
Index +2%
    	
 
    	
100.0
    	
%
    
	
30%
    	
 
    	
66.7
    	
%
    	
Index +2%
    	
 
    	
66.7
    	
%
    	
 
    	
 
    	
 
    	
 
    
	
33%
    	
 
    	
83.3
    	
%
    	
Index +3%
    	
 
    	
100.0
    	
%
    	
 
    	
 
    	
 
    	
 
    
	
>=36%
    	
 
    	
100.0
    	
%
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

(1)  Percentage of total shareholder return over three-year performance period commencing on the Effective Date

(2)  Percentage of relative performance over three-year performance period commencing on the Effective Date

(3)  Linear interpolation between payout percentages

 

18

 

EXHIBIT B

 

FORM OF LIMITED PARTNER SIGNATURE PAGE

 

The Grantee, desiring to become one of the within named Limited Partners of Simon Property Group, L.P., hereby accepts all of the terms and conditions of and becomes a party to, the Eighth Amended and Restated Agreement of Limited Partnership, dated as of May 8, 2008, of Simon Property Group, L.P. as amended through this date (the “Partnership Agreement”). The Grantee agrees that this signature page may be attached to any counterpart of the Partnership Agreement.

 

	
 
    	
 
    	
Signature   Line for Limited Partner:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Date:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address   of Limited Partner:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

19

 

EXHIBIT C

 

ELECTION TO INCLUDE IN GROSS INCOME IN YEAR OF TRANSFER OF
 PROPERTY PURSUANT TO SECTION 83(b) OF THE INTERNAL REVENUE CODE

 

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies the following information in accordance with the regulations promulgated thereunder:

 

1.                  The name, address and taxpayer identification number of the undersigned are:

 

Name:  (the “Taxpayer”)

Address:

Social Security No./Taxpayer Identification No.:

 

2.                   Description of property with respect to which the election is being made:  Series 2012 LTIP Units (“LTIP Units”) in Simon Property Group, L.P. (the “Partnership”).

 

3.                   The date on which the LTIP Units were issued is March 5, 2012.  The taxable year to which this election relates is calendar year 2012.

 

4.              Nature of restrictions to which the LTIP Units are subject:

 

(a)                   With limited exceptions, until the LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the LTIP Units without the consent of the Partnership.

 

(b)                   The Taxpayer’s LTIP Units are subject to forfeiture until they vest in accordance with the provisions in the applicable Award Agreement and Certificate of Designation for the LTIP Units.

 

5.              The fair market value at time of issue (determined without regard to any restrictions other than restrictions which by their terms will never lapse) of the LTIP Units with respect to which this election is being made was $0.25 per LTIP Unit.

 

6.                   The amount paid by the Taxpayer for the LTIP Units was $0.25 per LTIP Unit.

 

7.                   A copy of this statement has been furnished to the Partnership and Simon Property Group, Inc.

 

	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    

 

20

 

SCHEDULE A TO SERIES 2012 LTIP UNIT AWARD AGREEMENT

 

	
Award   Date:
    	
March 5,   2012
    
	
 
    	
 
    
	
Name   of Grantee:
    	
 
    
	
 
    	
 
    
	
Number   of Award LTIP Units:
    	
 
    

 

21

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